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 811-22274

Nuveen New Jersey Municipal Value 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)

Gifford R. Zimmerman

Nuveen Investments

333 West Wacker Drive

Chicago, IL 60606

(Name and address of agent for service)

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

Date of fiscal year end: April 30

Date of reporting period: October 31, 2016

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.

Chairman's Letter to Shareholders	4
Portfolio Manager's Comments	5
Fund Leverage	8
Common Share Information	10
Risk Considerations	12
Performance Overview and Holding Summaries	13
Portfolios of Investments	17
Statement of Assets and Liabilities	53
Statement of Operations	54
Statement of Changes in Net Assets	55
Statement of Cash Flows	57
Financial Highlights	58
Notes to Financial Statements	63
Additional Fund Information	77
Glossary of Terms Used in this Report	78
Reinvest Automatically, Easily and Conveniently	80
Annual Investment Management Agreement Approval Process	81

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Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio manager as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.

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	NXJ	NJV	NQP	NPN
Effective Leverage*	37.81%	9.12%	38.99%	4.05%
Regulatory Leverage*	31.49%	0.00%	33.78%	0.00%

*

Effective Leverage is a Fund's effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund's portfolio that increase the Fund's investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage. Regulatory leverage consists of preferred shares issued or borrowings of a Fund. Both of these are part of a Fund's capital structure. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940.

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		VMTP Shares								VRDP Shares
						Shares								Shares
						Issued at								Issued at
						Liquidation								Liquidation
Fund		Series				Preference				Series				Preference				Total
NXJ			—				—				1			$	81,000,000
			—				—				2			$	144,300,000
			—				—				3			$	88,600,000
														$	313,900,000			$	313,900,000
NQP			2019			$	87,000,000				2			$	112,500,000
			—				—				3			$	105,000,000
						$	87,000,000							$	217,500,000			$	304,500,000

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		Per Common Share Amounts
Monthly Distributions (Ex-Dividend Date)		NXJ				NJV				NQP				NPN
May 2016		$	0.0680			$	0.0490			$	0.0675			$	0.0520
June			0.0650				0.0490				0.0640				0.0520
July			0.0650				0.0490				0.0640				0.0520
August			0.0650				0.0490				0.0640				0.0520
September			0.0605				0.0490				0.0600				0.0520
October 2016			0.0605				0.0490				0.0600				0.0520
Total Distributions from Net Investment Income		$	0.3840			$	0.2940			$	0.3795			$	0.3120
Yields
Market Yield*			5.14	%			3.62	%			5.18	%			3.75	%
Taxable-Equivalent Yield*			7.63	%			5.37	%			7.42	%			5.37	%

*

Market Yield is based on the Fund's current annualized monthly dividend divided by the Fund's current market price as of the end of the reporting period. Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 32.6% and 30.2% for New Jersey and Pennsylvania, respectively. When comparing a Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.

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		NXJ				NJV				NQP				NPN
Common shares cumulatively repurchased and retired			608,600				15,000				363,400				0
Common shares authorized for repurchase			4,260,000				155,000				3,775,000				120,000

		NXJ				NJV				NQP				NPN
Common share NAV		$	16.04			$	16.23			$	15.81			$	16.31
Common share price		$	14.12			$	16.25			$	13.96			$	16.65
Premium/(Discount) to NAV			(11.97	)%			0.12	%			(11.70	)%			2.08	%
6-month average premium/(discount) to NAV			(8.94	)%			(2.61	)%			(7.73	)%			(1.57	)%

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NXJ
	Nuveen New Jersey Quality Municipal Income Fund
	(formerly known as Nuveen New Jersey Dividend Advantage Municipal Fund)
	Performance Overview and Holding Summaries as of October 31, 2016

	Cumulative		Average Annual
	6-Month		1-Year	5-Year	10-Year
NXJ at Common Share NAV	1.47%		9.66%	7.28%	5.88%
NXJ at Common Share Price	(1.19)%		13.09%	7.02%	4.62%
S&P Municipal Bond New Jersey Index	1.94%		7.30%	5.06%	4.73%
S&P Municipal Bond Index	0.98%		4.53%	4.57%	4.53%
Lipper New Jersey Municipal Debt Funds Classification Average	1.47%		8.42%	7.33%	5.74%

Fund Allocation
(% of net assets)
Long-Term Municipal Bonds	144.3%
Common Stocks	0.1%
Other Assets Less Liabilities	1.6%
Net Assets Plus VRDP Shares, at Liquidation Preference	146.0%
VRDP Shares, at Liquidation Preference	(46.0)%
Net Assets	100%
Portfolio Composition
(% of total investments)1
Tax Obligation/Limited	23.2%
Transportation	17.5%
Health Care	15.2%
Education and Civic Organizations	12.0%
U.S. Guaranteed	9.6%
Tax Obligation/General	4.7%
Consumer Staples	4.0%
Other	13.8%
Total	100%
Portfolio Credit Quality
(% of total investment exposure)1
AAA/U.S. Guaranteed	13.8%
AA	39.6%
A	30.2%
BBB	9.3%
BB or Lower	6.3%
N/R (not rated)	0.8%
N/A (not applicable)	0.0%
Total	100%

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NJV
	Nuveen New Jersey Municipal Value Fund
	Performance Overview and Holding Summaries as of October 31, 2016

	Cumulative		Average Annual
	6-Month		1-Year	5-Year	Since Inception
NJV at Common Share NAV	1.24%		5.29%	6.01%	6.79%
NJV at Common Share Price	9.16%		18.57%	7.22%	6.50%
S&P Municipal Bond New Jersey Index	1.94%		7.30%	5.06%	5.62%
S&P Municipal Bond Index	0.98%		4.53%	4.57%	5.38%
Lipper New Jersey Municipal Debt Funds Classification Average	1.47%		8.42%	7.33%	6.55%

Fund Allocation
(% of net assets)
Long-Term Municipal Bonds	99.8%
Common Stocks	2.4%
Short-Term Municipal Bonds	1.6%
Other Assets Less Liabilities	2.2%
Net Assets Plus Floating Rate Obligations	106.0%
Floating Rate Obligations	(6.0)%
Net Assets	100%
Portfolio Composition
(% of total investments)
Tax Obligation/Limited	20.7%
Education and Civic Organizations	16.8%
Health Care	16.3%
Transportation	10.8%
U.S. Guaranteed	8.1%
Housing/Multifamily	7.5%
Tax Obligation/General	7.3%
Other	12.5%
Total	100%
Portfolio Credit Quality
(% of total investment exposure)
AAA/U.S. Guaranteed	8.2%
AA	42.6%
A	31.4%
BBB	8.8%
BB or Lower	5.2%
N/R (not rated)	1.6%
N/A (not applicable)	2.2%
Total	100%

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NQP
	Nuveen Pennsylvania Quality Municipal Income Fund
	(formerly known as Nuveen Pennsylvania Investment Quality Municipal Fund)
	Performance Overview and Holding Summaries as of October 31, 2016

	Cumulative		Average Annual
	6-Month		1-Year	5-Year	10-Year
NQP at Common Share NAV	0.57%		6.83%	6.94%	5.84%
NQP at Common Share Price	(3.99)%		10.18%	5.71%	6.36%
S&P Municipal Bond Pennsylvania Index	0.84%		4.35%	4.73%	4.69%
S&P Municipal Bond Index	0.98%		4.53%	4.57%	4.53%
Lipper Pennsylvania Municipal Debt Funds Classification Average	1.00%		7.10%	6.88%	5.44%

Fund Allocation
(% of net assets)
Long-Term Municipal Bonds			157.2%
Other Assets Less Liabilities			2.2%
Net Assets Plus Floating Rate Obligations, VMTP Shares, at Liquidation Preference & VRDP Shares, at Liquidation Preference			159.4%
Floating Rate Obligations			(8.4)%
VMTP Shares, at Liquidation Preference			(14.6)%
VRDP Shares, at Liquidation Preference			(36.4)%
Net Assets			100%
Portfolio Composition
(% of total investments)1
Health Care	19.2%
Tax Obligation/General	18.2%
U.S. Guaranteed	15.2%
Education and Civic Organizations	11.5%
Housing/Single Family	7.2%
Water and Sewer	6.7%
Tax Obligation/Limited	5.8%
Transportation	5.7%
Other	10.5%
Total	100%
Portfolio Credit Quality
(% of total investment exposure)1
AAA/U.S. Guaranteed		15.5%
AA		40.3%
A		29.0%
BBB		6.3%
BB or Lower		5.3%
N/R (not rated)		3.6%
Total		100%

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NPN
	Nuveen Pennsylvania Municipal Value Fund
	Performance Overview and Holding Summaries as of October 31, 2016

	Cumulative		Average Annual
	6-Month		1-Year	5-Year	Since Inception
NPN at Common Share NAV	0.72%		4.15%	5.35%	6.45%
NPN at Common Share Price	3.16%		16.36%	7.28%	6.32%
S&P Municipal Bond Pennsylvania Index	0.84%		4.35%	4.73%	5.40%
S&P Municipal Bond Index	0.98%		4.53%	4.57%	5.38%
Lipper Pennsylvania Municipal Debt Funds Classification Average	1.00%		7.10%	6.88%	6.27%

Fund Allocation
(% of net assets)
Long-Term Municipal Bonds	98.5%
Other Assets Less Liabilities	3.0%
Net Assets Plus Floating Rate Obligations	101.5%
Floating Rate Obligations	(1.5)%
Net Assets	100%
Portfolio Composition
(% of total investments)
Health Care	20.2%
U.S. Guaranteed	16.8%
Tax Obligation/Limited	10.0%
Housing/Single Family	8.2%
Tax Obligation/General	7.2%
Utilities	7.0%
Housing/Multifamily	6.8%
Education and Civic Organizations	6.3%
Transportation	6.2%
Other	11.3%
Total	100%
Portfolio Credit Quality
(% of total investment exposure)
AAA/U.S. Guaranteed	16.4%
AA	41.2%
A	23.4%
BBB	13.6%
BB or Lower	2.6%
N/R (not rated)	2.8%
Total	100%

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NXJ
	Nuveen New Jersey Quality Municipal Income Fund
	(formerly known as Nuveen New Jersey Dividend Advantage Municipal Fund)
	Portfolio of Investments	October 31, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)			Value
			LONG-TERM INVESTMENTS – 144.4% (100.0% of Total Investments)
			MUNICIPAL BONDS – 144.3% (99.9% of Total Investments)
			Consumer Discretionary – 0.4% (0.2% of Total Investments)
			Middlesex County Improvement Authority, New Jersey, Senior Revenue Bonds, Heldrich Center Hotel/Conference Center Project, Series 2005A:
$	1,720		5.000%, 1/01/32	1/17 at 100.00		Caa1		$	1,335,735
	1,485		5.125%, 1/01/37	1/17 at 100.00		Caa1			1,123,893
	3,205		Total Consumer Discretionary						2,459,628
			Consumer Staples – 5.7% (4.0% of Total Investments)
			Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
	3,350		4.500%, 6/01/23	6/17 at 100.00		Baa3			3,397,604
	32,225		4.750%, 6/01/34	6/17 at 100.00		B–			31,047,498
	4,890		5.000%, 6/01/41	6/17 at 100.00		B–			4,606,282
	40,465		Total Consumer Staples						39,051,384
			Education and Civic Organizations – 17.3% (12.0% of Total Investments)
	1,760		Camden County Improvement Authority, New Jersey, Lease Revenue Bonds Rowan University School of Osteopathic Medicine Project, Series 2013A, 5.000%, 12/01/32	12/23 at 100.00		A			2,032,853
	2,025		New Jersey Economic Development Authority, Revenue Bonds, The Seeing Eye Inc., Refunding Series 2015, 5.000%, 3/01/25	No Opt. Call		A			2,522,644
	2,455		New Jersey Economic Development Authority, Rutgers University General Obligation Lease Revenue Bonds, Tender Option Bond 2016-XF2357, 16.343%, 6/15/46 (IF) (4)	6/23 at 100.00		Aa3			3,976,904
			New Jersey Education Facilities Authority Revenue Bonds, The College of New Jersey Issue, Series 2013A:
	2,475		5.000%, 7/01/38	7/23 at 100.00		AA–			2,811,996
	3,250		5.000%, 7/01/43	7/23 at 100.00		AA–			3,673,508
	250		New Jersey Educational Facilities Authority, Revenue Bonds, Georgian Court University, Series 2007D, 5.000%, 7/01/27	7/17 at 100.00		BBB–			254,945
	1,100		New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Refunding Series 2015H, 4.000%, 7/01/39 – AGM Insured	7/25 at 100.00		AA			1,153,361
	5,000		New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, Series 2014A, 5.000%, 7/01/44	No Opt. Call		AA–			5,716,950
			New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, Series 2015D:
	2,395		5.000%, 7/01/31	7/25 at 100.00		AA–			2,846,553
	1,600		5.000%, 7/01/33	7/25 at 100.00		AA–			1,885,328
	1,000		5.000%, 7/01/34	7/25 at 100.00		AA–			1,172,420
	5,955		New Jersey Educational Facilities Authority, Revenue Bonds, New Jersey City University, Series 2015A, 5.000%, 7/01/45	7/25 at 100.00		AA			6,750,825
			New Jersey Educational Facilities Authority, Revenue Bonds, Passaic County Community College, Series 2010C:
	1,500		5.250%, 7/01/32	7/20 at 100.00		A2			1,622,265
	1,000		5.375%, 7/01/41	7/20 at 100.00		A2			1,079,670
	1,000		New Jersey Educational Facilities Authority, Revenue Bonds, Princeton University, Series 2007E, 5.000%, 7/01/33	No Opt. Call		AAA			1,028,510
	4,335		New Jersey Educational Facilities Authority, Revenue Bonds, Princeton University, Tender Option Bond Trust 2015-XF0099, 12.259%, 7/01/39 (IF)	7/21 at 100.00		AAA			6,352,726
	4,000		New Jersey Educational Facilities Authority, Revenue Bonds, Princeton University, Tender Option Bond Trust 2015-XF0149, 12.482%, 7/01/44 (IF) (4)	7/24 at 100.00		AAA			6,348,880

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NXJ	Nuveen New Jersey Quality Municipal Income Fund
	Portfolio of Investments (continued)	October 31, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)			Value
			Education and Civic Organizations (continued)
			New Jersey Educational Facilities Authority, Revenue Bonds, Ramapo College, Series 2012B:
$	550		5.000%, 7/01/37	7/22 at 100.00		A		$	616,341
	1,050		5.000%, 7/01/42	7/22 at 100.00		A			1,171,685
			New Jersey Educational Facilities Authority, Revenue Bonds, Rider University, Series 2012A:
	1,140		5.000%, 7/01/32	7/21 at 100.00		Baa2			1,245,302
	740		5.000%, 7/01/37	7/21 at 100.00		Baa2			799,622
	1,200		New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, Refunding Series 2015C, 5.000%, 7/01/35	7/25 at 100.00		A–			1,380,924
			New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, Series 2013D:
	675		5.000%, 7/01/38	7/23 at 100.00		A–			766,908
	1,935		5.000%, 7/01/43	7/23 at 100.00		A–			2,187,150
	1,970		New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, Series 2016C, 3.000%, 7/01/46	7/26 at 100.00		A–			1,809,425
	2,000		New Jersey Educational Facilities Authority, Revenue Bonds, Stockton University Issue, Refunding Series 2016A, 5.000%, 7/01/41	7/26 at 100.00		A			2,247,640
	975		New Jersey Educational Facilities Authority, Revenue Bonds, The College of Saint Elizabeth, Series 2016D, 5.000%, 7/01/46	7/26 at 100.00		BB			1,021,576
	4,560		New Jersey Educational Facilities Authority, Revenue Bonds, William Paterson University, Series 2015C, 5.000%, 7/01/40	7/25 at 100.00		A+			5,173,092
			New Jersey Educational Facilities Authority, Revenue Refunding Bonds, College of New Jersey, Series 2012A:
	200		5.000%, 7/01/18	No Opt. Call		AA–			212,912
	1,000		5.000%, 7/01/19	No Opt. Call		AA–			1,101,090
			New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Senior Lien Series 2016-1A:
	6,180		3.500%, 12/01/32 (Alternative Minimum Tax)	12/25 at 100.00		Aa2			5,954,245
	1,430		4.000%, 12/01/39 (Alternative Minimum Tax)	12/25 at 100.00		Aa2			1,437,550
	2,590		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			2,739,184
	1,045		New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2010-1A, 5.000%, 12/01/25	12/19 at 100.00		AA			1,097,992
	960		New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2010-2, 5.000%, 12/01/30	12/20 at 100.00		Aa3			1,040,582
	1,410		New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2011-1, 5.750%, 12/01/27 (Alternative Minimum Tax)	12/21 at 100.00		Aa3			1,586,969
			New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2012-1A:
	4,655		4.250%, 12/01/25 (Alternative Minimum Tax)	12/22 at 100.00		AA			5,059,194
	1,535		4.375%, 12/01/26 (Alternative Minimum Tax)	12/22 at 100.00		AA			1,675,023
	500		New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2012-1B, 5.750%, 12/01/39 (Alternative Minimum Tax)	12/22 at 100.00		A			551,210
	1,495		New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2013-1A, 3.750%, 12/01/26 (Alternative Minimum Tax)	12/22 at 100.00		AA			1,527,143
			New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2015-1A:
	5,000		4.000%, 12/01/28 (Alternative Minimum Tax)	12/24 at 100.00		AA			5,282,150
	2,575		4.000%, 12/01/30 (Alternative Minimum Tax)	12/24 at 100.00		AA			2,700,197
			New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender Option Bond Trust 2015-XF0151:
	1,400		9.909%, 12/01/23 (Alternative Minimum Tax) (IF) (4)	12/22 at 100.00		AA			1,553,720
	1,250		9.842%, 12/01/24 (Alternative Minimum Tax) (IF) (4)	12/22 at 100.00		AA			1,348,400
	850		10.407%, 12/01/25 (Alternative Minimum Tax) (IF) (4)	12/22 at 100.00		AA			913,954
	250		11.051%, 12/01/26 (Alternative Minimum Tax) (IF) (4)	12/22 at 100.00		AA			271,500
	2,500		12.058%, 12/01/27 (Alternative Minimum Tax) (IF) (4)	12/23 at 100.00		AA			3,111,200

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	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)			Value
			Education and Civic Organizations (continued)
$	2,000		New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender Option Bond Trust 2016-XG0001, 17.970%, 6/01/30 (IF) (4)	6/19 at 100.00		AA		$	2,799,840
	575		New Jersey Institute of Technology, New Jersey, General Obligation Bonds, Series 2012A, 5.000%, 7/01/42	7/22 at 100.00		A1			660,646
	2,300		New Jersey Institute of Technology, New Jersey, General Obligation Bonds, Series 2015A, 5.000%, 7/01/45	7/25 at 100.00		A1			2,609,235
	2,170		Rutgers State University, New Jersey, Revenue Bonds, Tender Option Bond 2016-XF2356, 16.260%, 5/01/43 (IF) (4)	5/23 at 100.00		Aa3			3,561,903
	101,765		Total Education and Civic Organizations						118,445,842
			Financials – 1.5% (1.0% of Total Investments)
			New Jersey Economic Development Authority, Revenue Refunding Bonds, Kapkowski Road Landfill Project, Series 2002:
	7,875		5.750%, 10/01/21	No Opt. Call		Ba2			8,494,132
	1,500		6.500%, 4/01/28	No Opt. Call		Ba2			1,835,535
	9,375		Total Financials						10,329,667
			Health Care – 22.0% (15.2% of Total Investments)
			Camden County Improvement Authority, New Jersey, Health Care Redevelopment Revenue Bonds, Cooper Health System Obligated Group Issue, Refunding Series 2014A:
	175		5.000%, 2/15/25	No Opt. Call		BBB+			207,198
	220		5.000%, 2/15/26	No Opt. Call		BBB+			258,436
	1,320		5.000%, 2/15/27	No Opt. Call		BBB+			1,534,434
	1,385		5.000%, 2/15/28	No Opt. Call		BBB+			1,600,645
	1,385		5.000%, 2/15/29	No Opt. Call		BBB+			1,585,451
	2,500		5.000%, 2/15/32	2/24 at 100.00		BBB+			2,813,725
	3,040		5.000%, 2/15/33	No Opt. Call		BBB+			3,413,069
	145		5.000%, 2/15/34	No Opt. Call		BBB+			162,493
	1,950		5.000%, 2/15/35	No Opt. Call		BBB+			2,183,903
	6,100		Camden County Improvement Authority, New Jersey, Health Care Redevelopment Revenue Bonds, Cooper Health System Obligated Group Issue, Series 2013A, 5.750%, 2/15/42	2/23 at 100.00		BBB+			7,052,697
	225		New Jersey Health Care Facilities Finance Authority, Revenue Bonds, AHS Hospital Corporation, Series 2008A, 5.000%, 7/01/27	7/18 at 100.00		AA–			239,218
	2,500		New Jersey Health Care Facilities Financing Authority, Hospital Revenue Bonds, Virtua Health, Tender Option Bond Trust 2016-XG0047, 17.021%, 7/01/38 – AGC Insured (IF) (4)	7/19 at 100.00		AA			3,538,800
			New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Refunding Series 2011:
	2,000		6.000%, 7/01/26	7/21 at 100.00		BB+			2,196,280
	2,500		6.250%, 7/01/35	7/21 at 100.00		BB+			2,769,650
	2,050		New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Series 2007, 5.750%, 7/01/37	7/18 at 100.00		BB+			2,143,439
	1,140		New Jersey Health Care Facilities Financing Authority, Revenue and Refunding Bonds, Barnabas Health, Series 2012A, 5.000%, 7/01/24	No Opt. Call		A+			1,335,670
			New Jersey Health Care Facilities Financing Authority, Revenue and Refunding Bonds, Palisades Medical Center Obligated Group Issue, Series 2013:
	3,125		5.250%, 7/01/31	7/23 at 100.00		A–			3,566,125
	1,560		5.500%, 7/01/43	7/23 at 100.00		A–			1,781,348
	2,525		New Jersey Health Care Facilities Financing Authority, Revenue Bonds, AHS Hospital Corporation, Refunding Series 2016, 4.000%, 7/01/41	1/27 at 100.00		AA–			2,647,564
	10,000		New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Barnabas Health, Refunding Series 2014A, 5.000%, 7/01/44	7/24 at 100.00		A+			11,371,300
	3,765		New Jersey Health Care Facilities Financing Authority, Revenue Bonds, CentraState Medical Center, Series 2006A, 5.000%, 7/01/30 – AGC Insured	7/17 at 100.00		A3			3,838,079

NUVEEN

19

NXJ	Nuveen New Jersey Quality Municipal Income Fund
	Portfolio of Investments (continued)	October 31, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)			Value
			Health Care (continued)
			New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hunterdon Medical Center, Refunding Series 2014A:
$	2,055		5.000%, 7/01/45	7/24 at 100.00		A+		$	2,323,280
	3,295		4.000%, 7/01/45	7/24 at 100.00		A+			3,392,499
			New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Kennedy Health System Obligated Group Issue, Refunding Series 2012:
	4,155		3.750%, 7/01/27	No Opt. Call		A3			4,344,343
	3,375		5.000%, 7/01/31	7/22 at 100.00		A3			3,775,511
	1,500		5.000%, 7/01/37	7/22 at 100.00		A3			1,652,325
			New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Meridian Health System Obligated Group, Refunding Series 2011:
	3,000		5.000%, 7/01/25	7/18 at 100.00		A+			3,507,900
	3,000		5.000%, 7/01/26	7/22 at 100.00		A+			3,479,850
	2,500		5.000%, 7/01/27	7/22 at 100.00		A+			2,888,975
	1,450		New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Meridian Health System Obligated Group, Refunding Series 2013A, 5.000%, 7/01/32	7/23 at 100.00		A+			1,663,136
			New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Meridian Health, Series 2007:
	7,520		5.000%, 7/01/38 – AGC Insured	7/18 at 100.00		AA			7,919,538
	2,250		5.000%, 7/01/38	7/18 at 100.00		AA			2,376,810
			New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Princeton HealthCare System, Series 2016A:
	830		5.000%, 7/01/32	7/26 at 100.00		Baa2			984,837
	1,055		5.000%, 7/01/33	7/26 at 100.00		Baa2			1,246,905
	340		5.000%, 7/01/34	7/26 at 100.00		Baa2			400,585
			New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Robert Wood Johnson University Hospital Issue, Series 2014A:
	4,235		5.000%, 7/01/39	7/24 at 100.00		A+			4,815,746
	5,955		5.000%, 7/01/43	7/24 at 100.00		A+			6,758,508
	3,945		New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Robert Wood Johnson University Hospital, Series 2013A, 5.500%, 7/01/43	7/23 at 100.00		A+			4,613,322
	2,195		New Jersey Health Care Facilities Financing Authority, Revenue Bonds, RWJ Barnabas Health Obligated Group, Refunding Series 2016A, 5.000%, 7/01/43 (WI/DD, Settling 11/02/16)	7/26 at 100.00		A+			2,524,052
	3,475		New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Series 2006A, 5.000%, 7/01/29	1/17 at 100.00		A+			3,527,473
			New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Joseph's Healthcare System Obligated Group Issue, Refunding Series 2016:
	1,250		4.000%, 7/01/34	7/26 at 100.00		BBB–			1,297,200
	2,600		5.000%, 7/01/35	7/26 at 100.00		BBB–			2,939,040
	1,700		5.000%, 7/01/36	7/26 at 100.00		BBB–			1,911,242
	6,455		5.000%, 7/01/41	7/26 at 100.00		BBB–			7,223,338
	5,805		4.000%, 7/01/48	7/26 at 100.00		BBB–			5,848,828
	2,345		New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Luke's Warren Hospital Obligated Group, Series 2013, 4.000%, 8/15/37	8/23 at 100.00		A–			2,418,797
			New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University Hospital Issue, Refunding Series 2015A:
	5,055		4.125%, 7/01/38 – AGM Insured	7/25 at 100.00		AA			5,370,836
	3,910		5.000%, 7/01/46 – AGM Insured	7/25 at 100.00		AA			4,434,096
	134,860		Total Health Care						149,878,496
			Housing/Multifamily – 4.0% (2.8% of Total Investments)
	1,900		New Jersey Economic Development Authority, Revenue Bonds, Provident Group – Rowan Properties LLC – Rowan University Student Housing Project, Series 2015A, 5.000%, 1/01/48	1/25 at 100.00		BBB–			2,105,884
	6,075		New Jersey Economic Development Authority, Revenue Bonds, West Campus Housing LLC – New Jersey City University Student Housing Project, Series 2015, 5.000%, 7/01/47	7/25 at 100.00		BBB–			6,467,384

