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, 2010
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Date of reporting period: April 30, 2010
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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)
Annual Report
April 30, 2010
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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
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NUVEEN NEW JERSEY NUVEEN NEW JERSEY NUVEEN PENNSYLVANIA
DIVIDEND ADVANTAGE MUNICIPAL VALUE INVESTMENT QUALITY
MUNICIPAL FUND 2 FUND MUNICIPAL FUND
NUJ NJV NQP
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NUVEEN PENNSYLVANIA NUVEEN PENNSYLVANIA NUVEEN PENNSYLVANIA
PREMIUM INCOME DIVIDEND ADVANTAGE DIVIDEND ADVANTAGE
MUNICIPAL FUND 2 MUNICIPAL FUND MUNICIPAL FUND 2
NPY NXM NVY
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NUVEEN PENNSYLVANIA
MUNICIPAL VALUE
FUND
NPN
APRIL 10
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LOGO: NUVEEN INVESTMENTS
Chairman's
Letter to Shareholders
[PHOTO OF ROBERT P. BREMNER]
DEAR SHAREHOLDER,
The economic environment in which your Fund operates reflects continuing but
uneven economic recovery. The U.S. and other major industrial countries are
experiencing steady but comparatively low levels of economic growth, while
emerging market countries are seeing a resumption of relatively strong economic
expansion. The potential impact of steps being considered by many governments to
counteract the extraordinary governmental spending and credit expansion to deal
with the recent financial and economic crisis is injecting uncertainty into
global financial markets. The implications for future tax rates, government
spending, interest rates and the pace of economic recovery in the U.S. and other
leading economies are extremely difficult to predict at the present time. The
long term health of the global economy depends on restoring some measure of
fiscal discipline around the world, but since all of the corrective steps
require economic pain, it is not surprising that governments are reluctant to
undertake them.
In the near term, governments remain committed to furthering economic recovery
and realizing a meaningful reduction in their national unemployment rates. Such
an environment should produce continued economic growth and, consequently,
attractive investment opportunities. Over the longer term, the larger
uncertainty mentioned earlier carries the risk of unexpected potholes in the
road to sustained recovery. For this reason, Nuveen's investment management
teams are working hard to balance return and risk by building well-diversified
portfolios, among other strategies. I encourage you to read the following
commentary on the management of your Fund. As always, I also encourage you to
contact your financial consultant if you have any questions about your Nuveen
Fund investment. Please consult the Nuveen web site for the most recent
information 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
June 21, 2010
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 reviews economic and municipal market
conditions at the national and state levels, key investment strategies, and the
twelve-month performance of the Nuveen New Jersey and Pennsylvania Funds.
Cathryn, who joined Nuveen in 1996, has managed NQJ, NNJ, NXJ, NUJ, NQP, NPY,
NXM and NVY since 2006. In April 2009, she assumed portfolio management
responsibility for Nuveen New Jersey Municipal Value Fund (NJV) and Nuveen
Pennsylvania Municipal Value Fund (NPN) at their inceptions.
WHAT FACTORS AFFECTED THE U.S. ECONOMY AND MUNICIPAL MARKET DURING THE
TWELVE-MONTH REPORTING PERIOD ENDED APRIL 30, 2010?
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. As the
period began, there continued to be considerable downward pressure on the
economy, and both the Federal Reserve (Fed) and the federal government continued
their efforts to improve the overall economic environment. For its part, the Fed
continued to hold the benchmark fed funds rate in a target range of zero to
0.25% since cutting it to this record low level in December 2008. At its April
2010 meeting, the central bank renewed its pledge to keep the fed funds rate
"exceptionally low" for an "extended period." As part of its efforts, the
federal government put into place the American Recovery and Reinvestment Act of
2009, a $787 billion economic stimulus package intended to provide job creation,
tax relief, fiscal assistance to state and local governments, and expansion of
unemployment benefits and other federal social welfare programs.
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
In recent months, these and other measures taken by the Fed and the government
to ease the economic recession have produced some incipient signs of
improvement. In the first quarter of 2010, the U.S. economy, as measured by the
U.S. gross domestic product (GDP), grew at an annualized rate of 3.0%. This
marked the first time since 2007 that the economy had strung together three
consecutive positive quarters. Housing prices also provided a bright spot
between April 2009 and April 2010. As of March 2010, the Standard &
Poor's/Case-Shiller Home Price Index stood 3% higher than the low point reached
in April 2009. At the same time, inflation remained relatively tame, as the
Consumer Price Index (CPI) rose 2.2% year-over-year as of April 2010. The core
CPI (which excludes food and energy) rose 0.9% over the year, within the Fed's
unofficial objective of 2.0% or lower for this measure. While labor markets
remained weak, recent months saw improvement, with April's gain in overall
employment the largest since March 2006. As of April 2010, the national
unemployment rate was 9.9%, up from 8.9% in April 2009 but below the 26-year
high of 10.1% in October 2009.
Municipal market conditions began to show general signs of improvement
throughout most of the period. This trend was bolstered by the reduced issuance
of tax-exempt municipal debt, due in part to the introduction of the Build
America Bond program in April 2009. Build America Bonds are a new class of
taxable municipal debt created as part of the February 2009 ezconomic stimulus
package. These bonds currently offer municipal issuers a federal subsidy equal
to 35% of the bonds' interest payments and therefore provide issuers with an
attractive alternative to traditional tax-exempt debt.
During the twelve months ended April 30, 2010, taxable Build America Bonds
issuance totaled $89.4 billion, accounting for over 21% of new bonds issued in
the municipal market.
Over the twelve months ended April 30, 2010, municipal bond issuance
nationwide-both tax-exempt and taxable-totaled $419.2 billion, an increase of
10% compared with the twelve-month period ended April 30, 2009. Although total
municipal issuance rose during these twelve months, supply actually would have
fallen approximately 13% without the issuance of Build America Bonds. Demand for
tax-exempt bonds remained strong during this period, supported in part by
concerns about potential tax increases. Combined with the lower supply of
tax-exempt bonds, this provided support for municipal bond prices.
Nuveen Investments 3
HOW WERE ECONOMIC AND MARKET CONDITIONS IN NEW JERSEY AND PENNSYLVANIA?
The recession in New Jersey has shown some signs of leveling off, although
recovery has not yet begun. The state continued to benefit from a highly diverse
base of professional, business and financial services, retail trade, industry,
and education and health services. Employment in health care has been one of the
few steady sources of job growth throughout the downturn. In April 2010, New
Jersey's jobless rate was 9.8%, up from 8.9% in April 2009 but down slightly
from its recent high of 10.0% in December 2009. New Jersey's progress toward
economic recuperation was bolstered by improvements in the state's housing
market, with firming house prices and an increase in building permits during the
second half of 2009. The state of New Jersey continued to face fiscal problems,
including a projected $300 million revenue shortfall for fiscal 2010. For fiscal
2011, which begins July 1, 2010, the proposed $29.3 billion state budget relies
on cost-cutting, rather than new taxes, to close an estimated $11 billion gap.
As of April 2010, New Jersey general obligation debt was rated Aa2/AA/AA by
Moody's, Standard & Poor's (S&P) and Fitch, respectively. All three credit
rating agencies listed their outlooks for the state as stable. For the twelve
months ended April 30, 2010, municipal issuance in New Jersey totaled $10.7
billion, a decrease of 15% from the previous twelve months.
Like New Jersey, Pennsylvania has been attempting to move from recession to
recovery, aided mainly by growth in education and health services. This sector
now represents the largest segment of the Pennsylvania economy, with 19% of
employment compared with the national average of 14%. As of April 2010,
unemployment in Pennsylvania was 9.0%, the highest since July 1984, up from 7.8%
in April 2009. The proposed $29 billion fiscal 2011 budget contains several new
taxes intended to close a projected shortfall of $4 billion, including fees on
natural gas extraction and additional tobacco products. The new budget also
would decrease the state sales tax, but expand its application to additional
goods and services. As of April 2010, Moody's, S&P and Fitch rated Pennsylvania
general obligation debt at Aa1, AA and AA+, respectively. Moody's listed its
outlook for Pennsylvania as negative, while S&P and Fitch posted stable
outlooks. During the twelve months ended April 30, 2010, municipal issuance in
the commonwealth totaled $20.4 billion, an increase of 27.5% from that of the
previous twelve-month period.
4 Nuveen Investments
WHAT KEY STRATEGIES WERE USED TO MANAGE THESE FUNDS DURING THIS REPORTING
PERIOD?
As previously mentioned, the availability of tax-exempt bonds declined
nationally during this period, due in part to the introduction of taxable Build
America Bonds. This program also had an impact on tax-exempt supply in New
Jersey and Pennsylvania. In New Jersey, which issued the third largest Build
America Bond deal of 2009 ($1.4 billion in New Jersey turnpike bonds), Build
America Bond issuance represented approximately 25% of municipal issuance.
During the same period, Build America Bonds comprised about 13% of municipal
supply in Pennsylvania, which ranked 14th overall in Build America Bond deal
size. Since interest payments from Build America Bonds represent taxable income,
we do not view these bonds as good investment opportunities for the New Jersey
and Pennsylvania Funds.
Despite the constrained issuance of tax-exempt municipal bonds, we continued to
find attractive value opportunities, taking a bottom-up approach to discovering
undervalued sectors and individual credits with the potential to perform well
over the long term. In the New Jersey Funds, we found value in several areas of
the market, including transportation (specifically turnpikes), health care,
higher education and bonds backed by tobacco prepayments and cigarette taxes.
The Pennsylvania Funds also purchased turnpikes, health care and higher
education bonds, as well as investor-owned utilities, such as a water company.
