UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-09455
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Nuveen New Jersey Dividend Advantage Municipal Fund
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(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
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(Address of principal executive offices) (Zip code)
Kevin J. McCarthy
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
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(Name and address of agent for service)
Registrant's telephone number, including area code: (312) 917-7700
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Date of fiscal year end: April 30
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Date of reporting period: October 31, 2009
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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.
LOGO: NUVEEN INVESTMENTS
Closed-End Funds
Nuveen Investments
Municipal Closed-End Funds
IT'S NOT WHAT YOU EARN, IT'S WHAT YOU KEEP.(R)
Semi-Annual Report October 31, 2009
------------------------ ------------------------- -----------------------
NUVEEN NEW JERSEY NUVEEN NEW JERSEY NUVEEN NEW JERSEY
INVESTMENT QUALITY PREMIUM INCOME DIVIDEND ADVANTAGE
MUNICIPAL FUND, INC. MUNICIPAL FUND, INC. MUNICIPAL FUND
NQJ NNJ NXJ
------------------------ ------------------------- -----------------------
NUVEEN NEW JERSEY NUVEEN NEW JERSEY NUVEEN PENNSYLVANIA
DIVIDEND ADVANTAGE MUNICIPAL VALUE INVESTMENT QUALITY
MUNICIPAL FUND 2 FUND MUNICIPAL FUND
NUJ NJV NQP
------------------------ ------------------------- -----------------------
NUVEEN PENNSYLVANIA NUVEEN PENNSYLVANIA NUVEEN PENNSYLVANIA
PREMIUM INCOME DIVIDEND ADVANTAGE DIVIDEND ADVANTAGE
MUNICIPAL FUND 2 MUNICIPAL FUND MUNICIPAL FUND 2
NPY NXM NVY
------------------------
NUVEEN PENNSYLVANIA
MUNICIPAL VALUE
FUND
NPN
OCTOBER 09
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LOGO: NUVEEN INVESTMENTS
Chairman's
Letter to Shareholders
[PHOTO OF ROBERT P. BREMNER]
DEAR SHAREHOLDER,
The financial markets in which your Fund operates continue to reflect the larger
economic crosscurrents. The illiquidity that infected global credit markets over
the last year continues to recede but there is concern about the impact of a
reduction in official liquidity support programs. The major institutions that
are the linchpin of the international financial system have strengthened their
capital structures, but many still struggle with losses in their various
portfolios. Global trends include increasing trade and concern about the ability
of the U.S. government to address its substantial budgetary deficits.
While the fixed-income and equity markets have recovered from the lows recorded
in the first quarter of 2009, identifying those developments that will define
the future is never easy, and rarely is it more difficult than at present. A
fundamental component of a successful investment program is a commitment to
remain focused on long-term investment goals even during periods of heightened
market uncertainty. Another component is to re-evaluate investment disciplines
and tactics and to confirm their validity following periods of extreme
volatility and market dislocation, such as we have recently experienced. Your
Board carried out an intensive review of investment performance with these
objectives in mind during April and May of 2009 as part of the annual management
contract renewal process. I encourage you to read the description of this
process in the Annual Investment Management Agreement Approval Process section
of this report. Confirming the appropriateness of a long term investment
strategy is as important for our shareholders as it is for our professional
investment managers. For that reason, I again encourage you to remain in
communication with your financial consultant on this subject.
In September 2009, Nuveen completed the refinancing at par of all the auction
rate preferred shares issued by its taxable closed-end funds. On October 15,
Nuveen announced the first successful offering of an issue of MuniFund Term
Preferred Shares. This new form of preferred securities joins the Variable Rate
Demand Preferred securities as vehicles for refinancing existing municipal fund
auction rate preferred shares (ARPS). By the beginning of December 2009, six of
the leveraged municipal closed-end funds had redeemed all of their outstanding
ARPS. Nuveen remains committed to resolving the issues connected with
outstanding auction rate preferred shares. Please consult the Nuveen web site
for the most recent information on this issue and all recent developments on
your Nuveen Funds at: www.nuveen.com.
On behalf of the other members of your Fund's Board, we look forward to
continuing to earn your trust in the months and years ahead.
Sincerely,
/s/ Robert P. Bremner
---------------------------
Robert P. Bremner
Chairman of the Board
December 21, 2009
Nuveen Investments 1
Portfolio Manager's Comments
Nuveen New Jersey Investment Quality Municipal Fund, Inc. (NQJ)
Nuveen New Jersey Premium Income Municipal Fund, Inc. (NNJ)
Nuveen New Jersey Dividend Advantage Municipal Fund (NXJ)
Nuveen New Jersey Dividend Advantage Municipal Fund 2 (NUJ)
Nuveen New Jersey Municipal Value Fund (NJV)
Nuveen Pennsylvania Investment Quality Municipal Fund (NQP)
Nuveen Pennsylvania Premium Income Municipal Fund 2 (NPY)
Nuveen Pennsylvania Dividend Advantage Municipal Fund (NXM)
Nuveen Pennsylvania Dividend Advantage Municipal Fund 2 (NVY)
Nuveen Pennsylvania Municipal Value Fund (NPN)
Portfolio manager Cathryn Steeves discusses key investment strategies and the
six-month performance of these Nuveen New Jersey and Pennsylvania Funds.
Cathryn, who joined Nuveen in 1996, has managed NQJ, NNJ, NXJ, NUJ, NQP, NPY,
NXM and NVY since 2006. In April 2009, she added portfolio management
responsibility for the newly introduced Nuveen New Jersey Municipal Value Fund
(NJV) and Nuveen Pennsylvania Municipal Value Fund (NPN).
WHAT KEY STRATEGIES WERE USED TO MANAGE THE NUVEEN NEW JERSEY AND PENNSYLVANIA
FUNDS DURING THE SIX-MONTH REPORTING PERIOD ENDED OCTOBER 31, 2009?
During this reporting period, municipal bond prices generally rose as strong
cash flows into municipal bond funds combined with tighter supply of new
tax-exempt issuance to provide favorable supply and demand conditions.
One reason for the supply reduction was the introduction of the Build America
Bond program. Build America Bonds are a new class of taxable municipal debt
created as part of the February 2009 economic stimulus package. These bonds
offer municipal issuers a federal subsidy equal to 35% of the security's
interest payments, and therefore offer issuers an attractive alternative to
traditional tax-exempt debt. As of October 31, 2009, approximately 20% of new
bonds in the municipal market offered in the previous six-months were issued as
taxable Build America bonds. Since interest payments from these bonds represent
taxable income, we do not see them as a good investment opportunity for these
Funds.
CERTAIN STATEMENTS IN THIS REPORT ARE FORWARD-LOOKING STATEMENTS.
DISCUSSIONS OF SPECIFIC INVESTMENTS ARE FOR ILLUSTRATION ONLY AND ARE NOT
INTENDED AS RECOMMENDATIONS OF INDIVIDUAL INVESTMENTS. THE FORWARD-LOOKING
STATEMENTS AND OTHER VIEWS EXPRESSED HEREIN ARE THOSE OF THE PORTFOLIO
MANAGER AS OF THE DATE OF THIS REPORT. ACTUAL FUTURE RESULTS OR
OCCURRENCES MAY DIFFER SIGNIFICANTLY FROM THOSE ANTICIPATED IN ANY
FORWARD-LOOKING STATEMENTS, AND THE VIEWS EXPRESSED HEREIN ARE SUBJECT TO
CHANGE AT ANY TIME, DUE TO NUMEROUS MARKET AND OTHER FACTORS. THE FUNDS
DISCLAIM ANY OBLIGATION TO UPDATE PUBLICLY OR REVISE ANY FORWARD-LOOKING
STATEMENTS OR VIEWS EXPRESSED HEREIN.
2 Nuveen Investments
Due in part to the decline in new tax-exempt supply, investment activity in the
New Jersey and Pennsylvania Funds was somewhat more limited than usual. During
the majority of this period, trading activity was also dampened by a market
environment in which most of the bonds available carried relatively high prices.
We did not believe that it made sense to generate trading costs in this
environment. We continued to focus on finding relative value by taking a
bottom-up approach to discover undervalued sectors and individual credits with
the potential to perform well over the long term. Despite the market's overall
strength, we were able to find some relatively attractive opportunities to add
health care and student loan credits to the New Jersey Funds. In the
Pennsylvania Funds, we purchased general obligation, health care, and
transportation bonds, specifically for NQP and NPY, which had experienced some
bond calls. Supply, especially among the longer-maturity bonds that we sought,
was more plentiful in the health care sector due to the fact that hospitals
generally do not qualify for the Build America Bond program and therefore must
continue to issue bonds in the tax-exempt municipal market.
Cash for new purchases was generated largely by maturing or called bonds,
especially in the Pennsylvania Funds. Some of the New Jersey Funds also sold
selected holdings with shorter maturities. To help us maintain adequate
liquidity, we continued to manage the Funds' cash reserves, which we had
increased amid the market uncertainty of the previous reporting period. This was
especially true in NXM and NVY.
In April 2009, we introduced the Nuveen New Jersey Municipal Value Fund (NJV)
and the Nuveen Pennsylvania Municipal Value Fund (NPN). Both Funds are designed
to invest at least 80% of their managed assets (as defined in their prospectus)
in investment quality municipal securities and may invest up to 20% of their
managed assets in bonds rated below investment quality or judged to be of
comparable quality. During this period, we focused on completing the Funds'
initial investment phase. By period end, both NJV and NPN were fully invested
and had met or exceeded all of their targeted objectives in terms of credit
quality and diversification. Our purchases during the investment phase focused
primarily on bonds that we believed would achieve the objectives of providing
attractive monthly income exempt from federal income taxes as well as New Jersey
or Pennsylvania taxes and attractive after-tax total returns over the long term.
This included securities at the longer end of the maturity spectrum that offered
good call protection and diversification in terms of credit quality and sector,
such as health care, limited tax obligation, transportation, education and water
and sewer bonds.
During this period, we added inverse floating rate securities(1) to NUJ as well
as to the two new Funds, so that all of the Funds were using inverse floaters as
of October 31, 2009. We employ inverse floaters as a form of leverage for a
variety of reasons, including duration management, income enhancement and total
return enhancements.
(1) An inverse floating rate security, also known as an inverse floater, is a
financial instrument designed to pay long-term tax-exempt interest at a
rate that varies inversely with a short-term tax-exempt interest rate
index. For the Nuveen Funds, the index typically used is the Securities
Industry and Financial Markets (SIFM) Municipal Swap Index (previously
referred to as the Bond Market Association Index or BMA). Inverse
floaters, including those inverse floating rate securities in which the
Funds invested during this reporting period, are further defined within
the Notes to Financial Statements and Glossary of Terms Used in this
Report sections of this report.
Nuveen Investments 3
HOW DID THE FUNDS PERFORM?
Individual results for the Nuveen New Jersey and Pennsylvania Funds, as well as
relevant index and peer group information, are presented in the accompanying
table.
AVERAGE ANNUAL TOTAL RETURNS ON COMMON SHARE NET ASSET VALUE*
FOR PERIODS ENDED 10/31/09
SIX-MONTH 1-YEAR 5-YEAR 10-YEAR
-------------------------------------------------------------------------------------------------
NEW JERSEY FUNDS
NQJ 11.31% 22.78% 3.96% 6.04%
NNJ 8.43% 20.79% 3.89% 6.40%
NXJ 11.50% 24.40% 3.94% N/A
NUJ 11.85% 24.09% 4.08% N/A
NJV 10.22% N/A N/A N/A
Standard & Poor's (S&P) New Jersey Municipal Bond Index(2) 6.03% 14.11% 4.50% 5.69%
PENNSYLVANIA FUNDS
NQP 9.86% 25.87% 3.59% 5.80%
NPY 11.16% 27.63% 3.37% 6.33%
NXM 12.56% 25.88% 3.69% N/A
NVY 10.65% 23.54% 3.77% N/A
NPN 8.42% N/A N/A N/A
Standard & Poor's (S&P) Pennsylvania
Municipal Bond Index(2) 5.53% 14.33% 4.15% 5.65%
Standard & Poor's (S&P) National Municipal Bond Index(3) 5.96% 14.15% 4.04% 5.61%
Lipper Other States Municipal Debt Funds Average(4) 10.60% 24.28% 3.74% 6.25%
-------------------------------------------------------------------------------------------------
For the six months ended October 31, 2009, the cumulative returns on common
share net asset value (NAV) for all ten Funds exceeded the returns for the S&P
New Jersey and Pennsylvania Municipal Bond Indexes and the S&P National
Municipal Bond Index. NQJ, NXJ, NUJ, NPY, NXM and NVY outperformed the average
return for the Lipper Other States Municipal Debt Funds Average, while NNJ, NJV,
NQP and NPN lagged this measure.
* Six-month returns are cumulative; returns for one-year, five-year, and
ten-year are annualized.
Past performance is not predictive of future results. Current performance
may be higher or lower than the data shown. Returns do not reflect the
deduction of taxes that shareholders may have to pay on Fund distributions
or upon the sale of Fund shares.
For additional information, see the individual Performance Overview for
your Fund in this report.
(2) The Standard & Poor's (S&P) New Jersey and Pennsylvania Municipal Bond
Indexes are unleveraged, market value-weighted indexes designed to measure
the performance of the investment-grade municipal bond market in New
Jersey and Pennsylvania, respectively. These indexes do not reflect any
initial or ongoing expenses and are not available for direct investment.
(3) The Standard & Poor's (S&P) National Municipal Bond Index is an
unleveraged, market value-weighted index designed to measure the
performance of the investment-grade U.S. municipal bond market. This index
does not reflect any initial or ongoing expenses and is not available for
direct investment.
(4) The Lipper Other States Municipal Debt Funds Average is calculated using
the returns of all closed-end funds in this category for each period as
follows: six-month, 46 funds; 1-year, 46 funds; 5-year, 46 funds; and
10-year, 18 funds. Fund and Lipper returns assume reinvestment of
dividends. Shareholders should note that the performance of the Lipper
Other States category represents the overall average of returns for funds
from ten different states with a wide variety of municipal market
conditions, making direct comparisons less meaningful. The returns account
for the effects of management fees and assume reinvestment of dividends,
but do not reflect any applicable sales charges. You cannot invest
directly in a Lipper Average.
4 Nuveen Investments
Key management factors that influenced the Funds' returns during this period
included yield curve and duration positioning, credit exposure and sector
allocation. In addition, leverage was an important, positive factor affecting
the performances of the Funds. The impact of leverage is discussed in more
detail on page six. NJV and NPN, which were introduced in April 2009, were in
their initial investment phase during this period, which meant that they were
not fully invested for the entire six-month period. This had an impact on the
six-month performance numbers for these two Funds.
During this period, we saw yields on tax-exempt bonds generally decline and bond
prices rise, especially at the longer end of the municipal yield curve. As a
result, longer-term bonds generally outperformed credits with shorter
maturities. In general, the New Jersey and Pennsylvania Funds benefited from
their relatively heavier weightings in the longer part of the yield curve as
well as their underweightings in the underperforming shorter end of the curve.
The exception was NNJ, which had the shortest duration among these Funds and was
hurt by its relative underexposure to longer bonds.
While yield curve positioning and duration played important roles in performance
during these six months, credit exposure had an even more significant impact. As
noted earlier, the demand for municipal bonds increased among both institutional
and individual investors during this period. This increase was driven by a
variety of factors, including concerns about potential tax increases, the need
to rebalance portfolio allocations, and a growing appetite for additional risk.
At the same time, the supply of new tax-exempt municipal securities declined. As
investors bid up municipal bond prices, bonds rated BBB or below and non-rated
bonds generally outperformed those rated AAA. In this environment, the Funds'
performances benefited greatly from their credit allocations, especially their
relative overweightings of the BBB category and underweightings of AAA bonds.
NXJ, NUJ, NPY, NXM and NVY also had exposure to bonds rated BB, which provided
an extra boost for their returns. Conversely, the overall higher credit quality
(as measured by allocations of AAA and AA bonds) of NNJ and NQP hampered the
six-month relative performances of these two Funds.
Holdings that generally contributed to the Funds' performances included
industrial development revenue (IDR) and health care bonds. Transportation,
special tax and housing bonds also outperformed the general municipal market
during this period. On the whole, the New Jersey Funds were comparatively
overweighted in IDR and health care credits, which benefited their performances
during this period. While the Pennsylvania Funds also had heavy weightings in
these two sectors, their IDR and health care holdings tended to have shorter
maturities, which produced mixed performance results. Zero coupon bonds and
credits backed by the 1998 master tobacco settlement agreement also were strong
performers.
Nuveen Investments 5
Pre-refunded bonds, which are often back by U. S. Treasury securities and which
had been one of the top performing segments of the municipal bond market over
the past two years, performed especially poorly during this period. This was
primarily due to their shorter effective maturities and higher credit quality.
Many general obligation bonds also failed to keep pace with the overall
municipal market. Other market sectors that lagged the municipal market for the
six months included water and sewer, leasing and education.
IMPACT OF THE FUNDS' CAPITAL STRUCTURES AND LEVERAGE STRATEGIES ON PERFORMANCE
One important factor impacting the returns of these Funds relative to the
comparative indexes was the Funds' use of financial leverage. The Funds use
leverage because their managers believe that, over time, leveraging provides
opportunities for additional income and total returns for common shareholders.
However, use of leverage also can expose common shareholders to additional
risk -- especially when market conditions are unfavorable. For example, as the
prices of securities held by a Fund decline, the negative impact of these
valuation changes on common share net asset value and common shareholder total
return is magnified by the use of leverage. Conversely, leverage may enhance
common share returns during periods when bond prices generally are rising.
Over the early part of this period, leverage hampered the performance of the
Funds using this strategy. However, leverage made a significant positive
contribution to those Funds returns over much of 2009, which can be seen in
their twelve-month performance shown on page four.
RECENT DEVELOPMENTS REGARDING THE FUNDS' LEVERAGED CAPITAL STRUCTURE
As noted in the last several shareholder reports, the auction rate preferred
shares issued by many closed-end funds, including these Nuveen Funds, have been
hampered by a lack of liquidity since February 2008. Since that time, more
auction rate preferred shares have been submitted for sale in their regularly
scheduled auctions than there have been offers to buy. In fact, offers to buy
have been almost completely non-existent since late February 2008. This means
that these auctions have "failed to clear," and that many, or all, of the
auction rate preferred shareholders who wanted to sell their shares in these
auctions were unable to do so. This lack of liquidity in auction rate preferred
shares did not lower the credit quality of these shares, and auction rate
preferred shareholders unable to sell their shares received distributions at the
"maximum rate" applicable to failed auctions, as calculated in accordance with
the pre-established terms of the auction rate preferred shares. In the recent
market, with short-term rates at multi-generational lows, those maximum rates
also have been low.
6 Nuveen Investments
One continuing implication for common shareholders from the auction failures is
that each Fund's cost of leverage likely has been incrementally higher at times
than it otherwise might have been had the auctions continued to be successful.
As a result, each Fund's common share earnings likely have been incrementally
lower at times than they otherwise might have been.
As noted in past shareholder reports, the Funds' Board of Directors/Trustees
authorized a plan to use tender option bonds (TOBs), also known as floating rate
securities, to refinance a portion of the Funds' outstanding auction rate
preferred shares. The amount of TOBs that a Fund may use varies according to the
composition of each Fund's portfolio. Some Funds have a greater ability to use
TOBs than others. As of October 31, 2009, some Funds have issued Variable Rate
Demand Preferred Shares, but these issuances have been limited since it has been
difficult to find liquidity facilities on economically viable terms given the
constrained credit environment. Some Funds also issued MuniFund Term Preferred
(MTP), a fixed-rate form of preferred stock with a mandatory redemption period
of five years.. However, the Funds cannot provide any assurance on when the
remaining outstanding auction rate preferred shares might be redeemed.
As of October 31, 2009, the amount of auction rate preferred securities redeemed
by the Funds are as shown in the accompanying table.
AUCTION RATE % OF ORIGINAL
PREFERRED SHARES AUCTION RATE
FUND REDEEMED PREFERRED SHARES
--------------------------------------------------------------------------------
NQJ $ 18,550,000 11.5%
NNJ $ 3,725,000 4.1%
NXJ $ 4,075,000 8.5%
NUJ $ 3,275,000 9.5%
NJV N/A N/A
NQP $ 20,250,000 15.3%
NPY $ 18,825,000 15.9%
NXM $ 2,500,000 10.0%
NVY $ 5,500,000 19.3%
NPN N/A N/A
--------------------------------------------------------------------------------
As of October 31, 2009, 75 out of the 88 Nuveen closed-end municipal funds that
had issued auction rate preferred shares have redeemed, at par, all or a portion
of these shares. These redemptions bring the total amount of Nuveen's municipal
closed-end funds' auction rate preferred share redemptions to approximately $2.4
billion of the original $11 billion outstanding.
For up-to-date information, please visit the Nuveen CEF Auction Rate Preferred
Resource Center at:
http://www.nuveen.com/ResourceCenter/AuctionRatePreferred.aspx.
Nuveen Investments 7
Common Share Dividend and Share Price Information
During the six-month reporting period ended October 31, 2009, NQJ, NNJ, NXJ,
NUJ, NQP, NPY, NXM and NVY each had two monthly dividend increases, the first in
May 2009 and the second in September 2009. NJV and NPN, which were introduced in
April 2009, paid their initial monthly dividend distributions in June 2009 and
maintained stable dividends throughout the remainder of the reporting period.
All of the Funds in this report seek to pay stable dividends at rates that
reflect each Fund's past results and projected future performance. During
certain periods, each Fund may pay dividends at a rate that may be more or less
than the amount of net investment income actually earned by the Fund during the
period. If a Fund has cumulatively earned more than it has paid in dividends, it
holds the excess in reserve as undistributed net investment income (UNII) as
part of the Fund's NAV. Conversely, if a Fund has cumulatively paid dividends in
excess of its earnings, the excess constitutes negative UNII that is likewise
reflected in the Fund's NAV. Each Fund will, over time, pay all of its net
investment income as dividends to shareholders. As of October 31, 2009, all of
the Funds in this report had positive UNII balances, based upon our best
estimate, for tax purposes. NQJ, NNJ, NXJ, NUJ, NQP, NPY, NXM and NVY had
positive UNII balances and NJV and NPN had negative UNII balances for financial
statement purposes.
COMMON SHARE REPURCHASES AND SHARE PRICE INFORMATION
As of October 31, 2009, the aggregate amount of common shares repurchased by the
following Funds are as shown in the accompanying table. Since the inception of
the Funds' repurchase program, NJV, NVY and NPN have not repurchased any of
their common shares.
COMMON SHARES % OF OUTSTANDING
FUND REPURCHASED COMMON SHARES
--------------------------------------------------------------------------------
NQJ 30,600 0.1%
NNJ 12,900 0.1%
NXJ 7,200 0.1%
NUJ 2,800 0.1%
NQP 167,400 1.0%
NPY 207,900 1.3%
NXM 2,000 0.1%
--------------------------------------------------------------------------------
8 Nuveen Investments
During the six-month reporting period, the following Funds repurchased common
shares at a weighted average price and a weighted average discount per common
share as shown in the accompanying table.
WEIGHTED AVERAGE WEIGHTED AVERAGE
COMMON SHARES PRICE PER SHARE DISCOUNT PER SHARE
FUND REPURCHASED REPURCHASED REPURCHASED
--------------------------------------------------------------------------------
NQP 39,000 $12.77 12.36%
NPY 23,300 $12.25 11.67%
NXM 8,600 $12.77 11.69%
--------------------------------------------------------------------------------
As of October 31, 2009, the Funds' common share prices were trading at premiums
(+) or discounts (-) to their common share NAVs as shown in the accompanying
table.
10/31/09 SIX-MONTH AVERAGE
FUND (+) PREMIUM/(-) DISCOUNT (-) DISCOUNT
--------------------------------------------------------------------------------
NQJ -8.02% -8.08%
NNJ -8.34% -8.28%
NXJ -9.58% -8.50%
NUJ -2.99% -4.31%
NJV -3.57% -1.49%
NQP -11.68% -11.66%
NPY -10.97% -12.01%
NXM -10.39% -11.55%
NVY -11.22% -9.30%
NPN +2.64% -0.09%
--------------------------------------------------------------------------------
Nuveen Investments 9
NQJ
Performance OVERVIEW |
Nuveen New Jersey
Investment Quality
Municipal Fund, Inc.
as of October 31, 2009
FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price $ 12.96
--------------------------------------------------------------------------------
Common Share Net Asset Value $ 14.09
--------------------------------------------------------------------------------
Premium/(Discount) to NAV -8.02%
--------------------------------------------------------------------------------
Market Yield 5.83%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(1) 8.65%
--------------------------------------------------------------------------------
Net Assets Applicable to Common Shares ($000) $ 288,292
--------------------------------------------------------------------------------
Average Effective Maturity on Securities (Years) 15.29
--------------------------------------------------------------------------------
Leverage-Adjusted Duration 8.25
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 2/21/91)
--------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------------------------------------
6-Month
(Cumulative) 17.32% 11.31%
--------------------------------------------------------------------------------
1-Year 34.68% 22.78%
--------------------------------------------------------------------------------
5-Year 2.64% 3.96%
--------------------------------------------------------------------------------
10-Year 5.26% 6.04%
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
(as a % of total investments)
--------------------------------------------------------------------------------
Tax Obligation/Limited 22.8%
--------------------------------------------------------------------------------
Transportation 17.3%
--------------------------------------------------------------------------------
Health Care 14.9%
--------------------------------------------------------------------------------
U.S. Guaranteed 13.9%
--------------------------------------------------------------------------------
Education and Civic Organizations 10.8%
--------------------------------------------------------------------------------
Water and Sewer 5.3%
--------------------------------------------------------------------------------
Tax Obligation/General 4.4%
--------------------------------------------------------------------------------
Other 10.6%
--------------------------------------------------------------------------------
CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)
[PIE CHART]
AAA/U.S.
Guaranteed 31%
AA 17%
A 27%
BBB 15%
BB or Lower 2%
N/R 8%
2008-2009 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE(2)
[BAR CHART]
Nov $ 0.0545
Dec 0.0545
Jan 0.0545
Feb 0.0545
Mar 0.0545
Apr 0.0545
May 0.06
Jun 0.06
Jul 0.06
Aug 0.06
Sep 0.063
Oct 0.063
COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE
[LINE CHART]
11/01/08 $ 10.21
10.7084
10.16
9.75
9.68
9.5
8.61
9.31
9.36
9.92
11.4
11.26
10.8
10.9
11.29
11.23
10.39
10.61
10.26
10.53
10.63
10.71
11.08
11.13
11.3001
11.38
11.5
11.79
11.91
11.86
11.98
11.95
11.67
11.63
12.06
11.9
12
12.27
12.37
12.51
12.74
12.87
12.81
12.93
13.15
13.2236
13.2
13.38
13.47
13.34
12.83
13.18
10/31/09 12.96
(1) Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 32.6%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
(2) The Fund paid shareholders capital gains and net ordinary income
distributions in December 2008 of $0.0896 per share.
10 Nuveen Investments
NNJ
Performance OVERVIEW |
Nuveen New Jersey
Premium Income
Municipal Fund, Inc.
as of October 31, 2009
CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)
[PIE CHART]
AAA/U.S.
Guaranteed 26%
AA 25%
A 29%
BBB 14%
BB or Lower 1%
N/R 5%
2008-2009 MONTHLY TAX-FREE DIVIDENDS PER SHARE(2)
[BAR CHART]
Nov $ 0.0515
Dec 0.0515
Jan 0.0515
Feb 0.0515
Mar 0.0515
Apr 0.0515
May 0.058
Jun 0.058
Jul 0.058
Aug 0.058
Sep 0.062
Oct 0.062
COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE
[LINE CHART]
11/01/08 $ 10.8
11.08
10.674
9.35
9.994
9.5754
9.05
10.25
10.12
10.57
11.67
11.46
11.482
11.88
11.97
12.1
11.38
11.8
11.19
11.1
11.18
11.36
11.7
12.03
11.97
11.97
12.13
12.28
12.33
12.34
12.51
12.76
12.5199
12.4081
12.76
12.16
12.94
12.72
12.83
13.12
13.15
13.1
13.31
13.58
13.72
13.81
13.78
13.9
14.05
14.04
13.446
13.85
10/31/09 13.41
FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price $ 13.41
--------------------------------------------------------------------------------
Common Share Net Asset Value $ 14.63
--------------------------------------------------------------------------------
Premium/(Discount) to NAV -8.34%
--------------------------------------------------------------------------------
Market Yield 5.55%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(1) 8.23%
--------------------------------------------------------------------------------
Net Assets Applicable to Common Shares ($000) $ 176,145
--------------------------------------------------------------------------------
Average Effective Maturity on Securities (Years) 13.40
--------------------------------------------------------------------------------
Leverage-Adjusted Duration 7.88
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 12/17/92)
--------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------------------------------------
6-Month
(Cumulative) 15.17% 8.43%
--------------------------------------------------------------------------------
1-Year 31.37% 20.79%
--------------------------------------------------------------------------------
5-Year 2.71% 3.89%
--------------------------------------------------------------------------------
10-Year 5.98% 6.40%
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
(as a % of total investments)
--------------------------------------------------------------------------------
Tax Obligation/Limited 27.2%
--------------------------------------------------------------------------------
U.S. Guaranteed 18.5%
--------------------------------------------------------------------------------
Transportation 12.6%
--------------------------------------------------------------------------------
Health Care 12.4%
--------------------------------------------------------------------------------
Education and Civic Organizations 10.1%
--------------------------------------------------------------------------------
Tax Obligation/General 6.3%
--------------------------------------------------------------------------------
Water and Sewer 5.7%
--------------------------------------------------------------------------------
Other 7.2%
--------------------------------------------------------------------------------
(1) Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 32.6%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
(2) The Fund paid shareholders capital gains and net ordinary income
distributions in December 2008 of $0.0844 per share.
Nuveen Investments 11
NXJ
Performance OVERVIEW |
Nuveen New Jersey
Dividend Advantage
Municipal Fund
as of October 31, 2009
FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price $ 12.74
--------------------------------------------------------------------------------
Common Share Net Asset Value $ 14.09
--------------------------------------------------------------------------------
Premium/(Discount) to NAV -9.58%
--------------------------------------------------------------------------------
Market Yield 5.75%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(1) 8.53%
--------------------------------------------------------------------------------
Net Assets Applicable to Common Shares ($000) $ 92,597
--------------------------------------------------------------------------------
Average Effective Maturity on Securities (Years) 15.49
--------------------------------------------------------------------------------
Leverage-Adjusted Duration 9.38
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 3/27/01)
--------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------------------------------------
6-Month
(Cumulative) 17.56% 11.50%
--------------------------------------------------------------------------------
1-Year 33.44% 24.40%
--------------------------------------------------------------------------------
5-Year 2.50% 3.94%
--------------------------------------------------------------------------------
Since Inception 4.04% 5.63%
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
(as a % of total investments)
--------------------------------------------------------------------------------
Tax Obligation/Limited 22.0%
--------------------------------------------------------------------------------
U.S. Guaranteed 15.0%
--------------------------------------------------------------------------------
Health Care 14.7%
--------------------------------------------------------------------------------
Water and Sewer 14.5%
--------------------------------------------------------------------------------
Education and Civic Organizations 12.5%
--------------------------------------------------------------------------------
Transportation 12.4%
--------------------------------------------------------------------------------
Other 8.9%
--------------------------------------------------------------------------------
CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)
[PIE CHART]
AAA/U.S.
Guaranteed 23%
AA 12%
A 42%
BBB 16%
BB or Lower 2%
N/R 5%
2008-2009 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE(2)
[BAR CHART]
Nov $ 0.055
Dec 0.055
Jan 0.055
Feb 0.055
Mar 0.055
Apr 0.055
May 0.059
Jun 0.059
Jul 0.059
Aug 0.059
Sep 0.061
Oct 0.061
COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE
[LINE CHART]
11/01/08 $ 10.18
10.26
9.675
9.1
9.5
9.05
8.53
8.9
8.97
9.57
10.7999
10.38
10.25
10.59
10.96
10.9
10.23
10.67
10.12
10.39
10.27
10.55
10.83
10.976
11.21
11.1166
11.47
11.65
11.62
11.96
11.94
11.92
11.7109
11.8
11.93
11.77
12.14
12.42
12.27
12.47
12.6
12.5699
12.6199
12.7799
13.04
13.02
13.2213
13.3819
13.39
13.48
12.892
13.11
10/31/09 12.74
(1) Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 32.6%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
(2) The Fund paid shareholders capital gains and net ordinary income
distributions in December 2008 of $0.0769 per share.
12 Nuveen Investments
NUJ
Performance OVERVIEW |
Nuveen New Jersey
Dividend Advantage
Municipal Fund 2
as of October 31, 2009
CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)
[PIE CHART]
AAA/U.S.
Guaranteed 27%
AA 14%
A 37%
BBB 14%
BB or Lower 4%
N/R 4%
2008-2009 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE(2)
[BAR CHART]
Nov $ 0.0575
Dec 0.0575
Jan 0.0575
Feb 0.0575
Mar 0.0575
Apr 0.0575
May 0.062
Jun 0.062
Jul 0.062
Aug 0.062
Sep 0.065
Oct 0.065
COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE
[LINE CHART]
11/01/08 $ 10.87
10.88
9.97
9.15
9.55
9.15
8.42
8.95
9.14
9.83
11.06
10.41
10.54
11
11.33
11.388
10.99
11.36
10.75
10.72
10.6116
10.88
11.25
11.59
11.32
11.51
11.65
11.8401
12.11
12.45
12.61
12.62
12.34
12.35
12.35
12.229
12.79
12.4
12.65
12.49
13.05
13.3001
13.53
13.62
13.73
13.7
14.29
14.33
14.71
13.74
13.45
13.7
10/31/09 13.65
FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price $ 13.65
--------------------------------------------------------------------------------
Common Share Net Asset Value $ 14.07
--------------------------------------------------------------------------------
Premium/(Discount) to NAV -2.99%
--------------------------------------------------------------------------------
Market Yield 5.71%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(1) 8.47%
--------------------------------------------------------------------------------
Net Assets Applicable to Common Shares ($000) $ 63,625
--------------------------------------------------------------------------------
Average Effective Maturity on Securities (Years) 15.32
--------------------------------------------------------------------------------
Leverage-Adjusted Duration 9.02
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 3/25/02)
--------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------------------------------------
6-Month
(Cumulative) 22.55% 11.85%
--------------------------------------------------------------------------------
1-Year 35.40% 24.09%
--------------------------------------------------------------------------------
5-Year 3.93% 4.08%
--------------------------------------------------------------------------------
Since Inception 4.95% 5.88%
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
(as a % of total investments)
--------------------------------------------------------------------------------
Tax Obligation/Limited 19.2%
--------------------------------------------------------------------------------
Health Care 19.0%
--------------------------------------------------------------------------------
Transportation 15.9%
--------------------------------------------------------------------------------
U.S. Guaranteed 15.3%
--------------------------------------------------------------------------------
Education and Civic Organizations 10.3%
--------------------------------------------------------------------------------
Long-Term Care 6.0%
--------------------------------------------------------------------------------
Other 14.3%
--------------------------------------------------------------------------------
(1) Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 32.6%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
(2) The Fund paid shareholders capital gains and net ordinary income
distributions in December 2008 of $0.0734 per share.
Nuveen Investments 13
NJV
Performance OVERVIEW |
Nuveen New Jersey
Municipal Value Fund
as of October 31, 2009
FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price $ 14.87
--------------------------------------------------------------------------------
Common Share Net Asset Value $ 15.42
--------------------------------------------------------------------------------
Premium/(Discount) to NAV -3.57%
--------------------------------------------------------------------------------
Market Yield 5.17%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(1) 7.67%
--------------------------------------------------------------------------------
Net Assets Applicable to Common Shares ($000) $ 24,070
--------------------------------------------------------------------------------
Average Effective Maturity on Securities (Years) 24.70
--------------------------------------------------------------------------------
Leverage-Adjusted Duration 10.86
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 4/28/09)
--------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------------------------------------
6-Month
(Cumulative) 1.33% 10.22%
--------------------------------------------------------------------------------
Since Inception 1.33% 9.95%
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
(as a % of total investments)
--------------------------------------------------------------------------------
Tax Obligation/Limited 34.6%
--------------------------------------------------------------------------------
Health Care 29.3%
--------------------------------------------------------------------------------
Education and Civic Organizations 7.9%
--------------------------------------------------------------------------------
Transportation 7.0%
--------------------------------------------------------------------------------
Consumer Staples 5.2%
--------------------------------------------------------------------------------
Water and Sewer 4.5%
--------------------------------------------------------------------------------
Other 11.5%
--------------------------------------------------------------------------------
CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)
[PIE CHART]
AAA/U.S.
Guaranteed 8%
AA 28%
A 28%
BBB 33%
BB or Lower 3%
2008-2009 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE
[BAR CHART]
Jun $ 0.064
Jul 0.064
Aug 0.064
Sep 0.064
Oct 0.064
COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE
[LINE CHART]
5/01/09 $ 14.99
14.9
15
15.05
14.87
15.0428
15
14.77
14.25
13.91
14.25
15
14.2
14.25
14.2
14.15
14.55
14.28
14.35
14.28
14.9517
14.7
14.99
14.9
14.9
15.05
10/31/09 14.8689
(1) Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 32.6%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
14 Nuveen Investments
NQP
Performance OVERVIEW |
Nuveen Pennsylvania
Investment Quality
Municipal Fund
as of October 31, 2009
CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)
[PIE CHART]
AAA/U.S.
Guaranteed 38%
AA 25%
A 20%
BBB 14%
N/R 3%
2008-2009 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE
[BAR CHART]
Nov $ 0.057
Dec 0.057
Jan 0.057
Feb 0.057
Mar 0.0585
Apr 0.0585
May 0.063
Jun 0.063
Jul 0.063
Aug 0.063
Sep 0.064
Oct 0.064
COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE
[LINE CHART]
11/01/08 $ 10.45
10.47
10.28
9.08
9.47
8.76
8.25
8.83
9.17
9.67
10.97
10.9552
10.8499
10.95
11.26
11.38
10.67
10.975
10.68
10.5301
10.75
11.18
11.43
11.53
11.29
11.39
11.51
11.78
11.71
11.69
11.89
11.95
11.44
11.42
11.64
11.79
11.92
12.1332
12.3
12.55
12.77
12.65
12.71
12.85
13.16
13.1699
13.24
13.29
13.28
13.32
12.67
12.787
10/31/09 12.78
FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price $ 12.78
--------------------------------------------------------------------------------
Common Share Net Asset Value $ 14.47
--------------------------------------------------------------------------------
Premium/(Discount) to NAV -11.68%
--------------------------------------------------------------------------------
Market Yield 6.01%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(1) 8.61%
--------------------------------------------------------------------------------
Net Assets Applicable to Common Shares ($000) $ 232,897
--------------------------------------------------------------------------------
Average Effective Maturity on Securities (Years) 15.35
--------------------------------------------------------------------------------
Leverage-Adjusted Duration 10.08
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 2/21/91)
--------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------------------------------------
6-Month
(Cumulative) 16.16% 9.86%
--------------------------------------------------------------------------------
1-Year 32.28% 25.87%
--------------------------------------------------------------------------------
5-Year 2.00% 3.59%
--------------------------------------------------------------------------------
10-Year 4.55% 5.80%
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
(as a % of total investments)
--------------------------------------------------------------------------------
U.S. Guaranteed 20.0%
--------------------------------------------------------------------------------
Education and Civic Organizations 18.3%
--------------------------------------------------------------------------------
Tax Obligation/General 17.5%
--------------------------------------------------------------------------------
Health Care 9.1%
--------------------------------------------------------------------------------
Transportation 9.1%
--------------------------------------------------------------------------------
Housing/Single Family 6.3%
--------------------------------------------------------------------------------
Water and Sewer 4.3%
--------------------------------------------------------------------------------
Utilities 4.1%
--------------------------------------------------------------------------------
Other 11.3%
--------------------------------------------------------------------------------
(1) Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 30.2%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
Nuveen Investments 15
NPY
Performance OVERVIEW |
Nuveen Pennsylvania
Premium Income
Municipal Fund 2
as of October 31, 2009
FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price $ 12.25
--------------------------------------------------------------------------------
Common Share Net Asset Value $ 13.76
--------------------------------------------------------------------------------
Premium/(Discount) to NAV -10.97%
--------------------------------------------------------------------------------
Market Yield 6.32%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(1) 9.05%
--------------------------------------------------------------------------------
Net Assets Applicable to Common Shares ($000) $ 214,629
--------------------------------------------------------------------------------
Average Effective Maturity on Securities (Years) 15.92
--------------------------------------------------------------------------------
Leverage-Adjusted Duration 11.22
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 3/18/93)
--------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------------------------------------
6-Month
(Cumulative) 19.18% 11.16%
--------------------------------------------------------------------------------
1-Year 39.67% 27.63%
--------------------------------------------------------------------------------
5-Year 1.45% 3.37%
--------------------------------------------------------------------------------
10-Year 6.10% 6.33%
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
(as a % of total investments)
--------------------------------------------------------------------------------
Education and Civic Organizations 15.1%
--------------------------------------------------------------------------------
U.S. Guaranteed 13.8%
--------------------------------------------------------------------------------
Transportation 13.3%
--------------------------------------------------------------------------------
Tax Obligation/General 13.0%
--------------------------------------------------------------------------------
Health Care 9.4%
--------------------------------------------------------------------------------
Water and Sewer 7.9%
--------------------------------------------------------------------------------
Utilities 6.4%
--------------------------------------------------------------------------------
Tax Obligation/Limited 5.8%
--------------------------------------------------------------------------------
Housing/Single Family 4.8%
--------------------------------------------------------------------------------
Other 10.5%
--------------------------------------------------------------------------------
CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)
[PIE CHART]
AAA/U.S.
Guaranteed 27%
AA 22%
A 21%
BBB 21%
BB or Lower 2%
N/R 7%
2008-2009 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE(2)
[BAR CHART]
Nov $ 0.052
Dec 0.052
Jan 0.052
Feb 0.052
Mar 0.0565
Apr 0.0565
May 0.059
Jun 0.059
Jul 0.059
Aug 0.059
Sep 0.0645
Oct 0.0645
COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE
[LINE CHART]
11/01/08 $ 9.45
9.71
9.03
8.74
8.75
8.13
7.55
8.21
8.29
9.04
10.15
10.06
10.02
10.08
10.34
10.53
9.93
10.09
9.93
9.99
10.05
10.07
10.36
10.68
10.57
10.63
10.67
11.05
11.01
10.99
11.0699
11.06
10.97
10.8
11.04
11.09
11.22
11.3518
11.55
11.67
11.85
11.866
11.99
11.98
12.33
12.4
12.61
12.76
12.69
12.7511
12.12
12.27
10/31/09 12.25
(1) Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 30.2%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
(2) The Fund paid shareholders a net ordinary income distribution in December
2008 of $0.0017 per share.
16 Nuveen Investments
NXM
Performance OVERVIEW |
Nuveen Pennsylvania
Dividend Advantage
Municipal Fund
as of October 31, 2009
CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(1)
[PIE CHART]
AAA/U.S.
Guaranteed 24%
AA 19%
A 22%
BBB 18%
BB or Lower 5%
N/R 12%
2008-2009 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE
[BAR CHART]
Nov $ 0.0585
Dec 0.0585
Jan 0.0585
Feb 0.0585
Mar 0.0585
Apr 0.0585
May 0.061
Jun 0.061
Jul 0.061
Aug 0.061
Sep 0.066
Oct 0.066
COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE
[LINE CHART]
11/01/08 $ 10.85
10.91
11.17
9.23
9.54
9.27
8.482
8.85
9.28
9.79
11.65
11.65
11.28
11.41
11.44
11.42
10.86
10.92
10.15
10.46
10.388
10.61
10.96
10.8895
10.86
11.14
11.42
11.42
11.4499
11.44
11.5399
11.6
11.42
11.27
11.41
11.41
11.49
11.84
11.9499
12.12
12.3
12.29
12.45
12.52
12.74
12.97
12.984
13.15
13.08
13.24
12.6645
12.75
10/31/09 12.85
FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price $ 12.85
--------------------------------------------------------------------------------
Common Share Net Asset Value $ 14.34
--------------------------------------------------------------------------------
Premium/(Discount) to NAV -10.39%
--------------------------------------------------------------------------------
Market Yield 6.16%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(1) 8.83%
--------------------------------------------------------------------------------
Net Assets Applicable to Common Shares ($000) $ 47,627
--------------------------------------------------------------------------------
Average Effective Maturity on Securities (Years) 16.46
--------------------------------------------------------------------------------
Leverage-Adjusted Duration 9.61
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 3/27/01)
--------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------------------------------------
6-Month
(Cumulative) 17.14% 12.56%
--------------------------------------------------------------------------------
1-Year 27.28% 25.88%
--------------------------------------------------------------------------------
5-Year 1.78% 3.69%
--------------------------------------------------------------------------------
Since Inception 4.59% 6.33%
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
(as a % of total investments)
--------------------------------------------------------------------------------
Education and Civic Organizations 18.2%
--------------------------------------------------------------------------------
Health Care 14.5%
--------------------------------------------------------------------------------
Long-Term Care 12.1%
--------------------------------------------------------------------------------
Tax Obligation/Limited 9.4%
--------------------------------------------------------------------------------
Tax Obligation/General 9.3%
--------------------------------------------------------------------------------
U.S. Guaranteed 8.9%
--------------------------------------------------------------------------------
Transportation 7.8%
--------------------------------------------------------------------------------
Housing/Single Family 5.5%
--------------------------------------------------------------------------------
Other 14.3%
--------------------------------------------------------------------------------
(1) Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 30.2%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
Nuveen Investments 17
NVY
Performance OVERVIEW |
Nuveen Pennsylvania
Dividend Advantage
Municipal Fund 2
as of October 31, 2009
FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price $ 12.82
--------------------------------------------------------------------------------
Common Share Net Asset Value $ 14.44
--------------------------------------------------------------------------------
Premium/(Discount) to NAV -11.22%
--------------------------------------------------------------------------------
Market Yield 6.46%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(1) 9.26%
--------------------------------------------------------------------------------
Net Assets Applicable to Common Shares ($000) $ 53,788
--------------------------------------------------------------------------------
Average Effective Maturity on Securities (Years) 14.44
--------------------------------------------------------------------------------
Leverage-Adjusted Duration 9.32
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 3/25/02)
--------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------------------------------------
6-Month
(Cumulative) 15.44% 10.65%
--------------------------------------------------------------------------------
1-Year 32.21% 23.54%
--------------------------------------------------------------------------------
5-Year 2.70% 3.77%
--------------------------------------------------------------------------------
Since Inception 3.99% 5.96%
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
(as a % of total investments)
--------------------------------------------------------------------------------
Tax Obligation/Limited 17.5%
--------------------------------------------------------------------------------
U.S. Guaranteed 17.3%
--------------------------------------------------------------------------------
Tax Obligation/General 14.2%
--------------------------------------------------------------------------------
Education and Civic Organizations 12.3%
--------------------------------------------------------------------------------
Health Care 9.9%
--------------------------------------------------------------------------------
Water and Sewer 6.4%
--------------------------------------------------------------------------------
Long-Term Care 4.8%
--------------------------------------------------------------------------------
Housing/Single Family 4.7%
--------------------------------------------------------------------------------
Other 12.9%
--------------------------------------------------------------------------------
CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)
[PIE CHART]
AAA/U.S.
Guaranteed 26%
AA 24%
A 24%
BBB 17%
BB or Lower 4%
N/R 5%
2008-2009 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE(2)
[BAR CHART]
Nov $ 0.0585
Dec 0.0585
Jan 0.0585
Feb 0.0585
Mar 0.0605
Apr 0.0605
May 0.0635
Jun 0.0635
Jul 0.0635
Aug 0.0635
Sep 0.069
Oct 0.069
COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE
[LINE CHART]
11/01/08 $ 10.54
10.79
10.2684
8.77
9.3619
9.29
8.57
9.36
9.14
8.99
11.25
10.9
11.15
11.25
11.251
11.34
11.026
11.75
12.03
12.15
11.62
11.499
12.24
11.71
11.76
11.59
11.81
12.1
12.15
12.1601
12.3946
12.37
11.59
11.7899
11.9501
11.9
11.91
12.04
12.8
12.7
13.0099
13.18
12.88
12.79
12.95
13.16
13.3
13.52
13.445
13.3
13.2
13.1
10/31/09 12.82
(1) Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 30.2%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
(2) The Fund paid shareholders a capital gains distribution in December 2008
of $0.0040 per share.
18 Nuveen Investments
NPN
Performance OVERVIEW |
Nuveen Pennsylvania
Municipal Value Fund
as of October 31, 2009
CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)
[PIE CHART]
AAA/U.S.