20

NUVEEN

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)			Value
			Housing/Multifamily (continued)
			New Jersey Economic Development Authority, Student Housing Revenue Bonds, Provident Group-Montclair Properties LLC, Montclair State University Student Housing Project, Series 2010A:
$	3,870		5.750%, 6/01/31	6/20 at 100.00		Baa3		$	4,299,841
	2,100		5.875%, 6/01/42	6/20 at 100.00		Baa3			2,325,078
			New Jersey Housing and Mortgage Finance Agency, Multifamily Housing Revenue Bonds, Series 2013-2:
	2,165		4.350%, 11/01/33 (Alternative Minimum Tax)	11/22 at 100.00		AA			2,263,226
	1,235		4.600%, 11/01/38 (Alternative Minimum Tax)	11/22 at 100.00		AA			1,302,135
	1,235		4.750%, 11/01/46 (Alternative Minimum Tax)	11/22 at 100.00		AA			1,299,109
	2,280		New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2015A, 4.000%, 11/01/45	11/24 at 100.00		AA–			2,347,716
	4,870		New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2015B, 1.000%, 11/01/17	No Opt. Call		AA–			4,868,685
	25,730		Total Housing/Multifamily						27,279,058
			Housing/Single Family – 3.2% (2.2% of Total Investments)
			New Jersey Housing & Mortgage Finance Agency, Single Family Home Mortgage Revenue Bonds, Series 2011A:
	10,000		4.450%, 10/01/25	10/21 at 100.00		Aa2			10,883,600
	10,000		4.650%, 10/01/29	4/21 at 100.00		Aa2			10,742,900
	545		New Jersey Housing and Mortgage Finance Agency, Single Family Housing Revenue Bonds, Series 2007T, 4.700%, 10/01/37 (Alternative Minimum Tax)	4/17 at 100.00		AA			547,485
	20,545		Total Housing/Single Family						22,173,985
			Industrials – 0.2% (0.1% of Total Investments)
	1,340		Gloucester County Improvement Authority, New Jersey, Solid Waste Resource Recovery Revenue Refunding Bonds, Waste Management Inc. Project, Series 1999B, 2.125%, 12/01/29 (Mandatory put 12/01/17)	No Opt. Call		A–			1,355,879
			Long-Term Care – 2.3% (1.6% of Total Investments)
	7,835		Burlington County Bridge Commission, New Jersey, Economic Development Revenue Bonds, The Evergreens Project, Series 2007, 5.625%, 1/01/38	1/18 at 100.00		N/R			8,134,766
	510		New Jersey Economic Development Authority, Fixed Rate Revenue Bonds, Lions Gate Project, Series 2014, 5.250%, 1/01/44	1/24 at 100.00		N/R			547,709
	5,000		New Jersey Economic Development Authority, Revenue Bonds, United Methodist Homes of New Jersey Obligated Group Issue, Refunding Series 2013, 5.000%, 7/01/34	7/23 at 100.00		BBB–			5,422,150
	1,410		New Jersey Economic Development Authority, Revenue Bonds, United Methodist Homes of New Jersey Obligated Group Issue, Refunding Series 2014A, 5.000%, 7/01/29	7/24 at 100.00		BBB–			1,570,134
	14,755		Total Long-Term Care						15,674,759
			Tax Obligation/General – 6.7% (4.7% of Total Investments)
	2,225		Cumberland County Improvement Authority, New Jersey, County General Obligation Revenue Bonds, Technical High School Project, Series 2014, 5.000%, 9/01/39 – AGM Insured	9/24 at 100.00		AA			2,580,644
	825		Elizabeth, Union County, New Jersey, General Obligation Bonds, General Improvement Series 2014, 3.125%, 4/01/27 – AGM Insured	4/24 at 100.00		AA			868,139
	2,250		Freehold Regional High School District, Monmouth County, New Jersey, General Obligation Bonds, Refunding Series 2001, 5.000%, 3/01/17 – FGIC Insured	No Opt. Call		AA+			2,281,298
	690		Haddon Heights School District, Camden County, New Jersey, General Obligation Bonds, Refunding Series 2012, 3.250%, 1/01/30	1/23 at 100.00		AA–			707,457
	1,100		Linden, New Jersey, General Obligation Bonds, Refunding Series 2011, 4.000%, 5/01/23	5/21 at 100.00		AA–			1,210,176
			Medford Township Board of Education, Burlington County, New Jersey, General Obligation Bonds, Refunding Series 2015:
	710		5.000%, 3/01/22	No Opt. Call		Aa2			832,866
	755		5.000%, 3/01/24	No Opt. Call		Aa2			914,026

NUVEEN

21

NXJ	Nuveen New Jersey Quality Municipal Income Fund
	Portfolio of Investments (continued)	October 31, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)			Value
			Tax Obligation/General (continued)
$	1,975		Middletown Township Board of Education, Monmouth County, New Jersey, Refunding Series 2010, 5.000%, 8/01/27	8/20 at 100.00		AA		$	2,254,107
	2,805		Monmouth County Improvement Authority, New Jersey, Governmental Pooled Loan Revenue Bonds, Refunding Series 2016B, 4.000%, 8/01/24	No Opt. Call		AAA			3,304,038
	2,280		Monroe Township Board of Education, Middlesex County, New Jersey, General Obligation Bonds, Refunding Series 2015, 5.000%, 3/01/38	3/25 at 100.00		AA–			2,659,643
	760		Montclair Township, Essex County, New Jersey, General Obligation Bonds, Parking Utility, Refunding Series 2014A, 5.000%, 1/01/37	1/24 at 100.00		AAA			882,854
			New Brunswick Parking Authority, Middlesex County, New Jersey, Guaranteed Parking Revenue Bonds, Refunding Series 2012:
	465		5.000%, 9/01/28	9/22 at 100.00		A+			535,159
	610		5.000%, 9/01/29	9/22 at 100.00		A+			699,646
	300		5.000%, 9/01/31	9/22 at 100.00		A+			342,156
	250		3.625%, 9/01/34	9/22 at 100.00		A+			258,298
			New Brunswick Parking Authority, Middlesex County, New Jersey, Guaranteed Parking Revenue Bonds, Refunding Series 2016:
	1,000		3.000%, 9/01/32	9/25 at 100.00		AA			1,009,990
	1,000		3.000%, 9/01/33	9/25 at 100.00		AA			1,007,100
			South Brunswick Township, Middlesex County, New Jersey, General Obligation Bonds, Refunding Series 2014:
	740		3.000%, 9/01/17	No Opt. Call		AA			753,135
	400		5.000%, 9/01/22	No Opt. Call		AA			478,484
			Sparta Township Board of Education, Sussex County, New Jersey, General Obligation Bonds, Refunding Series 2015:
	1,595		5.000%, 2/15/32	2/25 at 100.00		AA–			1,885,242
	1,000		5.000%, 2/15/34	2/25 at 100.00		AA–			1,174,620
	1,395		5.000%, 2/15/35	2/25 at 100.00		AA–			1,634,075
	4,260		Sussex County, New Jersey, General Obligation Bonds, Refunding Series 2014, 4.000%, 2/15/22	No Opt. Call		AA+			4,829,945
	5,165		Union County Utilities Authority, New Jersey, Resource Recovery Facility Lease Revenue Refunding Bonds, Covantan Union Inc. Lessee, Series 2011B, 5.250%, 12/01/31 (Alternative Minimum Tax)	12/21 at 100.00		AA+			5,701,334
	2,515		Union County Utilities Authority, New Jersey, Solid Waste System County Deficiency Revenue Bonds, Series 2011A, 5.000%, 6/15/41	6/21 at 100.00		AA+			2,799,396
	1,515		Washington Township Board of Education, Mercer County, New Jersey, General Obligation Bonds, Series 2005, 5.250%, 1/01/27 – AGM Insured	No Opt. Call		A2			1,932,261
	1,435		West Deptford Township, Gloucester County, New Jersey, General Obligation Bonds, Refunding Series 2014, 4.000%, 9/01/28 – BAM Insured	9/24 at 100.00		AA			1,594,041
	635		West Deptford Township, Gloucester County, New Jersey, General Obligation Bonds, Series 2005, 5.000%, 7/01/27 – AGM Insured	7/17 at 100.00		AA			651,847
	100		Woodbridge Township, Middlesex County, New Jersey, General Obligation Bonds, Series 2010, 5.000%, 7/15/19	No Opt. Call		AA+			110,386
	40,755		Total Tax Obligation/General						45,892,363
			Tax Obligation/Limited – 33.5% (23.2% of Total Investments)
	3,775		Bergen County Improvement Authority, New Jersey, Guaranteed Lease Revenue Bonds, County Administration Complex Project, Series 2005, 5.000%, 11/15/26	No Opt. Call		Aaa			4,887,946
	4,175		Essex County Improvement Authority, New Jersey, Project Consolidation Revenue Bonds, Refunding Series 2007, 5.250%, 12/15/22 – AMBAC Insured	No Opt. Call		AA+			5,072,082
	3,000		Garden State Preservation Trust, New Jersey, Open Space and Farmland Preservation Bonds, Series 2003B, 0.000%, 11/01/25 – AGM Insured	No Opt. Call		AA			2,406,330
	3,015		Garden State Preservation Trust, New Jersey, Open Space and Farmland Preservation Bonds, Series 2005A, 5.750%, 11/01/28 – AGM Insured	No Opt. Call		AA			3,850,728

22

NUVEEN

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)			Value
			Tax Obligation/Limited (continued)
$	5,120		Garden State Preservation Trust, New Jersey, Open Space and Farmland Preservation Bonds, Series 2005C, 5.125%, 11/01/18 – AGM Insured	No Opt. Call		AA		$	5,515,213
			Government of Guam, Business Privilege Tax Bonds, Series 2011A:
	5,005		5.250%, 1/01/36	1/22 at 100.00		A			5,482,327
	3,020		5.125%, 1/01/42	1/22 at 100.00		A			3,273,740
	500		Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/29	1/22 at 100.00		A			551,290
	1,110		Hudson County Improvement Authority, New Jersey, County Secured Lease Revenue Bonds, Hudson County Plaza Refunding Project, Series 2013, 3.250%, 4/01/35	4/22 at 100.00		Aa3			1,124,541
			Hudson County Improvement Authority, New Jersey, County Secured Lease Revenue Bonds, Hudson County Vocational Technical Schools Project, Series 2016:
	10,560		5.000%, 5/01/46	5/26 at 100.00		AA			12,351,714
	3,745		5.250%, 5/01/51	5/26 at 100.00		AA			4,471,193
			New Jersey Economic Development Authority, Cigarette Tax Revenue Refunding Bonds, Series 2012:
	310		5.000%, 6/15/21	No Opt. Call		BBB+			344,128
	6,400		5.000%, 6/15/25	6/22 at 100.00		BBB+			7,090,560
	3,480		5.000%, 6/15/26	6/22 at 100.00		BBB+			3,836,839
	7,945		5.000%, 6/15/28	No Opt. Call		BBB+			8,639,155
	415		5.000%, 6/15/29	No Opt. Call		BBB+			449,088
			New Jersey Economic Development Authority, Revenue Bonds, Newark Downtown District Management Corporation Project, Series 2007:
	440		5.125%, 6/15/27	6/17 at 100.00		Baa3			446,626
	740		5.125%, 6/15/37	6/17 at 100.00		Baa3			748,584
	5,000		New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2014PP, 5.000%, 6/15/26	6/24 at 100.00		A3			5,630,500
	6,385		New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2014UU, 5.000%, 6/15/27	6/24 at 100.00		A3			7,206,558
	12,000		New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2015WW, 5.250%, 6/15/40	6/25 at 100.00		A3			13,361,879
	1,400		New Jersey Health Care Facilities Financing Authority, State Contract Bonds, Hospital Asset Transformation Program, Series 2008A, 5.250%, 10/01/38	10/18 at 100.00		A3			1,481,312
			New Jersey Transportation Trust Fund Authority, Federal Highway Aid Grant Anticipation Bonds, Series 2006:
	2,120		5.000%, 6/15/17 – FGIC Insured	1/17 at 100.00		AA–			2,127,696
	3,750		5.000%, 6/15/18 – FGIC Insured	1/17 at 100.00		AA–			3,763,575
			New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Revenue Notes, Series 2016A-1&2:
	1,130		5.000%, 6/15/29 (WI/DD, Settling 11/02/16)	6/26 at 100.00		A+			1,263,114
	655		5.000%, 6/15/30 (WI/DD, Settling 11/02/16)	6/26 at 100.00		A+			727,849
	32,965		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/30	No Opt. Call		A3			18,393,150
	8,100		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A, 5.500%, 12/15/22	No Opt. Call		A3			9,324,315
			New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006C:
	21,000		0.000%, 12/15/32 – AGM Insured	No Opt. Call		AA			11,115,720
	34,855		0.000%, 12/15/33 – AGM Insured	No Opt. Call		AA			17,440,744
	30,310		0.000%, 12/15/34 – AGM Insured	No Opt. Call		AA			14,410,890
	9,000		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2004B, 5.500%, 12/15/16 – NPFG Insured	No Opt. Call		AA–			9,051,750
	7,500		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2007A, 5.000%, 12/15/26 – AMBAC Insured	12/17 at 100.00		A3			7,784,325
	7,000		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D, 5.000%, 12/15/24	No Opt. Call		A3			7,982,310

NUVEEN

23

NXJ	Nuveen New Jersey Quality Municipal Income Fund
	Portfolio of Investments (continued)	October 31, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)			Value
			Tax Obligation/Limited (continued)
$	3,860		Passaic County Improvement Authority, New Jersey, Lease Revenue Bonds, Preakness Healthcare Center Expansion Project, Refunding Series 2015, 3.750%, 5/01/36	5/25 at 100.00		AA		$	4,012,547
			Passaic County Improvement Authority, New Jersey, Lease Revenue Bonds, Preakness Healthcare Center Expansion Project, Series 2012:
	865		5.000%, 5/01/21	No Opt. Call		Aa3			1,003,642
	4,560		3.500%, 5/01/35	5/22 at 100.00		Aa3			4,670,170
	2,500		Union County Improvement Authority, New Jersey, General Obligation Lease Bonds, County College Facility Project, Series 2014B, 5.000%, 2/01/20	No Opt. Call		AA+			2,802,150
			Union County Improvement Authority, New Jersey, General Obligation Lease Bonds, Juvenile Detention Center Facility Project, Tender Option Bond Trust 2015-XF1019:
	285		21.892%, 5/01/28 (IF) (4)	No Opt. Call		Aa1			716,239
	285		21.964%, 5/01/29 (IF) (4)	No Opt. Call		Aa1			726,023
	200		21.964%, 5/01/30 (IF) (4)	No Opt. Call		Aa1			515,010
	370		21.741%, 5/01/31 (IF) (4)	No Opt. Call		Aa1			957,246
	385		21.857%, 5/01/32 (IF) (4)	No Opt. Call		Aa1			1,012,504
	400		21.861%, 5/01/33 (IF) (4)	No Opt. Call		Aa1			1,056,060
	415		21.964%, 5/01/34 (IF) (4)	No Opt. Call		Aa1			1,098,194
	3,975		Union County Improvement Authority, New Jersey, Lease Revenue Refunding Bonds, City of Plainfield – Park Madison Redevelopment Project, Tender Option Trust 2016-XG0057, 16.117%, 3/01/34 (IF) (4)	No Opt. Call		AA+			8,598,044
	264,025		Total Tax Obligation/Limited						228,775,600
			Transportation – 25.2% (17.5% of Total Investments)
	5,550		Casino Reinvestment Development Authority, New Jersey, Parking Revenue Bonds, Series 2005A, 5.250%, 6/01/20 – NPFG Insured	1/17 at 100.00		AA–			5,568,038
	2,400		Delaware River and Bay Authority, Delaware and New Jersey, Revenue Bonds, Series 2012A, 5.000%, 1/01/42	1/23 at 100.00		A1			2,698,488
			Delaware River and Bay Authority, Delaware and New Jersey, Revenue Bonds, Series 2014A:
	1,285		5.000%, 1/01/34	1/24 at 100.00		A1			1,489,058
	5,890		4.125%, 1/01/39	1/24 at 100.00		A1			6,377,456
	7,800		5.000%, 1/01/44	1/24 at 100.00		A1			8,939,658
			Delaware River Joint Toll Bridge Commission, New Jersey and Pennsylvania, Bridge System Revenue Bonds, Refunding Series 2015:
	440		3.000%, 7/01/27 – BAM Insured	7/25 at 100.00		AA			461,846
	1,000		4.000%, 7/01/34 – BAM Insured	7/25 at 100.00		AA			1,089,330
	2,820		4.000%, 7/01/35 – BAM Insured	7/25 at 100.00		AA			3,060,631
			Delaware River Joint Toll Bridge Commission, Pennsylvania, Bridge System Revenue Bonds, Refunding Series 2012A:
	2,115		5.000%, 7/01/24	7/22 at 100.00		A1			2,520,107
	1,105		5.000%, 7/01/25	7/22 at 100.00		A1			1,307,093
	650		4.000%, 7/01/26	7/22 at 100.00		A1			719,128
	625		4.000%, 7/01/27	7/22 at 100.00		A1			686,894
			Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E:
	1,000		5.000%, 1/01/40 – AGM Insured	1/20 at 100.00		AA			1,109,470
	5,000		5.000%, 1/01/40	1/20 at 100.00		A			5,539,150
	7,035		Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2013, 5.000%, 1/01/40	1/24 at 100.00		A			8,097,496
			Delaware River Port Authority, Pennsylvania and New Jersey, Revenue Refunding Bonds, Port District Project, Series 2012:
	1,800		5.000%, 1/01/24	No Opt. Call		A–			2,042,316
	1,635		5.000%, 1/01/25	No Opt. Call		A–			1,874,544
	1,350		5.000%, 1/01/26	No Opt. Call		A–			1,538,406
	3,595		5.000%, 1/01/27	No Opt. Call		A–			4,035,603
	5,555		New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge Replacement Project, Series 2013, 5.625%, 1/01/52 (Alternative Minimum Tax)	1/24 at 100.00		BBB			6,380,695

24

NUVEEN

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)			Value
			Transportation (continued)
			New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 1999:
$	1,000		5.125%, 9/15/23 (Alternative Minimum Tax)	3/17 at 100.00		BB–		$	1,115,390
	1,800		5.250%, 9/15/29 (Alternative Minimum Tax)	9/22 at 101.00		BB–			2,006,352
	2,250		New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 2000A & 2000B, 5.625%, 11/15/30 (Alternative Minimum Tax)	3/24 at 101.00		BB–			2,585,025
			New Jersey Transit Corporation, Grant Anticipation Notes, Federal Transit Administration Section 5307 Urbanized Area Formula Funds, Series 2014A:
	6,000		5.000%, 9/15/20	No Opt. Call		A			6,581,160
	5,750		5.000%, 9/15/21	No Opt. Call		A			6,402,395
	7,780		New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2015E, 5.000%, 1/01/45	1/25 at 100.00		A+			8,990,724
	3,065		New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.250%, 1/01/29 – AGM Insured	No Opt. Call		AA			4,004,514
	7,500		New Jersey Turnpike Authority, Revenue Bonds, Series 2009I, 5.000%, 1/01/35	1/20 at 100.00		A+			8,276,850
	7,620		New Jersey Turnpike Authority, Revenue Bonds, Series 2012B, 5.000%, 1/01/28	1/23 at 100.00		A+			9,007,754
	3,625		New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 2016-XF1057, 14.996%, 1/01/43 (IF) (4)	7/22 at 100.00		A+			5,655,834
	2,100		Passaic County Improvement Authority, New Jersey, County Guaranteed Parking Revenue Bonds, 200 Hospital Plaza Project, Series 2010, 5.000%, 5/01/42	5/20 at 100.00		Aa3			2,332,512
	2,750		Passaic County Improvement Authority, New Jersey, Revenue Bonds, Paterson Parking Deck Facility, Series 2005, 5.000%, 4/15/35 – AGM Insured	1/17 at 100.00		A2			2,758,910
	7,225		Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy Ninth Series 2013, 5.000%, 12/01/43	12/23 at 100.00		AA–			8,493,277
	5,700		Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy Seventh Series 2013, 4.000%, 1/15/43 (Alternative Minimum Tax)	1/23 at 100.00		AA–			5,941,566
			Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC, Sixth Series 1997:
	19,655		5.750%, 12/01/22 – NPFG Insured (Alternative Minimum Tax)	12/16 at 100.00		AA–			20,081,316
	12,130		5.750%, 12/01/25 – NPFG Insured (Alternative Minimum Tax)	12/16 at 100.00		AA–			12,368,354
	154,600		Total Transportation						172,137,340
			U.S. Guaranteed – 13.9% (9.6% of Total Investments) (5)
	930		New Jersey Economic Development Authority, Revenue Bonds, Yeshiva Ktana of Passaic, Series 1993, 8.000%, 9/15/18 (ETM)	No Opt. Call		N/R (5)			1,012,379
			New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Series 2007U:
	5,435		5.000%, 9/01/37 (Pre-refunded 9/01/17)	9/17 at 100.00		AAA			5,625,171
	2,910		5.000%, 9/01/37 (Pre-refunded 9/01/17)	9/17 at 100.00		A3 (5)			3,011,821
	2,625		5.000%, 9/01/37 (Pre-refunded 9/01/17) – AMBAC Insured	9/17 at 100.00		AAA			2,716,849
	1,545		5.000%, 9/01/37 (Pre-refunded 9/01/17) – AMBAC Insured	9/17 at 100.00		A– (5)			1,599,060
			New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Series 2007D:
	7,310		5.000%, 7/01/32 (Pre-refunded 7/01/17) – FGIC Insured	7/17 at 100.00		AA– (5)			7,519,358
	6,875		5.000%, 7/01/39 (Pre-refunded 7/01/17) – FGIC Insured	7/17 at 100.00		AA– (5)			7,071,900
	25		New Jersey Educational Facilities Authority, Revenue Bonds, University of Medicine and Dentistry of New Jersey, Refunding Series 2009B, 6.000%, 12/01/17 (ETM)	No Opt. Call		N/R (5)			25,811
			New Jersey Educational Facilities Authority, Revenue Bonds, University of Medicine and Dentistry of New Jersey, Refunding Series 2009B:
	25		6.500%, 12/01/19 (Pre-refunded 6/01/19)	6/19 at 100.00		N/R (5)			28,456
	100		6.500%, 12/01/20 (Pre-refunded 6/01/19)	6/19 at 100.00		N/R (5)			113,825
	5		7.125%, 12/01/23 (Pre-refunded 6/01/19)	6/19 at 100.00		N/R (5)			5,771
	30		New Jersey Environmental Infrastructure Trust, Environmental Infrastructure Bonds, Series 2012A, 3.250%, 9/01/31 (Pre-refunded 9/01/21)	9/21 at 100.00		N/R (5)			32,916