Some of our investment activity during this period was driven by opportunities
created by the parameters of the Build America Bond program. For example,
tax-exempt supply was usually more plentiful in the health care and higher
education sectors because, as 501(c)(3) (nonprofit) organizations, hospitals and
private universities generally do not qualify for the Build America Bond program
and must continue to issue bonds in the tax-exempt municipal market. In
addition, health care entities were active issuers during this period, as they
sought to replace variable rate issuance with fixed rates. Refunding issues also
are not covered by the Build America Bond program, and this resulted in
attractive opportunities in various other sectors of the market. The impact of
the Build America Bond program was also evident in the area of longer-term
issuance, as municipal issuers sought to take full advantage of the attractive
financing terms offered by these bonds. Approximately 70% of Build America Bonds
were issued with maturities of at least 30 years or more. Even though this
significantly reduced the availability of tax-exempt credits with longer
maturities, we continued to find good opportunities to purchase attractive
longer-term bonds for these Funds, particularly in New Jersey. These
Nuveen Investments 5
bonds helped us to maintain the Funds' durations within our target duration
ranges and also rewarded investors as the yield curve remained steep.
Cash for new purchases during this period was generated primarily by the
proceeds from called and maturing bonds. We also trimmed holdings of bonds with
shorter maturities. On the whole, however, selling was relatively limited during
this period because the bonds in our portfolios generally offered higher yields
than those available in the current marketplace.
As of April 30, 2010, all ten of these Funds continued to use inverse floating
rate securities. (1) We employ inverse floaters for a variety of reasons,
including leverage, duration management and income and total return enhancement.
HOW DID THE FUNDS PERFORM?
Individual results for the Nuveen New Jersey and Pennsylvania Funds, as well as
relevant index and peer group information, are presented in the accompanying
table.
AVERAGE ANNUAL TOTAL RETURNS ON COMMON SHARE NET ASSET VALUE
FOR PERIODS ENDED 4/30/10
1-YEAR 5-YEAR 10-YEAR
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NEW JERSEY FUNDS
NQJ 17.23% 4.34% 6.36%
NNJ 13.90% 4.32% 6.61%
NXJ 18.03% 4.33% N/A
NUJ 18.55% 4.44% N/A
NJV(2) 16.05% N/A N/A
Standard & Poor's (S&P) New Jersey Municipal Bond Index(3) 9.98% 4.60% 5.83%
PENNSYLVANIA FUNDS
NQP 15.74% 4.11% 6.16%
NPY 17.35% 4.00% 6.65%
NXM 19.29% 4.36% N/A
NVY 16.80% 4.32% N/A
NPN(2) 13.49% N/A N/A
Standard & Poor's (S&P) Pennsylvania Municipal Bond Index(3) 9.35% 4.44% 5.78%
Standard & Poor's (S&P) National Municipal Bond Index(4) 10.04% 4.35% 5.73%
Lipper Other States Municipal Debt Funds Average(5) 16.31% 4.08% 6.52%
--------------------------------------------------------------------------------------------------
Past performance is not predictive of future results. Current performance
may be higher or lower than the data shown. Returns do not reflect the
deduction of taxes that shareholders may have to pay on Fund distributions
or upon the sale of Fund shares.
For additional information, see the individual Performance Overview for
your Fund in this report.
(1) 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.
(2) NJV and NPN do not issue auction rate preferred (Preferred) shares; the
remaining eight Funds in this report issue Preferred shares.
(3) The Standard & Poor's (S&P) Municipal Bond Indexes for New Jersey and
Pennsylvania are unleveraged, market value-weighted indexes designed to
measure the performance of the investment-grade New Jersey and
Pennsylvania municipal bond markets, respectively. These indexes do not
reflect any initial or ongoing expenses and are not available for direct
investment.
(4) 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.
(5) The Lipper Other States Municipal Debt Funds Average is calculated using
the returns of all closed-end funds in this category for each period as
follows: 1-year, 46 funds; 5-year, 46 funds; and 10-year, 20 funds. Lipper
returns account for the effects of management fees and assume reinvestment
of dividends, but do not reflect any applicable sales charges. The Lipper
average is not available for direct investment. Shareholders should note
that the performance of the Lipper Other States category represents the
overall average of returns for funds from ten different states with a wide
variety of municipal market conditions, which may make direct comparisons
less meaningful.
6 Nuveen Investments
For the twelve months ended April 30, 2010, the total returns on common share
net asset value (NAV) for all ten of the New Jersey and Pennsylvania Funds
exceeded the returns for their respective state's Standard & Poor's (S&P)
Municipal Bond Index as well as the S&P National Municipal Bond Index. For the
same period, 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 trailed the Lipper average.
Key management factors that influenced the Funds' returns during this period
included yield curve and duration positioning, credit exposure and sector
allocation. In addition, the use of leverage was an important positive factor
during this period. One of the reasons that NJV and NPN trailed most of their
peer Funds for the twelve-month period was that these two Funds do not use
structural leverage. The impact of leverage is discussed in more detail on page
eight.
During this period, bonds with longer maturities generally outperformed bonds
with shorter maturities, with bonds at the longest end of the yield curve
posting the strongest returns. The outperformance of longer bonds was due in
part to the decline in interest rates, particularly at the longer end of the
curve. The scarcity of tax-exempt bonds with longer maturities also drove up
their prices. Overall, yield curve positioning and duration proved positive for
the performance of these Funds. All of the Funds were well positioned for the
interest rate environment of the past twelve months, with underweights in the
underperforming short end of the yield curve and overweights in the intermediate
segment. The Pennsylvania Funds were also overweight in the outperforming long
part of the curve. This gave a slight boost to their performance relative to the
New Jersey Funds, which tended to be underweight in bonds with longer
maturities. In NJV and NPN, which were introduced in April 2009 and invested
over the course of this reporting period, a longer duration and more holdings of
BBB rated bonds (as further described below) helped NJV outperform NPN for the
period.
Credit exposure also played an important role in the performance of these Funds.
The demand for municipal bonds increased during this period, 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 issuance of new tax-exempt municipal securities
declined. As investors bid up municipal bond prices, bonds rated BBB or below
generally outperformed those rated AAA. In this environment, the Fund's
performance benefited from their allocations to lower quality credits. This was
especially true in NXJ, NUJ and NXM, which had stronger weightings in bonds
rated BBB or lower and non-rated bonds among the eight older Funds. In the
Nuveen Investments 7
New Jersey Funds, NNJ held the fewest BBB and sub-investment grade bonds, while
NQP had the smallest weightings of bonds rated BBB or lower and non-rated bonds
and the largest weighting of AAA bonds among the Pennsylvania Funds. These
allocations hampered the performances of these two Funds during this period.
Holdings that generally contributed to the Funds' performance during this period
included industrial development revenue (IDR) and health care bonds, both of
which exceeded the overall municipal market return by substantial margins.
Revenue bonds as a whole performed well, with transportation, housing and
special tax among the sectors that outperformed the general municipal market for
this period. All of these Funds benefited from their overweights in IDR and
health care credits and the Pennsylvania Funds also had an overexposure to
housing bonds. Zero coupon bonds also were among the strongest performers, as
were tobacco bonds backed by the 1998 master tobacco settlement agreement. All
of the New Jersey Funds had good exposure to the tobacco sector, while the
Pennsylvania Funds, with the exception of NPN, did not hold any tobacco bonds,
primarily due to the fact that Pennsylvania has not issued any tobacco
settlement credits. NPN holds tobacco bonds issued by the District of Columbia.
Pre-refunded bonds, which are often backed by U.S. Treasury securities,
performed relatively poorly during this period. The underperformance of these
bonds can be attributed primarily to their shorter effective maturities and
higher credit quality. As of April 30, 2010, NNJ had the largest exposure to
pre-refunded bonds among the New Jersey Funds, while NQP had the heaviest
allocation among the Pennsylvania Funds. Many general obligation and other
tax-backed bonds also failed to keep pace with the overall municipal market,
while resource recovery, water and sewer, education and electric utilities
trailed the other revenue sectors for the twelve months. All of these Funds were
underweighted in tax-backed bonds, which lessened the impact of their
underperformance.
IMPACT OF THE FUNDS' CAPITAL STRUCTURES AND LEVERAGE STRATEGIES ON PERFORMANCE
One important factor impacting the returns of most of these Funds (excluding NJV
and NPN as previously noted) 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 return for common shareholders. However, use of leverage also can expose
common shareholders to additional volatility. For example, as the prices of
securities held by a
8 Nuveen Investments
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.
Leverage made a positive contribution to the performance of these Funds over
this reporting period.
RECENT DEVELOPMENTS REGARDING THE FUNDS' LEVERAGED CAPITAL STRUCTURE
Shortly after their inceptions, each of the Funds (except NJV and NPN) issued
auction rate preferred shares (ARPS) to create financial leverage. As noted in
past shareholder reports, the ARPS issued by many closed-end funds, including
these Funds, have been hampered by a lack of liquidity since February 2008.
Since that time, more ARPS have been submitted for sale in each of their
regularly scheduled auctions than there have been offers to buy. In fact, offers
to buy have been almost completely non-existent since late February 2008. This
means that these auctions have "failed to clear," and that many, or all, of the
ARPS shareholders who wanted to sell their shares in these auctions were unable
to do so. This lack of liquidity in ARPS did not lower the credit quality of
these shares, and ARPS shareholders unable to sell their shares have continued
to receive distributions at the "maximum rate" applicable to failed auctions, as
calculated in accordance with the pre-established terms of the ARPS. In the
recent market, with short-term rates at multi-generational lows, those maximum
rates also have been low.
One continuing implication for common shareholders from the auction failures is
that each Fund's cost of leverage likely has been incrementally higher at times
than it otherwise might have been had the auctions continued to be successful.
As a result, each Fund's common share earnings likely have been incrementally
lower at times than they otherwise might have been.