Guaranteed 5%
AA 21%
A 28%
BBB 31%
BB or Lower 6%
N/R 9%
2008-2009 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE
[BAR CHART]
Jun $ 0.065
Jul 0.065
Aug 0.065
Sep 0.065
Oct 0.065
COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE
[LINE CHART]
5/01/09 $ 15.09
15.05
14.98
15
14.85
15.1
15.2
15
14.25
15.23
14.509
14.49
14.15
14.57
14.64
14.45
14.48
14.02
14.5
14.35
14.75
15
14.9899
15.04
14.9
15.5
10/31/09 15.55
FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price $ 15.55
--------------------------------------------------------------------------------
Common Share Net Asset Value $ 15.15
--------------------------------------------------------------------------------
Premium/(Discount) to NAV 2.64%
--------------------------------------------------------------------------------
Market Yield 5.02%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(1) 7.19%
--------------------------------------------------------------------------------
Net Assets Applicable to Common Shares ($000) $ 18,349
--------------------------------------------------------------------------------
Average Effective Maturity on Securities (Years) 22.82
--------------------------------------------------------------------------------
Leverage-Adjusted Duration 9.16
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 4/28/09)
--------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------------------------------------
6-Month
(Cumulative) 5.62% 8.42%
--------------------------------------------------------------------------------
Since Inception 5.97% 8.08%
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
(as a % of total investments)
--------------------------------------------------------------------------------
Health Care 27.4%
--------------------------------------------------------------------------------
Tax Obligation/Limited 16.9%
--------------------------------------------------------------------------------
Water and Sewer 15.4%
--------------------------------------------------------------------------------
Education and Civic Organizations 11.0%
--------------------------------------------------------------------------------
Transportation 5.2%
--------------------------------------------------------------------------------
Housing/Single Family 4.4%
--------------------------------------------------------------------------------
Housing/Multifamily 4.4%
--------------------------------------------------------------------------------
Long-Term Care 4.4%
--------------------------------------------------------------------------------
Other 10.9%
--------------------------------------------------------------------------------
(1) Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 30.2%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
Nuveen Investments 19
NQJ | Nuveen New Jersey Investment Quality Municipal Fund, Inc.
| Portfolio of Investments October 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER DISCRETIONARY - 0.3% (0.2% OF TOTAL INVESTMENTS)
Middlesex County Improvement Authority, New Jersey, Senior
Revenue Bonds, Heldrich Center Hotel/Conference Center
Project, Series 2005A:
$ 800 5.000%, 1/01/32 1/15 at 100.00 B3 $ 397,192
690 5.125%, 1/01/37 1/15 at 100.00 B3 342,447
------------------------------------------------------------------------------------------------------------------------------------
1,490 Total Consumer Discretionary 739,639
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 3.4% (2.3% OF TOTAL INVESTMENTS)
Tobacco Settlement Financing Corporation, New Jersey,
Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
4,300 4.750%, 6/01/34 6/17 at 100.00 BBB 3,006,732
10,000 5.000%, 6/01/41 6/17 at 100.00 BBB 6,748,400
------------------------------------------------------------------------------------------------------------------------------------
14,300 Total Consumer Staples 9,755,132
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 15.9% (10.8% OF TOTAL
INVESTMENTS)
1,000 New Jersey Economic Development Authority, Revenue Bonds, 6/15 at 100.00 N/R 960,030
The Seeing Eye Inc., Series 2005, 5.000%, 12/01/24 -
AMBAC Insured
2,000 New Jersey Educational Facilities Authority, Revenue 7/13 at 100.00 N/R 1,843,140
Bonds, Fairleigh Dickinson University, Series 2002D,
5.250%, 7/01/32 - ACA Insured
500 New Jersey Educational Facilities Authority, Revenue 7/14 at 100.00 N/R 492,415
Bonds, Fairleigh Dickinson University, Series 2004C,
5.500%, 7/01/23
1,000 New Jersey Educational Facilities Authority, Revenue 7/17 at 100.00 BBB+ 969,690
Bonds, Georgian Court University, Series 2007D, 5.000%,
7/01/27
New Jersey Educational Facilities Authority, Revenue
Bonds, Kean University, Series 2007D:
3,555 5.000%, 7/01/32 - FGIC Insured 7/17 at 100.00 A 3,606,761
2,295 5.000%, 7/01/39 - FGIC Insured 7/17 at 100.00 A 2,302,826
120 New Jersey Educational Facilities Authority, Revenue 7/14 at 100.00 A 124,243
Bonds, Montclair State University, Series 2004L,
5.125%, 7/01/22 - NPFG Insured
1,225 New Jersey Educational Facilities Authority, Revenue 7/15 at 100.00 A2 1,326,222
Bonds, Montclair State University, Series 2005F,
5.000%, 7/01/16 - FGIC Insured
2,770 New Jersey Educational Facilities Authority, Revenue 7/16 at 100.00 A2 2,774,487
Bonds, Montclair State University, Series 2006A,
5.000%, 7/01/36 - AMBAC Insured
New Jersey Educational Facilities Authority, Revenue
Bonds, New Jersey Institute of Technology, Series 2001G:
1,000 5.250%, 7/01/20 - NPFG Insured 7/11 at 100.00 A+ 1,047,090
1,945 5.250%, 7/01/21 - NPFG Insured 7/11 at 100.00 A+ 2,036,590
New Jersey Educational Facilities Authority, Revenue
Bonds, New Jersey Institute of Technology, Series 2004B:
1,260 5.000%, 7/01/19 - AMBAC Insured 1/14 at 100.00 A+ 1,313,033
2,510 4.750%, 7/01/20 - AMBAC Insured 1/14 at 100.00 A+ 2,585,877
185 4.250%, 7/01/24 - AMBAC Insured 1/14 at 100.00 A+ 183,000
1,495 New Jersey Educational Facilities Authority, Revenue 7/14 at 100.00 A 1,598,409
Bonds, Ramapo College, Series 2004H, 5.000%, 7/01/16 -
FGIC Insured
610 New Jersey Educational Facilities Authority, Revenue 7/14 at 100.00 Baa1 615,691
Bonds, Rider University, Series 2004A, 5.500%, 7/01/23
- RAAI Insured
510 New Jersey Educational Facilities Authority, Revenue 7/12 at 100.00 Baa1 470,531
Bonds, Rider University, Series 2007C, 5.000%, 7/01/37
- RAAI Insured
1,430 New Jersey Educational Facilities Authority, Revenue 7/14 at 100.00 A 1,487,014
Bonds, William Paterson University, Series 2004A,
5.125%, 7/01/21 - FGIC Insured
1,050 New Jersey Educational Facilities Authority, Revenue 7/12 at 100.00 Baa1 1,067,756
Refunding Bonds, Rider University, Series 2002A,
5.000%, 7/01/17 - RAAI Insured
2,000 New Jersey Higher Education Assistance Authority, Student 6/10 at 101.00 Aaa 2,039,500
Loan Revenue Bonds, Series 2000A, 6.125%, 6/01/17 -
NPFG Insured (Alternative Minimum Tax)
2,000 New Jersey Higher Education Assistance Authority, Student 6/18 at 100.00 AAA 2,095,660
Loan Revenue Bonds, Series 2008A, 6.125%, 6/01/30 - AGC
Insured (Alternative Minimum Tax)
20 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS (continued)
$ 950 New Jersey Higher Education Assistance Authority, Student 6/19 at 100.00 AA $ 1,108,403
Loan Revenue Bonds, Tender Option Bond Trust PA-4643,
19.377%, 6/01/30 (IF)
4,235 Puerto Rico Industrial, Tourist, Educational, Medical and 9/11 at 100.00 BBB 4,236,143
Environmental Control Facilities Financing Authority,
Higher Education Revenue Bonds, University of the
Sacred Heart, Series 2001, 5.250%, 9/01/21
University of Medicine and Dentistry of New Jersey,
Certificates of Participation, Child Health Institute,
LLC, Series 2003:
1,945 5.000%, 4/15/20 - AMBAC Insured 4/13 at 100.00 BBB+ 1,956,048
1,370 5.000%, 4/15/22 - AMBAC Insured 4/13 at 100.00 BBB+ 1,367,835
University of Medicine and Dentistry of New Jersey,
Revenue Bonds, Series 2002A:
2,100 5.000%, 12/01/24 - AMBAC Insured 12/12 at 100.00 Baa2 2,075,808
4,000 5.500%, 12/01/27 - AMBAC Insured 12/12 at 100.00 Baa2 4,018,920
------------------------------------------------------------------------------------------------------------------------------------
45,060 Total Education and Civic Organizations 45,703,122
------------------------------------------------------------------------------------------------------------------------------------
FINANCIALS - 1.5% (1.0% OF TOTAL INVESTMENTS)
5,000 New Jersey Economic Development Authority, Revenue No Opt. Call Baa3 4,208,600
Refunding Bonds, Kapkowski Road Landfill Project,
Series 2002, 5.750%, 10/01/21
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 21.8% (14.9% OF TOTAL INVESTMENTS)
Camden County Improvement Authority, New Jersey, Revenue
Bonds, Cooper Health System, Series 2004A:
2,200 5.000%, 2/15/25 2/15 at 100.00 BBB 1,949,332
1,000 5.750%, 2/15/34 8/14 at 100.00 BBB 913,440
1,920 New Jersey Health Care Facilities Finance Authority, 7/18 at 100.00 A1 1,922,554
Revenue Bonds, AHS Hospital Corporation, Series 2008A,
5.000%, 7/01/27
5,750 New Jersey Health Care Facilities Financing Authority, 8/11 at 100.00 N/R 5,443,698
FHA-Insured Mortgage Revenue Bonds, Jersey City Medical
Center, Series 2001, 5.000%, 8/01/41 - AMBAC Insured
1,175 New Jersey Health Care Facilities Financing Authority, 7/19 at 100.00 AAA 1,342,179
Hospital Revenue Bonds, Virtua Health, Series 2009,
Trust 3018, 19.426%, 7/01/38 - AGC Insured (IF)
2,000 New Jersey Health Care Facilities Financing Authority, New 7/18 at 100.00 Baa2 1,951,160
Jersey, Revenue Bonds, Saint Peters University
Hospital, Series 2007, 5.750%, 7/01/37
3,750 New Jersey Health Care Facilities Financing Authority, 7/17 at 100.00 A+ 3,661,838
Revenue Bonds, Atlanticare Regional Medical Center,
Series 2007, 5.000%, 7/01/37
1,265 New Jersey Health Care Facilities Financing Authority, 7/17 at 100.00 Aa2 1,269,706
Revenue Bonds, CentraState Medical Center, Series
2006A, 5.000%, 7/01/30 - AGC Insured
400 New Jersey Health Care Facilities Financing Authority, 7/15 at 100.00 Baa3 379,624
Revenue Bonds, Children's Specialized Hospital, Series
2005A, 5.500%, 7/01/36
650 New Jersey Health Care Facilities Financing Authority, 7/16 at 100.00 A- 602,199
Revenue Bonds, Hunterdon Medical Center, Series 2006B,
5.000%, 7/01/36
615 New Jersey Health Care Facilities Financing Authority, 7/16 at 100.00 A- 577,811
Revenue Bonds, Hunterdon Medical Center, Series 2006,
5.125%, 7/01/35
3,000 New Jersey Health Care Facilities Financing Authority, 7/11 at 100.00 A2 3,035,970
Revenue Bonds, Kennedy Health System Obligated Group,
Series 2001, 5.500%, 7/01/21
3,500 New Jersey Health Care Facilities Financing Authority, 1/10 at 101.00 AAA 3,503,395
Revenue Bonds, Meridian Health System Obligated Group,
Series 1999, 5.250%, 7/01/29 - FSA Insured
New Jersey Health Care Facilities Financing Authority,
Revenue Bonds, Robert Wood Johnson University Hospital,
Series 2000:
3,850 5.750%, 7/01/25 7/10 at 100.00 A2 3,871,753
2,000 5.750%, 7/01/31 7/10 at 100.00 A2 2,007,380
1,600 New Jersey Health Care Facilities Financing Authority, 7/15 at 100.00 BBB- 1,314,128
Revenue Bonds, RWJ Health Care Corporation, Series
2005B, 5.000%, 7/01/35 - RAAI Insured
1,885 New Jersey Health Care Facilities Financing Authority, 1/17 at 100.00 BB+ 1,499,027
Revenue Bonds, Saint Barnabas Health Care System,
Series 2006A, 5.000%, 7/01/29
2,850 New Jersey Health Care Facilities Financing Authority, 7/13 at 100.00 BBB- 2,656,970
Revenue Bonds, Shore Memorial Health System, Series
2003, 5.000%, 7/01/23 - RAAI Insured
5,040 New Jersey Health Care Facilities Financing Authority, 7/10 at 100.00 N/R 4,564,174
Revenue Bonds, Society of the Valley Hospital Obligated
Group, Series 2000, 5.375%, 7/01/31 - AMBAC Insured
Nuveen Investments 21
NQJ | Nuveen New Jersey Investment Quality Municipal Fund, Inc. (continued)
| Portfolio of Investments October 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE (continued)
$ 3,300 New Jersey Health Care Facilities Financing Authority, 7/13 at 100.00 Ba2 $ 2,317,623
Revenue Bonds, Somerset Medical Center, Series 2003,
5.500%, 7/01/33
New Jersey Health Care Facilities Financing Authority,
Revenue Bonds, South Jersey Hospital System, Series 2006:
670 5.000%, 7/01/25 7/16 at 100.00 A2 674,864
2,160 5.000%, 7/01/36 7/16 at 100.00 A2 2,076,818
1,295 5.000%, 7/01/46 7/16 at 100.00 A2 1,208,287
2,000 New Jersey Health Care Facilities Financing Authority, 7/10 at 100.00 Baa2 2,013,700
Revenue Bonds, St. Peter's University Hospital, Series
2000A, 6.875%, 7/01/20
3,135 New Jersey Health Care Facilities Financing Authority, 1/12 at 100.00 BBB- 2,501,511
Revenue Refunding Bonds, Bayshore Community Hospital,
Series 2002, 5.125%, 7/01/32 - RAAI Insured
2,605 New Jersey Health Care Facilities Financing Authority, 1/10 at 100.00 Baa1 2,402,982
Revenue Refunding Bonds, St. Barnabas Healthcare System
- West Hudson Hospital Obligated Group, Series 1998A,
5.000%, 7/01/23 - NPFG Insured
3,600 New Jersey Health Facilities Financing Authority, Revenue 7/18 at 100.00 AAA 3,583,440
Bonds, Meridian Health, Series 2007-I, 5.000%, 7/01/38
- AGC Insured
3,635 Newark, New Jersey, GNMA Collateralized Healthcare 6/12 at 102.00 Aaa 3,667,279
Facility Revenue Bonds, New Community Urban Renewal
Corporation, Series 2001A, 5.200%, 6/01/30
------------------------------------------------------------------------------------------------------------------------------------
66,850 Total Health Care 62,912,842
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 1.0% (0.7% OF TOTAL INVESTMENTS)
2,743 Newark Housing Authority, New Jersey, GNMA Collateralized 4/10 at 102.00 Aaa 2,799,783
Housing Revenue Bonds, Fairview Apartments Project,
Series 2000A, 6.400%, 10/20/34 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 2.7% (1.8% OF TOTAL INVESTMENTS)
290 New Jersey Housing and Mortgage Finance Agency, Home Buyer 4/10 at 100.00 Aaa 290,154
Program Revenue Bonds, Series 1997U, 5.850%, 4/01/29 -
NPFG Insured (Alternative Minimum Tax)
1,905 New Jersey Housing and Mortgage Finance Agency, Home Buyer 10/10 at 100.00 Aaa 1,917,497
Program Revenue Bonds, Series 2000CC, 5.875%, 10/01/31
- NPFG Insured (Alternative Minimum Tax)
350 New Jersey Housing and Mortgage Finance Agency, Single 4/17 at 100.00 AA 319,134
Family Housing Revenue Bonds, Series 2007T, 4.700%,
10/01/37 (Alternative Minimum Tax)
2,545 Puerto Rico Housing Finance Corporation, Mortgage-Backed 6/11 at 100.00 AAA 2,560,270
Securities Home Mortgage Revenue Bonds, Series 2001A,
5.200%, 12/01/33
2,545 Puerto Rico Housing Finance Corporation, Mortgage-Backed 6/11 at 100.00 AAA 2,557,547
Securities Home Mortgage Revenue Bonds, Series 2001B,
5.300%, 12/01/28 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
7,635 Total Housing/Single Family 7,644,602
------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIALS - 0.3% (0.2% OF TOTAL INVESTMENTS)
980 Gloucester County Improvement Authority, New Jersey, Solid No Opt. Call BBB 985,782
Waste Resource Recovery Revenue Refunding Bonds, Waste
Management Inc. Project, Series 1999B, 6.850%, 12/01/29
(Mandatory put 12/01/09)
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 2.8% (1.9% OF TOTAL INVESTMENTS)
1,870 Burlington County Bridge Commission, New Jersey, Economic 1/18 at 100.00 N/R 1,547,462
Development Revenue Bonds, The Evergreens Project,
Series 2007, 5.625%, 1/01/38
1,125 New Jersey Economic Development Authority, First Mortgage 11/14 at 100.00 N/R 1,116,079
Revenue Bonds, Winchester Gardens at Wards Homestead,
Series 2004A, 5.750%, 11/01/24
2,760 New Jersey Economic Development Authority, GNMA 12/11 at 103.00 Aaa 2,767,204
Collateralized Mortgage Revenue Bonds, Victoria Health
Corporation, Series 2001A, 5.200%, 12/20/36
595 New Jersey Economic Development Authority, Revenue Bonds, 6/11 at 102.00 A- 615,944
Masonic Charity Foundation of New Jersey, Series 2001,
5.875%, 6/01/18
1,100 New Jersey Economic Development Authority, Revenue Bonds, 6/13 at 102.00 A- 1,088,472
Masonic Charity Foundation of New Jersey, Series 2002,
5.250%, 6/01/32
1,000 New Jersey Health Care Facilities Financing Authority, 7/11 at 100.00 BBB- 934,720
Revenue Bonds, House of the Good Shepherd Obligated
Group, Series 2001, 5.100%, 7/01/21 - RAAI Insured
------------------------------------------------------------------------------------------------------------------------------------
8,450 Total Long-Term Care 8,069,881
------------------------------------------------------------------------------------------------------------------------------------
22 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 6.4% (4.4% OF TOTAL INVESTMENTS)
Clifton, New Jersey, General Obligation Bonds, Series 2002:
$ 1,700 5.000%, 1/15/21 - FGIC Insured 1/11 at 100.00 AA- $ 1,760,418
1,625 5.000%, 1/15/22 - FGIC Insured 1/11 at 100.00 AA- 1,680,299
4,300 Jersey City, New Jersey, General Obligation Bonds, Series 9/16 at 100.00 A1 4,521,364
2006A, 5.000%, 9/01/22 - AMBAC Insured
1,500 Middletown Township Board of Education, Monmouth County, 8/10 at 100.00 AAA 1,521,540
New Jersey, Refunding School Bonds, Series 2001,
5.000%, 8/01/27 - FSA Insured
5,000 New Jersey, General Obligation Bonds, Series 1992D, No Opt. Call AA 5,337,750
6.000%, 2/15/11
West Deptford Township, New Jersey, General Obligation
Bonds, Series 2004:
1,690 5.000%, 9/01/16 - AMBAC Insured 9/14 at 100.00 Baa1 1,811,359
1,865 4.750%, 9/01/18 - AMBAC Insured 9/14 at 100.00 Baa1 1,946,109
------------------------------------------------------------------------------------------------------------------------------------
17,680 Total Tax Obligation/General 18,578,839
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 33.4% (22.8% OF TOTAL INVESTMENTS)
1,775 Bergen County Improvement Authority, New Jersey, No Opt. Call Aaa 2,072,100
Guaranteed Lease Revenue Bonds, County Administration
Complex Project, Series 2005, 5.000%, 11/15/26
1,965 Essex County Improvement Authority, New Jersey, Project No Opt. Call A1 2,212,335
Consolidation Revenue Bonds, Series 2007, 5.250%,
12/15/22 - AMBAC Insured
2,650 Garden State Preservation Trust, New Jersey, Open Space No Opt. Call AAA 3,066,501
and Farmland Preservation Bonds, Series 2005C, 5.125%,
11/01/18 - FSA Insured
Gloucester County Improvement Authority, New Jersey, Lease
Revenue Bonds, Series 2005A:
1,000 5.000%, 9/01/21 - NPFG Insured 9/15 at 100.00 AA+ 1,079,230
1,420 5.000%, 9/01/22 - NPFG Insured 9/15 at 100.00 AA+ 1,523,191
Hudson County Improvement Authority, New Jersey, County
Secured Lease Revenue Bonds, County Services Building
Project, Series 2005:
1,090 5.000%, 4/01/25 - AMBAC Insured 4/15 at 100.00 AA- 1,144,119
2,525 5.000%, 4/01/35 - AMBAC Insured 4/15 at 100.00 AA- 2,570,450
1,445 Lower Township Municipal Utilities Authority, Cape May No Opt. Call N/R 1,480,850
County, New Jersey, Revenue Bonds, Series 2003D,
5.000%, 12/01/16 - FGIC Insured
Middlesex County Improvement Authority, New Jersey, County
Guaranteed Open Space Trust Fund Revenue Bonds, Series
2003:
1,000 5.250%, 9/15/16 9/13 at 100.00 AAA 1,118,590
2,000 5.250%, 9/15/18 9/13 at 100.00 AAA 2,212,000
5,700 New Jersey Building Authority, State Building Revenue 6/16 at 100.00 AA- 5,917,626
Bonds, Series 2007A, 5.000%, 6/15/26
New Jersey Economic Development Authority, Cigarette Tax
Revenue Bonds, Series 2004:
1,965 5.500%, 6/15/24 6/12 at 100.00 BBB 1,882,981
4,000 5.750%, 6/15/34 6/14 at 100.00 BBB 3,807,760
4,675 New Jersey Economic Development Authority, Lease Revenue 3/15 at 100.00 AAA 4,879,111
Bonds, Liberty State Park Project, Series 2005C,
5.000%, 3/01/27 - FSA Insured
5,000 New Jersey Economic Development Authority, Revenue Bonds, 7/14 at 100.00 A 5,407,250
Motor Vehicle Surcharge, Series 2004A, 5.250%, 7/01/15
- NPFG Insured
New Jersey Economic Development Authority, Revenue Bonds,
Newark Downtown District Management Corporation Project,
Series 2007:
205 5.125%, 6/15/27 6/17 at 100.00 Baa3 180,956
345 5.125%, 6/15/37 6/17 at 100.00 Baa3 286,757
New Jersey Economic Development Authority, School
Facilities Construction Financing Program Bonds, Series
2007U:
1,965 5.000%, 9/01/37 - AMBAC Insured 9/17 at 100.00 AA- 1,995,418
3,930 5.000%, 9/01/37 9/17 at 100.00 AA- 3,990,836
1,925 New Jersey Educational Facilities Authority, Revenue No Opt. Call AAA 2,159,196
Bonds, Higher Education Capital Improvement Fund,
Series 2005A, 5.000%, 9/01/15 - FSA Insured
2,500 New Jersey Health Care Facilities Financing Authority, 9/13 at 100.00 AA- 2,491,725
Lease Revenue Bonds, Department of Human Services -
Greystone Park Psychiatric Hospital, Series 2003,
5.000%, 9/15/25
Nuveen Investments 23
NQJ | Nuveen New Jersey Investment Quality Municipal Fund, Inc. (continued)
| Portfolio of Investments October 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
New Jersey Health Care Facilities Financing Authority,
Lease Revenue Bonds, Department of Human Services -
Greystone Park Psychiatric Hospital, Series 2005:
$ 2,885 5.000%, 9/15/18 - AMBAC Insured 9/15 at 100.00 AA- $ 2,987,216
4,455 5.000%, 9/15/24 - AMBAC Insured 9/15 at 100.00 AA- 4,493,090
850 New Jersey Health Care Facilities Financing Authority, 10/18 at 100.00 AA- 864,493
State Contract Bonds, Hospital Asset Transformation
Program, Series 2008A, 5.250%, 10/01/38
3,405 New Jersey Transit Corporation, Lease Appropriation Bonds, 9/15 at 100.00 A 3,574,637
Series 2005A, 5.000%, 9/15/18 - FGIC Insured
New Jersey Transportation Trust Fund Authority, Federal
Highway Aid Grant Anticipation Bonds, Series 2006:
1,075 5.000%, 6/15/17 - FGIC Insured 6/16 at 100.00 A1 1,172,030
1,900 5.000%, 6/15/18 - FGIC Insured 6/16 at 100.00 A1 2,049,777
4,200 New Jersey Transportation Trust Fund Authority, No Opt. Call AA- 4,778,256
Transportation System Bonds, Series 2004B, 5.500%,
12/15/16 - NPFG Insured
3,890 New Jersey Transportation Trust Fund Authority, 6/15 at 100.00 AAA 4,107,918
Transportation System Bonds, Series 2005D, 5.000%,
6/15/19 - FSA Insured
4,300 New Jersey Transportation Trust Fund Authority, No Opt. Call AA- 4,856,162
Transportation System Bonds, Series 2006A, 5.500%,
12/15/22
New Jersey Transportation Trust Fund Authority,
Transportation System Bonds, Series 2006C:
13,755 0.000%, 12/15/28 - AMBAC Insured No Opt. Call AA- 4,490,320
10,000 0.000%, 12/15/32 - FSA Insured No Opt. Call AAA 2,637,600
15,310 0.000%, 12/15/34 - FSA Insured No Opt. Call AAA 3,557,432
2,500 New Jersey Transportation Trust Fund Authority, 12/17 at 100.00 AA- 2,596,225
Transportation System Bonds, Series 2007A, 5.000%,
12/15/26 - AMBAC Insured
1,625 Passaic County Improvement Authority, New Jersey, Lease 5/15 at 100.00 A3 1,641,331
Revenue Bonds, Preakness Healthcare Center Project,
Series 2005, 5.000%, 5/01/30 - AMBAC Insured
1,315 Puerto Rico Convention Center District Authority, Hotel 7/16 at 100.00 BBB+ 1,109,413
Occupancy Tax Revenue Bonds, Series 2006A, 4.500%,
7/01/36 - CIFG Insured
------------------------------------------------------------------------------------------------------------------------------------
120,545 Total Tax Obligation/Limited 96,394,882
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 25.4% (17.3% OF TOTAL INVESTMENTS)
2,250 Casino Reinvestment Development Authority, New Jersey, 6/15 at 100.00 A 2,289,960
Parking Revenue Bonds, Series 2005A, 5.250%, 6/01/20 -
NPFG Insured
Delaware River and Bay Authority, Delaware and New Jersey,
Revenue Bonds, Series 2005:
2,000 5.000%, 1/01/25 - NPFG Insured 1/15 at 100.00 A+ 2,058,560
4,050 5.000%, 1/01/26 - NPFG Insured 1/15 at 100.00 A+ 4,155,381
1,500 5.000%, 1/01/27 - NPFG Insured 1/15 at 100.00 A+ 1,542,510
3,500 Delaware River Port Authority, New Jersey and 1/10 at 100.00 AAA 3,509,555
Pennsylvania, Revenue Bonds, Series 1999, 5.750%,
1/01/22 - FSA Insured
2,960 Delaware River Port Authority, Pennsylvania and New 1/12 at 100.00 AAA 3,020,206
Jersey, Revenue Refunding Bonds, Port District Project,
Series 2001A, 5.200%, 1/01/27 - FSA Insured
3,000 New Jersey Economic Development Authority, Revenue Bonds, 11/09 at 100.00 CCC+ 2,252,730
American Airlines Inc., Series 1991, 7.100%, 11/01/31
(Alternative Minimum Tax)
160 New Jersey Turnpike Authority, Revenue Bonds, Series No Opt. Call A+ 189,536
1991C, 6.500%, 1/01/16 - NPFG Insured
9,500 New Jersey Turnpike Authority, Revenue Bonds, Series 7/13 at 100.00 A+ 10,093,939
2003A, 5.000%, 1/01/19 - FGIC Insured
1,265 New Jersey Turnpike Authority, Revenue Bonds, Series No Opt. Call AAA 1,427,869
2005A, 5.250%, 1/01/29 - FSA Insured
7,000 Port Authority of New York and New Jersey, Consolidated 6/15 at 101.00 AA- 7,338,660
Revenue Bonds, One Hundred Fortieth Series 2005,
5.000%, 12/01/28 - SYNCORA GTY Insured
1,000 Port Authority of New York and New Jersey, Consolidated 8/17 at 100.00 AAA 1,133,160
Revenue Bonds, One Hundred Forty Eighth Series 2008,
Trust 2920, 17.382%, 8/15/32 - FSA Insured (IF)
2,000 Port Authority of New York and New Jersey, Consolidated 1/14 at 101.00 AA- 2,044,380
Revenue Bonds, One Hundred Thirty-Fourth Series 2004,
5.000%, 7/15/34
24 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION (continued)
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, One Hundred Twenty-Fifth Series 2002:
$ 2,280 5.000%, 10/15/26 - FSA Insured 4/12 at 101.00 AAA $ 2,383,535
5,000 5.000%, 4/15/32 - FSA Insured 4/12 at 101.00 AAA 5,107,900
Port Authority of New York and New Jersey, Special Project
Bonds, JFK International Air Terminal LLC, Sixth Series
1997:
3,500 7.000%, 12/01/12 - NPFG Insured (Alternative Minimum No Opt. Call A 3,768,135
Tax)
6,605 5.750%, 12/01/22 - NPFG Insured (Alternative Minimum 12/09 at 100.00 A 6,712,728
Tax)
12,130 5.750%, 12/01/25 - NPFG Insured (Alternative Minimum 12/09 at 100.00 A 12,144,067
Tax)
2,000 South Jersey Port Corporation, New Jersey, Marine Terminal 1/13 at 100.00 A 2,023,760
Revenue Refunding Bonds, Series 2002K, 5.100%, 1/01/33
------------------------------------------------------------------------------------------------------------------------------------
71,700 Total Transportation 73,196,571
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 20.5% (13.9% OF TOTAL INVESTMENTS)(4)
2,500 Bergen County Improvement Authority, New Jersey, Revenue 9/12 at 101.00 N/R (4) 2,840,225
Bonds, Yeshiva Ktana of Passaic Project, Series 2002,
6.000%, 9/15/27 (Pre-refunded 9/01/12)
2,275 Delaware River and Bay Authority, Delaware and New Jersey, 1/10 at 101.00 A+ (4) 2,318,566
Revenue Bonds, Series 2000A, 5.750%, 1/01/29
(Pre-refunded 1/01/10) - AMBAC Insured
1,500 New Jersey Educational Facilities Authority, Revenue 7/13 at 100.00 A- (4) 1,702,650
Bonds, Kean University, Series 2003D, 5.250%, 7/01/20
(Pre-refunded 7/01/13) - FGIC Insured
1,925 New Jersey Educational Facilities Authority, Revenue 7/16 at 100.00 A (4) 2,220,796
Bonds, Kean University, Series 2005B, 5.000%, 7/01/30
(Pre-refunded 7/01/16) - NPFG Insured
1,380 New Jersey Educational Facilities Authority, Revenue 7/14 at 100.00 A (4) 1,584,254
Bonds, Montclair State University, Series 2004L,
5.125%, 7/01/22 (Pre-refunded 7/01/14) - NPFG Insured
New Jersey Educational Facilities Authority, Revenue
Bonds, Montclair State University, Series 2005F:
2,850 5.000%, 7/01/18 (Pre-refunded 7/01/15) - FGIC Insured 7/15 at 100.00 A2 (4) 3,270,632
1,460 5.000%, 7/01/32 (Pre-refunded 7/01/15) - FGIC Insured 7/15 at 100.00 A2 (4) 1,675,481
2,000 New Jersey Educational Facilities Authority, Revenue 7/12 at 100.00 A3 (4) 2,208,780
Bonds, New Jersey City University, Series 2002A,
5.000%, 7/01/32 (Pre-refunded 7/01/12) - AMBAC Insured
1,300 New Jersey Educational Facilities Authority, Revenue 7/13 at 100.00 A+ (4) 1,469,845
Bonds, Rowan University, Series 2003I, 5.125%, 7/01/21
(Pre-refunded 7/01/13) - FGIC Insured
New Jersey Educational Facilities Authority, Revenue
Bonds, Rowan University, Series 2004C:
1,195 5.000%, 7/01/20 (Pre-refunded 7/01/14) - NPFG Insured 7/14 at 100.00 A+ (4) 1,365,204
1,875 5.000%, 7/01/24 (Pre-refunded 7/01/14) - NPFG Insured 7/14 at 100.00 A+ (4) 2,142,056
2,840 New Jersey Health Care Facilities Financing Authority, 7/13 at 100.00 N/R (4) 3,189,746
Revenue Bonds, Capital Health System Obligated Group,
Series 2003A, 5.375%, 7/01/33 (Pre-refunded 7/01/13)
7,860 New Jersey Health Care Facilities Financing Authority, 7/12 at 100.00 A2 (4) 8,843,364
Revenue Bonds, South Jersey Hospital System, Series
2002, 5.875%, 7/01/21 (Pre-refunded 7/01/12)
1,690 New Jersey Health Care Facilities Financing Authority, No Opt. Call N/R (4) 1,958,710
Revenue Bonds, St. Clare's Hospital, Series 2004A,
5.250%, 7/01/20 - RAAI Insured (ETM)
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
170 6.500%, 1/01/16 (ETM) No Opt. Call AAA 206,531
55 6.500%, 1/01/16 - NPFG Insured (ETM) No Opt. Call A+ (4) 67,698
2,505 6.500%, 1/01/16 (ETM) No Opt. Call AAA 2,915,269
1,250 Newark Housing Authority, New Jersey, Port Authority 1/14 at 100.00 AA- (4) 1,420,025
Terminal Revenue Bonds, Series 2004, 5.250%, 1/01/21
(Pre-refunded 1/01/14) - NPFG Insured
7,500 Puerto Rico Infrastructure Financing Authority, Special 10/10 at 101.00 AAA 7,934,399
Obligation Bonds, Series 2000A, 5.500%, 10/01/34
(Pre-refunded 10/01/10)
Tobacco Settlement Financing Corporation, New Jersey,
Tobacco Settlement Asset-Backed Bonds, Series 2002:
1,075 5.750%, 6/01/32 (Pre-refunded 6/01/12) 6/12 at 100.00 AAA 1,168,654
3,000 6.000%, 6/01/37 (Pre-refunded 6/01/12) 6/12 at 100.00 AAA 3,376,860
Nuveen Investments 25
NQJ | Nuveen New Jersey Investment Quality Municipal Fund, Inc. (continued)
| Portfolio of Investments October 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED (4) (continued)
Tobacco Settlement Financing Corporation, New Jersey,
Tobacco Settlement Asset-Backed Bonds, Series 2003:
$ 2,155 6.125%, 6/01/24 (Pre-refunded 6/01/12) 6/12 at 100.00 AAA $ 2,266,478
2,625 6.375%, 6/01/32 (Pre-refunded 6/01/13) 6/13 at 100.00 AAA 2,975,910
------------------------------------------------------------------------------------------------------------------------------------
52,985 Total U.S. Guaranteed 59,122,133
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 3.7% (2.5% OF TOTAL INVESTMENTS)
2,835 Camden County Pollution Control Financing Authority, New 12/09 at 100.00 Baa3 2,835,595
Jersey, Solid Waste Disposal and Resource Recovery
System Revenue Bonds, Series 1991A, 7.500%, 12/01/10
(Alternative Minimum Tax)
250 Camden County Pollution Control Financing Authority, New 11/09 at 100.00 Baa3 249,950
Jersey, Solid Waste Disposal and Resource Recovery
System Revenue Bonds, Series 1991B, 7.500%, 12/01/09
(Alternative Minimum Tax)
2,055 Mercer County Improvement Authority, New Jersey, Solid 12/13 at 100.00 AA+ 2,279,385
Waste Revenue Bonds, Regional Sludge Project, Series
2003, 5.000%, 12/15/14 - FGIC Insured
2,500 Salem County Pollution Control Financing Authority, New 4/12 at 101.00 Baa1 2,445,675
Jersey, Pollution Control Revenue Refunding Bonds, PSEG
Power LLC Project, Series 2001A, 5.750%, 4/01/31
(Alternative Minimum Tax)
3,000 Union County Utilities Authority, New Jersey, Solid Waste 12/09 at 100.50 A 2,843,880
Facility Senior Lien Revenue Bonds, Ogden Martin
Systems of Union Inc., Series 1998A, 5.000%, 6/01/23 -
AMBAC Insured (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
10,640 Total Utilities 10,654,485
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 7.8% (5.3% OF TOTAL INVESTMENTS)
3,000 Jersey City Municipal Utilities Authority, Hudson County, 1/10 at 101.00 A 3,000,630
New Jersey, Sewer Revenue Bonds, Series 2001A-2,
5.200%, 7/15/21 - FGIC Insured (Alternative Minimum Tax)
Lacey Municipal Utilities Authority, Ocean County, New
Jersey, Water Revenue Bonds, Series 2003B:
1,750 5.000%, 12/01/17 - FGIC Insured 12/13 at 100.00 N/R 1,816,640
1,835 5.000%, 12/01/18 - FGIC Insured 12/13 at 100.00 N/R 1,872,251
1,000 5.000%, 12/01/19 - FGIC Insured 12/13 at 100.00 N/R 1,027,600
7,500 New Jersey Economic Development Authority, Water 11/09 at 100.00 N/R 7,500,974
Facilities Revenue Bonds, American Water Company,
Series 1996, 6.000%, 5/01/36 - FGIC Insured
(Alternative Minimum Tax)
North Hudson Sewerage Authority, New Jersey, Sewerage
Revenue Refunding Bonds, Series 2002A:
3,000 5.250%, 8/01/16 - FGIC Insured 8/12 at 100.00 N/R 3,062,400
3,000 5.250%, 8/01/18 - FGIC Insured 8/12 at 100.00 N/R 3,040,680
1,250 Ocean County Utilities Authority, New Jersey, Wastewater 1/11 at 101.00 Aa1 1,306,050
Revenue Refunding Bonds, Series 2000, 5.000%, 1/01/18
------------------------------------------------------------------------------------------------------------------------------------
22,335 Total Water and Sewer 22,627,225
------------------------------------------------------------------------------------------------------------------------------------
$ 448,393 Total Investments (cost $426,814,915) - 146.9% 423,393,518
===============---------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.9% 8,348,586
-----------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (49.8)% (5) (143,450,000)
-----------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 288,292,104
=================================================================================================================
(1) All percentages shown in the Portfolio of Investments are based on net
assets applicable to Common shares unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call provisions
at varying prices at later dates. Certain mortgage-backed securities may
be subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's Group ("Standard & Poor's")
or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by
Standard & Poor's or Baa by Moody's are considered to be below investment
grade.
(4) Backed by an escrow or trust containing sufficient U.S. Government or U.S.
Government agency securities which ensure the timely payment of principal
and interest. Such investments are normally considered to be equivalent to
AAA rated securities.
(5) Preferred Shares, at Liquidation Value as a percentage of Total
Investments is 33.9%.
N/R Not rated.
(ETM) Escrowed to maturity.
(IF) Inverse floating rate investment.
See accompanying notes to financial statements.
26 Nuveen Investments
NNJ | Nuveen New Jersey Premium Income Municipal Fund, Inc.
| Portfolio of Investments October 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER DISCRETIONARY - 0.3% (0.2% OF TOTAL INVESTMENTS)
Middlesex County Improvement Authority, New Jersey, Senior
Revenue Bonds, Heldrich Center Hotel/Conference Center
Project, Series 2005A:
$ 480 5.000%, 1/01/32 1/15 at 100.00 B3 $ 238,315
415 5.125%, 1/01/37 1/15 at 100.00 B3 205,965
------------------------------------------------------------------------------------------------------------------------------------
895 Total Consumer Discretionary 444,280
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 3.0% (2.1% OF TOTAL INVESTMENTS)
Tobacco Settlement Financing Corporation, New Jersey,
Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
2,520 4.750%, 6/01/34 6/17 at 100.00 BBB 1,762,085
5,300 5.000%, 6/01/41 6/17 at 100.00 BBB 3,576,652
------------------------------------------------------------------------------------------------------------------------------------
7,820 Total Consumer Staples 5,338,737
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 14.8% (10.1% OF TOTAL
INVESTMENTS)
1,125 New Jersey Economic Development Authority, Revenue Bonds, 6/15 at 100.00 N/R 1,080,034
The Seeing Eye Inc., Series 2005, 5.000%, 12/01/24 -
AMBAC Insured
500 New Jersey Educational Facilities Authority, Revenue 7/13 at 100.00 N/R 460,785
Bonds, Fairleigh Dickinson University, Series 2002D,
5.250%, 7/01/32 - ACA Insured
300 New Jersey Educational Facilities Authority, Revenue 7/14 at 100.00 N/R 295,449
Bonds, Fairleigh Dickinson University, Series 2004C,
5.500%, 7/01/23
New Jersey Educational Facilities Authority, Revenue
Bonds, Kean University, Series 2007D:
2,090 5.000%, 7/01/32 - FGIC Insured 7/17 at 100.00 A 2,120,430
3,350 5.000%, 7/01/39 - FGIC Insured 7/17 at 100.00 A 3,361,424
100 New Jersey Educational Facilities Authority, Revenue 7/14 at 100.00 A 105,200
Bonds, Montclair State University, Series 2004L,
5.125%, 7/01/19 - NPFG Insured
970 New Jersey Educational Facilities Authority, Revenue 7/16 at 100.00 A2 971,571
Bonds, Montclair State University, Series 2006A,
5.000%, 7/01/36 - AMBAC Insured
New Jersey Educational Facilities Authority, Revenue
Bonds, New Jersey Institute of Technology, Series 2004B:
1,375 5.000%, 7/01/18 - AMBAC Insured 1/14 at 100.00 A+ 1,439,886
725 5.000%, 7/01/19 - AMBAC Insured 1/14 at 100.00 A+ 755,515
1,530 4.750%, 7/01/20 - AMBAC Insured 1/14 at 100.00 A+ 1,576,252
New Jersey Educational Facilities Authority, Revenue
Bonds, Ramapo College, Series 2004H:
1,640 5.000%, 7/01/18 - FGIC Insured 7/14 at 100.00 A 1,725,903
1,040 5.000%, 7/01/23 - FGIC Insured 7/14 at 100.00 A 1,067,789
300 New Jersey Educational Facilities Authority, Revenue 7/14 at 100.00 Baa1 302,799
Bonds, Rider University, Series 2004A, 5.500%, 7/01/23
- RAAI Insured
1,405 New Jersey Higher Education Assistance Authority, Student 12/09 at 101.00 A 1,419,724
Loan Revenue Bonds, Series 1999A, 5.250%, 6/01/18 -
NPFG Insured (Alternative Minimum Tax)
985 New Jersey Higher Education Assistance Authority, Student 6/10 at 101.00 Aaa 1,006,503
Loan Revenue Bonds, Series 2000A, 6.000%, 6/01/15 -
NPFG Insured (Alternative Minimum Tax)
2,000 New Jersey Higher Education Assistance Authority, Student 6/18 at 100.00 AAA 2,095,660
Loan Revenue Bonds, Series 2008A, 6.125%, 6/01/30 - AGC
Insured (Alternative Minimum Tax)
550 New Jersey Higher Education Assistance Authority, Student 6/19 at 100.00 AA 641,707
Loan Revenue Bonds, Tender Option Bond Trust PA-4643,
19.377%, 6/01/30 (IF)
2,025 University of Medicine and Dentistry of New Jersey, 4/13 at 100.00 BBB+ 2,032,594
Certificates of Participation, Child Health Institute,
LLC, Series 2003, 5.000%, 4/15/21 - AMBAC Insured
1,000 University of Medicine and Dentistry of New Jersey, 6/14 at 100.00 A 957,730
Certificates of Participation, University Housing
Associates, LLC, Series 2004, 5.000%, 6/15/29 - NPFG
Insured
2,750 University of Medicine and Dentistry of New Jersey, 12/12 at 100.00 Baa2 2,588,685
Revenue Bonds, Series 2002A, 5.000%, 12/01/31 - AMBAC
Insured
------------------------------------------------------------------------------------------------------------------------------------
25,760 Total Education and Civic Organizations 26,005,640
------------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 27
NNJ | Nuveen New Jersey Premium Income Municipal Fund, Inc. (continued)
| Portfolio of Investments October 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
FINANCIALS - 0.7% (0.5% OF TOTAL INVESTMENTS)
$ 1,500 New Jersey Economic Development Authority, Revenue No Opt. Call Baa3 $ 1,262,580
Refunding Bonds, Kapkowski Road Landfill Project,
Series 2002, 5.750%, 10/01/21
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 18.1% (12.4% OF TOTAL INVESTMENTS)
Camden County Improvement Authority, New Jersey, Revenue
Bonds, Cooper Health System, Series 2004A:
185 5.000%, 2/15/25 2/15 at 100.00 BBB 163,921
620 5.750%, 2/15/34 8/14 at 100.00 BBB 566,333
1,120 New Jersey Health Care Facilities Finance Authority, 7/18 at 100.00 A1 1,121,490
Revenue Bonds, AHS Hospital Corporation, Series 2008A,
5.000%, 7/01/27
695 New Jersey Health Care Facilities Financing Authority, 7/19 at 100.00 AAA 793,885
Hospital Revenue Bonds, Virtua Health, Series 2009,
Trust 3018, 19.426%, 7/01/38 - AGC Insured (IF)
1,615 New Jersey Health Care Facilities Financing Authority, 7/17 at 100.00 A+ 1,577,031
Revenue Bonds, Atlanticare Regional Medical Center,
Series 2007, 5.000%, 7/01/37
240 New Jersey Health Care Facilities Financing Authority, 7/15 at 100.00 Baa3 227,774
Revenue Bonds, Children's Specialized Hospital, Series
2005A, 5.500%, 7/01/36
2,900 New Jersey Health Care Facilities Financing Authority, 1/10 at 101.00 Baa1 2,912,673
Revenue Bonds, Hackensack University Medical Center,
Series 2000, 6.000%, 1/01/34
700 New Jersey Health Care Facilities Financing Authority, 7/16 at 100.00 A- 648,522
Revenue Bonds, Hunterdon Medical Center, Series 2006B,
5.000%, 7/01/36
375 New Jersey Health Care Facilities Financing Authority, 7/16 at 100.00 A- 352,324
Revenue Bonds, Hunterdon Medical Center, Series 2006,
5.125%, 7/01/35
3,500 New Jersey Health Care Facilities Financing Authority, 7/11 at 100.00 A2 3,519,880
Revenue Bonds, Kennedy Health System Obligated Group,
Series 2001, 5.625%, 7/01/31
1,700 New Jersey Health Care Facilities Financing Authority, 1/10 at 101.00 AAA 1,720,944
Revenue Bonds, Meridian Health System Obligated Group,
Series 1999, 5.625%, 7/01/12 - FSA Insured
465 New Jersey Health Care Facilities Financing Authority, 7/12 at 101.00 BB+ 414,561
Revenue Bonds, Palisades Medical Center of New York
Presbyterian Healthcare System, Series 2002, 6.625%,
7/01/31
1,000 New Jersey Health Care Facilities Financing Authority, 7/15 at 100.00 BBB- 821,330
Revenue Bonds, RWJ Health Care Corporation, Series
2005B, 5.000%, 7/01/35 - RAAI Insured
1,160 New Jersey Health Care Facilities Financing Authority, 1/17 at 100.00 BB+ 922,478
Revenue Bonds, Saint Barnabas Health Care System,
Series 2006A, 5.000%, 7/01/29
1,675 New Jersey Health Care Facilities Financing Authority, 7/13 at 100.00 BBB- 1,561,552
Revenue Bonds, Shore Memorial Health System, Series
2003, 5.000%, 7/01/23 - RAAI Insured
2,000 New Jersey Health Care Facilities Financing Authority, 7/10 at 100.00 N/R 2,007,900
Revenue Bonds, Society of the Valley Hospital Obligated
Group, Series 2000, 5.750%, 7/01/15 - AMBAC Insured
1,875 New Jersey Health Care Facilities Financing Authority, 7/13 at 100.00 Ba2 1,316,831
Revenue Bonds, Somerset Medical Center, Series 2003,
5.500%, 7/01/33
New Jersey Health Care Facilities Financing Authority,
Revenue Bonds, South Jersey Hospital System, Series 2006:
1,245 5.000%, 7/01/36 7/16 at 100.00 A2 1,197,055
1,155 5.000%, 7/01/46 7/16 at 100.00 A2 1,077,661
2,050 New Jersey Health Care Facilities Financing Authority, 7/10 at 100.00 Baa2 2,064,043
Revenue Bonds, St. Peter's University Hospital, Series
2000A, 6.875%, 7/01/20
630 New Jersey Health Care Facilities Financing Authority, 7/12 at 100.00 A+ 645,416
Revenue Refunding Bonds, Atlantic City Medical Center,
Series 2002, 5.750%, 7/01/25
1,710 New Jersey Health Care Facilities Financing Authority, 1/12 at 100.00 BBB- 1,492,043
Revenue Refunding Bonds, Bayshore Community Hospital,
Series 2002, 5.000%, 7/01/22 - RAAI Insured
2,160 New Jersey Health Facilities Financing Authority, Revenue 7/18 at 100.00 AAA 2,150,064
Bonds, Meridian Health, Series 2007-I, 5.000%, 7/01/38
- AGC Insured
2,650 Puerto Rico Industrial, Tourist, Educational, Medical and 12/09 at 100.00 A1 2,655,963
Environmental Control Facilities Financing Authority,
Adjustable Rate Industrial Revenue Bonds, American Home
Products Corporation, Series 1983A, 5.100%, 12/01/18
------------------------------------------------------------------------------------------------------------------------------------
33,425 Total Health Care 31,931,674
------------------------------------------------------------------------------------------------------------------------------------
28 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 2.7% (1.9% OF TOTAL INVESTMENTS)
$ 340 Essex County Improvement Authority, New Jersey, FNMA 11/12 at 100.00 Aaa $ 341,887
Enhanced Multifamily Revenue Bonds, Mount Carmel
Towers, Series 2002, 4.750%, 11/01/22 (Alternative
Minimum Tax)
4,445 New Jersey Housing and Mortgage Finance Agency, 11/09 at 100.00 A+ 4,445,933
Multifamily Housing Revenue Bonds, Series 1997A,
5.550%, 5/01/27 - AMBAC Insured (Alternative Minimum
Tax)
------------------------------------------------------------------------------------------------------------------------------------
4,785 Total Housing/Multifamily 4,787,820
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 1.2% (0.8% OF TOTAL INVESTMENTS)
New Jersey Housing and Mortgage Finance Agency, Home Buyer
Program Revenue Bonds, Series 1997U:
1,455 5.700%, 10/01/14 - NPFG Insured (Alternative Minimum 4/10 at 100.00 Aaa 1,456,717
Tax)
45 5.850%, 4/01/29 - NPFG Insured (Alternative Minimum Tax) 4/10 at 100.00 Aaa 45,024
605 New Jersey Housing and Mortgage Finance Agency, Single 4/17 at 100.00 AA 551,645
Family Housing Revenue Bonds, Series 2007T, 4.700%,
10/01/37 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
2,105 Total Housing/Single Family 2,053,386
------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIALS - 0.3% (0.2% OF TOTAL INVESTMENTS)
575 Gloucester County Improvement Authority, New Jersey, Solid No Opt. Call BBB 578,393
Waste Resource Recovery Revenue Refunding Bonds, Waste
Management Inc. Project, Series 1999B, 6.850%, 12/01/29
(Mandatory put 12/01/09)
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 1.5% (1.0% OF TOTAL INVESTMENTS)
1,095 Burlington County Bridge Commission, New Jersey, Economic 1/18 at 100.00 N/R 906,134
Development Revenue Bonds, The Evergreens Project,
Series 2007, 5.625%, 1/01/38
750 New Jersey Economic Development Authority, First Mortgage 11/14 at 100.00 N/R 734,498
Revenue Bonds, Winchester Gardens at Wards Homestead,
Series 2004A, 5.800%, 11/01/31
1,000 New Jersey Economic Development Authority, Revenue Bonds, 6/11 at 102.00 A- 1,015,530
Masonic Charity Foundation of New Jersey, Series 2001,
5.500%, 6/01/21
------------------------------------------------------------------------------------------------------------------------------------
2,845 Total Long-Term Care 2,656,162
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 9.1% (6.3% OF TOTAL INVESTMENTS)
2,460 Freehold Regional High School District, Monmouth County No Opt. Call AA 2,813,404
Board of Education, New Jersey, School District
Refunding Bonds, Series 2001, 5.000%, 3/01/17 - FGIC
Insured
2,500 Jersey City, New Jersey, General Obligation Bonds, Series 9/16 at 100.00 A1 2,628,700
2006A, 5.000%, 9/01/22 - AMBAC Insured
New Jersey, General Obligation Bonds, Series 1992D:
2,580 6.000%, 2/15/11 No Opt. Call AA 2,754,279
1,560 6.000%, 2/15/13 No Opt. Call AA 1,780,818
4,000 Passaic County, New Jersey, General Improvement Refunding No Opt. Call A 4,219,480
Bonds, Series 1993, 5.125%, 9/01/12 - FGIC Insured
1,780 West Deptford Township, New Jersey, General Obligation 9/14 at 100.00 Baa1 1,872,222
Bonds, Series 2004, 4.750%, 9/01/17 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
14,880 Total Tax Obligation/General 16,068,903
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 39.6% (27.2% OF TOTAL INVESTMENTS)
1,000 Bergen County Improvement Authority, New Jersey, No Opt. Call Aaa 1,167,380
Guaranteed Lease Revenue Bonds, County Administration
Complex Project, Series 2005, 5.000%, 11/15/26
5,385 Essex County Improvement Authority, New Jersey, Lease 12/13 at 100.00 Aa3 5,757,695
Revenue Bonds, Series 2003, 5.125%, 12/15/19 - FSA
Insured
1,155 Essex County Improvement Authority, New Jersey, Project No Opt. Call A1 1,300,380
Consolidation Revenue Bonds, Series 2007, 5.250%,
12/15/22 - AMBAC Insured
1,225 Garden State Preservation Trust, New Jersey, Open Space No Opt. Call AAA 1,417,533
and Farmland Preservation Bonds, Series 2005C, 5.125%,
11/01/18 - FSA Insured
Hudson County Improvement Authority, New Jersey, County
Secured Lease Revenue Bonds, County Services Building
Project, Series 2005:
1,185 5.000%, 4/01/25 - AMBAC Insured 4/15 at 100.00 AA- 1,243,835
2,755 5.000%, 4/01/35 - AMBAC Insured 4/15 at 100.00 AA- 2,804,590
1,000 Middlesex County Improvement Authority, New Jersey, County 9/13 at 100.00 AAA 1,118,590
Guaranteed Open Space Trust Fund Revenue Bonds, Series
2003, 5.250%, 9/15/16
3,450 New Jersey Building Authority, State Building Revenue 6/16 at 100.00 AA- 3,583,757
Bonds, Series 2007A, 5.000%, 6/15/25
Nuveen Investments 29
NNJ | Nuveen New Jersey Premium Income Municipal Fund, Inc. (continued)
| Portfolio of Investments October 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
New Jersey Economic Development Authority, Cigarette Tax
Revenue Bonds, Series 2004:
$ 1,155 5.500%, 6/15/24 6/12 at 100.00 BBB $ 1,106,790
2,540 5.750%, 6/15/34 6/14 at 100.00 BBB 2,417,928
3,200 New Jersey Economic Development Authority, Revenue Bonds, 7/14 at 100.00 A 3,460,640
Motor Vehicle Surcharge, Series 2004A, 5.250%, 7/01/15
- NPFG Insured
New Jersey Economic Development Authority, Revenue Bonds,
Newark Downtown District Management Corporation Project,
Series 2007:
120 5.125%, 6/15/27 6/17 at 100.00 Baa3 105,925
205 5.125%, 6/15/37 6/17 at 100.00 Baa3 170,392
New Jersey Economic Development Authority, School
Facilities Construction Financing Program Bonds, Series
2007U:
1,155 5.000%, 9/01/37 - AMBAC Insured 9/17 at 100.00 AA- 1,172,879
2,310 5.000%, 9/01/37 9/17 at 100.00 AA- 2,345,759
2,720 New Jersey Health Care Facilities Financing Authority, 9/13 at 100.00 AA- 2,710,997
Lease Revenue Bonds, Department of Human Services -
Greystone Park Psychiatric Hospital, Series 2003,
5.000%, 9/15/25
New Jersey Health Care Facilities Financing Authority,
Lease Revenue Bonds, Department of Human Services -
Greystone Park Psychiatric Hospital, Series 2005:
2,615 5.000%, 9/15/24 - AMBAC Insured 9/15 at 100.00 AA- 2,637,358
3,000 5.000%, 9/15/28 - AMBAC Insured 9/15 at 100.00 AA- 3,022,590
500 New Jersey Health Care Facilities Financing Authority, 10/18 at 100.00 AA- 508,525
State Contract Bonds, Hospital Asset Transformation
Program, Series 2008A, 5.250%, 10/01/38
1,500 New Jersey Sports and Exposition Authority, Convention No Opt. Call A 1,666,275
Center Luxury Tax Bonds, Series 2004, 5.500%, 3/01/22 -
NPFG Insured
3,000 New Jersey Transit Corporation, Certificates of No Opt. Call A1 3,358,050
Participation, Federal Transit Administration Grants,
Series 2002A, 5.500%, 9/15/14 - AMBAC Insured
1,875 New Jersey Transit Corporation, Lease Appropriation Bonds, 9/15 at 100.00 A 1,968,413
Series 2005A, 5.000%, 9/15/18 - FGIC Insured
New Jersey Transportation Trust Fund Authority, Federal
Highway Aid Grant Anticipation Bonds, Series 2006:
400 5.000%, 6/15/17 - FGIC Insured 6/16 at 100.00 A1 436,104
715 5.000%, 6/15/18 - FGIC Insured 6/16 at 100.00 A1 771,363
2,600 New Jersey Transportation Trust Fund Authority, No Opt. Call AA- 2,957,968
Transportation System Bonds, Series 2004B, 5.500%,
12/15/16 - NPFG Insured
2,000 New Jersey Transportation Trust Fund Authority, 12/15 at 100.00 AA- 2,171,380
Transportation System Bonds, Series 2005B, 5.250%,
12/15/18 - FGIC Insured
1,110 New Jersey Transportation Trust Fund Authority, 6/15 at 100.00 AAA 1,172,182
Transportation System Bonds, Series 2005D, 5.000%,
6/15/19 - FSA Insured
1,700 New Jersey Transportation Trust Fund Authority, No Opt. Call AA- 1,919,878
Transportation System Bonds, Series 2006A, 5.500%,
12/15/22
New Jersey Transportation Trust Fund Authority,
Transportation System Bonds, Series 2006C:
8,090 0.000%, 12/15/28 - AMBAC Insured No Opt. Call AA- 2,640,981
6,000 0.000%, 12/15/32 - FSA Insured No Opt. Call AAA 1,582,560
4,000 0.000%, 12/15/34 - FSA Insured No Opt. Call AAA 929,440
4,000 New Jersey Transportation Trust Fund Authority, 12/17 at 100.00 AA- 4,153,960
Transportation System Bonds, Series 2007A, 5.000%,
12/15/26 - AMBAC Insured
780 Puerto Rico Convention Center District Authority, Hotel 7/16 at 100.00 BBB+ 658,055
Occupancy Tax Revenue Bonds, Series 2006A, 4.500%,
7/01/36 - CIFG Insured
2,745 Union County Improvement Authority, New Jersey, General 3/13 at 100.00 Aa1 2,765,780
Obligation Lease Revenue Bonds, Plainfield Park Madison
Redevelopment Project, Series 2003, 5.000%, 3/01/34 -
FSA Insured
2,445 Union County Improvement Authority, New Jersey, General 6/13 at 100.00 Aa1 2,619,964
Obligation Lease Revenue Bonds, Series 2003, 5.000%,
6/15/23
------------------------------------------------------------------------------------------------------------------------------------
79,635 Total Tax Obligation/Limited 69,825,896
------------------------------------------------------------------------------------------------------------------------------------
30 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 18.3% (12.6% OF TOTAL INVESTMENTS)
$ 2,750 Casino Reinvestment Development Authority, New Jersey, 6/15 at 100.00 A $ 2,798,840
Parking Revenue Bonds, Series 2005A, 5.250%, 6/01/20 -
NPFG Insured
2,500 Delaware River and Bay Authority, Delaware and New Jersey, 1/15 at 100.00 A+ 2,570,850
Revenue Bonds, Series 2005, 5.000%,1/01/27 - NPFG
Insured
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
565 6.500%, 1/01/16 - NPFG Insured No Opt. Call A+ 669,299
345 6.500%, 1/01/16 - AMBAC Insured No Opt. Call A3 408,687
5,750 New Jersey Turnpike Authority, Revenue Bonds, Series 7/13 at 100.00 A+ 6,109,489
2003A, 5.000%, 1/01/19 - FGIC Insured
2,750 Passaic County Improvement Authority, New Jersey, Revenue 4/15 at 100.00 Aa3 2,813,168
Bonds, Paterson Parking Deck Facility, Series 2005,
5.000%, 4/15/35 - FSA Insured
4,000 Port Authority of New York and New Jersey, Consolidated 6/15 at 101.00 AA- 4,193,520
Revenue Bonds, One Hundred Fortieth Series 2005,
5.000%, 12/01/28 - SYNCORA GTY Insured
585 Port Authority of New York and New Jersey, Consolidated 8/17 at 100.00 AAA 662,899
Revenue Bonds, One Hundred Forty Eighth Series 2008,
Trust 2920, 17.382%, 8/15/32 - FSA Insured (IF)
1,000 Port Authority of New York and New Jersey, Consolidated 1/14 at 101.00 AA- 1,022,190
Revenue Bonds, One Hundred Thirty-Fourth Series 2004,
5.000%, 7/15/34
2,000 Port Authority of New York and New Jersey, Consolidated 4/12 at 101.00 AAA 2,043,160
Revenue Bonds, One Hundred Twenty-Fifth Series 2002,
5.000%, 4/15/32 - FSA Insured
8,000 Port Authority of New York and New Jersey, Special Project 12/09 at 100.00 A 8,130,478
Bonds, JFK International Air Terminal LLC, Sixth Series
1997, 5.750%, 12/01/22 - NPFG Insured (Alternative
Minimum Tax)
850 Trenton Parking Authority, Mercer County, New Jersey, 10/13 at 100.00 Baa2 821,347
Guaranteed Parking System Revenue Bonds, Series 2003,
5.000%, 10/01/24 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
31,095 Total Transportation 32,243,927
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 27.0% (18.5% OF TOTAL INVESTMENTS) (4)
2,075 Egg Harbor Township School District, Atlantic County, New 4/15 at 100.00 Aa2 (4) 2,376,539
Jersey, General Obligation Bonds, Series 2005, 5.000%,
4/01/27 (Pre-refunded 4/01/15) - NPFG Insured
130 Essex County Improvement Authority, New Jersey, Lease 12/13 at 100.00 Aa3 (4) 148,550
Revenue Bonds, Series 2003, 5.125%, 12/15/19
(Pre-refunded 12/15/13) - FSA Insured
Manalapan-Englishtown Regional Board of Education, New
Jersey, General Obligation Bonds, Series 2003:
1,000 5.000%, 10/01/27 (Pre-refunded 10/01/13) - NPFG Insured 10/13 at 100.00 N/R (4) 1,133,750
1,000 5.000%, 10/01/27 (Pre-refunded 10/01/13) - NPFG Insured 10/13 at 100.00 AAA 1,133,750
2,245 New Jersey Economic Development Authority, Revenue Bonds, No Opt. Call N/R (4) 2,810,605
Yeshiva Ktana of Passaic, Series 1993, 8.000%, 9/15/18
(ETM)
595 New Jersey Educational Facilities Authority, Revenue 7/16 at 100.00 A (4) 686,428
Bonds, Kean University, Series 2005B, 5.000%, 7/01/30
(Pre-refunded 7/01/16) - NPFG Insured
1,145 New Jersey Educational Facilities Authority, Revenue 7/14 at 100.00 A (4) 1,314,471
Bonds, Montclair State University, Series 2004L,
5.125%, 7/01/19 (Pre-refunded 7/01/14) - NPFG Insured
2,080 New Jersey Educational Facilities Authority, Revenue 7/15 at 100.00 A2 (4) 2,386,987
Bonds, Montclair State University, Series 2005F,
5.000%, 7/01/32 (Pre-refunded 7/01/15) - FGIC Insured
400 New Jersey Educational Facilities Authority, Revenue 7/14 at 100.00 A+ (4) 456,972
Bonds, Rowan University, Series 2004C, 5.000%, 7/01/20
(Pre-refunded 7/01/14) - NPFG Insured
6,950 New Jersey Environmental Infrastructure Trust, 9/11 at 101.00 AAA 7,508,571
Environmental Infrastructure Bonds, Series 2001A,
4.750%, 9/01/20 (Pre-refunded 9/01/11)
New Jersey Health Care Facilities Financing Authority,
Revenue Bonds, Capital Health System Obligated Group,
Series 2003A:
750 5.000%, 7/01/26 (Pre-refunded 7/01/13) 7/13 at 100.00 N/R (4) 832,433
1,670 5.375%, 7/01/33 (Pre-refunded 7/01/13) 7/13 at 100.00 N/R (4) 1,875,661
3,000 New Jersey Health Care Facilities Financing Authority, 7/12 at 100.00 A2 (4) 3,375,330
Revenue Bonds, South Jersey Hospital System, Series
2002, 5.875%, 7/01/21 (Pre-refunded 7/01/12)
1,270 New Jersey Health Care Facilities Financing Authority, No Opt. Call N/R (4) 1,471,930
Revenue Bonds, St. Clare's Hospital, Series 2004A,
5.250%, 7/01/20 - RAAI Insured (ETM)
Nuveen Investments 31
NNJ | Nuveen New Jersey Premium Income Municipal Fund, Inc. (continued)
| Portfolio of Investments October 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED (4) (continued)
$ 545 New Jersey Health Care Facilities Financing Authority, 7/10 at 101.00 BBB- (4) $ 575,836
Revenue Bonds, Trinitas Hospital Obligated Group,
Series 2000, 7.500%, 7/01/30 (Pre-refunded 7/01/10)
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
465 6.500%, 1/01/16 (ETM) No Opt. Call AAA 564,924
195 6.500%, 1/01/16 - NPFG Insured (ETM) No Opt. Call A+ (4) 240,020
120 6.500%, 1/01/16 - AMBAC Insured (ETM) No Opt. Call A3 (4) 147,704
6,590 6.500%, 1/01/16 (ETM) No Opt. Call AAA 7,669,309
1,760 6.500%, 1/01/16 - AMBAC Insured (ETM) No Opt. Call AAA 2,039,594
750 Newark Housing Authority, New Jersey, Port Authority 1/14 at 100.00 AA- (4) 852,015
Terminal Revenue Bonds, Series 2004, 5.250%, 1/01/21
(Pre-refunded 1/01/14) - NPFG Insured
2,125 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/15 at 100.00 AAA 2,445,960
Series 2005RR, 5.000%, 7/01/35 (Pre-refunded 7/01/15) -
FGIC Insured
Tobacco Settlement Financing Corporation, New Jersey,
Tobacco Settlement Asset-Backed Bonds, Series 2003:
2,370 6.125%, 6/01/24 (Pre-refunded 6/01/12) 6/12 at 100.00 AAA 2,492,600
2,250 6.375%, 6/01/32 (Pre-refunded 6/01/13) 6/13 at 100.00 AAA 2,550,780
350 Trenton Parking Authority, Mercer County, New Jersey, 10/13 at 100.00 Baa2 (4) 396,813
Guaranteed Parking System Revenue Bonds, Series 2003,
5.000%, 10/01/24 (Pre-refunded 10/01/13) - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
41,830 Total U.S. Guaranteed 47,487,532
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 0.8% (0.5% OF TOTAL INVESTMENTS)
1,250 New Jersey Economic Development Authority, Pollution No Opt. Call Baa1 1,303,563
Control Revenue Refunding Bonds, Public Service
Electric and Gas Company, Series 2001A, 5.000%, 3/01/12
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 8.3% (5.7% OF TOTAL INVESTMENTS)
Bayonne Municipal Utilities Authority, New Jersey, Water
System Revenue Refunding Bonds, Series 2003A:
1,450 5.000%, 4/01/19 - SYNCORA GTY Insured 4/13 at 100.00 N/R 1,462,079
1,250 5.000%, 4/01/24 - SYNCORA GTY Insured 4/13 at 100.00 N/R 1,208,800
1,000 Jersey City Sewer Authority, Hudson County, New Jersey, No Opt. Call N/R 1,100,470
Sewer Revenue Refunding Bonds, Series 1993, 6.250%,
1/01/14 - AMBAC Insured
3,100 New Jersey Economic Development Authority, Water 3/10 at 100.00 Baa1 3,101,240
Facilities Revenue Refunding Bonds, Hackensack Water
Company, Series 1994B, 5.900%, 3/01/24 - NPFG Insured
(Alternative Minimum Tax)
1,650 New Jersey Water Supply Authority, Water Supply Authority 8/15 at 100.00 AA 1,711,611
Bonds, Manasquan Reservoir, Series 2005, 5.000%,
8/01/31 - NPFG Insured
3,500 North Hudson Sewerage Authority, New Jersey, Sewerage 8/12 at 100.00 N/R 3,543,295
Revenue Refunding Bonds, Series 2002A, 5.250%, 8/01/19
- FGIC Insured
820 Stony Brook Regional Sewer Authority, Princeton, New No Opt. Call Aa2 869,397
Jersey, Revenue Refunding Bonds, Series 1993B, 5.450%,
12/01/12
32 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER (continued)
$ 1,500 Wanaque Valley Regional Sewer Authority, Passaic County, No Opt. Call Baa1 $ 1,635,015
New Jersey, Sewer Revenue Refunding Bonds, Series
1993B, 5.750%, 9/01/18 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
14,270 Total Water and Sewer 14,631,907
------------------------------------------------------------------------------------------------------------------------------------
$ 262,670 Total Investments (cost $254,504,518) - 145.7% 256,620,400
===============---------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 4.2% 7,399,168
-----------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (49.9)% (5) (87,875,000)
-----------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 176,144,568
=================================================================================================================
(1) All percentages shown in the Portfolio of Investments are based on net
assets applicable to Common shares unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call provisions
at varying prices at later dates. Certain mortgage-backed securities may
be subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's Group ("Standard & Poor's")
or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by
Standard & Poor's or Baa by Moody's are considered to be below investment
grade.