NUVEEN

25

NXJ	Nuveen New Jersey Quality Municipal Income Fund
	Portfolio of Investments (continued)	October 31, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)			Value
			U.S. Guaranteed (5) (continued)
$	4,885		New Jersey Health Care Facilities Finance Authority, Revenue Bonds, AHS Hospital Corporation, Series 2008A, 5.000%, 7/01/27 (Pre-refunded 7/01/18)	7/18 at 100.00		N/R (5)		$	5,215,959
	6,840		New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Atlanticare Regional Medical Center, Series 2007, 5.000%, 7/01/37 (Pre-refunded 7/01/17)	7/17 at 100.00		N/R (5)			7,028,921
			New Jersey Health Care Facilities Financing Authority, Revenue Bonds, RWJ Health Care Corporation, Series 2005B:
	1,620		5.000%, 7/01/25 (Pre-refunded 12/05/16) – RAAI Insured	12/16 at 100.00		AA (5)			1,623,580
	2,885		5.000%, 7/01/35 (Pre-refunded 12/05/16) – RAAI Insured	12/16 at 100.00		AA (5)			2,889,674
	7,670		New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Refunding Series 2011A, 5.625%, 7/01/37 (Pre-refunded 7/01/21)	7/21 at 100.00		A+ (5)			9,227,010
	5,000		New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Joseph's Healthcare System Obligated Group Issue, Series 2008, 6.625%, 7/01/38 (Pre-refunded 7/01/18)	7/18 at 100.00		BBB– (5)			5,480,750
	3,805		New Jersey Health Care Facilities Financing Authority, Revenue Bonds, St. Clare's Hospital, Series 2004A, 5.250%, 7/01/20 – RAAI Insured (ETM)	No Opt. Call		AA (5)			4,359,807
	410		New Jersey Health Care Facilities Financing Authority, State Contract Bonds, Hospital Asset Transformation Program, Series 2008A, 5.250%, 10/01/38 (Pre-refunded 10/01/18)	10/18 at 100.00		N/R (5)			444,264
	1,555		New Jersey Sports and Exposition Authority, Convention Center Luxury Tax Bonds, Series 2004, 5.500%, 3/01/22 – NPFG Insured (ETM)	No Opt. Call		AA– (5)			1,902,154
	1,650		Newark Housing Authority, New Jersey, City-Secured Police Facility Revenue Bonds, South Ward Police Facility, Series 2009A, 6.750%, 12/01/38 (Pre-refunded 12/01/19) – AGC Insured	12/19 at 100.00		A3 (5)			1,936,688
	305		North Hudson Sewerage Authority, New Jersey, Gross Revenue Senior Lien Lease Certificates, Series 2012A, 5.000%, 6/01/27 (Pre-refunded 6/01/22)	6/22 at 100.00		N/R (5)			366,268
	15,840		North Hudson Sewerage Authority, New Jersey, Sewerage Revenue Refunding Bonds, Series 2001A, 0.000%, 8/01/23 – NPFG Insured (ETM)	No Opt. Call		A3 (5)			14,141,477
	7,580		Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2007, 5.000%, 8/15/32 (Pre-refunded 8/15/17) – AGM Insured	8/17 at 100.00		AA (5)			7,838,326
	3,750		Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Adjustable Rate Industrial Revenue Bonds, American Home Products Corporation, Series 1983A, 5.100%, 12/01/18 (Pre-refunded 12/14/16)	12/16 at 100.00		A1 (5)			3,855,900
	91,610		Total U.S. Guaranteed						95,074,095
			Utilities – 2.7% (1.9% of Total Investments)
	6,300		Essex County Improvement Authority, New Jersey, Solid Waste Disposal Revenue Bonds, Covanta Project, Series 2015, 5.250%, 7/01/45 (Alternative Minimum Tax)	7/20 at 100.00		Ba2			6,517,917
	1,510		Industrial Pollution Control Financing Authority of Cape May County (New Jersey), Pollution Control Revenue Refunding Bonds, 1991 Series A (Atlantic City Electric Company Project), 6.800%, 3/01/21 – NPFG Insured	No Opt. Call		AA–			1,789,380
			New Jersey Economic Development Authority, Energy Facilities Revenue Bonds, UMM Energy Partners, LLC Project, Series 2012A:
	1,000		4.750%, 6/15/32 (Alternative Minimum Tax)	No Opt. Call		Baa3			1,051,780
	1,225		5.125%, 6/15/43 (Alternative Minimum Tax)	6/22 at 100.00		Baa3			1,295,609
	5,100		New Jersey Economic Development Authority, Water Facilities Revenue Bonds, New Jersey-American Water Company Inc. Project, Refunding Series 2010B, 5.600%, 11/01/34 (Alternative Minimum Tax)	5/20 at 100.00		A+			5,682,776
	2,040		New Jersey Economic Development Authority, Water Facilities Revenue Bonds, New Jersey-American Water Company Inc. Project, Refunding Series 2010D, 4.875%, 11/01/29 (Alternative Minimum Tax)	11/20 at 100.00		A+			2,205,424
	17,175		Total Utilities						18,542,886

26

NUVEEN

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)			Value
			Water and Sewer – 5.7% (3.9% of Total Investments)
			Bergen County Utilities Authority, New Jersey, Water Pollution Control System Revenue Bonds, Refunding Series 2014:
$	1,000		3.125%, 12/15/30	12/24 at 100.00		AA–		$	1,022,710
	1,000		3.125%, 12/15/31	12/24 at 100.00		AA–			1,017,610
			New Jersey Economic Development Authority, Water Facilities Revenue Bonds, Middlesex Water Company, Series 2012C:
	1,460		5.000%, 10/01/23	No Opt. Call		A+			1,757,533
	15,670		4.250%, 10/01/47 (Alternative Minimum Tax)	10/22 at 100.00		A+			16,365,277
	1,650		New Jersey Environmental Infrastructure Trust, Environmental Infrastructure Bonds, Series 2012A, 3.250%, 9/01/31	9/21 at 100.00		AAA			1,714,367
	6,270		New Jersey Environmental Infrastructure Trust, Environmental Infrastructure Bonds, Tender Option Bond Trust 2016-XF0395, 6.685%, 9/01/21 (IF) (4)	No Opt. Call		AAA			7,916,377
			North Hudson Sewerage Authority, New Jersey, Gross Revenue Senior Lien Lease Certificates, Series 2012A:
	3,515		5.000%, 6/01/27	6/22 at 100.00		A			4,035,888
	4,000		5.000%, 6/01/42 – NPFG Insured	6/22 at 100.00		A			4,487,000
	395		Wanaque Valley Regional Sewer Authority, Passaic County, New Jersey, Sewer Revenue Refunding Bonds, Series 1993B, 5.750%, 9/01/18 – AMBAC Insured	No Opt. Call		A2			408,786
	34,960		Total Water and Sewer						38,725,548
$	955,165		Total Municipal Bonds (cost $905,769,238)						985,796,530
	Shares		Description (1)						Value
			COMMON STOCKS – 0.1% (0.1% of Total Investments)
			Airlines – 0.1% (0.1% of Total Investments)
	13,262		American Airlines Group Inc. (6)					$	538,437
			Total Common Stocks (cost $0)						538,437
			Total Long-Term Investments (cost $905,769,238)						986,334,967
			Variable Rate Demand Preferred Shares, at Liquidation Preference – (46.0)% (7)						(313,900,000	)
			Other Assets Less Liabilities – 1.6% (8)						10,427,240
			Net Assets Applicable to Common Shares – 100%					$	682,862,207

NUVEEN

27

NXJ	Nuveen New Jersey Quality Municipal Income Fund
	Portfolio of Investments (continued)	October 31, 2016 (Unaudited)

(1)	All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2)	Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)	For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)	Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5)	Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(6)	On November 28, 2011, AMR Corp. ("AMR"), the parent company of American Airlines Group, Inc. ("AAL") filed for federal bankruptcy protection. On December 9, 2013, AMR emerged from federal bankruptcy with the acceptance of its reorganization plan by the bankruptcy court. Under the settlement agreement established to meet AMR's unsecured bond obligations, the bondholders, including the Fund, received a distribution of AAL preferred stock which was converted to AAL common stock over a 120-day period. Every 30 days, a quarter of the preferred stock was converted to AAL common stock based on the 5-day volume-weighted average price and the amount of preferred shares tendered during the optional preferred conversion period.
(7)	Variable Rate Demand Preferred Shares, at Liquidation Preference as a percentage of Total Investments is 31.8%.
(8)	Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter ("OTC") derivatives as presented on the Statement of Assets and Liabilities, when applicable. The unrealized appreciation (depreciation) of OTC-cleared and exchange-traded derivatives is recognized as part of the cash collateral at brokers and/or the receivable or payable for variation margin as presented on the Statement of Assets and Liabilities, when applicable.
(9)	Effective date represents the date on which both the Fund and counterparty commence interest payment accruals on each contract.
(ETM)	Escrowed to maturity.
(IF)	Inverse floating rate investment.
(WI/DD)	Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
USD-BMA	United States Dollar-Bond Market Association

28

NUVEEN

NJV
	Nuveen New Jersey Municipal Value Fund
	Portfolio of Investments	October 31, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)			Value
			LONG-TERM INVESTMENTS – 102.2% (98.5% of Total Investments)
			MUNICIPAL BONDS – 99.8% (96.2% of Total Investments)
			Consumer Staples – 4.0% (3.9% of Total Investments)
			Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
$	205		4.750%, 6/01/34	6/17 at 100.00		B–		$	197,509
	870		5.000%, 6/01/41	6/17 at 100.00		B–			819,523
	1,075		Total Consumer Staples						1,017,032
			Education and Civic Organizations – 17.5% (16.8% of Total Investments)
	110		Camden County Improvement Authority, New Jersey, Lease Revenue Bonds Rowan University School of Osteopathic Medicine Project, Series 2013A, 5.000%, 12/01/32	12/23 at 100.00		A			127,053
	115		New Jersey Economic Development Authority, Revenue Bonds, The Seeing Eye Inc., Refunding Series 2015, 5.000%, 3/01/25	No Opt. Call		A			143,261
	45		New Jersey Economic Development Authority, Rutgers University General Obligation Lease Revenue Bonds, Tender Option Bond 2016-XF2357, 16.343%, 6/15/46 (IF) (4)	6/23 at 100.00		Aa3			72,896
	185		New Jersey Educational Facilities Authority, Revenue Bonds, College of New Jersey, Refunding Series 2016F, 3.000%, 7/01/40	7/26 at 100.00		AA–			175,811
	910		New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Refunding Series 2009A, 5.500%, 9/01/36	9/19 at 100.00		A2			1,007,015
	100		New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Refunding Series 2015H, 4.000%, 7/01/39 – AGM Insured	7/25 at 100.00		AA			104,851
	155		New Jersey Educational Facilities Authority, Revenue Bonds, New Jersey City University, Series 2015A, 5.000%, 7/01/45	7/25 at 100.00		AA			175,714
			New Jersey Educational Facilities Authority, Revenue Bonds, Rider University, Series 2012A:
	90		5.000%, 7/01/32	7/21 at 100.00		Baa2			98,313
	30		5.000%, 7/01/37	7/21 at 100.00		Baa2			32,417
	75		New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, Series 2013D, 5.000%, 7/01/38	7/23 at 100.00		A–			85,212
			New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, Series 2016C:
	320		3.000%, 7/01/41	7/26 at 100.00		A–			298,531
	50		3.000%, 7/01/46	7/26 at 100.00		A–			45,925
	100		New Jersey Educational Facilities Authority, Revenue Bonds, Stockton University Issue, Refunding Series 2016A, 5.000%, 7/01/41	7/26 at 100.00		A			112,382
	25		New Jersey Educational Facilities Authority, Revenue Bonds, The College of Saint Elizabeth, Series 2016D, 5.000%, 7/01/46	7/26 at 100.00		BB			26,194
	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			1,099,980
	30		New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2010-2, 5.000%, 12/01/30	12/20 at 100.00		Aa3			32,518
	100		New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2012-1B, 5.750%, 12/01/39 (Alternative Minimum Tax)	12/22 at 100.00		A			110,242
	195		New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2015-1A, 4.000%, 12/01/30 (Alternative Minimum Tax)	12/24 at 100.00		AA			204,481
	100		New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender Option Bond Trust 2015-XF0151, 9.909%, 12/01/23 (Alternative Minimum Tax) (IF) (4)	12/22 at 100.00		AA			110,980

NUVEEN

29

NJV	Nuveen New Jersey Municipal Value Fund
	Portfolio of Investments (continued)	October 31, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)			Value
			Education and Civic Organizations (continued)
$	200		New Jersey Institute of Technology, New Jersey, General Obligation Bonds, Series 2015A, 5.000%, 7/01/45	7/25 at 100.00		A1		$	226,890
	60		Rutgers State University, New Jersey, Revenue Bonds, Tender Option Bond 2016-XF2356, 16.260%, 5/01/43 (IF) (4)	5/23 at 100.00		Aa3			98,486
	3,995		Total Education and Civic Organizations						4,389,152
			Health Care – 16.9% (16.3% of Total Investments)
	105		Camden County Improvement Authority, New Jersey, Health Care Redevelopment Revenue Bonds, Cooper Health System Obligated Group Issue, Refunding Series 2014A, 5.000%, 2/15/25	No Opt. Call		BBB+			124,319
	115		Camden County Improvement Authority, New Jersey, Health Care Redevelopment Revenue Bonds, Cooper Health System Obligated Group Issue, Series 2013A, 5.750%, 2/15/42	2/23 at 100.00		BBB+			132,961
	2,000		New Jersey Health Care Facilities Financing Authority, Hospital Revenue Bonds, Virtua Health, Series 2009A, 5.500%, 7/01/38 – AGC Insured (UB) (4)	7/19 at 100.00		AA			2,207,760
	105		New Jersey Health Care Facilities Financing Authority, Revenue and Refunding Bonds, Palisades Medical Center Obligated Group Issue, Series 2013, 5.250%, 7/01/31	7/23 at 100.00		A–			119,822
	70		New Jersey Health Care Facilities Financing Authority, Revenue Bonds, AHS Hospital Corporation, Refunding Series 2016, 4.000%, 7/01/41	1/27 at 100.00		AA–			73,398
	215		New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Barnabas Health, Refunding Series 2014A, 5.000%, 7/01/44	7/24 at 100.00		A+			244,483
	100		New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hunterdon Medical Center, Refunding Series 2014A, 4.000%, 7/01/45	7/24 at 100.00		A+			102,959
	20		New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Meridian Health System Obligated Group, Refunding Series 2011, 5.000%, 7/01/21	No Opt. Call		A+			23,148
			New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Meridian Health, Series 2007:
	100		5.000%, 7/01/38 – AGC Insured	7/18 at 100.00		AA			105,313
	65		5.000%, 7/01/38	7/18 at 100.00		AA			68,663
			New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Princeton HealthCare System, Series 2016A:
	25		5.000%, 7/01/32	7/26 at 100.00		Baa2			29,664
	40		5.000%, 7/01/33	7/26 at 100.00		Baa2			47,276
	130		New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Robert Wood Johnson University Hospital Issue, Series 2014A, 5.000%, 7/01/39	7/24 at 100.00		A+			147,827
	110		New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Robert Wood Johnson University Hospital, Series 2013A, 5.500%, 7/01/43	7/23 at 100.00		A+			128,635
	340		New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Joseph's Healthcare System Obligated Group Issue, Refunding Series 2016, 4.000%, 7/01/48	7/26 at 100.00		BBB–			342,567
	100		New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Luke's Warren Hospital Obligated Group, Series 2013, 4.000%, 8/15/37	8/23 at 100.00		A–			103,147
			New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University Hospital Issue, Refunding Series 2015A:
	125		4.125%, 7/01/38 – AGM Insured	7/25 at 100.00		AA			132,810
	110		5.000%, 7/01/46 – AGM Insured	7/25 at 100.00		AA			124,744
	3,875		Total Health Care						4,259,496
			Housing/Multifamily – 7.8% (7.5% of Total Investments)
	100		New Jersey Economic Development Authority, Revenue Bonds, Provident Group – Rowan Properties LLC – Rowan University Student Housing Project, Series 2015A, 5.000%, 1/01/48	1/25 at 100.00		BBB–			110,836
	155		New Jersey Economic Development Authority, Revenue Bonds, West Campus Housing LLC – New Jersey City University Student Housing Project, Series 2015, 5.000%, 7/01/47	7/25 at 100.00		BBB–			165,011

30

NUVEEN

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)			Value
			Housing/Multifamily (continued)
			New Jersey Economic Development Authority, Student Housing Revenue Bonds, Provident Group-Montclair Properties LLC, Montclair State University Student Housing Project, Series 2010A:
$	100		5.750%, 6/01/31	6/20 at 100.00		Baa3		$	111,107
	50		5.875%, 6/01/42	6/20 at 100.00		Baa3			55,359
	1,000		New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2009A, 4.950%, 5/01/41	11/19 at 100.00		AA–			1,049,390
	60		New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2015A, 4.000%, 11/01/45	11/24 at 100.00		AA–			61,782
	130		New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2015B, 1.000%, 11/01/17	No Opt. Call		AA–			129,965
	270		New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2016B, 3.600%, 11/01/40	11/25 at 100.00		AA–			273,110
	1,865		Total Housing/Multifamily						1,956,560
			Housing/Single Family – 0.5% (0.4% of Total Investments)
	115		New Jersey Housing & Mortgage Finance Agency, Single Family Home Mortgage Revenue Bonds, Series 2011A, 4.500%, 10/01/29	10/21 at 100.00		Aa2			117,416
			Long-Term Care – 1.9% (1.9% of Total Investments)
	260		Burlington County Bridge Commission, New Jersey, Economic Development Revenue Bonds, The Evergreens Project, Series 2007, 5.625%, 1/01/38	1/18 at 100.00		N/R			269,948
	15		New Jersey Economic Development Authority, Fixed Rate Revenue Bonds, Lions Gate Project, Series 2014, 5.250%, 1/01/44	1/24 at 100.00		N/R			16,109
	140		New Jersey Economic Development Authority, Revenue Bonds, United Methodist Homes of New Jersey Obligated Group Issue, Refunding Series 2013, 5.000%, 7/01/34	7/23 at 100.00		BBB–			151,820
	40		New Jersey Economic Development Authority, Revenue Bonds, United Methodist Homes of New Jersey Obligated Group Issue, Refunding Series 2014A, 5.000%, 7/01/29	7/24 at 100.00		BBB–			44,543
	455		Total Long-Term Care						482,420
			Tax Obligation/General – 7.6% (7.3% of Total Investments)
			Medford Township Board of Education, Burlington County, New Jersey, General Obligation Bonds, Refunding Series 2015:
	20		5.000%, 3/01/22	No Opt. Call		Aa2			23,461
	20		5.000%, 3/01/24	No Opt. Call		Aa2			24,213
	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			150,485
	70		Monmouth County Improvement Authority, New Jersey, Governmental Pooled Loan Revenue Bonds, Refunding Series 2016B, 4.000%, 8/01/24	No Opt. Call		AAA			82,454
	200		Monroe Township Board of Education of Gloucester County, New Jersey, General Obligation Bond, Refunding Series 2014, 3.000%, 3/01/17	No Opt. Call		AA–			201,514
	110		Monroe Township Board of Education, Middlesex County, New Jersey, General Obligation Bonds, Refunding Series 2015, 5.000%, 3/01/38	3/25 at 100.00		AA–			128,316
	20		Montclair Township, Essex County, New Jersey, General Obligation Bonds, Parking Utility, Refunding Series 2014A, 5.000%, 1/01/37	1/24 at 100.00		AAA			23,233
			New Brunswick Parking Authority, Middlesex County, New Jersey, Guaranteed Parking Revenue Bonds, Refunding Series 2016A:
	310		5.000%, 9/01/29 – BAM Insured	9/26 at 100.00		AA			377,080
	130		5.000%, 9/01/39 – BAM Insured	No Opt. Call		AA			153,084
	195		New Brunswick Parking Authority, Middlesex County, New Jersey, Guaranteed Parking Revenue Bonds, Refunding Series 2016B, 3.000%, 9/01/39 – AGM Insured	9/26 at 100.00		AA			182,736

NUVEEN

31

NJV	Nuveen New Jersey Municipal Value Fund
	Portfolio of Investments (continued)	October 31, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)			Value
			Tax Obligation/General (continued)
$	30		North Bergen Township, New Jersey, General Obligation Bonds, General Improvement Series 2009, 4.000%, 2/01/17	No Opt. Call		AA–		$	30,241
	25		South Brunswick Township, Middlesex County, New Jersey, General Obligation Bonds, Refunding Series 2014, 3.000%, 9/01/17	No Opt. Call		AA			25,444
	110		Sussex County, New Jersey, General Obligation Bonds, Refunding Series 2014, 4.000%, 2/15/22	No Opt. Call		AA+			124,717
	150		Union County Utilities Authority, New Jersey, Resource Recovery Facility Lease Revenue Refunding Bonds, Covantan Union Inc. Lessee, Series 2011B, 5.250%, 12/01/31 (Alternative Minimum Tax)	12/21 at 100.00		AA+			165,576
	170		Union County Utilities Authority, New Jersey, Solid Waste System County Deficiency Revenue Bonds, Series 2011A, 5.000%, 6/15/41	6/21 at 100.00		AA+			189,224
	25		Washington Borough, Warren County, New Jersey, General Obligation Bonds, Series 2008, 4.500%, 3/01/17 – AGM Insured	No Opt. Call		A2			25,302
	1,735		Total Tax Obligation/General						1,907,080
			Tax Obligation/Limited – 21.5% (20.7% of Total Investments)
	270		Garden State Preservation Trust, New Jersey, Open Space and Farmland Preservation Bonds, Series 2005A, 5.750%, 11/01/28 – AGM Insured	No Opt. Call		AA			344,841
			Hudson County Improvement Authority, New Jersey, County Secured Lease Revenue Bonds, Hudson County Vocational Technical Schools Project, Series 2016:
	250		5.000%, 5/01/46	5/26 at 100.00		AA			292,418
	175		5.250%, 5/01/51	5/26 at 100.00		AA			208,934
			New Jersey Economic Development Authority, Cigarette Tax Revenue Refunding Bonds, Series 2012:
	250		5.000%, 6/15/25	6/22 at 100.00		BBB+			276,975
	400		5.000%, 6/15/28	No Opt. Call		BBB+			434,948
	545		New Jersey Health Care Facilities Financing Authority, State Contract Bonds, Hospital Asset Transformation Program, Series 2008A, 5.250%, 10/01/38	10/18 at 100.00		A3			576,654
	2,000		New Jersey Health Care Facilities Financing Authority, State Contract Bonds, Hospital Asset Transformation Program, Series 2009A, 5.750%, 10/01/31	10/19 at 100.00		A3			2,207,240
	2,270		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2009A, 0.000%, 12/15/39	No Opt. Call		A3			778,020
	110		Union County Improvement Authority, New Jersey, General Obligation Lease Bonds, Juvenile Detention Center Facility Project, Tender Option Bond Trust 2015-XF1019, 21.400%, 5/01/30 (IF) (4)	No Opt. Call		Aa1			278,530
	6,270		Total Tax Obligation/Limited						5,398,560
			Transportation – 11.2% (10.8% of Total Investments)
	250		Casino Reinvestment Development Authority, New Jersey, Parking Revenue Bonds, Series 2005A, 5.250%, 6/01/20 – NPFG Insured	1/17 at 100.00		AA–			250,813
			Delaware River and Bay Authority, Delaware and New Jersey, Revenue Bonds, Series 2014A:
	150		4.125%, 1/01/39	1/24 at 100.00		A1			162,414
	200		5.000%, 1/01/44	1/24 at 100.00		A1			229,222
	300		Delaware River Port Authority, Pennsylvania and New Jersey, Revenue Refunding Bonds, Port District Project, Series 2012, 5.000%, 1/01/27	No Opt. Call		A–			336,768
	190		New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge Replacement Project, Series 2013, 5.625%, 1/01/52 (Alternative Minimum Tax)	1/24 at 100.00		BBB			218,242
	80		New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 2000A & 2000B, 5.625%, 11/15/30 (Alternative Minimum Tax)	3/24 at 101.00		BB–			91,912
	295		New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2015E, 5.000%, 1/01/45	1/25 at 100.00		A+			340,908
	765		New Jersey Turnpike Authority, Revenue Bonds, Series 2009E, 5.250%, 1/01/40	1/19 at 100.00		A+			824,043

32

NUVEEN

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)			Value
			Transportation (continued)
$	315		Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy Ninth Series 2013, 5.000%, 12/01/43	12/23 at 100.00		AA–		$	370,295
	2,545		Total Transportation						2,824,617
			U.S. Guaranteed – 8.4% (8.1% of Total Investments) (5)
	630		Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2009A, 5.750%, 12/01/34 (Pre-refunded 12/01/19)	12/19 at 100.00		BBB+ (5)			720,386
	5		New Jersey Health Care Facilities Finance Authority, Revenue Bonds, AHS Hospital Corporation, Series 2008A, 5.125%, 7/01/22 (Pre-refunded 7/01/18)	7/18 at 100.00		N/R (5)			5,349
	70		New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Refunding Series 2011A, 5.625%, 7/01/37 (Pre-refunded 7/01/21)	7/21 at 100.00		A+ (5)			84,210
	515		New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Joseph's Healthcare System Obligated Group Issue, Series 2008, 6.000%, 7/01/18 (ETM)	No Opt. Call		BBB– (5)			544,046
	155		New Jersey Health Care Facilities Financing Authority, State Contract Bonds, Hospital Asset Transformation Program, Series 2008A, 5.250%, 10/01/38 (Pre-refunded 10/01/18)	10/18 at 100.00		N/R (5)			167,953
	500		Newark Housing Authority, New Jersey, City-Secured Police Facility Revenue Bonds, South Ward Police Facility, Series 2009A, 6.750%, 12/01/38 (Pre-refunded 12/01/19) – AGC Insured	12/19 at 100.00		A3 (5)			586,875
	1,875		Total U.S. Guaranteed						2,108,819
			Utilities – 2.5% (2.5% of Total Investments)
	270		Essex County Improvement Authority, New Jersey, Solid Waste Disposal Revenue Bonds, Covanta Project, Series 2015, 5.250%, 7/01/45 (Alternative Minimum Tax)	7/20 at 100.00		Ba2			279,339
	300		Industrial Pollution Control Financing Authority of Cape May County (New Jersey), Pollution Control Revenue Refunding Bonds, 1991 Series A (Atlantic City Electric Company Project), 6.800%, 3/01/21 – NPFG Insured	No Opt. Call		AA–			355,506
	570		Total Utilities						634,845
$	24,375		Total Municipal Bonds (cost $22,864,942)						25,095,997
	Shares		Description (1)						Value
			COMMON STOCKS – 2.4% (2.3% of Total Investments)
			Airlines – 2.4% (2.3% of Total Investments)
	15,008		American Airlines Group Inc. (6)					$	609,325
			Total Common Stocks (cost $207,228)						609,325
			Total Long-Term Investments (cost $23,072,170)						25,705,322

NUVEEN

33

NJV	Nuveen New Jersey Municipal Value Fund
	Portfolio of Investments (continued)	October 31, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)			Value
			SHORT-TERM INVESTMENTS – 1.6% (1.5% of Total Investments)
			MUNICIPAL BONDS – 1.6% (1.5% of Total Investments)
			Housing/Single Family – 1.6% (1.5% of Total Investments)
$	400		New Jersey Housing and Mortgage Finance Agency, Single Family Housing Revenue Bonds, Variable Rate Demand Obligation, Series 2005O, 0.640%, 10/01/26 (7)	1/17 at 100.00		A-2		$	400,000
$	400		Total Short-Term Investments (cost $400,000)						400,000
			Total Investments (cost $23,472,170) – 103.8%						26,105,322
			Floating Rate Obligations – (6.0)%						(1,500,000	)
			Other Assets Less Liabilities – 2.2%						550,209
			Net Assets Applicable to Common Shares – 100%					$	25,155,531

(1)	All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2)	Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)	For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)	Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5)	Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(6)	On November 28, 2011, AMR Corp. ("AMR"), the parent company of American Airlines Group, Inc. ("AAL") filed for federal bankruptcy protection. On December 9, 2013, AMR emerged from federal bankruptcy with the acceptance of its reorganization plan by the bankruptcy court. Under the settlement agreement established to meet AMR's unsecured bond obligations, the bondholders, including the Fund, received a distribution of AAL preferred stock which was converted to AAL common stock over a 120-day period. Every 30 days, a quarter of the preferred stock was converted to AAL common stock based on the 5-day volume-weighted average price and the amount of preferred shares tendered during the optional preferred conversion period.
(7)	Investment has maturity of greater than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.
(ETM)	Escrowed to maturity.
(IF)	Inverse floating rate investment.
(UB)	Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.