As noted in past shareholder reports, the Nuveen funds' Board of
Directors/Trustees authorized several methods to refinance a portion of the
Nuveen funds' outstanding ARPS. Some funds have utilized tender option bonds
(TOBs), also known as floating rate securities, for leverage purposes. The
amount of TOBs that a fund may use varies according to the composition of each
fund's portfolio. Some funds have a greater ability to use TOBs than others.
Some funds have issued Variable Rate Demand Preferred
Nuveen Investments 9
Shares (VRDP), but these issuances have been limited since it has been difficult
to find liquidity providers on economically viable terms given the constrained
credit environment. Some funds have issued MuniFund Term Preferred Shares (MTP),
a fixed rate form of preferred stock with a mandatory redemption period of five
years.
While all these efforts have reduced the total amount of outstanding ARPS issued
by the Nuveen funds, the Funds cannot provide any assurance on when the
remaining outstanding ARPS might be redeemed.
On April 9, 2010, twenty-six Nuveen leveraged closed-end funds, including NXJ,
received a demand letter from a law firm on behalf of each fund's common
shareholders, alleging that Nuveen and the fund's officers and Board of
Directors/Trustees breached their fiduciary duties related to the redemption at
par of the fund's ARPS. The funds' independent Board is evaluating the demand
letter for each fund.
As of April 30, 2010, the amounts of ARPS redeemed at par by the following 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%
NQP $20,250,000 15.3%
NPY $18,825,000 15.9%
NXM $ 2,500,000 10.0%
NVY $ 5,500,000 19.3%
--------------------------------------------------------------------------------
During the twelve-month reporting period ended April 30, 2010, NXJ, NUJ, NXM,
NVY filed with the Securities and Exchange Commission (SEC) registration
statements seeking to register MTP. These registration statements, declared
effective by the SEC, enable the Funds to issue to the public shares of MTP to
refinance all or a portion of their ARPS. The issuance of MTP by these Funds is
subject to market conditions. There is no assurance that these MTP shares will
be issued.
10 Nuveen Investments
As of April 30, 2010, 83 out of the 84 Nuveen closed-end municipal funds that
had issued ARPS have redeemed at par all or a portion of these shares. These
redemptions bring the total amount of Nuveen's municipal closed-end funds' ARPS
redemptions to approximately $4.4 billion of the approximately $11.0 billion
originally outstanding.
For up-to-date information, please visit the Nuveen CEF Auction Rate Preferred
Resource Center at: http://www.nuveen.com/arps.
Nuveen Investments 11
Common Share Dividend and Share Price Information
During the twelve-month reporting period ended April 30, 2010, NQJ, NNJ, NXJ,
NQP, NPY, NXM and NVY each had three monthly dividend increases and NUJ had two
monthly dividend increases. These eight Funds also had an additional dividend
increase that was declared just prior to the start of this reporting period and
took effect in May 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.
Due to normal portfolio activity, common shareholders of the following Funds
received capital gains and/or net ordinary income distributions at the end of
December 2009 as follows:
SHORT-TERM CAPITAL GAINS
LONG-TERM CAPITAL GAINS AND/OR ORDINARY INCOME
FUND (PER SHARE) (PER SHARE)
--------------------------------------------------------------------------------
NNJ $0.0086 $0.0082
NXJ $0.0072 --
NUJ $0.0257 --
NPY -- $0.0055
NXM $0.0398 --
NVY $0.0584 $0.0079
--------------------------------------------------------------------------------
All of the Funds in this report seek to pay stable dividends at rates that
reflect each Fund's past results and projected future performance. During
certain periods, each Fund may pay dividends at a rate that may be more or less
than the amount of net investment income actually earned by the Fund during the
period. If a Fund has cumulatively earned more than it has paid in dividends, it
holds the excess in reserve as undistributed net investment income (UNII) as
part of the Fund's NAV. Conversely, if a Fund has cumulatively paid dividends in
excess of its earnings, the excess constitutes negative UNII that is likewise
reflected in the Fund's NAV. Each Fund will, over time, pay all of its net
investment income as dividends to shareholders. As of April 30, 2010, NQJ, NNJ,
NXJ, NUJ, NQP, NPY, NXM and NVY had positive UNII balances for both tax and
financial reporting purposes, while NJV and NPN had positive UNII balances for
tax purposes and negative UNII balances for financial reporting purposes.
12 Nuveen Investments
COMMON SHARE REPURCHASES AND SHARE PRICE INFORMATION
As of April 30, 2010, and since the inception of the Funds' repurchase program,
the following Funds have cumulatively repurchased common shares as shown in the
accompanying table. Since the inception of the Funds' repurchase program, NJV,
NVY and NPN have not repurchased any of their outstanding common shares.
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 220,600 1.4%
NPY 231,200 1.5%
NXM 10,600 0.3%
--------------------------------------------------------------------------------
During the twelve-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 53,200 $12.78 12.13%
NPY 23,300 $12.25 11.67%
NXM 8,600 $12.77 11.69%
--------------------------------------------------------------------------------
As of April 30, 2010, the Funds' common share prices were trading at (+)
premiums or (-) discounts to their common share NAVs as shown in the
accompanying table.
4/30/10 TWELVE-MONTH AVERAGE
FUND (+) PREMIUM/(-) DISCOUNT (+) PREMIUM/(-) DISCOUNT
--------------------------------------------------------------------------------
NQJ -6.09% -7.70%
NNJ -5.15% -7.91%
NXJ -7.10% -8.29%
NUJ +1.45% -3.77%
NJV -3.98% -2.70%
NQP -7.96% -10.47%
NPY -8.50% -10.98%
NXM -6.52% -10.12%
NVY -3.73% -8.20%
NPN -0.19% +0.48%
--------------------------------------------------------------------------------
Nuveen Investments 13
NQJ Performance OVERVIEW | Nuveen New Jersey Investment Quality Municipal Fund,
Inc. as of April 30, 2010
FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price $ 13.56
--------------------------------------------------------------------------------
Common Share
Net Asset Value $ 14.44
--------------------------------------------------------------------------------
Premium/(Discount) to NAV -6.09%
--------------------------------------------------------------------------------
Market Yield 5.84%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(1) 8.66%
--------------------------------------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $295,382
--------------------------------------------------------------------------------
Average Effective
Maturity on Securities (Years) 15.29
--------------------------------------------------------------------------------
Leverage-Adjusted Duration 8.33
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 2/21/91)
--------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------------------------------------
1-Year 26.39% 17.23%
--------------------------------------------------------------------------------
5-Year 4.06% 4.34%
--------------------------------------------------------------------------------
10-Year 6.56% 6.36%
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
(as a % of total investments)
--------------------------------------------------------------------------------
Tax Obligation/Limited 23.2%
--------------------------------------------------------------------------------
Transportation 18.1%
--------------------------------------------------------------------------------
Health Care 15.8%
--------------------------------------------------------------------------------
U.S. Guaranteed 12.8%
--------------------------------------------------------------------------------
Education and Civic Organizations 10.8%
--------------------------------------------------------------------------------
Water and Sewer 5.2%
--------------------------------------------------------------------------------
Other 14.1%
--------------------------------------------------------------------------------
CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(2)
[PIE CHART]
AAA/U.S.
Guaranteed 29%
AA 20%
A 25%
BBB 13%
BB or Lower 2%
N/R 11%
2009-2010 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE
[BAR CHART]
May $ 0.06
Jun 0.06
Jul 0.06
Aug 0.06
Sep 0.063
Oct 0.063
Nov 0.063
Dec 0.065
Jan 0.065
Feb 0.065
Mar 0.066
Apr 0.066
COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE
[LINE CHART]
5/01/09 $ 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
12.96
13.11
12.76
12.87
12.8741
13.19
13.03
12.93
12.8
12.9
13.17
13.28
13.24
13.53
13.2
13.21
13.11
13.1705
13.45
13.38
13.23
13.32
13.48
13.57
13.54
13.59
4/30/10 13.56
(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) Ratings shown are the highest rating given by one or more national rating
agencies. AAA includes bonds with an implied AAA rating since they are
backed by U.S. Government or agency securities. AAA, AA, A and BBB are
investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade
ratings. Holdings designated N/R are not rated by a national rating
agency.
14 Nuveen Investments
NNJ Performance OVERVIEW | Nuveen New Jersey Premium Income Municipal Fund, Inc.
as of April 30, 2010
CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(3)
[PIE CHART]
AAA/U.S.
Guaranteed 25%
AA 30%
A 26%
BBB 11%
BB or Lower 1%
N/R 7%
2009-2010 MONTHLY TAX-FREE DIVIDENDS PER SHARE(2)
[BAR CHART]
May $ 0.058
Jun 0.058
Jul 0.058
Aug 0.058
Sep 0.062
Oct 0.062
Nov 0.062
Dec 0.063
Jan 0.063
Feb 0.063
Mar 0.066
Apr 0.066
COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE
[LINE CHART]
5/01/09 $ 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
13.41
13.55
13.19
13.43
13.48
13.42
13.49
13.48
13.4105
13.47
13.53
13.72
13.68
13.89
13.69
13.73
13.62
13.6499
13.88
13.83
13.8
13.98
14.01
14.15
14.05
14.04
4/30/10 14.19
FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price $ 14.19
--------------------------------------------------------------------------------
Common Share
Net Asset Value $ 14.96
--------------------------------------------------------------------------------
Premium/(Discount) to NAV -5.15%
--------------------------------------------------------------------------------
Market Yield 5.58%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(1) 8.28%
--------------------------------------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $180,024
--------------------------------------------------------------------------------
Average Effective
Maturity on Securities (Years) 13.57
--------------------------------------------------------------------------------
Leverage-Adjusted Duration 7.90
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 12/17/92)
--------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------------------------------------
1-Year 25.45% 13.90%
--------------------------------------------------------------------------------
5-Year 4.04% 4.32%
--------------------------------------------------------------------------------
10-Year 7.30% 6.61%
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
(as a % of total investments)
--------------------------------------------------------------------------------
Tax Obligation/Limited 26.8%
--------------------------------------------------------------------------------
U.S. Guaranteed 16.9%
--------------------------------------------------------------------------------
Transportation 15.2%
--------------------------------------------------------------------------------
Health Care 12.9%
--------------------------------------------------------------------------------
Education and Civic Organizations 10.1%
--------------------------------------------------------------------------------
Tax Obligation/General 6.0%
--------------------------------------------------------------------------------
Water and Sewer 5.5%
--------------------------------------------------------------------------------
Other 6.6%
--------------------------------------------------------------------------------
(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 2009 of $0.0168 per share.