(4) Backed by an escrow or trust containing sufficient U.S. Government or U.S.
Government agency securities which ensure the timely payment of principal
and interest. Such investments are normally considered to be equivalent to
AAA rated securities.
(5) Preferred Shares, at Liquidation Value as a percentage of Total
Investments is 34.2%.
N/R Not rated.
(ETM) Escrowed to maturity.
(IF) Inverse floating rate investment.
See accompanying notes to financial statements.
Nuveen Investments 33
NXJ | Nuveen New Jersey Dividend Advantage Municipal Fund
| Portfolio of Investments October 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER DISCRETIONARY - 0.3% (0.2% OF TOTAL INVESTMENTS)
Middlesex County Improvement Authority, New Jersey, Senior
Revenue Bonds, Heldrich Center Hotel/Conference Center
Project, Series 2005A:
$ 260 5.000%, 1/01/32 1/15 at 100.00 B3 $ 129,087
230 5.125%, 1/01/37 1/15 at 100.00 B3 114,149
------------------------------------------------------------------------------------------------------------------------------------
490 Total Consumer Discretionary 243,236
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 3.2% (2.2% OF TOTAL INVESTMENTS)
Tobacco Settlement Financing Corporation, New Jersey,
Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
1,345 4.750%, 6/01/34 6/17 at 100.00 BBB 940,478
3,000 5.000%, 6/01/41 6/17 at 100.00 BBB 2,024,520
------------------------------------------------------------------------------------------------------------------------------------
4,345 Total Consumer Staples 2,964,998
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 17.9% (12.5% OF TOTAL
INVESTMENTS)
250 New Jersey Educational Facilities Authority, Revenue 7/14 at 100.00 N/R 246,208
Bonds, Fairleigh Dickinson University, Series 2004C,
5.500%, 7/01/23
325 New Jersey Educational Facilities Authority, Revenue 7/17 at 100.00 BBB+ 306,888
Bonds, Georgian Court University, Series 2007D, 5.250%,
7/01/37
New Jersey Educational Facilities Authority, Revenue
Bonds, Kean University, Series 2007D:
1,115 5.000%, 7/01/32 - FGIC Insured 7/17 at 100.00 A 1,131,234
735 5.000%, 7/01/39 - FGIC Insured 7/17 at 100.00 A 737,506
60 New Jersey Educational Facilities Authority, Revenue 7/14 at 100.00 A 62,392
Bonds, Montclair State University, Series 2004L,
5.125%, 7/01/21 - NPFG Insured
970 New Jersey Educational Facilities Authority, Revenue 7/16 at 100.00 A2 971,571
Bonds, Montclair State University, Series 2006A,
5.000%, 7/01/36 - AMBAC Insured
1,000 New Jersey Educational Facilities Authority, Revenue 7/11 at 100.00 A+ 1,057,910
Bonds, New Jersey Institute of Technology, Series
2001G, 5.250%, 7/01/18 - NPFG Insured
1,000 New Jersey Educational Facilities Authority, Revenue 1/14 at 100.00 A+ 1,031,210
Bonds, New Jersey Institute of Technology, Series
2004B, 5.000%, 7/01/21 - AMBAC Insured
1,085 New Jersey Educational Facilities Authority, Revenue 7/11 at 101.00 A+ 1,090,577
Bonds, Rowan College, Series 2001C, 5.000%, 7/01/31 -
FGIC Insured
630 New Jersey Educational Facilities Authority, Revenue 7/14 at 100.00 A 662,760
Bonds, William Paterson University, Series 2004A,
5.125%, 7/01/19 - FGIC Insured
300 New Jersey Educational Facilities Authority, Revenue 7/12 at 100.00 Baa1 305,073
Refunding Bonds, Rider University, Series 2002A,
5.000%, 7/01/17 - RAAI Insured
200 New Jersey Educational Facilities Authority, Revenue 7/11 at 100.00 A 211,922
Refunding Bonds, Seton Hall University Project, Series
2001A, 5.250%, 7/01/16 - AMBAC Insured
New Jersey Educational Facilities Authority, Revenue
Refunding Bonds, Seton Hall University Project, Series
2001G:
3,820 4.875%, 7/01/21 - AMBAC Insured 7/11 at 100.00 A 3,861,866
1,600 5.000%, 7/01/26 - AMBAC Insured 7/11 at 100.00 A 1,613,904
300 New Jersey Higher Education Assistance Authority, Student 6/19 at 100.00 AA 350,022
Loan Revenue Bonds, Tender Option Bond Trust PA-4643,
19.377%, 6/01/30 (IF)
Puerto Rico Industrial, Tourist, Educational, Medical and
Environmental Control Facilities Financing Authority,
Higher Education Revenue Bonds, University of the Sacred
Heart, Series 2001:
2,000 5.250%, 9/01/21 9/11 at 100.00 BBB 2,000,540
500 5.250%, 9/01/31 9/11 at 100.00 BBB 470,865
500 Puerto Rico Industrial, Tourist, Educational, Medical and 12/12 at 101.00 BBB- 429,765
Environmental Control Facilities Financing Authority,
Higher Education Revenue Refunding Bonds, Ana G. Mendez
University System, Series 2002, 5.500%, 12/01/31
------------------------------------------------------------------------------------------------------------------------------------
16,390 Total Education and Civic Organizations 16,542,213
------------------------------------------------------------------------------------------------------------------------------------
34 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
ENERGY - 1.1% (0.8% OF TOTAL INVESTMENTS)
$ 1,000 Virgin Islands, Senior Secured Revenue Bonds, Government 1/13 at 100.00 BBB $ 1,016,430
Refinery Facilities - Hovensa LLC Coker, Series 2002,
6.500%, 7/01/21 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
FINANCIALS - 1.6% (1.1% OF TOTAL INVESTMENTS)
850 New Jersey Economic Development Authority, Economic 11/10 at 100.00 N/R 575,595
Development Revenue Bonds, Glimcher Properties LP,
Series 1998, 6.000%, 11/01/28 (Alternative Minimum Tax)
250 New Jersey Economic Development Authority, Industrial 1/10 at 100.00 Ba1 246,653
Development Revenue Refunding Bonds, Newark Airport
Marriott Hotel, Series 1996, 7.000%, 10/01/14
750 New Jersey Economic Development Authority, Revenue No Opt. Call Baa3 631,290
Refunding Bonds, Kapkowski Road Landfill Project,
Series 2002, 5.750%, 10/01/21
------------------------------------------------------------------------------------------------------------------------------------
1,850 Total Financials 1,453,538
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 21.1% (14.7% OF TOTAL INVESTMENTS)
310 Camden County Improvement Authority, New Jersey, Revenue 8/14 at 100.00 BBB 283,166
Bonds, Cooper Health System, Series 2004A, 5.750%,
2/15/34
560 New Jersey Health Care Facilities Finance Authority, 7/18 at 100.00 A1 560,745
Revenue Bonds, AHS Hospital Corporation, Series 2008A,
5.000%, 7/01/27
370 New Jersey Health Care Facilities Financing Authority, 7/19 at 100.00 AAA 422,644
Hospital Revenue Bonds, Virtua Health, Series 2009,
Trust 3018, 19.426%, 7/01/38 - AGC Insured (IF)
865 New Jersey Health Care Facilities Financing Authority, 7/17 at 100.00 A+ 844,664
Revenue Bonds, Atlanticare Regional Medical Center,
Series 2007, 5.000%, 7/01/37
1,500 New Jersey Health Care Facilities Financing Authority, 7/17 at 100.00 Aa2 1,505,580
Revenue Bonds, CentraState Medical Center, Series
2006A, 5.000%, 7/01/30 - AGC Insured
130 New Jersey Health Care Facilities Financing Authority, 7/15 at 100.00 Baa3 123,378
Revenue Bonds, Children's Specialized Hospital, Series
2005A, 5.500%, 7/01/36
400 New Jersey Health Care Facilities Financing Authority, 7/16 at 100.00 A- 370,584
Revenue Bonds, Hunterdon Medical Center, Series 2006B,
5.000%, 7/01/36
180 New Jersey Health Care Facilities Financing Authority, 7/16 at 100.00 A- 169,115
Revenue Bonds, Hunterdon Medical Center, Series 2006,
5.125%, 7/01/35
3,500 New Jersey Health Care Facilities Financing Authority, 7/11 at 100.00 A2 3,519,880
Revenue Bonds, Kennedy Health System Obligated Group,
Series 2001, 5.625%, 7/01/31
New Jersey Health Care Facilities Financing Authority,
Revenue Bonds, Robert Wood Johnson University Hospital,
Series 2000:
750 5.750%, 7/01/25 7/10 at 100.00 A2 754,238
3,000 5.750%, 7/01/31 7/10 at 100.00 A2 3,011,070
445 New Jersey Health Care Facilities Financing Authority, 1/17 at 100.00 BB+ 353,882
Revenue Bonds, Saint Barnabas Health Care System,
Series 2006A, 5.000%, 7/01/29
895 New Jersey Health Care Facilities Financing Authority, 7/13 at 100.00 BBB- 834,382
Revenue Bonds, Shore Memorial Health System, Series
2003, 5.000%, 7/01/23 - RAAI Insured
1,000 New Jersey Health Care Facilities Financing Authority, 7/13 at 100.00 Ba2 702,310
Revenue Bonds, Somerset Medical Center, Series 2003,
5.500%, 7/01/33
New Jersey Health Care Facilities Financing Authority,
Revenue Bonds, South Jersey Hospital System, Series 2006:
665 5.000%, 7/01/36 7/16 at 100.00 A2 639,391
615 5.000%, 7/01/46 7/16 at 100.00 A2 573,820
1,100 New Jersey Health Care Facilities Financing Authority, 7/10 at 100.00 Baa2 1,107,535
Revenue Bonds, St. Peter's University Hospital, Series
2000A, 6.875%, 7/01/20
2,500 New Jersey Health Care Facilities Financing Authority, 1/10 at 101.00 A2 2,505,650
Revenue Refunding Bonds, Burdette Tomlin Memorial
Hospital, Series 1999, 5.500%, 7/01/29
1,280 New Jersey Health Facilities Financing Authority, Revenue 7/18 at 100.00 AAA 1,274,112
Bonds, Meridian Health, Series 2007-I, 5.000%, 7/01/38
- AGC Insured
------------------------------------------------------------------------------------------------------------------------------------
20,065 Total Health Care 19,556,146
------------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 35
NXJ | Nuveen New Jersey Dividend Advantage Municipal Fund (continued)
| Portfolio of Investments October 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIALS - 0.3% (0.2% OF TOTAL INVESTMENTS)
$ 310 Gloucester County Improvement Authority, New Jersey, Solid No Opt. Call BBB $ 311,829
Waste Resource Recovery Revenue Refunding Bonds, Waste
Management Inc. Project, Series 1999B, 6.850%, 12/01/29
(Mandatory put 12/01/09)
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 2.7% (1.9% OF TOTAL INVESTMENTS)
585 Burlington County Bridge Commission, New Jersey, Economic 1/18 at 100.00 N/R 484,099
Development Revenue Bonds, The Evergreens Project,
Series 2007, 5.625%, 1/01/38
250 New Jersey Economic Development Authority, First Mortgage 11/14 at 100.00 N/R 244,833
Revenue Bonds, Winchester Gardens at Wards Homestead,
Series 2004A, 5.800%, 11/01/31
New Jersey Economic Development Authority, Revenue Bonds,
Masonic Charity Foundation of New Jersey, Series 2001:
1,000 6.000%, 6/01/25 6/11 at 102.00 A- 1,022,860
335 5.500%, 6/01/31 6/11 at 102.00 A- 326,883
500 New Jersey Economic Development Authority, Revenue Bonds, 1/10 at 100.00 BB+ 415,130
United Methodist Homes of New Jersey Obligated Group,
Series 1998, 5.125%, 7/01/25
------------------------------------------------------------------------------------------------------------------------------------
2,670 Total Long-Term Care 2,493,805
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 2.6% (1.8% OF TOTAL INVESTMENTS)
1,000 Jersey City, New Jersey, General Obligation Bonds, Series 9/16 at 100.00 A1 1,051,480
2006A, 5.000%, 9/01/22 - AMBAC Insured
1,350 Puerto Rico, General Obligation and Public Improvement 7/11 at 100.00 AAA 1,360,949
Bonds, Series 2001, 5.250%, 7/01/27 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
2,350 Total Tax Obligation/General 2,412,429
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 31.5% (22.0% OF TOTAL INVESTMENTS)
600 Bergen County Improvement Authority, New Jersey, No Opt. Call Aaa 700,428
Guaranteed Lease Revenue Bonds, County Administration
Complex Project, Series 2005, 5.000%, 11/15/26
1,745 Burlington County Bridge Commission, New Jersey, 12/13 at 100.00 AA 1,903,917
Guaranteed Pooled Loan Bonds, Series 2003, 5.000%,
12/01/18 - NPFG Insured
1,000 Camden County Improvement Authority, New Jersey, County 9/15 at 100.00 AAA 1,123,380
Guaranteed Lease Revenue Bonds, Series 2005A, 5.000%,
9/01/16 - FSA Insured
1,100 Casino Reinvestment Development Authority, New Jersey, 1/15 at 102.00 A- 1,166,429
Hotel Room Fee Revenue Bonds, Series 2004, 5.250%,
1/01/16 - AMBAC Insured
620 Essex County Improvement Authority, New Jersey, Project No Opt. Call A1 698,039
Consolidation Revenue Bonds, Series 2007, 5.250%,
12/15/22 - AMBAC Insured
815 Garden State Preservation Trust, New Jersey, Open Space No Opt. Call AAA 943,094
and Farmland Preservation Bonds, Series 2005C, 5.125%,
11/01/18 - FSA Insured
1,785 New Jersey Building Authority, State Building Revenue 6/16 at 100.00 AA- 1,846,922
Bonds, Series 2007A, 5.000%, 6/15/27
New Jersey Economic Development Authority, Cigarette Tax
Revenue Bonds, Series 2004:
615 5.500%, 6/15/24 6/12 at 100.00 BBB 589,330
1,200 5.750%, 6/15/34 6/14 at 100.00 BBB 1,142,328
1,200 New Jersey Economic Development Authority, Revenue Bonds, 7/14 at 100.00 A 1,297,740
Motor Vehicle Surcharge, Series 2004A, 5.250%, 7/01/15
- NPFG Insured
New Jersey Economic Development Authority, Revenue Bonds,
Newark Downtown District Management Corporation Project,
Series 2007:
65 5.125%, 6/15/27 6/17 at 100.00 Baa3 57,376
115 5.125%, 6/15/37 6/17 at 100.00 Baa3 95,586
New Jersey Economic Development Authority, School
Facilities Construction Financing Program Bonds, Series
2007U:
615 5.000%, 9/01/37 - AMBAC Insured 9/17 at 100.00 AA- 624,520
1,235 5.000%, 9/01/37 9/17 at 100.00 AA- 1,254,118
525 New Jersey Educational Facilities Authority, Revenue No Opt. Call AAA 588,872
Bonds, Higher Education Capital Improvement Fund,
Series 2005A, 5.000%, 9/01/15 - FSA Insured
New Jersey Health Care Facilities Financing Authority,
Lease Revenue Bonds, Department of Human Services -
Greystone Park Psychiatric Hospital, Series 2005:
925 5.000%, 9/15/18 - AMBAC Insured 9/15 at 100.00 AA- 957,773
1,400 5.000%, 9/15/24 - AMBAC Insured 9/15 at 100.00 AA- 1,411,970
36 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 250 New Jersey Health Care Facilities Financing Authority, 10/18 at 100.00 AA- $ 254,263
State Contract Bonds, Hospital Asset Transformation
Program, Series 2008A, 5.250%, 10/01/38
1,000 New Jersey Transit Corporation, Certificates of No Opt. Call A1 1,119,350
Participation, Federal Transit Administration Grants,
Series 2002A, 5.500%, 9/15/14 - AMBAC Insured
1,000 New Jersey Transit Corporation, Lease Appropriation Bonds, 9/15 at 100.00 A 1,049,820
Series 2005A, 5.000%, 9/15/18 - FGIC Insured
New Jersey Transportation Trust Fund Authority, Federal
Highway Aid Grant Anticipation Bonds, Series 2006:
350 5.000%, 6/15/17 - FGIC Insured 6/16 at 100.00 A1 381,591
610 5.000%, 6/15/18 - FGIC Insured 6/16 at 100.00 A1 658,086
1,300 New Jersey Transportation Trust Fund Authority, No Opt. Call AA- 1,478,984
Transportation System Bonds, Series 2004B, 5.500%,
12/15/16 - NPFG Insured
1,280 New Jersey Transportation Trust Fund Authority, 6/15 at 100.00 AAA 1,351,706
Transportation System Bonds, Series 2005D, 5.000%,
6/15/19 - FSA Insured
1,300 New Jersey Transportation Trust Fund Authority, No Opt. Call AA- 1,468,142
Transportation System Bonds, Series 2006A, 5.500%,
12/15/22
New Jersey Transportation Trust Fund Authority,
Transportation System Bonds, Series 2006C:
4,315 0.000%, 12/15/28 - AMBAC Insured No Opt. Call AA- 1,408,632
3,000 0.000%, 12/15/32 - FSA Insured No Opt. Call AAA 791,280
6,000 0.000%, 12/15/34 - FSA Insured No Opt. Call AAA 1,394,160
1,000 New Jersey Transportation Trust Fund Authority, 12/17 at 100.00 AA- 1,038,490
Transportation System Bonds, Series 2007A, 5.000%,
12/15/26 - AMBAC Insured
405 Puerto Rico Convention Center District Authority, Hotel 7/16 at 100.00 BBB+ 341,682
Occupancy Tax Revenue Bonds, Series 2006A, 4.500%,
7/01/36 - CIFG Insured
------------------------------------------------------------------------------------------------------------------------------------
37,370 Total Tax Obligation/Limited 29,138,008
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 17.7% (12.4% OF TOTAL INVESTMENTS)
Delaware River and Bay Authority, Delaware and New Jersey,
Revenue Bonds, Series 2005:
1,000 5.000%, 1/01/25 - NPFG Insured 1/15 at 100.00 A+ 1,029,280
1,000 5.000%, 1/01/26 - NPFG Insured 1/15 at 100.00 A+ 1,026,020
500 5.000%, 1/01/27 - NPFG Insured 1/15 at 100.00 A+ 514,170
900 New Jersey Economic Development Authority, Special 11/10 at 101.00 B 841,014
Facilities Revenue Bonds, Continental Airlines Inc.,
Series 2000, 7.000%, 11/15/30 (Alternative Minimum Tax)
50 New Jersey Turnpike Authority, Revenue Bonds, Series No Opt. Call A+ 59,230
1991C, 6.500%, 1/01/16 - NPFG Insured
3,000 New Jersey Turnpike Authority, Revenue Bonds, Series 7/13 at 100.00 A+ 3,187,560
2003A, 5.000%, 1/01/19 - FGIC Insured
300 New Jersey Turnpike Authority, Revenue Bonds, Series No Opt. Call AAA 338,625
2005A, 5.250%, 1/01/29 - FSA Insured
310 Port Authority of New York and New Jersey, Consolidated 8/17 at 100.00 AAA 351,280
Revenue Bonds, One Hundred Forty Eighth Series 2008,
Trust 2920, 17.382%, 8/15/32 - FSA Insured (IF)
500 Port Authority of New York and New Jersey, Consolidated 1/14 at 101.00 AA- 511,095
Revenue Bonds, One Hundred Thirty-Fourth Series 2004,
5.000%, 7/15/34
5,000 Port Authority of New York and New Jersey, Special Project 12/09 at 100.00 A 5,081,549
Bonds, JFK International Air Terminal LLC, Sixth Series
1997, 5.750%, 12/01/22 - NPFG Insured (Alternative
Minimum Tax)
3,435 South Jersey Transportation Authority New Jersey, 11/09 at 101.00 A- 3,470,518
Transportation System Revenue Bonds, Series 1999,
5.125%, 11/01/22 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
15,995 Total Transportation 16,410,341
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 21.4% (15.0% OF TOTAL INVESTMENTS) (4)
2,400 New Jersey Economic Development Authority, School 6/11 at 100.00 AAA 2,569,776
Facilities Construction Bonds, Series 2001A, 5.000%,
6/15/21 (Pre-refunded 6/15/11) - AMBAC Insured
385 New Jersey Educational Facilities Authority, Revenue 7/16 at 100.00 A (4) 444,159
Bonds, Kean University, Series 2005B, 5.000%, 7/01/30
(Pre-refunded 7/01/16) - NPFG Insured
690 New Jersey Educational Facilities Authority, Revenue 7/14 at 100.00 A (4) 792,127
Bonds, Montclair State University, Series 2004L,
5.125%, 7/01/21 (Pre-refunded 7/01/14) - NPFG Insured
Nuveen Investments 37
NXJ | Nuveen New Jersey Dividend Advantage Municipal Fund (continued)
| Portfolio of Investments October 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED (4) (continued)
New Jersey Educational Facilities Authority, Revenue
Bonds, Montclair State University, Series 2005F:
$ 1,000 5.000%, 7/01/17 (Pre-refunded 7/01/15) - FGIC Insured 7/15 at 100.00 A2 (4) $ 1,147,590
1,000 5.000%, 7/01/24 (Pre-refunded 7/01/15) - FGIC Insured 7/15 at 100.00 A2 (4) 1,147,590
520 5.000%, 7/01/32 (Pre-refunded 7/01/15) - FGIC Insured 7/15 at 100.00 A2 (4) 596,747
625 New Jersey Educational Facilities Authority, Revenue 7/14 at 100.00 A+ (4) 714,019
Bonds, Rowan University, Series 2004C, 5.000%, 7/01/24
(Pre-refunded 7/01/14) - NPFG Insured
890 New Jersey Health Care Facilities Financing Authority, 7/13 at 100.00 N/R (4) 999,604
Revenue Bonds, Capital Health System Obligated Group,
Series 2003A, 5.375%, 7/01/33 (Pre-refunded 7/01/13)
1,350 New Jersey Health Care Facilities Financing Authority, 7/12 at 100.00 A2 (4) 1,518,899
Revenue Bonds, South Jersey Hospital System, Series
2002, 5.875%, 7/01/21 (Pre-refunded 7/01/12)
845 New Jersey Health Care Facilities Financing Authority, No Opt. Call N/R (4) 979,355
Revenue Bonds, St. Clare's Hospital, Series 2004A,
5.250%, 7/01/20 - RAAI Insured (ETM)
500 New Jersey Health Care Facilities Financing Authority, 7/10 at 101.00 BBB- (4) 528,290
Revenue Bonds, Trinitas Hospital Obligated Group,
Series 2000, 7.500%, 7/01/30 (Pre-refunded 7/01/10)
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
130 6.500%, 1/01/16 (ETM) No Opt. Call AAA 157,936
20 6.500%, 1/01/16 - NPFG Insured (ETM) No Opt. Call A+ (4) 24,617
905 6.500%, 1/01/16 (ETM) No Opt. Call AAA 1,053,221
375 Newark Housing Authority, New Jersey, Port Authority 1/14 at 100.00 AA- (4) 426,008
Terminal Revenue Bonds, Series 2004, 5.250%, 1/01/21
(Pre-refunded 1/01/14) - NPFG Insured
1,500 Puerto Rico Infrastructure Financing Authority, Special 10/10 at 101.00 AAA 1,586,880
Obligation Bonds, Series 2000A, 5.500%, 10/01/40
(Pre-refunded 10/01/10)
2,150 Puerto Rico, General Obligation and Public Improvement 7/11 at 100.00 AAA 2,317,485
Bonds, Series 2001, 5.250%, 7/01/27 (Pre-refunded
7/01/11) - FSA Insured
Tobacco Settlement Financing Corporation, New Jersey,
Tobacco Settlement Asset-Backed Bonds, Series 2003:
1,510 6.125%, 6/01/24 (Pre-refunded 6/01/12) 6/12 at 100.00 AAA 1,588,112
1,125 6.375%, 6/01/32 (Pre-refunded 6/01/13) 6/13 at 100.00 AAA 1,275,390
------------------------------------------------------------------------------------------------------------------------------------
17,920 Total U.S. Guaranteed 19,867,805
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 1.1% (0.7% OF TOTAL INVESTMENTS)
210 Camden County Pollution Control Financing Authority, New 11/09 at 100.00 Baa3 209,958
Jersey, Solid Waste Disposal and Resource Recovery
System Revenue Bonds, Series 1991B, 7.500%, 12/01/09
(Alternative Minimum Tax)
750 New Jersey Economic Development Authority, Pollution No Opt. Call Baa1 782,138
Control Revenue Refunding Bonds, Public Service
Electric and Gas Company, Series 2001A, 5.000%, 3/01/12
------------------------------------------------------------------------------------------------------------------------------------
960 Total Utilities 992,096
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 20.8% (14.5% OF TOTAL INVESTMENTS)
225 Guam Government Waterworks Authority, Water and Wastewater 7/15 at 100.00 Ba2 226,049
System Revenue Bonds, Series 2005, 6.000%, 7/01/25
4,635 New Jersey Economic Development Authority, Water 11/09 at 101.00 N/R 4,479,495
Facilities Revenue Bonds, American Water Company,
Series 1997B, 5.375%, 5/01/32 - FGIC Insured
(Alternative Minimum Tax)
7,000 New Jersey Economic Development Authority, Water 2/10 at 100.00 A 6,555,009
Facilities Revenue Bonds, Middlesex Water Company,
Series 1998, 5.350%, 2/01/38 - NPFG Insured
(Alternative Minimum Tax)
390 New Jersey Environmental Infrastructure Trust, 3/10 at 100.50 AAA 393,073
Environmental Infrastructure Bonds, Series 1998A,
4.500%, 9/01/18
38 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER (continued)
$ 15,840 North Hudson Sewerage Authority, New Jersey, Sewerage No Opt. Call Baa1 $ 7,656,102
Revenue Refunding Bonds, Series 2001A, 0.000%, 8/01/23
- NPFG Insured
------------------------------------------------------------------------------------------------------------------------------------
28,090 Total Water and Sewer 19,309,728
------------------------------------------------------------------------------------------------------------------------------------
$ 149,805 Total Investments (cost $134,436,036) - 143.3% 132,712,602
===============---------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 4.1% 3,809,226
-----------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (47.4)% (5) (43,925,000)
-----------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 92,596,828
=================================================================================================================
(1) All percentages shown in the Portfolio of Investments are based on net
assets applicable to Common shares unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call provisions
at varying prices at later dates. Certain mortgage-backed securities may
be subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's Group ("Standard & Poor's")
or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by
Standard & Poor's or Baa by Moody's are considered to be below investment
grade.
(4) Backed by an escrow or trust containing sufficient U.S. Government or U.S.
Government agency securities which ensure the timely payment of principal
and interest. Such investments are normally considered to be equivalent to
AAA rated securities.
(5) Preferred Shares, at Liquidation Value as a percentage of Total
Investments is 33.1%.
N/R Not rated.
(ETM) Escrowed to maturity.
(IF) Inverse floating rate investment.
See accompanying notes to financial statements.
Nuveen Investments 39
NUJ | Nuveen New Jersey Dividend Advantage Municipal Fund 2
| Portfolio of Investments October 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER DISCRETIONARY - 0.3% (0.2% OF TOTAL INVESTMENTS)
Middlesex County Improvement Authority, New Jersey, Senior
Revenue Bonds, Heldrich Center Hotel/Conference Center
Project, Series 2005A:
$ 180 5.000%, 1/01/32 1/15 at 100.00 B3 $ 89,368
150 5.125%, 1/01/37 1/15 at 100.00 B3 74,445
------------------------------------------------------------------------------------------------------------------------------------
330 Total Consumer Discretionary 163,813
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 3.4% (2.3% OF TOTAL INVESTMENTS)
Tobacco Settlement Financing Corporation, New Jersey,
Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
950 4.750%, 6/01/34 6/17 at 100.00 BBB 664,278
2,200 5.000%, 6/01/41 6/17 at 100.00 BBB 1,484,648
------------------------------------------------------------------------------------------------------------------------------------
3,150 Total Consumer Staples 2,148,926
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 15.2% (10.3% OF TOTAL
INVESTMENTS)
3,000 New Jersey Educational Facilities Authority, Revenue 7/12 at 100.00 A 3,061,979
Bonds, College of New Jersey Project, Series 2002C,
4.750%, 7/01/19 - FGIC Insured
200 New Jersey Educational Facilities Authority, Revenue 7/14 at 100.00 N/R 196,966
Bonds, Fairleigh Dickinson University, Series 2004C,
5.500%, 7/01/23
New Jersey Educational Facilities Authority, Revenue
Bonds, Kean University, Series 2007D:
790 5.000%, 7/01/32 - FGIC Insured 7/17 at 100.00 A 801,502
495 5.000%, 7/01/39 - FGIC Insured 7/17 at 100.00 A 496,688
575 New Jersey Educational Facilities Authority, Revenue 1/14 at 100.00 A+ 592,946
Bonds, New Jersey Institute of Technology, Series
2004B, 5.000%, 7/01/21 - AMBAC Insured
500 New Jersey Educational Facilities Authority, Revenue 7/14 at 100.00 A 526,000
Bonds, William Paterson University, Series 2004A,
5.125%, 7/01/19 - FGIC Insured
1,090 New Jersey Educational Facilities Authority, Revenue 7/12 at 100.00 Baa1 1,108,432
Refunding Bonds, Rider University, Series 2002A,
5.000%, 7/01/17 - RAAI Insured
200 New Jersey Higher Education Assistance Authority, Student 6/19 at 100.00 AA 233,348
Loan Revenue Bonds, Tender Option Bond Trust PA-4643,
19.377%, 6/01/30 (IF)
1,000 Puerto Rico Industrial, Tourist, Educational, Medical and 2/10 at 100.50 BBB- 939,110
Environmental Control Facilities Financing Authority,
Higher Education Revenue Bonds, Ana G. Mendez
University System, Series 1999, 5.375%, 2/01/19
1,790 University of Medicine and Dentistry of New Jersey, 12/12 at 100.00 Baa2 1,684,999
Revenue Bonds, Series 2002A, 5.000%, 12/01/31 - AMBAC
Insured
------------------------------------------------------------------------------------------------------------------------------------
9,640 Total Education and Civic Organizations 9,641,970
------------------------------------------------------------------------------------------------------------------------------------
ENERGY - 1.6% (1.1% OF TOTAL INVESTMENTS)
1,000 Virgin Islands, Senior Secured Revenue Bonds, Government 1/13 at 100.00 BBB 1,016,430
Refinery Facilities - Hovensa LLC Coker, Series 2002,
6.500%, 7/01/21 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
FINANCIALS - 4.5% (3.1% OF TOTAL INVESTMENTS)
600 New Jersey Economic Development Authority, Economic 11/10 at 100.00 N/R 406,302
Development Revenue Bonds, Glimcher Properties LP,
Series 1998, 6.000%, 11/01/28 (Alternative Minimum Tax)
1,250 New Jersey Economic Development Authority, Industrial 1/10 at 100.00 Ba1 1,233,263
Development Revenue Refunding Bonds, Newark Airport
Marriott Hotel, Series 1996, 7.000%, 10/01/14
1,450 New Jersey Economic Development Authority, Revenue No Opt. Call Baa3 1,220,494
Refunding Bonds, Kapkowski Road Landfill Project,
Series 2002, 5.750%, 10/01/21
------------------------------------------------------------------------------------------------------------------------------------
3,300 Total Financials 2,860,059
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 27.9% (19.0% OF TOTAL INVESTMENTS)
220 Camden County Improvement Authority, New Jersey, Revenue 8/14 at 100.00 BBB 200,957
Bonds, Cooper Health System, Series 2004A, 5.750%,
2/15/34
400 New Jersey Health Care Facilities Finance Authority, 7/18 at 100.00 A1 400,532
Revenue Bonds, AHS Hospital Corporation, Series 2008A,
5.000%, 7/01/27
40 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE (continued)
New Jersey Health Care Facilities Financing Authority,
FHA-Insured Mortgage Revenue Bonds, Jersey City Medical
Center, Series 2001:
$ 485 5.000%, 8/01/31 - AMBAC Insured 8/11 at 100.00 N/R $ 485,068
1,925 5.000%, 8/01/41 - AMBAC Insured 8/11 at 100.00 N/R 1,822,455
260 New Jersey Health Care Facilities Financing Authority, 7/19 at 100.00 AAA 296,993
Hospital Revenue Bonds, Virtua Health, Series 2009,
Trust 3018, 19.426%, 7/01/38 - AGC Insured (IF)
610 New Jersey Health Care Facilities Financing Authority, 7/17 at 100.00 A+ 595,659
Revenue Bonds, Atlanticare Regional Medical Center,
Series 2007, 5.000%, 7/01/37
1,000 New Jersey Health Care Facilities Financing Authority, 7/17 at 100.00 Aa2 1,003,720
Revenue Bonds, CentraState Medical Center, Series
2006A, 5.000%, 7/01/30 - AGC Insured
90 New Jersey Health Care Facilities Financing Authority, 7/15 at 100.00 Baa3 85,415
Revenue Bonds, Children's Specialized Hospital, Series
2005A, 5.500%, 7/01/36
120 New Jersey Health Care Facilities Financing Authority, 7/16 at 100.00 A- 112,744
Revenue Bonds, Hunterdon Medical Center, Series 2006,
5.125%, 7/01/35
New Jersey Health Care Facilities Financing Authority,
Revenue Bonds, Kennedy Health System Obligated Group,
Series 2001:
400 5.500%, 7/01/21 7/11 at 100.00 A2 404,796
140 5.625%, 7/01/31 7/11 at 100.00 A2 140,795
510 New Jersey Health Care Facilities Financing Authority, 7/10 at 100.00 Aa3 510,495
Revenue Bonds, Meridian Health System Obligated Group,
Series 1999, 5.250%, 7/01/29 - FSA Insured
1,185 New Jersey Health Care Facilities Financing Authority, 7/12 at 101.00 BB+ 1,056,463
Revenue Bonds, Palisades Medical Center of New York
Presbyterian Healthcare System, Series 2002, 6.625%,
7/01/31
3,500 New Jersey Health Care Facilities Financing Authority, 7/10 at 100.00 A2 3,512,914
Revenue Bonds, Robert Wood Johnson University Hospital,
Series 2000, 5.750%, 7/01/31
630 New Jersey Health Care Facilities Financing Authority, 7/13 at 100.00 BBB- 587,330
Revenue Bonds, Shore Memorial Health System, Series
2003, 5.000%, 7/01/23 - RAAI Insured
700 New Jersey Health Care Facilities Financing Authority, 7/13 at 100.00 Ba2 491,617
Revenue Bonds, Somerset Medical Center, Series 2003,
5.500%, 7/01/33
New Jersey Health Care Facilities Financing Authority,
Revenue Bonds, South Jersey Hospital System, Series 2006:
455 5.000%, 7/01/36 7/16 at 100.00 A2 437,478
435 5.000%, 7/01/46 7/16 at 100.00 A2 405,872
775 New Jersey Health Care Facilities Financing Authority, 7/10 at 100.00 Baa2 780,309
Revenue Bonds, St. Peter's University Hospital, Series
2000A, 6.875%, 7/01/20
1,390 New Jersey Health Care Facilities Financing Authority, 7/12 at 100.00 A+ 1,424,013
Revenue Refunding Bonds, Atlantic City Medical Center,
Series 2002, 5.750%, 7/01/25
1,150 New Jersey Health Care Facilities Financing Authority, 1/12 at 100.00 BBB- 917,620
Revenue Refunding Bonds, Bayshore Community Hospital,
Series 2002, 5.125%, 7/01/32 - RAAI Insured
960 New Jersey Health Facilities Financing Authority, Revenue 7/18 at 100.00 AAA 955,584
Bonds, Meridian Health, Series 2007-I, 5.000%, 7/01/38
- AGC Insured
1,100 Puerto Rico Industrial, Tourist, Educational, Medical and 12/09 at 100.00 A1 1,102,475
Environmental Control Facilities Financing Authority,
Adjustable Rate Industrial Revenue Bonds, American Home
Products Corporation, Series 1983A, 5.100%, 12/01/18
------------------------------------------------------------------------------------------------------------------------------------
18,440 Total Health Care 17,731,304
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 3.0% (2.1% OF TOTAL INVESTMENTS)
1,920 New Jersey Housing and Mortgage Finance Agency, 11/09 at 100.00 A+ 1,920,154
Multifamily Housing Revenue Bonds, Series 1997A,
5.650%, 5/01/40 - AMBAC Insured (Alternative Minimum
Tax)
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 0.3% (0.2% OF TOTAL INVESTMENTS)
225 New Jersey Housing and Mortgage Finance Agency, Single 4/17 at 100.00 AA 205,157
Family Housing Revenue Bonds, Series 2007T, 4.700%,
10/01/37 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIALS - 0.3% (0.2% OF TOTAL INVESTMENTS)
220 Gloucester County Improvement Authority, New Jersey, Solid No Opt. Call BBB 221,298
Waste Resource Recovery Revenue Refunding Bonds, Waste
Management Inc. Project, Series 1999B, 6.850%, 12/01/29
(Mandatory put 12/01/09)
------------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 41
NUJ | Nuveen New Jersey Dividend Advantage Municipal Fund 2 (continued)
| Portfolio of Investments October 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 8.8% (6.0% OF TOTAL INVESTMENTS)
$ 415 Burlington County Bridge Commission, New Jersey, Economic 1/18 at 100.00 N/R $ 343,421
Development Revenue Bonds, The Evergreens Project,
Series 2007, 5.625%, 1/01/38
New Jersey Economic Development Authority, Revenue Bonds,
Masonic Charity Foundation of New Jersey, Series 2001:
1,000 5.500%, 6/01/21 6/11 at 102.00 A- 1,015,530
4,000 5.500%, 6/01/31 6/11 at 102.00 A- 3,903,079
375 New Jersey Economic Development Authority, Revenue Bonds, 1/10 at 100.00 BB+ 311,348
United Methodist Homes of New Jersey Obligated Group,
Series 1998, 5.125%, 7/01/25
------------------------------------------------------------------------------------------------------------------------------------
5,790 Total Long-Term Care 5,573,378
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 1.8% (1.2% OF TOTAL INVESTMENTS)
700 Jersey City, New Jersey, General Obligation Bonds, Series 9/16 at 100.00 A1 736,036
2006A, 5.000%, 9/01/22 - AMBAC Insured
385 Puerto Rico, General Obligation and Public Improvement 7/11 at 100.00 AAA 388,473
Bonds, Series 2001, 5.125%, 7/01/23 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
1,085 Total Tax Obligation/General 1,124,509
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 28.2% (19.2% OF TOTAL INVESTMENTS)
400 Bergen County Improvement Authority, New Jersey, No Opt. Call Aaa 466,952
Guaranteed Lease Revenue Bonds, County Administration
Complex Project, Series 2005, 5.000%, 11/15/26
1,000 Burlington County Bridge Commission, New Jersey, 12/13 at 100.00 AA 1,091,070
Guaranteed Pooled Loan Bonds, Series 2003, 5.000%,
12/01/18 - NPFG Insured
750 Casino Reinvestment Development Authority, New Jersey, 1/15 at 102.00 A- 795,293
Hotel Room Fee Revenue Bonds, Series 2004, 5.250%,
1/01/16 - AMBAC Insured
435 Essex County Improvement Authority, New Jersey, Project No Opt. Call A1 489,753
Consolidation Revenue Bonds, Series 2007, 5.250%,
12/15/22 - AMBAC Insured
530 Garden State Preservation Trust, New Jersey, Open Space No Opt. Call AAA 613,300
and Farmland Preservation Bonds, Series 2005C, 5.125%,
11/01/18 - FSA Insured
1,305 New Jersey Building Authority, State Building Revenue 6/16 at 100.00 AA- 1,354,825
Bonds, Series 2007A, 5.000%, 6/15/26
New Jersey Economic Development Authority, Cigarette Tax
Revenue Bonds, Series 2004:
435 5.500%, 6/15/24 6/12 at 100.00 BBB 416,843
700 5.750%, 6/15/34 6/14 at 100.00 BBB 666,358
New Jersey Economic Development Authority, Revenue Bonds,
Newark Downtown District Management Corporation Project,
Series 2007:
50 5.125%, 6/15/27 6/17 at 100.00 Baa3 44,136
75 5.125%, 6/15/37 6/17 at 100.00 Baa3 62,339
New Jersey Economic Development Authority, School
Facilities Construction Financing Program Bonds, Series
2007U:
435 5.000%, 9/01/37 - AMBAC Insured 9/17 at 100.00 AA- 441,734
870 5.000%, 9/01/37 9/17 at 100.00 AA- 883,468
350 New Jersey Educational Facilities Authority, Revenue No Opt. Call AAA 392,581
Bonds, Higher Education Capital Improvement Fund,
Series 2005A, 5.000%, 9/01/15 - FSA Insured
New Jersey Health Care Facilities Financing Authority,
Lease Revenue Bonds, Department of Human Services -
Greystone Park Psychiatric Hospital, Series 2005:
655 5.000%, 9/15/18 - AMBAC Insured 9/15 at 100.00 AA- 678,207
985 5.000%, 9/15/24 - AMBAC Insured 9/15 at 100.00 AA- 993,422
200 New Jersey Health Care Facilities Financing Authority, 10/18 at 100.00 AA- 203,410
State Contract Bonds, Hospital Asset Transformation
Program, Series 2008A, 5.250%, 10/01/38
1,000 New Jersey Transit Corporation, Certificates of No Opt. Call A1 1,119,350
Participation, Federal Transit Administration Grants,
Series 2002A, 5.500%, 9/15/14 - AMBAC Insured
765 New Jersey Transit Corporation, Lease Appropriation Bonds, 9/15 at 100.00 A 803,112
Series 2005A, 5.000%, 9/15/18 - FGIC Insured
New Jersey Transportation Trust Fund Authority, Federal
Highway Aid Grant Anticipation Bonds, Series 2006:
295 5.000%, 6/15/17 - FGIC Insured 6/16 at 100.00 A1 321,627
525 5.000%, 6/15/18 - FGIC Insured 6/16 at 100.00 A1 566,386
42 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 900 New Jersey Transportation Trust Fund Authority, No Opt. Call AA- $ 1,023,912
Transportation System Bonds, Series 2004B, 5.500%,
12/15/16 - NPFG Insured
665 New Jersey Transportation Trust Fund Authority, 6/15 at 100.00 AAA 702,253
Transportation System Bonds, Series 2005D, 5.000%,
6/15/19 - FSA Insured
800 New Jersey Transportation Trust Fund Authority, No Opt. Call AA- 903,472
Transportation System Bonds, Series 2006A, 5.500%,
12/15/22
New Jersey Transportation Trust Fund Authority,
Transportation System Bonds, Series 2006C:
3,040 0.000%, 12/15/28 - AMBAC Insured No Opt. Call AA- 992,408
2,000 0.000%, 12/15/32 - FSA Insured No Opt. Call AAA 527,520
5,000 0.000%, 12/15/34 - FSA Insured No Opt. Call AAA 1,161,800
290 Puerto Rico Convention Center District Authority, Hotel 7/16 at 100.00 BBB+ 244,661
Occupancy Tax Revenue Bonds, Series 2006A, 4.500%,
7/01/36 - CIFG Insured
------------------------------------------------------------------------------------------------------------------------------------
24,455 Total Tax Obligation/Limited 17,960,192
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 23.4% (15.9% OF TOTAL INVESTMENTS)
500 Delaware River and Bay Authority, Delaware and New Jersey, 1/15 at 100.00 A+ 514,170
Revenue Bonds, Series 2005, 5.000%, 1/01/27 - NPFG
Insured
600 New Jersey Economic Development Authority, Special 11/10 at 101.00 B 560,676
Facilities Revenue Bonds, Continental Airlines Inc.,
Series 2000, 7.000%, 11/15/30 (Alternative Minimum Tax)
2,000 New Jersey Turnpike Authority, Revenue Bonds, Series 7/13 at 100.00 A+ 2,125,040
2003A, 5.000%, 1/01/19 - FGIC Insured
1,500 New Jersey Turnpike Authority, Revenue Bonds, Series No Opt. Call AAA 1,693,125
2005A, 5.250%, 1/01/29 - FSA Insured
500 Port Authority of New York and New Jersey, Consolidated 1/14 at 101.00 AA- 511,095
Revenue Bonds, One Hundred Thirty-Fourth Series 2004,
5.000%, 7/15/34
3,000 Port Authority of New York and New Jersey, Consolidated 4/12 at 101.00 AAA 3,136,229
Revenue Bonds, One Hundred Twenty-Fifth Series 2002,
5.000%, 10/15/26 - FSA Insured
2,000 Port Authority of New York and New Jersey, Consolidated 6/14 at 100.00 AA- 2,014,200
Revenue Bonds, One Hundred Twenty-Seventh Series 2002,
5.125%, 6/15/37 - AMBAC Insured (Alternative Minimum
Tax)
Port Authority of New York and New Jersey, Special Project
Bonds, JFK International Air Terminal LLC, Sixth Series
1997:
4,000 7.000%, 12/01/12 - NPFG Insured (Alternative Minimum No Opt. Call A 4,306,438
Tax)
50 5.750%, 12/01/22 - NPFG Insured (Alternative Minimum 12/09 at 100.00 A 50,816
Tax)
------------------------------------------------------------------------------------------------------------------------------------
14,150 Total Transportation 14,911,789
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 22.5% (15.3% OF TOTAL INVESTMENTS) (4)
1,000 Bergen County Improvement Authority, New Jersey, Revenue 9/12 at 101.00 N/R (4) 1,136,090
Bonds, Yeshiva Ktana of Passaic Project, Series 2002,
6.000%, 9/15/27 (Pre-refunded 9/01/12)
2,000 Jackson Township School District, Ocean County, New 4/12 at 100.00 AA (4) 2,194,440
Jersey, General Obligation Bonds, Series 2002, 5.000%,
4/15/21 (Pre-refunded 4/15/12) - FGIC Insured
175 New Jersey Educational Facilities Authority, Revenue 7/16 at 100.00 A (4) 201,891
Bonds, Kean University, Series 2005B, 5.000%, 7/01/30
(Pre-refunded 7/01/16) - NPFG Insured
315 New Jersey Educational Facilities Authority, Revenue 7/15 at 100.00 A2 (4) 361,491
Bonds, Montclair State University, Series 2005F,
5.000%, 7/01/32 (Pre-refunded 7/01/15) - FGIC Insured
New Jersey Health Care Facilities Financing Authority,
Revenue Bonds, Capital Health System Obligated Group,
Series 2003A:
750 5.000%, 7/01/26 (Pre-refunded 7/01/13) 7/13 at 100.00 N/R (4) 832,433
630 5.375%, 7/01/33 (Pre-refunded 7/01/13) 7/13 at 100.00 N/R (4) 707,585
1,250 New Jersey Health Care Facilities Financing Authority, 7/12 at 100.00 A2 (4) 1,406,388
Revenue Bonds, South Jersey Hospital System, Series
2002, 5.875%, 7/01/21 (Pre-refunded 7/01/12)
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
170 6.500%, 1/01/16 (ETM) No Opt. Call AAA 206,531
2,430 6.500%, 1/01/16 (ETM) No Opt. Call AAA 2,827,985
250 Newark Housing Authority, New Jersey, Port Authority 1/14 at 100.00 AA- (4) 284,005
Terminal Revenue Bonds, Series 2004, 5.250%, 1/01/21
(Pre-refunded 1/01/14) - NPFG Insured
1,000 Puerto Rico Infrastructure Financing Authority, Special 10/10 at 101.00 AAA 1,057,920
Obligation Bonds, Series 2000A, 5.500%, 10/01/40
(Pre-refunded 10/01/10)
Nuveen Investments 43
NUJ | Nuveen New Jersey Dividend Advantage Municipal Fund 2 (continued)
| Portfolio of Investments October 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED (4) (continued)
$ 505 Puerto Rico Public Finance Corporation, Commonwealth 2/12 at 100.00 AAA $ 553,525
Appropriation Bonds, Series 2002E, 5.500%, 8/01/29
(Pre-refunded 2/01/12)
Tobacco Settlement Financing Corporation, New Jersey,
Tobacco Settlement Asset-Backed Bonds, Series 2003:
1,080 6.125%, 6/01/24 (Pre-refunded 6/01/12) 6/12 at 100.00 AAA 1,135,868
1,250 6.375%, 6/01/32 (Pre-refunded 6/01/13) 6/13 at 100.00 AAA 1,417,100
------------------------------------------------------------------------------------------------------------------------------------
12,805 Total U.S. Guaranteed 14,323,252
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 4.7% (3.2% OF TOTAL INVESTMENTS)
95 Camden County Pollution Control Financing Authority, New 11/09 at 100.00 Baa3 94,981
Jersey, Solid Waste Disposal and Resource Recovery
System Revenue Bonds, Series 1991B, 7.500%, 12/01/09
(Alternative Minimum Tax)
2,300 Guam Power Authority, Revenue Bonds, Series 1999A, 5.250%, 4/10 at 101.00 A 2,133,112
10/01/34 - NPFG Insured
750 New Jersey Economic Development Authority, Pollution No Opt. Call Baa1 782,138
Control Revenue Refunding Bonds, Public Service
Electric and Gas Company, Series 2001A, 5.000%, 3/01/12
------------------------------------------------------------------------------------------------------------------------------------
3,145 Total Utilities 3,010,231
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 1.0% (0.7% OF TOTAL INVESTMENTS)
150 Guam Government Waterworks Authority, Water and Wastewater 7/15 at 100.00 Ba2 150,699
System Revenue Bonds, Series 2005, 6.000%, 7/01/25
500 North Hudson Sewerage Authority, New Jersey, Sewerage 8/12 at 100.00 N/R 506,185
Revenue Refunding Bonds, Series 2002A, 5.250%, 8/01/19
- FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
650 Total Water and Sewer 656,884
------------------------------------------------------------------------------------------------------------------------------------
$ 100,305 Total Investments (cost $94,839,034) - 146.9% 93,469,346
===============---------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.2% 1,380,489
-----------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (49.1)% (5) (31,225,000)
-----------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 63,624,835
=================================================================================================================
(1) All percentages shown in the Portfolio of Investments are based on net
assets applicable to Common shares unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call provisions
at varying prices at later dates. Certain mortgage-backed securities may
be subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's Group ("Standard & Poor's")
or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by
Standard & Poor's or Baa by Moody's are considered to be below investment
grade.