34

NUVEEN

NQP
	Nuveen Pennsylvania Quality Municipal Income Fund
	(formerly known as Nuveen Pennsylvania Investment Quality Municipal Fund)
	Portfolio of Investments	October 31, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)			Value
			LONG-TERM INVESTMENTS – 157.2% (100.0% of Total Investments)
			MUNICIPAL BONDS – 157.2% (100.0% of Total Investments)
			Consumer Staples – 0.4% (0.3% of Total Investments)
$	2,000		Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds, Procter & Gamble Paper Project, Series 2001, 5.375%, 3/01/31 (Alternative Minimum Tax)	No Opt. Call		AA–		$	2,566,180
			Education and Civic Organizations – 18.1% (11.5% of Total Investments)
	1,420		Allegheny County Higher Education Building Authority, Pennsylvania, College Revenue Refunding Bonds, Robert Morris College, Series 1998A, 6.000%, 5/01/28	No Opt. Call		Baa3			1,665,419
	5,020		Allegheny County Higher Education Building Authority, Pennsylvania, Revenue Bonds, Carnegie Mellon University, Series 2013, 5.000%, 3/01/28	3/23 at 100.00		AA–			5,985,095
	2,865		Allegheny County Higher Education Building Authority, Pennsylvania, Revenue Bonds, Duquesne University, Series 2013A, 3.500%, 3/01/34	3/23 at 100.00		A			2,901,930
			Allegheny County Higher Education Building Authority, Pennsylvania, Revenue Bonds, Robert Morris University, Series 2016:
	735		3.000%, 10/15/30 (WI/DD, Settling 11/01/16)	10/26 at 100.00		Baa3			705,710
	1,000		5.000%, 10/15/38 (WI/DD, Settling 11/01/16)	10/26 at 100.00		Baa3			1,126,970
	1,440		Chester County Industrial Development Authority, Pennsylvania, Avon Grove Charter School Revenue Bonds, Series 2007A, 6.375%, 12/15/37	12/17 at 100.00		BBB–			1,493,035
	2,200		Crawford County Industrial Development Authority, Pennsylvania, College Revenue Bonds, Allegheny College, Series 2016, 3.000%, 5/01/34	5/26 at 100.00		A–			2,050,598
	1,020		Dallas Area Municipal Authority, Pennsylvania, Revenue Bonds, Misericordia University, Series 2014, 5.000%, 5/01/37	5/24 at 100.00		Baa3			1,119,980
	750		Delaware County Authority, Pennsylvania, General Revenue Bonds, Eastern University, Series 2006, 4.500%, 10/01/27 – RAAI Insured	1/17 at 100.00		AA			751,065
			Huntingdon County General Authority, Pennsylvania, Revenue Bonds, Juniata College, Series 2016OO2:
	590		3.250%, 5/01/36	5/26 at 100.00		BBB+			563,609
	1,815		3.500%, 5/01/41	5/26 at 100.00		BBB+			1,733,271
			Indiana County Industrial Development Authority, Pennsylvania, Revenue Bonds, Student Cooperative Association Inc./Indiana University of Pennsylvania – Student Union Project, Series 1999B:
	815		0.000%, 11/01/16 – AMBAC Insured	No Opt. Call		N/R			815,000
	760		0.000%, 11/01/17 – AMBAC Insured	No Opt. Call		N/R			754,292
	815		0.000%, 11/01/19 – AMBAC Insured	No Opt. Call		N/R			786,222
	5,235		Lycoming County Authority, Pennsylvania, Revenue Bonds, Pennsylvania College of Technology, Series 2012, 5.000%, 5/01/32	5/22 at 100.00		A			5,869,325
	2,155		Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Arcadia University, Series 2010, 5.625%, 4/01/40	4/20 at 100.00		BBB			2,304,773
	835		New Wilmington, Pennsylvania, Revenue, Westminster College, Series 2007G, 5.125%, 5/01/33 – RAAI Insured	5/17 at 100.00		AA			848,076
	1,465		Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Holy Family University, Series 2013A, 6.500%, 9/01/38	9/23 at 100.00		BBB–			1,653,926
	10,750		Pennsylvania Higher Educational Facilities Authority, General Revenue Bonds, State System of Higher Education, Series 2008AH, 5.000%, 6/15/33	6/18 at 100.00		Aa3			11,388,872
	2,405		Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, AICUP Financing Program-Mount Aloysius College Project, Series 2011R-1, 5.000%, 11/01/35	11/21 at 100.00		A			2,716,904

NUVEEN

35

NQP	Nuveen Pennsylvania Quality Municipal Income Fund
	Portfolio of Investments (continued)	October 31, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)			Value
			Education and Civic Organizations (continued)
			Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Bryn Mawr College, Refunding Series 2014:
$	2,545		5.000%, 12/01/38	12/24 at 100.00		AA		$	2,983,605
	2,080		5.000%, 12/01/44	12/24 at 100.00		AA			2,426,923
	1,500		Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Drexel University, Series 2011A, 5.250%, 5/01/41	5/21 at 100.00		A			1,720,410
	1,000		Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Gwynedd Mercy College, Series 2012-KK1, 5.375%, 5/01/42	5/22 at 100.00		BBB			1,096,920
	320		Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, LaSalle University, Series 2012, 4.000%, 5/01/32	11/22 at 100.00		BBB			330,694
	1,195		Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Philadelphia University, Refunding Series 2013, 5.000%, 6/01/32	6/23 at 100.00		BBB			1,330,752
	2,000		Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Temple University, First Series of 2012, 5.000%, 4/01/42	4/22 at 100.00		Aa3			2,259,360
	7,125		Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson University, Refunding Series 2015A, 5.250%, 9/01/50	3/25 at 100.00		A+			8,242,129
	2,000		Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson University, Series 2010, 5.000%, 3/01/40	3/20 at 100.00		A+			2,184,620
	760		Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson University, Series 2012, 5.000%, 3/01/42	9/22 at 100.00		A+			858,982
			Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of the Sciences in Philadelphia, Series 2012:
	1,030		4.000%, 11/01/39	11/22 at 100.00		A3			1,078,101
	4,300		5.000%, 11/01/42	11/22 at 100.00		A3			4,874,996
	1,310		Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of the Sciences in Philadelphia, Series 2015A, 5.000%, 11/01/36	11/25 at 100.00		A3			1,499,740
	1,540		Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Widener University, Series 2013A, 5.500%, 7/15/38	No Opt. Call		A–			1,752,150
	3,005		Pennsylvania State University, Revenue Bonds, Series 2010, 5.000%, 3/01/35	3/20 at 100.00		Aa1			3,357,306
	554		Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Leadership Learning Partners, Series 2005A, 5.375%, 7/01/36 (4)	1/17 at 100.00		N/R			6
	4,500		Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Philadelphia Performing Arts Charter School, Series 2013, 6.750%, 6/15/43	6/20 at 100.00		BB–			4,774,860
	500		Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Richard Allen Preparatory Charter School, Series 2006, 6.250%, 5/01/33	1/17 at 100.00		N/R			500,345
	2,320		Scranton-Lackawanna Health and Welfare Authority, Pennsylvania, Revenue Bonds, University of Scranton, Series 2016, 5.000%, 11/01/37	5/26 at 100.00		A–			2,649,556
	5,250		Scranton-Lackawanna Health and Welfare Authority, Pennsylvania, University Revenue Bonds, Marywood University, Series 2016, 5.000%, 6/01/46	6/26 at 100.00		N/R			5,553,765
	5,000		State Public School Building Authority, Pennsylvania, College Revenue Bonds, Northampton County Area Community College, Series 2011, 5.500%, 3/01/31	3/21 at 100.00		A1			5,766,300
	215		State Public School Building Authority, Pennsylvania, College Revenue Bonds, Westmoreland County Community College, Series 2016A, 3.000%, 10/15/35 – AGM Insured	10/25 at 100.00		AA			207,565
	1,100		Wilkes-Barre Finance Authority, Pennsylvania, Revenue Bonds, University of Scranton, Series 2010, 5.000%, 11/01/40	11/20 at 100.00		A–			1,229,316
			Wilkes-Barre Finance Authority, Pennsylvania, Revenue Bonds, University of Scranton, Series 2015A:
	1,890		5.000%, 11/01/32	11/25 at 100.00		A–			2,192,684
	740		5.000%, 11/01/33	11/25 at 100.00		A–			854,715
	740		4.000%, 11/01/35	11/25 at 100.00		A–			785,384
	98,609		Total Education and Civic Organizations						107,745,256

36

NUVEEN

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)			Value
			Health Care – 30.1% (19.2% of Total Investments)
			Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Ohio Valley General Hospital, Series 2005A:
$	2,170		5.000%, 4/01/25	1/17 at 100.00		B2		$	2,115,099
	4,160		5.125%, 4/01/35	1/17 at 100.00		B2			4,037,738
			Beaver County Hospital Authority, Pennsylvania, Revenue Bonds, Heritage Valley Health System, Inc., Series 2012:
	4,010		5.000%, 5/15/26	5/21 at 100.00		A+			4,550,067
	1,910		5.000%, 5/15/27	5/21 at 100.00		A+			2,154,442
	2,000		5.000%, 5/15/28	5/21 at 100.00		A+			2,247,340
	3,300		Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Reading Hospital and Medical Center Project, Series 2012A, 4.500%, 11/01/41	5/22 at 100.00		AA–			3,497,703
	4,000		Central Bradford Progress Authority, Pennsylvania, Revenue Bonds, Guthrie Health, Refunding Series 2011, 5.375%, 12/01/41	12/21 at 100.00		AA–			4,539,560
			Centre County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Mount Nittany Medical Center Project, Series 2016A:
	705		5.000%, 11/15/41	11/25 at 100.00		A			815,593
	1,485		5.000%, 11/15/46	11/25 at 100.00		A			1,707,809
	1,595		Chester County Health and Educational Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010A, 5.000%, 5/15/40	5/20 at 100.00		AA			1,751,374
			Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle Health System Project, Refunding Series 2016A:
	1,275		5.000%, 6/01/34	6/26 at 100.00		A+			1,506,374
	360		5.000%, 6/01/35	6/26 at 100.00		A+			422,687
	3,400		Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle Health System Project, Series 2012A, 5.000%, 6/01/42	6/22 at 100.00		A+			3,792,428
	1,500		Doylestown Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Series 2013A, 5.000%, 7/01/28	7/23 at 100.00		BBB			1,669,935
	2,275		Doylestown Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Series 2016A, 5.000%, 7/01/41	7/26 at 100.00		BBB			2,526,092
	3,000		Erie County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Saint Vincent Health Center Project, Series 2010A, 7.000%, 7/01/27	7/20 at 100.00		Ba2			3,155,700
	850		Erie County Hospital Authority, Pennsylvania, Revenue Bonds, Hamot Health Foundation, Series 2007, 5.000%, 11/01/37 – CIFG Insured	11/17 at 100.00		AA			875,211
	6,840		Franklin County Industrial Development Authority, Pennsylvania, Revenue Bonds, Chambersburg Hospital Project, Series 2010, 5.375%, 7/01/42	7/20 at 100.00		A+			7,650,745
	4,555		Geisinger Authority, Montour County, Pennsylvania, Health System Revenue Bonds, Geisinger Health System, Series 2014A, 5.000%, 6/01/41	6/24 at 100.00		AA			5,191,880
	1,370		Indiana County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Indiana Regional Medical Center, Series 2014A, 6.000%, 6/01/39	6/23 at 100.00		Ba1			1,550,689
	4,200		Lancaster County Hospital Authority, Revenue Bonds, University of Pennsylvania Health System, Refunding Series 2016B, 5.000%, 8/15/46	8/26 at 100.00		AA–			4,892,286
	3,000		Lancaster County Hospital Authority, Revenue Bonds, University of Pennsylvania Health System, Series 2016A, 5.000%, 8/15/42	8/26 at 100.00		AA–			3,502,800
	3,450		Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Lehigh Valley Health Network, Refunding Series 2016A, 4.000%, 7/01/35	7/26 at 100.00		A+			3,670,421
	2,565		Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Lehigh Valley Health Network, Series 2012B, 4.000%, 7/01/43	No Opt. Call		A+			2,649,645
			Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd Group, Refunding Series 2016:
	1,265		3.000%, 11/01/36	5/26 at 100.00		A			1,148,165
	2,900		4.000%, 11/01/41	5/26 at 100.00		A			2,965,656
	5,240		4.000%, 11/01/46	5/26 at 100.00		A			5,350,197

NUVEEN

37

NQP	Nuveen Pennsylvania Quality Municipal Income Fund
	Portfolio of Investments (continued)	October 31, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)			Value
			Health Care (continued)
$	4,600		Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd Group, Series 2012, 4.000%, 11/01/32	No Opt. Call		A		$	4,846,974
			Lycoming County Authority, Pennsylvania, Health System Revenue Bonds, Susquehanna Health System Project, Series 2009A:
	6,000		5.500%, 7/01/28	7/19 at 100.00		AA–			6,645,780
	2,840		5.750%, 7/01/39	7/19 at 100.00		AA–			3,155,467
			Monroe County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Pocono Medical Center, Series 2012A:
	365		4.000%, 1/01/25	1/22 at 100.00		A–			393,302
	3,000		5.000%, 1/01/41	1/22 at 100.00		A–			3,255,900
			Monroe County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Pocono Medical Center, Series 2016:
	1,135		3.375%, 7/01/32 (WI/DD, Settling 12/01/16)	7/26 at 100.00		A–			1,116,034
	2,650		5.000%, 7/01/41 (WI/DD, Settling 12/01/16)	7/26 at 100.00		A–			2,981,542
	3,730		Montgomery County Higher Education and Health Authority, Pennsylvania, Hospital Revenue Bonds, Abington Memorial Hospital Obligated Group, Series 2012A, 5.000%, 6/01/31	6/22 at 100.00		A+			4,207,888
	925		Montgomery County Industrial Development Authority, Pennsylvania, Health Facilities Revenue Bonds, Jefferson Health System, Series 2012A, 5.000%, 10/01/41	4/22 at 100.00		AA			1,025,122
	7,500		Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue Bonds, Albert Einstein Healthcare Network Issue, Series 2015A, 5.250%, 1/15/45	1/25 at 100.00		Baa2			8,307,450
	4,000		Pennsylvania Economic Development Financing Authority, Revenue Bonds, University of Pittsburgh Medical Center, Series 2013A, 5.000%, 7/01/43	7/23 at 100.00		Aa3			4,492,840
	16,385		Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of  Pennsylvania Health System, Refunding Series 2016C, 4.000%, 8/15/41 (UB) (5)	8/26 at 100.00		AA–			17,365,316
	3,100		Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of Pennsylvania Health System, Series 2012A, 5.000%, 8/15/42	8/22 at 100.00		AA–			3,462,018
	2,440		Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Children's Hospital of Philadelphia, Tender Option Bond Trust 2015-XF0114, 12.250%, 7/01/41 (IF)	7/21 at 100.00		AA			3,332,576
	4,650		Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Temple University Health System Obligated Group, Series 2012A, 5.625%, 7/01/42	7/22 at 100.00		BBB–			5,148,899
			Pocono Mountains Industrial Park Authority, Pennsylvania, Hospital Revenue Bonds, Saint Luke's Hospital -Monroe Project, Series 2015A:
	3,000		5.000%, 8/15/40	2/25 at 100.00		A–			3,370,530
	1,590		4.000%, 8/15/45	2/25 at 100.00		A–			1,647,288
	600		Saint Mary Hospital Authority, Pennsylvania, Health System Revenue Bonds, Catholic Health East, Series 2010A, 5.000%, 11/15/40	11/20 at 100.00		AA			661,650
	3,000		Southcentral Pennsylvania General Authority, Revenue Bonds, Wellspan Health Obligated Group, Refunding Series 2014A, 5.000%, 6/01/44	6/24 at 100.00		Aa3			3,402,000
			Union County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Evangelical Community Hospital Project, Refunding and Improvement Series 2011:
	3,130		6.875%, 8/01/31	8/21 at 100.00		A–			3,701,820
	2,500		7.000%, 8/01/41	8/21 at 100.00		A–			2,941,300
	3,470		Washington County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, The Washington Hospital Project, Series 2013A, 5.000%, 7/01/28	7/23 at 100.00		A–			3,925,576
			West Shore Area Authority, Cumberland County, Pennsylvania, Hospital Revenue Bonds, Holy Spirit Hospital of the Sisters of Christian Charity Project, Series 2011:
	325		6.250%, 1/01/31	1/21 at 100.00		AA			380,656
	4,555		6.500%, 1/01/36	1/21 at 100.00		AA			5,352,397

38

NUVEEN

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)			Value
			Health Care (continued)
			West Shore Area Authority, Cumberland County, Pennsylvania, Hospital Revenue Bonds, Holy Spirit Hospital of the Sisters of Christian Charity, Series 2011B:
$	1,635		5.625%, 1/01/32	1/22 at 100.00		AA		$	1,912,247
	1,970		5.750%, 1/01/41	1/22 at 100.00		AA			2,295,070
	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			627,653
	163,050		Total Health Care						179,892,931
			Housing/Multifamily – 1.4% (0.9% of Total Investments)
	160		Chester County Industrial Development Authority, Pennsylvania, Student Housing Revenue Bonds, University Student Housing, LLC Project at West Chester University Series 2013A, 5.000%, 8/01/45	8/23 at 100.00		Baa3			172,312
	1,235		East Hempfield Township Industrial Development Authority, Pennsylvania, Student Services Inc.– Student Housing Project at Millersville University, Series 2014, 5.000%, 7/01/46	No Opt. Call		BBB–			1,337,579
	1,900		East Hempfield Township Industrial Development Authority, Pennsylvania, Student Services Inc.– Student Housing Project at Millersville University, Series 2015, 5.000%, 7/01/47	7/25 at 100.00		BBB–			2,067,504
			Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Foundation for Student Housing at Indiana University, Project Series 2012A:
	1,000		5.000%, 7/01/27	7/22 at 100.00		BBB+			1,139,810
	750		5.000%, 7/01/32	7/22 at 100.00		BBB+			839,633
	420		Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Shippensburg University Student Services, Inc. Student Housing Project at Shippensburg University of Pennsylvania, Series 2012, 5.000%, 10/01/44	No Opt. Call		BBB–			451,122
	270		Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University Properties Inc. Student Housing Project at East Stroudsburg University of Pennsylvania, Series 2016A, 5.000%, 7/01/31	7/26 at 100.00		Baa3			304,876
	1,760		Philadelphia Authority for Industrial Development, Pennsylvania, Multifamily Housing Revenue Bonds, Presbyterian Homes Germantown – Morrisville Project, Series 2005A, 5.625%, 7/01/35	5/17 at 100.00		Baa3			1,780,029
	7,495		Total Housing/Multifamily						8,092,865
			Housing/Single Family – 11.3% (7.2% of Total Investments)
			Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2007-97A:
	1,355		4.600%, 10/01/27 (Alternative Minimum Tax)	1/17 at 100.00		AA+			1,357,263
	2,455		4.600%, 10/01/27 (Alternative Minimum Tax) (UB)	1/17 at 100.00		AA+			2,459,100
			Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2012-114:
	4,595		3.300%, 10/01/32	No Opt. Call		AA+			4,687,038
	2,265		3.650%, 10/01/37	No Opt. Call		AA+			2,314,083
	2,190		3.700%, 10/01/42	No Opt. Call		AA+			2,277,885
			Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2015-116B:
	2,330		3.950%, 10/01/40	10/24 at 100.00		AA+			2,387,295
	3,315		4.000%, 4/01/45	10/24 at 100.00		AA+			3,398,671
			Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2015-117B:
	3,290		3.900%, 10/01/35	10/24 at 100.00		AA+			3,412,520
	2,465		4.050%, 10/01/40	10/24 at 100.00		AA+			2,552,803
	4,320		4.150%, 10/01/45	10/24 at 100.00		AA+			4,473,274
	7,185		Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2015-118B, 4.100%, 10/01/45	4/25 at 100.00		AA+			7,480,806
	2,045		Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2016-119, 3.500%, 10/01/36	4/25 at 100.00		AA+			2,071,790
	7,000		Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2016-120, 3.200%, 4/01/40	10/25 at 100.00		AA+			6,920,130
	20,000		Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2016-121, 3.200%, 10/01/41 (UB)	10/25 at 100.00		AA+			19,628,400

NUVEEN

39

NQP	Nuveen Pennsylvania Quality Municipal Income Fund
	Portfolio of Investments (continued)	October 31, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)			Value
			Housing/Single Family (continued)
$	1,050		Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Tender Option Bond Trust 2015-XF0066, 12.613%, 10/01/33 (Alternative Minimum Tax) (IF)	10/22 at 100.00		AA+		$	1,316,396
	600		Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Tender Option Bonds Trust 2015-XF0109, 9.413%, 10/01/38 (IF) (5)	10/22 at 100.00		AA+			670,128
	66,460		Total Housing/Single Family						67,407,582
			Industrials – 1.1% (0.7% of Total Investments)
	750		Allegheny County Industrial Development Authority, Pennsylvania, Revenue Bonds, United States Steel Corporation, Series 2005, 5.500%, 11/01/16	No Opt. Call		B			750,000
			Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Refunding Bonds, Amtrak Project, Series 2012A:
	2,495		5.000%, 11/01/23 (Alternative Minimum Tax)	11/22 at 100.00		A1			2,868,252
	545		5.000%, 11/01/27 (Alternative Minimum Tax)	11/22 at 100.00		A1			612,128
	2,000		5.000%, 11/01/41 (Alternative Minimum Tax)	11/22 at 100.00		A1			2,178,020
	5,790		Total Industrials						6,408,400
			Long-Term Care – 5.1% (3.3% of Total Investments)
			Bucks County Industrial Development Authority, Pennsylvania, Revenue Bonds, Lutheran Community at Telford Center, Series 2007:
	470		5.750%, 1/01/27	1/17 at 100.00		N/R			471,311
	760		5.750%, 1/01/37	1/17 at 100.00		N/R			761,626
	230		Chester County Health and Education Facilities Authority, Pennsylvania, Revenue Bonds, Simpson Senior Services Project, Series 2015A, 5.000%, 12/01/35	12/25 at 100.00		N/R			237,519
	500		Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009, 6.375%, 1/01/39	1/19 at 100.00		BBB+			553,460
			Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2016:
	985		5.000%, 1/01/28	1/26 at 100.00		N/R			1,165,649
	1,070		5.000%, 1/01/29	1/26 at 100.00		N/R			1,254,864
	735		5.000%, 1/01/30	1/26 at 100.00		N/R			855,540
	300		3.250%, 1/01/36	1/26 at 100.00		N/R			291,012
	2,015		3.250%, 1/01/39	1/26 at 100.00		N/R			1,880,035
			Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social Ministries Project, Series 2015:
	4,380		4.000%, 1/01/33	1/25 at 100.00		BBB+			4,641,223
	5,740		5.000%, 1/01/38	1/25 at 100.00		BBB+			6,514,670
	2,030		Delaware County Authority, Pennsylvania, Revenue Bonds, Elwyn, Inc. Project, Series 2010, 5.000%, 6/01/21	6/17 at 100.00		BBB			2,067,027
	640		Lancaster County Hospital Authority, Pennsylvania, Health Center Revenue Bonds, Masonic Villages Project, Series 2015, 5.000%, 11/01/35	5/25 at 100.00		A			738,266
	530		Lancaster County Hospital Authority, Pennsylvania, Health Center Revenue Bonds, Saint Anne's Retirement Community, Inc., Series 2012, 5.000%, 4/01/33	4/22 at 100.00		BB+			557,412
	370		Lancaster County Hospital Authority, Pennsylvania, Revenue Bonds, Brethren Village Project, Series 2008A, 6.375%, 7/01/30	7/17 at 100.00		N/R			376,723
	1,250		Lancaster County Hospital Authority, Pennsylvania, Revenue Bonds, Landis Homes Retirement Community Project, Refunding Series 2015A, 5.000%, 7/01/45	7/25 at 100.00		N/R			1,380,700
			Lancaster Industrial Development Authority, Pennsylvania, Revenue Bonds, Garden Spot Village Project, Series 2013:
	1,000		5.375%, 5/01/28	5/23 at 100.00		BBB			1,123,730
	1,665		5.750%, 5/01/35	5/23 at 100.00		BBB			1,874,424