(3) Ratings shown are the highest rating given by one or more national rating
agencies. AAA includes bonds with an implied AAA rating since they are
backed by U.S. Government or agency securities. AAA, AA, A and BBB are
investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade
ratings. Holdings designated N/R are not rated by a national rating
agency.
Nuveen Investments 15
NXJ Performance OVERVIEW |Nuveen New Jersey Dividend Advantage Municipal Fund as
of April 30, 2010
FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price $ 13.48
--------------------------------------------------------------------------------
Common Share
Net Asset Value $ 14.51
--------------------------------------------------------------------------------
Premium/(Discount) to NAV -7.10%
--------------------------------------------------------------------------------
Market Yield 5.88%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(1) 8.72%
--------------------------------------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $ 95,300
--------------------------------------------------------------------------------
Average Effective
Maturity on Securities (Years) 15.78
--------------------------------------------------------------------------------
Leverage-Adjusted Duration 9.36
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 3/27/01)
--------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------------------------------------
1-Year 28.17% 18.03%
--------------------------------------------------------------------------------
5-Year 3.81% 4.33%
--------------------------------------------------------------------------------
Since Inception 4.80% 5.98%
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
(as a % of total investments)
--------------------------------------------------------------------------------
Tax Obligation/Limited 21.6%
--------------------------------------------------------------------------------
Health Care 15.7%
--------------------------------------------------------------------------------
Water and Sewer 14.8%
--------------------------------------------------------------------------------
Transportation 14.4%
--------------------------------------------------------------------------------
Education and Civic Organizations 12.4%
--------------------------------------------------------------------------------
U.S. Guaranteed 12.0%
--------------------------------------------------------------------------------
Other 9.1%
--------------------------------------------------------------------------------
CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(3)
[BAR CHART]
AAA/U.S.
Guaranteed 20%
AA 17%
A 39%
BBB 16%
BB or Lower 3%
N/R 5%
2009-2010 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE(2)
[BAR CHART]
May $ 0.059
Jun 0.059
Jul 0.059
Aug 0.059
Sep 0.061
Oct 0.061
Nov 0.061
Dec 0.065
Jan 0.065
Feb 0.065
Mar 0.066
Apr 0.066
COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE
[LINE CHART]
5/01/09 $ 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
12.74
13.0699
12.95
12.6884
12.69
12.9
12.92
12.9
12.875
12.81
13.02
13.01
13.05
13.21
13.2904
13.1699
13.22
13.28
13.4199
13.38
13.2701
13.31
13.3159
13.38
13.4899
13.49
4/30/10 13.48
(1) Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 32.6%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
(2) The Fund paid shareholders a capital gains distribution in December 2009
of $0.0072 per share.
(3) Ratings shown are the highest rating given by one or more national rating
agencies. AAA includes bonds with an implied AAA rating since they are
backed by U.S. Government or agency securities. AAA, AA, A and BBB are
investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade
ratings. Holdings designated N/R are not rated by a national rating
agency.
16 Nuveen Investments
NUJ Performance OVERVIEW | Nuveen New Jersey Dividend Advantage Municipal Fund 2
as of April 30, 2010
CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(3)
[PIE CHART]
AAA/U.S.
Guaranteed 24%
AA 19%
A 33%
BBB 13%
BB or Lower 5%
N/R 6%
2009-2010 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE(2)
[BAR CHART]
May $ 0.062
Jun 0.062
Jul 0.062
Aug 0.062
Sep 0.065
Oct 0.065
Nov 0.065
Dec 0.068
Jan 0.068
Feb 0.068
Mar 0.068
Apr 0.068
COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE
[LINE CHART]
5/01/09 $ 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
13.65
13.57
13.21
13.12
13.36
13.5
13.53
13.28
13.25
13.3
13.64
13.69
14.0201
14.26
13.77
13.71
13.75
13.74
13.84
14.04
14.1
14.03
14.43
14.35
14.45
14.4
4/30/10 14.68
FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price $ 14.68
--------------------------------------------------------------------------------
Common Share
Net Asset Value $ 14.47
--------------------------------------------------------------------------------
Premium/(Discount) to NAV 1.45%
--------------------------------------------------------------------------------
Market Yield 5.56%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(1) 8.25%
--------------------------------------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $ 65,410
--------------------------------------------------------------------------------
Average Effective
Maturity on Securities (Years) 15.47
--------------------------------------------------------------------------------
Leverage-Adjusted Duration 8.36
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 3/25/02)
--------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------------------------------------
1-Year 35.95% 18.55%
--------------------------------------------------------------------------------
5-Year 6.09% 4.44%
--------------------------------------------------------------------------------
Since Inception 5.99% 6.27%
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
(as a % of total investments)
--------------------------------------------------------------------------------
Health Care 20.1%
--------------------------------------------------------------------------------
Tax Obligation/Limited 19.0%
--------------------------------------------------------------------------------
Transportation 17.7%
--------------------------------------------------------------------------------
U.S. Guaranteed 12.6%
--------------------------------------------------------------------------------
Education and Civic Organizations 10.4%
--------------------------------------------------------------------------------
Long-Term Care 6.0%
--------------------------------------------------------------------------------
Other 14.2%
--------------------------------------------------------------------------------
(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 a capital gains distribution in December 2009
of $0.0257 per share.
(3) Ratings shown are the highest rating given by one or more national rating
agencies. AAA includes bonds with an implied AAA rating since they are
backed by U.S. Government or agency securities. AAA, AA, A and BBB are
investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade
ratings. Holdings designated N/R are not rated by a national rating
agency.
Nuveen Investments 17
NJV Performance OVERVIEW | Nuveen New Jersey Municipal Value Fund as of April
30, 2010
FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price $ 15.21
--------------------------------------------------------------------------------
Common Share
Net Asset Value $ 15.84
--------------------------------------------------------------------------------
Premium/(Discount) to NAV -3.98%
--------------------------------------------------------------------------------
Market Yield 5.05%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(1) 7.49%
--------------------------------------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $ 24,722
--------------------------------------------------------------------------------
Average Effective
Maturity on Securities (Years) 24.43
--------------------------------------------------------------------------------
Leverage-Adjusted Duration 10.33
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 4/28/09)
--------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------------------------------------
1-Year 6.32% 16.05%
--------------------------------------------------------------------------------
Since Inception 6.27% 15.63%
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
(as a % of total investments)
--------------------------------------------------------------------------------
Tax Obligation/Limited 36.1%
--------------------------------------------------------------------------------
Health Care 30.5%
--------------------------------------------------------------------------------
Education and Civic Organizations 8.2%
--------------------------------------------------------------------------------
Transportation 7.4%
--------------------------------------------------------------------------------
Consumer Staples 5.4%
--------------------------------------------------------------------------------
Other 12.4%
--------------------------------------------------------------------------------
CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(2)
[PIE CHART]
AAA/U.S.
Guaranteed 8%
AA 26%
A 29%
BBB 31%
BB or Lower 3%
N/R 3%
2009-2010 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE
[BAR CHART]
Jun $ 0.064
Jul 0.064
Aug 0.064
Sep 0.064
Oct 0.064
Nov 0.064
Dec 0.064
Jan 0.064
Feb 0.064
Mar 0.064
Apr 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
14.8689
14.72
14.4799
14.66
14.87
14.74
14.73
14.39
14.9
14.85
14.907
14.894
14.87
14.97
14.82
14.8699
14.85
14.88
15
14.84
15
15.01
14.98
15.1
15.15
15.24
4/30/10 15.21
(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) Ratings shown are the highest rating given by one or more national rating
agencies. AAA includes bonds with an implied AAA rating since they are
backed by U.S. Government or agency securities. AAA, AA, A and BBB are
investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade
ratings. Holdings designated N/R are not rated by a national rating
agency.
18 Nuveen Investments
NQP Performance OVERVIEW | Nuveen Pennsylvania Investment Quality Municipal Fund
as of April 30, 2010
CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(2)
[PIE CHART]
AAA/U.S.
Guaranteed 37%
AA 23%
A 19%
BBB 14%
BB or Lower 1%
N/R 6%
2009-2010 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE
[BAR CHART]
May $ 0.063
Jun 0.063
Jul 0.063
Aug 0.063
Sep 0.064
Oct 0.064
Nov 0.064
Dec 0.07
Jan 0.07
Feb 0.07
Mar 0.071
Apr 0.071
COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE
[LINE CHART]
5/01/09 $ 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
12.78
12.93
12.88
12.62
13
13.06
13.17
13.1
13.1
13.15
13.22
13.23
13.36
13.36
13.59
13.29
13.3199
13.35
13.49
13.56
13.542
13.54
13.57
13.59
13.59
13.5999
4/30/10 13.64
FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price $ 13.64
--------------------------------------------------------------------------------
Common Share
Net Asset Value $ 14.82
--------------------------------------------------------------------------------
Premium/(Discount) to NAV -7.96%
--------------------------------------------------------------------------------
Market Yield 6.25%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(1) 8.95%
--------------------------------------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $238,368
--------------------------------------------------------------------------------
Average Effective
Maturity on Securities (Years) 15.44
--------------------------------------------------------------------------------
Leverage-Adjusted Duration 9.59
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 2/21/91)
--------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------------------------------------
1-Year 27.87% 15.74%
--------------------------------------------------------------------------------
5-Year 4.37% 4.11%
--------------------------------------------------------------------------------
10-Year 6.06% 6.16%
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
(as a % of total investments)
--------------------------------------------------------------------------------
U.S. Guaranteed 20.4%
--------------------------------------------------------------------------------
Education and Civic Organizations 18.4%
--------------------------------------------------------------------------------
Tax Obligation/General 17.0%
--------------------------------------------------------------------------------
Transportation 8.9%
--------------------------------------------------------------------------------
Health Care 8.4%
--------------------------------------------------------------------------------
Housing/Single Family 6.2%
--------------------------------------------------------------------------------
Water and Sewer 4.7%
--------------------------------------------------------------------------------
Utilities 4.1%
--------------------------------------------------------------------------------
Other 11.9%
--------------------------------------------------------------------------------
(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.