(4) Backed by an escrow or trust containing sufficient U.S. Government or U.S.
Government agency securities which ensure the timely payment of principal
and interest. Such investments are normally considered to be equivalent to
AAA rated securities.
(5) Preferred Shares, at Liquidation Value as a percentage of Total
Investments is 33.4%.
N/R Not rated.
(ETM) Escrowed to maturity.
(IF) Inverse floating rate investment.
See accompanying notes to financial statements.
44 Nuveen Investments
NJV | Nuveen New Jersey Municipal Value Fund (NJV)
| Portfolio of Investments October 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 5.6% (5.2% OF TOTAL INVESTMENTS)
$ 2,000 Tobacco Settlement Financing Corporation, New Jersey, 6/17 at 100.00 BBB $ 1,349,680
Tobacco Settlement Asset-Backed Bonds, Series 2007-1A,
5.000%, 6/01/41
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 8.6% (7.9% OF TOTAL
INVESTMENTS)
1,000 New Jersey Educational Facilities Authority Revenue 9/19 at 100.00 A- 1,038,400
Refunding Bonds, Kean University Issue, Series 2009A,
5.500%, 9/01/36
1,000 New Jersey Higher Education Assistance Authority, Student 6/19 at 100.00 AA 1,041,680
Loan Revenue Bonds, Series 2009A, 5.625%, 6/01/30
------------------------------------------------------------------------------------------------------------------------------------
2,000 Total Education and Civic Organizations 2,080,080
------------------------------------------------------------------------------------------------------------------------------------
ENERGY - 4.2% (3.9% OF TOTAL INVESTMENTS)
1,000 Virgin Islands Public Finance Authority, Revenue Bonds, 1/14 at 100.00 BBB 1,018,070
Refinery Project - Hovensa LLC, Series 2003, 6.125%,
7/01/22 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 31.8% (29.3% OF TOTAL INVESTMENTS)
600 Camden County Improvement Authority, New Jersey, Revenue 2/15 at 100.00 BBB 531,636
Bonds, Cooper Health System, Series 2004A, 5.000%,
2/15/25
450 Hospital Authority of Delaware County, Indiana, Hospital 8/16 at 100.00 Baa3 387,293
Revenue Bonds, Cardinal Health System, Series 2006,
5.000%, 8/01/24
425 Illinois Finance Authority, Revenue Bonds, OSF Healthcare 11/17 at 100.00 A 425,527
System, Series 2007A, 5.750%, 11/15/37
2,000 New Jersey Health Care Facilities Financing Authority 7/19 at 100.00 AAA 2,071,140
Revenue Bonds Virtua Health Issue, Series 2009A,
5.500%, 7/01/38 - AGC Insured (UB)
1,500 New Jersey Health Care Facilities Financing Authority, 7/16 at 100.00 A- 1,389,690
Revenue Bonds, Hunterdon Medical Center, Series 2006B,
5.000%, 7/01/36
750 New Jersey Health Care Facilities Financing Authority, No Opt. Call BBB- 768,758
Revenue Bonds, Saint Joseph's Healthcare System
Obligated Group Issue, Series 2008, 6.000%, 7/01/18
1,000 New Jersey Health Care Facilities Financing Authority, 7/16 at 100.00 A2 961,490
Revenue Bonds, South Jersey Hospital System, Series
2006, 5.000%, 7/01/36
1,000 New Jersey Health Care Facilities Financing Authority, 1/12 at 100.00 BBB- 797,930
Revenue Refunding Bonds, Bayshore Community Hospital,
Series 2002, 5.125%, 7/01/32 - RAAI Insured
300 Wisconsin Health and Educational Facilities Authority, 2/14 at 100.00 A+ 313,413
Revenue Bonds, ProHealth Care, Inc. Obligated Group,
Series 2009, 6.625%, 2/15/32
------------------------------------------------------------------------------------------------------------------------------------
8,025 Total Health Care 7,646,877
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 4.1% (3.8% OF TOTAL INVESTMENTS)
1,000 New Jersey Housing and Mortgage Finance Agency, 11/19 at 100.00 A+ 981,680
Multifamily Housing Revenue Bonds, Series 2009A,
4.950%, 5/01/41
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 4.1% (3.8% OF TOTAL INVESTMENTS)
1,000 Reading, Berks County, Pennsylvania, General Obligation 11/19 at 100.00 Aa3 987,550
Bonds, Series 2009, 5.000%, 11/01/29 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 37.6% (34.6% OF TOTAL INVESTMENTS)
750 Guam Government, Limited Obligation Section 30 Revenue 12/19 at 100.00 BBB- 766,073
Bonds, Series 2009A, 5.750%, 12/01/34
1,000 New Jersey Economic Development Authority, Cigarette Tax 6/14 at 100.00 BBB 951,940
Revenue Bonds, Series 2004, 5.750%, 6/15/34
1,000 New Jersey Economic Development Authority, School 6/19 at 100.00 AA- 1,044,500
Facilities Construction Financing Program Bonds,
Refunding Series 2009AA, 5.250%, 12/15/33
2,000 New Jersey Health Care Facilities Financing Authority, 10/19 at 100.00 AA- 2,139,840
State Contract Bonds, Hospital Asset Transformation
Program, Series 2009A, 5.750%, 10/01/31
1,000 New Jersey Health Care Facilities Financing Authority, 10/18 at 100.00 AA- 1,017,050
State Contract Bonds, Hospital Asset Transformation
Program, Series 2008A, 5.250%, 10/01/38
6,900 New Jersey Transportation Trust Fund Authority, No Opt. Call AA- 1,115,937
Transportation System Bonds, Series 2009A, 0.000%,
12/15/39
Nuveen Investments 45
NJV | Nuveen New Jersey Municipal Value Fund (NJV) (continued)
| Portfolio of Investments October 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 1,000 Puerto Rico Sales Tax Financing Corporation, Sales Tax 8/19 at 100.00 A+ $ 1,050,350
Revenue Bonds, First Subordinate Series 2009A, 6.000%,
8/01/42
1,000 Virgin Islands Public Finance Authority Revenue and 10/19 at 100.00 BBB 955,190
Refunding Bonds (Virgin Islands Matching Fund Loan
Notes) Series 2009A-1 (Senior Lien) Series 2009A-2
(Senior Lien), 5.000%, 10/01/39
------------------------------------------------------------------------------------------------------------------------------------
14,650 Total Tax Obligation/Limited 9,040,880
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 7.6% (7.0% OF TOTAL INVESTMENTS)
500 New Jersey Economic Development Authority, Revenue Bonds, 11/09 at 100.00 CCC+ 375,455
American Airlines Inc., Series 1991, 7.100%, 11/01/31
(Alternative Minimum Tax)
400 New Jersey Economic Development Authority, Special 6/13 at 101.00 B 418,268
Facilities Revenue Bonds, Continental Airlines Inc.,
Series 2003, 9.000%, 6/01/33 (Alternative Minimum Tax)
1,000 New Jersey Turnpike Authority, Revenue Bonds, Series 1/19 at 100.00 A+ 1,048,120
2009E, 5.250%, 1/01/40
------------------------------------------------------------------------------------------------------------------------------------
1,900 Total Transportation 1,841,843
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 4.9% (4.5% OF TOTAL INVESTMENTS)
1,000 Cumberland County Improvement Authority, New Jersey, Solid 1/19 at 100.00 Baa1 971,470
Waste Revenue Bonds, Series 2009A and 2009B, 5.000%,
1/01/30
220 New Jersey Economic Development Authority, Water 1/10 at 101.00 A 205,492
Facilities Revenue Bonds, American Water Company,
Series 1998A, 5.250%, 7/01/38 - FGIC Insured
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
1,220 Total Water and Sewer 1,176,962
------------------------------------------------------------------------------------------------------------------------------------
$ 32,795 Total Investments (cost $24,354,700) - 108.5% 26,123,622
===============---------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (6.2)% (1,500,000)
-----------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - (2.3)% (553,593)
-----------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 24,070,029
=================================================================================================================
(1) All percentages shown in the Portfolio of Investments are based on net
assets applicable to Common Shares unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call provisions
at varying prices at later dates. Certain mortgage-backed securities may
be subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's Group ("Standard & Poor's")
or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by
Standard & Poor's or Baa by Moody's are considered to be below investment
grade.
(UB) Underlying bond of an inverse floating rate trust reflected as a financing
transaction. See Notes to Financial Statements, Footnote 1 - Inverse
Floating Rate Securities for more information.
See accompanying notes to financial statements.
46 Nuveen Investments
NQP | Nuveen Pennsylvania Investment Quality Municipal Fund
| Portfolio of Investments October 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 0.4% (0.3% OF TOTAL INVESTMENTS)
$ 1,000 Pennsylvania Economic Development Financing Authority, No Opt. Call AA- $ 1,003,080
Solid Waste Disposal Revenue Bonds, Procter & Gamble
Paper Project, Series 2001, 5.375%, 3/01/31
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 28.3% (18.3% OF TOTAL
INVESTMENTS)
2,000 Allegheny County Higher Education Building Authority, 3/10 at 101.00 BBB 2,011,060
Pennsylvania, College Revenue Bonds, Chatham College,
Series 1998A, 5.250%, 9/01/18
200 Allegheny County Higher Education Building Authority, No Opt. Call Baa3 187,084
Pennsylvania, College Revenue Refunding Bonds, Robert
Morris College, Series 1998A, 6.000%, 5/01/28
3,000 Allegheny County Higher Education Building Authority, 3/12 at 100.00 AA- 3,080,520
Pennsylvania, Revenue Bonds, Carnegie Mellon
University, Series 2002, 5.125%, 3/01/32
1,235 Allegheny County Higher Education Building Authority, 2/16 at 100.00 Baa3 1,004,635
Pennsylvania, Revenue Bonds, Robert Morris University,
Series 2006A, 4.750%, 2/15/26
2,000 Chester County Industrial Development Authority, 1/12 at 100.00 A 2,023,620
Pennsylvania, Educational Facilities Revenue Bonds,
Westtown School, Series 2002, 5.000%, 1/01/26 - AMBAC
Insured
3,000 Delaware County Authority, Pennsylvania, Revenue Bonds, 11/10 at 101.00 AA 3,114,270
Haverford College, Series 2000, 5.750%, 11/15/29
Delaware County Authority, Pennsylvania, Revenue Bonds,
Villanova University, Series 2006:
1,710 5.000%, 8/01/23 - AMBAC Insured 8/16 at 100.00 A1 1,767,251
840 5.000%, 8/01/24 - AMBAC Insured 8/16 at 100.00 A1 864,662
Erie Higher Education Building Authority, Pennsylvania,
College Revenue Bonds, Gannon University, Series 2007-GG3:
790 5.000%, 5/01/32 - RAAI Insured 5/17 at 100.00 BBB- 705,668
250 5.000%, 5/01/35 - RAAI Insured 5/17 at 100.00 BBB- 220,820
575 Harveys Lake General Municipal Authority, Pennsylvania, 11/09 at 100.00 N/R 558,808
College Revenue Bonds, College of Misericordia Project,
Series 1999, 6.000%, 5/01/19 - ACA Insured
Indiana County Industrial Development Authority,
Pennsylvania, Revenue Bonds, Student Cooperative
Association Inc./Indiana University of Pennsylvania -
Student Union Project, Series 1999B:
815 0.000%, 11/01/15 - AMBAC Insured No Opt. Call N/R 628,389
815 0.000%, 11/01/16 - AMBAC Insured No Opt. Call N/R 590,728
815 0.000%, 11/01/17 - AMBAC Insured No Opt. Call N/R 551,853
815 0.000%, 11/01/18 - AMBAC Insured No Opt. Call N/R 515,096
815 0.000%, 11/01/19 - AMBAC Insured No Opt. Call N/R 479,962
1,515 Montgomery County Higher Education and Health Authority, 4/16 at 100.00 BBB- 1,282,629
Pennsylvania, Revenue Bonds, Arcadia University, Series
2006, 4.500%, 4/01/30 - RAAI Insured
355 New Wilmington, Pennsylvania, Revenue, Westminster 5/17 at 100.00 BBB- 332,671
College, Series 2007G, 5.125%, 5/01/33 -
RAAI Insured
8,000 Pennsylvania Higher Education Assistance Agency, Capital 11/11 at 100.00 A 8,016,560
Acquisition Revenue Refunding Bonds, Series 2001,
5.000%, 12/15/30 - NPFG Insured
5,000 Pennsylvania Higher Educational Facilities Authority, 6/12 at 100.00 Aa3 5,305,200
General Revenue Bonds, State System of Higher
Education, Series 2002W, 5.000%, 6/15/19 - AMBAC Insured
4,600 Pennsylvania Higher Educational Facilities Authority, 6/18 at 100.00 Aa3 4,719,646
General Revenue Bonds, State System of Higher
Education, Series 2008AH, 5.000%, 6/15/33
1,435 Pennsylvania Higher Educational Facilities Authority, 5/16 at 100.00 A- 1,363,752
Revenue Bonds, Allegheny College, Series 2006, 4.750%,
5/01/31
2,650 Pennsylvania Higher Educational Facilities Authority, 11/17 at 100.00 A+ 2,679,601
Revenue Bonds, Drexel University, Series 2007A, 5.000%,
5/01/37 - NPFG Insured
5,000 Pennsylvania Higher Educational Facilities Authority, 7/11 at 100.00 BBB- 4,865,500
Revenue Bonds, Moravian College, Series 2001, 5.375%,
7/01/31 - RAAI Insured
3,870 Pennsylvania Higher Educational Facilities Authority, 4/16 at 100.00 A+ 4,105,722
Revenue Bonds, Temple University, First Series of 2006,
5.000%, 4/01/21 - NPFG Insured
320 Pennsylvania Higher Educational Facilities Authority, 1/13 at 100.00 A1 328,941
Revenue Bonds, Thomas Jefferson University, Series
2002, 5.000%, 1/01/20
Nuveen Investments 47
NQP | Nuveen Pennsylvania Investment Quality Municipal Fund (continued)
| Portfolio of Investments October 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS (continued)
$ 2,000 Pennsylvania Higher Educational Facilities Authority, 7/15 at 100.00 AA+ $ 2,052,240
Revenue Bonds, University of Pennsylvania, Series
2005C, 5.000%, 7/15/38
2,945 Pennsylvania Higher Educational Facilities Authority, 7/13 at 100.00 A- 3,006,109
Revenue Bonds, Ursinus College, Series 2003, 5.375%,
1/01/20 - RAAI Insured
785 Pennsylvania Higher Educational Facilities Authority, 11/15 at 100.00 A 806,117
Revenue Bonds, York College Project, Series 2005EE1,
5.250%, 11/01/27 - SYNCORA GTY Insured
6,500 Pennsylvania State University, General Revenue Bonds, 9/15 at 100.00 AA 6,802,250
Series 2005, 5.000%, 9/01/29 (UB)
1,665 Union County, Higher Education Facilities Financing 4/13 at 100.00 Aa2 1,770,245
Authority, Pennsylvania, Revenue Bonds, Bucknell
University, Series 2002A, 5.250%, 4/01/18
------------------------------------------------------------------------------------------------------------------------------------
66,315 Total Education and Civic Organizations 65,741,609
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 14.0% (9.1% OF TOTAL INVESTMENTS)
Allegheny County Hospital Development Authority,
Pennsylvania, Revenue Bonds, Ohio Valley General Hospital,
Series 2005A:
1,150 5.000%, 4/01/25 4/15 at 100.00 Baa2 1,023,615
1,555 5.125%, 4/01/35 4/15 at 100.00 Baa2 1,299,094
1,115 Erie County Hospital Authority, Pennsylvania, Revenue 11/12 at 100.00 A3 1,141,570
Bonds, Hamot Health Foundation, Series 2002, 5.250%,
11/01/15 - AMBAC Insured
280 Erie County Hospital Authority, Pennsylvania, Revenue 11/17 at 100.00 A3 252,739
Bonds, Hamot Health Foundation, Series 2007, 5.000%,
11/01/37 - CIFG Insured
1,890 Lancaster County Hospital Authority, Pennsylvania, 3/17 at 100.00 AA- 1,923,718
Hospital Revenue Bonds, The Lancaster General Hospital
Project, Series 2007A, 5.000%, 3/15/26
250 Lebanon County Health Facilities Authority, Pennsylvania, 11/12 at 101.00 Baa2 245,070
Revenue Bonds, Good Samaritan Hospital Project, Series
2002, 5.800%, 11/15/22
3,280 Lehigh County General Purpose Authority, Pennsylvania, 7/18 at 100.00 AAA 3,243,887
Hospital Revenue Bonds, Lehigh Valley Health Network,
Series 2008A, 5.000%, 7/01/33 - FSA Insured
1,250 Lehigh County General Purpose Authority, Pennsylvania, 11/14 at 100.00 A 1,266,875
Revenue Bonds, Good Shepherd Group, Series 2004A,
5.500%, 11/01/24
5,345 Lehigh County General Purpose Authority, Pennsylvania, 11/17 at 100.00 AAA 5,401,176
Revenue Bonds, Good Shepherd Group, Series 2007,
5.000%, 11/01/30 - AGC Insured
3,000 Lycoming County Authority, Pennsylvania, Health System 7/19 at 100.00 BBB+ 2,924,610
Revenue Bonds, Susquehanna Health System Project,
Series 2009, 5.500%, 7/01/28
710 Monroe County Hospital Authority, Pennsylvania, Hospital 1/17 at 100.00 A- 659,420
Revenue Bonds, Pocono Medical Center, Series 2007,
5.125%, 1/01/37
1,000 Northampton County General Purpose Authority, 8/18 at 100.00 BBB+ 960,020
Pennsylvania, Hospital Revenue Bonds, Saint Luke's
Hospital Project, Series 2008A, 5.500%, 8/15/35
9,000 Pennsylvania Higher Educational Facilities Authority, 1/11 at 101.00 Aa3 9,292,140
Revenue Bonds, UPMC Health System, Series 2001A,
6.000%, 1/15/31
1,060 Sayre Healthcare Facility Authority, Pennsylvania, Revenue 12/17 at 100.00 A 682,110
Bonds, Guthrie Healthcare System, Series 2007, 1.063%,
12/01/31 - AMBAC Insured
Southcentral Pennsylvania General Authority, Revenue
Bonds, Hanover Hospital Inc., Series 2005:
525 5.000%, 12/01/27 - RAAI Insured 12/15 at 100.00 BBB- 451,920
370 5.000%, 12/01/29 - RAAI Insured 12/15 at 100.00 BBB- 313,727
1,500 West Shore Area Hospital Authority, Cumberland County, 1/12 at 100.00 BBB 1,501,035
Pennsylvania, Hospital Revenue Bonds, Holy Spirit
Hospital of the Sisters of Christian Charity Project,
Series 2001, 6.250%, 1/01/32
------------------------------------------------------------------------------------------------------------------------------------
33,280 Total Health Care 32,582,726
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 3.5% (2.3% OF TOTAL INVESTMENTS)
5,000 Pennsylvania Higher Educational Facilities Authority, 7/17 at 100.00 BBB+ 4,468,750
Revenue Bonds, Slippery Rock University Foundation
Inc., Series 2007A, 5.000%, 7/01/39 - SYNCORA GTY
Insured
3,300 Pennsylvania Higher Educational Facilities Authority, 7/15 at 100.00 BBB+ 2,909,313
Revenue Bonds, Slippery Rock University Foundation
Inc., Student Housing Project, Series 2005A, 5.000%,
7/01/37 - SYNCORA GTY Insured
800 Philadelphia Authority for Industrial Development, 5/15 at 102.00 Baa3 641,592
Pennsylvania, Multifamily Housing Revenue Bonds,
Presbyterian Homes Germantown - Morrisville Project,
Series 2005A, 5.625%, 7/01/35
48 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY (continued)
$ 160 Pittsburgh Urban Redevelopment Authority, Pennsylvania, 2/10 at 100.00 A2 $ 160,310
Mortgage Revenue Bonds, Series 1992C, 7.125%, 8/01/13
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
9,260 Total Housing/Multifamily 8,179,965
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 9.8% (6.3% OF TOTAL INVESTMENTS)
2,395 Pennsylvania Housing Finance Agency, Single Family 4/15 at 100.00 AA+ 2,359,841
Mortgage Revenue Bonds, Series 2006-93A, 4.950%,
10/01/26 (Alternative Minimum Tax)
Pennsylvania Housing Finance Agency, Single Family
Mortgage Revenue Bonds, Series 2006-94A:
1,695 5.150%, 10/01/37 (Alternative Minimum Tax) 10/15 at 100.00 AA+ 1,655,676
1,690 5.150%, 10/01/37 (Alternative Minimum Tax) (UB) 10/15 at 100.00 AA+ 1,650,792
9,000 Pennsylvania Housing Finance Agency, Single Family 10/15 at 100.00 AA+ 8,591,490
Mortgage Revenue Bonds, Series 2006-95A, 4.900%,
10/01/37 (Alternative Minimum Tax)
1,355 Pennsylvania Housing Finance Agency, Single Family 10/16 at 100.00 AA+ 1,275,380
Mortgage Revenue Bonds, Series 2007-97A, 4.600%,
10/01/27 (Alternative Minimum Tax)
2,065 Pennsylvania Housing Finance Agency, Single Family 10/16 at 100.00 AA+ 1,952,953
Mortgage Revenue Bonds, Series 2007-98A, 4.850%,
10/01/31 (Alternative Minimum Tax)
2,150 Pennsylvania Housing Finance Agency, Single Family 10/17 at 100.00 AA+ 2,226,755
Mortgage Revenue Bonds, Series 2008-103-C, 5.450%,
10/01/38
910 Pittsburgh Urban Redevelopment Authority, Pennsylvania, 4/10 at 100.00 AAA 918,736
Mortgage Revenue Bonds, Series 1997A, 6.250%, 10/01/28
(Alternative Minimum Tax)
2,125 Pittsburgh Urban Redevelopment Authority, Pennsylvania, 10/11 at 100.00 AAA 2,134,478
Mortgage Revenue Bonds, Series 2001B, 5.450%, 10/01/32
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
23,385 Total Housing/Single Family 22,766,101
------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIALS - 4.5% (2.9% OF TOTAL INVESTMENTS)
5,000 Pennsylvania Economic Development Financing Authority, 5/11 at 101.00 A2 5,059,150
Exempt Facilities Revenue Bonds, Amtrak Project, Series
2001A, 6.375%, 11/01/41 (Alternative Minimum Tax)
5,000 Pennsylvania Industrial Development Authority, Economic No Opt. Call A- 5,447,750
Development Revenue Bonds, Series 2002, 5.500%, 7/01/12
- AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
10,000 Total Industrials 10,506,900
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 2.5% (1.6% OF TOTAL INVESTMENTS)
1,330 Cumberland County Municipal Authority, Pennsylvania, 1/17 at 100.00 N/R 1,161,728
Revenue Bonds, Diakon Lutheran Social Ministries,
Series 2007, 5.000%, 1/01/36
1,500 Cumberland County Municipal Authority, Pennsylvania, 12/12 at 100.00 BBB+ 1,338,015
Revenue Bonds, Presbyterian Homes Inc., Series 2003A,
5.000%, 12/01/26 - RAAI Insured
Lancaster County Hospital Authority, Pennsylvania, Health
Center Revenue Bonds, Masonic Homes Project, Series 2006:
1,550 5.000%, 11/01/26 11/16 at 100.00 A 1,550,899
415 5.000%, 11/01/36 11/16 at 100.00 A 401,276
1,500 Philadelphia Authority for Industrial Development, 7/11 at 101.00 Baa1 1,412,475
Pennsylvania, Revenue Bonds, Philadelphia Corporation
for the Aging Project, Series 2001B, 5.250%, 7/01/26 -
AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
6,295 Total Long-Term Care 5,864,393
------------------------------------------------------------------------------------------------------------------------------------
MATERIALS - 1.0% (0.6% OF TOTAL INVESTMENTS)
1,260 Bradford County Industrial Development Authority, 12/15 at 100.00 BBB 1,216,606
Pennsylvania, Solid Waste Disposal Revenue Bonds,
International Paper Company, Series 2005B, 5.200%,
12/01/19 (Alternative Minimum Tax)
1,750 Pennsylvania Economic Development Financing Authority, 11/09 at 101.00 N/R 1,096,813
Exempt Facilities Revenue Bonds, National Gypsum
Company, Series 1997B, 6.125%, 11/01/27 (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
3,010 Total Materials 2,313,419
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 27.0% (17.5% OF TOTAL INVESTMENTS)
1,800 Allegheny County, Pennsylvania, General Obligation Bonds, 5/11 at 100.00 A+ 1,835,712
Series 2000C-53, 5.250%, 11/01/20 - FGIC Insured
3,000 Bethel Park School District, Allegheny County, 8/19 at 100.00 A1 3,081,360
Pennsylvania, General Obligation Bonds, Series of 2009,
5.000%, 8/01/29
6,000 Delaware Valley Regional Finance Authority, Pennsylvania, No Opt. Call Aa2 6,823,020
Local Government Revenue Bonds, Series 2002, 5.750%,
7/01/17 (UB)
Nuveen Investments 49
NQP | Nuveen Pennsylvania Investment Quality Municipal Fund (continued)
| Portfolio of Investments October 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
$ 7,350 Erie City School District, Erie County, Pennsylvania, No Opt. Call N/R $ 2,411,903
General Obligation Bonds, Series 2000, 0.000%, 9/01/30
- AMBAC Insured
5,000 Pennsylvania Public School Building Authority, Lease 12/16 at 100.00 AAA 4,805,650
Revenue Bonds, School District of Philadelphia, Series
2006B, 5.000%, 6/01/33 - FSA Insured (UB)
4,830 Pennsylvania State, General Obligation Bonds, Series 2007, 3/17 at 100.00 AA 5,500,259
Residuals 1986, 13.586%, 3/01/27 (IF)
1,500 Pennsylvania, General Obligation Bonds, First Series 2006, 10/16 at 100.00 AA 1,736,895
5.000%, 10/01/18
500 Pennsylvania, General Obligation Bonds, Second Series 1/16 at 100.00 AA 573,040
2005, 5.000%, 1/01/18
1,500 Philadelphia School District, Pennsylvania, General No Opt. Call Aa3 1,542,960
Obligation Bonds, Series 2007A, 5.000%, 6/01/34 - FGIC
Insured
4,135 Pine-Richland School District, Pennsylvania, School 7/15 at 100.00 AAA 4,187,928
Improvement General Obligation Bonds, Series 2005,
5.000%, 7/15/35 - FSA Insured
3,000 Pittsburgh School District, Allegheny County, No Opt. Call AAA 3,459,390
Pennsylvania, General Obligation Refunding Bonds,
Series 2002A, 5.500%, 9/01/15 - FSA Insured
1,070 Schuylkill Valley School District, Berks County, 4/16 at 100.00 A1 1,115,550
Pennsylvania, General Obligation Bonds, Series 2006A,
5.000%, 4/01/22 - FGIC Insured
800 Scranton Parking Authority, Pennsylvania, Guaranteed 9/13 at 100.00 A 726,408
Parking Revenue Bonds, Series 2004, 5.000%, 9/15/33 -
FGIC Insured
21,000 State Public School Building Authority, Pennsylvania, No Opt. Call AAA 23,066,190
Lease Revenue Bonds, Philadelphia School District,
Series 2003, 5.500%, 6/01/28 - FSA Insured (UB)
445 State Public School Building Authority, Pennsylvania, 11/13 at 100.00 A 453,869
School Revenue Bonds, Conneaut School District, Series
2003, 5.250%, 11/01/21 - FGIC Insured
1,465 Stroudsburg Area School District, Monroe County, 4/12 at 100.00 AAA 1,562,466
Pennsylvania, General Obligation Bonds, Series 2001A,
5.000%, 4/01/18 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
63,395 Total Tax Obligation/General 62,882,600
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 5.6% (3.6% OF TOTAL INVESTMENTS)
3,500 Allegheny County Port Authority, Pennsylvania, Special 3/11 at 101.00 A 3,530,450
Transportation Revenue Bonds, Series 2001, 5.000%,
3/01/29 - FGIC Insured
2,140 Pennsylvania Turnpike Commission, Oil Franchise Tax Senior 12/18 at 100.00 AA 2,214,151
Lien Revenue Bonds, Series 2003A, 5.000%, 12/01/32 -
NPFG Insured
2,700 Philadelphia Municipal Authority, Pennsylvania, Lease 11/13 at 100.00 AAA 2,934,927
Revenue Bonds, Series 2003B, 5.250%, 11/15/17 - FSA
Insured
4,000 Pittsburgh and Allegheny Counties Public Auditorium 2/10 at 101.00 N/R 3,777,560
Authority, Pennsylvania, Sales Tax Revenue Bonds,
Regional Asset District, Series 1999, 5.000%, 2/01/29 -
AMBAC Insured
3,140 Puerto Rico Infrastructure Financing Authority, Special No Opt. Call BBB+ 646,275
Tax Revenue Bonds, Series 2005A, 0.000%, 7/01/32 - FGIC
Insured
------------------------------------------------------------------------------------------------------------------------------------
15,480 Total Tax Obligation/Limited 13,103,363
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 14.0% (9.1% OF TOTAL INVESTMENTS)
630 Delaware River Joint Toll Bridge Commission, New Jersey 7/13 at 100.00 A2 680,293
and Pennsylvania, Revenue Bonds, Series 2003, 5.250%,
7/01/17
2,035 Lehigh-Northampton Airport Authority, Pennsylvania, 5/10 at 100.00 Baa1 2,015,973
Airport Revenue Bonds, Lehigh Valley Airport System,
Series 2000A, 6.000%, 5/15/30 - NPFG Insured
(Alternative Minimum Tax)
5,400 Pennsylvania Economic Development Financing Authority, 6/12 at 102.00 BBB+ 5,374,620
Revenue Bonds, Amtrak 30th Street Station Parking
Garage, Series 2002, 5.800%, 6/01/23 - ACA Insured
(Alternative Minimum Tax)
6,600 Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, 12/27 at 100.00 A2 4,111,734
Capital Appreciation Series 2009E, 0.000%, 12/01/38
2,200 Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, 12/11 at 101.00 Aa3 2,204,730
Series 2001R, 5.000%, 12/01/30 - AMBAC Insured
50 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION (continued)
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Series 2006A:
$ 3,820 5.000%, 12/01/22 - AMBAC Insured 6/16 at 100.00 Aa3 $ 3,950,797
2,930 5.000%, 12/01/24 - AMBAC Insured 6/16 at 100.00 Aa3 3,009,227
5,000 Philadelphia Airport System, Pennsylvania, Revenue Bonds, 6/11 at 101.00 A+ 4,806,050
Series 2001B, 5.250%, 6/15/31 - FGIC Insured
(Alternative Minimum Tax)
3,600 Philadelphia Airport System, Pennsylvania, Revenue Bonds, 6/15 at 100.00 A+ 3,150,648
Series 2005A, 4.750%, 6/15/35 - NPFG Insured
(Alternative Minimum Tax)
3,250 Philadelphia Parking Authority, Pennsylvania, Airport 3/10 at 101.00 AAA 3,275,188
Parking Revenue Bonds, Series 1999, 5.250%, 9/01/29 -
FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
35,465 Total Transportation 32,579,260
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 31.0% (20.0% OF TOTAL INVESTMENTS)(4)
3,550 Allegheny County, Pennsylvania, General Obligation Bonds, 5/11 at 100.00 A+ (4) 3,796,157
Series 2000C-52, 5.250%, 11/01/23 (Pre-refunded
5/01/11) - FGIC Insured
1,320 Allegheny County, Pennsylvania, General Obligation 5/11 at 100.00 A+ (4) 1,407,608
Refunding Bonds, Series 2000C-53, 5.250%, 11/01/20
(Pre-refunded 5/01/11) - FGIC Insured
Delaware County Regional Water Quality Control Authority,
Pennsylvania, Sewerage Revenue Bonds, Series 2001:
5,325 5.100%, 5/01/20 (Pre-refunded 11/01/11) - FGIC Insured 11/11 at 100.00 A3 (4) 5,764,685
1,465 5.100%, 5/01/21 (Pre-refunded 11/01/11) - FGIC Insured 11/11 at 100.00 A3 (4) 1,585,965
1,400 Delaware County Regional Water Quality Control Authority, 5/14 at 100.00 A3 (4) 1,606,570
Pennsylvania, Sewerage Revenue Bonds, Series 2004,
5.250%, 5/01/20 (Pre-refunded 5/01/14) - NPFG Insured
5,000 Erie, Pennsylvania, Water Authority, Water Revenue Bonds, 12/11 at 100.00 A (4) 5,431,150
Series 2001A, 5.200%, 12/01/30 (Pre-refunded 12/01/11)
- NPFG Insured
6,275 Hempfield Area School District, Westmoreland County, 2/12 at 100.00 A (4) 6,905,889
Pennsylvania, General Obligation Bonds, Series 2002,
5.375%, 2/15/18 (Pre-refunded 2/15/12) - FGIC Insured
1,125 Lehigh County General Purpose Authority, Pennsylvania, 8/13 at 100.00 AAA 1,286,460
Hospital Revenue Bonds, St. Luke's Hospital of
Bethlehem, Series 2003, 5.375%, 8/15/33 (Pre-refunded
8/15/13)
680 Pennsylvania Higher Educational Facilities Authority, 1/13 at 100.00 A1 (4) 749,714
Revenue Bonds, Thomas Jefferson University, Series
2002, 5.000%, 1/01/20 (Pre-refunded 1/01/13)
10,935 Philadelphia Authority for Industrial Development, 10/11 at 101.00 AAA 11,977,652
Pennsylvania, Lease Revenue Bonds, Series 2001B,
5.250%, 10/01/30 (Pre-refunded 10/01/11) - FSA Insured
Philadelphia Authority for Industrial Development,
Pennsylvania, Revenue Bonds, Franklin Towne Charter High
School, Series 2006A:
510 5.250%, 1/01/27 (Pre-refunded 1/01/17) 1/17 at 100.00 N/R (4) 582,976
860 5.375%, 1/01/32 (Pre-refunded 1/01/17) 1/17 at 100.00 N/R (4) 989,946
650 Philadelphia Gas Works, Pennsylvania, Revenue Bonds, No Opt. Call Aaa 798,044
Twelfth Series 1990B, 7.000%, 5/15/20 - NPFG Insured
(ETM)
Philadelphia, Pennsylvania, Water and Wastewater Revenue
Bonds, Series 2001A:
5,525 5.375%, 11/01/20 (Pre-refunded 11/01/12) - FGIC Insured 11/12 at 100.00 A (4) 6,219,216
3,185 5.000%, 11/01/31 (Pre-refunded 11/01/12) - FGIC Insured 11/12 at 100.00 A (4) 3,550,001
6,100 Plum Borough School District, Allegheny County, 9/11 at 100.00 A (4) 6,606,605
Pennsylvania, General Obligation Bonds, Series 2001,
5.250%, 9/15/30 (Pre-refunded 9/15/11) - FGIC Insured
1,615 Sayre Health Care Facility Authority, Pennsylvania, 7/12 at 100.00 N/R (4) 1,774,869
Revenue Bonds, Latrobe Area Hospital, Series 2002A,
5.250%, 7/01/13 (Pre-refunded 7/01/12) - AMBAC Insured
960 St. Mary Hospital Authority, Pennsylvania, Health System 11/14 at 100.00 A1 (4) 1,115,040
Revenue Bonds, Catholic Health East, Series 2004B,
5.375%, 11/15/34 (Pre-refunded 11/15/14)
2,000 Sto Rox School District, Allegheny County, Pennsylvania, 12/10 at 100.00 A (4) 2,119,860
General Obligation Bonds, Series 2000, 5.800%, 6/15/30
(Pre-refunded 12/15/10) - NPFG Insured
3,000 Warrington Township Municipal Authority, Bucks County, 11/15 at 100.00 N/R (4) 3,658,320
Pennsylvania, Water and Sewer Revenue Bonds, Series
1991, 7.100%, 12/01/21 (Pre-refunded 11/15/15) - FGIC
Insured
3,375 West View Borough Municipal Authority, Allegheny County, No Opt. Call AAA 4,149,563
Pennsylvania, Special Obligation Bonds, Series 1985A,
9.500%, 11/15/14 (ETM)
------------------------------------------------------------------------------------------------------------------------------------
64,855 Total U.S. Guaranteed 72,076,290
------------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 51
NQP | Nuveen Pennsylvania Investment Quality Municipal Fund (continued)
| Portfolio of Investments October 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 6.3% (4.1% OF TOTAL INVESTMENTS)
$ 1,250 Allegheny County Industrial Development Authority, No Opt. Call BBB $ 1,288,125
Pennsylvania, Pollution Control Revenue Refunding
Bonds, Duquesne Light Company, Series 1999A, 4.350%,
12/01/13 - AMBAC Insured
610 Carbon County Industrial Development Authority, No Opt. Call BBB- 616,271
Pennsylvania, Resource Recovery Revenue Refunding
Bonds, Panther Creek Partners Project, Series 2000,
6.650%, 5/01/10 (Alternative Minimum Tax)
1,430 Lehigh County Industrial Development Authority, 2/15 at 100.00 A 1,382,410
Pennsylvania, Pollution Control Revenue Bonds,
Pennsylvania Power and Light Company, Series 2005,
4.750%, 2/15/27 - FGIC Insured
700 Philadelphia Gas Works, Pennsylvania, Revenue Bonds, 9/14 at 100.00 AAA 716,548
General Ordinance, Fifth Series 2004A-1, 5.000%,
9/01/26 - FSA Insured
2,000 Philadelphia Gas Works, Pennsylvania, Revenue Bonds, 7/13 at 100.00 AAA 2,099,140
General Ordinance, Seventeenth Series 2003, 5.375%,
7/01/19 - FSA Insured
5,490 Philadelphia Gas Works, Pennsylvania, Revenue Bonds, 10/17 at 100.00 Baa2 4,872,155
Seventh Series, 2007, 5.000%, 10/01/37 - AMBAC Insured
3,700 York County Industrial Development Authority, 3/12 at 101.00 Baa1 3,755,204
Pennsylvania, Pollution Control Revenue Refunding
Bonds, PSEG Power Project, Series 2001A, 5.500%, 9/01/20
------------------------------------------------------------------------------------------------------------------------------------
15,180 Total Utilities 14,729,853
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 6.7% (4.3% OF TOTAL INVESTMENTS)
2,100 Allegheny County Sanitary Authority, Pennsylvania, 12/15 at 100.00 A 2,166,108
Sewerage Revenue Bonds, Series 2005A, 5.000%, 12/01/21
- NPFG Insured
2,205 Bethlehem Authority, Northampton and Lehigh Counties, 11/14 at 100.00 AAA 2,316,970
Pennsylvania, Guaranteed Water Revenue Bonds, Series
2004, 5.000%, 11/15/20 - FSA Insured
5,000 Delaware County Industrial Development Authority, 10/12 at 100.00 AA- 5,013,150
Pennsylvania, Water Facilities Revenue Bonds,
Philadelphia Water Company, Series 2001, 5.350%,
10/01/31 - AMBAC Insured (Alternative Minimum Tax)
2,000 Harrisburg Authority, Dauphin County, Pennsylvania, Water 7/14 at 100.00 AAA 2,065,860
Revenue Refunding Bonds, Series 2004, 5.000%, 7/15/22 -
FSA Insured
1,815 Philadelphia, Pennsylvania, Water and Wastewater Revenue 11/12 at 100.00 A 1,819,501
Bonds, Series 2001A, 5.000%, 11/01/31 - FGIC Insured
2,150 Philadelphia, Pennsylvania, Water and Wastewater Revenue 7/15 at 100.00 AAA 2,243,005
Bonds, Series 2005A, 5.000%, 7/01/23 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
15,270 Total Water and Sewer 15,624,594
------------------------------------------------------------------------------------------------------------------------------------
$ 362,190 Total Investments (cost $354,233,649) - 154.6% 359,954,153
===============---------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (11.5)% (26,820,000)
-----------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 4.9% 11,512,724
-----------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (48.0)% (5) (111,750,000)
-----------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 232,896,877
=================================================================================================================
(1) All percentages shown in the Portfolio of Investments are based on net
assets applicable to Common shares unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call provisions
at varying prices at later dates. Certain mortgage-backed securities may
be subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's Group ("Standard & Poor's")
or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by
Standard & Poor's or Baa by Moody's are considered to be below investment
grade.
(4) Backed by an escrow or trust containing sufficient U.S. Government or U.S.
Government agency securities which ensure the timely payment of principal
and interest. Such investments are normally considered to be equivalent to
AAA rated securities.
(5) Preferred Shares, at Liquidation Value as a percentage of Total
Investments is 31.0%.
N/R Not rated.
(ETM) Escrowed to maturity.
(IF) Inverse floating rate investment.
(UB) Underlying bond of an inverse floating rate trust reflected as a financing
transaction. See Notes to Financial Statements, Footnote 1 - Inverse
Floating Rate Securities for more information.
See accompanying notes to financial statements.