40

NUVEEN

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)			Value
			Long-Term Care (continued)
$	1,500		Langhorne Manor Boro Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Woods Services Project, Series 2013, 4.000%, 11/15/38	11/18 at 100.00		A–		$	1,518,600
	2,115		Montgomery County Industrial Development Authority, Pennsylvania, Revenue Bonds, ACTS Retirement-Life Communities, Inc. Obligated Group, Refunding Series 2012, 5.000%, 11/15/26	5/22 at 100.00		A–			2,412,158
	28,285		Total Long-Term Care						30,675,949
			Materials – 1.2% (0.7% of Total Investments)
	6,455		Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, National Gypsum Company, Refunding Series 2014, 5.500%, 11/01/44 (Alternative Minimum Tax)	11/24 at 100.00		N/R			7,116,960
			Tax Obligation/General – 28.6% (18.2% of Total Investments)
	1,700		Allegheny County, Pennsylvania, General Obligation Bonds, Series 2011C-65, 5.375%, 5/01/31	5/21 at 100.00		AA–			1,970,096
			Allegheny County, Pennsylvania, General Obligation Bonds, Series 2013C-72:
	2,780		5.250%, 12/01/32	12/23 at 100.00		AA–			3,313,176
	2,000		5.250%, 12/01/33	12/23 at 100.00		AA–			2,374,960
			Allegheny County, Pennsylvania, General Obligation Bonds, Series 2014C-74:
	1,750		5.000%, 12/01/32	12/24 at 100.00		AA–			2,044,665
	1,285		5.000%, 12/01/34	12/24 at 100.00		AA–			1,495,277
	5,100		Allegheny County, Pennsylvania, General Obligation Bonds, Series C69-C70 of 2012, 5.000%, 12/01/37	12/22 at 100.00		AA–			5,977,455
			Bethel Park School District, Allegheny County, Pennsylvania, General Obligation Bonds, Refunding Series 2016:
	1,500		4.000%, 8/01/31	8/26 at 100.00		Aa2			1,657,995
	1,500		4.000%, 8/01/32	8/26 at 100.00		Aa2			1,652,610
	1,255		4.000%, 8/01/33	8/26 at 100.00		Aa2			1,380,425
	1,950		Boyertown Area School District, Berks and Montgomery Counties, Pennsylvania, General Obligation Bonds, Series 2015, 5.000%, 10/01/38	4/24 at 100.00		AA			2,238,288
	3,000		Bristol Township School District, Bucks County, Pennsylvania, General Obligation Bonds, Series 2013, 5.250%, 6/01/43	6/23 at 100.00		A2			3,427,410
			Canon-McMillan School District, Washington County, Pennsylvania, General Obligation Bonds, Series 2014D:
	3,000		5.000%, 12/15/37	12/24 at 100.00		AA			3,485,880
	1,075		5.000%, 12/15/38 – BAM Insured	12/24 at 100.00		AA			1,247,409
	1,100		5.000%, 12/15/39	12/24 at 100.00		AA			1,275,549
			Centre County, Pennsylvania, General Obligation Bonds, Series 2012B:
	310		4.000%, 7/01/24	7/20 at 100.00		AA			335,984
	1,430		4.000%, 7/01/25	7/20 at 100.00		AA			1,541,654
	915		4.000%, 7/01/26	7/20 at 100.00		AA			982,902
	650		Cranberry Township, Pennsylvania, General Obligation Bonds, Refunding Series 2015, 3.250%, 10/01/32	10/25 at 100.00		Aa1			675,012
	10,000		Delaware Valley Regional Finance Authority, Pennsylvania, Local Government Revenue Bonds, Series 2002, 5.750%, 7/01/17 (UB) (5)	No Opt. Call		A+			10,319,500
	7,450		Erie City School District, Erie County, Pennsylvania, General Obligation Bonds, Series 2000, 0.000%, 9/01/30 – AMBAC Insured	No Opt. Call		N/R			4,377,099
	6,680		Gateway School District, Allegheny County, Pennsylvania, General Obligation Bonds, Refunding Series 2012, 4.000%, 10/15/32	10/22 at 100.00		Aa3			7,124,420
	6,225		Lehighton Area School District, Carbon County, Pennsylvania, General Obligation Bonds, Limited Tax Series 2015A, 5.000%, 11/15/43 – BAM Insured	11/23 at 100.00		AA			7,081,560
	1,260		Luzerne County, Pennsylvania, General Obligation Bonds, Series 2003C, 5.250%, 12/15/16 – FGIC Insured	No Opt. Call		AA–			1,265,557
	2,000		Luzerne County, Pennsylvania, General Obligation Bonds, Series 2008B, 5.000%, 12/15/27 – AGM Insured	6/18 at 100.00		AA			2,103,860

NUVEEN

41

NQP	Nuveen Pennsylvania Quality Municipal Income Fund
	Portfolio of Investments (continued)	October 31, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)			Value
			Tax Obligation/General (continued)
			North Allegheny School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series 2015:
$	5,000		5.000%, 5/01/31	5/25 at 100.00		AA		$	5,922,450
	4,000		5.000%, 5/01/32	5/25 at 100.00		AA			4,717,880
	2,875		5.000%, 5/01/33	5/25 at 100.00		AA			3,379,016
			Pennsbury School District, Bucks County, Pennsylvania, General Obligation Bonds, Series 2016A:
	2,375		5.000%, 10/01/31	4/25 at 100.00		Aa2			2,815,183
	3,115		5.000%, 10/01/32	4/25 at 100.00		Aa2			3,674,236
	1,000		5.000%, 10/01/33	4/25 at 100.00		Aa2			1,174,570
	2,660		5.000%, 10/01/34	4/25 at 100.00		Aa2			3,113,450
	2,045		5.000%, 10/01/35	4/25 at 100.00		Aa2			2,386,904
	1,410		5.000%, 10/01/36	4/25 at 100.00		Aa2			1,642,283
	2,620		Pennsylvania Economic Development Financing Authority, Parking System Revenue Bonds, Capitol Region Parking System, Junior Insured Series 2013C, 5.500%, 1/01/30 – AGM Insured	1/24 at 100.00		AA			3,151,755
	3,925		Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2007A, 5.000%,6/01/34 – FGIC Insured	No Opt. Call		AA–			4,578,786
	3,345		Philadelphia, Pennsylvania, General Obligation Bonds, Refunding Series 2011, 6.500%, 8/01/41	8/20 at 100.00		A+			3,938,604
	745		Pittsburgh School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series 2014A, 5.000%, 9/01/25 – BAM Insured	9/22 at 100.00		AA			878,541
			Pittsburgh, Pennsylvania, General Obligation Bonds, Series 2012B:
	2,590		5.000%, 9/01/25	9/22 at 100.00		A+			3,054,258
	6,790		5.000%, 9/01/26	9/22 at 100.00		A+			7,964,602
			Pocono Mountain School District, Monroe County, Pennsylvania, General Obligation Bonds, Refunding Series 2016:
	1,010		3.125%, 9/01/32 – AGM Insured	9/25 at 100.00		AA			1,034,311
	2,035		3.300%, 9/01/34 – AGM Insured	9/25 at 100.00		AA			2,079,465
	2,485		Radnor Township School District, Delaware County, Pennsylvania, General Obligation Bonds, Series 2012, 3.000%, 2/15/34	2/18 at 100.00		Aa1			2,505,029
	1,000		Radnor Township, Pennsylvania, General Obligation Bonds, Series 2012, 4.000%, 11/01/37	11/22 at 100.00		Aa1			1,064,720
	11,440		Reading School District, Berks County, Pennsylvania, General Obligation Bonds, Series 2003B, 0.000%, 1/15/32 – FGIC Insured	No Opt. Call		AA–			6,908,158
	1,005		Scranton, Lackawanna County, Pennsylvania, General Obligation Bonds, Series 2012A, 8.500%, 9/01/22	No Opt. Call		N/R			1,112,284
	1,000		Scranton, Lackawanna County, Pennsylvania, General Obligation Bonds, Series 2012C, 7.250%, 9/01/22	No Opt. Call		N/R			1,046,000
			Scranton, Lackawanna County, Pennsylvania, General Obligation Notes, Series 2016:
	280		5.000%, 11/15/26	5/24 at 100.00		BB			301,879
	2,925		5.000%, 11/15/32	5/24 at 100.00		BB			3,129,019
	1,150		South Park School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series 2014, 3.375%, 8/01/32 – BAM Insured	2/20 at 100.00		AA			1,172,345
	1,890		State College Area School District, Centre County, Pennsylvania, General Obligation Bonds, Refunding Series 2015B, 5.000%, 5/15/23	No Opt. Call		Aa1			2,284,424
	21,000		State Public School Building Authority, Pennsylvania, Lease Revenue Bonds, Philadelphia School District, Series 2003, 5.500%, 6/01/28 – AGM Insured (UB) (5)	No Opt. Call		AA			26,131,770
			The Redevelopment Authority of the City of Scranton, Lackawanna county, Pennsylvania, Guaranteed Lease Revenue Bonds, Series 2016A:
	285		5.000%, 11/15/21	No Opt. Call		BB			300,344
	170		5.000%, 11/15/28	5/24 at 100.00		BB			178,988
	158,085		Total Tax Obligation/General						170,989,997

42

NUVEEN

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)			Value
			Tax Obligation/Limited – 9.1% (5.8% of Total Investments)
$	1,675		Allegheny County Redevelopment Authority, Pennsylvania, TIF Revenue Bonds, Pittsburg Mills Project, Series 2004, 5.600%, 7/01/23	1/17 at 100.00		N/R		$	1,670,628
	1,475		Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue Bonds, Series 2012A, 5.000%, 5/01/35	5/22 at 100.00		Baa2			1,585,964
			Government of Guam, Business Privilege Tax Bonds, Series 2011A:
	1,670		5.250%, 1/01/36	1/22 at 100.00		A			1,829,268
	655		5.125%, 1/01/42	1/22 at 100.00		A			710,033
	1,746		Monroe County Industrial Development Authority, Pennsylvania, Special Obligation Revenue Bonds, Tobyhanna Township Project, Series 2014, 6.875%, 7/01/33	7/24 at 100.00		N/R			1,845,627
			Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010A:
	1,755		5.500%, 12/01/34	12/20 at 100.00		A2			2,007,211
	3,915		5.000%, 12/01/38	12/19 at 100.00		AA–			4,305,991
	3,180		Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue Bonds, Series 2012A, 5.000%, 12/01/31	12/21 at 100.00		AA–			3,620,716
	7,000		Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue Bonds, Series 2013B-1, 5.250%, 12/01/43	12/23 at 100.00		AA–			8,099,700
			Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue Bonds, Series 2014A:
	2,650		0.000%, 12/01/37 (6)	No Opt. Call		AA–			2,354,048
	4,000		0.000%, 12/01/44 (6)	No Opt. Call		AA–			3,542,680
	4,000		Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue, Series 2011B, 5.000%, 12/01/41	12/21 at 100.00		AA–			4,460,320
	2,200		Pennsylvania Turnpike Commission, Registration Fee Revenue Bonds, Series 2005A, 5.250%, 7/15/18 – AGM Insured	No Opt. Call		AA			2,355,628
	5,530		Philadelphia Authority For Industrial Development, Pennsylvania, Revenue Bonds, Cultural and Commercial Corridors Program, Refunding Series 2016A, 5.000%, 12/01/30	12/25 at 100.00		A+			6,456,220
	3,820		Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Hotel Room Excise Tax Revenue Bonds, Refunding Series 2012, 5.000%, 2/01/26 – AGC Insured	8/22 at 100.00		AA			4,408,929
	4,225		Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.500%, 7/01/29 – AMBAC Insured	No Opt. Call		CC			4,565,155
	440		Washington County Redevelopment Authority, Pennsylvania, Tanger Outlet Victory Center Tax Increment Bonds, Series 2006A, 5.450%, 7/01/35	7/17 at 100.00		N/R			441,936
	49,936		Total Tax Obligation/Limited						54,260,054
			Transportation – 8.9% (5.7% of Total Investments)
	3,280		Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40	1/20 at 100.00		A			3,633,682
			Delaware River Port Authority, Pennsylvania and New Jersey, Revenue Refunding Bonds, Port District Project, Series 2012:
	1,270		5.000%, 1/01/22	No Opt. Call		A–			1,431,481
	2,425		5.000%, 1/01/23	No Opt. Call		A–			2,770,878
	2,310		5.000%, 1/01/24	No Opt. Call		A–			2,620,972
	205		5.000%, 1/01/25	No Opt. Call		A–			235,035
	3,980		Pennsylvania Economic Development Financing Authority, Parking System Revenue Bonds, Capitol Region Parking System, Series 2013A, 5.250%, 1/01/44 – AGM Insured	1/24 at 100.00		AA			4,542,414
	12,100		Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E, 0.000%, 12/01/38 (6)	12/27 at 100.00		A–			14,969,272
	820		Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Refunding Subordinate Second Series 2016B-2, 5.000%, 6/01/39	6/26 at 100.00		A3			930,101
	3,000		Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2014C, 5.000%, 12/01/44	No Opt. Call		A1			3,450,990
	9,895		Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015B, 5.000%, 12/01/45	12/25 at 100.00		A1			11,314,240

NUVEEN

43

NQP	Nuveen Pennsylvania Quality Municipal Income Fund
	Portfolio of Investments (continued)	October 31, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)			Value
			Transportation (continued)
$	2,475		Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Lien, Refunding Series 2010B-1, 5.000%, 12/01/37	12/19 at 100.00		A–		$	2,720,594
	2,000		Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 6.250%, 6/01/33 – AGM Insured	6/26 at 100.00		AA			2,593,980
	1,865		Philadelphia, Pennsylvania, Airport Revenue Bonds, Series 2010A, 5.250%, 6/15/28	6/20 at 100.00		A			2,072,090
	45,625		Total Transportation						53,285,729
			U.S. Guaranteed – 24.0% (15.2% of Total Investments) (7)
	2,240		Allegheny County, Pennsylvania, General Obligation Bonds, Series 2011C-65, 5.375%, 5/01/31 (Pre-refunded 5/01/21)	5/21 at 100.00		N/R (7)			2,655,520
	25		Allentown Area Hospital Authority, Pennsylvania, Revenue Bonds, Sacred Heart Hospital, Series 2005, 6.000%, 11/15/16 (ETM)	No Opt. Call		N/R (7)			25,052
	6,025		Bethel Park School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series 2009, 5.000%, 8/01/29 (Pre-refunded 8/01/19)	8/19 at 100.00		Aa2 (7)			6,682,508
	4,100		Centre County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Mount Nittany Medical Center Project, Series 2011, 7.000%, 11/15/46 (Pre-refunded 11/15/21)	11/21 at 100.00		A (7)			5,253,002
	4,500		Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009, 6.375%, 1/01/39 (Pre-refunded 1/01/19)	1/19 at 100.00		N/R (7)			5,017,590
	6,505		Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social Ministries, Series 2007, 5.000%, 1/01/36 (Pre-refunded 1/01/17)	1/17 at 100.00		N/R (7)			6,550,600
			Erie Higher Education Building Authority, Pennsylvania, Revenue Bonds, Gannon University, Series 2007-GG3:
	1,855		5.000%, 5/01/32 (Pre-refunded 5/01/17) – RAAI Insured	5/17 at 100.00		AA (7)			1,872,808
	500		5.000%, 5/01/35 (Pre-refunded 5/01/17) – RAAI Insured	5/17 at 100.00		AA (7)			504,455
			Harrisburg Redevelopment Authority, Dauphin County, Pennsylvania, Guaranteed Revenue Bonds, Series 1998B:
	1,750		0.000%, 5/01/22 (Pre-refunded 11/15/16) – AGM Insured	11/16 at 77.54		AA (7)			1,327,323
	2,750		0.000%, 11/01/22 (Pre-refunded 11/15/16) – AGM Insured	11/16 at 75.56		AA (7)			2,032,635
	2,750		0.000%, 5/01/23 (Pre-refunded 11/15/16) – AGM Insured	11/16 at 73.59		AA (7)			1,975,325
	1,875		Heidelberg, Lebanon County, Pennsylvania, Guaranteed Sewer Revenue Bonds, Series 2011, 5.125%,12/01/46 (Pre-refunded 12/01/16)	12/16 at 100.00		AA– (7)			1,881,956
	3,385		Lancaster County Hospital Authority, Pennsylvania, Health System Revenue Bonds, Lancaster General Hospital Project, Tender Option Bond Trust 2015-XF0064, 12.258%, 7/01/42 (Pre-refunded 1/01/22) (IF)	1/22 at 100.00		N/R (7)			5,314,281
	3,775		Lancaster County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, The Lancaster General Hospital Project, Series 2007A, 5.000%, 3/15/26 (Pre-refunded 3/15/17)	3/17 at 100.00		N/R (7)			3,834,985
	7,660		Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Lehigh Valley Health Network, Series 2008A, 5.000%, 7/01/33 (Pre-refunded 7/01/18) – AGM Insured	7/18 at 100.00		AA (7)			8,184,250
			Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd Group, Series 2007:
	9,850		5.000%, 11/01/30 (Pre-refunded 11/01/17) – AGC Insured	11/17 at 100.00		AA (7)			10,272,466
	2,180		5.000%, 11/01/37 (Pre-refunded 11/01/17) – AGC Insured	11/17 at 100.00		AA (7)			2,273,500
			Lower Merion School District, Montgomery County, Pennsylvania, General Obligation Bonds, Series 2007:
	200		5.000%, 9/01/23 (Pre-refunded 9/01/17)	9/17 at 100.00		N/R (7)			207,180
	60		5.000%, 9/01/23 (Pre-refunded 9/01/17)	9/17 at 100.00		Aaa			62,154
	1,660		Monroe County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Pocono Medical Center, Series 2007, 5.125%, 1/01/37 (Pre-refunded 1/01/17)	1/17 at 100.00		A– (7)			1,672,218
	1,115		Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Series 2010, 5.375%, 8/01/38 (Pre-refunded 8/01/20)	8/20 at 100.00		N/R (7)			1,290,958
			Northampton County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Saint Lukes Hospital Project, Series 2008A:
	1,235		5.250%, 8/15/23 (Pre-refunded 8/15/18)	8/18 at 100.00		A– (7)			1,329,650
	2,000		5.500%, 8/15/35 (Pre-refunded 8/15/18)	8/18 at 100.00		A– (7)			2,162,120

44

NUVEEN

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)			Value
			U.S. Guaranteed (7) (continued)
$	4,010		Pennsylvania Economic Development Financing Authority, Health System Revenue Bonds, Albert Einstein Healthcare, Series 2009A, 6.250%, 10/15/23 (Pre-refunded 10/15/19)	10/19 at 100.00		N/R (7)		$	4,512,333
	6,220		Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Drexel University, Series 2007A, 5.000%, 5/01/37 (Pre-refunded 11/01/17) – NPFG Insured	11/17 at 100.00		AA– (7)			6,482,982
	1,300		Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University Foundation Student Housing Project, Series 2010, 6.000%, 7/01/43 (Pre-refunded 7/01/20)	7/20 at 100.00		N/R (7)			1,522,391
	5,000		Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Slippery Rock University Foundation Inc., Series 2007A, 5.000%, 7/01/39 (Pre-refunded 7/01/17) – SYNCORA GTY Insured	7/17 at 100.00		N/R (7)			5,142,200
	5,000		Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 5.000%, 6/01/33 (Pre-refunded 12/01/16) – AGM Insured	12/16 at 100.00		AA (7)			5,013,550
	5,125		Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue Bonds, Senior Lien Series 2003A, 5.000%, 12/01/32 (Pre-refunded 12/01/18) – NPFG Insured	12/18 at 100.00		AA (7)			5,561,958
	8,990		Pennsylvania, General Obligation Bonds, Refunding First Series 2006, 4.750%, 3/01/27 (Pre-refunded 3/01/17)	3/17 at 100.00		AA– (7)			9,111,994
			Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Franklin Towne Charter High School, Series 2006A:
	1,550		5.250%, 1/01/27 (Pre-refunded 1/01/17)	1/17 at 100.00		Baa1 (7)			1,561,517
	1,650		5.375%, 1/01/32 (Pre-refunded 1/01/17)	1/17 at 100.00		Baa1 (7)			1,662,590
	12,885		Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Seventh Series, 2007, 5.000%, 10/01/37 (Pre-refunded 10/01/17) – AMBAC Insured	10/17 at 100.00		A (7)			13,392,153
	385		Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Twelfth Series 1990B, 7.000%, 5/15/20 – NPFG Insured (ETM)	No Opt. Call		AA– (7)			430,696
	7,165		Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010B, 5.000%, 5/15/40 (Pre-refunded 5/15/20)	5/20 at 100.00		N/R (7)			8,129,624
	2,125		Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Presbyterian Medical Center of Philadelphia, Series 1993, 6.650%, 12/01/19 (ETM)	No Opt. Call		AA+ (7)			2,309,386
	1,470		Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/19 – NPFG Insured (ETM)	No Opt. Call		A3 (7)			1,645,474
	45		Saint Mary Hospital Authority, Pennsylvania, Health System Revenue Bonds, Catholic Health East, Series 2010A, 5.000%, 11/15/40 (Pre-refunded 11/15/20)	11/20 at 100.00		N/R (7)			51,900
	2,250		Scranton Parking Authority, Pennsylvania, Guaranteed Parking Revenue Bonds, Series 2007, 5.250%, 6/01/39 (Pre-refunded 6/01/17) – RAAI Insured	6/17 at 100.00		AA (7)			2,309,940
	1,613		South Fork Municipal Authority, Pennsylvania, Hospital Revenue Bonds, Conemaugh Valley Memorial Hospital, Series 2010, 5.500%, 7/01/29 (Pre-refunded 7/01/20)	7/20 at 100.00		N/R (7)			1,866,402
	134,778		Total U.S. Guaranteed						143,089,626
			Utilities – 7.3% (4.6% of Total Investments)
	1,200		Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2005A, 4.000%, 1/01/35 (Mandatory put 7/01/21)	No Opt. Call		CCC+			1,012,764
			Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006A:
	3,000		4.375%, 1/01/35 (Mandatory put 7/01/22)	No Opt. Call		B1			2,943,180
	4,160		0.000%, 4/01/41	No Opt. Call		B			3,588,166
	1,300		Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 3.500%, 12/01/35 (Mandatory put 6/01/20)	No Opt. Call		CCC+			1,118,169
	7,500		Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2008A, 2.700%, 4/01/35 (Mandatory put 4/02/18)	No Opt. Call		BB+			7,095,975
	7,250		Delaware County Industrial Development Authority, Pennsylvania, Revenue Bonds, Covanta Project, Refunding Series 2015A, 5.000%, 7/01/43	7/20 at 100.00		Ba2			7,439,804

NUVEEN

45

NQP	Nuveen Pennsylvania Quality Municipal Income Fund
	Portfolio of Investments (continued)	October 31, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)			Value
			Utilities (continued)
$	4,015		Luzerne County Industrial Development Authority, Pennsylvania, Water Facility Revenue Refunding Bonds, Pennsylvania-American Water Company, Series 2009, 5.500%, 12/01/39	12/19 at 100.00		A+		$	4,465,684
	2,220		Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Refunding Bonds, PPL Energy Supply, LLC Project, Series 2009A, 6.400%, 12/01/38	9/25 at 100.00		B+			2,339,525
	4,575		Pennsylvania Economic Development Financing Authority, Water Facilities Revenue Bonds, Aqua Pennsylvania, Inc. Project, Series 2009A, 5.000%, 10/01/39	10/19 at 100.00		AA–			5,015,115
	5,000		Pennsylvania Economic Development Financing Authority, Water Facilities Revenue Bonds, Aqua Pennsylvania, Inc. Project, Series 2009B, 5.000%, 11/15/40	11/19 at 100.00		AA–			5,496,000
	2,735		Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Refunding Thirteenth Series 2015, 5.000%, 8/01/29	8/25 at 100.00		A			3,231,758
	42,955		Total Utilities						43,746,140
			Water and Sewer – 10.6% (6.7% of Total Investments)
			Allegheny County Sanitary Authority, Pennsylvania, Sewer Revenue Bonds, Refunding Series 2015:
	3,325		5.000%, 12/01/40	12/25 at 100.00		A1			3,838,779
	3,320		5.000%, 12/01/45	12/25 at 100.00		A1			3,813,120
	750		Allegheny County Sanitary Authority, Pennsylvania, Sewer Revenue Bonds, Refunding Series 2016, 4.000%, 12/01/32 – AGM Insured	12/26 at 100.00		AA			821,670
			Bucks County Water and Sewer Authority, Pennsylvania, Revenue Bonds, Tender Option Bond Trust 2015-XF0123:
	1,665		11.808%, 12/01/29 (IF) (5)	12/21 at 100.00		AA			2,407,140
	825		11.798%, 12/01/33 (IF) (5)	12/21 at 100.00		AA			1,162,046
			Delaware County Regional Water Quality Control Authority, Pennsylvania, Sewerage Revenue Bonds, Series 2015:
	1,110		5.000%, 5/01/40	5/25 at 100.00		Aa3			1,284,492
	2,220		4.000%, 5/01/45	5/25 at 100.00		Aa3			2,380,306
			Easton, Pennsylvania, Area Joint Sewer Authority, Water and Sewer Revenue Bonds, Series 2015:
	1,090		3.125%, 12/01/32 – BAM Insured	12/23 at 100.00		AA			1,111,549
	705		3.125%, 12/01/33 – BAM Insured	12/23 at 100.00		AA			715,173
	1,155		3.200%, 12/01/34 – BAM Insured	12/23 at 100.00		AA			1,174,358
			Findlay Township Municipal Authority, Allegheny County, Pennsylvania, Revenue Bonds, Series 2015:
	390		3.125%, 12/15/32 – BAM Insured	12/20 at 100.00		AA			390,858
	665		3.375%, 12/15/35 – BAM Insured	12/20 at 100.00		AA			666,569
			Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown Concession, Capital Appreciation Series 2013B:
	7,295		0.000%, 12/01/34	No Opt. Call		A			3,871,019
	4,420		0.000%, 12/01/35	No Opt. Call		A			2,264,675
	12,500		Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown Concession, Series 2013A, 5.125%, 12/01/47	12/23 at 100.00		A			14,257,874
	1,100		Pennsylvania Economic Development Financing Authority, Sewage Sludge Disposal Revenue Bonds, Philadelphia Biosolids Facility Project, Series 2009, 6.250%, 1/01/32	1/20 at 100.00		BBB+			1,199,352
	6,560		Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2011A, 5.000%, 1/01/41	1/21 at 100.00		A+			7,412,997
	2,500		Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2013A, 5.125%, 1/01/43	1/22 at 100.00		A+			2,818,725
	5,000		Pittsburgh Water and Sewer Authority, Pennsylvania, Water and Sewer System Revenue Bonds, First Lien Series 2013B, 5.250%, 9/01/40	9/23 at 100.00		A			5,817,650