(2) Ratings shown are the highest rating given by one or more national rating
agencies. AAA includes bonds with an implied AAA rating since they are
backed by U.S. Government or agency securities. AAA, AA, A and BBB are
investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade
ratings. Holdings designated N/R are not rated by a national rating
agency.
Nuveen Investments 19
NPY Performance OVERVIEW | Nuveen Pennsylvania Premium Income Municipal Fund 2
as of April 30, 2010
FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price $ 12.91
--------------------------------------------------------------------------------
Common Share
Net Asset Value $ 14.11
--------------------------------------------------------------------------------
Premium/(Discount) to NAV -8.50%
--------------------------------------------------------------------------------
Market Yield 6.41%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(1) 9.18%
--------------------------------------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $220,113
--------------------------------------------------------------------------------
Average Effective
Maturity on Securities (Years) 15.86
--------------------------------------------------------------------------------
Leverage-Adjusted Duration 9.49
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 3/18/93)
--------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------------------------------------
1-Year 29.70% 17.35%
--------------------------------------------------------------------------------
5-Year 2.85% 4.00%
--------------------------------------------------------------------------------
10-Year 6.84% 6.65%
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
(as a % of total investments)
--------------------------------------------------------------------------------
Education and Civic Organizations 17.5%
--------------------------------------------------------------------------------
Tax Obligation/General 12.7%
--------------------------------------------------------------------------------
U.S. Guaranteed 12.5%
--------------------------------------------------------------------------------
Transportation 11.2%
--------------------------------------------------------------------------------
Health Care 10.3%
--------------------------------------------------------------------------------
Water and Sewer 8.4%
--------------------------------------------------------------------------------
Utilities 6.3%
--------------------------------------------------------------------------------
Tax Obligation/Limited 5.8%
--------------------------------------------------------------------------------
Housing/Single Family 4.5%
--------------------------------------------------------------------------------
Other 10.8%
--------------------------------------------------------------------------------
CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(3)
[PIE CHART]
AAA/U.S.
Guaranteed 25%
AA 25%
A 23%
BBB 18%
BB or Lower 1%
N/R 8%
2009-2010 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE(2)
[BAR CHART]
May $ 0.059
Jun 0.059
Jul 0.059
Aug 0.059
Sep 0.0645
Oct 0.0645
Nov 0.0645
Dec 0.066
Jan 0.066
Feb 0.066
Mar 0.069
Apr 0.069
COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE
[LINE CHART]
5/01/09 $ 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
12.25
12.33
12.2
12.16
12.29
12.39
12.51
12.34
12.37
12.47
12.42
12.52
12.69
12.614
12.74
12.43
12.4
12.52
12.65
12.64
12.6866
12.69
12.72
12.75
12.71
12.85
4/30/10 12.9101
(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
2009 of $0.0055 per share.
(3) Ratings shown are the highest rating given by one or more national rating
agencies. AAA includes bonds with an implied AAA rating since they are
backed by U.S. Government or agency securities. AAA, AA, A and BBB are
investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade
ratings. Holdings designated N/R are not rated by a national rating
agency.
20 Nuveen Investments
NXM Performance OVERVIEW | Nuveen Pennsylvania Dividend Advantage Municipal Fund
as of April 30, 2010
CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(3)
[PIE CHART]
AAA/U.S.
Guaranteed 26%
AA 15%
A 23%
BBB 17%
BB or Lower 5%
N/R 14%
2009-2010 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE(2)
[BAR CHART]
May $ 0.061
Jun 0.061
Jul 0.061
Aug 0.061
Sep 0.066
Oct 0.066
Nov 0.066
Dec 0.069
Jan 0.069
Feb 0.069
Mar 0.071
Apr 0.071
COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE
[LINE CHART]
5/01/09 $ 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
12.85
12.9479
12.95
12.71
12.955
13.2799
13.07
13.05
13.21
13.2
13.25
13.2801
13.3899
13.24
13.36
13.325
13.12
13.2799
13.43
13.3602
13.3
13.4204
13.46
13.42
13.46
13.6296
4/30/10 13.77
FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price $ 13.77
--------------------------------------------------------------------------------
Common Share
Net Asset Value $ 14.73
--------------------------------------------------------------------------------
Premium/(Discount) to NAV -6.52%
--------------------------------------------------------------------------------
Market Yield 6.19%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(1) 8.87%
--------------------------------------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $ 48,934
--------------------------------------------------------------------------------
Average Effective
Maturity on Securities (Years) 16.73
--------------------------------------------------------------------------------
Leverage-Adjusted Duration 8.16
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 3/27/01)
--------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------------------------------------
1-Year 29.85% 19.29%
--------------------------------------------------------------------------------
5-Year 3.05% 4.36%
--------------------------------------------------------------------------------
Since Inception 5.52% 6.65%
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
(as a % of total investments)
--------------------------------------------------------------------------------
Education and Civic Organizations 18.9%
--------------------------------------------------------------------------------
Long-Term Care 13.8%
--------------------------------------------------------------------------------
Health Care 12.4%
--------------------------------------------------------------------------------
Tax Obligation/Limited 9.6%
--------------------------------------------------------------------------------
Tax Obligation/General 9.4%
--------------------------------------------------------------------------------
U.S. Guaranteed 9.2%
--------------------------------------------------------------------------------
Transportation 5.9%
--------------------------------------------------------------------------------
Housing/Single Family 5.4%
--------------------------------------------------------------------------------
Industrials 4.9%
--------------------------------------------------------------------------------
Other 10.5%
--------------------------------------------------------------------------------
(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 2009
of $0.0398 per share.
(3) Ratings shown are the highest rating given by one or more national rating
agencies. AAA includes bonds with an implied AAA rating since they are
backed by U.S. Government or agency securities. AAA, AA, A and BBB are
investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade
ratings. Holdings designated N/R are not rated by a national rating
agency.
Nuveen Investments 21
NVY Performance OVERVIEW | Nuveen Pennsylvania Dividend Advantage Municipal Fund
2 as of April 30, 2010
FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price $ 14.19
--------------------------------------------------------------------------------
Common Share
Net Asset Value $ 14.74
--------------------------------------------------------------------------------
Premium/(Discount) to NAV -3.73%
--------------------------------------------------------------------------------
Market Yield 6.17%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(1) 8.84%
--------------------------------------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $ 54,920
--------------------------------------------------------------------------------
Average Effective
Maturity on Securities (Years) 15.00
--------------------------------------------------------------------------------
Leverage-Adjusted Duration 8.00
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 3/25/02)
--------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------------------------------------
1-Year 32.47% 16.80%
--------------------------------------------------------------------------------
5-Year 5.34% 4.32%
--------------------------------------------------------------------------------
Since Inception 5.52% 6.29%
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
(as a % of total investments)
--------------------------------------------------------------------------------
Tax Obligation/Limited 17.6%
--------------------------------------------------------------------------------
Tax Obligation/General 13.8%
--------------------------------------------------------------------------------
U.S. Guaranteed 13.6%
--------------------------------------------------------------------------------
Education and Civic Organizations 12.8%
--------------------------------------------------------------------------------
Health Care 10.7%
--------------------------------------------------------------------------------
Water and Sewer 6.8%
--------------------------------------------------------------------------------
Long-Term Care 6.0%
--------------------------------------------------------------------------------
Housing/Single Family 4.7%
--------------------------------------------------------------------------------
Other 14.0%
--------------------------------------------------------------------------------
CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(3)
[PIE CHART]
AAA/U.S.
Guaranteed 23%
AA 24%
A 25%
BBB 17%
BB or Lower 4%
N/R 7%
2009-2010 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE(2)
[BAR CHART]
May $ 0.0635
Jun 0.0635
Jul 0.0635
Aug 0.0635
Sep 0.069
Oct 0.069
Nov 0.069
Dec 0.07
Jan 0.07
Feb 0.07
Mar 0.073
Apr 0.073
COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE
[LINE CHART]
5/01/09 $ 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
12.82
13.06
13
13.815
13.35
13.7306
13.32
13.4899
13.52
13.22
13.36
13.43
13.37
13.35
13.68
13.46
13.473
13.36
13.74
13.77
13.6501
13.9999
14.124
13.99
14.08
14.5048
4/30/10 14.19
(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 capital gains and net ordinary income
distributions in December 2009 of $0.0663 per share.
(3) Ratings shown are the highest rating given by one or more national rating
agencies. AAA includes bonds with an implied AAA rating since they are
backed by U.S. Government or agency securities. AAA, AA, A and BBB are
investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade
ratings. Holdings designated N/R are not rated by a national rating
agency.
22 Nuveen Investments
NPN Performance OVERVIEW | Nuveen Pennsylvania Municipal Value Fund
as of April 30, 2010
CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(2)
[PIE CHART]
AAA/U.S.