52 Nuveen Investments
NPY | Nuveen Pennsylvania Premium Income Municipal Fund 2
| Portfolio of Investments October 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 22.0% (15.1% OF TOTAL
INVESTMENTS)
$ 1,045 Allegheny County Higher Education Building Authority, 11/09 at 102.00 N/R $ 824,735
Pennsylvania, College Revenue Bonds, Thiel College,
Series 1999A, 5.375%, 11/15/29 - ACA Insured
200 Allegheny County Higher Education Building Authority, No Opt. Call Baa3 187,084
Pennsylvania, College Revenue Refunding Bonds, Robert
Morris College, Series 1998A, 6.000%, 5/01/28
1,245 Allegheny County Higher Education Building Authority, 3/14 at 100.00 A 1,293,443
Pennsylvania, Revenue Bonds, Duquesne University,
Series 2004A, 5.000%, 3/01/19 - FGIC Insured
1,140 Allegheny County Higher Education Building Authority, 2/16 at 100.00 Baa3 927,356
Pennsylvania, Revenue Bonds, Robert Morris University,
Series 2006A, 4.750%, 2/15/26
3,000 Chester County Health and Education Facilities Authority, 4/10 at 101.00 BB+ 2,496,240
Pennsylvania, College Revenue Bonds, Immaculata
College, Series 1998, 5.625%, 10/15/27
Delaware County Authority, Pennsylvania, Revenue Bonds,
Villanova University, Series 2006:
1,565 5.000%, 8/01/23 - AMBAC Insured 8/16 at 100.00 A1 1,617,396
770 5.000%, 8/01/24 - AMBAC Insured 8/16 at 100.00 A1 792,607
Delaware County Authority, Pennsylvania, Revenue Refunding
Bonds, Villanova University, Series 2003:
1,705 5.250%, 8/01/19 - FGIC Insured 8/13 at 100.00 A1 1,806,771
1,350 5.250%, 8/01/20 - FGIC Insured 8/13 at 100.00 A1 1,422,806
1,000 5.250%, 8/01/21 - FGIC Insured 8/13 at 100.00 A1 1,048,390
Erie Higher Education Building Authority, Pennsylvania,
College Revenue Bonds, Gannon University, Series 2007-GG3:
725 5.000%, 5/01/32 - RAAI Insured 5/17 at 100.00 BBB- 647,606
250 5.000%, 5/01/35 - RAAI Insured 5/17 at 100.00 BBB- 220,820
3,060 Indiana County Industrial Development Authority, 11/14 at 100.00 N/R 2,971,964
Pennsylvania, Revenue Bonds, Student Cooperative
Association Inc./Indiana University of Pennsylvania -
Student Union Project, Series 2004, 5.000%, 11/01/24 -
AMBAC Insured
1,575 Montgomery County Higher Education and Health Authority, 4/16 at 100.00 BBB- 1,333,427
Pennsylvania, Revenue Bonds, Arcadia University, Series
2006, 4.500%, 4/01/30 - RAAI Insured
325 New Wilmington, Pennsylvania, Revenue, Westminster 5/17 at 100.00 BBB- 304,558
College, Series 2007G, 5.125%, 5/01/33 - RAAI Insured
4,085 Pennsylvania Higher Educational Facilities Authority, 6/12 at 100.00 Aa3 4,334,348
General Revenue Bonds, State System of Higher
Education, Series 2002W, 5.000%, 6/15/19 - AMBAC Insured
4,200 Pennsylvania Higher Educational Facilities Authority, 6/18 at 100.00 Aa3 4,309,242
General Revenue Bonds, State System of Higher
Education, Series 2008AH, 5.000%, 6/15/33
1,285 Pennsylvania Higher Educational Facilities Authority, 5/16 at 100.00 A- 1,221,200
Revenue Bonds, Allegheny College, Series 2006, 4.750%,
5/01/31
2,420 Pennsylvania Higher Educational Facilities Authority, 11/17 at 100.00 A+ 2,447,031
Revenue Bonds, Drexel University, Series
2007A, 5.000%, 5/01/37 - NPFG Insured
3,000 Pennsylvania Higher Educational Facilities Authority, 4/16 at 100.00 A+ 3,182,730
Revenue Bonds, Temple University, First Series of 2006,
5.000%, 4/01/21 - NPFG Insured
1,845 Pennsylvania Higher Educational Facilities Authority, 1/13 at 100.00 A1 1,852,915
Revenue Bonds, Thomas Jefferson University, Series
2002, 5.000%, 1/01/32
2,000 Pennsylvania Higher Educational Facilities Authority, 7/15 at 100.00 AA+ 2,052,240
Revenue Bonds, University of Pennsylvania, Series
2005C, 5.000%, 7/15/38
1,310 Pennsylvania Higher Educational Facilities Authority, 7/13 at 100.00 A- 1,332,047
Revenue Bonds, Ursinus College, Series 2003, 5.500%,
1/01/24 - RAAI Insured
800 Pennsylvania Higher Educational Facilities Authority, 11/15 at 100.00 A 821,520
Revenue Bonds, York College Project, Series 2005EE1,
5.250%, 11/01/27 - SYNCORA GTY Insured
1,000 Pennsylvania Higher Educational Facilities Authority, 5/15 at 100.00 A3 992,920
University of the Sciences in Philadelphia Revenue
Bonds, Series 2005, 4.750%, 11/01/33 - SYNCORA GTY
Insured
3,105 Pennsylvania State University, General Revenue Bonds, 8/16 at 100.00 AA 4,249,204
Tender Option Bond Trust 3214, 13.890%, 8/15/36 (IF)
1,545 State Public School Building Authority, Pennsylvania, 5/15 at 100.00 Aa3 1,661,292
College Revenue Bonds, Montgomery County Community
College, Series 2005, 5.000%, 5/01/18 - AMBAC Insured
Nuveen Investments 53
NPY | Nuveen Pennsylvania Premium Income Municipal Fund 2 (continued)
| Portfolio of Investments October 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS (continued)
$ 750 Union County, Higher Education Facilities Financing 4/13 at 100.00 Aa2 $ 815,378
Authority, Pennsylvania, Revenue Bonds, Bucknell
University, Series 2002A, 5.250%, 4/01/19
------------------------------------------------------------------------------------------------------------------------------------
46,300 Total Education and Civic Organizations 47,167,270
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 13.7% (9.4% OF TOTAL INVESTMENTS)
Allegheny County Hospital Development Authority,
Pennsylvania, Revenue Bonds, Ohio Valley General Hospital,
Series 2005A:
1,150 5.000%, 4/01/25 4/15 at 100.00 Baa2 1,023,615
1,455 5.125%, 4/01/35 4/15 at 100.00 Baa2 1,215,551
1,230 Erie County Hospital Authority, Pennsylvania, Revenue 11/12 at 100.00 A3 1,253,432
Bonds, Hamot Health Foundation, Series 2002, 5.250%,
11/01/16 - AMBAC Insured
395 Erie County Hospital Authority, Pennsylvania, Revenue 11/17 at 100.00 A3 356,543
Bonds, Hamot Health Foundation, Series 2007, 5.000%,
11/01/37 - CIFG Insured
1,885 Lancaster County Hospital Authority, Pennsylvania, 3/17 at 100.00 AA- 1,918,628
Hospital Revenue Bonds, The Lancaster General Hospital
Project, Series 2007A, 5.000%, 3/15/26
5,000 Lebanon County Health Facilities Authority, Pennsylvania, 11/12 at 101.00 Baa2 4,732,150
Revenue Bonds, Good Samaritan Hospital Project, Series
2002, 5.900%, 11/15/28
2,990 Lehigh County General Purpose Authority, Pennsylvania, 7/18 at 100.00 AAA 2,957,080
Hospital Revenue Bonds, Lehigh Valley Health Network,
Series 2008A, 5.000%, 7/01/33 - FSA Insured
1,250 Lehigh County General Purpose Authority, Pennsylvania, 11/14 at 100.00 A 1,266,875
Revenue Bonds, Good Shepherd Group, Series 2004A,
5.500%, 11/01/24
4,505 Lehigh County General Purpose Authority, Pennsylvania, 11/17 at 100.00 AAA 4,552,348
Revenue Bonds, Good Shepherd Group, Series 2007,
5.000%, 11/01/30 - AGC Insured
2,500 Lycoming County Authority, Pennsylvania, Health System 7/19 at 100.00 BBB+ 2,437,175
Revenue Bonds, Susquehanna Health System Project,
Series 2009, 5.500%, 7/01/28
650 Monroe County Hospital Authority, Pennsylvania, Hospital 1/17 at 100.00 A- 603,694
Revenue Bonds, Pocono Medical Center, Series 2007,
5.125%, 1/01/37
Northampton County General Purpose Authority,
Pennsylvania, Hospital Revenue Bonds, Saint Luke's
Hospital Project, Series 2008A:
1,235 5.250%, 8/15/23 8/18 at 100.00 BBB+ 1,234,901
1,000 5.500%, 8/15/35 8/18 at 100.00 BBB+ 960,020
Pottsville Hospital Authority, Pennsylvania, Hospital
Revenue Bonds, Pottsville Hospital and Warne Clinic,
Series 1998:
2,000 5.500%, 7/01/18 1/10 at 100.00 BB- 1,904,420
2,000 5.625%, 7/01/24 1/10 at 100.00 BB- 1,758,780
970 Sayre Healthcare Facility Authority, Pennsylvania, Revenue 12/17 at 100.00 A 624,195
Bonds, Guthrie Healthcare System, Series 2007, 1.063%,
12/01/31 - AMBAC Insured
Southcentral Pennsylvania General Authority, Revenue
Bonds, Hanover Hospital Inc., Series 2005:
475 5.000%, 12/01/27 - RAAI Insured 12/15 at 100.00 BBB- 408,880
330 5.000%, 12/01/29 - RAAI Insured 12/15 at 100.00 BBB- 279,810
------------------------------------------------------------------------------------------------------------------------------------
31,020 Total Health Care 29,488,097
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 4.9% (3.4% OF TOTAL INVESTMENTS)
2,855 Bucks County Redevelopment Authority, Pennsylvania, 2/10 at 100.00 Baa2 2,817,828
Section 8 Assisted Second Lien Multifamily Mortgage
Revenue Bonds, Country Commons Apartments, Series
1993A, 6.200%, 8/01/14 (Alternative Minimum Tax)
2,000 Delaware County Industrial Development Authority, 4/12 at 100.00 AAA 2,042,980
Pennsylvania, Multifamily Housing Revenue Bonds, Darby
Townhouses Project, Series 2002A, 5.500%, 4/01/32
(Mandatory put 4/01/22) (Alternative Minimum Tax)
Pennsylvania Higher Educational Facilities Authority,
Revenue Bonds, Slippery Rock University Foundation Inc.,
Student Housing Project, Series 2005A:
2,035 5.000%, 7/01/19 - SYNCORA GTY Insured 7/15 at 100.00 BBB+ 2,010,315
3,400 5.000%, 7/01/37 - SYNCORA GTY Insured 7/15 at 100.00 BBB+ 2,997,474
740 Philadelphia Authority for Industrial Development, 5/15 at 102.00 Baa3 593,473
Pennsylvania, Multifamily Housing Revenue Bonds,
Presbyterian Homes Germantown - Morrisville Project,
Series 2005A, 5.625%, 7/01/35
------------------------------------------------------------------------------------------------------------------------------------
11,030 Total Housing/Multifamily 10,462,070
------------------------------------------------------------------------------------------------------------------------------------
54 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 7.0% (4.8% OF TOTAL INVESTMENTS)
$ 805 Allegheny County Residential Finance Authority, 11/10 at 100.00 Aaa $ 811,215
Pennsylvania, GNMA Mortgage-Backed Securities Program
Single Family Mortgage Revenue Bonds, Series 2000II-2,
5.900%, 11/01/32 (Alternative Minimum Tax)
20 Pennsylvania Housing Finance Agency, Single Family 4/10 at 100.00 AA+ 20,064
Mortgage Revenue Bonds, Series 1998-62A, 5.500%,
10/01/22 (Alternative Minimum Tax)
1,225 Pennsylvania Housing Finance Agency, Single Family 4/15 at 100.00 AA+ 1,207,017
Mortgage Revenue Bonds, Series 2006-93A, 4.950%,
10/01/26 (Alternative Minimum Tax) (UB)
3,195 Pennsylvania Housing Finance Agency, Single Family 10/15 at 100.00 AA+ 3,120,876
Mortgage Revenue Bonds, Series 2006-94A, 5.150%,
10/01/37 (Alternative Minimum Tax) (UB)
4,000 Pennsylvania Housing Finance Agency, Single Family 10/15 at 100.00 AA+ 3,818,440
Mortgage Revenue Bonds, Series 2006-95A, 4.900%,
10/01/37 (Alternative Minimum Tax) (UB)
1,355 Pennsylvania Housing Finance Agency, Single Family 10/16 at 100.00 AA+ 1,275,380
Mortgage Revenue Bonds, Series 2007-97A, 4.600%,
10/01/27 (Alternative Minimum Tax) (UB)
1,655 Pennsylvania Housing Finance Agency, Single Family 10/16 at 100.00 AA+ 1,565,200
Mortgage Revenue Bonds, Series 2007-98A, 4.850%,
10/01/31 (Alternative Minimum Tax) (UB)
Pennsylvania Housing Finance Agency, Single Family
Mortgage Revenue Bonds, Series 2008-103-C:
430 5.200%, 10/01/28 10/17 at 100.00 AA+ 442,057
1,900 5.450%, 10/01/38 10/17 at 100.00 AA+ 1,967,830
765 Pittsburgh Urban Redevelopment Authority, Pennsylvania, 4/10 at 100.00 AAA 765,933
Mortgage Revenue Bonds, Series 1997A, 6.200%, 10/01/21
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
15,350 Total Housing/Single Family 14,994,012
------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIALS - 3.2% (2.2% OF TOTAL INVESTMENTS)
2,000 New Morgan Industrial Development Authority, Pennsylvania, 4/10 at 100.00 BBB 2,000,100
Solid Waste Disposal Revenue Bonds, New Morgan Landfill
Company Inc., Series 1994, 6.500%, 4/01/19 (Alternative
Minimum Tax)
2,000 Pennsylvania Economic Development Financing Authority, 5/11 at 101.00 A2 2,020,220
Exempt Facilities Revenue Bonds, Amtrak Project, Series
2001A, 6.250%, 11/01/31 (Alternative Minimum Tax)
2,750 Pennsylvania Industrial Development Authority, Economic 7/12 at 101.00 A- 2,921,188
Development Revenue Bonds, Series 2002, 5.500%, 7/01/17
- AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
6,750 Total Industrials 6,941,508
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 5.1% (3.5% OF TOTAL INVESTMENTS)
4,905 Cumberland County Municipal Authority, Pennsylvania, 1/17 at 100.00 N/R 4,284,419
Revenue Bonds, Diakon Lutheran Social Ministries,
Series 2007, 5.000%, 1/01/36
1,000 Cumberland County Municipal Authority, Pennsylvania, 12/12 at 100.00 BBB+ 927,290
Revenue Bonds, Presbyterian Homes Inc., Series 2003A,
5.000%, 12/01/22 - RAAI Insured
Lancaster County Hospital Authority, Pennsylvania, Health
Center Revenue Bonds, Masonic Homes Project, Series 2006:
1,565 5.000%, 11/01/31 11/16 at 100.00 A 1,524,263
230 5.000%, 11/01/36 11/16 at 100.00 A 222,394
Pennsylvania Economic Development Financing Authority,
Revenue Bonds, Dr. Gertrude A. Barber Center Inc., Series
2000:
1,000 6.150%, 12/01/20 - RAAI Insured 2/10 at 100.00 BBB 1,009,100
2,000 5.900%, 12/01/30 - RAAI Insured 12/10 at 100.00 BBB 1,962,060
1,230 Pennsylvania Economic Development Financing Authority, 12/09 at 100.00 BB+ 949,216
Revenue Bonds, Northwestern Human Services Inc., Series
1998A, 5.250%, 6/01/28
------------------------------------------------------------------------------------------------------------------------------------
11,930 Total Long-Term Care 10,878,742
------------------------------------------------------------------------------------------------------------------------------------
MATERIALS - 2.1% (1.4% OF TOTAL INVESTMENTS)
1,190 Bradford County Industrial Development Authority, 12/15 at 100.00 BBB 1,149,016
Pennsylvania, Solid Waste Disposal Revenue Bonds,
International Paper Company, Series 2005B, 5.200%,
12/01/19 (Alternative Minimum Tax)
500 Erie County Industrial Development Authority, 9/10 at 101.00 BBB 507,690
Pennsylvania, Environmental Improvement Revenue
Refunding Bonds, Series 2000B, 6.000%, 9/01/16
(Alternative Minimum Tax)
4,500 Pennsylvania Economic Development Financing Authority, 11/09 at 101.00 N/R 2,820,375
Exempt Facilities Revenue Bonds, National Gypsum
Company, Series 1997B, 6.125%, 11/01/27 (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
6,190 Total Materials 4,477,081
------------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 55
NPY | Nuveen Pennsylvania Premium Income Municipal Fund 2 (continued)
| Portfolio of Investments October 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 19.0% (13.0% OF TOTAL INVESTMENTS)
$ 3,000 Bethel Park School District, Allegheny County, 8/19 at 100.00 A1 $ 3,081,360
Pennsylvania, General Obligation Bonds, Series of 2009,
5.000%, 8/01/29
Harrisburg Redevelopment Authority, Dauphin County,
Pennsylvania, Guaranteed Revenue Bonds, Series 1998B:
1,750 0.000%, 5/01/22 - FSA Insured 5/16 at 75.56 AAA 929,758
2,750 0.000%, 11/01/22 - FSA Insured 5/16 at 73.64 AAA 1,420,320
2,750 0.000%, 5/01/23 - FSA Insured 5/16 at 71.71 AAA 1,365,953
260 Lower Merion School District, Montgomery County, 9/17 at 100.00 Aaa 286,234
Pennsylvania, General Obligation Bonds, Series 2007,
5.000%, 9/01/23
2,115 Owen J. Roberts School District, Chester County, 5/16 at 100.00 Aa3 2,242,260
Pennsylvania, General Obligation Bonds, Series 2006,
5.000%, 5/15/24 - FSA Insured
4,835 Pennsylvania State, General Obligation Bonds, Series 2007, 3/17 at 100.00 AA 5,505,953
Residuals 1986, 13.586%, 3/01/27 (IF)
3,200 Pennsylvania, General Obligation Bonds, First Series 2006, 10/16 at 100.00 AA 3,705,376
5.000%, 10/01/18
1,000 Pennsylvania, General Obligation Bonds, Second Series 1/16 at 100.00 AA 1,146,080
2005, 5.000%, 1/01/18
1,500 Philadelphia School District, Pennsylvania, General No Opt. Call Aa3 1,542,960
Obligation Bonds, Series 2007A, 5.000%, 6/01/34 - FGIC
Insured
3,775 Pine-Richland School District, Pennsylvania, School 7/15 at 100.00 AAA 3,823,320
Improvement General Obligation Bonds, Series 2005,
5.000%, 7/15/35 - FSA Insured
2,700 Pittsburgh, Pennsylvania, General Obligation Bonds, Series No Opt. Call AAA 2,917,242
2006B, 5.250%, 9/01/16 - FSA Insured
6,710 Reading School District, Berks County, Pennsylvania, No Opt. Call A 1,974,820
General Obligation Bonds, Series 2003B, 0.000%, 1/15/32
- FGIC Insured
2,250 Scranton Parking Authority, Pennsylvania, Guaranteed 6/17 at 100.00 BBB- 1,977,120
Revenue Bonds, Series 2007, 5.250%, 6/01/39 - RAAI
Insured
940 Scranton Parking Authority, Pennsylvania, Guaranteed 9/13 at 100.00 A 853,529
Parking Revenue Bonds, Series 2004, 5.000%, 9/15/33 -
FGIC Insured
State Public School Building Authority, Pennsylvania,
School Revenue Bonds, Conneaut School District, Series
2003:
360 5.250%, 11/01/21 - FGIC Insured 11/13 at 100.00 A 367,175
490 5.250%, 11/01/22 - FGIC Insured 11/13 at 100.00 A 498,477
1,500 State Public School Building Authority, Pennsylvania, 5/13 at 100.00 Aa3 1,507,650
School Revenue Bonds, York City School District, Series
2003, 4.000%, 5/01/21 - FSA Insured
1,535 Stroudsburg Area School District, Monroe County, 4/12 at 100.00 AAA 1,629,464
Pennsylvania, General Obligation Bonds, Series 2001A,
5.000%, 4/01/19 - FSA Insured
1,400 Woodland Hills School District, Allegheny County, 9/15 at 100.00 AAA 1,544,410
Pennsylvania, General Obligation Bonds, Series 2005D,
5.000%, 9/01/17 - FSA Insured
2,400 York County, Pennsylvania, General Obligation Bonds, 12/15 at 100.00 AA 2,452,920
Series 2006, 5.000%, 6/01/33 - NPFG Insured
------------------------------------------------------------------------------------------------------------------------------------
47,220 Total Tax Obligation/General 40,772,381
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 8.4% (5.8% OF TOTAL INVESTMENTS)
1,500 Erie County Convention Center Authority, Pennsylvania, 1/15 at 100.00 AA- 1,508,760
Convention Center Revenue Bonds, Series 2005, 5.000%,
1/15/36 - FGIC Insured
1,950 Pennsylvania Turnpike Commission, Oil Franchise Tax Senior 12/18 at 100.00 AA 2,017,568
Lien Revenue Bonds, Series 2003A, 5.000%, 12/01/32 -
NPFG Insured
5,015 Philadelphia Municipal Authority, Pennsylvania, Lease 11/13 at 100.00 AAA 5,451,355
Revenue Bonds, Series 2003B, 5.250%, 11/15/17 - FSA
Insured
6,000 Puerto Rico Highway and Transportation Authority, Highway No Opt. Call Baa3 6,013,860
Revenue Bonds, Series 2007N, 5.500%, 7/01/29 - AMBAC
Insured
2,880 Puerto Rico Infrastructure Financing Authority, Special No Opt. Call BBB+ 592,762
Tax Revenue Bonds, Series 2005A, 0.000%, 7/01/32 - FGIC
Insured
2,405 Puerto Rico, Highway Revenue Bonds, Highway and No Opt. Call A 2,503,629
Transportation Authority, Series 2003AA, 5.500%,
7/01/19 - NPFG Insured
------------------------------------------------------------------------------------------------------------------------------------
19,750 Total Tax Obligation/Limited 18,087,934
------------------------------------------------------------------------------------------------------------------------------------
56 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 19.3% (13.3% OF TOTAL INVESTMENTS)
$ 650 Delaware River Joint Toll Bridge Commission, New Jersey 7/13 at 100.00 A2 $ 701,890
and Pennsylvania, Revenue Bonds, Series 2003, 5.250%,
7/01/17
4,600 Pennsylvania Economic Development Financing Authority, 6/12 at 102.00 BBB+ 4,404,730
Revenue Bonds, Amtrak 30th Street Station Parking
Garage, Series 2002, 5.875%, 6/01/33 - ACA Insured
(Alternative Minimum Tax)
5,500 Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, 12/27 at 100.00 A2 3,426,445
Capital Appreciation Series 2009E, 0.000%, 12/01/38
3,575 Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, 12/11 at 101.00 Aa3 3,582,686
Series 2001R, 5.000%, 12/01/30 - AMBAC Insured
2,680 Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, 6/16 at 100.00 Aa3 2,752,467
Series 2006A, 5.000%, 12/01/24 - AMBAC Insured
3,250 Philadelphia Airport System, Pennsylvania, Revenue Bonds, 6/15 at 100.00 A+ 2,844,335
Series 2005A, 4.750%, 6/15/35 - NPFG Insured
(Alternative Minimum Tax)
10,000 Philadelphia Authority for Industrial Development, 7/11 at 101.00 A+ 9,687,000
Pennsylvania, Airport Revenue Bonds, Philadelphia
Airport System Project, Series 2001A, 5.250%, 7/01/28 -
FGIC Insured (Alternative Minimum Tax)
6,525 Pittsburgh and Allegheny County Sports and Exhibition 12/09 at 100.00 N/R 6,466,993
Authority, Pennsylvania, Parking Revenue Bonds, Series
2001A, 5.350%, 12/01/26 - AMBAC Insured
2,000 Pittsburgh Public Parking Authority, Pennsylvania, Parking 12/15 at 100.00 A 2,040,900
Revenue Bonds, Series 2005B, 5.000%, 12/01/23 - FGIC
Insured
6,700 Susquehanna Area Regional Airport Authority, Pennsylvania, 1/13 at 100.00 Baa3 5,560,196
Airport System Revenue Bonds, Series 2003B, 5.000%,
1/01/33 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
45,480 Total Transportation 41,467,642
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 20.1% (13.8% OF TOTAL INVESTMENTS)(4)
1,695 Allegheny County Sanitary Authority, Pennsylvania, 12/10 at 101.00 A (4) 1,791,988
Sewerage Revenue Bonds, Series 2000, 5.500%, 12/01/30
(Pre-refunded 12/01/10) - NPFG Insured
1,200 Butler County, Pennsylvania, General Obligation Bonds, 7/13 at 100.00 A+ (4) 1,363,884
Series 2003, 5.250%, 7/15/23 (Pre-refunded 7/15/13) -
FGIC Insured
1,615 Delaware County Regional Water Quality Control Authority, 5/14 at 100.00 A3 (4) 1,853,293
Pennsylvania, Sewerage Revenue Bonds, Series 2004,
5.250%, 5/01/23 (Pre-refunded 5/01/14) - NPFG Insured
2,110 Fayette County, Pennsylvania, General Obligation Bonds, 11/10 at 100.00 N/R (4) 2,225,396
Series 2000, 5.625%, 11/15/28 (Pre-refunded 11/15/10) -
AMBAC Insured
2,600 Norristown Area School District, Montgomery County, 3/13 at 100.00 N/R (4) 2,903,914
Pennsylvania, General Obligation Bonds, Series 2003,
5.000%, 9/01/24 (Pre-refunded 3/01/13) - FGIC Insured
855 Pennsylvania Higher Educational Facilities Authority, No Opt. Call Aaa 991,672
College Revenue Bonds, Ninth Series 1976, 7.625%,
7/01/15 (ETM)
2,100 Pennsylvania Higher Educational Facilities Authority, 6/10 at 100.00 BBB- (4) 2,169,300
Revenue Bonds, Philadelphia University,
Series 2000, 6.000%, 6/01/29 (Pre-refunded 6/01/10) -
RAAI Insured
1,500 Pennsylvania Higher Educational Facilities Authority, 7/11 at 101.00 Aaa 1,625,520
Revenue Bonds, Temple University, Series 2001, 5.000%,
7/15/31 (Pre-refunded 7/15/11) - NPFG Insured
3,905 Pennsylvania Higher Educational Facilities Authority, 1/13 at 100.00 A1 (4) 4,305,341
Revenue Bonds, Thomas Jefferson University, Series
2002, 5.000%, 1/01/32 (Pre-refunded 1/01/13)
Philadelphia Authority for Industrial Development,
Pennsylvania, Revenue Bonds, Franklin Towne Charter High
School, Series 2006A:
470 5.250%, 1/01/27 (Pre-refunded 1/01/17) 1/17 at 100.00 N/R (4) 537,252
790 5.375%, 1/01/32 (Pre-refunded 1/01/17) 1/17 at 100.00 N/R (4) 909,369
Philadelphia Hospitals and Higher Education Facilities
Authority, Pennsylvania, Hospital Revenue Bonds,
Presbyterian Medical Center of Philadelphia, Series 1993:
635 6.500%, 12/01/11 (ETM) No Opt. Call AAA 673,792
3,740 6.650%, 12/01/19 (ETM) No Opt. Call AAA 4,607,269
Sayre Health Care Facility Authority, Pennsylvania,
Revenue Bonds, Latrobe Area Hospital, Series 2002A:
1,700 5.250%, 7/01/14 (Pre-refunded 7/01/12) - AMBAC Insured 7/12 at 100.00 N/R (4) 1,868,283
1,200 5.250%, 7/01/15 (Pre-refunded 7/01/12) - AMBAC Insured 7/12 at 100.00 N/R (4) 1,318,788
1,015 St. Mary Hospital Authority, Pennsylvania, Health System 11/14 at 100.00 A1 (4) 1,178,923
Revenue Bonds, Catholic Health East, Series 2004B,
5.375%, 11/15/34 (Pre-refunded 11/15/14)
Nuveen Investments 57
NPY | Nuveen Pennsylvania Premium Income Municipal Fund 2 (continued)
| Portfolio of Investments October 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED (4) (continued)
State Public School Building Authority, Berkes County,
Pennsylvania, School Revenue Bonds, Brandywine Heights
Area School District, Series 2003:
$ 1,930 5.000%, 2/01/20 (Pre-refunded 2/01/13) - FGIC Insured 2/13 at 100.00 A1 (4) $ 2,143,033
1,955 5.000%, 2/01/21 (Pre-refunded 2/01/13) - FGIC Insured 2/13 at 100.00 A1 (4) 2,170,793
4,050 State Public School Building Authority, Pennsylvania, 6/13 at 100.00 AAA 4,558,923
Lease Revenue Bonds, Philadelphia School District,
Series 2003, 5.000%, 6/01/33 (Pre-refunded 6/01/13) -
FSA Insured
2,500 West Cornwall Township Municipal Authority, Pennsylvania, 12/11 at 100.00 BBB+ (4) 2,766,525
College Revenue Bonds, Elizabethtown College Project,
Series 2001, 5.900%, 12/15/18 (Pre-refunded 12/15/11)
1,025 West View Borough Municipal Authority, Allegheny County, No Opt. Call AAA 1,260,238
Pennsylvania, Special Obligation Bonds, Series 1985A,
9.500%, 11/15/14 (ETM)
------------------------------------------------------------------------------------------------------------------------------------
38,590 Total U.S. Guaranteed 43,223,496
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 9.3% (6.4% OF TOTAL INVESTMENTS)
1,125 Allegheny County Industrial Development Authority, No Opt. Call BBB 1,159,313
Pennsylvania, Pollution Control Revenue Refunding
Bonds, Duquesne Light Company, Series 1999A, 4.350%,
12/01/13 - AMBAC Insured
830 Carbon County Industrial Development Authority, No Opt. Call BBB- 838,532
Pennsylvania, Resource Recovery Revenue Refunding
Bonds, Panther Creek Partners Project, Series 2000,
6.650%, 5/01/10 (Alternative Minimum Tax)
7,590 Indiana County Industrial Development Authority, 11/09 at 100.00 BBB+ 7,589,317
Pennsylvania, Pollution Control Revenue Bonds,
Metropolitan Edison Company, Series 1997A, 5.950%,
5/01/27 - AMBAC Insured (Alternative Minimum Tax)
2,000 Indiana County Industrial Development Authority, 6/12 at 101.00 Baa1 1,986,860
Pennsylvania, Pollution Control Revenue Refunding
Bonds, PSEG Power LLC, Series 2001A, 5.850%, 6/01/27
(Alternative Minimum Tax)
2,150 Lehigh County Industrial Development Authority, 2/15 at 100.00 A 2,078,448
Pennsylvania, Pollution Control Revenue Bonds,
Pennsylvania Power and Light Company, Series 2005,
4.750%, 2/15/27 - FGIC Insured
700 Philadelphia Gas Works, Pennsylvania, Revenue Bonds, 9/14 at 100.00 AAA 716,548
General Ordinance, Fifth Series 2004A-1, 5.000%,
9/01/26 - FSA Insured
1,000 Philadelphia Gas Works, Pennsylvania, Revenue Bonds, 7/13 at 100.00 AAA 1,049,570
General Ordinance, Seventeenth Series 2003, 5.375%,
7/01/19 - FSA Insured
5,050 Philadelphia Gas Works, Pennsylvania, Revenue Bonds, 10/17 at 100.00 Baa2 4,481,673
Seventh Series, 2007, 5.000%, 10/01/37 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
20,445 Total Utilities 19,900,261
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 11.6% (7.9% OF TOTAL INVESTMENTS)
305 Allegheny County Sanitary Authority, Pennsylvania, 12/10 at 101.00 A 310,667
Sewerage Revenue Bonds, Series 2000, 5.500%, 12/01/30 -
NPFG Insured
Allegheny County Sanitary Authority, Pennsylvania,
Sewerage Revenue Bonds, Series 2005A:
1,900 5.000%, 12/01/21 - NPFG Insured 12/15 at 100.00 A 1,959,812
2,120 5.000%, 12/01/23 - NPFG Insured 12/15 at 100.00 A 2,181,480
545 5.000%, 12/01/30 - NPFG Insured 12/15 at 100.00 A 548,101
2,500 Bethlehem Authority, Northampton and Lehigh Counties, 11/14 at 100.00 AAA 2,626,950
Pennsylvania, Guaranteed Water Revenue Bonds, Series
2004, 5.000%, 11/15/20 - FSA Insured
4,000 Bucks County Industrial Development Authority, 3/12 at 100.00 AA- 3,989,400
Pennsylvania, Water Facility Revenue Bonds,
Pennsylvania Suburban Water Company, Series 2002,
5.550%, 9/01/32 - FGIC Insured (Alternative Minimum Tax)
2,000 Harrisburg Authority, Dauphin County, Pennsylvania, Water 7/14 at 100.00 AAA 2,065,860
Revenue Refunding Bonds, Series 2004, 5.000%, 7/15/22 -
FSA Insured
3,360 Mercer County Industrial Development Authority, 7/10 at 100.00 AA- 3,368,400
Pennsylvania, Water Facility Revenue Bonds, Consumers
Water Company, Shenango Valley Division Project, Series
2000, 6.000%, 7/01/30 - NPFG Insured (Alternative
Minimum Tax)
Norristown Municipal Waste Authority, Pennsylvania, Sewer
Revenue Bonds, Series 2003:
1,140 5.125%, 11/15/22 - FGIC Insured 11/13 at 100.00 N/R 1,134,938
2,535 5.125%, 11/15/23 - FGIC Insured 11/13 at 100.00 N/R 2,503,743
58 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER (continued)
$ 2,000 Philadelphia, Pennsylvania, Water and Wastewater Revenue 7/15 at 100.00 AAA $ 2,086,520
Bonds, Series 2005A, 5.000%, 7/01/23 - FSA Insured
2,000 Unity Township Municipal Authority, Pennsylvania, Sewerage 12/14 at 100.00 AAA 2,022,275
Revenue Bonds, Series 2004, 5.000%, 12/01/34 - FSA
Insured
------------------------------------------------------------------------------------------------------------------------------------
24,405 Total Water and Sewer 24,798,146
------------------------------------------------------------------------------------------------------------------------------------
$ 324,460 Total Investments (cost $309,746,527) - 145.7% 312,658,640
===============---------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (3.2)% (6,845,000)
-----------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 3.8% 8,090,352
-----------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (46.3)% (5) (99,275,000)
-----------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 214,628,992
=================================================================================================================
(1) All percentages shown in the Portfolio of Investments are based on net
assets applicable to Common shares unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call provisions
at varying prices at later dates. Certain mortgage-backed securities may
be subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's Group ("Standard & Poor's")
or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by
Standard & Poor's or Baa by Moody's are considered to be below investment
grade.
(4) Backed by an escrow or trust containing sufficient U.S. Government or U.S.
Government agency securities which ensure the timely payment of principal
and interest. Such investments are normally considered to be equivalent to
AAA rated securities.
(5) Preferred Shares, at Liquidation Value as a percentage of Total
Investments is 31.8%.
N/R Not rated.
(ETM) Escrowed to maturity.
(IF) Inverse floating rate investment.
(UB) Underlying bond of an inverse floating rate trust reflected as a financing
transaction. See Notes to Financial Statements, Footnote 1 - Inverse
Floating Rate Securities for more information.
See accompanying notes to financial statements.
Nuveen Investments 59
NXM | Nuveen Pennsylvania Dividend Advantage Municipal Fund
| Portfolio of Investments October 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 2.1% (1.5% OF TOTAL INVESTMENTS)
$ 1,000 Pennsylvania Economic Development Financing Authority, No Opt. Call AA- $ 1,003,080
Solid Waste Disposal Revenue Bonds, Procter & Gamble
Paper Project, Series 2001, 5.375%, 3/01/31
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 26.3% (18.2% OF TOTAL
INVESTMENTS)
100 Allegheny County Higher Education Building Authority, No Opt. Call Baa3 93,542
Pennsylvania, College Revenue Refunding Bonds, Robert
Morris College, Series 1998A, 6.000%, 5/01/28
235 Allegheny County Higher Education Building Authority, 2/16 at 100.00 Baa3 191,165
Pennsylvania, Revenue Bonds, Robert Morris University,
Series 2006A, 4.750%, 2/15/26
2,250 Bucks County Industrial Development Authority, 9/11 at 100.00 N/R 2,242,530
Pennsylvania, Revenue Bonds, George School Project,
Series 2001, 5.125%, 9/15/31 - AMBAC Insured
700 Chester County Health and Education Facilities Authority, 10/15 at 102.00 N/R 560,413
Pennsylvania, Revenue Bonds, Immaculata University,
Series 2005, 5.500%, 10/15/25
720 Chester County Industrial Development Authority, 12/17 at 100.00 BB+ 607,586
Pennsylvania, Avon Grove Charter School Revenue Bonds,
Series 2007A, 6.375%, 12/15/37
1,000 Delaware County Authority, Pennsylvania, College Revenue 10/11 at 100.00 BBB 1,006,230
Refunding Bonds, Neumann College, Series 2001, 6.000%,
10/01/31
300 Delaware County Authority, Pennsylvania, General Revenue 10/16 at 100.00 BBB- 262,653
Bonds, Eastern University, Series 2006, 4.500%,
10/01/27 - RAAI Insured
Delaware County Authority, Pennsylvania, Revenue Bonds,
Villanova University, Series 2006:
295 5.000%, 8/01/23 - AMBAC Insured 8/16 at 100.00 A1 304,877
145 5.000%, 8/01/24 - AMBAC Insured 8/16 at 100.00 A1 149,257
160 Erie Higher Education Building Authority, Pennsylvania, 5/17 at 100.00 BBB- 142,920
College Revenue Bonds, Gannon University, Series
2007-GG3, 5.000%, 5/01/32 - RAAI Insured
1,000 Montgomery County Industrial Development Authority, 8/15 at 100.00 A1 1,032,900
Pennsylvania, Revenue Bonds, Hill School, Series 2005,
5.000%, 8/15/27 - NPFG Insured
75 New Wilmington, Pennsylvania, Revenue, Westminster 5/17 at 100.00 BBB- 70,283
College, Series 2007G, 5.125%, 5/01/33 - RAAI Insured
1,000 Pennsylvania Higher Educational Facilities Authority, 6/12 at 100.00 Aa3 1,061,040
General Revenue Bonds, State System of Higher
Education, Series 2002W, 5.000%, 6/15/19 - AMBAC Insured
900 Pennsylvania Higher Educational Facilities Authority, 6/18 at 100.00 Aa3 923,409
General Revenue Bonds, State System of Higher
Education, Series 2008AH, 5.000%, 6/15/33
220 Pennsylvania Higher Educational Facilities Authority, 5/16 at 100.00 A- 209,077
Revenue Bonds, Allegheny College, Series 2006, 4.750%,
5/01/31
540 Pennsylvania Higher Educational Facilities Authority, 11/17 at 100.00 A+ 546,032
Revenue Bonds, Drexel University, Series 2007A, 5.000%,
5/01/37 - NPFG Insured
1,500 Pennsylvania Higher Educational Facilities Authority, 7/11 at 100.00 BBB- 1,459,650
Revenue Bonds, Moravian College, Series 2001, 5.375%,
7/01/31 - RAAI Insured
700 Pennsylvania Higher Educational Facilities Authority, 4/16 at 100.00 A+ 742,637
Revenue Bonds, Temple University, First Series of 2006,
5.000%, 4/01/21 - NPFG Insured
350 Pennsylvania Higher Educational Facilities Authority, 1/13 at 100.00 A1 369,842
Revenue Bonds, Thomas Jefferson University, Series
2002, 5.500%, 1/01/16
470 Philadelphia Authority for Industrial Development, 1/13 at 102.00 BB 336,746
Pennsylvania, Revenue Bonds, Leadership Learning
Partners, Series 2005A, 5.375%, 7/01/36
230 Philadelphia Authority for Industrial Development, 5/16 at 100.00 BBB- 216,798
Pennsylvania, Revenue Bonds, Richard Allen Preparatory
Charter School, Series 2006, 6.250%, 5/01/33
------------------------------------------------------------------------------------------------------------------------------------
12,890 Total Education and Civic Organizations 12,529,587
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 21.0% (14.5% OF TOTAL INVESTMENTS)
550 Allegheny County Hospital Development Authority, 4/15 at 100.00 Baa2 459,487
Pennsylvania, Revenue Bonds, Ohio Valley General
Hospital, Series 2005A, 5.125%, 4/01/35
585 Allentown Area Hospital Authority, Pennsylvania, Revenue No Opt. Call BB- 555,060
Bonds, Sacred Heart Hospital, Series 2005, 6.000%,
11/15/16
2,500 Chester County Health and Educational Facilities 11/09 at 100.50 AA- 2,506,350
Authority, Pennsylvania, Health System Revenue Bonds,
Jefferson Health System, Series 1997B, 5.375%, 5/15/27
60 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE (continued)
$ 80 Erie County Hospital Authority, Pennsylvania, Revenue 11/17 at 100.00 A3 $ 72,211
Bonds, Hamot Health Foundation, Series 2007, 5.000%,
11/01/37 - CIFG Insured
230 Fulton County, Pennsylvania, Industrial Development 7/16 at 100.00 N/R 194,674
Authority Hospital Revenue Bonds, Fulton County Medical
Center Project, Series 2006, 5.900%, 7/01/40
650 Lehigh County General Purpose Authority, Pennsylvania, 7/18 at 100.00 AAA 642,844
Hospital Revenue Bonds, Lehigh Valley Health Network,
Series 2008A, 5.000%, 7/01/33 - FSA Insured
250 Lehigh County General Purpose Authority, Pennsylvania, 11/14 at 100.00 A 253,375
Revenue Bonds, Good Shepherd Group, Series 2004A,
5.500%, 11/01/24
1,025 Lehigh County General Purpose Authority, Pennsylvania, 11/17 at 100.00 AAA 1,003,824
Revenue Bonds, Good Shepherd Group, Series 2007,
5.000%, 11/01/37 - AGC Insured
140 Monroe County Hospital Authority, Pennsylvania, Hospital 1/17 at 100.00 A- 130,026
Revenue Bonds, Pocono Medical Center, Series 2007,
5.125%, 1/01/37
2,150 Pennsylvania Higher Educational Facilities Authority, 1/11 at 101.00 Aa3 2,219,789
Revenue Bonds, UPMC Health System, Series 2001A,
6.000%, 1/15/31
25 Pottsville Hospital Authority, Pennsylvania, Hospital 1/10 at 100.00 BB- 21,985
Revenue Bonds, Pottsville Hospital and Warne Clinic,
Series 1998, 5.625%, 7/01/24
215 Sayre Healthcare Facility Authority, Pennsylvania, Revenue 12/17 at 100.00 A 138,353
Bonds, Guthrie Healthcare System, Series 2007, 1.063%,
12/01/31 - AMBAC Insured
1,000 Washington County Hospital Authority, Pennsylvania, 6/12 at 101.00 A3 1,027,350
Revenue Bonds, Monongahela Valley Hospital Project,
Series 2002, 5.500%, 6/01/17
750 West Shore Area Hospital Authority, Cumberland County, 1/12 at 100.00 BBB 750,518
Pennsylvania, Hospital Revenue Bonds, Holy Spirit
Hospital of the Sisters of Christian Charity Project,
Series 2001, 6.250%, 1/01/32
------------------------------------------------------------------------------------------------------------------------------------
10,150 Total Health Care 9,975,846
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 1.6% (1.0% OF TOTAL INVESTMENTS)
700 Pennsylvania Higher Educational Facilities Authority, 7/15 at 100.00 BBB+ 617,127
Revenue Bonds, Slippery Rock University Foundation
Inc., Student Housing Project, Series 2005A, 5.000%,
7/01/37 - SYNCORA GTY Insured
100 Philadelphia Authority for Industrial Development, 5/15 at 102.00 Baa3 80,199
Pennsylvania, Multifamily Housing Revenue Bonds,
Presbyterian Homes Germantown - Morrisville Project,
Series 2005A, 5.625%, 7/01/35
------------------------------------------------------------------------------------------------------------------------------------
800 Total Housing/Multifamily 697,326
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 8.0% (5.5% OF TOTAL INVESTMENTS)
1,400 Allegheny County Residential Finance Authority, 11/09 at 101.00 Aaa 1,405,138
Pennsylvania, GNMA Mortgage-Backed Securities Program
Single Family Mortgage Revenue Bonds, Series 1998DD-2,
5.400%, 11/01/29 (Alternative Minimum Tax)
430 Pennsylvania Housing Finance Agency, Single Family 4/15 at 100.00 AA+ 423,688
Mortgage Revenue Bonds, Series 2006-93A, 4.950%,
10/01/26 (Alternative Minimum Tax) (UB)
680 Pennsylvania Housing Finance Agency, Single Family 10/15 at 100.00 AA+ 664,224
Mortgage Revenue Bonds, Series 2006-94A, 5.150%,
10/01/37 (Alternative Minimum Tax) (UB)
500 Pennsylvania Housing Finance Agency, Single Family 10/15 at 100.00 AA+ 477,305
Mortgage Revenue Bonds, Series 2006-95A, 4.900%,
10/01/37 (Alternative Minimum Tax) (UB)
415 Pennsylvania Housing Finance Agency, Single Family 10/16 at 100.00 AA+ 392,482
Mortgage Revenue Bonds, Series 2007-98A, 4.850%,
10/01/31 (Alternative Minimum Tax) (UB)
450 Pennsylvania Housing Finance Agency, Single Family 10/17 at 100.00 AA+ 466,065
Mortgage Revenue Bonds, Series 2008-103-C, 5.450%,
10/01/38
------------------------------------------------------------------------------------------------------------------------------------
3,875 Total Housing/Single Family 3,828,902
------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIALS - 7.0% (4.8% OF TOTAL INVESTMENTS)
2,000 Pennsylvania Economic Development Financing Authority, 5/11 at 101.00 A2 2,020,220
Exempt Facilities Revenue Bonds, Amtrak Project, Series
2001A, 6.250%, 11/01/31 (Alternative Minimum Tax)
1,250 Pennsylvania Industrial Development Authority, Economic 7/12 at 101.00 A- 1,327,813
Development Revenue Bonds, Series 2002, 5.500%, 7/01/17
- AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
3,250 Total Industrials 3,348,033
------------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 61
NXM | Nuveen Pennsylvania Dividend Advantage Municipal Fund (continued)
| Portfolio of Investments October 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 17.5% (12.1% OF TOTAL INVESTMENTS)
Bucks County Industrial Development Authority,
Pennsylvania, Revenue Bonds, Lutheran Community at Telford
Center, Series 2007:
$ 220 5.750%, 1/01/27 1/17 at 100.00 N/R $ 186,426
360 5.750%, 1/01/37 1/17 at 100.00 N/R 285,588
265 Cumberland County Municipal Authority, Pennsylvania, 1/17 at 100.00 N/R 231,472
Revenue Bonds, Diakon Lutheran Social Ministries,
Series 2007, 5.000%, 1/01/36
200 Lancaster County Hospital Authority, Pennsylvania, Health 11/16 at 100.00 A 193,386
Center Revenue Bonds, Masonic Homes Project, Series
2006, 5.000%, 11/01/36
2,100 Lancaster County Hospital Authority, Pennsylvania, Health 12/11 at 100.00 A- 2,126,733
Center Revenue Bonds, Willow Valley Retirement
Communities Project, Series 2001, 5.875%, 6/01/31
185 Lancaster County Hospital Authority, Pennsylvania, Revenue 7/17 at 100.00 N/R 169,991
Bonds, Brethren Village Project, Series 2008A, 6.375%,
7/01/30
785 Lebanon County Health Facilities Authority, Pennsylvania, 12/14 at 100.00 N/R 658,482
Health Center Revenue Bonds, Pleasant View Retirement
Community, Series 2005A, 5.300%, 12/15/26
Pennsylvania Economic Development Financing Authority,
Revenue Bonds, Northwestern Human Services Inc., Series
1998A:
1,240 5.250%, 6/01/14 1/10 at 100.00 BB+ 1,207,227
50 5.125%, 6/01/18 1/10 at 100.00 BB+ 44,224
Philadelphia Authority for Industrial Development,
Pennsylvania, Revenue Bonds, Philadelphia Corporation for
the Aging Project, Series 2001B:
670 5.250%, 7/01/23 - AMBAC Insured 7/11 at 101.00 Baa1 648,372
2,875 5.250%, 7/01/31 - AMBAC Insured 7/11 at 101.00 Baa1 2,602,278
------------------------------------------------------------------------------------------------------------------------------------
8,950 Total Long-Term Care 8,354,179
------------------------------------------------------------------------------------------------------------------------------------
MATERIALS - 3.8% (2.6% OF TOTAL INVESTMENTS)
350 Allegheny County Industrial Development Authority, No Opt. Call BB 337,019
Pennsylvania, Revenue Bonds, United States Steel
Corporation, Series 2005, 5.500%, 11/01/16
210 Bradford County Industrial Development Authority, 12/15 at 100.00 BBB 202,768
Pennsylvania, Solid Waste Disposal Revenue Bonds,
International Paper Company, Series 2005B, 5.200%,
12/01/19 (Alternative Minimum Tax)
750 Bucks County Industrial Development Authority, No Opt. Call BBB+ 795,938
Pennsylvania, Environmental Improvement Revenue Bonds,
USX Corporation Project, Series 1995, 5.400%, 11/01/17
(Mandatory put 11/01/11)
750 Pennsylvania Economic Development Financing Authority, 11/09 at 101.00 N/R 470,063
Exempt Facilities Revenue Bonds, National Gypsum
Company, Series 1997B, 6.125%, 11/01/27 (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
2,060 Total Materials 1,805,788
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 13.5% (9.3% OF TOTAL INVESTMENTS)
300 Pennsylvania, General Obligation Bonds, First Series 2006, 10/16 at 100.00 AA 347,379
5.000%, 10/01/18
375 Philadelphia School District, Pennsylvania, General No Opt. Call Aa3 385,740
Obligation Bonds, Series 2007A, 5.000%, 6/01/34 - FGIC
Insured
840 Pine-Richland School District, Pennsylvania, School 7/15 at 100.00 AAA 850,752
Improvement General Obligation Bonds, Series 2005,
5.000%, 7/15/35 - FSA Insured
3,000 Pittsburgh School District, Allegheny County, No Opt. Call AAA 3,445,200
Pennsylvania, General Obligation Refunding Bonds,
Series 2002A, 5.500%, 9/01/14 - FSA Insured
2,220 Reading School District, Berks County, Pennsylvania, No Opt. Call A 653,368
General Obligation Bonds, Series 2003B, 0.000%, 1/15/32
- FGIC Insured
160 Scranton Parking Authority, Pennsylvania, Guaranteed 9/13 at 100.00 A 145,282
Parking Revenue Bonds, Series 2004, 5.000%, 9/15/33 -
FGIC Insured
600 York County, Pennsylvania, General Obligation Bonds, 12/15 at 100.00 AA 613,230
Series 2006, 5.000%, 6/01/33 - NPFG Insured
------------------------------------------------------------------------------------------------------------------------------------
7,495 Total Tax Obligation/General 6,440,951
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 13.7% (9.4% OF TOTAL INVESTMENTS)
1,000 Allegheny County Redevelopment Authority, Pennsylvania, No Opt. Call N/R 822,040
TIF Revenue Bonds, Pittsburg Mills Project, Series
2004, 5.600%, 7/01/23
450 Erie County Convention Center Authority, Pennsylvania, 1/15 at 100.00 AA- 452,628
Convention Center Revenue Bonds, Series 2005, 5.000%,
1/15/36 - FGIC Insured
62 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 425 Pennsylvania Turnpike Commission, Oil Franchise Tax Senior 12/18 at 100.00 AA $ 439,726
Lien Revenue Bonds, Series 2003A, 5.000%, 12/01/32 -
NPFG Insured
1,000 Pennsylvania Turnpike Commission, Registration Fee Revenue No Opt. Call AAA 1,134,030
Bonds, Series 2005A, 5.250%, 7/15/18 - FSA Insured
1,000 Philadelphia Municipal Authority, Pennsylvania, Lease 11/13 at 100.00 AAA 1,087,010
Revenue Bonds, Series 2003B, 5.250%, 11/15/17 - FSA
Insured
1,500 Philadelphia Redevelopment Authority, Pennsylvania, 4/12 at 100.00 A 1,545,990
Revenue Bonds, Philadelphia Neighborhood Transformation
Initiative, Series 2002A, 5.500%, 4/15/19 - FGIC Insured
750 Puerto Rico Highway and Transportation Authority, Highway No Opt. Call A 722,408
Revenue Bonds, Series 2007N, 5.250%, 7/01/33 - NPFG
Insured
630 Puerto Rico Infrastructure Financing Authority, Special No Opt. Call BBB+ 129,667
Tax Revenue Bonds, Series 2005A, 0.000%, 7/01/32 - FGIC
Insured
250 Washington County Redevelopment Authority, Pennsylvania, 7/17 at 100.00 N/R 174,273
Tanger Outlet Victory Center Tax Increment Bonds,
Series 2006A, 5.450%, 7/01/35
------------------------------------------------------------------------------------------------------------------------------------
7,005 Total Tax Obligation/Limited 6,507,772
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 11.3% (7.8% OF TOTAL INVESTMENTS)
130 Delaware River Joint Toll Bridge Commission, New Jersey 7/13 at 100.00 A2 140,378
and Pennsylvania, Revenue Bonds, Series 2003, 5.250%,
7/01/17
1,000 Pennsylvania Economic Development Financing Authority, 6/12 at 102.00 BBB+ 957,550
Revenue Bonds, Amtrak 30th Street Station Parking
Garage, Series 2002, 5.875%, 6/01/33 - ACA Insured
(Alternative Minimum Tax)
420 Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, 6/16 at 100.00 Aa3 431,357
Series 2006A, 5.000%, 12/01/24 - AMBAC Insured
1,750 Philadelphia Authority for Industrial Development, 7/11 at 101.00 A+ 1,695,225
Pennsylvania, Airport Revenue Bonds, Philadelphia
Airport System Project, Series 2001A, 5.250%, 7/01/28 -
FGIC Insured (Alternative Minimum Tax)
2,210 Pittsburgh and Allegheny County Sports and Exhibition 12/09 at 100.00 N/R 2,164,850
Authority, Pennsylvania, Parking Revenue Bonds, Series
2001A, 5.375%, 12/01/30 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
5,510 Total Transportation 5,389,360
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 12.8% (8.9% OF TOTAL INVESTMENTS)(4)
1,000 Cumberland County Municipal Authority, Pennsylvania, 1/13 at 101.00 N/R (4) 1,174,790
Retirement Community Revenue Bonds, Wesley Affiliated
Services Inc., Series 2002A, 7.125%, 1/01/25
(Pre-refunded 1/01/13)
1,105 Oxford Area School District, Chester County, Pennsylvania, 2/12 at 100.00 AA- (4) 1,218,428
General Obligation Bonds, Series 2001A, 5.500%, 2/15/17
(Pre-refunded 2/15/12) - FGIC Insured
255 Philadelphia Authority for Industrial Development, 1/17 at 100.00 N/R (4) 291,488
Pennsylvania, Revenue Bonds, Franklin Towne Charter
High School, Series 2006A, 5.250%, 1/01/27
(Pre-refunded 1/01/17)
1,000 Philadelphia Gas Works, Pennsylvania, Revenue Bonds, 8/13 at 100.00 AAA 1,139,390
General Ordinance, Fourth Series 1998, 5.250%, 8/01/18
(Pre-refunded 8/01/13) - FSA Insured
150 Philadelphia Gas Works, Pennsylvania, Revenue Bonds, No Opt. Call Aaa 184,164
Twelfth Series 1990B, 7.000%, 5/15/20 - NPFG Insured
(ETM)
1,700 Philadelphia School District, Pennsylvania, General 8/12 at 100.00 Aa3 (4) 1,913,520
Obligation Bonds, Series 2002B, 5.625%, 8/01/18
(Pre-refunded 8/01/12) - FGIC Insured
170 St. Mary Hospital Authority, Pennsylvania, Health System 11/14 at 100.00 A1 (4) 197,455
Revenue Bonds, Catholic Health East, Series 2004B,
5.375%, 11/15/34 (Pre-refunded 11/15/14)
------------------------------------------------------------------------------------------------------------------------------------
5,380 Total U.S. Guaranteed 6,119,235
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 3.9% (2.7% OF TOTAL INVESTMENTS)
500 Allegheny County Industrial Development Authority, No Opt. Call BBB 515,250
Pennsylvania, Pollution Control Revenue Refunding
Bonds, Duquesne Light Company, Series 1999A, 4.350%,
12/01/13 - AMBAC Insured
200 Pennsylvania Economic Development Financing Authority, 12/09 at 103.00 B1 204,654
Exempt Facilities Revenue Bonds, Reliant Energy Inc.,
Series 2003A, 6.750%, 12/01/36 (Alternative Minimum Tax)
140 Philadelphia Gas Works, Pennsylvania, Revenue Bonds, 9/14 at 100.00 AAA 143,310
General Ordinance, Fifth Series 2004A-1, 5.000%,
9/01/26 - FSA Insured
Nuveen Investments 63
NXM | Nuveen Pennsylvania Dividend Advantage Municipal Fund (continued)
| Portfolio of Investments October 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES (continued)
$ 1,105 Philadelphia Gas Works, Pennsylvania, Revenue Bonds, 10/17 at 100.00 Baa2 $ 980,643
Seventh Series, 2007, 5.000%, 10/01/37 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
1,945 Total Utilities 1,843,857
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 2.4% (1.7% OF TOTAL INVESTMENTS)
500 Bethlehem Authority, Northampton and Lehigh Counties, 11/14 at 100.00 AAA 525,390
Pennsylvania, Guaranteed Water Revenue Bonds, Series
2004, 5.000%, 11/15/20 - FSA Insured
600 Harrisburg Authority, Dauphin County, Pennsylvania, Water 7/14 at 100.00 AAA 619,749
Revenue Refunding Bonds, Series 2004, 5.000%, 7/15/22 -
FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
1,100 Total Water and Sewer 1,145,139
------------------------------------------------------------------------------------------------------------------------------------
$ 71,410 Total Investments (cost $69,004,320) - 144.9% 68,989,055
===============---------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (2.6)% (1,220,000)
-----------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 4.9% 2,358,332
-----------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (47.2)% (5) (22,500,000)
-----------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 47,627,387
=================================================================================================================
(1) All percentages shown in the Portfolio of Investments are based on net
assets applicable to Common shares unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call provisions
at varying prices at later dates. Certain mortgage-backed securities may
be subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's Group ("Standard & Poor's")
or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by
Standard & Poor's or Baa by Moody's are considered to be below investment
grade.
(4) Backed by an escrow or trust containing sufficient U.S. Government or U.S.
Government agency securities which ensure the timely payment of principal
and interest. Such investments are normally considered to be equivalent to
AAA rated securities.
(5) Preferred Shares, at Liquidation Value as a percentage of Total
Investments is 32.6%.
N/R Not rated.
(ETM) Escrowed to maturity.
(UB) Underlying bond of an inverse floating rate trust reflected as a financing
transaction. See Notes to Financial Statements, Footnote 1 - Inverse
Floating Rate Securities for more information.
See accompanying notes to financial statements.
64 Nuveen Investments
NVY | Nuveen Pennsylvania Dividend Advantage Municipal Fund 2
| Portfolio of Investments October 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 18.1% (12.3% OF TOTAL
INVESTMENTS)
$ 1,000 Allegheny County Higher Education Building Authority, No Opt. Call Baa3 $ 935,420
Pennsylvania, College Revenue Refunding Bonds, Robert
Morris College, Series 1998A, 6.000%, 5/01/28
800 Chester County Health and Education Facilities Authority, 10/15 at 102.00 N/R 640,472
Pennsylvania, Revenue Bonds, Immaculata University,
Series 2005, 5.500%, 10/15/25
720 Chester County Industrial Development Authority, 12/17 at 100.00 BB+ 607,586
Pennsylvania, Avon Grove Charter School Revenue Bonds,
Series 2007A, 6.375%, 12/15/37
325 Delaware County Authority, Pennsylvania, College Revenue 10/11 at 100.00 BBB 327,025
Refunding Bonds, Neumann College, Series 2001, 6.000%,
10/01/31
450 Delaware County Authority, Pennsylvania, General Revenue 10/16 at 100.00 BBB- 393,980
Bonds, Eastern University, Series 2006, 4.500%,
10/01/27 - RAAI Insured
Delaware County Authority, Pennsylvania, Revenue Bonds,
Villanova University, Series 2006:
340 5.000%, 8/01/23 - AMBAC Insured 8/16 at 100.00 A1 351,383
165 5.000%, 8/01/24 - AMBAC Insured 8/16 at 100.00 A1 169,844
1,435 Delaware County Authority, Pennsylvania, Revenue Refunding 8/13 at 100.00 A1 1,560,261
Bonds, Villanova University, Series 2003, 5.250%,
8/01/17 - FGIC Insured
180 Erie Higher Education Building Authority, Pennsylvania, 5/17 at 100.00 BBB- 160,785
College Revenue Bonds, Gannon University, Series
2007-GG3, 5.000%, 5/01/32 - RAAI Insured
80 New Wilmington, Pennsylvania, Revenue, Westminster 5/17 at 100.00 BBB- 74,968
College, Series 2007G, 5.125%, 5/01/33 - RAAI Insured
1,050 Pennsylvania Higher Educational Facilities Authority, 6/18 at 100.00 Aa3 1,077,311
General Revenue Bonds, State System of Higher
Education, Series 2008AH, 5.000%, 6/15/33
285 Pennsylvania Higher Educational Facilities Authority, 5/16 at 100.00 A- 270,850
Revenue Bonds, Allegheny College, Series 2006, 4.750%,
5/01/31
610 Pennsylvania Higher Educational Facilities Authority, 11/17 at 100.00 A+ 616,814
Revenue Bonds, Drexel University, Series 2007A, 5.000%,
5/01/37 - NPFG Insured
800 Pennsylvania Higher Educational Facilities Authority, 4/16 at 100.00 A+ 848,728
Revenue Bonds, Temple University, First Series of 2006,
5.000%, 4/01/21 - NPFG Insured
530 Philadelphia Authority for Industrial Development, 1/13 at 102.00 BB 379,734
Pennsylvania, Revenue Bonds, Leadership Learning
Partners, Series 2005A, 5.375%, 7/01/36
270 Philadelphia Authority for Industrial Development, 5/16 at 100.00 BBB- 254,502
Pennsylvania, Revenue Bonds, Richard Allen Preparatory
Charter School, Series 2006, 6.250%, 5/01/33
1,000 Union County, Higher Education Facilities Financing 4/13 at 100.00 Aa2 1,087,170
Authority, Pennsylvania, Revenue Bonds, Bucknell
University, Series 2002A, 5.250%, 4/01/20
------------------------------------------------------------------------------------------------------------------------------------
10,040 Total Education and Civic Organizations 9,756,833
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 14.6% (9.9% OF TOTAL INVESTMENTS)
625 Allegheny County Hospital Development Authority, 4/15 at 100.00 Baa2 522,144
Pennsylvania, Revenue Bonds, Ohio Valley General
Hospital, Series 2005A, 5.125%, 4/01/35
675 Allentown Area Hospital Authority, Pennsylvania, Revenue No Opt. Call BB- 640,454
Bonds, Sacred Heart Hospital, Series 2005, 6.000%,
11/15/16
2,000 Chester County Health and Educational Facilities 11/09 at 100.50 AA- 2,005,080
Authority, Pennsylvania, Health System Revenue Bonds,
Jefferson Health System, Series 1997B, 5.375%, 5/15/27
95 Erie County Hospital Authority, Pennsylvania, Revenue 11/17 at 100.00 A3 85,751
Bonds, Hamot Health Foundation, Series 2007, 5.000%,
11/01/37 - CIFG Insured
270 Fulton County, Pennsylvania, Industrial Development 7/16 at 100.00 N/R 228,531
Authority Hospital Revenue Bonds, Fulton County Medical
Center Project, Series 2006, 5.900%, 7/01/40
740 Lehigh County General Purpose Authority, Pennsylvania, 7/18 at 100.00 AAA 731,853
Hospital Revenue Bonds, Lehigh Valley Health Network,
Series 2008A, 5.000%, 7/01/33 - FSA Insured
1,155 Lehigh County General Purpose Authority, Pennsylvania, 11/17 at 100.00 AAA 1,131,138
Revenue Bonds, Good Shepherd Group, Series 2007,
5.000%, 11/01/37 - AGC Insured
160 Monroe County Hospital Authority, Pennsylvania, Hospital 1/17 at 100.00 A- 148,602
Revenue Bonds, Pocono Medical Center, Series 2007,
5.125%, 1/01/37
Nuveen Investments 65
NVY | Nuveen Pennsylvania Dividend Advantage Municipal Fund 2 (continued)
| Portfolio of Investments October 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE (continued)
$ 70 Pennsylvania Higher Educational Facilities Authority, 1/11 at 101.00 Aa3 $ 72,272
Revenue Bonds, UPMC Health System, Series 2001A,
6.000%, 1/15/31
245 Sayre Healthcare Facility Authority, Pennsylvania, Revenue 12/17 at 100.00 A 157,658
Bonds, Guthrie Healthcare System, Series 2007, 1.063%,
12/01/31 - AMBAC Insured
1,450 Washington County Hospital Authority, Pennsylvania, 6/12 at 101.00 A3 1,499,721
Revenue Bonds, Monongahela Valley Hospital Project,
Series 2002, 6.250%, 6/01/22
West Shore Area Hospital Authority, Cumberland County,
Pennsylvania, Hospital Revenue Bonds, Holy Spirit Hospital
of the Sisters of Christian Charity Project, Series 2001:
25 6.150%, 1/01/21 1/12 at 100.00 BBB 25,250
600 6.250%, 1/01/32 1/12 at 100.00 BBB 600,414
------------------------------------------------------------------------------------------------------------------------------------
8,110 Total Health Care 7,848,868
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 1.5% (1.0% OF TOTAL INVESTMENTS)
800 Pennsylvania Higher Educational Facilities Authority, 7/15 at 100.00 BBB+ 705,288
Revenue Bonds, Slippery Rock University Foundation
Inc., Student Housing Project, Series 2005A, 5.000%,
7/01/37 - SYNCORA GTY Insured
120 Philadelphia Authority for Industrial Development, 5/15 at 102.00 Baa3 96,239
Pennsylvania, Multifamily Housing Revenue Bonds,
Presbyterian Homes Germantown - Morrisville Project,
Series 2005A, 5.625%, 7/01/35
------------------------------------------------------------------------------------------------------------------------------------
920 Total Housing/Multifamily 801,527
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 6.9% (4.7% OF TOTAL INVESTMENTS)
Pennsylvania Housing Finance Agency, Single Family
Mortgage Revenue Bonds, Series 2006-93A:
245 4.950%, 10/01/26 (Alternative Minimum Tax) 4/15 at 100.00 AA+ 241,403
250 4.950%, 10/01/26 (Alternative Minimum Tax) (UB) 4/15 at 100.00 AA+ 246,330
Pennsylvania Housing Finance Agency, Single Family
Mortgage Revenue Bonds, Series 2006-94A:
390 5.150%, 10/01/37 (Alternative Minimum Tax) 10/15 at 100.00 AA+ 380,952
385 5.150%, 10/01/37 (Alternative Minimum Tax) (UB) 10/15 at 100.00 AA+ 376,068
Pennsylvania Housing Finance Agency, Single Family
Mortgage Revenue Bonds, Series 2006-95A:
250 4.900%, 10/01/37 (Alternative Minimum Tax) 10/15 at 100.00 AA+ 238,653
250 4.900%, 10/01/37 (Alternative Minimum Tax) (UB) 10/15 at 100.00 AA+ 238,653
1,100 Pennsylvania Housing Finance Agency, Single Family 10/16 at 100.00 AA+ 1,035,364
Mortgage Revenue Bonds, Series 2007-97A, 4.600%,
10/01/27 (Alternative Minimum Tax) (UB)
465 Pennsylvania Housing Finance Agency, Single Family 10/16 at 100.00 AA+ 439,769
Mortgage Revenue Bonds, Series 2007-98A, 4.850%,
10/01/31 (Alternative Minimum Tax) (UB)
500 Pennsylvania Housing Finance Agency, Single Family 10/17 at 100.00 AA+ 517,850
Mortgage Revenue Bonds, Series 2008-103-C, 5.450%,
10/01/38
------------------------------------------------------------------------------------------------------------------------------------
3,835 Total Housing/Single Family 3,715,042
------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIALS - 5.9% (4.0% OF TOTAL INVESTMENTS)
3,000 Pennsylvania Industrial Development Authority, Economic 7/12 at 101.00 A- 3,162,720
Development Revenue Bonds, Series 2002, 5.500%, 7/01/19
- AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 7.1% (4.8% OF TOTAL INVESTMENTS)
Bucks County Industrial Development Authority,
Pennsylvania, Revenue Bonds, Lutheran Community at Telford
Center, Series 2007:
250 5.750%, 1/01/27 1/17 at 100.00 N/R 211,848
400 5.750%, 1/01/37 1/17 at 100.00 N/R 317,320
300 Cumberland County Municipal Authority, Pennsylvania, 1/17 at 100.00 N/R 262,044
Revenue Bonds, Diakon Lutheran Social Ministries,
Series 2007, 5.000%, 1/01/36
205 Lancaster County Hospital Authority, Pennsylvania, Health 11/16 at 100.00 A 198,221
Center Revenue Bonds, Masonic Homes Project, Series
2006, 5.000%, 11/01/36
185 Lancaster County Hospital Authority, Pennsylvania, Revenue 7/17 at 100.00 N/R 169,991
Bonds, Brethren Village Project, Series 2008A, 6.375%,
7/01/30
785 Lebanon County Health Facilities Authority, Pennsylvania, 12/14 at 100.00 N/R 658,482
Health Center Revenue Bonds, Pleasant View Retirement
Community, Series 2005A, 5.300%, 12/15/26
66 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE (continued)
Pennsylvania Economic Development Financing Authority,
Revenue Bonds, Northwestern Human Services Inc., Series
1998A:
$ 1,260 5.250%, 6/01/14 1/10 at 100.00 BB+ $ 1,226,698
50 5.125%, 6/01/18 1/10 at 100.00 BB+ 44,224
750 Philadelphia Authority for Industrial Development, 7/11 at 101.00 Baa1 725,790
Pennsylvania, Revenue Bonds, Philadelphia Corporation
for the Aging Project, Series 2001B, 5.250%, 7/01/23 -
AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
4,185 Total Long-Term Care 3,814,618
------------------------------------------------------------------------------------------------------------------------------------
MATERIALS - 4.1% (2.7% OF TOTAL INVESTMENTS)
400 Allegheny County Industrial Development Authority, No Opt. Call BB 385,164
Pennsylvania, Revenue Bonds, United States Steel
Corporation, Series 2005, 5.500%, 11/01/16
280 Bradford County Industrial Development Authority, 12/15 at 100.00 BBB 270,357
Pennsylvania, Solid Waste Disposal Revenue Bonds,
International Paper Company, Series 2005B, 5.200%,
12/01/19 (Alternative Minimum Tax)
1,000 Bucks County Industrial Development Authority, No Opt. Call BBB+ 1,061,250
Pennsylvania, Environmental Improvement Revenue Bonds,
USX Corporation Project, Series 1995, 5.400%, 11/01/17
(Mandatory put 11/01/11)
750 Pennsylvania Economic Development Financing Authority, 11/09 at 101.00 N/R 470,063
Exempt Facilities Revenue Bonds, National Gypsum
Company, Series 1997B, 6.125%, 11/01/27 (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
2,430 Total Materials 2,186,834
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 21.1% (14.2% OF TOTAL INVESTMENTS)
1,740 Butler County, Pennsylvania, Butler Area School District, 10/12 at 100.00 A 1,782,108
General Obligation Bonds, Series 2002A, 5.375%,
10/01/26 - FGIC Insured
4,000 Delaware Valley Regional Finance Authority, Pennsylvania, No Opt. Call Aa2 4,548,680
Local Government Revenue Bonds, Series 2002, 5.750%,
7/01/17 (UB)
Greensburg Salem School District, Westmoreland County,
Pennsylvania, General Obligation Refunding Bonds, Series
2002:
725 5.375%, 9/15/15 - FGIC Insured 9/12 at 100.00 A+ 802,735
1,000 5.375%, 9/15/16 - FGIC Insured 9/12 at 100.00 A+ 1,107,220
375 Philadelphia School District, Pennsylvania, General No Opt. Call Aa3 385,740
Obligation Bonds, Series 2007A, 5.000%, 6/01/34 - FGIC
Insured
950 Pine-Richland School District, Pennsylvania, School 7/15 at 100.00 AAA 962,160
Improvement General Obligation Bonds, Series 2005,
5.000%, 7/15/35 - FSA Insured
225 Pittsburgh, Pennsylvania, General Obligation Bonds, Series No Opt. Call AAA 243,104
2006B, 5.250%, 9/01/16 - FSA Insured
2,510 Reading School District, Berks County, Pennsylvania, No Opt. Call A 738,718
General Obligation Bonds, Series 2003B, 0.000%, 1/15/32
- FGIC Insured
180 Scranton Parking Authority, Pennsylvania, Guaranteed 9/13 at 100.00 A 163,442
Parking Revenue Bonds, Series 2004, 5.000%, 9/15/33 -
FGIC Insured
600 York County, Pennsylvania, General Obligation Bonds, 12/15 at 100.00 AA 613,230
Series 2006, 5.000%, 6/01/33 - NPFG Insured
------------------------------------------------------------------------------------------------------------------------------------
12,305 Total Tax Obligation/General 11,347,137
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 26.0% (17.5% OF TOTAL INVESTMENTS)
1,000 Allegheny County Redevelopment Authority, Pennsylvania, No Opt. Call N/R 822,040
TIF Revenue Bonds, Pittsburg Mills Project, Series
2004, 5.600%, 7/01/23
1,500 Dormitory Authority of the State of New York, Revenue 10/19 at 100.00 AAA 1,536,870
Bonds, School Districts Financing Program, Series
2009C, 5.125%, 10/01/36
2,000 Grove City Area Hospital Authority, Mercer County, 3/12 at 100.00 A 1,822,900
Pennsylvania, Revenue Bonds, County Guaranteed,
Woodland Place Project, Series 2002, 5.400%, 3/01/31 -
FGIC Insured
4,000 Harrisburg Parking Authority, Pennsylvania, Guaranteed 9/11 at 100.00 Baa1 4,020,600
Revenue Refunding Bonds, Series 2001J, 5.000%, 9/01/22
- NPFG Insured
485 Pennsylvania Turnpike Commission, Oil Franchise Tax Senior 12/18 at 100.00 AA 501,805
Lien Revenue Bonds, Series 2003A, 5.000%, 12/01/32 -
NPFG Insured
1,200 Pennsylvania Turnpike Commission, Registration Fee Revenue No Opt. Call AAA 1,360,836
Bonds, Series 2005A, 5.250%, 7/15/18 - FSA Insured
Nuveen Investments 67
NVY | Nuveen Pennsylvania Dividend Advantage Municipal Fund 2 (continued)
| Portfolio of Investments October 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
Philadelphia Redevelopment Authority, Pennsylvania,
Revenue Bonds, Philadelphia Neighborhood Transformation
Initiative, Series 2002A:
$ 1,000 5.500%, 4/15/18 - FGIC Insured 4/12 at 100.00 A $ 1,033,800
1,750 5.500%, 4/15/22 - FGIC Insured 4/12 at 100.00 A 1,786,715
800 Puerto Rico Highway and Transportation Authority, Highway No Opt. Call A 770,568
Revenue Bonds, Series 2007N, 5.250%, 7/01/33 - NPFG
Insured
710 Puerto Rico Infrastructure Financing Authority, Special No Opt. Call BBB+ 146,132
Tax Revenue Bonds, Series 2005A, 0.000%, 7/01/32 - FGIC
Insured
250 Washington County Redevelopment Authority, Pennsylvania, 7/17 at 100.00 N/R 174,273
Tanger Outlet Victory Center Tax Increment Bonds,
Series 2006A, 5.450%, 7/01/35
------------------------------------------------------------------------------------------------------------------------------------
14,695 Total Tax Obligation/Limited 13,976,539
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 4.9% (3.3% OF TOTAL INVESTMENTS)
130 Delaware River Joint Toll Bridge Commission, New Jersey 7/13 at 100.00 A2 140,378
and Pennsylvania, Revenue Bonds, Series 2003, 5.250%,
7/01/17
1,000 Pennsylvania Economic Development Financing Authority, 6/12 at 102.00 BBB+ 957,550
Revenue Bonds, Amtrak 30th Street Station Parking
Garage, Series 2002, 5.875%, 6/01/33 - ACA Insured
(Alternative Minimum Tax)
670 Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, 6/16 at 100.00 Aa3 688,117
Series 2006A, 5.000%, 12/01/24 - AMBAC Insured
1,000 Susquehanna Area Regional Airport Authority, Pennsylvania, 1/13 at 100.00 Baa3 874,140
Airport System Revenue Bonds, Series 2003A, 5.000%,
1/01/28 - AMBAC Insured (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
2,800 Total Transportation 2,660,185
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 25.6% (17.3% OF TOTAL INVESTMENTS)(4)
2,000 Adams County, Pennsylvania, General Obligation Bonds, 5/11 at 100.00 N/R (4) 2,149,700
Series 2001, 5.500%, 11/15/26 (Pre-refunded 5/15/11) -
FGIC Insured
100 Allegheny County Hospital Development Authority, 11/10 at 102.00 AAA 111,131
Pennsylvania, Revenue Bonds, West Penn Allegheny Health
System, Series 2000B, 9.250%, 11/15/22 (Pre-refunded
11/15/10)
1,155 Bucks County Industrial Development Authority, 10/12 at 101.00 N/R (4) 1,325,628
Pennsylvania, Revenue Bonds, Pennswood Village Project,
Series 2002A, 6.000%, 10/01/34 (Pre-refunded 10/01/12)
1,000 Cumberland County Municipal Authority, Pennsylvania, 1/13 at 101.00 N/R (4) 1,174,790
Retirement Community Revenue Bonds, Wesley Affiliated
Services Inc., Series 2002A, 7.125%, 1/01/25
(Pre-refunded 1/01/13)
1,100 Luzerne County, Pennsylvania, General Obligation Bonds, 11/12 at 57.97 N/R (4) 609,741
Series 2002B, 0.000%, 11/15/21 (Pre-refunded 11/15/12)
- NPFG Insured
2,945 Pennsylvania Turnpike Commission, Registration Fee Revenue 7/11 at 101.00 A1 (4) 3,212,701
Bonds, Series 2001, 5.500%, 7/15/33 (Pre-refunded
7/15/11) - AMBAC Insured
315 Philadelphia Authority for Industrial Development, 1/17 at 100.00 N/R (4) 360,073
Pennsylvania, Revenue Bonds, Franklin Towne Charter
High School, Series 2006A, 5.250%, 1/01/27
(Pre-refunded 1/01/17)
2,000 Philadelphia Gas Works, Pennsylvania, Revenue Bonds, 8/13 at 100.00 AAA 2,278,780
General Ordinance, Fourth Series 1998, 5.250%, 8/01/20
(Pre-refunded 8/01/13) - FSA Insured
60 Philadelphia Gas Works, Pennsylvania, Revenue Bonds, No Opt. Call Aaa 73,666
Twelfth Series 1990B, 7.000%, 5/15/20 - NPFG Insured
(ETM)
2,000 Philadelphia School District, Pennsylvania, General 2/12 at 100.00 AAA 2,201,940
Obligation Bonds, Series 2002A, 5.500%, 2/01/31
(Pre-refunded 2/01/12) - FSA Insured
225 St. Mary Hospital Authority, Pennsylvania, Health System 11/14 at 100.00 A1 (4) 261,338
Revenue Bonds, Catholic Health East, Series 2004B,
5.375%, 11/15/34 (Pre-refunded 11/15/14)
------------------------------------------------------------------------------------------------------------------------------------
12,900 Total U.S. Guaranteed 13,759,488
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 2.7% (1.9% OF TOTAL INVESTMENTS)
225 Pennsylvania Economic Development Financing Authority, 12/09 at 103.00 B1 230,236
Exempt Facilities Revenue Bonds, Reliant Energy Inc.,
Series 2003A, 6.750%, 12/01/36 (Alternative Minimum Tax)
145 Philadelphia Gas Works, Pennsylvania, Revenue Bonds, 9/14 at 100.00 AAA 148,428
General Ordinance, Fifth Series 2004A-1, 5.000%,
9/01/26 - FSA Insured
1,240 Philadelphia Gas Works, Pennsylvania, Revenue Bonds, 10/17 at 100.00 Baa2 1,100,450
Seventh Series, 2007, 5.000%, 10/01/37 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
1,610 Total Utilities 1,479,114
------------------------------------------------------------------------------------------------------------------------------------
68 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 9.5% (6.4% OF TOTAL INVESTMENTS)
$ 4,500 Bucks County Industrial Development Authority, 3/12 at 100.00 AA- $ 4,488,070
Pennsylvania, Water Facility Revenue Bonds, Pennsylvania
Suburban Water Company, Series 2002, 5.550%, 9/01/32 -
FGIC Insured (Alternative Minimum Tax)
600 Harrisburg Authority, Dauphin County, Pennsylvania, Water 7/14 at 100.00 AAA 619,754
Revenue Refunding Bonds, Series2004, 5.000%, 7/15/22 -
FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
5,100 Total Water and Sewer 5,107,824
------------------------------------------------------------------------------------------------------------------------------------
$ 81,930 Total Investments (cost $79,189,036) - 148.0% 79,616,729
===============---------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (8.3)% (4,465,000)
-----------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 3.1% 1,636,118
-----------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (42.8)% (5) (23,000,000)
-----------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 53,787,847
=================================================================================================================
(1) All percentages shown in the Portfolio of Investments are based on net
assets applicable to Common shares unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call provisions
at varying prices at later dates. Certain mortgage-backed securities may
be subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's Group ("Standard & Poor's")
or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by
Standard & Poor's or Baa by Moody's are considered to be below investment
grade.