46

NUVEEN

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)			Value
			Water and Sewer (continued)
$	2,840		Robinson Township Municipal Authority, Allegheny County, Pennsylvania, Water and Sewer Revenue Bonds, Series 2014, 4.000%, 5/15/40 – BAM Insured	11/19 at 100.00		AA		$	2,869,934
	1,930		Westmoreland County Municipal Authority, Pennsylvania, Municipal Service Revenue Bonds, Tender Option Bond Trust 2016-XF1058, 15.011%, 8/15/37 (IF) (5)	8/23 at 100.00		A+			3,001,054
	61,365		Total Water and Sewer						63,279,340
$	870,888		Total Long-Term Investments (cost $875,177,948)						938,557,009
			Floating Rate Obligations – (8.4)%						(50,255,000	)
			Variable Rate MuniFund Term Preferred Shares, at Liquidation Preference – (14.6)% (8)						(87,000,000	)
			Variable Rate Demand Preferred Shares, at Liquidation Preference – (36.4)% (9)						(217,500,000	)
			Other Assets Less Liabilities – 2.2% (10)						13,119,049
			Net Assets Applicable to Common Shares – 100%					$	596,921,058

(1)	All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2)	Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)	For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)	As of, or subsequent to, the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund's Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund's records.
(5)	Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(6)	Step-up coupon. The rate shown is the coupon as of the end of the reporting period.
(7)	Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(8)	Variable Rate MuniFund Term Preferred Shares, at Liquidation Preference as a percentage of Total Investments is 9.3%.
(9)	Variable Rate Demand Preferred Shares, at Liquidation Preference as a percentage of Total Investments is 23.2%.
(10)	Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter ("OTC") derivatives as presented on the Statement of Assets and Liabilities, when applicable. The unrealized appreciation (depreciation) of OTC-cleared and exchange-traded derivatives is recognized as part of the cash collateral at brokers and/or the receivable or payable for variation margin as presented on the Statement of Assets and Liabilities, when applicable.
(11)	Effective date represents the date on which both the Fund and counterparty commence interest payment accruals on each contract.
(ETM)	Escrowed to maturity.
(IF)	Inverse floating rate investment.
(UB)	Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
(WI/DD)	Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
USD-BMA	United States Dollar-Bond Market Association

NUVEEN

47

NPN
	Nuveen Pennsylvania Municipal Value Fund
	Portfolio of Investments	October 31, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)			Value
			LONG-TERM INVESTMENTS – 98.5% (100.0% of Total Investments)
			MUNICIPAL BONDS – 98.5% (100.0% of Total Investments)
			Consumer Staples – 4.0% (4.1% of Total Investments)
$	635		District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001, 6.500%, 5/15/33	No Opt. Call		Baa1		$	766,120
	25		Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds, Procter & Gamble Paper Project, Series 2001, 5.375%, 3/01/31 (Alternative Minimum Tax)	No Opt. Call		AA–			32,077
	660		Total Consumer Staples						798,197
			Education and Civic Organizations – 6.2% (6.3% of Total Investments)
	30		Dallas Area Municipal Authority, Pennsylvania, Revenue Bonds, Misericordia University, Series 2014, 5.000%, 5/01/37	5/24 at 100.00		Baa3			32,941
			Huntingdon County General Authority, Pennsylvania, Revenue Bonds, Juniata College, Series 2016OO2:
	15		3.250%, 5/01/36	5/26 at 100.00		BBB+			14,329
	40		3.500%, 5/01/41	5/26 at 100.00		BBB+			38,199
	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+			529,320
	35		Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Holy Family University, Series 2013A, 6.500%, 9/01/38	9/23 at 100.00		BBB–			39,514
	120		Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Philadelphia University, Refunding Series 2013, 5.000%, 6/01/32	6/23 at 100.00		BBB			133,631
	40		Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson University, Series 2012, 5.000%, 3/01/42	9/22 at 100.00		A+			45,210
			Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of the Sciences in Philadelphia, Series 2012:
	35		4.000%, 11/01/39	11/22 at 100.00		A3			36,635
	60		5.000%, 11/01/42	11/22 at 100.00		A3			68,023
	75		Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Widener University, Series 2013A, 5.500%, 7/15/38	No Opt. Call		A–			85,332
	100		Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Philadelphia Performing Arts Charter School, Series 2013, 6.750%, 6/15/43	6/20 at 100.00		BB–			106,108
	100		Wilkes-Barre Finance Authority, Pennsylvania, Revenue Bonds, University of Scranton, Series 2010, 5.000%, 11/01/40	11/20 at 100.00		A–			111,756
	1,150		Total Education and Civic Organizations						1,240,998
			Health Care – 19.9% (20.2% of Total Investments)
	695		Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, University of Pittsburgh Medical Center, Series 2009A, 5.500%, 8/15/34	8/19 at 100.00		Aa3			769,427
	100		Centre County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Mount Nittany Medical Center Project, Series 2016A, 5.000%, 11/15/46	11/25 at 100.00		A			115,004
	55		Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle Health System Project, Refunding Series 2016A, 5.000%, 6/01/35	6/26 at 100.00		A+			64,577
	35		Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle Health System Project, Series 2012A, 5.000%, 6/01/42	6/22 at 100.00		A+			39,040
	225		Doylestown Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Series 2016A, 5.000%, 7/01/41	7/26 at 100.00		BBB			249,833
	600		Geisinger Authority, Montour County, Pennsylvania, Health System Revenue Bonds, Geisinger Health System, Series 2009A, 5.250%, 6/01/39	6/19 at 100.00		AA			650,741
	210		Lancaster County Hospital Authority, Revenue Bonds, University of Pennsylvania Health System, Refunding Series 2016B, 5.000%, 8/15/46	8/26 at 100.00		AA–			244,614

48

NUVEEN

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)			Value
			Health Care (continued)
$	150		Lancaster County Hospital Authority, Revenue Bonds, University of Pennsylvania Health System, Series 2016A, 5.000%, 8/15/42	8/26 at 100.00		AA–		$	175,140
			Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd Group, Refunding Series 2016:
	30		3.000%, 11/01/36	5/26 at 100.00		A			27,229
	150		4.000%, 11/01/41	5/26 at 100.00		A			153,396
	100		Lycoming County Authority, Pennsylvania, Health System Revenue Bonds, Susquehanna Health System Project, Series 2009A, 5.750%, 7/01/39	7/19 at 100.00		AA–			111,108
	5		Montgomery County Higher Education and Health Authority, Pennsylvania, Hospital Revenue Bonds, Abington Memorial Hospital Obligated Group, Series 2009A, 5.125%, 6/01/33	6/19 at 100.00		A+			5,375
	200		Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue Bonds, Albert Einstein Healthcare Network Issue, Series 2015A, 5.250%, 1/15/45	1/25 at 100.00		Baa2			221,532
	100		Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Temple University Health System Obligated Group, Series 2012A, 5.625%, 7/01/42	7/22 at 100.00		BBB–			110,729
	705		St. Mary Hospital Authority, Pennsylvania, Health System Revenue Bonds, Catholic Health East, Series 2009D, 6.250%, 11/15/34	5/19 at 100.00		AA			783,629
	100		West Shore Area Authority, Cumberland County, Pennsylvania, Hospital Revenue Bonds, Holy Spirit Hospital of the Sisters of Christian Charity Project, Series 2011, 6.250%, 1/01/31	1/21 at 100.00		AA			117,125
	100		West Shore Area Authority, Cumberland County, Pennsylvania, Hospital Revenue Bonds, Holy Spirit Hospital of the Sisters of Christian Charity, Series 2011B, 5.750%, 1/01/41	1/22 at 100.00		AA			116,501
	3,560		Total Health Care						3,955,000
			Housing/Multifamily – 6.7% (6.8% of Total Investments)
	15		Chester County Industrial Development Authority, Pennsylvania, Student Housing Revenue Bonds, University Student Housing, LLC Project at West Chester University Series 2013A, 5.000%, 8/01/45	8/23 at 100.00		Baa3			16,154
	30		East Hempfield Township Industrial Development Authority, Pennsylvania, Student Services Inc.– Student Housing Project at Millersville University, Series 2014, 5.000%, 7/01/46	No Opt. Call		BBB–			32,492
	100		East Hempfield Township Industrial Development Authority, Pennsylvania, Student Services Inc. – Student Housing Project at Millersville University, Series 2015, 5.000%, 7/01/47	7/25 at 100.00		BBB–			108,816
	300		Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University Properties Inc. Student Housing Project at East Stroudsburg University of Pennsylvania, Series 2016A, 5.000%, 7/01/35	7/26 at 100.00		Baa3			334,563
	800		Pittsburgh Urban Redevelopment Authority, Pennsylvania, Multifamily Housing Revenue Bonds, Eva P. Mithcell Residence Project, Series 2009, 5.100%, 10/20/44	10/19 at 100.00		Aa1			835,336
	1,245		Total Housing/Multifamily						1,327,361
			Housing/Single Family – 8.1% (8.2% of Total Investments)
			Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2012-114:
	55		3.300%, 10/01/32	No Opt. Call		AA+			56,102
	25		3.650%, 10/01/37	No Opt. Call		AA+			25,542
	30		3.700%, 10/01/42	No Opt. Call		AA+			31,204
	130		Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2015-116B, 4.000%, 4/01/45	10/24 at 100.00		AA+			133,280
	315		Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2015-118B, 4.100%, 10/01/45	4/25 at 100.00		AA+			327,969
	55		Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2016-119, 3.500%, 10/01/36	4/25 at 100.00		AA+			55,721
	500		Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2016-120, 3.200%, 4/01/40	10/25 at 100.00		AA+			494,294
	400		Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2016-121, 3.200%, 10/01/41 (UB)	10/25 at 100.00		AA+			392,568
	50		Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Tender Option Bond Trust 2015-XF0066, 12.613%, 10/01/33 (Alternative Minimum Tax) (IF)	10/22 at 100.00		AA+			62,686

NUVEEN

49

NPN	Nuveen Pennsylvania Municipal Value Fund
	Portfolio of Investments (continued)	October 31, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)			Value
			Housing/Single Family (continued)
$	25		Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Tender Option Bonds Trust 2015-XF0109, 9.413%, 10/01/38 (IF) (4)	10/22 at 100.00		AA+		$	27,922
	1,585		Total Housing/Single Family						1,607,288
			Long-Term Care – 3.0% (3.0% of Total Investments)
			Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social Ministries Project, Series 2015:
	120		4.000%, 1/01/33	1/25 at 100.00		BBB+			127,157
	135		5.000%, 1/01/38	1/25 at 100.00		BBB+			153,220
	20		Lancaster County Hospital Authority, Pennsylvania, Health Center Revenue Bonds, Masonic Villages Project, Series 2015, 5.000%, 11/01/35	5/25 at 100.00		A			23,071
	55		Lancaster Industrial Development Authority, Pennsylvania, Revenue Bonds, Garden Spot Village Project, Series 2013, 5.750%, 5/01/35	5/23 at 100.00		BBB			61,918
	200		Montgomery County Industrial Development Authority, Pennsylvania, Revenue Bonds, ACTS Retirement-Life Communities, Inc. Obligated Group, Series 2016, 5.000%, 11/15/36	11/26 at 100.00		N/R			227,842
	530		Total Long-Term Care						593,208
			Materials – 0.9% (0.9% of Total Investments)
	165		Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, National Gypsum Company, Refunding Series 2014, 5.500%, 11/01/44 (Alternative Minimum Tax)	11/24 at 100.00		N/R			181,921
			Tax Obligation/General – 7.1% (7.2% of Total Investments)
	220		Allegheny County, Pennsylvania, General Obligation Bonds, Series 2013C-72, 5.250%, 12/01/32	12/23 at 100.00		AA–			262,194
	45		Boyertown Area School District, Berks and Montgomery Counties, Pennsylvania, General Obligation Bonds, Series 2015, 5.000%, 10/01/38	4/24 at 100.00		AA			51,653
	115		Canon-McMillan School District, Washington County, Pennsylvania, General Obligation Bonds, Series 2014D, 5.000%, 12/15/39	12/24 at 100.00		AA			133,353
	195		Lehighton Area School District, Carbon County, Pennsylvania, General Obligation Bonds, Limited Tax Series 2015A, 5.000%, 11/15/43 – BAM Insured	11/23 at 100.00		AA			221,832
	15		Pittsburgh School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series 2014A, 5.000%, 9/01/25 – BAM Insured	9/22 at 100.00		AA			17,689
	390		Pittsburgh, Pennsylvania, General Obligation Bonds, Series 2012B, 5.000%, 9/01/26	9/22 at 100.00		A+			457,465
			Pocono Mountain School District, Monroe County, Pennsylvania, General Obligation Bonds, Refunding Series 2016:
	25		3.125%, 9/01/32 – AGM Insured	9/25 at 100.00		AA			25,602
	35		3.300%, 9/01/34 – AGM Insured	9/25 at 100.00		AA			35,765
	35		Radnor Township School District, Delaware County, Pennsylvania, General Obligation Bonds, Series 2012, 3.000%, 2/15/34	2/18 at 100.00		Aa1			35,282
	25		Scranton, Lackawanna County, Pennsylvania, General Obligation Bonds, Series 2012A, 8.500%, 9/01/22	No Opt. Call		N/R			27,669
	25		Scranton, Lackawanna County, Pennsylvania, General Obligation Bonds, Series 2012C, 7.250%, 9/01/22	No Opt. Call		N/R			26,150
	80		Scranton, Lackawanna County, Pennsylvania, General Obligation Notes, Series 2016, 5.000%, 11/15/32	5/24 at 100.00		BB			85,580
			The Redevelopment Authority of the City of Scranton, Lackawanna county, Pennsylvania, Guaranteed Lease Revenue Bonds, Series 2016A:
	15		5.000%, 11/15/21	No Opt. Call		BB			15,808
	10		5.000%, 11/15/28	5/24 at 100.00		BB			10,529
	1,230		Total Tax Obligation/General						1,406,571
			Tax Obligation/Limited – 9.9% (10.0% of Total Investments)
	25		Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue Bonds, Series 2012A, 5.000%, 5/01/35	5/22 at 100.00		Baa2			26,881
	120		Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.250%, 1/01/36	1/22 at 100.00		A			131,444
	104		Monroe County Industrial Development Authority, Pennsylvania, Special Obligation Revenue Bonds, Tobyhanna Township Project, Series 2014, 6.875%, 7/01/33	7/24 at 100.00		N/R			109,934

50

NUVEEN

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)			Value
			Tax Obligation/Limited (continued)
			Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010A:
$	585		5.500%, 12/01/34	12/20 at 100.00		A2		$	669,070
	100		5.000%, 12/01/38	12/19 at 100.00		AA–			109,987
	100		Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue Bonds, Series 2014A, 0.000%, 12/01/37 (5)	No Opt. Call		AA–			88,832
	750		Philadelphia Municipal Authority, Pennsylvania, Lease Revenue Bonds, Series 2009, 6.500%, 4/01/34	4/19 at 100.00		A+			830,160
	1,784		Total Tax Obligation/Limited						1,966,308
			Transportation – 6.1% (6.2% 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			265,879
	140		Pennsylvania Economic Development Financing Authority, Parking System Revenue Bonds, Capitol Region Parking System, Series 2013A, 5.250%, 1/01/44 – AGM Insured	1/24 at 100.00		AA			159,783
	175		Pennsylvania Economic Development Financing Authority, Private Activity Revenue Bonds, Pennsylvania Rapid Bridge Replacement Project, Series 2015, 5.000%, 6/30/42 (Alternative Minimum Tax)	6/26 at 100.00		BBB			193,939
	460		Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015B, 5.000%, 12/01/45	12/25 at 100.00		A1			525,977
	55		Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Lien, Refunding Series 2010B-1, 5.000%, 12/01/37	12/19 at 100.00		A–			60,458
	1,070		Total Transportation						1,206,036
			U.S. Guaranteed – 16.5% (16.8% of Total Investments) (6)
	550		Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2009A, 5.750%, 12/01/34 (Pre-refunded 12/01/19)	12/19 at 100.00		BBB+ (6)			628,909
	750		Montgomery County Industrial Development Authority, Pennsylvania, Revenue Bonds, ACTS Retirement-Life Communities, Inc. Obligated Group, Series 2009A-1, 6.250%, 11/15/29 (Pre-refunded 11/15/19)	11/19 at 100.00		A– (6)			866,588
	350		Pennsylvania Economic Development Financing Authority, Health System Revenue Bonds, Albert Einstein Healthcare, Series 2009A, 6.250%, 10/15/23 (Pre-refunded 10/15/19)	10/19 at 100.00		N/R (6)			393,845
	50		Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University Foundation Student Housing Project, Series 2010, 6.000%, 7/01/43 (Pre-refunded 7/01/20)	7/20 at 100.00		N/R (6)			58,554
			Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2009A:
	750		5.250%, 1/01/32 (Pre-refunded 1/01/19)	1/19 at 100.00		A+ (6)			808,215
	500		5.250%, 1/01/36 (Pre-refunded 1/01/19)	1/19 at 100.00		A+ (6)			538,590
	2,950		Total U.S. Guaranteed						3,294,701
			Utilities – 6.9% (7.0% of Total Investments)
	100		Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2005A, 4.000%, 1/01/35 (Mandatory put 7/01/21)	No Opt. Call		BBB–			84,397
	25		Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006A, 0.000%, 4/01/41	No Opt. Call		B			21,564
	105		Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 3.500%, 12/01/35 (Mandatory put 6/01/20)	No Opt. Call		A			90,314
	750		Chester County Industrial Development Authority, Pennsylvania, Water Facilities Revenue Bonds, Aqua Pennsylvania Inc. Project, Series 2007A, 5.000%, 2/01/40 – FGIC Insured (Alternative Minimum Tax)	2/17 at 100.00		AA–			753,630
	170		Delaware County Industrial Development Authority, Pennsylvania, Revenue Bonds, Covanta Project, Refunding Series 2015A, 5.000%, 7/01/43	7/20 at 100.00		Ba2			174,450
	100		Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Refunding Bonds, PPL Energy Supply, LLC Project, Series 2009A, 6.400%, 12/01/38	9/25 at 100.00		B+			105,384
	125		Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Refunding Thirteenth Series 2015, 5.000%, 8/01/30	8/25 at 100.00		A			146,523
	1,375		Total Utilities						1,376,262

NUVEEN

51

NPN	Nuveen Pennsylvania Municipal Value Fund
	Portfolio of Investments (continued)	October 31, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)			Value
			Water and Sewer – 3.2% (3.3% of Total Investments)
$	175		Bucks County Water and Sewer Authority, Pennsylvania, Revenue Bonds, Tender Option Bond Trust 2015-XF0123, 11.798%, 12/01/33 (IF) (4)	12/21 at 100.00		AA		$	246,495
	75		Easton, Pennsylvania, Area Joint Sewer Authority, Water and Sewer Revenue Bonds, Series 2015, 3.125%, 12/01/33 – BAM Insured	12/23 at 100.00		AA			76,082
	30		Findlay Township Municipal Authority, Allegheny County, Pennsylvania, Revenue Bonds, Series 2015, 3.125%, 12/15/32 – BAM Insured	12/20 at 100.00		AA			30,066
	200		Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown Concession, Series 2013A, 5.125%, 12/01/47	12/23 at 100.00		A			228,125
	60		Robinson Township Municipal Authority, Allegheny County, Pennsylvania, Water and Sewer Revenue Bonds, Series 2014, 4.000%, 5/15/40 – BAM Insured	11/19 at 100.00		AA			60,632
	540		Total Water and Sewer						641,400
$	17,844		Total Long-Term Investments (cost $17,954,653)						19,595,251
			Floating Rate Obligations – (1.5)%						(300,000	)
			Other Assets Less Liabilities – 3.0%						596,111
			Net Assets Applicable to Common Shares – 100%					$	19,891,362

(1)	All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2)	Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)	For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)	Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5)	Step-up coupon. The rate shown is the coupon as of the end of the reporting period.
(6)	Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(IF)	Inverse floating rate investment.
(UB)	Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.

52

NUVEEN

Statement of
	Assets and Liabilities	October 31, 2016 (Unaudited)

			New Jersey	*		New Jersey			Pennsylvania	**		Pennsylvania
			Quality			Municipal			Quality			Municipal
			Income			Value			Income			Value
			(NXJ	)		(NJV	)		(NQP	)		(NPN	)
Assets
Long-term investments, at value (cost $905,769,238, $23,072,170, $875,177,948 and $17,954,653, respectively)		$	986,334,967		$	25,705,322		$	938,557,009		$	19,595,251
Short-term investments, at value (cost approximates value)			—			400,000			—			—
Cash			545,257			298,246			3,997,519			400,671
Unrealized appreciation on interest rate swaps			997,038			—			223,826			—
Receivable for:
Interest			14,292,579			360,297			12,684,101			281,691
Investments sold			201,981			—			4,896,507			5,000
Deferred offering costs			1,600,323			—			918,817			—
Other assets			385,563			187			300,761			1,035
Total assets			1,004,357,708			26,764,052			961,578,540			20,283,648
Liabilities
Floating rate obligations			—			1,500,000			50,255,000			300,000
Payable for:
Dividends			2,344,344			73,381			2,052,918			61,102
Interest			—			—			126,603			—
Investments purchased			4,441,900			—			6,551,018			—
Offering costs			—			—			111,445			—
Variable Rate MuniFund Term Preferred ("VMTP") Shares, at liquidation preference			—			—			87,000,000			—
Variable Rate Demand Preferred ("VRDP") Shares, at liquidation preference			313,900,000			—			217,500,000			—
Accrued expenses:
Management fees			512,347			13,220			463,835			9,906
Trustees fees			122,724			225			117,527			178
Other			174,186			21,695			479,136			21,100
Total liabilities			321,495,501			1,608,521			364,657,482			392,286
Net assets applicable to common shares		$	682,862,207		$	25,155,531		$	596,921,058		$	19,891,362
Common shares outstanding			42,584,679			1,550,297			37,754,841			1,219,807
Net asset value ("NAV") per common share outstanding		$	16.04		$	16.23		$	15.81		$	16.31
Net assets applicable to common shares consist of:
Common shares, $0.01 par value per share		$	425,847		$	15,503		$	377,548		$	12,198
Paid-in surplus			606,729,028			22,148,704			533,830,942			17,445,766
Undistributed (Over-distribution of) net investment income			713,075			108,069			(1,395,542	)		211,172
Accumulated net realized gain (loss)			(6,568,510	)		250,103			505,223			581,628
Net unrealized appreciation (depreciation)			81,562,767			2,633,152			63,602,887			1,640,598
Net assets applicable to common shares		$	682,862,207		$	25,155,531		$	596,921,058		$	19,891,362
Authorized shares:
Common			Unlimited			Unlimited			Unlimited			Unlimited
Preferred			Unlimited			N/A			Unlimited			N/A

*	Formerly known as New Jersey Dividend Advantage.
**	Formerly known as Pennsylvania Investment Quality.