Guaranteed 4%
AA 26%
A 30%
BBB 26%
BB or Lower 6%
N/R 8%
2009-2010 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE
[BAR CHART]
Jun $ 0.065
Jul 0.065
Aug 0.065
Sep 0.065
Oct 0.065
Nov 0.065
Dec 0.065
Jan 0.065
Feb 0.065
Mar 0.065
Apr 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
15.55
15.1
14.14
14.68
15.33
15.7825
15.4499
15.88
15.77
15.42
15.73
15.72
15.49
15.49
15.4899
15.4999
15.15
15.2
15.4
15.4
15.5
15.44
15.57
15.5
15.49
15.5
4/30/10 15.43
FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price $ 15.43
--------------------------------------------------------------------------------
Common Share
Net Asset Value $ 15.46
--------------------------------------------------------------------------------
Premium/(Discount) to NAV -0.19%
--------------------------------------------------------------------------------
Market Yield 5.06%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(1) 7.25%
--------------------------------------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $ 18,805
--------------------------------------------------------------------------------
Average Effective
Maturity on Securities (Years) 22.84
--------------------------------------------------------------------------------
Leverage-Adjusted Duration 8.24
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 4/28/09)
--------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------------------------------------
1-Year 7.52% 13.49%
--------------------------------------------------------------------------------
Since Inception 7.81% 13.02%
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
(as a % of total investments)
--------------------------------------------------------------------------------
Health Care 28.4%
--------------------------------------------------------------------------------
Tax Obligation/Limited 17.4%
--------------------------------------------------------------------------------
Water and Sewer 16.5%
--------------------------------------------------------------------------------
Education and Civic Organizations 11.7%
--------------------------------------------------------------------------------
Housing/Single Family 4.6%
--------------------------------------------------------------------------------
Housing/Multifamily 4.5%
--------------------------------------------------------------------------------
Long-Term Care 4.5%
--------------------------------------------------------------------------------
Other 12.4%
--------------------------------------------------------------------------------
(1) Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 30.2%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
(2) Ratings shown are the highest rating given by one or more national rating
agencies. AAA includes bonds with an implied AAA rating since they are
backed by U.S. Government or agency securities. AAA, AA, A and BBB are
investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade
ratings. Holdings designated N/R are not rated by a national rating
agency.
Nuveen Investments 23
NQJ NNJ NXJ | SHAREHOLDER MEETING REPORT
The annual meeting of shareholders was held in the offices of Nuveen Investments
on November 30, 2009; at this meeting the shareholders were asked to vote on the
election of Board Members, the elimination of Fundamental Investment Policies
and the approval of new Fundamental Investment Policies. The meeting was
subsequently adjourned to January 12, 2010 and additionally adjourned to March
23, 2010.
NQJ NNJ NXJ
-----------------------------------------------------------------------------------------------------------------------------------
Common and Common and Common and
Preferred Preferred Preferred Preferred Preferred Preferred
shares voting shares voting shares voting shares voting shares voting shares voting
together together together together together together
as a class as a class as a class as a class as a class as a class
-----------------------------------------------------------------------------------------------------------------------------------
TO APPROVE THE ELIMINATION OF THE
FUND'S FUNDAMENTAL POLICY RELATING TO
INVESTMENTS IN MUNICIPAL SECURITIES
AND BELOW INVESTMENT GRADE SECURITIES.
For 9,913,622 3,509 5,614,737 1,750 3,140,413 1,271
Against 722,921 45 459,911 204 280,927 2
Abstain 290,071 10 138,305 8 93,520 --
Broker Non-Votes 3,459,924 240 1,906,835 264 1,134,828 --
-----------------------------------------------------------------------------------------------------------------------------------
Total 14,386,538 3,804 8,119,788 2,226 4,649,688 1,273
===================================================================================================================================
TO APPROVE THE NEW FUNDAMENTAL POLICY
RELATING TO INVESTMENTS IN MUNICIPAL
SECURITIES FOR THE FUND.
For 9,927,124 3,512 5,614,896 1,750 3,174,792 1,273
Against 683,031 42 452,564 204 244,219 --
Abstain 316,459 10 145,493 8 95,849 --
Broker Non-Votes 3,459,924 240 1,906,835 264 1,134,828 --
-----------------------------------------------------------------------------------------------------------------------------------
Total 14,386,538 3,804 8,119,788 2,226 4,649,688 1,273
===================================================================================================================================
TO APPROVE THE ELIMINATION OF THE
FUNDAMENTAL POLICY PROHIBITING INVESTMENT
IN OTHER INVESTMENT COMPANIES.
For 9,865,091 3,506 5,543,267 1,752 -- --
Against 761,414 49 478,291 202 -- --
Abstain 300,109 9 191,395 8 -- --
Broker Non-Votes 3,459,924 240 1,906,835 264 -- --
-----------------------------------------------------------------------------------------------------------------------------------
Total 14,386,538 3,804 8,119,788 2,226 -- --
===================================================================================================================================
TO APPROVE THE ELIMINATION OF THE
FUNDAMENTAL POLICY RELATING TO DERIVATIVES
AND SHORT SALES.
For 9,810,311 3,506 5,527,124 1,744 -- --
Against 794,399 49 511,532 210 -- --
Abstain 321,904 9 174,297 8 -- --
Broker Non-Votes 3,459,924 240 1,906,835 264 -- --
-----------------------------------------------------------------------------------------------------------------------------------
Total 14,386,538 3,804 8,119,788 2,226 -- --
===================================================================================================================================
TO APPROVE THE ELIMINATION OF THE
FUNDAMENTAL POLICY RELATING TO
COMMODITIES.
For 9,775,388 3,503 5,562,973 1,750 -- --
Against 788,567 51 475,826 204 -- --
Abstain 362,659 10 174,154 8 -- --
Broker Non-Votes 3,459,924 240 1,906,835 264 -- --
-----------------------------------------------------------------------------------------------------------------------------------
Total 14,386,538 3,804 8,119,788 2,226 -- --
===================================================================================================================================
TO APPROVE THE NEW FUNDAMENTAL POLICY
RELATING TO COMMODITIES.
For 9,752,534 3,502 5,543,471 1,744 -- --
Against 801,301 62 490,872 210 -- --
Abstain 372,779 -- 178,610 8 -- --
Broker Non-Votes 3,459,924 240 1,906,835 264 -- --
-----------------------------------------------------------------------------------------------------------------------------------
Total 14,386,538 3,804 8,119,788 2,226 -- --
===================================================================================================================================
24 Nuveen Investments
NQJ NNJ NXJ
-----------------------------------------------------------------------------------------------------------------------------------
Common and Common and Common and
Preferred Preferred Preferred Preferred Preferred Preferred
shares voting shares voting shares voting shares voting shares voting shares voting
together together together together together together
as a class as a class as a class as a class as a class as a class
-----------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE BOARD MEMBERS WAS
REACHED AS FOLLOWS:
John P. Amboian
For 13,762,412 -- 7,775,488 -- -- --
Withhold 612,528 -- 341,133 -- -- --
-----------------------------------------------------------------------------------------------------------------------------------
Total 14,374,940 -- 8,116,621 -- -- --
===================================================================================================================================
Robert P. Bremner
For 13,754,755 -- 7,766,610 -- 4,457,566 --
Withhold 620,185 -- 350,011 -- 184,367 --
-----------------------------------------------------------------------------------------------------------------------------------
Total 14,374,940 -- 8,116,621 -- 4,641,933 --
===================================================================================================================================
Jack B. Evans
For 13,753,950 -- 7,763,751 -- 4,457,702 --
Withhold 620,990 -- 352,870 -- 184,231 --
-----------------------------------------------------------------------------------------------------------------------------------
Total 14,374,940 -- 8,116,621 -- 4,641,933 --
===================================================================================================================================
William C. Hunter
For -- 1,805 -- 1,116 -- 540
Withhold -- 348 -- 242 -- 61
-----------------------------------------------------------------------------------------------------------------------------------
Total -- 2,153 -- 1,358 -- 601
===================================================================================================================================
David J. Kundert
For 13,763,410 -- 7,771,509 -- -- --
Withhold 611,530 -- 345,112 -- -- --
-----------------------------------------------------------------------------------------------------------------------------------
Total 14,374,940 -- 8,116,621 -- -- --
===================================================================================================================================
William J. Schneider
For -- 1,805 -- 1,116 -- 540
Withhold -- 348 -- 242 -- 61
-----------------------------------------------------------------------------------------------------------------------------------
Total -- 2,153 -- 1,358 -- 601
===================================================================================================================================
Judith M. Stockdale
For 13,760,822 -- 7,773,678 -- -- --
Withhold 614,118 -- 342,943 -- -- --
-----------------------------------------------------------------------------------------------------------------------------------
Total 14,374,940 -- 8,116,621 -- -- --
===================================================================================================================================
Carole E. Stone
For 13,755,669 -- 7,775,481 -- -- --
Withhold 619,271 -- 341,140 -- -- --
-----------------------------------------------------------------------------------------------------------------------------------
Total 14,374,940 -- 8,116,621 -- -- --
===================================================================================================================================
Terence J. Toth
For 13,754,289 -- 7,766,433 -- -- --
Withhold 620,651 -- 350,188 -- -- --
-----------------------------------------------------------------------------------------------------------------------------------
Total 14,374,940 -- 8,116,621 -- -- --
===================================================================================================================================
Nuveen Investments 25
NUJ NQP NPY | Shareholder Meeting Report (continued)
NUJ NQP NPY
-----------------------------------------------------------------------------------------------------------------------------------
Common and Common and Common and
Preferred Preferred Preferred Preferred Preferred Preferred
shares voting shares voting shares voting shares voting shares voting shares voting
together together together together together together
as a class as a class as a class as a class as a class as a class
-----------------------------------------------------------------------------------------------------------------------------------
TO APPROVE THE ELIMINATION OF THE
FUND'S FUNDAMENTAL POLICY RELATING
TO INVESTMENTS IN MUNICIPAL
SECURITIES AND BELOW INVESTMENT
GRADE SECURITIES.