(4) Backed by an escrow or trust containing sufficient U.S. Government or U.S.
Government agency securities which ensure the timely payment of principal
and interest. Such investments are normally considered to be equivalent to
AAA rated securities.
(5) Preferred Shares, at Liquidation Value as a percentage of Total
Investments is 28.9%.
N/R Not rated.
(ETM) Escrowed to maturity.
(UB) Underlying bond of an inverse floating rate trust reflected as a financing
transaction. See Notes to Financial Statements, Footnote 1 - Inverse
Floating Rate Securities for more information.
See accompanying notes to financial statements.
Nuveen Investments 69
NPN | Nuveen Pennsylvania Municipal Value Fund
| Portfolio of Investments October 31, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 3.3% (3.4% OF TOTAL INVESTMENTS)
$ 650 District of Columbia Tobacco Settlement Corporation, No Opt. Call BBB $ 615,596
Tobacco Settlement Asset-Backed Bonds, Series 2001,
6.500%, 5/15/33
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 10.9% (11.0% OF TOTAL
INVESTMENTS)
345 Chester County Health and Education Facilities Authority, 1/10 at 100.00 BB+ 345,141
Pennsylvania, College Revenue Bonds, Immaculata College,
Series 1998, 5.250%, 10/15/10
675 Delaware County Authority, Pennsylvania, Revenue Bonds, 10/18 at 100.00 BBB 700,434
Neumann College, Series 2008, 6.000%, 10/01/30
500 Lehigh County General Purpose Authority College Revenue 2/19 at 100.00 A+ 503,235
Bonds, Pennsylvania, Muhlenberg College Project, Series
of 2009, 5.250%, 2/01/39
500 Montgomery County Higher Education and Health Authority, 4/16 at 100.00 BBB- 451,225
Pennsylvania, Revenue Bonds, Arcadia University, Series
2006, 5.000%, 4/01/36 - RAAI Insured
------------------------------------------------------------------------------------------------------------------------------------
2,020 Total Education and Civic Organizations 2,000,035
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 27.2% (27.4% OF TOTAL INVESTMENTS)
750 Allegheny County Hospital Development Authority, No Opt. Call Aa3 765,300
Pennsylvania, University of Pittsburgh Medical Center
Revenue Bonds, Series 2009A, 5.500%, 8/15/34
750 Geisinger Authority, Montour County, Pennsylvania, Health 6/19 at 100.00 AA 762,968
System Revenue Bonds, Geisinger Health System, Series
2009A, 5.250%, 6/01/39
350 Hospital Authority of Delaware County, Indiana, Hospital 8/16 at 100.00 Baa3 301,228
Revenue Bonds, Cardinal Health System, Series 2006,
5.000%, 8/01/24
350 Illinois Finance Authority, Revenue Bonds, OSF Healthcare 11/17 at 100.00 A 350,434
System, Series 2007A, 5.750%, 11/15/37
500 Pennsylvania Economic Development Financing Authority No Opt. Call A3 524,145
Health System Revenue Bonds Albert Einstein Healthcare
Network Issue, Series 2009A, 6.250%, 10/15/23
250 Philadelphia Hospitals and Higher Education Facilities 1/10 at 100.00 BBB 250,090
Authority, Pennsylvania, Hospital Revenue Bonds, Temple
University Hospital, Series 1993A, 6.625%, 11/15/23
1,200 Southcentral Pennsylvania General Authority, Revenue Bonds, 12/15 at 100.00 BBB- 1,017,492
Hanover Hospital Inc., Series 2005, 5.000%, 12/01/29 -
RAAI Insured
750 St. Mary Hospital Authority, Pennsylvania, Health System 5/19 at 100.00 A1 805,710
Revenue Bonds, Catholic Health East, Series 2009D,
6.250%, 11/15/34
200 Wisconsin Health and Educational Facilities Authority, 2/14 at 100.00 A+ 208,942
Revenue Bonds, ProHealth Care, Inc. Obligated Group,
Series 2009, 6.625%, 2/15/32
------------------------------------------------------------------------------------------------------------------------------------
5,100 Total Health Care 4,986,309
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 4.4% (4.4% OF TOTAL INVESTMENTS)
800 Pittsburgh Urban Redevelopment Authority, Pennsylvania, 10/19 at 100.00 Aaa 798,688
Multifamily Housing Revenue Bonds, Eva P. Mithcell
Residence Project, Series 2009, 5.100%, 10/20/44
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 4.4% (4.4% OF TOTAL INVESTMENTS)
800 Pennsylvania Housing Finance Agency, Single Family Mortgage 4/19 at 100.00 AA+ 805,944
Revenue Bonds, Series 2009-105-C, 5.000%, 10/01/39
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 4.3% (4.4% OF TOTAL INVESTMENTS)
750 Montgomery County Industrial Development Authority, 11/19 at 100.00 BBB+ 791,753
Pennsylvania, Retirement Communities Revenue Bonds, ACTS
Retirement - Life Communities, Inc. Obligated Group,
Series 2009A-1, 6.250%, 11/15/29
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 3.9% (3.9% OF TOTAL INVESTMENTS)
700 Bethel Park School District, Allegheny County, 8/19 at 100.00 A1 710,157
Pennsylvania, General Obligation Bonds, Series of 2009,
5.100%, 8/01/33
------------------------------------------------------------------------------------------------------------------------------------
70 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 16.7% (16.9% OF TOTAL INVESTMENTS)
$ 550 Guam Government, Limited Obligation Section 30 Revenue 12/19 at 100.00 BBB- $ 561,787
Bonds, Series 2009A, 5.750%, 12/01/34
1,075 Harrisburg Parking Authority, Dauphin County, Pennsylvania, 11/16 at 100.00 N/R 919,104
Guaranteed Parking Revenue Bonds, Series 2007R, 4.250%,
5/15/21 - SYNCORA GTY Insured
750 Philadelphia Municipal Authority, Philadelphia, No Opt. Call Baa1 797,153
Pennsylvania, Lease Revenue Bonds, Series 2009, 6.500%,
4/01/34
750 Puerto Rico Sales Tax Financing Corporation, Sales Tax 8/19 at 100.00 A+ 787,763
Revenue Bonds, First Subordinate Series 2009A, 6.000%,
8/01/42
------------------------------------------------------------------------------------------------------------------------------------
3,125 Total Tax Obligation/Limited 3,065,807
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 5.1% (5.2% OF TOTAL INVESTMENTS)
750 Pittsburgh and Allegheny County Sports and Exhibition 12/09 at 100.00 N/R 747,120
Authority, Pennsylvania, Parking Revenue Bonds, Series
2001A, 5.300%, 12/01/21 - AMBAC Insured
30 Susquehanna Area Regional Airport Authority, Pennsylvania, 1/13 at 100.00 Baa3 26,224
Airport System Revenue Bonds, Series 2003A, 5.000%,
1/01/28 - AMBAC Insured (Alternative Minimum Tax)
200 Susquehanna Area Regional Airport Authority, Pennsylvania, 1/13 at 100.00 Baa3 165,976
Airport System Revenue Bonds, Series 2003B, 5.000%,
1/01/33 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
980 Total Transportation 939,320
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 3.6% (3.6% OF TOTAL INVESTMENTS)
655 Delaware County Industrial Development Authority, 1/10 at 100.00 BB+ 655,406
Pennsylvania, Resource Recovery Revenue Refunding Bonds,
Series 1997A, 6.100%, 7/01/13
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 15.2% (15.4% OF TOTAL INVESTMENTS)
750 Chester County Industrial Development Authority, 2/17 at 100.00 AA- 704,408
Pennsylvania, Water Facilities Revenue Bonds, Aqua
Pennsylvania Inc. Project, Series 2007A, 5.000%, 2/01/40
- FGIC Insured
750 New York City Municipal Water Finance Authority, New York, 6/19 at 100.00 AA+ 832,935
Water and Sewerage System Revenue Bonds, Tender Option
Bond Trust 3484, 17.805%, 6/15/39 (IF)
Philadelphia, Pennsylvania, Water and Wastewater Revenue
Bonds, Series 2009A:
750 5.250%, 1/01/32 1/19 at 100.00 A 759,195
500 5.250%, 1/01/36 1/19 at 100.00 A 501,041
------------------------------------------------------------------------------------------------------------------------------------
2,750 Total Water and Sewer 2,797,579
------------------------------------------------------------------------------------------------------------------------------------
$ 18,330 Total Investments (cost $17,078,461) - 99.0% 18,166,594
===============---------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.0% 181,932
-----------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 18,348,526
=================================================================================================================
(1) All percentages shown in the Portfolio of Investments are based on net
assets applicable to Common shares unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call provisions
at varying prices at later dates. Certain mortgage-backed securities may
be subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's Group ("Standard & Poor's")
or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by
Standard & Poor's or Baa by Moody's are considered to be below investment
grade.
N/R Not rated.
(IF) Inverse floating rate investment.
See accompanying notes to financial statements.
Nuveen Investments 71
| Statement of
| Assets & Liabilities October 31, 2009 (Unaudited)
NEW JERSEY NEW JERSEY NEW JERSEY NEW JERSEY NEW JERSEY
INVESTMENT PREMIUM DIVIDEND DIVIDEND MUNICIPAL
QUALITY INCOME ADVANTAGE ADVANTAGE 2 VALUE
(NQJ) (NNJ) (NXJ) (NUJ) (NJV)
-------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments, at value (cost
$426,814,915, $254,504,518,
$134,436,036, $94,839,034 and
$24,354,700, respectively) $ 423,393,518 $ 256,620,400 $ 132,712,602 $ 93,469,346 $ 26,123,622
Cash 2,066,664 4,260,028 2,075,401 169,218 --
Receivables:
Interest 7,033,707 3,930,425 2,201,669 1,550,780 386,727
Investments sold 665,000 -- -- -- --
Other assets 102,659 95,167 21,377 16,831 413
-------------------------------------------------------------------------------------------------------------------------------
Total assets 433,261,548 264,906,020 137,011,049 95,206,175 26,510,762
-------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Cash overdraft -- -- -- -- 815,990
Floating rate obligations -- -- -- -- 1,500,000
Payables:
Common share dividends 1,116,601 636,676 379,431 281,373 85,322
Common shares repurchased -- -- -- -- --
Preferred share dividends 7,136 2,779 2,058 1,097 --
Accrued expenses:
Management fees 233,852 144,489 63,791 40,336 13,168
Other 161,855 102,508 43,941 33,534 26,253
-------------------------------------------------------------------------------------------------------------------------------
Total liabilities 1,519,444 886,452 489,221 356,340 2,440,733
-------------------------------------------------------------------------------------------------------------------------------
Preferred shares, at liquidation
value 143,450,000 87,875,000 43,925,000 31,225,000 N/A
-------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares $ 288,292,104 $ 176,144,568 $ 92,596,828 $ 63,624,835 $ 24,070,029
===============================================================================================================================
Common shares outstanding 20,453,722 12,036,596 6,569,912 4,520,891 1,560,787
===============================================================================================================================
Net asset value per Common share
outstanding (net assets
applicable to Common shares,
divided by Common shares
outstanding) $ 14.09 $ 14.63 $ 14.09 $ 14.07 $ 15.42
===============================================================================================================================
NET ASSETS APPLICABLE TO COMMON
SHARES CONSIST OF:
-------------------------------------------------------------------------------------------------------------------------------
Common shares, $.01 par value per
share $ 204,537 $ 120,366 $ 65,699 $ 45,209 $ 15,608
Paid-in surplus 288,707,397 171,874,978 93,318,120 64,136,009 22,287,576
Undistributed (Over-distribution of)
net investment income 2,864,866 1,776,381 877,140 669,010 (53,525)
Accumulated net realized gain (loss)
from investments (63,299) 256,961 59,303 144,295 51,448
Net unrealized appreciation
(depreciation) of investments (3,421,397) 2,115,882 (1,723,434) (1,369,688) 1,768,922
-------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares $ 288,292,104 $ 176,144,568 $ 92,596,828 $ 63,624,835 $ 24,070,029
===============================================================================================================================
Authorized shares:
Common 200,000,000 200,000,000 Unlimited Unlimited Unlimited
Preferred 1,000,000 1,000,000 Unlimited Unlimited N/A
===============================================================================================================================
72 Nuveen Investments
PENNSYLVANIA PENNSYLVANIA PENNSYLVANIA PENNSYLVANIA PENNSYLVANIA
INVESTMENT PREMIUM DIVIDEND DIVIDEND MUNICIPAL
QUALITY INCOME 2 ADVANTAGE ADVANTAGE 2 VALUE
(NQP) (NPY) (NXM) (NVY) (NPN)
-------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments, at value (cost
$354,233,649, $309,746,527,
$69,004,320, $79,189,036
and $17,078,461, respectively) $ 359,954,153 $ 312,658,640 $ 68,989,055 $ 79,616,729 $ 18,166,594
Cash 6,494,167 3,791,968 1,348,240 695,267 --
Receivables:
Interest 5,606,887 5,373,039 1,183,570 1,161,217 346,282
Investments sold 625,000 75,000 80,000 60,000 --
Other assets 83,236 72,117 13,684 34,873 372
-------------------------------------------------------------------------------------------------------------------------------
Total assets 372,763,443 321,970,764 71,614,549 81,568,086 18,513,248
-------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Cash overdraft -- -- -- -- 66,747
Floating rate obligations 26,820,000 6,845,000 1,220,000 4,465,000 --
Payables:
Common share dividends 877,395 890,310 206,069 247,481 62,804
Common shares repurchased 91,056 24,629 -- -- --
Preferred share dividends 3,610 4,970 1,054 1,484 --
Accrued expenses:
Management fees 189,349 174,008 33,157 34,187 10,521
Other 135,156 127,855 26,882 32,087 24,650
-------------------------------------------------------------------------------------------------------------------------------
Total liabilities 28,116,566 8,066,772 1,487,162 4,780,239 164,722
-------------------------------------------------------------------------------------------------------------------------------
Preferred shares, at liquidation
value 111,750,000 99,275,000 22,500,000 23,000,000 N/A
-------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares $ 232,896,877 $ 214,628,992 $ 47,627,387 $ 53,787,847 $ 18,348,526
===============================================================================================================================
Common shares outstanding 16,095,098 15,595,551 3,321,984 3,725,809 1,211,014
===============================================================================================================================
Net asset value per Common share
outstanding (net assets
applicable to Common shares,
divided by Common shares
outstanding) $ 14.47 $ 13.76 $ 14.34 $ 14.44 $ 15.15
===============================================================================================================================
NET ASSETS APPLICABLE TO COMMON
SHARES CONSIST OF:
-------------------------------------------------------------------------------------------------------------------------------
Common shares, $.01 par value per
share $ 160,951 $ 155,956 $ 33,220 $ 37,258 $ 12,110
Paid-in surplus 228,094,116 213,703,146 47,176,379 52,810,121 17,291,815
Undistributed (Over-distribution of)
net investment income 2,242,361 2,672,592 533,650 617,475 (43,433)
Accumulated net realized gain (loss)
from investments (3,321,055) (4,814,815) (100,597) (104,700) (99)
Net unrealized appreciation
(depreciation) of investments 5,720,504 2,912,113 (15,265) 427,693 1,088,133
-------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares $ 232,896,877 $ 214,628,992 $ 47,627,387 $ 53,787,847 $ 18,348,526
===============================================================================================================================
Authorized shares:
Common Unlimited Unlimited Unlimited Unlimited Unlimited
Preferred Unlimited Unlimited Unlimited Unlimited N/A
===============================================================================================================================
N/A - Fund does not issue Preferred shares.
See accompanying notes to financial statements.
Nuveen Investments 73
| Statement of
| Operations Six Months Ended October 31, 2009 (Unaudited)
NEW JERSEY NEW JERSEY NEW JERSEY NEW JERSEY NEW JERSEY
INVESTMENT PREMIUM DIVIDEND DIVIDEND MUNICIPAL
QUALITY INCOME ADVANTAGE ADVANTAGE 2 VALUE
(NQJ) (NNJ) (NXJ) (NUJ) (NJV)
-------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $ 10,983,579 $ 6,419,978 $ 3,429,987 $ 2,430,206 $ 542,285
-------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 1,355,970 844,458 439,503 305,078 72,201
Preferred shares - auction fees 107,026 66,236 33,271 22,903 --
Preferred shares - dividend
disbursing agent fees 15,123 15,123 5,041 5,041 --
Shareholders' servicing agent fees
and expenses 15,246 9,208 761 794 67
Interest expense on floating rate
obligations -- -- -- -- 5,835
Custodian's fees and expenses 45,216 29,649 17,804 12,301 3,300
Directors'/Trustees' fees and
expenses 5,179 3,178 1,642 1,143 377
Professional fees 15,688 11,983 7,501 6,279 9,641
Shareholders' reports - printing
and mailing expenses 37,521 25,710 13,889 11,066 7,689
Stock exchange listing fees 4,648 4,648 468 322 --
Investor relations expense 16,573 10,764 5,222 3,947 1,426
Other expenses 18,682 12,794 10,186 9,529 2,213
-------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee
credit and expense reimbursement 1,636,872 1,033,751 535,288 378,403 102,749
Custodian fee credit (78) (213) (91) (17) (69)
Expense reimbursement -- -- (68,257) (70,965) --
-------------------------------------------------------------------------------------------------------------------------------
Net expenses 1,636,794 1,033,538 466,940 307,421 102,680
-------------------------------------------------------------------------------------------------------------------------------
Net investment income 9,346,785 5,386,440 2,963,047 2,122,785 439,605
-------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from
investments 64,727 16,482 57,616 70,787 51,448
Change in net unrealized
appreciation (depreciation) of
investments 20,776,132 8,820,136 6,814,924 4,757,558 1,768,922
-------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain
(loss) 20,840,859 8,836,618 6,872,540 4,828,345 1,820,370
-------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED
SHAREHOLDERS
From net investment income (337,016) (221,355) (116,883) (81,738) N/A
From accumulated net realized gains -- -- -- -- N/A
-------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable
to Common shares from
distributions to Preferred
shareholders (337,016) (221,355) (116,883) (81,738) N/A
-------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net
assets applicable to Common
shares from operations $ 29,850,628 $ 14,001,703 $ 9,718,704 $ 6,869,392 $ 2,259,975
===============================================================================================================================
74 Nuveen Investments
PENNSYLVANIA PENNSYLVANIA PENNSYLVANIA PENNSYLVANIA PENNSYLVANIA
INVESTMENT PREMIUM DIVIDEND DIVIDEND MUNICIPAL
QUALITY INCOME 2 ADVANTAGE ADVANTAGE 2 VALUE
(NQP) (NPY) (NXM) (NVY) (NPN)
-------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $ 9,077,227 $ 8,232,536 $ 1,838,234 $ 2,087,760 $ 422,782
-------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 1,094,407 999,705 224,900 255,243 57,478
Preferred shares - auction fees 82,409 73,575 15,714 16,325 --
Preferred shares - dividend
disbursing agent fees 15,123 15,123 5,041 5,041 --
Shareholders' servicing agent fees
and expenses 16,292 14,209 846 734 67
Interest expense on floating rate
obligations 87,284 34,400 6,205 21,941 --
Custodian's fees and expenses 31,946 30,244 10,060 10,726 2,713
Directors'/Trustees' fees and
expenses 4,119 3,732 831 902 289
Professional fees 12,289 11,677 5,762 6,016 9,452
Shareholders' reports - printing
and mailing expenses 36,142 34,203 9,438 10,847 6,367
Stock exchange listing fees 4,648 4,648 237 265 --
Investor relations expense 14,694 13,625 3,054 3,621 1,078
Other expenses 15,706 12,771 9,119 9,229 2,125
-------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee
credit and expense reimbursement 1,415,059 1,247,912 291,207 340,890 79,569
Custodian fee credit (377) (349) (60) (25) (76)
Expense reimbursement -- -- (34,878) (59,377) --
-------------------------------------------------------------------------------------------------------------------------------
Net expenses 1,414,682 1,247,563 256,269 281,488 79,493
-------------------------------------------------------------------------------------------------------------------------------
Net investment income 7,662,545 6,984,973 1,581,965 1,806,272 343,289
-------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from
investments 391,957 591,352 8,958 122,666 (99)
Change in net unrealized
appreciation (depreciation) of
investments 13,404,365 14,552,868 3,869,635 3,385,427 1,088,133
-------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain
(loss) 13,796,322 15,144,220 3,878,593 3,508,093 1,088,034
-------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED
SHAREHOLDERS
From net investment income (285,106) (251,889) (58,199) (58,996) N/A
From accumulated net realized gains -- -- -- -- N/A
-------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable
to Common shares from
distributions to Preferred
shareholders (285,106) (251,889) (58,199) (58,996) N/A
-------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net
assets applicable to Common
shares from operations $ 21,173,761 $ 21,877,304 $ 5,402,359 $ 5,255,369 $ 1,431,323
===============================================================================================================================
N/A - Fund does not issue Preferred shares.
See accompanying notes to financial statements.
Nuveen Investments 75
| Statement of
| Changes in Net Assets(Unaudited)
NEW JERSEY NEW JERSEY
INVESTMENT QUALITY (NQJ) PREMIUM INCOME (NNJ)
--------------------------------- ---------------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
10/31/09 4/30/09 10/31/09 4/30/09
-----------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income (loss) $ 9,346,785 $ 18,623,615 $ 5,386,440 $ 10,657,139
Net realized gain (loss) from:
Investments 64,727 (155,945) 16,482 (101,953)
Futures -- -- -- 338,253
Change in net unrealized appreciation
(depreciation) of investments 20,776,132 (24,866,144) 8,820,136 (9,620,671)
Distributions to Preferred Shareholders:
From net investment income (337,016) (3,606,751) (221,355) (2,047,311)
From accumulated net realized gains -- (715,741) -- (385,419)
-----------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares
from operations 29,850,628 (10,720,966) 14,001,703 (1,159,962)
-----------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (7,486,063) (13,393,416) (4,285,028) (7,626,004)
From accumulated net realized gains -- (1,835,395) -- (1,016,977)
-----------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to
Common shares from distributions
to Common shareholders (7,486,063) (15,228,811) (4,285,028) (8,642,981)
-----------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Common shares:
Proceeds from sale of shares,net of
offering costs -- -- -- --
Net proceeds from shares issued to
shareholders due to reinvestment
of distributions -- -- -- --
Repurchased -- (317,035) -- (143,059)
-----------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares from
capital share transactions -- (317,035) -- (143,059)
-----------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares 22,364,565 (26,266,812) 9,716,675 (9,946,002)
Net assets applicable to Common
shares at the beginning of period 265,927,539 292,194,351 166,427,893 176,373,895
-----------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of period $ 288,292,104 $ 265,927,539 $ 176,144,568 $ 166,427,893
=================================================================================================================
Undistributed (Over-distribution of) net
investment income at the end
of period $ 2,864,866 $ 1,341,160 $ 1,776,381 $ 896,324
=================================================================================================================
76 Nuveen Investments
NEW JERSEY NEW JERSEY NEW JERSEY
DIVIDEND ADVANTAGE (NXJ) DIVIDEND ADVANTAGE 2 (NUJ) MUNICIPAL VALUE (NJV)
-------------------------- -------------------------- -----------------------------
FOR THE
PERIOD 4/28/09
SIX MONTHS YEAR SIX MONTHS YEAR SIX MONTHS (COMMENCEMENT
ENDED ENDED ENDED ENDED ENDED OF OPERATIONS)
10/31/09 4/30/09 10/31/09 4/30/09 10/31/09 THROUGH 4/30/09
--------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income (loss) $ 2,963,047 $ 5,961,153 $ 2,122,785 $ 4,286,354 $ 439,605 $ (8,476)
Net realized gain (loss) from:
Investments 57,616 166,737 70,787 69,453 51,448 --
Futures -- -- -- -- -- --
Change in net unrealized appreciation
(depreciation) of investments 6,814,924 (8,483,580) 4,757,558 (6,423,352) 1,768,922 --
Distributions to Preferred
Shareholders:
From net investment income (116,883) (1,074,755) (81,738) (791,185) N/A N/A
From accumulated net realized gains -- (182,420) -- (107,762) N/A N/A
--------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares
from operations 9,718,704 (3,612,865) 6,869,392 (2,966,492) 2,259,975 (8,476)
--------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (2,352,029) (4,340,103) (1,708,720) (3,120,632) (493,130) --
From accumulated net realized gains -- (505,780) -- (331,997) -- --
--------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to
Common shares from distributions
to Common shareholders (2,352,029) (4,845,883) (1,708,720) (3,452,629) (493,130) --
--------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Common shares:
Proceeds from sale of shares,
net of offering costs -- -- -- -- 1,412,160 20,799,225
Net proceeds from shares issued
to shareholders due to reinvestment
of distributions -- -- 8,321 -- -- --
Repurchased -- (73,131) -- (29,212) -- --
--------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares from
capital share transactions -- (73,131) 8,321 (29,212) 1,412,160 20,799,225
--------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares 7,366,675 (8,531,879) 5,168,993 (6,448,333) 3,179,005 20,790,749
Net assets applicable to Common
shares at the beginning of period 85,230,153 93,762,032 58,455,842 64,904,175 20,891,024 100,275
--------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of period $ 92,596,828 $ 85,230,153 $ 63,624,835 $ 58,455,842 $ 24,070,029 $ 20,891,024
================================================================================================================================
Undistributed (Over-distribution of)
net investment income at the end
of period $ 877,140 $ 383,005 $ 669,010 $ 336,683 $ (53,525) $ --
================================================================================================================================
N/A - Fund is not authorized to issue Preferred shares.
See accompanying notes to financial statements.
Nuveen Investments 77
| Statement of
| Changes in Net Assets (Unaudited) (continued)
PENNSYLVANIA INVESTMENT PENNSYLVANIA PREMIUM
QUALITY (NQP) INCOME 2 (NPY)
----------------------------- -----------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
10/31/09 4/30/09 10/31/09 4/30/09
---------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income (loss) $ 7,662,545 $ 15,523,189 $ 6,984,973 $ 14,319,108
Net realized gain (loss) from:
Investments 391,957 (776,556) 591,352 (3,905,819)
Futures -- -- -- --
Change in net unrealized appreciation
(depreciation) of investments 13,404,365 (14,413,994) 14,552,868 (13,707,278)
Distributions to Preferred Shareholders:
From net investment income (285,106) (3,239,309) (251,889) (2,916,528)
From accumulated net realized gains -- -- -- --
---------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares
from operations 21,173,761 (2,906,670) 21,877,304 (6,210,517)
---------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (6,130,957) (10,970,472) (5,700,882) (9,783,604)
From accumulated net realized gains -- -- -- --
---------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to
Common shares from distributions
to Common shareholders (6,130,957) (10,970,472) (5,700,882) (9,783,604)
---------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Common shares:
Proceeds from sale of shares,
net of offering costs -- -- -- --
Net proceeds from shares issued
to shareholders due to reinvestment
of distributions -- -- -- --
Repurchased (498,840) (297,461) (285,937) (519,640)
---------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares from
capital share transactions (498,840) (297,461) (285,937) (519,640)
---------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares 14,543,964 (14,174,603) 15,890,485 (16,513,761)
Net assets applicable to Common
shares at the beginning of period 218,352,913 232,527,516 198,738,507 215,252,268
---------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of period $ 232,896,877 $ 218,352,913 $ 214,628,992 $ 198,738,507
=========================================================================================================
Undistributed (Over-distribution of) net
investment income at the end
of period $ 2,242,361 $ 995,879 $ 2,672,592 $ 1,640,390
=========================================================================================================
78 Nuveen Investments
PENNSYLVANIA DIVIDEND PENNSYLVANIA DIVIDEND PENNSYLVANIA MUNICIPAL
ADVANTAGE (NXM) ADVANTAGE 2 (NVY) VALUE (NPN)
-------------------------- -------------------------- -----------------------------
FOR THE
PERIOD 4/28/09
SIX MONTHS YEAR SIX MONTHS YEAR SIX MONTHS (COMMENCEMENT
ENDED ENDED ENDED ENDED ENDED OF OPERATIONS)
10/31/09 4/30/09 10/31/09 4/30/09 10/31/09 THROUGH 4/30/09
--------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income (loss) $ 1,581,965 $ 3,238,828 $ 1,806,272 $ 3,671,559 $ 343,289 $ (8,393)
Net realized gain (loss) from:
Investments 8,958 4,996 122,666 (378,076) (99) --
Futures -- -- -- 149,827 --
Change in net unrealized appreciation
(depreciation) of investments 3,869,635 (4,915,187) 3,385,427 (4,109,958) 1,088,133 --
Distributions to Preferred
Shareholders:
From net investment income (58,199) (612,503) (58,996) (701,178) N/A N/A
From accumulated net realized gains -- -- -- (5,495) N/A N/A
--------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares
from operations 5,402,359 (2,283,866) 5,255,369 (1,373,321) 1,431,323 (8,393)
--------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (1,252,300) (2,319,245) (1,460,516) (2,615,518) (386,722) --
From accumulated net realized gains -- -- -- (14,903) -- --
--------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to
Common shares from distributions
to Common shareholders (1,252,300) (2,319,245) (1,460,516) (2,630,421) (386,722) --
--------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Common shares:
Proceeds from sale of shares,
net of offering costs -- -- -- -- 1,440,936 15,724,500
Net proceeds from shares issued
to shareholders due to reinvestment
of distributions -- -- -- -- 46,607 --
Repurchased (109,964) (21,028) -- -- -- --
--------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares from
capital share transactions (109,964) (21,028) -- -- 1,487,543 15,724,500
--------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares 4,040,095 (4,624,139) 3,794,853 (4,003,742) 2,536,144 15,716,107
Net assets applicable to Common
shares at the beginning of period 43,587,292 48,211,431 49,992,994 53,996,736 15,816,382 100,275
--------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of period $ 47,627,387 $ 43,587,292 $ 53,787,847 $ 49,992,994 $ 18,348,526 $ 15,816,382
================================================================================================================================
Undistributed (Over-distribution of)
net investment income at the end
of period $ 533,650 $ 262,184 $ 617,475 $ 330,715 $ (43,433) $ --
================================================================================================================================
N/A - Fund does not issue Preferred shares.
See accompanying notes to financial statements.
Nuveen Investments 79
| Statement of
| Cash Flows Six Months Ended October 31, 2009 (Unaudited)
PENNSYLVANIA
INVESTMENT
QUALITY
(NQP)
-----------------------------------------------------------------------------------------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHARES FROM OPERATIONS $ 21,173,761
Adjustments to reconcile the net increase (decrease) in net assets applicable
to Common shares from operations to net cash provided by (used in) operating activities:
Purchases of investments (9,889,266)
Proceeds from sales and maturities of investments 12,639,116
Amortization (Accretion) of premiums and discounts, net 127,046
(Increase) Decrease in receivable for interest 149,888
(Increase) Decrease in receivable for investments sold 1,305,000
(Increase) Decrease in other assets (9,115)
Increase (Decrease) in payable for Preferred share dividends (4,733)
Increase (Decrease) in accrued management fees 15,338
Increase (Decrease) in accrued other liabilities 15,251
Net realized (gain) loss from investments (391,957)
Change in net unrealized (appreciation) depreciation of investments (13,404,365)
-----------------------------------------------------------------------------------------------------------------------------
Net cash provided by (used in) operating activities 11,725,964
-----------------------------------------------------------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase (Decrease) in floating rate obligations (35,000)
Cash distributions paid to Common shareholders (6,052,754)
Cost of Common shares repurchased (407,784)
-----------------------------------------------------------------------------------------------------------------------------
Net cash provided by (used in) financing activities (6,495,538)
-----------------------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN CASH 5,230,426
Cash at the beginning of period 1,263,741
-----------------------------------------------------------------------------------------------------------------------------
CASH AT THE END OF PERIOD $ 6,494,167
=============================================================================================================================
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest on floating rate obligations by Pennsylvania Investment
Quality (NQP) was $87,284.
See accompanying notes to financial statements.
80 Nuveen Investments
| Notes to
| Financial Statements(Unaudited)
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
The state funds covered in this report and their corresponding Common share
stock exchange symbols are Nuveen New Jersey Investment Quality Municipal Fund,
Inc. (NQJ), Nuveen New Jersey Premium Income Municipal Fund, Inc. (NNJ), Nuveen
New Jersey Dividend Advantage Municipal Fund (NXJ), Nuveen New Jersey Dividend
Advantage Municipal Fund 2 (NUJ), Nuveen New Jersey Municipal Value Fund (NJV),
Nuveen Pennsylvania Investment Quality Municipal Fund (NQP), Nuveen Pennsylvania
Premium Income Municipal Fund 2 (NPY), Nuveen Pennsylvania Dividend Advantage
Municipal Fund (NXM), Nuveen Pennsylvania Dividend Advantage Municipal Fund 2
(NVY) and Nuveen Pennsylvania Municipal Value Fund (NPN) (collectively, the
"Funds"). Common shares of New Jersey Investment Quality (NQJ), New Jersey
Premium Income (NNJ), Pennsylvania Investment Quality (NQP) and Pennsylvania
Premium Income 2 (NPY), are traded on the New York Stock Exchange (NYSE) while
Common shares of New Jersey Dividend Advantage (NXJ), New Jersey Dividend
Advantage 2 (NUJ), New Jersey Municipal Value (NJV), Pennsylvania Dividend
Advantage (NXM), Pennsylvania Dividend Advantage 2 (NVY) and Pennsylvania
Municipal Value (NPN) are traded on the NYSE Amex. The Funds are registered
under the Investment Company Act of 1940, as amended, as closed-end management
investment companies.
Each Fund seeks to provide current income exempt from both regular federal and
designated state income taxes by investing primarily in a portfolio of municipal
obligations issued by state and local government authorities within a single
state or certain U.S. territories.
In June 2009, the Financial Accounting Standards Board (FASB) established the
FASB Accounting Standards Codification(TM) (the "Codification") as the single
source of authoritative accounting principles recognized by the FASB in the
preparation of financial statements in conformity with generally accepted
accounting principles (GAAP). The Codification supersedes existing
non-grandfathered, non-SEC accounting and reporting standards. The Codification
did not change GAAP but rather organized it into a hierarchy where all guidance
within the Codification carries an equal level of authority. The Codification
became effective for financial statements issued for interim and annual periods
ending after September 15, 2009. The Codification did not have a material effect
on the Funds' financial statements.
The following is a summary of significant accounting policies followed by the
Funds in the preparation of their financial statements in accordance with US
generally accepted accounting principles.
Investment Valuation
The prices of municipal bonds in each Fund's investment portfolio are provided
by a pricing service approved by the Fund's Board of Directors/Trustees. Futures
contracts are valued using the closing settlement price, or, in the absence of
such a price, at the mean of the bid and asked prices. When market price quotes
are not readily available (which is usually the case for municipal securities),
the pricing service or, in the absence of a pricing service for a particular
investment or derivative instrument, the Board of Directors/Trustees of the
Fund, or its designee, may establish fair value using a wide variety of market
data including yields or prices of investments of comparable quality, type of
issue, coupon, maturity and rating, market quotes or indications of value from
security dealers, evaluations of anticipated cash flows or collateral, general
market conditions and other information and analysis, including the obligor's
credit characteristics considered relevant. Temporary investments in securities
that have variable rate and demand features qualifying them as short-term
investments are valued at amortized cost, which approximates value.
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and
losses from transactions are determined on the specific identification method.
Investments purchased on a when-issued/delayed delivery basis may have extended
settlement periods. Any investments so purchased are subject to market
fluctuation during this period. The Funds have instructed the custodian to
segregate assets with a current value at least equal to the amount of the
when-issued/delayed delivery purchase commitments. At October 31, 2009, there
were no such outstanding purchase commitments in any of the Funds.
Investment Income
Interest income, which includes the amortization of premiums and accretion of
discounts for financial reporting purposes, is recorded on an accrual basis.
Investment income also includes paydown gains and losses, if any.
Nuveen Investments 81
| Notes to
| Financial Statements (Unaudited) (continued)
Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund
intends to distribute substantially all of its net investment income and net
capital gains to shareholders and to otherwise comply with the requirements of
Subchapter M of the Internal Revenue Code applicable to regulated investment
companies. Therefore, no federal income tax provision is required. Furthermore,
each Fund intends to satisfy conditions which will enable interest from
municipal securities, which is exempt from regular federal and designated state
income taxes, to retain such tax-exempt status when distributed to shareholders
of the Funds. Net realized capital gains and ordinary income distributions paid
by the Funds are subject to federal taxation.
For all open tax years and all major taxing jurisdictions, management of the
Funds has concluded that there are no significant uncertain tax positions that
would require recognition in the financial statements. Open tax years are those
that are open for examination by taxing authorities (i.e., generally the last
four tax year ends and the interim tax period since then). Furthermore,
management of the Funds is also not aware of any tax positions for which it is
reasonably possible that the total amounts of unrecognized tax benefits will
significantly change in the next twelve months.
Dividends and Distributions to Common Shareholders
Dividends from tax-exempt net investment income are declared monthly. Net
realized capital gains and/or market discount from investment transactions, if
any, are distributed to shareholders at least annually. Furthermore, capital
gains are distributed only to the extent they exceed available capital loss
carryforwards.
Distributions to Common shareholders of tax-exempt net investment income, net
realized capital gains and/or market discount, if any, are recorded on the
ex-dividend date. The amount and timing of distributions are determined in
accordance with federal income tax regulations, which may differ from US
generally accepted accounting principles.
Preferred Shares
New Jersey Municipal Value (NJV) and Pennsylvania Municipal Value (NPN) do not
issue Preferred shares. The following Funds have issued and outstanding
Preferred shares, $25,000 stated value per share, as a means of effecting
financial leverage. Each Fund's Preferred shares are issued in one or more
Series. The dividend rate paid by the Funds on each Series is determined every
seven days, pursuant to a dutch auction process overseen by the auction agent,
and is payable at the end of each rate period. As of October 31, 2009, the
number of Preferred shares outstanding, by Series and in total, for each Fund is
as follows:
NEW JERSEY NEW JERSEY NEW JERSEY NEW JERSEY
INVESTMENT PREMIUM DIVIDEND DIVIDEND
QUALITY INCOME ADVANTAGE ADVANTAGE 2
(NQJ) (NNJ) (NXJ) (NUJ)
--------------------------------------------------------------------------------
Number of shares:
Series M 2,834 -- -- --
Series T -- 599 1,757 --
Series W -- 1,381 -- 1,249
Series TH 1,772 1,535 -- --
Series F 1,132 -- -- --
--------------------------------------------------------------------------------
Total 5,738 3,515 1,757 1,249
================================================================================
PENNSYLVANIA PENNSYLVANIA PENNSYLVANIA PENNSYLVANIA
INVESTMENT PREMIUM DIVIDEND DIVIDEND
QUALITY INCOME 2 ADVANTAGE ADVANTAGE 2
(NQP) (NPY) (NXM) (NVY)
--------------------------------------------------------------------------------
Number of shares:
Series M -- 710 -- 920
Series T 744 -- 900 --
Series W 2,033 -- -- --
Series TH 1,693 1,748 -- --
Series F -- 1,513 -- --
--------------------------------------------------------------------------------
Total 4,470 3,971 900 920
================================================================================
82 Nuveen Investments
Beginning in February 2008, more shares for sale were submitted in the regularly
scheduled auctions for the Preferred shares issued by the Funds than there were
offers to buy. This meant that these auctions "failed to clear," and that many
Preferred shareholders who wanted to sell their shares in these auctions were
unable to do so. Preferred shareholders unable to sell their shares received
distributions at the "maximum rate" applicable to failed auctions as calculated
in accordance with the pre-established terms of the Preferred shares.
These developments have generally not affected the portfolio management or
investment policies of the Funds. However, one continuing implication of these
auction failures for Common shareholders is that the Funds' cost of leverage
likely has been incrementally higher at times, than it otherwise would have been
had the auctions continued to be successful. As a result, the Funds' future
Common share earnings may likely have been lower than they otherwise might have
been. As of October 31, 2009, the aggregate amount of outstanding Preferred
shares redeemed by each Fund is as follows:
NEW JERSEY NEW JERSEY NEW JERSEY NEW JERSEY
INVESTMENT PREMIUM DIVIDEND DIVIDEND
QUALITY INCOME ADVANTAGE ADVANTAGE 2
(NQJ) (NNJ) (NXJ) (NUJ)
----------------------------------------------------------------------------------------------------------------
Preferred shares redeemed, at liquidation value $ 18,550,000 $ 3,725,000 $ 4,075,000 $ 3,275,000
================================================================================================================
PENNSYLVANIA PENNSYLVANIA PENNSYLVANIA PENNSYLVANIA
INVESTMENT PREMIUM DIVIDEND DIVIDEND
QUALITY INCOME 2 ADVANTAGE ADVANTAGE 2
(NQP) (NPY) (NXM) (NVY)
----------------------------------------------------------------------------------------------------------------
Preferred shares redeemed, at liquidation value $ 20,250,000 $ 18,825,000 $ 2,500,000 $ 5,500,000
================================================================================================================
Effective May 1, 2009, auction participation fees with respect to auctions that
have failed have been reduced from 25 bps (annualized) to 15 bps (annualized).
All auction participants have signed new agreements incorporating this change.
Inverse Floating Rate Securities
Each Fund is authorized to invest in inverse floating rate securities. An
inverse floating rate security is created by depositing a municipal bond,
typically with a fixed interest rate, into a special purpose trust created by a
broker-dealer. In turn, this trust (a) issues floating rate certificates, in
face amounts equal to some fraction of the deposited bond's par amount or market
value, that typically pay short-term tax-exempt interest rates to third parties,
and (b) issues to a long-term investor (such as one of the Funds) an inverse
floating rate certificate (sometimes referred to as an "inverse floater") that
represents all remaining or residual interest in the trust. The income received
by the inverse floater holder varies inversely with the short-term rate paid to
the floating rate certificates' holders, and in most circumstances the inverse
floater holder bears substantially all of the underlying bond's downside
investment risk and also benefits disproportionately from any potential
appreciation of the underlying bond's value. The price of an inverse floating
rate security will be more volatile than that of the underlying bond because the
interest rate is dependent on not only the fixed coupon rate of the underlying
bond but also on the short-term interest paid on the floating rate certificates,
and because the inverse floating rate security essentially bears the risk of
loss of the greater face value of the underlying bond.
A Fund may purchase an inverse floating rate security in a secondary market
transaction without first owning the underlying bond (referred to as an
"externally-deposited inverse floater"), or instead by first selling a
fixed-rate bond to a broker-dealer for deposit into the special purpose trust
and receiving in turn the residual interest in the trust (referred to as a
"self-deposited inverse floater"). The inverse floater held by a Fund gives the
Fund the right (a) to cause the holders of the floating rate certificates to
tender their notes at par, and (b) to have the broker transfer the fixed-rate
bond held by the trust to the Fund, thereby collapsing the trust. An investment
in an externally-deposited inverse floater is identified in the Portfolio of
Investments as "(IF) - Inverse floating rate investment." An investment in a
self-deposited inverse floater is accounted for as a financing transaction. In
such instances, a fixed-rate bond deposited into a special purpose trust is
identified in the Portfolio of Investments as "(UB) - Underlying bond of an
inverse floating rate trust reflected as a financing transaction," with the Fund
accounting for the short-term floating rate certificates issued by the trust as
"Floating rate obligations" on the Statement of Assets and Liabilities. In
addition, the Fund reflects in "Investment Income" the entire earnings of the
underlying bond and the related interest paid to the holders of the short-term
floating rate certificates is recognized as "Interest expense on floating rate
obligations" on the Statement of Operations.
During the six months ended October 31, 2009, each Fund invested in
externally-deposited inverse floaters and/or self-deposited inverse floaters.
Each Fund may also enter into shortfall and forbearance agreements (sometimes
referred to as a "recourse trust" or "credit recovery swap") (such agreements
referred to herein as "Recourse Trusts") with a broker-dealer by which a Fund
agrees to reimburse the broker-dealer, in certain circumstances, for the
difference between the liquidation value of the fixed-rate bond held by the
trust and the liquidation value of the floating rate certificates issued by the
trust plus any shortfalls in interest cash flows. Under these agreements, a
Fund's potential exposure to losses related to or on inverse floaters may
increase beyond the value of a Fund's inverse floater investments as a Fund may
potentially be liable to fulfill all amounts owed to holders of the floating
rate certificates. At period end, any such shortfall is included as "Unrealized
depreciation on Recourse Trusts" on the Statement of Assets and Liabilities.
Nuveen Investments 83
| Notes to
| Financial Statements (Unaudited) (continued)
At October 31, 2009, the Funds were not invested in externally-deposited
Recourse Trusts.