NUVEEN

53

Statement of
	Operations	Six Months Ended October 31, 2016 (Unaudited)

			New Jersey			New Jersey			Pennsylvania			Pennsylvania
			Quality			Municipal			Quality			Municipal
			Income			Value			Income			Value
			(NXJ	)		(NJV	)		(NQP	)		(NPN	)
Investment Income		$	21,490,031		$	574,783		$	19,019,128		$	471,796
Expenses
Management fees			3,075,996			79,398			2,717,203			58,965
Interest expense and amortization of offering costs			1,050,306			8,309			1,530,088			288
Liquidity fees			1,531,273			—			1,075,621			—
Remarketing fees			160,439			—			111,166			—
Custodian fees			53,616			7,039			48,248			6,617
Trustees fees			14,458			367			12,725			287
Professional fees			11,925			11,191			11,870			11,126
Shareholder reporting expenses			35,648			5,487			37,435			5,243
Shareholder servicing agent fees			16,904			124			30,642			83
Stock exchange listing fees			6,876			177			6,096			138
Investor relations expenses			52,427			1,871			46,783			1,677
Other			70,252			6,523			45,965			6,422
Total expenses			6,080,120			120,486			5,673,842			90,846
Net investment income (loss)			15,409,911			454,297			13,345,286			380,950
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments			1,316,653			203,157			2,342,735			307,020
Swaps			(4,000,000	)		—			—			—
Change in net unrealized appreciation (depreciation) of:
Investments			(6,297,108	)		(347,489	)		(11,903,072	)		(541,759	)
Swaps			3,814,005			—			223,826			—
Net realized and unrealized gain (loss)			(5,166,450	)		(144,332	)		(9,336,511	)		(234,739	)
Net increase (decrease) in net assets applicable to common shares from operations		$	10,243,461		$	309,965		$	4,008,775		$	146,211

54

NUVEEN

Statement of
	Changes in Net Assets	(Unaudited)

		New Jersey						New Jersey
		Quality Income (NXJ)						Municipal Value (NJV)
			Six Months			Year			Six Months			Year
			Ended			Ended			Ended			Ended
			10/31/16			4/30/16			10/31/16			4/30/16
Operations
Net investment income (loss)		$	15,409,911		$	33,872,344		$	454,297		$	969,943
Net realized gain (loss) from:
Investments			1,316,653			1,086,377			203,157			63,034
Swaps			(4,000,000	)		—			—			—
Change in net unrealized appreciation (depreciation) of:
Investments			(6,297,108	)		29,494,099			(347,489	)		96,605
Swaps			3,814,005			(2,816,967	)		—			—
Net increase (decrease) in net assets applicable to common shares from operations			10,243,461			61,635,853			309,965			1,129,582
Distributions to Common Shareholders
From net investment income			(16,352,517	)		(34,887,468	)		(455,729	)		(938,856	)
From accumulated net realized gains			—			(344,985	)		—			(323,803	)
Decrease in net assets applicable to common shares from distributions to common shareholders			(16,352,517	)		(35,232,453	)		(455,729	)		(1,262,659	)
Capital Share Transactions
Common shares:
Net proceeds from shares issued to shareholders due to reinvestment of distributions			—			—			4,323			—
Cost of shares repurchased and retired			—			(6,101,727	)		—			—
Net increase (decrease) in net assets applicable to common shares from capital share transactions			—			(6,101,727	)		4,323			—
Net increase (decrease) in net assets applicable to common shares			(6,109,056	)		20,301,673			(141,441	)		(133,077	)
Net assets applicable to common shares at the beginning of period			688,971,263			668,669,590			25,296,972			25,430,049
Net assets applicable to common shares at the end of period		$	682,862,207		$	688,971,263		$	25,155,531		$	25,296,972
Undistributed (Over-distribution of) net investment income at the end of period		$	713,075		$	1,655,681		$	108,069		$	109,501

NUVEEN

55

		Pennsylvania Quality						Pennsylvania Municipal
		Income (NQP)						Value (NPN)
			Six Months			Year			Six Months			Year
			Ended			Ended			Ended			Ended
			10/31/16			4/30/16			10/31/16			4/30/16
Operations
Net investment income (loss)		$	13,345,286		$	30,318,912		$	380,950		$	827,936
Net realized gain (loss) from:
Investments			2,342,735			1,035,292			307,020			334,215
Swaps			—			—			—			—
Change in net unrealized appreciation (depreciation) of:
Investments			(11,903,072	)		16,309,552			(541,759	)		(226,671	)
Swaps			223,826			—			—			—
Net increase (decrease) in net assets applicable to common shares from operations			4,008,775			47,663,756			146,211			935,480
Distributions to Common Shareholders
From net investment income			(14,327,963	)		(31,373,686	)		(380,507	)		(769,533	)
From accumulated net realized gains			—			—			—			—
Decrease in net assets applicable to common shares from distributions to common shareholders			(14,327,963	)		(31,373,686	)		(380,507	)		(769,533	)
Capital Share Transactions
Common shares:
Net proceeds from shares issued to shareholders due to reinvestment of distributions			—			—			7,582			—
Cost of shares repurchased and retired			—			(1,589,406	)		—			—
Net increase (decrease) in net assets applicable to common shares from capital share transactions			—			(1,589,406	)		7,582			—
Net increase (decrease) in net assets applicable to common shares			(10,319,188	)		14,700,664			(226,714	)		165,947
Net assets applicable to common shares at the beginning of period			607,240,246			592,539,582			20,118,076			19,952,129
Net assets applicable to common shares at the end of period		$	596,921,058		$	607,240,246		$	19,891,362		$	20,118,076
Undistributed (Over-distribution of) net investment income at the end of period		$	(1,395,542	)	$	(412,865	)	$	211,172		$	210,729

56

NUVEEN

Statement of
	Cash Flows	Six Months Ended October 31, 2016 (Unaudited)

			New Jersey			Pennsylvania
			Quality			Quality
			Income			Income
			(NXJ	)		(NQP	)
Cash Flows from Operating Activities:
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations		$	10,243,461		$	4,008,775
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			(69,290,681	)		(164,662,792	)
Proceeds from sales and maturities of investments			77,559,928			99,657,484
Proceeds from (Payments for) swap contracts, net			(4,000,000	)		—
Taxes paid			(50	)		(79	)
Amortization (Accretion) of premiums and discounts, net			463,447			778,792
Amortization of deferred offering costs			30,390			173,287
(Increase) Decrease in:
Receivable for interest			352,702			(49,845	)
Receivable for investments sold			(201,981	)		5,310,798
Other assets			1,963			2,648
Increase (Decrease) in:
Payable for interest			—			126,603
Payable for investments purchased			(3,572,885	)		6,551,018
Accrued management fees			16,452			30,225
Accrued professional fees			(43,921	)		(329,887	)
Accrued Trustees fees			8,639			7,544
Accrued other expenses			96,253			356,977
Net realized gain (loss) from:
Investments			(1,316,653	)		(2,342,735	)
Swaps			4,000,000			—
Change in net unrealized appreciation (depreciation) of:
Investments			6,297,108			11,903,072
Swaps			(3,814,005	)		(223,826	)
Net cash provided by (used in) operating activities			16,830,167			(38,701,941	)
Cash Flows from Financing Activities:
(Payments for) deferred offering costs			—			(145,000	)
Proceeds from VMTP Shares issued, at liquidation preference			—			39,000,000
Increase (Decrease) in:
Cash overdraft			—			(2,871,672	)
Floating rate obligations			—			21,185,000
Payable for offering costs			—			111,445
Cash distributions paid to common shareholders			(16,641,066	)		(14,580,313	)
Net cash provided by (used in) financing activities			(16,641,066	)		42,699,460
Net Increase (Decrease) in Cash			189,101			3,997,519
Cash at the beginning of period			356,156			—
Cash at the end of period		$	545,257		$	3,997,519

			New Jersey			Pennsylvania
			Quality			Quality
			Income			Income
Supplemental Disclosure of Cash Flow Information			(NXJ	)		(NQP	)
Cash paid for interest (excluding amortization of offering costs)		$	1,019,916		$	1,230,031

NUVEEN

57

Financial
	Highlights (Unaudited)

					Investment Operations									Less Distributions to Common Shareholders									Common Share
			Beginning Common Share NAV			Net Investment Income (Loss	)		Net Realized/ Unrealized Gain (Loss	)		Total			From Net Investment Income			From Accum- ulated Net Realized Gains			Total			Discount Per Share Repurchased and Retired			Ending NAV			Ending Share Price
New Jersey Quality Income (NXJ)
Year Ended 4/30:
2017(e)		$	16.18		$	0.36		$	(0.12	)	$	0.24		$	(0.38	)	$	—		$	(0.38	)	$	—		$	16.04		$	14.12
2016			15.53			0.79			0.66			1.45			(0.82	)		(0.01	)		(0.83	)		0.03			16.18			14.66
2015			15.28			0.67			0.34			1.01			(0.77	)		—			(0.77	)		0.01			15.53			13.58
2014			16.12			0.71			(0.87	)		(0.16	)		(0.68	)		—			(0.68	)		—*			15.28			13.64
2013			15.31			0.63			0.93			1.56			(0.75	)		—			(0.75	)		—			16.12			14.94
2012			13.61			0.71			1.83			2.54			(0.83	)		(0.01	)		(0.84	)		—			15.31			14.92
New Jersey Municipal Value (NJV)
Year Ended 4/30:
2017(e)			16.32			0.29			(0.09	)		0.20			(0.29	)		—			(0.29	)		—			16.23			16.25
2016			16.41			0.62			0.11			0.73			(0.61	)		(0.21	)		(0.82	)		—			16.32			15.16
2015			16.15			0.62			0.43			1.05			(0.63	)		(0.18	)		(0.81	)		0.02			16.41			14.75
2014			16.98			0.65			(0.66	)		(0.01	)		(0.63	)		(0.19	)		(0.82	)		—			16.15			14.48
2013			16.62			0.67			0.61			1.28			(0.67	)		(0.25	)		(0.92	)		—			16.98			16.02
2012			14.72			0.75			1.91			2.66			(0.76	)		—			(0.76	)		—			16.62			16.34

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

58

NUVEEN

									Common Share Supplemental Data/ Ratios Applicable to Common Shares
		Common Share Total Returns									Ratios to Average Net Assets(b)
			Based on NAV	(a)		Based on Share Price	(a)		Ending Net Assets (000	)		Expenses	(c)		Net Investment Income (Loss	)		Portfolio Turnover Rate	(d)
			1.47	%		(1.19	)%	$	682,862			1.72	%**		4.37	%**		7	%
			9.85			14.79			688,971			1.56			5.12			14
			6.77			5.35			668,670			1.71			4.64			14
			(0.71	)		(3.78	)		100,181			2.07			4.83			6
			10.29			5.04			105,892			2.37			3.91			17
			19.09			25.08			100,578			2.52			4.82			15
			1.24			9.16			25,156			0.94	**		3.53	**		8
			4.57			8.70			25,297			0.89			3.87			8
			6.68			7.62			25,430			0.87			3.75			13
			0.25			(4.18	)		25,272			0.88			4.12			12
			7.86			3.58			26,574			0.83			3.95			7
			18.43			24.34			25,957			0.85			4.76			20

(b)

Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares issued by the Fund, where applicable.

(c)

The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 4 – Fund Shares, Preferred Shares) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows:

New Jersey Quality Income (NXJ)
Year Ended 4/30:
2017(e)			0.78	%**
2016			0.57
2015			0.60
2014			0.98
2013			1.27
2012			1.41

New Jersey Municipal Value (NJV)
Year Ended 4/30:
2017(e)			0.06	%**
2016			0.04
2015			0.04
2014			0.04
2013			0.04
2012			0.04

(d)	Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
(e)	For the six months ended October 31, 2016.
*	Rounds to less than $0.01 per share.
**	Annualized.

NUVEEN

59

					Investment Operations									Less Distributions to Common Shareholders									Common Share
			Beginning Common Share NAV			Net Investment Income (Loss	)		Net Realized/ Unrealized Gain (Loss	)		Total			From Net Investment Income			From Accum- ulated Net Realized Gains			Total			Discount Per Share Repurchased and Retired			Ending NAV			Ending Share Price
Pennsylvania Quality Income (NQP)
Year Ended 4/30:
2017(e)		$	16.08		$	0.35		$	(0.24	)	$	0.11		$	(0.38	)	$	—		$	(0.38	)	$	—		$	15.81		$	13.96
2016			15.64			0.80			0.46			1.26			(0.83	)		—			(0.83	)		0.01			16.08			14.91
2015			15.17			0.81			0.50			1.31			(0.84	)		—			(0.84	)		—	*		15.64			13.87
2014			16.21			0.74			(0.93	)		(0.19	)		(0.85	)		—			(0.85	)		—	*		15.17			13.76
2013			15.78			0.80			0.54			1.34			(0.91	)		—			(0.91	)		—			16.21			15.24
2012			14.11			0.90			1.70			2.60			(0.93	)		—			(0.93	)		—			15.78			15.67
Pennsylvania Municipal Value (NPN)
Year Ended 4/30:
2017(e)			16.50			0.31			(0.19	)		0.12			(0.31	)		—			(0.31	)		—			16.31			16.65
2016			16.36			0.68			0.09			0.77			(0.63	)		—			(0.63	)		—			16.50			16.45
2015			15.91			0.67			0.41			1.08			(0.63	)		—			(0.63	)		—			16.36			15.57
2014			16.48			0.67			(0.56	)		0.11			(0.64	)		(0.04	)		(0.68	)		—			15.91			14.45
2013			16.36			0.68			0.38			1.06			(0.64	)		(0.30	)		(0.94	)		—			16.48			15.86
2012			14.79			0.72			1.58			2.30			(0.71	)		(0.02	)		(0.73	)		—			16.36			15.38

(a)

Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund's market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.

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

60

NUVEEN

								Common Share Supplemental Data/ Ratios Applicable to Common Shares
		Common Share Total Returns									Ratios to Average Net Assets(b)
			Based on NAV	(a)		Based on Share Price	(a)		Ending Net Assets (000)			Expenses	(c)		Net Investment Income (Loss)			Portfolio Turnover Rate	(d)
			0.57	%		(3.99	)%	$	596,921			1.81	%**		4.31	%**		11	%
			8.46			14.21			607,240			1.51			5.13			16
			8.79			7.09			592,540			1.60			5.21			9
			(0.69	)		(3.65	)		574,558			1.87			5.33			8
			8.50			2.97			261,195			1.80			4.98			17
			18.88			27.48			253,937			1.63			6.00			18
			0.72			3.16			19,891			0.89	**		3.74	**		13
			4.82			10.09			20,118			0.85			4.17			14
			6.87			12.30			19,952			0.85			4.11			5
			0.80			(4.45	)		19,401			0.85			4.28			6
			6.58			9.39			20,089			0.81			4.11			7
			15.89			15.68			19,948			0.86			4.60			11

(b)

Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares issued by the Fund, where applicable.

(c)

The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 4 – Fund Shares, Preferred Shares) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows:

Pennsylvania Quality Income (NQP)
Year Ended 4/30:
2017(e)			0.85	%**
2016			0.56
2015			0.60
2014			0.68
2013			0.72
2012			0.61

Pennsylvania Municipal Value (NPN)
Year Ended 4/30:
2017(e)			0.00	%***
2016			—
2015			—
2014			—
2013			—
2012			—

(d)	Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
(e)	For the six months ended October 31, 2016.
*	Rounds to less than $0.01 per share.
**	Annualized.
***	Annualized ratio rounds to less than 0.01%.

NUVEEN

61

		MTP Shares at the End of Period(a)						VMTP Shares at the End of Period						VRDP Shares at the End of Period						MTP, VMTP and/or VRDP Shares at the End of Period
			Aggregate Amount Outstanding (000)			Asset Coverage Per $10 Share			Aggregate Amount Outstanding (000)			Asset Coverage Per $100,000 Share			Aggregate Amount Outstanding (000)			Asset Coverage Per $100,000 Share			Asset Coverage Per $1 Liquidation Preference
New Jersey Quality Income (NXJ)
Year Ended 4/30:
2017(b)		$	—		$	—		$	—		$	—		$	313,900		$	317,541		$	—
2016			—			—			—			—			313,900			319,488			—
2015			—			—			—			—			313,900			313,020			—
2014			—			—			—			—			45,000			322,624			—
2013			44,861			33.60			—			—			—			—			—
2012			44,861			32.42			—			—			—			—			—
Pennsylvania Quality Income (NQP)
Year Ended 4/30:
2017(b)			—			—			87,000			296,033			217,500			296,033			2.96
2016			—			—			48,000			328,716			217,500			328,716			3.29
2015			—			—			48,000			323,179			217,500			323,179			3.23
2014			47,740			31.66			—			—			217,500			316,618			3.17
2013			—			—			—			—			112,500			332,174			—
2012			—			—			—			—			112,500			325,722			—

(a)	The Ending and Average Market Value Per Share for each Series of the Fund's MTP Shares were as follows:

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

(b)	For the six months ended October 31, 2016.
^	For the period May 1, 2013 through September 9, 2013.
^^	For the period November 10, 2014 (effective date of the reorganizations) through February 9, 2015.
Ω	For the period February 11, 2014 (effective date of the reorganizations) through April 30, 2014.
ΩΩ	For the period May 1, 2014 through May 30, 2014.

62

NUVEEN

	•	Nuveen New Jersey Quality Municipal Income Fund (NXJ) ("New Jersey Quality Income (NXJ)")
	•	Nuveen New Jersey Municipal Value Fund (NJV) ("New Jersey Municipal Value (NJV)")
	•	Nuveen Pennsylvania Quality Municipal Income Fund (NQP) ("Pennsylvania Quality Income (NQP)")
	•	Nuveen Pennsylvania Municipal Value Fund (NPN) ("Pennsylvania Municipal Value (NPN)")

NUVEEN

63

			New Jersey			Pennsylvania
			Quality			Quality
			Income			Income
			(NXJ	)		(NQP	)
Outstanding when-issued/delayed delivery purchase commitments		$	4,441,900		$	6,551,018

	Level 1 –	Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
	Level 2 –	Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
	Level 3 –	Prices are determined using significant unobservable inputs (including management's assumptions in determining the fair value of investments).

64

NUVEEN

New Jersey Quality Income (NXJ)			Level 1			Level 2			Level 3			Total
Long-Term Investments*:
Municipal Bonds		$	—		$	985,796,530		$	—		$	985,796,530
Common Stocks			538,437			—			—			538,437
Investments in Derivatives:
Interest Rate Swaps**			—			997,038			—			997,038
Total		$	538,437		$	986,793,568		$	—		$	987,332,005

New Jersey Municipal Value (NJV)
Long-Term Investments*:
Municipal Bonds		$	—		$	25,095,997		$	—		$	25,095,997
Common Stocks			609,325			—			—			609,325
Short-Term Investments*:
Municipal Bonds			—			400,000			—			400,000
Total		$	609,325		$	25,495,997		$	—		$	26,105,322

Pennsylvania Quality Income (NQP)
Long-Term Investments*:
Municipal Bonds		$	—		$	938,557,009		$	—		$	938,557,009
Investments in Derivatives:
Interest Rate Swaps**			—			223,826			—			223,826
Total		$	—		$	938,780,835		$	—		$	938,780,835
Pennsylvania Municipal Value (NPN)
Long-Term Investments*:
Municipal Bonds		$	—		$	19,595,251		$	—		$	19,595,251

*	Refer to the Fund's Portfolio of Investments for industry classifications.
**	Represents net unrealized appreciation (depreciation) as reported in the Fund's Portfolio of Investments.

NUVEEN

65

	(i)	If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities.
	(ii)	If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis.

66

NUVEEN

			New Jersey			New Jersey			Pennsylvania			Pennsylvania
			Quality			Municipal			Quality			Municipal
			Income			Value			Income			Value
Floating Rate Obligations Outstanding			(NXJ	)		(NJV	)		(NQP	)		(NPN	)
Floating rate obligations: self-deposited Inverse Floaters		$	—		$	1,500,000		$	50,255,000		$	300,000
Floating rate obligations: externally-deposited Inverse Floaters			101,200,000			1,025,000			26,705,000			540,000
Total		$	101,200,000		$	2,525,000		$	76,960,000		$	840,000

			New Jersey			New Jersey			Pennsylvania			Pennsylvania
			Quality			Municipal			Quality			Municipal
			Income			Value			Income			Value
Self-Deposited Inverse Floaters			(NXJ	)		(NJV	)		(NQP	)		(NPN	)
Average floating rate obligations outstanding		$	—		$	1,500,000		$	33,070,054		$	42,391
Average annual interest rate and fees			—	%		1.10	%		1.07	%		1.35	%

NUVEEN

67

			New Jersey			New Jersey			Pennsylvania			Pennsylvania
			Quality			Municipal			Quality			Municipal
			Income			Value			Income			Value
Floating Rate Obligations — Recourse Trusts			(NXJ	)		(NJV	)		(NQP	)		(NPN	)
Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters		$	—		$	1,500,000		$	33,785,000		$	—
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters			92,535,000			1,025,000			11,955,000			400,000
Total		$	92,535,000		$	2,525,000		$	45,740,000		$	400,000

68

NUVEEN

			New Jersey			Pennsylvania
			Quality			Quality
			Income			Income
			(NXJ	)		(NQP	)
Average notional amount of interest rate swap contracts outstanding*		$	55,916,667		$	6,500,000

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

		Location on the Statement of Assets and Liabilities
Underlying	Derivative	Asset Derivatives					(Liability) Derivatives
Risk Exposure	Instrument	Location			Value		Location		Value
New Jersey Quality Income (NXJ)
Interest rate	Swaps (OTC Uncleared)	Unrealized appreciation		$	997,038		—	$	—
		on interest rate swaps
Pennsylvania Quality Income (NQP)
Interest rate	Swaps (OTC Uncleared)	Unrealized appreciation		$	223,826		—	$	—
		on interest rate swaps

						Gross			Gross			Amounts		Net Unrealized
						Unrealized			Unrealized			Netted on			Appreciation			Collateral
					Appreciation on			(Depreciation) on				Statement		(Depreciation) on				Pledged
						Interest			Interest		of Assets and				Interest Rate			to (from	)		Net
Fund			Counterparty			Rate Swaps	*		Rate Swaps	*		Liabilities			Swaps		Counterparty				Exposure
New Jersey Quality			JPMorgan Chase		$	997,038		$	—		$	—		$	997,038		$	(997,038	)	$	—
Income (NXJ)			Bank, N.A.
Pennsylvania Quality			JPMorgan Chase		$	223,826		$	—		$	—		$	223,826		$	(223,826	)	$	—
Income (NQP)			Bank, N.A.

*	Represents gross unrealized appreciation (depreciation) for the counterparty as reported in the Fund's Portfolio of Investments.

Net Realized

Change in Net Unrealized

Underlying

Derivative

Gain (Loss) from

Appreciation (Depreciation) of

Fund

Risk Exposure

Instrument

Swaps

Swaps

New Jersey Quality Income (NXJ)

Interest rate

Swaps

$

(4,000,000

)

$

3,814,005

Pennsylvania Quality Income (NQP)

Interest rate

Swaps

$

—

$

223,826

NUVEEN

69

		New Jersey						New Jersey
		Quality Income (NXJ)						Municipal Value (NJV)
			Six Months			Year			Six Months			Year
			Ended			Ended			Ended			Ended
			10/31/16			4/30/16			10/31/16			4/30/16
Common shares:
Issued to shareholders due to reinvestments of distributions			—			—			261			—
Repurchased and retired			—			(473,600	)		—			—
Weighted average common share:
Price per share repurchased and retired		$	—		$	12.86		$	—		$	—
Discount per share repurchased and retired			—	%		15.38	%		—	%		—	%

		Pennsylvania						Pennsylvania
		Quality Income (NQP)						Municipal Value (NPN)
			Six Months			Year			Six Months			Year
			Ended			Ended			Ended			Ended
			10/31/16			4/30/16			10/31/16			4/30/16
Common shares:
Issued to shareholders due to reinvestments of distributions			—			—			455			—
Repurchased and retired			—			(121,000	)		—			—
Weighted average common share:
Price per share repurchased and retired		$	—		$	13.12		$	—		$	—
Discount per share repurchased and retired			—	%		15.08	%		—	%		—	%

						Shares			Liquidation
Fund			Series			Outstanding			Preference
Pennsylvania Quality Income (NQP)			2019			870		$	87,000,000

						Term			Premium
Fund			Series			Redemption Date			Expiration Date
Pennsylvania Quality Income (NQP)			2019			September 1, 2019			August 31, 2017

70

NUVEEN

			Pennsylvania
			Quality
			Income
			(NQP	)
Average liquidation preference of VMTP Shares outstanding		$	60,929,348
Annualized dividend rate			1.50	%

						Shares			Liquidation
Fund			Series			Outstanding			Preference			Maturity
New Jersey Quality Income (NXJ)			1			810		$	81,000,000			August 3, 2043
			2			1,443			144,300,000			April 1, 2043
			3			886			88,600,000			April 1, 2043
Pennsylvania Quality Income (NQP)			2			1,125		$	112,500,000			December 1, 2042
			3			1,050			105,000,000			December 1, 2042

NUVEEN

71

			New Jersey			Pennsylvania
			Quality			Quality
			Income			Income
			(NXJ	)		(NQP	)
Average liquidation preference of VRDP Shares outstanding		$	313,900,000		$	217,500,000
Annualized dividend rate			0.64	%		0.65	%

			Six Months Ended
			October 31, 2016
			Series			Shares			Amount
Pennsylvania Quality Income (NQP)
VMTP Shares issued			2019			870		$	87,000,000
VMTP Shares exchanged			2017			(480	)		(48,000,000	)
Net increase (decrease)						390		$	39,000,000

			New Jersey			New Jersey			Pennsylvania			Pennsylvania
			Quality			Municipal			Quality			Municipal
			Income			Value			Income			Value
			(NXJ	)		(NJV	)		(NQP	)		(NPN	)
Purchases		$	69,290,681		$	2,098,911		$	164,662,792		$	2,683,289
Sales and maturities			77,559,928			3,677,750			99,657,484			2,602,198

72

NUVEEN

			New Jersey			New Jersey			Pennsylvania			Pennsylvania
			Quality			Municipal			Quality			Municipal
			Income			Value			Income			Value
			(NXJ	)		(NJV	)		(NQP	)		(NPN	)
Cost of investments		$	904,671,693		$	21,905,352		$	824,984,794		$	17,626,994
Gross unrealized:
Appreciation			83,707,781			2,751,122			68,187,947			1,734,057
Depreciation			(2,044,507	)		(51,152	)		(4,870,756	)		(65,800	)
Net unrealized appreciation (depreciation) of investments		$	81,663,274		$	2,699,970		$	63,317,191		$	1,668,257

			New Jersey			New Jersey			Pennsylvania			Pennsylvania
			Quality			Municipal			Quality			Municipal
			Income			Value			Income			Value
			(NXJ	)		(NJV	)		(NQP	)		(NPN	)
Paid-in-surplus		$	(235,910	)	$	—		$	(2,195,737	)	$	—
Undistributed (Over-distribution of) net investment income			226,115			(2,220	)		(48,496	)		(1,477	)
Accumulated net realized gain (loss)			9,795			2,220			2,244,233			1,477

			New Jersey			New Jersey			Pennsylvania			Pennsylvania
			Quality			Municipal			Quality			Municipal
			Income			Value			Income			Value
			(NXJ	)		(NJV	)		(NQP	)		(NPN	)
Undistributed net tax-exempt income1		$	3,551,068		$	93,327		$	1,569,870		$	87,262
Undistributed net ordinary income2			24,423			6,180			18,612			74,461
Undistributed net long-term capital gains			—			31,153			—			273,014

1	Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on April 1, 2016, paid on May 2, 2016.
2	Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.

			New Jersey			New Jersey			Pennsylvania			Pennsylvania
			Quality			Municipal			Quality			Municipal
			Income			Value			Income			Value
			(NXJ	)		(NJV	)		(NQP	)		(NPN	)
Distributions from net tax-exempt income		$	35,379,191		$	914,520		$	31,959,341		$	760,876
Distributions from net ordinary income2			21,295			25,886			369,997			8,657
Distributions from net long-term capital gains			345,375			323,803			—			—

2	Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.

			New Jersey			Pennsylvania
			Quality			Quality
			Income			Income
			(NXJ	)3		(NQP	)
Expiration:
April 30, 2017		$	—		$	13,518
Not subject to expiration			3,885,212			1,187,800
Total		$	3,885,212		$	1,201,318

3	A portion of New Jersey Dividend Advantage's (NXJ) capital loss carryforward is subject to an annual limitation under the Internal Revenue Code and related regulations.