For 2,115,265 781 8,212,229 2,208 7,940,910 1,802
Against 183,595 14 490,157 176 687,780 397
Abstain 74,283 3 363,222 -- 221,916 5
Broker Non-Votes 605,509 -- 2,158,749 92 2,493,053 73
-----------------------------------------------------------------------------------------------------------------------------------
Total 2,978,652 798 11,224,357 2,476 11,343,659 2,277
===================================================================================================================================
TO APPROVE THE NEW FUNDAMENTAL POLICY
RELATING TO INVESTMENTS IN MUNICIPAL
SECURITIES FOR THE FUND.
For 2,122,549 783 8,286,257 2,196 8,008,906 1,807
Against 179,108 14 434,165 185 628,121 392
Abstain 71,486 1 345,186 3 213,579 5
Broker Non-Votes 605,509 -- 2,158,749 92 2,493,053 73
-----------------------------------------------------------------------------------------------------------------------------------
Total 2,978,652 798 11,224,357 2,476 11,343,659 2,277
===================================================================================================================================
TO APPROVE THE ELIMINATION OF THE
FUNDAMENTAL POLICY PROHIBITING
INVESTMENT IN OTHER INVESTMENT
COMPANIES.
For -- -- 8,186,785 2,161 7,905,731 1,801
Against -- -- 515,187 219 728,758 398
Abstain -- -- 363,636 4 216,117 5
Broker Non-Votes -- -- 2,158,749 92 2,493,053 73
-----------------------------------------------------------------------------------------------------------------------------------
Total -- -- 11,224,357 2,476 11,343,659 2,277
===================================================================================================================================
TO APPROVE THE ELIMINATION OF THE
FUNDAMENTAL POLICY RELATING TO
DERIVATIVES AND SHORT SALES.
For -- -- 8,098,395 2,161 7,778,361 1,805
Against -- -- 603,088 219 818,431 393
Abstain -- -- 364,125 4 253,814 6
Broker Non-Votes -- -- 2,158,749 92 2,493,053 73
-----------------------------------------------------------------------------------------------------------------------------------
Total -- -- 11,224,357 2,476 11,343,659 2,277
===================================================================================================================================
TO APPROVE THE ELIMINATION OF THE
FUNDAMENTAL POLICY RELATING TO
COMMODITIES.
For -- -- 8,000,344 2,184 7,914,622 1,805
Against -- -- 688,288 189 706,623 393
Abstain -- -- 376,976 11 229,361 6
Broker Non-Votes -- -- 2,158,749 92 2,493,053 73
-----------------------------------------------------------------------------------------------------------------------------------
Total -- -- 11,224,357 2,476 11,343,659 2,277
===================================================================================================================================
TO APPROVE THE NEW FUNDAMENTAL POLICY
RELATING TO COMMODITIES.
For -- -- 7,995,233 2,161 7,916,928 1,805
Against -- -- 689,482 219 705,018 393
Abstain -- -- 380,893 4 228,660 6
Broker Non-Votes -- -- 2,158,749 92 2,493,053 73
-----------------------------------------------------------------------------------------------------------------------------------
Total -- -- 11,224,357 2,476 11,343,659 2,277
===================================================================================================================================
26 Nuveen Investments
NUJ NQP NPY
-----------------------------------------------------------------------------------------------------------------------------------
Common and Common and Common and
Preferred Preferred Preferred Preferred Preferred Preferred
shares voting shares voting shares voting shares voting shares voting shares voting
together together together together together together
as a class as a class as a class as a class as a class as a class
-----------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE BOARD MEMBERS WAS
REACHED AS FOLLOWS:
John P. Amboian
For -- -- -- -- -- --
Withhold -- -- -- -- -- --
-----------------------------------------------------------------------------------------------------------------------------------
Total -- -- -- -- -- --
===================================================================================================================================
Robert P. Bremner
For 2,794,223 -- 10,731,318 -- 10,587,141 --
Withhold 182,799 -- 492,677 -- 751,911 --
-----------------------------------------------------------------------------------------------------------------------------------
Total 2,977,022 -- 11,223,995 -- 11,339,052 --
===================================================================================================================================
Jack B. Evans
For 2,790,731 -- 10,752,397 -- 10,590,374 --
Withhold 186,291 -- 471,598 -- 748,678 --
-----------------------------------------------------------------------------------------------------------------------------------
Total 2,977,022 -- 11,223,995 -- 11,339,052 --
===================================================================================================================================
William C. Hunter
For -- 354 -- 1,928 -- 1,332
Withhold -- 147 -- 250 -- 287
-----------------------------------------------------------------------------------------------------------------------------------
Total -- 501 -- 2,178 -- 1,619
===================================================================================================================================
David J. Kundert
For -- -- -- -- -- --
Withhold -- -- -- -- -- --
-----------------------------------------------------------------------------------------------------------------------------------
Total -- -- -- -- -- --
===================================================================================================================================
William J. Schneider
For -- 354 -- 1,928 -- 1,332
Withhold -- 147 -- 250 -- 287
-----------------------------------------------------------------------------------------------------------------------------------
Total -- 501 -- 2,178 -- 1,619
===================================================================================================================================
Judith M. Stockdale
For -- -- -- -- -- --
Withhold -- -- -- -- -- --
-----------------------------------------------------------------------------------------------------------------------------------
Total -- -- -- -- -- --
===================================================================================================================================
Carole E. Stone
For -- -- -- -- -- --
Withhold -- -- -- -- -- --
-----------------------------------------------------------------------------------------------------------------------------------
Total -- -- -- -- -- --
===================================================================================================================================
Terence J. Toth
For -- -- -- -- -- --
Withhold -- -- -- -- -- --
-----------------------------------------------------------------------------------------------------------------------------------
Total -- -- -- -- -- --
===================================================================================================================================
Nuveen Investments 27
NXM NVY | Shareholder Meeting Report (continued)
NXM NVY
-----------------------------------------------------------------------------------------------------------------------------------
Common and Common and
Preferred Preferred and Preferred Preferred
shares voting shares voting shares voting shares voting
together together together together
as a class as a class as a class as a class
-----------------------------------------------------------------------------------------------------------------------------------
TO APPROVE THE ELIMINATION OF THE FUND'S FUNDAMENTAL
POLICY RELATING TO INVESTMENTS IN MUNICIPAL
SECURITIES AND BELOW INVESTMENT GRADE SECURITIES.
For 1,643,473 528 1,766,038 470
Against 179,131 2 167,814 --
Abstain 49,060 5 73,039 1
Broker Non-Votes 441,914 -- 588,501 --
-----------------------------------------------------------------------------------------------------------------------------------
Total 2,313,578 535 2,595,392 471
===================================================================================================================================
TO APPROVE THE NEW FUNDAMENTAL POLICY RELATING TO
INVESTMENTS IN MUNICIPAL SECURITIES FOR THE FUND.
For 1,635,888 528 1,791,429 470
Against 181,916 2 147,120 --
Abstain 53,860 5 68,342 1
Broker Non-Votes 441,914 -- 588,501 --
-----------------------------------------------------------------------------------------------------------------------------------
Total 2,313,578 535 2,595,392 471
===================================================================================================================================
TO APPROVE THE ELIMINATION OF THE FUNDAMENTAL POLICY
PROHIBITING INVESTMENT IN OTHER INVESTMENT COMPANIES.
For -- -- -- --
Against -- -- -- --
Abstain -- -- -- --
Broker Non-Votes -- -- -- --
-----------------------------------------------------------------------------------------------------------------------------------
Total -- -- -- --
===================================================================================================================================
TO APPROVE THE ELIMINATION OF THE FUNDAMENTAL POLICY
RELATING TO DERIVATIVES AND SHORT SALES.
For -- -- -- --
Against -- -- -- --
Abstain -- -- -- --
Broker Non-Votes -- -- -- --
-----------------------------------------------------------------------------------------------------------------------------------
Total -- -- -- --
===================================================================================================================================
TO APPROVE THE ELIMINATION OF THE FUNDAMENTAL POLICY
RELATING TO COMMODITIES.
For -- -- -- --
Against -- -- -- --
Abstain -- -- -- --
Broker Non-Votes -- -- -- --
-----------------------------------------------------------------------------------------------------------------------------------
Total -- -- -- --
===================================================================================================================================
TO APPROVE THE NEW FUNDAMENTAL POLICY RELATING TO
COMMODITIES.