NEW JERSEY NEW JERSEY NEW JERSEY NEW JERSEY NEW JERSEY
INVESTMENT PREMIUM DIVIDEND DIVIDEND MUNICIPAL
QUALITY INCOME ADVANTAGE ADVANTAGE 2 VALUE
(NQJ) (NNJ) (NXJ) (NUJ) (NJV)
-----------------------------------------------------------------------------------------------------------------------------------
Maximum exposure to Recourse Trusts $ -- $ -- $ -- $ -- $ --
===================================================================================================================================
PENNSYLVANIA PENNSYLVANIA PENNSYLVANIA PENNSYLVANIA PENNSYLVANIA
INVESTMENT PREMIUM DIVIDEND DIVIDEND MUNICIPAL
QUALITY INCOME 2 ADVANTAGE ADVANTAGE 2 VALUE
(NQP) (NPY) (NXM) (NVY) (NPN)
-----------------------------------------------------------------------------------------------------------------------------------
Maximum exposure to Recourse Trusts $ -- $ -- $ -- $ -- $ --
===================================================================================================================================
The average floating rate obligations outstanding and average annual interest
rate and fees related to self-deposited inverse floaters during the six months
ended October 31, 2009, were as follows:
NEW JERSEY PENNSYLVANIA PENNSYLVANIA PENNSYLVANIA PENNSYLVANIA
MUNICIPAL INVESTMENT PREMIUM DIVIDEND DIVIDEND
VALUE QUALITY INCOME 2 ADVANTAGE ADVANTAGE 2
(NJV) (NQP) (NPY) (NXM) (NVY)
-----------------------------------------------------------------------------------------------------------------------------------
Average floating rate obligations outstanding $ 1,222,826 $ 26,849,103 $ 6,994,674 $ 1,261,576 $ 4,494,103
Average annual interest rate and fees 0.95% 0.64% 0.98% 0.98% 0.97%
===================================================================================================================================
Forward Swap Contracts
Each Fund is authorized to enter into forward interest rate swap contracts
consistent with their investment objectives and policies to reduce, increase or
otherwise alter its risk profile or to alter its portfolio characteristics (i.e.
duration, yield curve positioning and credit quality).
Each Fund is subject to interest rate risk in the normal course of pursuing its
investment objectives. Each Fund's use of forward interest rate swap
transactions is intended to help the Fund manage its overall interest rate
sensitivity, either shorter or longer, generally to more closely align the
Fund's interest rate sensitivity with that of the broader municipal market.
Forward interest rate swap transactions involve each Fund's agreement with a
counterparty to pay, in the future, a fixed or variable rate payment in exchange
for the counterparty paying the Fund a variable or fixed rate payment, the
accruals for which would begin at a specified date in the future (the "effective
date"). The amount of the payment obligation is based on the notional amount of
the swap contract and the termination date of the swap (which is akin to a
bond's maturity). The value of the Fund's swap commitment would increase or
decrease based primarily on the extent to which long-term interest rates for
bonds having a maturity of the swap's termination date increases or decreases.
Forward interest rate swap contracts are valued daily. The net amount recorded
on these transactions for each counterparty is recognized on the Statement of
Assets and Liabilities as "Unrealized appreciation or depreciation on forward
swaps" with the change during the fiscal period recognized on the Statement of
Operations as "Change in net unrealized appreciation (depreciation) of forward
swaps."
The Funds may terminate a swap contract prior to the effective date, at which
point a realized gain or loss is recognized. When a forward swap is terminated,
it ordinarily does not involve the delivery of securities or other underlying
assets or principal, but rather is settled in cash on a net basis. Net realized
gains and losses during the fiscal period are recognized on the Statement of
Operations as "Net realized gain (loss) from forward swaps." Each Fund intends,
but is not obligated, to terminate its forward swaps before the effective date.
Accordingly, the risk of loss with respect to the swap counterparty on such
transactions is limited to the credit risk associated with a counterparty
failing to honor its commitment to pay any realized gain to the Fund upon
termination. The Funds did not invest in forward interest rate swap transactions
during the six months ended October 31, 2009.
Future Contracts
Each Fund is subject to interest rate risk in the normal course of pursuing its
investment objectives and is authorized to invest in futures contracts in
attempt to manage such risk. Upon entering into a futures contract, a Fund is
required to deposit with the broker an amount of cash or liquid securities equal
to a specified percentage of the contract amount. This is known as the "initial
margin." Cash held by the broker to cover initial margin requirements on open
futures contracts, if any, is recognized as "Deposits with brokers for open
futures contracts" on the Statement of Assets and Liabilities. Subsequent
payments ("variation margin") are made or received by a Fund each day, depending
on the daily fluctuation of the value of the contract. Variation margin is
recognized as a receivable or payable for "Variation margin on futures
contracts" on the Statement of Assets and Liabilities, when applicable.
During the period the futures contract is open, changes in the value of the
contract are recorded as an unrealized gain or loss by "marking-to-market" on a
daily basis to reflect the changes in market value of the contract and is
recognized as "Change in net unrealized appreciation (depreciation) of futures
contracts" on the Statement of Operations. When the contract is closed or
expired, a Fund records a realized gain or loss equal to the
84 Nuveen Investments
difference between the value of the contract on the closing date and value of
the contract when originally entered into and is recognized as "Net realized
gain (loss) from futures contracts" on the Statement of Operations.
Risks of investments in futures contracts include the possible adverse movement
of the securities or indices underlying the contracts, the possibility that
there may not be a liquid secondary market for the contracts and/or that a
change in the value of the contract may not correlate with a change in the value
of the underlying securities or indices. The Funds did not invest in futures
contracts during the six months ended October 31, 2009.
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments
and enter into financial transactions where risk of potential loss exists due to
changes in the market (market risk) or failure of the other party to the
transaction to perform (counterparty credit risk). The potential loss could
exceed the value of the financial assets recorded on the financial statements.
Financial assets, which potentially expose each Fund to counterparty credit
risk, consist principally of cash due from counterparties on forward, option and
swap transactions. The extent of each Fund's exposure to counterparty credit
risk in respect to these financial assets approximates their carrying value as
recorded on the Statement of Assets and Liabilities. Futures contracts expose a
Fund to minimal counterparty credit risk as they are exchange traded and the
exchange's clearinghouse, which is counterparty to all exchange traded futures,
guarantees the futures contracts against default.
Each Fund helps manage counterparty credit risk by entering into agreements only
with counterparties Nuveen Asset Management (the "Adviser"), a wholly owned
subsidiary of Nuveen Investments Inc. ("Nuveen"), believes have the financial
resources to honor their obligations and by having the Adviser monitor the
financial stability of the counterparties. Additionally, counterparties may be
required to pledge collateral daily (based on the daily valuation of the
financial asset) on behalf of each Fund with a value approximately equal to the
amount of any unrealized gain above a pre-determined threshold. Reciprocally,
when each Fund has an unrealized loss, the Funds have instructed the custodian
to pledge assets of the Funds as collateral with a value approximately equal to
the amount of the unrealized loss above a pre-determined threshold. Collateral
pledges are monitored and subsequently adjusted if and when the valuations
fluctuate, either up or down, by at least the predetermined threshold amount.
Zero Coupon Securities
Each Fund is authorized to invest in zero coupon securities. A zero coupon
security does not pay a regular interest coupon to its holders during the life
of the security. Tax-exempt income to the holder of the security comes from
accretion of the difference between the original purchase price of the security
at issuance and the par value of the security at maturity and is effectively
paid at maturity. Such securities are included in the Portfolios of Investments
with a 0.000% coupon rate in their description. The market prices of zero coupon
securities generally are more volatile than the market prices of securities that
pay interest periodically.
Custodian Fee Credit
Each Fund has an arrangement with the custodian bank whereby certain custodian
fees and expenses are reduced by net credits earned on each Fund's cash on
deposit with the bank. Such deposit arrangements are an alternative to overnight
investments. Credits for cash balances may be offset by charges for any days on
which a Fund overdraws its account at the custodian bank.
Indemnifications
Under the Funds' organizational documents, their Officers and Directors/Trustees
are indemnified against certain liabilities arising out of the performance of
their duties to the Funds. In addition, in the normal course of business, the
Funds enter into contracts that provide general indemnifications to other
parties. The Funds' maximum exposure under these arrangements is unknown as this
would involve future claims that may be made against the Funds that have not yet
occurred. However, the Funds have not had prior claims or losses pursuant to
these contracts and expect the risk of loss to be remote.
Use of Estimates
The preparation of financial statements in conformity with US generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities at the date of the
financial statements and the reported amounts of increases and decreases in net
assets applicable to Common shares from operations during the reporting period.
Actual results may differ from those estimates.
Nuveen Investments 85
| Notes to
| Financial Statements (Unaudited) (continued)
2. FAIR VALUE MEASUREMENTS
In determining the value of each Fund's investments various inputs are used.
These inputs are summarized in the three broad levels listed below:
Level 1 - Quoted prices in active markets for identical securities.
Level 2 - Other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 - Significant unobservable inputs (including management's
assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of
the risk associated with investing in those securities. The following is a
summary of each Fund's fair value measurements as of October 31, 2009:
NEW JERSEY INVESTMENT QUALITY (NQJ) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
--------------------------------------------------------------------------------------------------------
Investments:
Municipal Bonds $ -- $ 423,393,518 $ -- $ 423,393,518
========================================================================================================
NEW JERSEY PREMIUM INCOME (NNJ) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
--------------------------------------------------------------------------------------------------------
Investments:
Municipal Bonds $ -- $ 256,620,400 $ -- $ 256,620,400
========================================================================================================
NEW JERSEY DIVIDEND ADVANTAGE (NXJ) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
--------------------------------------------------------------------------------------------------------
Investments:
Municipal Bonds $ -- $ 132,712,602 $ -- $ 132,712,602
========================================================================================================
NEW JERSEY DIVIDEND ADVANTAGE 2 (NUJ) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
--------------------------------------------------------------------------------------------------------
Investments:
Municipal Bonds $ -- $ 93,469,346 $ -- $ 93,469,346
========================================================================================================
NEW JERSEY MUNICIPAL VALUE (NJV) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
--------------------------------------------------------------------------------------------------------
Investments:
Municipal Bonds $ -- $ 26,123,622 $ -- $ 26,123,622
========================================================================================================
PENNSYLVANIA INVESTMENT QUALITY (NQP) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
--------------------------------------------------------------------------------------------------------
Investments:
Municipal Bonds $ -- $ 359,954,153 $ -- $ 359,954,153
========================================================================================================
PENNSYLVANIA PREMIUM INCOME 2 (NPY) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
--------------------------------------------------------------------------------------------------------
Investments:
Municipal Bonds $ -- $ 312,658,640 $ -- $ 312,658,640
========================================================================================================
PENNSYLVANIA DIVIDEND ADVANTAGE (NXM) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
--------------------------------------------------------------------------------------------------------
Investments:
Municipal Bonds $ -- $ 68,989,055 $ -- $ 68,989,055
========================================================================================================
PENNSYLVANIA DIVIDEND ADVANTAGE 2 (NVY) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
--------------------------------------------------------------------------------------------------------
Investments:
Municipal Bonds $ -- $ 79,616,729 $ -- $ 79,616,729
========================================================================================================
PENNSYLVANIA MUNICIPAL VALUE (NPN) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
--------------------------------------------------------------------------------------------------------
Investments:
Municipal Bonds $ -- $ 18,166,594 $ -- $ 18,166,594
========================================================================================================
3. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
During the current fiscal period, the Funds adopted amendments to authoritative
guidance under GAAP on disclosures about derivative instruments and hedging
activities. This guidance is intended to enhance financial statement disclosures
for derivative instruments and hedging activities and enable investors to better
understand: a) how and why a fund uses derivative instruments; b) how derivative
instruments are accounted for; and c) how derivative instruments affect a fund's
financial position, results of operations and cash flows, if any. The Funds
record derivative instruments at fair value with changes in fair value
recognized on the Statement of Operations, when applicable. Even though the
Funds' investments in derivatives may represent economic hedges, they are
considered to be non-hedge transactions for financial reporting purposes. The
Funds did not invest in derivative instruments during the six months ended
October 31, 2009.
86 Nuveen Investments
4. FUND SHARES
Transactions in Common shares were as follows:
NEW JERSEY NEW JERSEY NEW JERSEY
INVESTMENT QUALITY (NQJ) PREMIUM INCOME (NNJ) DIVIDEND ADVANTAGE (NXJ)
----------------------------- ----------------------------- -------------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED ENDED YEAR ENDED
10/31/09 4/30/09 10/31/09 4/30/09 10/31/09 4/30/09
------------------------------------------------------------------------------------------------------------------------------------
Common shares:
Sold -- -- -- -- -- --
Issued to shareholders due to
reinvestment of distributions -- -- -- -- -- --
Repurchased -- (30,600) -- (12,900) -- (7,200)
------------------------------------------------------------------------------------------------------------------------------------
Weighted average Common share:
Price per share repurchased -- $ 10.34 -- $ 11.07 -- $ 10.14
Discount per share repurchased -- 18.29% -- 17.90% -- 18.93%
====================================================================================================================================
NEW JERSEY NEW JERSEY
DIVIDEND ADVANTAGE 2 (NUJ) MUNICIPAL VALUE (NJV)
----------------------------- -------------------------------
FOR THE
PERIOD 4/28/09
SIX MONTHS SIX MONTHS (COMMENCEMENT
ENDED YEAR ENDED ENDED OF OPERATIONS)
10/31/09 4/30/09 10/31/09 THROUGH 4/30/09
------------------------------------------------------------------------------------------------------------------------------------
Common shares:
Sold -- -- 98,787 1,455,000
Issued to shareholders due to
reinvestment of distributions 570 -- -- --
Repurchased -- (2,800) -- --
------------------------------------------------------------------------------------------------------------------------------------
Weighted average Common share:
Price per share repurchased -- $ 10.41 -- --
Discount per share repurchased -- 17.27% -- --
====================================================================================================================================
PENNSYLVANIA PENNSYLVANIA PENNSYLVANIA
INVESTMENT QUALITY (NQP) PREMIUM INCOME 2 (NPY) DIVIDEND ADVANTAGE (NXM)
----------------------------- ----------------------------- -------------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED ENDED YEAR ENDED
10/31/09 4/30/09 10/31/09 4/30/09 10/31/09 4/30/09
------------------------------------------------------------------------------------------------------------------------------------
Common shares:
Sold -- -- -- -- -- --
Issued to shareholders due to
reinvestment of distributions -- -- -- -- -- --
Repurchased (39,000) (27,500) (23,300) (51,800) (8,600) (2,000)
------------------------------------------------------------------------------------------------------------------------------------
Weighted average Common share:
Price per share repurchased $ 12.77 $ 10.80 $ 12.25 $ 10.01 $ 12.77 $ 10.49
Discount per share repurchased 12.36% 18.20% 11.67% 18.84% 11.69% 17.12%
====================================================================================================================================
PENNSYLVANIA PENNSYLVANIA
DIVIDEND ADVANTAGE 2 (NVY) MUNICIPAL VALUE (NPN)
----------------------------- -------------------------------
FOR THE
PERIOD 4/28/09
SIX MONTHS SIX MONTHS (COMMENCEMENT
ENDED YEAR ENDED ENDED OF OPERATIONS)
10/31/09 4/30/09 10/31/09 THROUGH 4/30/09
------------------------------------------------------------------------------------------------------------------------------------
Common shares:
Sold -- -- 100,800 1,100,000
Issued to shareholders due to
reinvestment of distributions -- -- 3,214 --
Repurchased -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Weighted average Common share:
Price per share repurchased -- -- -- --
Discount per share repurchased -- -- -- --
====================================================================================================================================
Nuveen Investments 87
| Notes to
| Financial Statements (Unaudited) (continued)
Preferred Shares
New Jersey Municipal Value (NJV) and Pennsylvania Municipal Value (NPN) do not
issue Preferred shares. Transactions in Preferred shares were as follows:
NEW JERSEY INVESTMENT QUALITY (NQJ) NEW JERSEY PREMIUM QUALITY (NNJ)
-------------------------------------------------- -------------------------------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
10/31/09 4/30/09 10/31/09 4/30/09
------------------------------------------------------------------------------------------------------
SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT
------------------------------------------------------------------------------------------------------------------------------------
Preferred shares redeemed:
Series M 126 $ 3,150,000 240 $ 6,000,000 -- $ -- -- $ --
Series T -- -- -- -- 25 625,000 -- --
Series W -- -- -- -- 59 1,475,000 -- --
Series TH 78 1,950,000 150 3,750,000 65 1,625,000 -- --
Series F 51 1,275,000 97 2,425,000 -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total 255 $ 6,375,000 487 $ 12,175,000 149 $ 3,725,000 -- $ --
====================================================================================================================================
NEW JERSEY DIVIDEND ADVANTAGE (NXJ) NEW JERSEY DIVIDEND ADVANTAGE 2 (NUJ)
-------------------------------------------------- -------------------------------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
10/31/09 4/30/09 10/31/09 4/30/09
------------------------------------------------------------------------------------------------------
SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT
------------------------------------------------------------------------------------------------------------------------------------
Preferred shares redeemed:
Series T 124 $ 3,100,000 39 $ 975,000 -- $ -- -- $ --
Series F -- -- -- -- 55 1,375,000 76 1,900,000
------------------------------------------------------------------------------------------------------------------------------------
Total 124 $ 3,100,000 39 $ 975,000 55 $ 1,375,000 76 $ 1,900,000
====================================================================================================================================
PENNSYLVANIA INVESTMENT QUALITY (NQP) PENNSYLVANIA PREMIUM INCOME 2 (NPY)
-------------------------------------------------- -------------------------------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
10/31/09 4/30/09 10/31/09 4/30/09
------------------------------------------------------------------------------------------------------
SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT
------------------------------------------------------------------------------------------------------------------------------------
Preferred shares redeemed:
Series M -- $ -- -- $ -- -- $ -- 134 $ 3,350,000
Series T -- -- 136 3,400,000 -- -- -- --
Series W -- -- 367 9,175,000 -- -- -- --
Series TH -- -- 307 7,675,000 -- -- 332 8,300,000
Series F -- -- -- -- -- -- 287 7,175,000
------------------------------------------------------------------------------------------------------------------------------------
Total -- $ -- 810 $ 20,250,000 -- $ -- 753 $18,825,000
====================================================================================================================================
PENNSYLVANIA DIVIDEND ADVANTAGE (NXM) PENNSYLVANIA DIVIDEND ADVANTAGE 2 (NVY)
-------------------------------------------------- -------------------------------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
10/31/09 4/30/09 10/31/09 4/30/09
------------------------------------------------------------------------------------------------------
SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT
------------------------------------------------------------------------------------------------------------------------------------
Preferred shares redeemed:
Series M -- $ -- -- $ -- -- $ -- 220 $ 5,500,000
Series T -- -- 100 2,500,000 -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total -- $ -- 100 $ 2,500,000 -- $ -- 220 $ 5,500,000
====================================================================================================================================
88 Nuveen Investments
5. INVESTMENT TRANSACTIONS
Purchases and sales (including maturities but excluding short-term investments
and derivative transactions) during the six months ended October 31, 2009, were
as follows:
NEW JERSEY NEW JERSEY NEW JERSEY NEW JERSEY NEW JERSEY
INVESTMENT PREMIUM DIVIDEND DIVIDEND MUNICIPAL
QUALITY INCOME ADVANTAGE ADVANTAGE 2 VALUE
(NQJ) (NNJ) (NXJ) (NUJ) (NJV)
----------------------------------------------------------------------------------------------------------------------------------
Purchases $ 2,040,754 $ 1,195,140 $ 643,474 $ 441,333 $ 22,300,765
Sales and maturities 7,101,530 2,005,000 2,809,184 1,366,448 --
==================================================================================================================================
PENNSYLVANIA PENNSYLVANIA PENNSYLVANIA PENNSYLVANIA PENNSYLVANIA
INVESTMENT PREMIUM DIVIDEND DIVIDEND MUNICIPAL
QUALITY INCOME 2 ADVANTAGE ADVANTAGE 2 VALUE
(NQP) (NPY) (NXM) (NVY) (NPN)
----------------------------------------------------------------------------------------------------------------------------------
Purchases $ 9,889,266 $ 8,736,020 $ 34,698 $ 1,516,419 $ 17,158,482
Sales and maturities 12,639,116 6,555,460 293,751 1,366,356 95,000
==================================================================================================================================
6. INCOME TAX INFORMATION
The following information is presented on an income tax basis. Differences
between amounts for financial statement and federal income tax purposes are
primarily due to timing differences in recognizing taxable market discount,
timing differences in recognizing certain gains and losses on investment
transactions and the treatment of investments in inverse floating rate
securities reflected as financing transactions, if any. To the extent that
differences arise that are permanent in nature, such amounts are reclassified
within the capital accounts on the Statement of Assets and Liabilities presented
in the annual report, based on their federal tax basis treatment; temporary
differences do not require reclassification. Temporary and permanent differences
do not impact the net asset values of the Funds.
At October 31, 2009, the cost of investments was as follows:
NEW JERSEY NEW JERSEY NEW JERSEY NEW JERSEY NEW JERSEY
INVESTMENT PREMIUM DIVIDEND DIVIDEND MUNICIPAL
QUALITY INCOME ADVANTAGE ADVANTAGE 2 VALUE
(NQJ) (NNJ) (NXJ) (NUJ) (NJV)
----------------------------------------------------------------------------------------------------------------------------------
Cost of investments $ 426,748,426 $ 254,294,461 $ 134,404,966 $ 94,808,124 $ 22,840,732
==================================================================================================================================
PENNSYLVANIA PENNSYLVANIA PENNSYLVANIA PENNSYLVANIA PENNSYLVANIA
INVESTMENT PREMIUM DIVIDEND DIVIDEND MUNICIPAL
QUALITY INCOME 2 ADVANTAGE ADVANTAGE 2 VALUE
(NQP) (NPY) (NXM) (NVY) (NPN)
----------------------------------------------------------------------------------------------------------------------------------
Cost of investments $ 327,889,141 $ 304,345,007 $ 67,995,948 $ 75,112,745 $ 17,063,457
==================================================================================================================================
Gross unrealized appreciation and gross unrealized depreciation of investments
at October 31, 2009, were as follows:
NEW JERSEY NEW JERSEY NEW JERSEY NEW JERSEY NEW JERSEY
INVESTMENT PREMIUM DIVIDEND DIVIDEND MUNICIPAL
QUALITY INCOME ADVANTAGE ADVANTAGE 2 VALUE
(NQJ) (NNJ) (NXJ) (NUJ) (NJV)
----------------------------------------------------------------------------------------------------------------------------------
Gross unrealized:
Appreciation $ 11,956,982 $ 9,863,622 $ 3,297,877 $ 2,530,499 $ 1,886,870
Depreciation (15,311,890) (7,537,683) (4,990,241) (3,869,277) (103,980)
----------------------------------------------------------------------------------------------------------------------------------
Net unrealized appreciation
(depreciation) of investments $ (3,354,908) $ 2,325,939 $ (1,692,364) $ (1,338,778) $ 1,782,890
==================================================================================================================================
Nuveen Investments 89
| Notes to
| Financial Statements (Unaudited) (continued)
PENNSYLVANIA PENNSYLVANIA PENNSYLVANIA PENNSYLVANIA PENNSYLVANIA
INVESTMENT PREMIUM DIVIDEND DIVIDEND MUNICIPAL
QUALITY INCOME 2 ADVANTAGE ADVANTAGE 2 VALUE
(NQP) (NPY) (NXM) (NVY) (NPN)
----------------------------------------------------------------------------------------------------------------------------------
Gross unrealized:
Appreciation $ 13,972,407 $ 12,208,228 $ 2,238,647 $ 3,124,440 $ 1,111,389
Depreciation (8,725,805) (10,740,166) (2,465,075) (3,085,902) (8,252)
----------------------------------------------------------------------------------------------------------------------------------
Net unrealized appreciation
(depreciation) of investments $ 5,246,602 $ 1,468,062 $ (226,428) $ 38,538 $ 1,103,137
==================================================================================================================================
The tax components of undistributed net tax-exempt income, net ordinary income
and net long-term capital gains at April 30, 2009, the Funds' last tax year end,
were as follows:
NEW JERSEY NEW JERSEY NEW JERSEY NEW JERSEY NEW JERSEY
INVESTMENT PREMIUM DIVIDEND DIVIDEND MUNICIPAL
QUALITY INCOME ADVANTAGE ADVANTAGE 2 VALUE
(NQJ) (NNJ) (NXJ) (NUJ) (NJV)
----------------------------------------------------------------------------------------------------------------------------------
Undistributed net tax-exempt income * $ 2,456,485 $ 1,334,676 $ 708,223 $ 563,694 $ --
Undistributed net ordinary income ** -- 125,223 11,246 6,190 --
Undistributed net long-term capital gains -- 115,152 -- 72,905 --
==================================================================================================================================
PENNSYLVANIA PENNSYLVANIA PENNSYLVANIA PENNSYLVANIA PENNSYLVANIA
INVESTMENT PREMIUM DIVIDEND DIVIDEND MUNICIPAL
QUALITY INCOME 2 ADVANTAGE ADVANTAGE 2 VALUE
(NQP) (NPY) (NXM) (NVY) (NPN)
----------------------------------------------------------------------------------------------------------------------------------
Undistributed net tax-exempt income * $ 1,909,521 $ 2,199,968 $ 402,196 $ 513,141 $ --
Undistributed net ordinary income ** -- 112,103 -- 37,476 --
Undistributed net long-term capital gains -- -- 167,005 179,271 --
==================================================================================================================================
* Undistributed net tax-exempt income (on a tax basis) has not been reduced
for the dividend declared on April 1, 2009, paid on May 1, 2009.
** Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
The tax character of distributions paid during the Funds' last tax year ended
April 30, 2009, was designated for purposes of the dividends paid deduction as
follows:
NEW JERSEY NEW JERSEY NEW JERSEY NEW JERSEY NEW JERSEY
INVESTMENT PREMIUM DIVIDEND DIVIDEND MUNICIPAL
QUALITY INCOME ADVANTAGE ADVANTAGE 2 VALUE
2009 (NQJ) (NNJ) (NXJ) (NUJ) (NJV)***
----------------------------------------------------------------------------------------------------------------------------------
Distributions from net tax-exempt income $ 17,007,219 $ 9,745,985 $ 5,316,513 $ 4,035,146 $ --
Distributions from net ordinary income** 1,227,039 516,711 339,082 174,706 --
Distributions from net long-term capital gains 1,324,097 885,685 349,118 265,912 --
==================================================================================================================================
PENNSYLVANIA PENNSYLVANIA PENNSYLVANIA PENNSYLVANIA PENNSYLVANIA
INVESTMENT PREMIUM DIVIDEND DIVIDEND MUNICIPAL
QUALITY INCOME 2 ADVANTAGE ADVANTAGE 2 VALUE
2009 (NQP) (NPY) (NXM) (NVY) (NPN)***
----------------------------------------------------------------------------------------------------------------------------------
Distributions from net tax-exempt income $ 14,218,439 $ 12,592,717 $ 2,928,477 $ 3,309,636 $ --
Distributions from net ordinary income** -- 37,841 -- -- --
Distributions from net long-term capital gains -- -- -- 20,398 --
==================================================================================================================================
** Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
*** For the period April 28, 2009 (commencement of operations) through April
30, 2009.
90 Nuveen Investments
At April 30, 2009, the Funds' last tax year end, the following Funds had unused
capital loss carryforwards available for federal income tax purposes to be
applied against future capital gains, if any. If not applied, the carryforwards
will expire as follows:
NEW JERSEY PENNSYLVANIA PENNSYLVANIA
INVESTMENT INVESTMENT PREMIUM
QUALITY QUALITY INCOME 2
(NQJ) (NQP) (NPY)
--------------------------------------------------------------------------------
Expiration:
April 30, 2014 $ -- $ 124,650 $ --
April 30, 2015 -- 170,887 --
April 30, 2016 -- 217,013 840,338
April 30, 2017 642 2,672,468 2,893,165
--------------------------------------------------------------------------------
Total $ 642 $ 3,185,018 $ 3,733,503
================================================================================
The following Fund has elected to defer net realized losses from investments
incurred from November 1, 2008 through April 30, 2009, the Fund's last tax year
end, ("post-October losses") in accordance with federal income tax regulations.
Post-October losses are treated as having arisen on the first day of the current
fiscal year:
NEW JERSEY
INVESTMENT
QUALITY
(NQJ)
--------------------------------------------------------------------------------
Post-October capital losses $ 133,482
================================================================================
7. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES
Each Fund's management fee is separated into two components - a complex-level
component, based on the aggregate amount of all fund assets managed by the
Adviser, and a specific fund-level component, based only on the amount of assets
within each individual Fund. This pricing structure enables Nuveen fund
shareholders to benefit from growth in the assets within each individual fund as
well as from growth in the amount of complex- wide assets managed by the
Adviser.
The annual fund-level fee, payable monthly, for each Fund is based upon the
average daily net assets of each Fund as follows:
NEW JERSEY INVESTMENT QUALITY (NQJ)
NEW JERSEY PREMIUM INCOME (NNJ)
PENNSYLVANIA INVESTMENT QUALITY (NQP)
PENNSYLVANIA PREMIUM INCOME 2 (NPY)
AVERAGE DAILY NET ASSETS (1) FUND-LEVEL FEE RATE
--------------------------------------------------------------------------------
For the first $125 million .4500%
For the next $125 million .4375
For the next $250 million .4250
For the next $500 million .4125
For the next $1 billion .4000
For the next $3 billion .3875
For net assets over $5 billion .3750
================================================================================
NEW JERSEY DIVIDEND ADVANTAGE (NXJ)
NEW JERSEY DIVIDEND ADVANTAGE 2 (NUJ)
PENNSYLVANIA DIVIDEND ADVANTAGE (NXM)
PENNSYLVANIA DIVIDEND ADVANTAGE 2 (NVY)
AVERAGE DAILY NET ASSETS (1) FUND-LEVEL FEE RATE
--------------------------------------------------------------------------------
For the first $125 million .4500%
For the next $125 million .4375
For the next $250 million .4250
For the next $500 million .4125
For the next $1 billion .4000
For net assets over $2 billion .3750
================================================================================
Nuveen Investments 91
| Notes to
| Financial Statements (Unaudited) (continued)
NEW JERSEY MUNICIPAL VALUE (NJV)
PENNSYLVANIA MUNICIPAL VALUE (NPN)
AVERAGE DAILY MANAGED NET ASSETS (1) FUND-LEVEL FEE RATE
--------------------------------------------------------------------------------
For the first $125 million .4000%
For the next $125 million .3875
For the next $250 million .3750
For the next $500 million .3625
For the next $1 billion .3500
For net assets over $2 billion .3375
================================================================================
The annual complex-level fee, payable monthly, which is additive to the
fund-level fee, for all Nuveen sponsored funds in the U.S., is based on the
aggregate amount of total fund net assets managed as stated in the following
table. As of October 31, 2009, the complex-level fee rate was .1907%.
The complex-level fee schedule is as follows:
COMPLEX-LEVEL NET ASSET BREAKPOINT LEVEL(1) EFFECTIVE RATE AT BREAKPOINT LEVEL
--------------------------------------------------------------------------------
$55 billion .2000%
$56 billion .1996
$57 billion .1989
$60 billion .1961
$63 billion .1931
$66 billion .1900
$71 billion .1851
$76 billion .1806
$80 billion .1773
$91 billion .1691
$125 billion .1599
$200 billion .1505
$250 billion .1469
$300 billion .1445
================================================================================
(1) The complex-level fee component of the management fee for the funds is
calculated based upon the aggregate daily managed net assets of all Nuveen
funds, with such daily managed net assets defined separately for each fund
in its management agreement, but excluding assets attributable to
investments in other Nuveen funds. For the complex-level and fund-level
fee components, daily managed net assets includes assets managed by the
Adviser that are attributable to each fund's use of financial leverage.
For these purposes, financial leverage includes the funds' 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 the TOB
trust that has been effectively financed by the trust's issuance of
floating rate securities, subject to an agreement by the Adviser to limit
the amount of such assets for determining managed net assets in certain
circumstances.
The management fee compensates the Adviser for overall investment advisory and
administrative services and general office facilities. The Funds pay no
compensation directly to those of its Directors/Trustees who are affiliated with
the Adviser or to its Officers, all of whom receive remuneration for their
services to the Funds from the Adviser or its affiliates. The Board of
Directors/Trustees has adopted a deferred compensation plan for independent
Directors/Trustees that enables Directors/Trustees to elect to defer receipt of
all or a portion of the annual compensation they are entitled to receive from
certain Nuveen advised funds. Under the plan, deferred amounts are treated as
though equal dollar amounts had been invested in shares of select Nuveen advised
funds.
For the first ten years of New Jersey Dividend Advantage's (NXJ) and
Pennsylvania Dividend Advantage's (NXM) operations, the Adviser has agreed to
reimburse the Funds, as a percentage of average daily net assets, for fees and
expenses in the amounts and for the time periods set forth below:
YEAR ENDING YEAR ENDING
MARCH 31, MARCH 31,
--------------------------------------------------------------------------------
2001* .30% 2007 .25%
2002 .30 2008 .20
2003 .30 2009 .15
2004 .30 2010 .10
2005 .30 2011 .05
2006 .30
================================================================================
* From the commencement of operations.
The Adviser has not agreed to reimburse New Jersey Dividend Advantage (NXJ) and
Pennsylvania Dividend Advantage (NXM) for any portion of their fees and expenses
beyond March 31, 2011.
92 Nuveen Investments
For the first ten years of New Jersey Dividend Advantage 2's (NUJ) and
Pennsylvania Dividend Advantage 2's (NVY) operations, the Adviser has agreed to
reimburse the Funds, as a percentage of average daily net assets, for fees and
expenses in the amounts and for the time periods set forth below:
YEAR ENDING YEAR ENDING
MARCH 31, MARCH 31,
--------------------------------------------------------------------------------
2002* .30% 2008 .25%
2003 .30 2009 .20
2004 .30 2010 .15
2005 .30 2011 .10
2006 .30 2012 .05
2007 .30
================================================================================
* From the commencement of operations.
The Adviser has not agreed to reimburse New Jersey Dividend Advantage 2 (NUJ)
and Pennsylvania Dividend Advantage 2 (NVY) for any portion of their fees and
expenses beyond March 31, 2012.
8. NEW ACCOUNTING STANDARDS
Accounting for Transfers of Financial Assets
During June 2009, the FASB issued changes to the authoritative guidance under
GAAP on accounting for transfers of financial assets. The objective of this
guidance is to improve the relevance, representational faithfulness, and
comparability of the information that a reporting entity provides in its
financial statements about a transfer of financial assets; the effects of a
transfer on its financial position, financial performance, and cash flows; and a
transferor's continuing involvement, if any, in transferred financial assets.
This guidance is effective as of the beginning of each reporting entity's first
annual reporting period that begins after November 15, 2009, for interim periods
within that first annual reporting period and for interim and annual reporting
periods thereafter. Earlier application is prohibited. The recognition and
measurement provisions of this guidance must be applied to transfers occurring
on or after the effective date. Additionally, the disclosure provisions of this
guidance should be applied to transfers that occurred both before and after the
effective date of this guidance. At this time, management is evaluating the
implications of this guidance and the impact it will have on the financial
statement amounts and disclosures, if any.
9. SUBSEQUENT EVENTS
Distributions to Common Shareholders
The Funds declared Common share dividend distributions from their tax-exempt net
investment income which were paid on December 1, 2009, to shareholders of record
on November 15, 2009, as follows:
NEW JERSEY NEW JERSEY NEW JERSEY NEW JERSEY NEW JERSEY
INVESTMENT PREMIUM DIVIDEND DIVIDEND MUNICIPAL
QUALITY INCOME ADVANTAGE ADVANTAGE 2 VALUE
(NQJ) (NNJ) (NXJ) (NUJ) (NJV)
---------------------------------------------------------------------------------------------------
Dividend per share $ .0630 $ .0620 $ .0610 $ .0650 $ .0640
===================================================================================================
PENNSYLVANIA PENNSYLVANIA PENNSYLVANIA PENNSYLVANIA PENNSYLVANIA
INVESTMENT PREMIUM DIVIDEND DIVIDEND MUNICIPAL
QUALITY INCOME 2 ADVANTAGE ADVANTAGE 2 VALUE
(NQP) (NPY) (NXM) (NVY) (NPN)
---------------------------------------------------------------------------------------------------
Dividend per share $ .0640 $ .0645 $ .0660 $ .0690 $ .0650
===================================================================================================
Evaluation Date
In May 2009, the FASB issued changes to authoritative guidance under GAAP for
subsequent events. This guidance requires an entity to recognize in the
financial statements the effects of all subsequent events that provide
additional evidence about conditions that existed at the date of the balance
sheet. This guidance is intended to establish general standards of accounting
and for disclosure of events that occur after the balance sheet date but before
financial statements are issued or are available to be issued. This guidance
requires the disclosure of the date through which an entity has evaluated
subsequent events and the basis for that date - that is, whether that date
represents the date the financial statements were issued or were available to be
issued. This guidance is effective for interim and annual periods ending after
June 15, 2009. The Funds have performed an evaluation of subsequent events
through December 28, 2009, which is the date the financial statements were
issued.
Nuveen Investments 93
| Financial
| Highlights(Unaudited)
Selected data for a Common share outstanding throughout each period:
INVESTMENT OPERATIONS
---------------------------------------------------------------------
DISTRIBUTIONS DISTRIBUTIONS
FROM NET FROM
BEGINNING INVESTMENT CAPITAL
COMMON NET INCOME TO GAINS TO
SHARE NET REALIZED/ PREFERRED PREFERRED
NET ASSET INVESTMENT UNREALIZED SHARE- SHARE-
VALUE INCOME GAIN (LOSS) HOLDERS+ HOLDERS+ TOTAL
------------------------------------------------------------------------------------------------------------------------
NEW JERSEY INVESTMENT QUALITY (NQJ)
------------------------------------------------------------------------------------------------------------------------
Year Ended 4/30:
2010(b) $ 13.00 $ .46 $ 1.02 $ (.02) $ -- $ 1.46
2009 14.26 .91 (1.22) (.18) (.03) (.52)
2008 14.96 .92 (.67) (.26) (.01) (.02)
2007(c) 14.53 .75 .47 (.20) (.01) 1.01
Year Ended 6/30:
2006 15.61 .91 (.75) (.18) (.03) (.05)
2005 14.69 .95 1.13 (.10) (.01) 1.97
2004 15.65 1.01 (.75) (.05) (.01) .20
NEW JERSEY PREMIUM INCOME (NNJ)
------------------------------------------------------------------------------------------------------------------------
Year Ended 4/30:
2010(b) 13.83 .45 .73 (.02) -- 1.16
2009 14.64 .88 (.78) (.17) (.03) (.10)
2008 15.23 .90 (.53) (.25) (.01) .11
2007(c) 14.79 .74 .49 (.20) --*** 1.03
Year Ended 6/30:
2006 16.05 .90 (.85) (.17) (.04) (.16)
2005 15.35 .94 1.01 (.10) (.01) 1.84
2004 16.28 .99 (.79) (.05) (.01) .14
========================================================================================================================
LESS DISTRIBUTIONS
--------------------------------
NET
INVESTMENT CAPITAL ENDING
INCOME TO GAINS TO COMMON
COMMON COMMON SHARE ENDING
SHARE- SHARE- NET ASSET MARKET
HOLDERS HOLDERS TOTAL VALUE VALUE
---------------------------------------------------------------------------------------------
NEW JERSEY INVESTMENT QUALITY (NQJ)
---------------------------------------------------------------------------------------------
Year Ended 4/30:
2010(b) $ (.37) $ -- $ (.37) $ 14.09 $ 12.96
2009 (.65) (.09) (.74) 13.00 11.37
2008 (.65) (.03) (.68) 14.26 13.09
2007(c) (.55) (.03) (.58) 14.96 14.30
Year Ended 6/30:
2006 (.79) (.24) (1.03) 14.53 13.70
2005 (.94) (.11) (1.05) 15.61 15.25
2004 (.96) (.20) (1.16) 14.69 14.19
NEW JERSEY PREMIUM INCOME (NNJ)
---------------------------------------------------------------------------------------------
Year Ended 4/30:
2010(b) (.36) -- (.36) 14.63 13.41
2009 (.63) (.08) (.71) 13.83 11.96
2008 (.66) (.04) (.70) 14.64 13.48
2007(c) (.58) (.01) (.59) 15.23 15.12
Year Ended 6/30:
2006 (.79) (.31) (1.10) 14.79 14.16
2005 (.92) (.22) (1.14) 16.05 15.76
2004 (.94) (.13) (1.07) 15.35 14.19
=============================================================================================
PREFERRED SHARES AT END OF PERIOD
-------------------------------------
AGGREGATE LIQUIDATION
AMOUNT AND MARKET ASSET
OUTSTANDING VALUE COVERAGE
(000) PER SHARE PER SHARE
----------------------------------------------------------------------------------
NEW JERSEY INVESTMENT QUALITY (NQJ)
----------------------------------------------------------------------------------
Year Ended 4/30:
2010(b) $ 143,450 $ 25,000 $ 75,243
2009 149,825 25,000 69,373
2008 162,000 25,000 70,092
2007(c) 162,000 25,000 72,284
Year Ended 6/30:
2006 162,000 25,000 70,917
2005 162,000 25,000 74,241
2004 162,000 25,000 71,246
NEW JERSEY PREMIUM INCOME (NNJ)
----------------------------------------------------------------------------------
Year Ended 4/30:
2010(b) 87,875 25,000 75,112
2009 91,600 25,000 70,422
2008 91,600 25,000 73,137
2007(c) 91,600 25,000 75,093
Year Ended 6/30:
2006 91,600 25,000 73,635
2005 91,600 25,000 77,724
2004 91,600 25,000 75,424
==================================================================================
94 Nuveen Investments
RATIOS/SUPPLEMENTAL DATA
----------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
APPLICABLE TO COMMON SHARES
TOTAL RETURNS BEFORE REIMBURSEMENT
------------------- -------------------------------------------
BASED ENDING
ON NET
BASED COMMON ASSETS
ON SHARE NET APPLICABLE EXPENSES EXPENSES NET
MARKET ASSET TO COMMON INCLUDING EXCLUDING INVESTMENT
VALUE* VALUE* SHARES (000) INTEREST++(a) INTEREST++ INCOME++
---------------------------------------------------------------------------------------------------------------------------
NEW JERSEY INVESTMENT QUALITY (NQJ)
---------------------------------------------------------------------------------------------------------------------------
Year Ended 4/30:
2010(b) 17.32% 11.31% $ 288,292 1.17%**** 1.17%**** 6.66%****
2009 (7.10) (3.41) 265,928 1.29 1.29 6.94
2008 (3.64) (.08) 292,194 1.23 1.23 6.30
2007(c) 8.75 7.05 306,402 1.20**** 1.20**** 6.04****
Year Ended 6/30:
2006 (3.62) (.31) 297,539 1.21 1.21 6.05
2005 15.13 13.81 319,083 1.21 1.21 6.22
2004 (4.09) 1.26 299,671 1.21 1.21 6.64
NEW JERSEY PREMIUM INCOME (NNJ)
---------------------------------------------------------------------------------------------------------------------------
Year Ended 4/30:
2010(b) 15.17% 8.43% 176,145 1.19**** 1.19**** 6.21****
2009 (5.69) (.40) 166,428 1.28 1.28 6.44
2008 (6.18) .77 176,374 1.24 1.24 6.04
2007(c) 11.10 7.03 183,540 1.21**** 1.21**** 5.83****
Year Ended 6/30:
2006 (3.36) (1.04) 178,199 1.19 1.19 5.81
2005 19.43 12.31 193,182 1.18 1.18 5.91
2004 (5.65) .85 184,753 1.18 1.18 6.23
===========================================================================================================================
RATIOS/SUPPLEMENTAL DATA
---------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
APPLICABLE TO COMMON SHARES
AFTER REIMBURSEMENT**
------------------------------------------
EXPENSES EXPENSES NET PORTFOLIO
INCLUDING EXCLUDING INVESTMENT TURNOVER
INTEREST++(A) INTEREST++ INCOME++ RATE
-----------------------------------------------------------------------------------------------------
NEW JERSEY INVESTMENT QUALITY (NQJ)
-----------------------------------------------------------------------------------------------------
Year Ended 4/30:
2010(b) 1.17%**** 1.17%**** 6.66%**** --%*****
2009 1.29 1.29 6.94 1
2008 1.23 1.23 6.30 17
2007(c) 1.20**** 1.20**** 6.04**** 7
Year Ended 6/30:
2006 1.21 1.21 6.05 17
2005 1.21 1.21 6.22 15
2004 1.21 1.21 6.64 19
NEW JERSEY PREMIUM INCOME (NNJ)
-----------------------------------------------------------------------------------------------------
Year Ended 4/30:
2010(b) 1.19**** 1.19**** 6.21**** --*****
2009 1.28 1.28 6.44 1
2008 1.24 1.24 6.04 19
2007(c) 1.21**** 1.21**** 5.83**** 6
Year Ended 6/30:
2006 1.19 1.19 5.81 12
2005 1.18 1.18 5.91 21
2004 1.18 1.18 6.23 23
=====================================================================================================
* Total Return Based on Market Value is the combination of changes in the
market price per share and the effect of reinvested dividend income and
reinvested capital gains distributions, if any, at the average price paid
per share at the time of reinvestment. The last dividend declared in the
period, which is typically paid on the first business day of the following
month, is assumed to be reinvested at the ending market price. The actual
reinvestment for the last dividend declared in the period may take place
over several days, and in some instances may not be based on the market
price, so the actual reinvestment price may be different from the price
used in the calculation. Total returns are not annualized.
Total Return Based on Common Share Net Asset Value is the combination of
changes in Common share net asset value, reinvested dividend income at net
asset value and reinvested capital gains distributions at net asset value,
if any. The last dividend declared in the period, which is typically paid
on the first business day of the following month, is assumed to be
reinvested at the ending net asset value. The actual reinvest price for
the last dividend declared in the period may often be based on the Fund's
market price (and not its net asset value), and therefore may be different
from the price used in the calculation. Total returns are not annualized.
** After expense reimbursement from Adviser, where applicable. Expense ratios
do not reflect the reduction of custodian fee credits earned on the Fund's
net cash on deposit with the custodian bank, where applicable.
*** Rounds to less than $.01 per share.
**** Annualized.
***** Calculates to less than 1%.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Preferred
shareholders; Net Investment Income ratios reflect income earned and
expenses incurred on assets attributable to Preferred shares.
(a) The expense ratios in the above table reflect, among other things, 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 Footnote 1 - Inverse
Floating Rate Securities.
(b) For the six months ended October 31, 2009.
(c) For the ten months ended April 30, 2007.
See accompanying notes to financial statements.
Nuveen Investments 95
| Financial
| Highlights (Unaudited) (continued)
Selected data for a Common share outstanding throughout each period:
INVESTMENT OPERATIONS
--------------------------------------------------------------------
DISTRIBUTIONS DISTRIBUTIONS
FROM NET FROM
BEGINNING INVESTMENT CAPITAL
COMMON NET INCOME TO GAINS TO
SHARE NET REALIZED/ PREFERRED PREFERRED
NET ASSET INVESTMENT UNREALIZED SHARE- SHARE-
VALUE INCOME GAIN (LOSS) HOLDERS+ HOLDERS+ TOTAL
-------------------------------------------------------------------------------------------------------------------------
NEW JERSEY DIVIDEND ADVANTAGE (NXJ)
-------------------------------------------------------------------------------------------------------------------------
Year Ended 4/30:
2010(b) $ 12.97 $ .45 $ 1.05 $ (.02) $ -- $ 1.48
2009 14.26 .91 (1.27) (.16) (.03) (.55)
2008 15.09 .94 (.80) (.25) (.01) (.12)
2007(c) 14.68 .78 .47 (.19) --*** 1.06
Year Ended 6/30:
2006 15.63 .95 (.77) (.18) (.01) (.01)
2005 14.59 .98 1.09 (.10) -- 1.97
2004 15.35 1.00 (.77) (.05) -- .18
NEW JERSEY DIVIDEND ADVANTAGE 2 (NUJ)
-------------------------------------------------------------------------------------------------------------------------
Year Ended 4/30:
2010(b) 12.93 .47 1.07 (.02) -- 1.52
2009 14.35 .95 (1.42) (.17) (.02) (.66)
2008 15.31 .97 (.79) (.23) (.05) (.10)
2007(c) 14.87 .83 .47 (.20) --*** 1.10
Year Ended 6/30:
2006 15.79 .99 (.76) (.19) (.01) .03
2005 14.62 1.00 1.25 (.11) -- 2.14
2004 15.44 1.03 (.82) (.06) -- .15
=========================================================================================================================
LESS DISTRIBUTIONS
---------------------------------
NET
INVESTMENT CAPITAL ENDING
INCOME TO GAINS TO COMMON
COMMON COMMON SHARE ENDING
SHARE- SHARE- NET ASSET MARKET
HOLDERS HOLDERS TOTAL VALUE VALUE
-------------------------------------------------------------------------------------------------
NEW JERSEY DIVIDEND ADVANTAGE (NXJ)
-------------------------------------------------------------------------------------------------
Year Ended 4/30:
2010(b) $ (.36) $ -- $ (.36) $ 14.09 $ 12.74
2009 (.66) (.08) (.74) 12.97 11.15
2008 (.68) (.03) (.71) 14.26 13.11
2007(c) (.64) (.01) (.65) 15.09 15.75
Year Ended 6/30:
2006 (.84) (.10) (.94) 14.68 14.35
2005 (.93) -- (.93) 15.63 15.38
2004 (.94) -- (.94) 14.59 13.63
NEW JERSEY DIVIDEND ADVANTAGE 2 (NUJ)
-------------------------------------------------------------------------------------------------
Year Ended 4/30:
2010(b) (.38) -- (.38) 14.07 13.65
2009 (.69) (.07) (.76) 12.93 11.46
2008 (.71) (.15) (.86) 14.35 13.59
2007(c) (.66) --*** (.66) 15.31 16.50
Year Ended 6/30:
2006 (.86) (.09) (.95) 14.87 14.90
2005 (.92) (.05) (.97) 15.79 15.90
2004 (.92) (.05) (.97) 14.62 13.74
=================================================================================================
PREFERRED SHARES AT END OF PERIOD
-------------------------------------
AGGREGATE LIQUIDATION
AMOUNT AND MARKET ASSET
OUTSTANDING VALUE COVERAGE
(000) PER SHARE PER SHARE
---------------------------------------------------------------------------------------
NEW JERSEY DIVIDEND ADVANTAGE (NXJ)
---------------------------------------------------------------------------------------
Year Ended 4/30:
2010(b) $ 43,925 $ 25,000 $ 77,702
2009 47,025 25,000 70,311
2008 48,000 25,000 73,834
2007(c) 48,000 25,000 76,668
Year Ended 6/30:
2006 48,000 25,000 75,197
2005 48,000 25,000 78,386
2004 48,000 25,000 74,818
NEW JERSEY DIVIDEND ADVANTAGE 2 (NUJ)
---------------------------------------------------------------------------------------
Year Ended 4/30:
2010(b) 31,225 25,000 75,941
2009 32,600 25,000 69,828
2008 34,500 25,000 72,032
2007(c) 34,500 25,000 75,172
Year Ended 6/30:
2006 34,500 25,000 73,659
2005 34,500 25,000 76,617
2004 34,500 25,000 72,767
=======================================================================================
96 Nuveen Investments
RATIOS/SUPPLEMENTAL DATA
---------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
APPLICABLE TO COMMON SHARES
TOTAL RETURNS BEFORE REIMBURSEMENT
------------------- ---------------------------------------------------------
BASED ENDING
ON NET
BASED COMMON ASSETS
ON SHARE NET APPLICABLE EXPENSES EXPENSES NET
MARKET ASSET TO COMMON INCLUDING EXCLUDING INVESTMENT
VALUE* VALUE* SHARES (000) INTEREST++(a) INTEREST++ INCOME++
----------------------------------------------------------------------------------------------------------------------------
NEW JERSEY DIVIDEND ADVANTAGE (NXJ)
----------------------------------------------------------------------------------------------------------------------------
Year Ended 4/30:
2010(b) 17.56% 11.50% $ 92,597 1.19%**** 1.19%**** 6.42%****
2009 (8.95) (3.63) 85,230 1.29 1.29 6.74
2008 (12.31) (.81) 93,762 1.20 1.20 6.10
2007(c) 14.37 7.26 99,203 1.20**** 1.20**** 5.85****
Year Ended 6/30:
2006 (.78) (.05) 96,378 1.19 1.19 5.83
2005 19.97 13.80 102,502 1.19 1.19 5.94
2004 (5.13) 1.20 95,651 1.20 1.20 6.26
NEW JERSEY DIVIDEND ADVANTAGE 2 (NUJ)
----------------------------------------------------------------------------------------------------------------------------
Year Ended 4/30:
2010(b) 22.55 11.85 63,625 1.22**** 1.22**** 6.61****
2009 (9.75) (4.36) 58,456 1.33 1.33 6.95
2008 (12.41) (.60) 64,904 1.25 1.25 6.16
2007(c) 15.40 7.50 69,238 1.24**** 1.24**** 6.03****
Year Ended 6/30:
2006 (.49) .25 67,150 1.23 1.23 5.99
2005 23.39 15.00 71,231 1.23 1.23 6.09
2004 (4.81) 1.02 65,919 1.25 1.25 6.41
============================================================================================================================
RATIOS/SUPPLEMENTAL DATA
----------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
APPLICABLE TO COMMON SHARES
AFTER REIMBURSEMENT**
------------------------------------------
EXPENSES EXPENSES NET PORTFOLIO
INCLUDING EXCLUDING INVESTMENT TURNOVER
INTEREST++(a) INTEREST++ INCOME++ RATE
--------------------------------------------------------------------------------------------------------
NEW JERSEY DIVIDEND ADVANTAGE (NXJ)
--------------------------------------------------------------------------------------------------------
Year Ended 4/30:
2010(b) 1.04%**** 1.04%**** 6.57%**** --%*****
2009 1.06 1.06 6.98 --
2008 .90 .90 6.40 17
2007(c) .84**** .84**** 6.22**** 9
Year Ended 6/30:
2006 .77 .77 6.26 16
2005 .75 .75 6.38 17
2004 .75 .75 6.70 11
NEW JERSEY DIVIDEND ADVANTAGE 2 (NUJ)
--------------------------------------------------------------------------------------------------------
Year Ended 4/30:
2010(b) .99**** .99**** 6.83**** --*****
2009 1.03 1.03 7.25 --
2008 .87 .87 6.54 16
2007(c) .80**** .80**** 6.47**** 11
Year Ended 6/30:
2006 .78 .78 6.45 13
2005 .78 .78 6.53 11
2004 .80 .80 6.86 11
========================================================================================================
* Total Return Based on Market Value is the combination of changes in the
market price per share and the effect of reinvested dividend income and
reinvested capital gains distributions, if any, at the average price paid
per share at the time of reinvestment. The last dividend declared in the
period, which is typically paid on the first business day of the following
month, is assumed to be reinvested at the ending market price. The actual
reinvestment for the last dividend declared in the period may take place
over several days, and in some instances may not be based on the market
price, so the actual reinvestment price may be different from the price
used in the calculation. Total returns are not annualized.
Total Return Based on Common Share Net Asset Value is the combination of
changes in Common share net asset value, reinvested dividend income at net
asset value and reinvested capital gains distributions at net asset value,
if any. The last dividend declared in the period, which is typically paid
on the first business day of the following month, is assumed to be
reinvested at the ending net asset value. The actual reinvest price for
the last dividend declared in the period may often be based on the Fund's
market price (and not its net asset value), and therefore may be different
from the price used in the calculation. Total returns are not annualized.
** After expense reimbursement from Adviser, where applicable. Expense ratios
do not reflect the reduction of custodian fee credits earned on the Fund's
net cash on deposit with the custodian bank, where applicable.
*** Rounds to less than $.01 per share.
**** Annualized.
***** Calculates to less than 1%.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Preferred
shareholders; Net Investment Income ratios reflect income earned and
expenses incurred on assets attributable to Preferred shares.
(a) The expense ratios in the above table reflect, among other things, 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 Footnote 1 - Inverse
Floating Rate Securities.
(b) For the six months ended October 31, 2009.
(c) For the ten months ended April 30, 2007.
See accompanying notes to financial statements.