NUVEEN

73

			New Jersey			Pennsylvania			Pennsylvania
			Quality			Quality			Municipal
			Income			Income			Value
			(NXJ	)		(NQP	)		(NPN	)
Utilized capital loss carryforwards		$	1,105,345		$	985,996		$	61,084

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

			New Jersey Municipal Value (NJV)
			Pennsylvania Municipal Value (NPN)
Average Daily Net Assets*			Fund-Level Fee
For the first $125 million			0.4000	%
For the next $125 million			0.3875	%
For the next $250 million			0.3750	%
For the next $500 million			0.3625	%
For the next $1 billion			0.3500	%
For managed assets over $2 billion			0.3375	%

			Pennsylvania Quality Income (NQP)
Average Daily Managed Assets*			Fund-Level Fee
For the first $125 million			0.4500	%
For the next $125 million			0.4375	%
For the next $250 million			0.4250	%
For the next $500 million			0.4125	%
For the next $1 billion			0.4000	%
For the next $3 billion			0.3875	%
For managed assets over $5 billion			0.3750	%

74

NUVEEN

			New Jersey Quality Income (NXJ)
			Pennsylvania Quality Income (NQP)
Average Daily Managed Assets*			Fund-Level Fee
For the first $125 million			0.4500	%
For the next $125 million			0.4375
For the next $250 million			0.4250
For the next $500 million			0.4125
For the next $1 billion			0.4000
For the next $3 billion			0.3750
For managed assets over $5 billion			0.3625

			New Jersey Municipal Value (NJV)
			Pennsylvania Municipal Value (NPN)
Average Daily Net Assets*			Fund-Level Fee
For the first $125 million			0.4000	%
For the next $125 million			0.3875	%
For the next $250 million			0.3750	%
For the next $500 million			0.3625	%
For the next $1 billion			0.3500	%
For the next $3 billion			0.3250	%
For managed assets over $5 billion			0.3125	%

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

*

For the complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds' use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust's issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen funds that constitute "eligible assets." Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of a determined amount (originally $2 billion) added to the Nuveen fund complex in connection with the Adviser's assumption of the management of the former First American Funds effective January 1, 2011. As of October 31, 2016, the complex-level fee for each Fund was 0.1610%.

NUVEEN

75

			Pennsylvania
			Municipal
			Value
Inter-Fund Trades			(NPN	)
Purchases		$	16,925
Sales			—

76

NUVEEN

Board of Trustees
William Adams IV* John K. Nelson	Mongo Cook * William J. Schneider	Jack B. Evans Judith M. Stockdale	William C. Hunter Carole E. Stone	David J. Kundert Terence J. Toth	Albin F. Moschner Margaret L. Wolff
*  Interested Board Member.

Fund Manager Nuveen Fund Advisors, LLC 333 West Wacker Drive Chicago, IL 60606

Custodian State Street Bank and Trust Company, One Lincoln Street, Boston, MA 02111

Legal Counsel Chapman and Cutler LLP Chicago, IL 60603

Independent Registered Public Accounting Firm KPMG LLP 200 East Randolph Drive Chicago, IL 60601

Transfer Agent and Shareholder Services State Street Bank & Trust Company Nuveen Funds P.O. Box 43071 Providence, RI 02940-3071 (800) 257-8787

NXJ

NJV

NQP

NPN

Common shares repurchased

—

—

—

—

NUVEEN

77

■	Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have "failed," with current holders receiving a formula-based interest rate until the next scheduled auction.
■	Average Annual Total Return: This is a commonly used method to express an investment's performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment's actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
■	Duration: Duration is a measure of the expected period over which a bond's principal and interest will be paid, and consequently is a measure of the sensitivity of a bond's or bond fund's value to changes when market interest rates change. Generally, the longer a bond's or fund's duration, the more the price of the bond or fund will change as interest rates change.
■	Effective Leverage: Effective leverage is a fund's effective economic leverage, and includes both regulatory leverage (see leverage) and the leverage effects of certain derivative investments in the fund's portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.
■	Forward Interest Rate Swap: A contractual agreement between two counterparties under which one party agrees to make periodic payments to the other for an agreed period of time based on a fixed rate, while the other party agrees to make periodic payments based on a floating rate of interest based on an underlying index. Alternatively, both series of cashflows to be exchanged could be calculated using floating rates of interest but floating rates that are based upon different underlying indexes.
■	Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond's par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an "inverse floater") to an investor (such as a Fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates' holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond's downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond's value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
■	Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.
■	Lipper New Jersey Municipal Debt Funds Classification Average: Calculated using the returns of all closed-end funds in this category. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.
■	Lipper Pennsylvania Municipal Debt Funds Classification Average: Calculated using the returns of all closed-end funds in this category. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.

78

NUVEEN

■	Net Asset Value (NAV) Per Share: A fund's Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund's Net Assets divided by its number of shares outstanding.
■	Pre-Refunding: Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond's credit rating and thus its value.
■	Regulatory Leverage: Regulatory leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part of a fund's capital structure. Regulatory leverage is subject to asset coverage limits set in the Investment Company Act of 1940.
■	S&P Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
■	S&P Municipal Bond New Jersey Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade New Jersey municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
■	S&P Municipal Bond Pennsylvania Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade Pennsylvania municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
■	Total Investment Exposure: Total investment exposure is a fund's assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes a fund's use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust's issuance of floating rate securities.
■	Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.

NUVEEN

79

80

NUVEEN

NUVEEN

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A.	Nature, Extent and Quality of Services
	In evaluating the renewal of the Advisory Agreements, the Independent Board Members received and considered information regarding the nature, extent and quality of the applicable Fund Adviser's services provided to the respective Fund and the initiatives undertaken during the past year by the Adviser. The Board recognized the comprehensive set of services the Adviser provided to manage and operate the Nuveen funds, including (a) product management (such as setting dividends, positioning the product in the marketplace, maintaining and enhancing shareholder communications and reporting to the Board); (b) investment services (such as overseeing the Sub-Adviser and other service providers; analyzing investment performance and risks; overseeing risk management and disclosure; developing and interpreting investment policies; assisting in the development of products; helping to prepare financial statements and marketing disclosures; and overseeing trade execution); (c) fund administration (such as helping to prepare fund tax returns and complete other tax compliance matters; and helping to prepare regulatory filings and shareholder reports); (d) fund Board administration (such as preparing Board materials and organizing and providing assistance for Board meetings); (e) compliance (such as helping to devise and maintain the funds' compliance program and related testing); (f) legal support (such as helping to prepare registration statements and proxy statements, interpreting regulations and policies and overseeing fund activities); and (g) providing leverage management.
	The Board reviewed the continued investment the Adviser had made in its business to continue to strengthen the breadth and quality of its services to the benefit of the Nuveen funds. The Board noted the Adviser's additional staffing in key areas that support the funds and the Board, including in investment services, operations, closed-end fund/structured products, fund governance, compliance, fund administration, product management, and information technology. Among the enhancements to its services, the Board recognized the Adviser's (a) expanded activities and support required as a result of regulatory developments, including in areas of compliance and reporting; (b) expanded efforts to support leverage management with a goal of seeking the most effective structure for fund shareholders given appropriate risk levels and regulatory constraints; (c) increased support for dividend management; (d) continued investment in its technical capabilities as the Adviser continued to build out a centralized fund data platform, enhance mobility and remote access capabilities, rationalize and upgrade software platforms, and automate certain regulatory liquidity determinations; (e) continued efforts to rationalize the product line through mergers, liquidations and re-positioning of Nuveen funds with the goal of increasing efficiencies, reducing costs, improving performance and addressing shareholder needs; (f) continued efforts to develop new lines of business designed to enhance the Nuveen product line and meet investor demands; and (g) continued commitment to enhance risk oversight, including the formation of the operational risk group to provide operational risk assessment, the access to platforms which provide better risk reporting to support investment teams, and the development of a new team to initially review new products and major product initiatives. The Board also recognized the Adviser's efforts to renegotiate certain fees of other service providers which culminated in reduced expenses for all funds for custody and accounting services without diminishing the breadth and quality of the services provided. The Board considered the Chief Compliance Officer's report regarding the Adviser's compliance program, the Adviser's continued development, execution and management of its compliance program, and the additions to the compliance team to support the continued growth of the Nuveen fund family and address regulatory developments.
	The Board also considered information highlighting the various initiatives that the Adviser had implemented or continued during the year to enhance or support the closed-end fund product line. The Board noted the Adviser's continued efforts during 2015 (a) to rationalize the product line through mergers designed to help reduce product overlap, offer shareholders the potential for lower fees and enhanced investor acceptance, and address persistent discounts in the secondary market; (b) to oversee and manage leverage as the Adviser facilitated the rollover of existing facilities and conducted negotiations for improved terms and pricing to reduce leverage costs; (c) to conduct capital management services including share repurchases

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	and/or share issuances throughout the year and monitoring market conditions to capitalize on such opportunities for the closed-end funds; and (d) to implement data-driven market analytics which, among other things, provided a better analysis of the shareholder base, enhanced the ability to monitor the closed-end funds versus peers and helped to understand trading discounts. The Board also considered the quality and breadth of Nuveen's investment relations program through which Nuveen seeks to build awareness of, and educate investors and financial advisers with respect to, Nuveen closed-end funds which may help to build an active secondary market for the closed-end fund product line.
	As noted, the Adviser also oversees the Sub-Adviser who primarily provides the portfolio advisory services to the Funds. The Board recognized the skill and competency of the Adviser in monitoring and analyzing the performance of the Sub-Adviser and managing the sub-advisory relationship. The Board noted that the Adviser recommended the renewal of each Sub-Advisory Agreement.
	Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement were satisfactory.
B.	The Investment Performance of the Funds and Fund Advisers
	The Board considered the long-term and short-term performance history of each Fund. As noted above, the Board reviewed fund performance at its quarterly meetings throughout the year and took into account the information derived from the discussions with representatives of the Adviser about fund performance at these meetings. The Board also considered the Adviser's analysis of fund performance with particular focus on any performance outliers and the factors contributing to such performance and any steps the investment team had taken to address performance concerns. The Board reviewed, among other things, each Fund's investment performance both on an absolute basis and in comparison to peer funds (the "Performance Peer Group") and to recognized and/or customized benchmarks (i.e., generally benchmarks derived from multiple recognized benchmarks) for the quarter, one-, three- and five-year periods ending December 31, 2015, as well as performance information reflecting the first quarter of 2016.
	In evaluating performance information, the Board recognized the following factors may impact the performance data as well as the consideration to be given to particular performance data:
	• The performance data reflected a snapshot in time, in this case as of the end of the most recent calendar year or quarter. A different performance period, however, could generate significantly different results.
	• Long-term performance can be adversely affected by even one period of significant underperformance so that a single investment decision or theme had the ability to disproportionately affect long-term performance.
	• Shareholders evaluate performance based on their own holding period which may differ from the performance period reviewed by the Board, leading to different performance results.
	• The Board recognized the difficulty in establishing appropriate peer groups and benchmarks for certain funds, including Nuveen New Jersey Municipal Value Fund (the "New Jersey Fund") and Nuveen Pennsylvania Municipal Value Fund (the "Pennsylvania Fund"). The Board noted that management classified the Performance Peer Groups as low, medium and high in relevancy and took the relevancy of the Performance Peer Group into account when considering the comparative performance data. If the Performance Peer Group differed somewhat from a fund, the Board recognized that the comparative performance data may be of limited value. The Board also recognized that each fund operated pursuant to its own investment objective(s), parameters and restrictions which may differ from that of the Performance Peer Group or benchmark and that these variations lead to differences in performance results. Further, for funds that utilized leverage, the Board understood that leverage during different periods could provide both benefits and risks to a portfolio as compared to an unlevered benchmark.
	In addition to the foregoing, the Independent Board Members continued to recognize the importance of secondary market trading for the shares of closed-end funds. At the quarterly meetings as well as the May Meeting, the Independent Board

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	Members (either at the Board level or through the Closed-end Fund Committee) reviewed, among other things, the premium or discount to net asset value of the Nuveen closed-end funds as of a specified date and over various periods as well as in comparison to the premium/discount average in their respective Lipper peer category. At the May Meeting and/or prior meetings, the Independent Board Members (either at the Board level or through the Closed-end Fund Committee) reviewed, among other things, an analysis by the Adviser of the key economic, market and competitive trends that affected the closed-end fund market and Nuveen closed-end funds and considered any actions proposed periodically by the Adviser to address trading discounts of certain closed-end funds, including, among other things, share repurchases, fund reorganizations, adjusting fund investment mandates and strategies, and increasing fund awareness to investors. The Independent Board Members considered the evaluation of the premium and discount levels of the closed-end funds to be a continuing priority in their oversight of the closed-end funds.
	With respect to any Nuveen funds for which the Board has identified performance concerns, the Board monitors such funds closely until performance improves, discusses with the Adviser the reasons for such results, considers those steps necessary or appropriate to address such issues, and reviews the results of any efforts undertaken. The Board was aware, however, that shareholders chose to invest or remain invested in a fund knowing that the Adviser and the applicable sub-adviser manage the fund, knowing the fund's investment strategy and seeking exposure to that strategy (even if the strategy was "out of favor" in the marketplace) and knowing the fund's fee structure.
	For Nuveen New Jersey Quality Municipal Income Fund (the "New Jersey Quality Fund"), the Board noted that, although the Fund ranked in the fourth quartile of its Performance Peer Group for the longer three- and five-year periods, the Fund was in the first quartile for the one-year period. The Fund also outperformed its benchmark in the one-, three- and five-year periods. The Fund further ranked in the first quartile in its Performance Peer Group and outperformed its benchmark in the quarter ending March 31, 2016. The Board was satisfied with the progress of this Fund.
	For the New Jersey Fund, the Board noted that the Fund ranked in its Performance Peer Group in the fourth quartile in the one-, three- and five-year periods. In addition, although the Fund underperformed its benchmark in the one-year period, the Fund outperformed its benchmark in the three- and five-year periods. In reviewing the comparative peer information, the Board recognized that the peer group was classified as low relevancy because the Fund is an unlevered fund and the funds in the peer group consist primarily of levered funds. The Board recognized that, as a result, the Fund can generally be expected to under-perform levered funds in up markets and outperform such funds in down markets. The Board also recognized the Fund's positive absolute performance for the one-, three- and five-year periods. Given the Fund's investment mandate, the Board was satisfied with the explanation for the variance from peer performance and with the Fund's performance.
	For Nuveen Pennsylvania Quality Municipal Income Fund (the "Pennsylvania Quality Fund"), the Board noted that the Fund ranked in its Performance Peer Group in the third quartile in the one-, three- and five-year periods and outperformed its benchmark in each of such periods. The Board determined that the Fund's performance had been satisfactory.
	For the Pennsylvania Fund, the Board noted that, although the Fund ranked in its Performance Peer Group in the fourth quartile in the one- and five-year periods, the Fund ranked in the third quartile in the three-year period. The Fund also outperformed its benchmark in the one-, three- and five-year periods. The Board determined that the Fund's performance had been satisfactory.
C.	Fees, Expenses and Profitability
	1. Fees and Expenses
	The Board evaluated the management fees and other fees and expenses of each Fund. The Board reviewed, among other things, the gross and net management fees and net total expenses of each Fund (expressed as a percentage of average net assets) in absolute terms and also in comparison to the fee and expense levels of a comparable universe of funds (the "Peer Universe") selected by an independent third-party fund data provider. The Independent Board Members also reviewed the methodology regarding the construction of the applicable Peer Universe.

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	In their evaluation of the management fee schedule, the Independent Board Members considered the fund-level and complex-wide breakpoint schedules, as described in further detail below. In this regard, the Board considered that management recently reviewed the breakpoint schedules for the closed-end funds which resulted in reduced breakpoints and/or new breakpoints at certain asset thresholds for numerous closed-end funds, including the Funds.
	In reviewing the comparative fee and expense information, the Independent Board Members recognized that various factors such as the limited size and particular composition of the Peer Universe (including the inclusion of other Nuveen funds in the peer set); expense anomalies; changes in the funds comprising the Peer Universe from year to year; levels of reimbursement or fee waivers; the timing of information used; the differences in the type and use of leverage; differences in services provided; and differences in the states reflected in the Peer Universe can impact the usefulness of the comparative data in helping to assess the appropriateness of a fund's fees and expenses. In addition, in reviewing a fund's fees and expenses compared to the fees and expenses of its peers (excluding leverage costs and leveraged assets), the Board generally considered a fund's expenses and fees to be higher if they were over 10 basis points higher, slightly higher if they were 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer average of the Peer Universe. The Board reviewed the net expense ratio in recognition that the net expense ratio generally best represented the net experience of the shareholders of a fund as it directly reflected the costs of investing in the respective fund. The Board noted that the majority of the Nuveen funds had a net expense ratio near or below the average of the respective peers. For funds with a net expense ratio of 6 basis points or higher than their respective peer average, the Independent Board Members reviewed the reasons for the outlier status and were satisfied with the explanation for the difference or with any steps taken to address the difference.
	The Independent Board Members noted that the New Jersey Quality Fund, the New Jersey Fund and the Pennsylvania Fund each had a net management fee and a net expense ratio below its respective peer average, and the Pennsylvania Quality Fund had a net management fee in line with its peer average and a net expense ratio below its peer average.
	Based on their review of the fee and expense information provided, the Independent Board Members determined that each Fund's management fees (as applicable) to a Fund Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.
	2. Comparisons with the Fees of Other Clients
	The Board also reviewed information regarding the fee rates for other types of clients advised or sub-advised by the respective Fund Adviser. For the Adviser and/or the Sub-Adviser, such other clients may include municipal separately managed accounts and passively managed exchange traded funds (ETFs).
	The Board recognized that each Fund had an affiliated sub-adviser. With respect to affiliated sub-advisers, the Board reviewed, among other things, the range of advisory fee rates and average fee rate assessed for the different types of clients. The Board reviewed information regarding the different types of services provided to the Funds compared to that provided to these other clients which typically did not require the same breadth of day-to-day services required for registered funds. The Board further considered information regarding the differences in, among other things, investment policies, investor profiles, and account sizes between the Nuveen funds and the other types of clients. In addition, the Independent Board Members also recognized that the management fee rates of the foreign funds advised by the Adviser may also vary due to, among other things, differences in the client base, governing bodies, operational complexities and services covered by the management fee. The Independent Board Members recognized that the foregoing variations resulted in different economics among the product structures and culminated in varying management fees among the types of clients and funds.
	The Board also was aware that, since the Funds had a sub-adviser, each Fund's management fee reflected two components, the fee retained by the Adviser for its services and the fee the Adviser paid to the Sub-Adviser. The Board noted that many of the administrative services provided to support the Funds by the Adviser may not be required to the same extent or at all for

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	the institutional clients or other clients. In general, the Board noted that higher fee levels reflected higher levels of service provided by the Fund Adviser, increased investment management complexity, greater product management requirements and higher levels of business risk or some combination of the foregoing. Given the inherent differences in the various products, particularly the extensive services provided to the Funds, the Independent Board Members concluded such facts justify the different levels of fees.
	3. Profitability of Fund Advisers
	In conjunction with their review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities on an absolute basis and in comparison to other investment advisers. The Independent Board Members reviewed, among other things, Nuveen's adjusted operating margins, the gross and net revenue margins (pre-tax and after-tax) for advisory activities for the Nuveen funds, and the revenues, expenses, and net income (pre-tax and after-tax) of Nuveen for each of the last two calendar years. The Independent Board Members reviewed an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2015. The Independent Board Members also noted that the sub-advisory fees for the Funds are paid by the Adviser, however, the Board recognized that the Sub-Adviser is affiliated with Nuveen. In their review, the Independent Board Members recognized that profitability data is rather subjective as various allocation methodologies may be reasonable to employ but yet yield different results. The Board also reviewed the results of certain alternative methodologies. The Board considered the allocation methodology employed to prepare the profitability data as well as a summary of the refinements to the methodology that had been adopted over the years which may limit some of the comparability of Nuveen's revenue margins over time. Two Independent Board Members also served as point persons for the Board throughout the year to review and discuss the methodology employed to develop the profitability analysis and any proposed changes thereto and to keep the Board apprised of such changes during the year. In reviewing the profitability data, the Independent Board Members noted that Nuveen's operating margin as well as its margins for its advisory activities to the Nuveen funds for 2015 were consistent with such margins for 2014.
	The Board also considered Nuveen's adjusted operating margins compared to that of other comparable investment advisers (based on asset size and composition) with publicly available data. The Independent Board Members recognized, however, the limitations of the comparative data as the other advisers may have a different business mix, employ different allocation methodologies, have different capital structure and costs, may not be representative of the industry or other factors that limit the comparability of the profitability information. Nevertheless, the Independent Board Members noted that Nuveen's adjusted operating margins appeared comparable to the adjusted margins of the peers.
	Further, as the Adviser is a wholly-owned subsidiary of Nuveen which in turn is an operating division of TIAA Global Asset Management, the investment management arm of Teachers Insurance and Annuity Association of America ("TIAA-CREF"), the Board reviewed a balance sheet for TIAA-CREF reflecting its assets, liabilities and capital and contingency reserves for the last two calendar years to have a better understanding of the financial stability and strength of the TIAA-CREF complex, together with Nuveen.
	Based on the information provided, the Independent Board Members noted that the Adviser appeared to be sufficiently profitable to operate as a viable investment management firm and to honor its obligations as a sponsor of the Nuveen funds.
	With respect to the Sub-Adviser, the Independent Board Members also considered the profitability of the Sub-Adviser from its relationship with the Nuveen funds. The Independent Board Members reviewed the Sub-Adviser's revenues, expenses and revenue margins (pre- and post-tax) for its advisory activities for the calendar year ended December 31, 2015. The Independent Board Members also reviewed profitability analysis reflecting the revenues, expenses and revenue margin (pre- and post-tax) by asset type for the Sub Adviser for the calendar year ending December 31, 2015.

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	In evaluating the reasonableness of the compensation, the Independent Board Members also considered other amounts paid to a Fund Adviser by the Funds as well as indirect benefits (such as soft dollar arrangements), if any, the Fund Adviser and its affiliates received or were expected to receive that were directly attributable to the management of a Fund. See Section E below for additional information on indirect benefits a Fund Adviser may receive as a result of its relationship with the Funds.
	Based on their review, the Independent Board Members determined that the Adviser's and the Sub-Adviser's levels of profitability were reasonable in light of the respective services provided.
D.	Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
	The Independent Board Members recognized that as the assets of a particular fund or the Nuveen complex in the aggregate increase over time, economies of scale may be realized with respect to the management of the funds, and the Independent Board Members considered the extent to which these economies are shared with the funds and their shareholders. Although the Independent Board Members recognized that economies of scale are difficult to measure with precision, the Board noted that there were several acceptable means to share economies of scale, including through breakpoints in the management fee schedule reducing the fee rates as asset levels grow, fee waiver and expense limitation agreements and the Adviser's investment in its business which can enhance the services provided to the funds. With respect to breakpoints, the Independent Board Members noted that, subject to certain exceptions, the funds in the Nuveen complex pay a management fee to the Adviser which is generally comprised of a fund-level component and complex-level component. The fund-level fee component declines as the assets of the particular fund grow and the complex-level fee component declines when eligible assets of all the funds in the Nuveen complex combined grow. With respect to closed-end funds, the Independent Board Members noted that, although such funds may from time-to-time make additional share offerings, the growth of their assets would occur primarily through the appreciation of such funds' investment portfolios. The complex-wide fee arrangement was designed to capture economies of scale achieved when total fund complex assets increase, even if the assets of a particular fund are unchanged or decrease. The approach reflected the notion that some of Nuveen's costs were attributable to services provided to all its funds in the complex, and therefore all funds should benefit if these costs were spread over a larger asset base.
	The Independent Board Members reviewed the breakpoint and complex-wide schedules and the material savings achieved from fund-level breakpoints and complex-wide fee reductions for the 2015 calendar year.
	In addition, the Independent Board Members recognized the Adviser's ongoing investment in its business to expand or enhance the services provided to the Nuveen funds. The Independent Board Members noted, among other things, the additions to groups who play a key role in supporting the funds including in closed-end funds/structured products, fund administration, operations, fund governance, investment services, compliance, product management, and technology. The Independent Board Members also recognized the investments in systems necessary to manage the funds including in areas of risk oversight, information technology and compliance.
	Based on their review, the Independent Board Members concluded that the current fee structure was acceptable and reflected economies of scale to be shared with shareholders when assets under management increase.
E.	Indirect Benefits
	The Independent Board Members received and considered information regarding other additional benefits the respective Fund Adviser or its affiliates may receive as a result of their relationship with the Funds, including compensation paid to affiliates and research received in connection with brokerage transactions (i.e., soft dollar arrangements). In this regard, the Independent Board Members noted any revenues received by affiliates of the Adviser for serving as co-manager in initial public offerings of new closed-end funds and as underwriter on shelf offerings for certain existing funds.

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	In addition to the above, the Independent Board Members considered that the Funds' portfolio transactions are allocated by the Sub-Adviser and the Sub-Adviser may benefit from research received through soft-dollar arrangements. The Board noted, however, that with respect to transactions in fixed income securities, such securities generally trade on a principal basis and do not generate soft dollar credits. Although the Board recognized the Sub-Adviser may benefit from a soft dollar arrangement if it does not have to pay for this research out of its own assets, the Board also recognized that any such research may benefit the Funds to the extent it enhances the ability of the Sub-Adviser to manage the Funds.
	Based on their review, the Independent Board Members concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable and within acceptable parameters.
F.	Other Considerations
	The Independent Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, concluded that the terms of each Advisory Agreement were fair and reasonable, that the respective Fund Adviser's fees were reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed.

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