Nuveen Investments 97
| Financial
| Highlights (Unaudited) (continued)
Selected data for a Common share outstanding throughout each period:
INVESTMENT OPERATIONS
------------------------------------------------------------------
DISTRIBUTIONS DISTRIBUTIONS
FROM NET FROM
BEGINNING INVESTMENT CAPITAL
COMMON NET INCOME TO GAINS TO
SHARE NET REALIZED/ PREFERRED PREFERRED
NET ASSET INVESTMENT UNREALIZED SHARE- SHARE-
VALUE INCOME GAIN (LOSS) HOLDERS+ HOLDERS+ TOTAL
-----------------------------------------------------------------------------------------------------------------------
NEW JERSEY MUNICIPAL VALUE (NJV)
-----------------------------------------------------------------------------------------------------------------------
Year Ended 4/30:
2010(b) $ 14.29 $ .29 $ 1.16 $ -- $ -- $ 1.45
2009(c) 14.33 (.01) -- -- -- (.01)
PENNSYLVANIA INVESTMENT QUALITY (NQP)
-----------------------------------------------------------------------------------------------------------------------
Year Ended 4/30:
2010(b) 13.53 .47 .87 (.02) -- 1.32
2009 14.39 .96 (.94) (.20) -- (.18)
2008 15.19 .95 (.80) (.29) -- (.14)
2007(d) 14.71 .77 .47 (.23) -- 1.01
Year Ended 6/30:
2006 15.73 .90 (.87) (.21) (.02) (.20)
2005 14.92 .92 1.05 (.12) (.01) 1.84
2004 15.91 .98 (.98) (.06) -- (.06)
=======================================================================================================================
LESS DISTRIBUTIONS
---------------------
NET
INVESTMENT CAPITAL ENDING
INCOME TO GAINS TO COMMON
COMMON COMMON SHARE ENDING
SHARE- SHARE- OFFERING NET ASSET MARKET
HOLDERS HOLDERS TOTAL COSTS VALUE VALUE
----------------------------------------------------------------------------------------------------------
NEW JERSEY MUNICIPAL VALUE (NJV)
----------------------------------------------------------------------------------------------------------
Year Ended 4/30:
2010(b) $ (.32) $ -- $ (.32) $ --*** $ 15.42 $ 14.87
2009(c) -- -- -- (.03) 14.29 15.00
PENNSYLVANIA INVESTMENT QUALITY (NQP)
----------------------------------------------------------------------------------------------------------
Year Ended 4/30:
2010(b) (.38) -- (.38) -- 14.47 12.78
2009 (.68) -- (.68) -- 13.53 11.34
2008 (.66) -- (.66) -- 14.39 13.10
2007(d) (.53) -- (.53) -- 15.19 14.01
Year Ended 6/30:
2006 (.71) (.11) (.82) -- 14.71 12.95
2005 (.89) (.14) (1.03) -- 15.73 15.16
2004 (.92) (.01) (.93) -- 14.92 13.58
==========================================================================================================
PREFERRED SHARES AT END OF PERIOD
-------------------------------------
AGGREGATE LIQUIDATION
AMOUNT AND MARKET ASSET
OUTSTANDING VALUE COVERAGE
(000) PER SHARE PER SHARE
------------------------------------------------------------------------------------------
NEW JERSEY MUNICIPAL VALUE (NJV)
------------------------------------------------------------------------------------------
Year Ended 4/30:
2010(b) N/A N/A N/A
2009(c) N/A N/A N/A
PENNSYLVANIA INVESTMENT QUALITY (NQP)
------------------------------------------------------------------------------------------
Year Ended 4/30:
2010(b) $ 111,750 $ 25,000 $ 77,102
2009 111,750 25,000 73,849
2008 132,000 25,000 69,039
2007(d) 132,000 25,000 71,902
Year Ended 6/30:
2006 132,000 25,000 70,401
2005 132,000 25,000 73,554
2004 132,000 25,000 71,077
==========================================================================================
98 Nuveen Investments
RATIOS/SUPPLEMENTAL DATA
---------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
APPLICABLE TO COMMON SHARES
TOTAL RETURNS BEFORE REIMBURSEMENT
------------------- ------------------------------------------
ENDING
ON NET
BASED COMMON ASSETS
ON SHARE NET APPLICABLE EXPENSES EXPENSES NET
MARKET ASSET TO COMMON INCLUDING EXCLUDING INVESTMENT
VALUE* VALUE* SHARES (000) INTEREST++(a) INTEREST++ INCOME++
----------------------------------------------------------------------------------------------------------------------------
NEW JERSEY MUNICIPAL VALUE (NJV)
----------------------------------------------------------------------------------------------------------------------------
Year Ended 4/30:
2010(b) 1.33% 10.22% $ 24,070 .89%**** .84%**** 3.81%****
2009(c) -- (.24) 20,891 .64**** .64**** (.64)****
PENNSYLVANIA INVESTMENT QUALITY (NQP)
----------------------------------------------------------------------------------------------------------------------------
Year Ended 4/30:
2010(b) 16.16 9.86 232,897 1.24**** 1.16**** 6.71****
2009 (7.99) (1.01) 218,353 1.50 1.31 7.23
2008 (1.78) (.92) 232,528 1.65 1.27 6.48
2007(d) 12.41 6.89 247,644 1.54**** 1.25**** 6.06****
Year Ended 6/30:
2006 (9.47) (1.34) 239,718 1.23 1.23 5.87
2005 19.53 12.67 256,365 1.23 1.23 5.96
2004 (9.73) (.38) 243,287 1.23 1.23 6.38
============================================================================================================================
RATIOS/SUPPLEMENTAL DATA
----------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
APPLICABLE TO COMMON SHARES
AFTER REIMBURSEMENT**
------------------------------------------
EXPENSES EXPENSES NET PORTFOLIO
INCLUDING EXCLUDING INVESTMENT TURNOVER
INTEREST++(a) INTEREST++ INCOME++ RATE
---------------------------------------------------------------------------------------------------
NEW JERSEY MUNICIPAL VALUE (NJV)
---------------------------------------------------------------------------------------------------
Year Ended 4/30:
2010(b) .89%**** .84%**** 3.81%**** --%
2009(c) .64**** .64**** (.64)**** --
PENNSYLVANIA INVESTMENT QUALITY (NQP)
---------------------------------------------------------------------------------------------------
Year Ended 4/30:
2010(b) 1.24**** 1.16**** 6.71**** 3
2009 1.50 1.31 7.23 3
2008 1.65 1.27 6.48 20
2007(d) 1.54**** 1.25**** 6.06**** 16
Year Ended 6/30:
2006 1.23 1.23 5.87 20
2005 1.23 1.23 5.96 18
2004 1.23 1.23 6.38 17
===================================================================================================
* Total Return Based on Market Value is the combination of changes in the
market price per share and the effect of reinvested dividend income and
reinvested capital gains distributions, if any, at the average price paid
per share at the time of reinvestment. The last dividend declared in the
period, which is typically paid on the first business day of the following
month, is assumed to be reinvested at the ending market price. The actual
reinvestment for the last dividend declared in the period may take place
over several days, and in some instances may not be based on the market
price, so the actual reinvestment price may be different from the price
used in the calculation. Total returns are not annualized.
Total Return Based on Common Share Net Asset Value is the combination of
changes in Common share net asset value, reinvested dividend income at net
asset value and reinvested capital gains distributions at net asset value,
if any. The last dividend declared in the period, which is typically paid
on the first business day of the following month, is assumed to be
reinvested at the ending net asset value. The actual reinvest price for
the last dividend declared in the period may often be based on the Fund's
market price (and not its net asset value), and therefore may be different
from the price used in the calculation. Total returns are not annualized.
** After expense reimbursement from Adviser, where applicable. Expense ratios
do not reflect the reduction of custodian fee credits earned on the Fund'
net cash on deposit with the custodian bank, where applicable.
*** Rounds to less than $.01 per share.
**** Annualized.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Preferred
shareholders; Net Investment Income ratios reflect income earned and
expenses incurred on assets attributable to Preferred shares, where
applicable.
(a) The expense ratios in the above table reflect, among other things, 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 Footnote 1 - Inverse
Floating Rate Securities.
(b) For the six months ended October 31, 2009.
(c) For the period April 28, 2009 (commencement of operations) through April
30, 2009.
(d) For the ten months ended April 30, 2007.
N/A Fund does not issue Preferred shares.
See accompanying notes to financial statements.
Nuveen Investments 99
| Financial
| Highlights (Unaudited) (continued)
Selected data for a Common share outstanding throughout each period:
INVESTMENT OPERATIONS
-----------------------------------------------------------------
DISTRIBUTIONS DISTRIBUTIONS
FROM NET FROM
BEGINNING INVESTMENT CAPITAL
COMMON NET INCOME TO GAINS TO
SHARE NET REALIZED/ PREFERRED PREFERRED
NET ASSET INVESTMENT UNREALIZED SHARE- SHARE-
VALUE INCOME GAIN (LOSS) HOLDERS+ HOLDERS+ TOTAL
-----------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA PREMIUM INCOME 2 (NPY)
-----------------------------------------------------------------------------------------------------------------------
Year Ended 4/30:
2010(b) $ 12.72 $ .45 $ .98 $ (.02) $ -- $ 1.41
2009 13.74 .91 (1.12) (.19) -- (.40)
2008 14.70 .90 (.93) (.26) (.02) (.31)
2007(c) 14.22 .74 .50 (.21) -- 1.03
Year Ended 6/30:
2006 15.32 .89 (.80) (.18) (.03) (.12)
2005 14.74 .92 .88 (.10) (.01) 1.69
2004 15.65 .98 (.77) (.05) (.01) .15
PENNSYLVANIA DIVIDEND ADVANTAGE (NXM)
-----------------------------------------------------------------------------------------------------------------------
Year Ended 4/30:
2010(b) 13.09 .48 1.17 (.02) -- 1.63
2009 14.47 .97 (1.47) (.18) -- (.68)
2008 15.36 .97 (.84) (.25) (.02) (.14)
2007(c) 14.95 .82 .46 (.21) -- 1.07
Year Ended 6/30:
2006 15.93 .98 (.78) (.19) (.01) --
2005 15.32 .99 1.06 (.10) (.02) 1.93
2004 16.25 1.04 (.78) (.05) (.01) .20
=======================================================================================================================
LESS DISTRIBUTIONS
--------------------------------
NET
INVESTMENT CAPITAL ENDING
INCOME TO GAINS TO COMMON
COMMON COMMON SHARE ENDING
SHARE- SHARE- NET ASSET MARKET
HOLDERS HOLDERS TOTAL VALUE VALUE
-----------------------------------------------------------------------------------------------
PENNSYLVANIA PREMIUM INCOME 2 (NPY)
-----------------------------------------------------------------------------------------------
Year Ended 4/30:
2010(b) $ (.37) $ -- $ (.37) $ 13.76 $ 12.25
2009 (.62) -- (.62) 12.72 10.60
2008 (.61) (.04) (.65) 13.74 12.30
2007(c) (.55) -- (.55) 14.70 13.67
Year Ended 6/30:
2006 (.77) (.21) (.98) 14.22 12.96
2005 (.93) (.18) (1.11) 15.32 15.16
2004 (.95) (.11) (1.06) 14.74 13.84
PENNSYLVANIA DIVIDEND ADVANTAGE (NXM)
-----------------------------------------------------------------------------------------------
Year Ended 4/30:
2010(b) (.38) -- (.38) 14.34 12.85
2009 (.70) -- (.70) 13.09 11.31
2008 (.70) (.05) (.75) 14.47 13.61
2007(c) (.66) -- (.66) 15.36 15.70
Year Ended 6/30:
2006 (.88) (.10) (.98) 14.95 15.10
2005 (.96) (.36) (1.32) 15.93 16.14
2004 (.96) (.17) (1.13) 15.32 14.39
===============================================================================================
PREFERRED SHARES AT END OF PERIOD
-------------------------------------
AGGREGATE LIQUIDATION
AMOUNT AND MARKET ASSET
OUTSTANDING VALUE COVERAGE
(000) PER SHARE PER SHARE
------------------------------------------------------------------------------------
PENNSYLVANIA PREMIUM INCOME 2 (NPY)
------------------------------------------------------------------------------------
Year Ended 4/30:
2010(b) $ 99,275 $ 25,000 $ 79,049
2009 99,275 25,000 75,047
2008 118,100 25,000 70,566
2007(c) 118,100 25,000 74,249
Year Ended 6/30:
2006 118,100 25,000 72,655
2005 118,100 25,000 76,307
2004 118,100 25,000 74,207
PENNSYLVANIA DIVIDEND ADVANTAGE (NXM)
------------------------------------------------------------------------------------
Year Ended 4/30:
2010(b) 22,500 25,000 77,919
2009 22,500 25,000 73,430
2008 25,000 25,000 73,211
2007(c) 25,000 25,000 76,160
Year Ended 6/30:
2006 25,000 25,000 74,660
2005 25,000 25,000 77,712
2004 25,000 25,000 75,549
====================================================================================
100 Nuveen Investments
RATIOS/SUPPLEMENTAL DATA
---------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
APPLICABLE TO COMMON SHARES
TOTAL RETURNS BEFORE REIMBURSEMENT
------------------- ------------------------------------------
BASED ENDING
ON NET
BASED COMMON ASSETS
ON SHARE NET APPLICABLE EXPENSES EXPENSES NET
MARKET ASSET TO COMMON INCLUDING EXCLUDING INVESTMENT
VALUE* VALUE* SHARES (000) INTEREST++(a) INTEREST++ INCOME++
-------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA PREMIUM INCOME 2 (NPY)
-------------------------------------------------------------------------------------------------------------------------------
Year Ended 4/30:
2010(b) 19.18% 11.16% $ 214,629 1.19%**** 1.16%**** 6.68%****
2009 (8.43) (2.65) 198,739 1.35 1.31 7.28
2008 (5.26) (2.06) 215,252 1.55 1.28 6.36
2007(c) 9.83 7.31 232,650 1.40**** 1.21**** 6.08****
Year Ended 6/30:
2006 (8.42) (.80)*** 225,121 1.20 1.20 6.01
2005 17.79 11.80 242,373 1.19 1.19 6.09
2004 (7.22) .94 232,455 1.18 1.18 6.45
PENNSYLVANIA DIVIDEND ADVANTAGE (NXM)
-------------------------------------------------------------------------------------------------------------------------------
Year Ended 4/30:
2010(b) 17.14 12.56 47,627 1.26**** 1.24**** 6.71****
2009 (11.67) (4.57) 43,587 1.37 1.36 7.17
2008 (8.46) (.87) 48,211 1.39 1.28 6.26
2007(c) 8.40 7.22 51,160 1.33**** 1.27**** 5.99****
Year Ended 6/30:
2006 (.56) (.01) 49,660 1.25 1.25 5.90
2005 21.84 13.02 52,712 1.23 1.23 5.82
2004 (5.95) 1.30 50,549 1.21 1.21 6.15
===============================================================================================================================
RATIOS/SUPPLEMENTAL DATA
-----------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
APPLICABLE TO COMMON SHARES
AFTER REIMBURSEMENT**
------------------------------------------
EXPENSES EXPENSES NET PORTFOLIO
INCLUDING EXCLUDING INVESTMENT TURNOVER
INTEREST++(a) INTEREST++ INCOME++ RATE
-------------------------------------------------------------------------------------------------------
PENNSYLVANIA PREMIUM INCOME 2 (NPY)
-------------------------------------------------------------------------------------------------------
Year Ended 4/30:
2010(b) 1.19%**** 1.16%**** 6.68%**** 2%
2009 1.35 1.31 7.28 6
2008 1.55 1.28 6.36 27
2007(c) 1.40**** 1.21**** 6.08**** 15
Year Ended 6/30:
2006 1.20 1.20 6.01 18
2005 1.19 1.19 6.09 22
2004 1.18 1.18 6.45 16
PENNSYLVANIA DIVIDEND ADVANTAGE (NXM)
-------------------------------------------------------------------------------------------------------
Year Ended 4/30:
2010(b) 1.11**** 1.09**** 6.87**** --*****
2009 1.14 1.14 7.39 4
2008 1.09 .98 6.55 20
2007(c) .96**** .90**** 6.36**** 11
Year Ended 6/30:
2006 .82 .82 6.33 12
2005 .79 .79 6.27 13
2004 .77 .77 6.59 10
=======================================================================================================
* Total Return Based on Market Value is the combination of changes in the
market price per share and the effect of reinvested dividend income and
reinvested capital gains distributions, if any, at the average price paid
per share at the time of reinvestment. The last dividend declared in the
period, which is typically paid on the first business day of the following
month, is assumed to be reinvested at the ending market price. The actual
reinvestment for the last dividend declared in the period may take place
over several days, and in some instances may not be based on the market
price, so the actual reinvestment price may be different from the price
used in the calculation. Total returns are not annualized.
Total Return Based on Common Share Net Asset Value is the combination of
changes in Common share net asset value, reinvested dividend income at net
asset value and reinvested capital gains distributions at net asset value,
if any. The last dividend declared in the period, which is typically paid
on the first business day of the following month, is assumed to be
reinvested at the ending net asset value. The actual reinvest price for
the last dividend declared in the period may often be based on the Fund's
market price (and not its net asset value), and therefore may be different
from the price used in the calculation. Total returns are not annualized.
** After expense reimbursement from Adviser, where applicable. Expense ratios
do not reflect the reduction of custodian fee credits earned on the Fund's
net cash on deposit with the custodian bank, where applicable.
*** During the fiscal year ended June 30, 2006, Pennsylvania Premium Income 2
(NPY) received a payment from the Adviser of $27,169, to offset losses
realized on the disposal of investments purchased in violation of the
Fund's investment restrictions. This reimbursement did not have an impact
on the Fund's Total Return on Common Share Net Asset Value.
**** Annualized.
***** Calculates to less than 1%.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Preferred
shareholders; Net Investment Income ratios reflect income earned and
expenses incurred on assets attributable to Preferred shares.
(a) The expense ratios in the above table reflect, among other things, 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 Footnote 1 - Inverse
Floating Rate Securities.
(b) For the six months ended October 31, 2009.
(c) For the ten months ended April 30, 2007.
See accompanying notes to financial statements.
Nuveen Investments 101
| Financial
| Highlights (Unaudited) (continued)
Selected data for a Common share outstanding throughout each period:
INVESTMENT OPERATIONS
----------------------------------------------------------------------
DISTRIBUTIONS DISTRIBUTIONS
FROM NET FROM
BEGINNING INVESTMENT CAPITAL
COMMON NET INCOME TO GAINS TO
SHARE NET REALIZED/ PREFERRED PREFERRED
NET ASSET INVESTMENT UNREALIZED SHARE- SHARE-
VALUE INCOME GAIN (LOSS) HOLDERS+ HOLDERS+ TOTAL
-----------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA DIVIDEND ADVANTAGE 2 (NVY)
-----------------------------------------------------------------------------------------------------------------------------
Year Ended 4/30:
2010(b) $ 13.42 $ .48 $ .95 $ (.02) $ -- $ 1.41
2009 14.49 .99 (1.17) (.19) --*** (.37)
2008 15.34 .99 (.80) (.26) (.02) (.09)
2007(c) 14.93 .83 .44 (.21) (.01) 1.05
Year Ended 6/30:
2006 15.89 .98 (.85) (.19) (.01) (.07)
2005 14.87 .97 1.08 (.11) -- 1.94
2004 15.90 .98 (.87) (.05) (.01) .05
PENNSYLVANIA MUNICIPAL VALUE (NPN)
-----------------------------------------------------------------------------------------------------------------------------
Year Ended 4/30:
2010(b) 14.29 .29 .90 -- -- 1.19
2009(d) 14.33 (.01) -- -- -- (.01)
=============================================================================================================================
LESS DISTRIBUTIONS
---------------------------------
NET
INVESTMENT CAPITAL ENDING
INCOME TO GAINS TO COMMON
COMMON COMMON SHARE ENDING
SHARE- SHARE- OFFERING NET ASSET MARKET
HOLDERS HOLDERS TOTAL COSTS VALUE VALUE
---------------------------------------------------------------------------------------------------------------
PENNSYLVANIA DIVIDEND ADVANTAGE 2 (NVY)
---------------------------------------------------------------------------------------------------------------
Year Ended 4/30:
2010(b) $ (.39) $ -- $ (.39) $ -- $ 14.44 $ 12.82
2009 (.70) --*** (.70) -- 13.42 11.45
2008 (.71) (.05) (.76) -- 14.49 13.40
2007(c) (.62) (.02) (.64) -- 15.34 15.18
Year Ended 6/30:
2006 (.79) (.10) (.89) -- 14.93 14.16
2005 (.88) (.04) (.92) -- 15.89 14.90
2004 (.92) (.16) (1.08) -- 14.87 13.48
PENNSYLVANIA MUNICIPAL VALUE (NPN)
---------------------------------------------------------------------------------------------------------------
Year Ended 4/30:
2010(b) (.33) -- (.33) --*** 15.15 15.55
2009(d) -- -- -- (.03) 14.29 15.05
===============================================================================================================
PREFERRED SHARES AT END OF PERIOD
-------------------------------------
AGGREGATE LIQUIDATION
AMOUNT AND MARKET ASSET
OUTSTANDING VALUE COVERAGE
(000) PER SHARE PER SHARE
--------------------------------------------------------------------------------------------
PENNSYLVANIA DIVIDEND ADVANTAGE 2 (NVY)
--------------------------------------------------------------------------------------------
Year Ended 4/30:
2010(b) $ 23,000 $ 25,000 $ 83,465
2009 23,000 25,000 79,340
2008 28,500 25,000 72,366
2007(c) 28,500 25,000 75,124
Year Ended 6/30:
2006 28,500 25,000 73,769
2005 28,500 25,000 76,907
2004 28,500 25,000 73,570
PENNSYLVANIA MUNICIPAL VALUE (NPN)
--------------------------------------------------------------------------------------------
Year Ended 4/30:
2010(b) N/A N/A N/A
2009(d) N/A N/A N/A
============================================================================================
102 Nuveen Investments
RATIOS/SUPPLEMENTAL DATA
---------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
APPLICABLE TO COMMON SHARES
TOTAL RETURNS BEFORE REIMBURSEMENT
------------------- ------------------------------------------
BASED ENDING
ON NET
BASED COMMON ASSETS
ON SHARE NET APPLICABLE EXPENSES EXPENSES NET
MARKET ASSET TO COMMON INCLUDING EXCLUDING INVESTMENT
VALUE* VALUE* SHARES (000) INTEREST++(a) INTEREST++ INCOME++
------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA DIVIDEND ADVANTAGE 2 (NVY)
------------------------------------------------------------------------------------------------------------------------------
Year Ended 4/30:
2010(b) 15.44% 10.65% $ 53,788 1.30%**** 1.22%**** 6.68%****
2009 (9.16) (2.33) 49,993 1.37 1.36 7.07
2008 (6.81) (.60) 53,997 1.40 1.29 6.29
2007(c) 11.88 7.14 57,142 1.33**** 1.27**** 6.03****
Year Ended 6/30:
2006 .88 (.46) 55,597 1.24 1.24 5.93
2005 17.63 13.37 59,174 1.23 1.23 5.80
2004 (8.58) .29 55,370 1.24 1.24 5.95
PENNSYLVANIA MUNICIPAL VALUE (NPN)
------------------------------------------------------------------------------------------------------------------------------
Year Ended 4/30:
2010(b) 5.62 8.42 18,349 .90**** .90**** 3.88****
2009(d) .33 (.31) 15,816 .66**** .66**** (.66)****
==============================================================================================================================
RATIOS/SUPPLEMENTAL DATA
-----------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
APPLICABLE TO COMMON SHARES
AFTER REIMBURSEMENT**
-------------------------------------------
EXPENSES EXPENSES NET PORTFOLIO
INCLUDING EXCLUDING INVESTMENT TURNOVER
INTEREST++(a) INTEREST++ INCOME++ RATE
------------------------------------------------------------------------------------------------------
PENNSYLVANIA DIVIDEND ADVANTAGE 2 (NVY)
------------------------------------------------------------------------------------------------------
Year Ended 4/30:
2010(b) 1.08%**** .99%**** 6.91%**** 2%
2009 1.06 1.05 7.38 4
2008 1.02 .91 6.66 27
2007(c) .89**** .83**** 6.47**** 13
Year Ended 6/30:
2006 .79 .79 6.38 13
2005 .79 .79 6.24 8
2004 .79 .79 6.39 4
PENNSYLVANIA MUNICIPAL VALUE (NPN)
------------------------------------------------------------------------------------------------------
Year Ended 4/30:
2010(b) .90**** .90**** 3.88**** 1
2009(d) .66**** .66**** (.66)**** --
======================================================================================================
* Total Return Based on Market Value is the combination of changes in the
market price per share and the effect of reinvested dividend income and
reinvested capital gains distributions, if any, at the average price paid
per share at the time of reinvestment. The last dividend declared in the
period, which is typically paid on the first business day of the following
month, is assumed to be reinvested at the ending market price. The actual
reinvestment for the last dividend declared in the period may take place
over several days, and in some instances may not be based on the market
price, so the actual reinvestment price may be different from the price
used in the calculation. Total returns are not annualized.
Total Return Based on Common Share Net Asset Value is the combination of
changes in Common share net asset value, reinvested dividend income at net
asset value and reinvested capital gains distributions at net asset value,
if any. The last dividend declared in the period, which is typically paid
on the first business day of the following month, is assumed to be
reinvested at the ending net asset value. The actual reinvest price for
the last dividend declared in the period may often be based on the Fund's
market price (and not its net asset value), and therefore may be different
from the price used in the calculation. Total returns are not annualized.
** After expense reimbursement from Adviser, where applicable. Expense ratios
do not reflect the reduction of custodian fee credits earned on the Fund's
net cash on deposit with the custodian bank, where applicable.
*** Rounds to less than $.01 per share.
**** Annualized.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Preferred
shareholders; Net Investment Income ratios reflect income earned and
expenses incurred on assets attributable to Preferred shares, where
applicable.
(a) The expense ratios in the above table reflect, among other things, 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 Footnote 1 - Inverse
Floating Rate Securities.
(b) For the six months ended October 31, 2009.
(c) For the ten months ended April 30, 2007.
(d) For the period April 28, 2009 (commencement of operations) through April
30, 2009.
N/A Fund does not issue Preferred shares.
See accompanying notes to financial statements.
Nuveen Investments 103
Annual Investment Management Agreement Approval Process
The Investment Company Act of 1940, as amended (the "1940 Act"), provides, in
substance, that each investment advisory agreement between a fund and its
investment adviser will continue in effect from year to year only if its
continuance is approved at least annually by the fund's board members, including
by a vote of a majority of the board members who are not parties to the advisory
agreement or "interested persons" of any parties (the "Independent Board
Members"), cast in person at a meeting called for the purpose of considering
such approval. In connection with such approvals, the fund's board members must
request and evaluate, and the investment adviser is required to furnish, such
information as may be reasonably necessary to evaluate the terms of the advisory
agreement. Accordingly, at a meeting held on May 27-29, 2009 (the "May
Meeting"), the Boards of Trustees or Directors (as the case may be) (each, a
"Board" and each Trustee or Director, a "Board Member") of the Funds (other than
the Nuveen New Jersey Municipal Value Fund and the Nuveen Pennsylvania Municipal
Value Fund, each of which is a "New Fund"), including a majority of the
Independent Board Members, considered and approved the continuation of the
advisory agreements (each an "Advisory Agreement") between each Fund (other than
the New Funds) and Nuveen Asset Management ("NAM") for an additional one-year
period. In preparation for their considerations at the May Meeting, the Board
also held a separate meeting on April 21-22, 2009 (the "April Meeting").
Accordingly, the factors considered and determinations made regarding the
renewals by the Independent Board Members include those made at the April
Meeting.
The discussion of the approvals for the Funds other than the New Funds is set
forth below under "Discussion." The initial Advisory Agreements between NAM and
each New Fund were approved at meeting of each New Fund's Board held on February
27, 2009 and March 16, 2009 and were not up for renewal at the May Meeting. The
discussion of the approvals for the New Funds was included in the annual report
for the New Funds for the period ending April 30, 2009.
DISCUSSION:
Nuveen New Jersey Investment Quality Municipal Fund, Inc.
Nuveen New Jersey Premium Income Municipal Fund, Inc.
Nuveen New Jersey Dividend Advantage Municipal Fund
Nuveen New Jersey Dividend Advantage Municipal Fund 2
Nuveen Pennsylvania Investment Quality Municipal Fund
Nuveen Pennsylvania Premium Income Municipal Fund 2
Nuveen Pennsylvania Dividend Advantage Municipal Fund
Nuveen Pennsylvania Dividend Advantage Municipal Fund 2
104 Nuveen Investments
With respect to the Funds listed above (for purposes of this Discussion, the
"Funds"), in evaluating the applicable Advisory Agreements (for purposes of this
Discussion, the "Advisory Agreements"), the Independent Board Members reviewed a
broad range of information relating to the Funds and NAM, including absolute
performance, fee and expense information for the Funds as well as comparative
performance, fee and expense information for a comparable peer group of funds,
the performance information of recognized and/or customized benchmarks (as
applicable) of the Funds, the profitability of Nuveen for its advisory
activities (which includes its wholly owned subsidiaries other than Winslow
Capital Management, Inc. ("Winslow Capital"), which was recently acquired in
December 2008), and other information regarding the organization, personnel, and
services provided by NAM. The Independent Board Members also met quarterly as
well as at other times as the need arose during the year and took into account
the information provided at such meetings and the knowledge gained therefrom.
Prior to approving the renewal of the Advisory Agreements, the Independent Board
Members reviewed the foregoing information with their independent legal counsel
and with management, reviewed materials from independent legal counsel
describing applicable law and their duties in reviewing advisory contracts, and
met with independent legal counsel in private sessions without management
present. The Independent Board Members considered the legal advice provided by
independent legal counsel and relied upon their knowledge of NAM, its services
and the Funds resulting from their meetings and other interactions throughout
the year and their own business judgment in determining the factors to be
considered in evaluating the Advisory Agreements. Each Board Member may have
accorded different weight to the various factors in reaching his or her
conclusions with respect to a Fund's Advisory Agreement. The Independent Board
Members did not identify any single factor as all-important or controlling. The
Independent Board Members' considerations were instead based on a comprehensive
consideration of all the information presented. The principal factors considered
by the Board and its conclusions are described below.
A. NATURE, EXTENT AND QUALITY OF SERVICES
In considering renewal of the Advisory Agreements, the Independent Board Members
considered the nature, extent and quality of NAM's services, including advisory
services and administrative services. The Independent Board Members reviewed
materials outlining, among other things, NAM's organization and business; the
types of services that NAM or its affiliates provide and are expected to provide
to the Funds; the performance record of the applicable Fund (as described in
further detail below); and any initiatives Nuveen had taken for the applicable
fund product line.
In reviewing the services provided and the initiatives undertaken during the
past year, the Independent Board Members recognized the severe market turmoil
experienced in the capital markets during recent periods, including sustained
periods of high volatility, credit disruption and government intervention. The
Independent Board Members considered NAM's efforts, expertise and other actions
taken to address matters as they arose that impacted the Funds. The Independent
Board Members recognized the role of the Investment Services group which, among
other things, monitors the various positions throughout the Nuveen fund complex
to identify and address any systematic risks.
Nuveen Investments 105
Annual Investment Management Agreement Approval Process (continued)
In addition, the Capital Markets Committee of NAM provides a multi-departmental
venue for developing new policies to mitigate any risks. The Independent Board
Members further recognized NAM's continuous review of the Nuveen funds'
investment strategies and mandates in seeking to continue to refine and improve
the investment process for the funds, particularly in light of market
conditions. With respect to closed-end funds that issued auction rate preferred
shares ("ARPs") or that otherwise utilize leverage, the Independent Board
Members noted, in particular, NAM's efforts in refi-nancing the preferred shares
of such funds frozen by the collapse of the auction rate market and managing
leverage during a period of rapid market declines, particularly for the
non-equity funds. Such efforts included negotiating and maintaining the
availability of bank loan facilities and other sources of credit used for
investment purposes or to satisfy liquidity needs, liquidating portfolio
securities during difficult times to meet leverage ratios, and seeking
alternative forms of debt and other leverage that may over time reduce financing
costs associated with ARPs and enable the funds that have issued ARPs to restore
liquidity to ARPs holders. The Independent Board Members also noted Nuveen's
continued commitment and efforts to keep investors and financial advisers
informed as to its progress with the ARPs through, among other things,
conference calls, emails, press releases, information posted on its website, and
telephone calls and in-person meetings with financial advisers. In addition to
the foregoing, the Independent Board Members also noted the additional services
that NAM or its affiliates provide to closed-end funds, including, in
particular, Nuveen's continued commitment to supporting the secondary market for
the common shares of its closed-end funds through a variety of programs designed
to raise investor and analyst awareness and understanding of closed-end funds.
These efforts include maintaining an investor relations program to provide
timely information and education to financial advisers and investors; providing
advertising and marketing for the closed-end funds; maintaining websites; and
providing educational seminars.
As part of their review, the Independent Board Members also evaluated the
background, experience and track record of NAM's investment personnel. In this
regard, the Independent Board Members considered any changes in the personnel,
and the impact on the level of services provided to the Funds, if any. The
Independent Board Members also reviewed information regarding portfolio manager
compensation arrangements to evaluate NAM's ability to attract and retain high
quality investment personnel, preserve stability, and reward performance but not
provide an incentive for taking undue risks.
In addition to advisory services, the Independent Board Members considered the
quality of administrative services provided by NAM and its affiliates including
product management, fund administration, oversight of service providers,
shareholder services, administration of Board relations, regulatory and
portfolio compliance and legal support. Given the importance of compliance, the
Independent Board Members considered NAM's compliance program, including the
report of the chief compliance officer regarding the Funds' compliance policies
and procedures.
Based on their review, the Independent Board Members found that, overall, the
nature, extent and quality of services provided (and expected to be provided) to
the respective Funds under the Advisory Agreements were satisfactory.
106 Nuveen Investments
B. THE INVESTMENT PERFORMANCE OF THE FUNDS AND NAM
The Board considered the investment performance of each Fund, including the
Fund's historic performance as well as its performance compared to funds with
similar investment objectives (the "Performance Peer Group") based on data
provided by an independent provider of mutual fund data as well as recognized
and/or customized benchmarks (as applicable). The Independent Board Members
reviewed performance information including, among other things, total return
information compared with the Fund's Performance Peer Group and recognized
and/or customized benchmarks (as applicable) for the quarter-, one-, three- and
five-year periods (as applicable) ending December 31, 2008 and for the same
periods (as applicable) ending March 31, 2009. The Independent Board Members
also reviewed performance information of the Nuveen municipal funds managed by
NAM in the aggregate ranked by peer group and the performance of such funds, in
the aggregate, relative to their benchmark. This information supplemented the
Fund performance information provided to the Board at each of its quarterly
meetings.
In comparing a fund's performance with that of its Performance Peer Group, the
Independent Board Members took into account that the closest Performance Peer
Group in certain instances may not adequately reflect the respective fund's
investment objectives and strategies thereby hindering a meaningful comparison
of the fund's performance with that of the Performance Peer Group. The
Independent Board Members further considered the performance of the Funds in the
context of the volatile market conditions during the past year, and their impact
on various asset classes and the portfolio management of the Funds.
Based on their review and factoring in the severity of market turmoil in 2008,
the Independent Board Members determined that each Fund's investment performance
over time had been satisfactory.
C. FEES, EXPENSES AND PROFITABILITY
1. Fees and Expenses
The Board evaluated the management fees and expenses of each Fund
reviewing, among other things, such Fund's gross management fees, net
management fees and total expense ratios (before and after expense
reimbursements and/or waivers) in absolute terms as well as compared to
the fee and expenses of a comparable universe of unaffiliated funds based
on data provided by an independent fund data provider (the "Peer
Universe") and in certain cases, to a more focused subset of funds in the
Peer Universe (the "Peer Group").
The Independent Board Members further reviewed data regarding the
construction of the applicable Peer Universe and Peer Group. In reviewing
the comparisons of fee and expense information, the Independent Board
Members took into account that in certain instances various factors such
as the asset level of a fund relative to peers, the size and particular
composition of the Peer Universe or Peer Group, the investment objectives
of the peers, expense anomalies, changes in the funds comprising the Peer
Universe or Peer Group from year to year, levels of reimbursement and the
timing of information used may impact the comparative data, thereby
limiting the
Nuveen Investments 107
Annual Investment Management Agreement Approval Process (continued)
ability to make a meaningful comparison. In addition, the Independent
Board Members considered, among other things, the differences in the use
and type of leverage compared to the peers. The Independent Board Members
also considered the differences in the states reflected in the respective
Peer Group. In reviewing the fee schedule for a Fund, the Independent
Board Members also considered the fund-level and complex-wide breakpoint
schedules (described in further detail below) and any fee waivers and
reimbursements provided by Nuveen (applicable, in particular, for certain
closed-end funds launched since 1999).
Based on their review of the fee and expense information provided, the
Independent Board Members determined that each Fund's management fees and
net total expense ratio were reasonable in light of the nature, extent and
quality of services provided to the Fund.
2. Comparisons with the Fees of Other Clients
The Independent Board Members further reviewed information regarding the
nature of services and fee rates offered by NAM to other clients. Such
other clients include NAM's municipal separately managed accounts. In
evaluating the comparisons of fees, the Independent Board Members noted
that the fee rates charged to the Funds and other clients vary, among
other things, because of the different services involved and the
additional regulatory and compliance requirements associated with
registered investment companies, such as the Funds. Accordingly, the
Independent Board Members considered the differences in the product types,
including, but not limited to, the services provided, the structure and
operations, product distribution and costs thereof, portfolio investment
policies, investor profiles, account sizes and regulatory requirements.
The Independent Board Members noted, in particular, that the range of
services provided to the Funds (as discussed above) is much more extensive
than that provided to separately managed accounts. Given the inherent
differences in the products, particularly the extensive services provided
to the Funds, the Independent Board Members believe such facts justify the
different levels of fees.
3. Profitability of Nuveen
In conjunction with its review of fees, the Independent Board Members also
considered the profitability of Nuveen for its advisory activities (which
incorporated Nuveen's wholly-owned affiliated sub-advisers other than
Winslow Capital) and its financial condition. The Independent Board
Members reviewed the revenues and expenses of Nuveen's advisory activities
for the last two years, the allocation methodology used in preparing the
profitability data and an analysis of the key drivers behind the changes
in revenues and expenses that impacted profitability in 2008. In addition,
the Independent Board Members reviewed information regarding the financial
results of Nuveen for 2008 based on its Form 8-K filed on March 31, 2009.
The Independent Board Members noted this information supplemented the
profitability information requested and received during the year to help
keep them apprised of developments affecting profitability (such as
changes in fee waivers and expense reimbursement commitments). In this
regard, the Independent Board Members noted that they had also appointed
an Independent Board Member as a point person to review and keep them
apprised of changes to the profitability analysis and/or methodologies
during the year. The Independent Board Members also considered Nuveen's
revenues for
108 Nuveen Investments
advisory activities, expenses, and profit margin compared to that of
various unaffiliated management firms with similar amounts of assets under
management and relatively comparable asset composition prepared by Nuveen.
In reviewing profitability, the Independent Board Members recognized the
subjective nature of determining profitability which may be affected by
numerous factors including the allocation of expenses. Further, the
Independent Board Members recognized the difficulties in making
comparisons as the profitability of other advisers generally is not
publicly available and the profitability information that is available for
certain advisers or management firms may not be representative of the
industry and may be affected by, among other things, the adviser's
particular business mix, capital costs, types of funds managed and expense
allocations. Notwithstanding the foregoing, the Independent Board Members
reviewed Nuveen's methodology and assumptions for allocating expenses
across product lines to determine profitability. In reviewing
profitability, the Independent Board Members recognized Nuveen's
investment in its fund business.
Based on their review, the Independent Board Members concluded that
Nuveen's level of profitability for its advisory activities was reasonable
in light of the services provided.
In evaluating the reasonableness of the compensation, the Independent
Board Members also considered other amounts paid to NAM by the Funds as
well as any indirect benefits (such as soft dollar arrangements, if any)
NAM and its affiliates receive, or are expected to receive, that are
directly attributable to the management of the Funds, if any. See Section
E below for additional information on indirect benefits NAM may receive as
a result of its relationship with the Funds. Based on their review of the
overall fee arrangements of each Fund, the Independent Board Members
determined that the advisory fees and expenses of the respective Fund were
reasonable.
D. ECONOMIES OF SCALE AND WHETHER FEE LEVELS REFLECT THESE ECONOMIES OF SCALE
With respect to economies of scale, the Independent Board Members have
recognized the potential benefits resulting from the costs of a fund being
spread over a larger asset base, although economies of scale are difficult to
measure and predict with precision, particularly on a fund-by-fund basis. One
method to help ensure the shareholders share in these benefits is to include
breakpoints in the advisory fee schedule. Generally, management fees for funds
in the Nuveen complex are comprised of a fund-level component and a
complex-level component, subject to certain exceptions. Accordingly, the
Independent Board Members reviewed and considered the applicable fund-level
breakpoints in the advisory fee schedules that reduce advisory fees as asset
levels increase. In this regard, the Independent Board Members noted that
although closed-end funds may from time-to-time make additional share offerings,
the growth of their assets will occur primarily through the appreciation of such
funds' investment portfolio. While economies of scale result when costs can be
spread over a larger asset base, the Independent Board Members also recognized
that the asset levels generally declined in 2008 due to, among other things, the
market downturn. Accordingly, for funds with a
Nuveen Investments 109
Annual Investment Management Agreement Approval Process (continued)
reduction in assets under management, advisory fee levels may have increased as
breakpoints in the fee schedule were no longer surpassed.
In addition to fund-level advisory fee breakpoints, the Board also considered
the Funds' complex-wide fee arrangement. Pursuant to the complex-wide fee
arrangement, the fees of the funds in the Nuveen complex generally are reduced
as the assets in the fund complex reach certain levels. The complex-wide fee
arrangement seeks to provide the benefits of economies of scale to fund
shareholders when total fund complex assets increase, even if assets of a
particular fund are unchanged or have decreased. The approach reflects the
notion that some of Nuveen's costs are attributable to services provided to all
its funds in the complex and therefore all funds benefit if these costs are
spread over a larger asset base. Generally, the complex-wide pricing reduces
Nuveen's revenue because total complex fund assets have consistently grown in
prior years. As noted, however, total fund assets declined in 2008 resulting in
a smaller downward adjustment of revenues due to complex-wide pricing compared
to the prior year.
Based on their review, the Independent Board Members concluded that the
breakpoint schedules and complex-wide fee arrangement were acceptable and
reflect economies of scale to be shared with shareholders when assets under
management increase.
E. INDIRECT BENEFITS
In evaluating fees, the Independent Board Members received and considered
information regarding potential "fall out" or ancillary benefits NAM or its
affiliates may receive as a result of its relationship with each Fund. In this
regard, the Independent Board Members considered revenues received by affiliates
of NAM for serving as agent at Nuveen's trading desk.
In addition to the above, the Independent Board Members considered whether NAM
received any benefits from soft dollar arrangements whereby a portion of the
commissions paid by a Fund for brokerage may be used to acquire research that
may be useful to NAM in managing the assets of the Funds and other clients. The
Independent Board Members noted that NAM does not currently have any soft dollar
arrangements; however, to the extent certain bona fide agency transactions that
occur on markets that traditionally trade on a principal basis and riskless
principal transactions are considered as generating "commissions," NAM intends
to comply with the applicable safe harbor provisions.
Based on their review, the Independent Board Members concluded that any indirect
benefits received by NAM as a result of its relationship with the Funds were
reasonable and within acceptable parameters.
F. OTHER CONSIDERATIONS
The Independent Board Members did not identify any single factor discussed
previously as all-important or controlling. The Board Members, including the
Independent Board Members, unanimously concluded that the terms of the Advisory
Agreements are fair and reasonable, that NAM's fees are reasonable in light of
the services provided to each Fund and that the Advisory Agreements be renewed.
110 Nuveen Investments
Reinvest Automatically Easily and Conveniently
NUVEEN MAKES REINVESTING EASY. A PHONE CALL IS ALL IT TAKES TO SET UP YOUR
REINVESTMENT ACCOUNT.
NUVEEN CLOSED-END FUNDS DIVIDEND REINVESTMENT PLAN
Your Nuveen Closed-End Fund allows you to conveniently reinvest dividends and/or
capital gains distributions in additional Fund shares.
By choosing to reinvest, you'll be able to invest money regularly and
automatically, and watch your investment grow through the power of tax-free
compounding. Just like dividends or distributions in cash, there may be times
when income or capital gains taxes may be payable on dividends or distributions
that are reinvested.
It is important to note that an automatic reinvestment plan does not ensure a
profit, nor does it protect you against loss in a declining market.
EASY AND CONVENIENT
To make recordkeeping easy and convenient, each month you'll receive a statement
showing your total dividends and distributions, the date of investment, the
shares acquired and the price per share, and the total number of shares you own.
HOW SHARES ARE PURCHASED
The shares you acquire by reinvesting will either be purchased on the open
market or newly issued by the Fund. If the shares are trading at or above net
asset value at the time of valuation, the Fund will issue new shares at the
greater of the net asset value or 95% of the then-current market price. If the
shares are trading at less than net asset value, shares for your account will be
purchased on the open market. If the Plan Agent begins purchasing Fund shares on
the open market while shares are trading below net asset value, but the Fund's
shares subsequently trade at or above their net asset value before the Plan
Agent is able to complete its purchases, the Plan Agent may cease open-market
purchases and may invest the uninvested portion of the distribution in
newly-issued Fund shares at a price equal to the greater of the shares' net
asset value or 95% of the shares' market value on the last business day
immediately prior to the purchase date. Dividends and distributions received to
purchase shares in the open market will normally be invested shortly after the
dividend payment date. No interest will be paid on dividends and distributions
awaiting reinvestment. Because the market price of the shares may increase
before purchases are completed, the average purchase price
Nuveen Investments 111
Reinvest Automatically Easily and Conveniently (continued)
per share may exceed the market price at the time of valuation, resulting in the
acquisition of fewer shares than if the dividend or distribution had been paid
in shares issued by the Fund. A pro rata portion of any applicable brokerage
commissions on open market purchases will be paid by Plan participants. These
commissions usually will be lower than those charged on individual transactions.
FLEXIBLE
You may change your distribution option or withdraw from the Plan at any time,
should your needs or situation change. Should you withdraw, you can receive a
certificate for all whole shares credited to your reinvestment account and cash
payment for fractional shares, or cash payment for all reinvestment account
shares, less brokerage commissions and a $2.50 service fee.
You can reinvest whether your shares are registered in your name, or in the name
of a brokerage firm, bank, or other nominee. Ask your investment advisor if his
or her firm will participate on your behalf. Participants whose shares are
registered in the name of one firm may not be able to transfer the shares to
another firm and continue to participate in the Plan.
The Fund reserves the right to amend or terminate the Plan at any time. Although
the Fund reserves the right to amend the Plan to include a service charge
payable by the participants, there is no direct service charge to participants
in the Plan at this time.
CALL TODAY TO START REINVESTING DIVIDENDS AND/OR DISTRIBUTIONS
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in
or withdraw from the Plan, speak with your financial advisor or call us at (800)
257-8787.
112 Nuveen Investments
Glossary of Terms Used in this Report
o 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.
o 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.
o AVERAGE EFFECTIVE MATURITY: The average of the number of years to maturity
of the bonds in a Fund's portfolio, computed by weighting each bond's time
to maturity (the date the security comes due) by the market value of the
security. This figure does not account for the likelihood of prepayments
or the exercise of call provisions unless an escrow account has been
established to redeem the bond before maturity. The market value weighting
for an investment in an inverse floating rate security is the value of the
portfolio's residual interest in the inverse floating rate trust, and does
not include the value of the floating rate securities issued by the trust.
o DURATION: Duration is a measure of the expected period over which a bond's
principal and interest will be paid, and consequently is a measure of the
sensitivity of a bond's or bond Fund's value to changes when market
interest rates change. Generally, the longer a bond's or Fund's duration,
the more the price of the bond or Fund will change as interest rates
change. Leverage-adjusted duration takes into account the leveraging
process for a Fund and therefore is longer than the duration of the Fund's
portfolio of bonds.
o INVERSE FLOATERS: Inverse floating rate securities, also known as inverse
floaters, are created by depositing a municipal bond, typically with a
fixed interest rate, into a special purpose trust created by a
broker-dealer. This trust, in turn, (a) issues floating rate certificates
typically paying short-term tax-exempt interest rates to third parties in
amounts equal to some fraction of the deposited bond's par amount or
market value, and (b) issues an inverse floating rate certificate
(sometimes referred to as an "inverse floater") to an investor (such as a
Fund) interested in gaining investment exposure to a long-term municipal
bond. The income received by the holder of the inverse floater varies
inversely with the short-term rate paid to the floating rate certificates'
holders, and in most circumstances the holder of the inverse floater bears
substantially all of the underlying bond's downside investment risk. The
holder of the inverse floater typically also benefits disproportionately
from any potential appreciation of the underlying bond's value. Hence, an
inverse floater essentially represents an investment in the underlying
bond on a leveraged basis.
Nuveen Investments 113
Glossary of Terms Used in this Report (continued)
o MARKET YIELD (ALSO KNOWN AS DIVIDEND YIELD OR CURRENT YIELD): An
investment's current annualized dividend divided by its current market
price.
o NET ASSET VALUE (NAV): A Fund's NAV per common share is calculated by
subtracting the liabilities of the Fund (including any Preferred shares
issued in order to leverage the Fund) from its total assets and then
dividing the remainder by the number of common shares outstanding. Fund
NAVs are calculated at the end of each business day.
o 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.
o TAXABLE-EQUIVALENT YIELD: The yield necessary from a fully taxable
investment to equal, on an after-tax basis, the yield of a municipal bond
investment.
o ZERO COUPON BOND: A zero coupon bond does not pay a regular interest
coupon to its holders during the life of the bond. Tax-exempt income to
the holder of the bond comes from accretion of the difference between the
original purchase price of the bond at issuance and the par value of the
bond at maturity and is effectively paid at maturity. The market prices of
zero coupon bonds generally are more volatile than the market prices of
bonds that pay interest periodically.
114 Nuveen Investments
Notes
Nuveen Investments 115
Notes
116 Nuveen Investments
Other Useful Information
BOARD OF DIRECTORS/TRUSTEES
John P. Amboian
Robert P. Bremner
Jack B. Evans
William C. Hunter
David J. Kundert
William J. Schneider
Judith M. Stockdale
Carole E. Stone
Terence J. Toth
FUND MANAGER
Nuveen Asset Management
333 West Wacker Drive
Chicago, IL 60606
CUSTODIAN
State Street Bank & Trust
Company
Boston, MA
TRANSFER AGENT AND SHAREHOLDER SERVICES
State Street Bank & Trust
Company
Nuveen Funds
P.O. Box 43071
Providence, RI 02940-3071
(800) 257-8787
LEGAL COUNSEL
Chapman and Cutler LLP
Chicago, IL
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Ernst & Young LLP
Chicago, IL
QUARTERLY PORTFOLIO OF INVESTMENTS AND PROXY VOTING INFORMATION
You may obtain (i) each Fund's quarterly portfolio of investments, (ii)
information regarding how the Funds voted proxies relating to portfolio
securities held during the twelve-month period ended June 30, 2009, and (iii) a
description of the policies and procedures that the Funds used to determine how
to vote proxies relating to portfolio securities without charge, upon request,
by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen's website
at www.nuveen.com.
You may also obtain this and other Fund information directly from the Securities
and Exchange Commission ("SEC"). The SEC may charge a copying fee for this
information. Visit the SEC on-line at http://www.sec.gov or in person at the
SEC's Public Reference Room in Washington, D.C. Call the SEC at (202) 942-8090
for room hours and operation. You may also request Fund information by sending
an e-mail request to publicinfo@sec.gov or by writing to the SEC's Public
References Section at 100 F Street NE, Washington, D.C. 20549.
CEO CERTIFICATION DISCLOSURE
Each Fund's Chief Executive Officer has submitted to the New York Stock Exchange
(NYSE) the annual CEO certification as required by Section 303A.12(a) of the
NYSE Listed Company Manual.
Each Fund has filed with the SEC the certification of its Chief Executive
Officer and Chief Financial Officer required by Section 302 of the
Sarbanes-Oxley Act.
COMMON AND PREFERRED SHARE INFORMATION
Each Fund intends to repurchase shares of its own common or preferred stock in
the future at such times and in such amounts as is deemed advisable. During the
period covered by this report, the Funds did not repurchase any of their common
shares.
COMMON SHARES PREFERRED SHARES
FUND REPURCHASED REDEEMED
NQJ -- 255
NNJ -- 149
NXJ -- 124
NUJ -- 55
NJV -- N/A
NQP 39,000 --
NPY 23,300 --
NXM 8,600 --
NVY -- --
NPN -- N/A
N/A - Fund does not issue Preferred shares.
Any future repurchases and/or redemptions will be reported to shareholders in
the next annual or semi-annual report.
Nuveen Investments 117
Nuveen Investments:
Serving Investors for Generations
Since 1898, financial advisors and their clients have relied on Nuveen
Investments to provide dependable investment solutions. For the past century,
Nuveen Investments has adhered to the belief that the best approach to investing
is to apply conservative risk-management principles to help minimize volatility.
Building on this tradition, we today offer a range of high quality equity and
fixed-income solutions that are integral to a well-diversified core portfolio.
Our clients have come to appreciate this diversity, as well as our continued
adherence to proven, long-term investing principles.
WE OFFER MANY DIFFERENT INVESTING SOLUTIONS FOR OUR CLIENTS' DIFFERENT NEEDS.
Nuveen Investments is a global investment management firm that seeks to help
secure the long-term goals of institutions and high net worth investors as well
as the consultants and financial advisors who serve them. Nuveen Investments
markets its growing range of specialized investment solutions under the
high-quality brands of HydePark, NWQ, Nuveen, Santa Barbara, Symphony,
Tradewinds and Winslow Capital. In total, the Company managed $141 billion of
assets on September 30, 2009.
FIND OUT HOW WE CAN HELP YOU REACH YOUR FINANCIAL GOALS.
To learn more about the products and services Nuveen Investments offers, talk to
your financial advisor, or call us at (800) 257-8787. Please read the
information provided carefully before you invest. Be sure to obtain a
prospectus, where applicable. Investors should consider the investment objective
and policies, risk considerations, charges and expenses of the Fund carefully
before investing. The prospectus contains this and other information relevant to
an investment in the Fund. For a prospectus, please contact your securities
representative or NUVEEN INVESTMENTS, 333 W. WACKER DR., CHICAGO, IL 60606.
Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at: WWW.NUVEEN.COM/CEF
o Share prices
o Fund details
o Daily financial news
o Investor education
o Interactive planning tools
Distributed by
Nuveen Investments, LLC
333 West Wacker Drive
Chicago, IL 60606 It's not what you earn,
www.nuveen.com it's what you keep.(R)
ESA-A-1009D
ITEM 2. CODE OF ETHICS.
Not applicable to this filing.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable to this filing.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable to this filing.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to this filing.
ITEM 6. SCHEDULE OF INVESTMENTS.
(a) See Portfolio of Investments in Item 1.
(b) Not applicable.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this filing.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this filing.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which shareholders may
recommend nominees to the registrant's Board of Directors or Trustees
implemented after the registrant last provided disclosure in response to
this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial officers,
or persons performing similar functions, have concluded that the
registrant's disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940, as amended (the
"1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within
90 days of the filing date of this report that includes the disclosure
required by this paragraph, based on their evaluation of the controls
and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR
270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934, as amended (the "Exchange Act")(17 CFR
240.13a-15(b) or 240.15d-15(b)).
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act
(17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter
of the period covered by this report that has materially affected, or
is reasonably likely to materially affect, the registrant's internal
control over financial reporting.
ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit: Not applicable to
this filing.
(a)(2) A separate certification for each principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2(a) under
the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See
Ex-99.CERT attached hereto.
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under
the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the
report by or on behalf of the registrant to 10 or more persons: Not applicable.
(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act,
provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR
270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR
240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of
the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished
pursuant to this paragraph will not be deemed "filed" for purposes of Section 18
of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of
that section. Such certification will not be deemed to be incorporated by
reference into any filing under the Securities Act of 1933 or the Exchange Act,
except to the extent that the registrant specifically incorporates it by
reference: See Ex-99.906 CERT attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen New Jersey Dividend Advantage Municipal Fund
-----------------------------------------------------------
By (Signature and Title) /s/ Kevin J. McCarthy
----------------------------------------------
Kevin J. McCarthy
(Vice President and Secretary)
Date: January 8, 2010
-------------------------------------------------------------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title) /s/ Gifford R. Zimmerman
----------------------------------------------
Gifford R. Zimmerman
Chief Administrative Officer
(principal executive officer)
Date: January 8, 2010
-------------------------------------------------------------------
By (Signature and Title) /s/ Stephen D. Foy
----------------------------------------------
Stephen D. Foy
Vice President and Controller
(principal financial officer)
Date: January 8, 2010
-------------------------------------------------------------------