For -- -- -- --
Against -- -- -- --
Abstain -- -- -- --
Broker Non-Votes -- -- -- --
-----------------------------------------------------------------------------------------------------------------------------------
Total -- -- -- --
===================================================================================================================================
28 Nuveen Investments
NXM NVY
-----------------------------------------------------------------------------------------------------------------------------------
Common and Common and
Preferred Preferred Preferred Preferred
shares voting shares voting shares voting shares voting
together together together together
as a class as a class as a class as a class
-----------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE BOARD MEMBERS WAS REACHED AS
FOLLOWS:
John P. Amboian
For -- -- -- --
Withhold -- -- -- --
-----------------------------------------------------------------------------------------------------------------------------------
Total -- -- -- --
===================================================================================================================================
Robert P. Bremner
For 2,163,242 -- 2,423,027 --
Withhold 143,971 -- 165,170 --
-----------------------------------------------------------------------------------------------------------------------------------
Total 2,307,213 -- 2,588,197 --
===================================================================================================================================
Jack B. Evans
For 2,157,707 -- 2,425,703 --
Withhold 149,506 -- 162,494 --
-----------------------------------------------------------------------------------------------------------------------------------
Total 2,307,213 -- 2,588,197 --
===================================================================================================================================
William C. Hunter
For -- 326 -- 340
Withhold -- 44 -- 34
-----------------------------------------------------------------------------------------------------------------------------------
Total -- 370 -- 374
===================================================================================================================================
David J. Kundert
For -- -- -- --
Withhold -- -- -- --
-----------------------------------------------------------------------------------------------------------------------------------
Total -- -- -- --
===================================================================================================================================
William J. Schneider
For -- 326 -- 340
Withhold -- 44 -- 34
-----------------------------------------------------------------------------------------------------------------------------------
Total -- 370 -- 374
===================================================================================================================================
Judith M. Stockdale
For -- -- -- --
Withhold -- -- -- --
-----------------------------------------------------------------------------------------------------------------------------------
Total -- -- -- --
===================================================================================================================================
Carole E. Stone
For -- -- -- --
Withhold -- -- -- --
-----------------------------------------------------------------------------------------------------------------------------------
Total -- -- -- --
===================================================================================================================================
Terence J. Toth
For -- -- -- --
Withhold -- -- -- --
-----------------------------------------------------------------------------------------------------------------------------------
Total -- -- -- --
===================================================================================================================================
Nuveen Investments 29
REPORT OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM
THE BOARD OF DIRECTORS/TRUSTEES AND SHAREHOLDERS
NUVEEN NEW JERSEY INVESTMENT QUALITY MUNICIPAL FUND, INC.
NUVEEN NEW JERSEY PREMIUM INCOME MUNICIPAL FUND, INC.
NUVEEN NEW JERSEY DIVIDEND ADVANTAGE MUNICIPAL FUND
NUVEEN NEW JERSEY DIVIDEND ADVANTAGE MUNICIPAL FUND 2
NUVEEN NEW JERSEY MUNICIPAL VALUE FUND
NUVEEN PENNSYLVANIA INVESTMENT QUALITY MUNICIPAL FUND
NUVEEN PENNSYLVANIA PREMIUM INCOME MUNICIPAL FUND 2
NUVEEN PENNSYLVANIA DIVIDEND ADVANTAGE MUNICIPAL FUND
NUVEEN PENNSYLVANIA DIVIDEND ADVANTAGE MUNICIPAL FUND 2
NUVEEN PENNSYLVANIA MUNICIPAL VALUE FUND
We have audited the accompanying statement of assets and liabilities, including
the portfolio of investments, of Nuveen New Jersey Investment Quality Municipal
Fund, Inc., Nuveen New Jersey Premium Income Municipal Fund, Inc., Nuveen New
Jersey Dividend Advantage Municipal Fund, Nuveen New Jersey Dividend Advantage
Municipal Fund 2, Nuveen New Jersey Municipal Value Fund, Nuveen Pennsylvania
Investment Quality Municipal Fund, Nuveen Pennsylvania Premium Income Municipal
Fund 2, Nuveen Pennsylvania Dividend Advantage Municipal Fund, Nuveen
Pennsylvania Dividend Advantage Municipal Fund 2, and Nuveen Pennsylvania
Municipal Value Fund (the "Funds"), as of April 30, 2010, and the related
statements of operations, changes in net assets, cash flows (Nuveen Pennsylvania
Investment Quality Municipal Fund only), and the financial highlights for each
of the periods indicated therein. These financial statements and financial
highlights are the responsibility of the Funds' management. Our responsibility
is to express an opinion on these financial statements and financial highlights
based on our audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Funds' internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Funds' internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating th overall
financial statement presentation. Our procedures included confirmation of
securities owned as of April 30, 2010, by correspondence with the custodian and
brokers or by other appropriate auditing procedures where replies from brokers
were not received. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial positions of
Nuveen New Jersey Investment Quality Municipal Fund, Inc., Nuveen New Jersey
Premium Income Municipal Fund, Inc., Nuveen New Jersey Dividend Advantage
Municipal Fund, Nuveen New Jersey Dividend Advantage Municipal Fund 2, Nuveen
New Jersey Municipal Value Fund, Nuveen Pennsylvania Investment Quality
Municipal Fund, Nuveen Pennsylvania Premium Income Municipal Fund 2, Nuveen
Pennsylvania Dividend Advantage Municipal Fund, Nuveen Pennsylvania Dividend
Advantage Municipal Fund 2, and Nuveen Pennsylvania Municipal Value Fund at
April 30, 2010, the results of their operations, the changes in their net
assets, their cash flows (Nuveen Pennsylvania Investment Quality Municipal Fund
only), and the financial highlights for each of the periods indicated therein in
conformity with US generally accepted accounting principles.
/S/ ERNST & YOUNG LLP
Chicago, Illinois
June 23, 2010
30 Nuveen Investments
NQJ | Nuveen New Jersey Investment Quality Municipal Fund, Inc.
| Portfolio of Investments April 30, 2010
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 $ 451,392
690 5.125%, 1/01/37 1/15 at 100.00 B3 389,878
-----------------------------------------------------------------------------------------------------------------------------------
1,490 Total Consumer Discretionary 841,270
-----------------------------------------------------------------------------------------------------------------------------------
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 3,083,745
10,000 5.000%, 6/01/41 6/17 at 100.00 BBB 6,950,300
-----------------------------------------------------------------------------------------------------------------------------------
14,300 Total Consumer Staples 10,034,045
-----------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 15.8% (10.8% OF TOTAL
INVESTMENTS)
1,000 New Jersey Economic Development Authority, Revenue Bonds, 6/15 at 100.00 N/R 989,750
The Seeing Eye Inc., Series 2005, 5.000%, 12/01/24 -
AMBAC Insured
2,000 New Jersey Educational Facilities Authority, Revenue Bonds, 7/13 at 100.00 N/R 1,833,260
Fairleigh Dickinson University, Series 2002D, 5.250%,
7/01/32 - ACA Insured
500 New Jersey Educational Facilities Authority, Revenue Bonds, 7/14 at 100.00 N/R 498,105
Fairleigh Dickinson University, Series 2004C, 5.500%,
7/01/23
1,000 New Jersey Educational Facilities Authority, Revenue Bonds, 7/17 at 100.00 BBB+ 994,230
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 3,599,615
2,295 5.000%, 7/01/39 - FGIC Insured 7/17 at 100.00 A 2,307,209
120 New Jersey Educational Facilities Authority, Revenue Bonds, 7/14 at 100.00 A 125,060
Montclair State University, Series 2004L, 5.125%,
7/01/22 - NPFG Insured
1,225 New Jersey Educational Facilities Authority, Revenue Bonds, 7/15 at 100.00 A2 1,342,073
Montclair State University, Series 2005F, 5.000%,
7/01/16 - FGIC Insured
2,770 New Jersey Educational Facilities Authority, Revenue Bonds, 7/16 at 100.00 A2 2,787,340
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+ 1,039,780
1,945 5.250%, 7/01/21 - NPFG Insured 7/11 at 100.00 A+ 2,016,848
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+ 1,319,182
2,510 4.750%, 7/01/20 - AMBAC Insured 1/14 at 100.00 A+ 2,592,127
185 4.250%, 7/01/24 - AMBAC Insured 1/14 at 100.00 A+ 184,600
1,495 New Jersey Educational Facilities Authority, Revenue Bonds, 7/14 at 100.00 A 1,609,487
Ramapo College, Series 2004H, 5.000%, 7/01/16 - FGIC
Insured
610 New Jersey Educational Facilities Authority, Revenue Bonds, 7/14 at 100.00 Baa1 623,835
Rider University, Series 2004A, 5.500%, 7/01/23 - RAAI
Insured
510 New Jersey Educational Facilities Authority, Revenue Bonds, 7/12 at 100.00 Baa1 476,937
Rider University, Series 2007C, 5.000%, 7/01/37 - RAAI
Insured
1,430 New Jersey Educational Facilities Authority, Revenue Bonds, 7/14 at 100.00 A 1,492,262
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 1,069,362
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 2,023,340
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 2,138,440
Loan Revenue Bonds, Series 2008A, 6.125%, 6/01/30 - AGC
Insured (Alternative Minimum Tax)
Nuveen Investments 31
NQJ | Nuveen New Jersey Investment Quality Municipal Fund, Inc. (continued)
| Portfolio of Investments April 30, 2010
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS (continued)
$ 720 New Jersey Higher Education Assistance Authority, Student 12/19 at 100.00 AA $ 740,966
Loan Revenue Bonds, Series 2010-1A, 5.000%, 12/01/25
950 New Jersey Higher Education Assistance Authority, Student 6/19 at 100.00 AA 1,147,087
Loan Revenue Bonds, Tender Option Bond Trust PA-4643,
19.310%, 6/01/30 (IF) (4)
4,235 Puerto Rico Industrial, Tourist, Educational, Medical and 9/11 at 100.00 BBB 4,247,663
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+ 1,970,927
1,370 5.000%, 4/15/22 - AMBAC Insured 4/13 at 100.00 BBB+ 1,380,111
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 2,099,916
4,000 5.500%, 12/01/27 - AMBAC Insured 12/12 at 100.00 Baa2 4,040,040
-----------------------------------------------------------------------------------------------------------------------------------
45,780 Total Education and Civic Organizations 46,689,552
-----------------------------------------------------------------------------------------------------------------------------------
FINANCIALS - 1.7% (1.2% OF TOTAL INVESTMENTS)
5,000 New Jersey Economic Development Authority, Revenue Refunding No Opt. Call Baa3 5,120,900
Bonds, Kapkowski Road Landfill Project, Series 2002,
5.750%, 10/01/21
-----------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 23.1% (15.8% 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 2,089,450
1,000 5.750%, 2/15/34 8/14 at 100.00 BBB 994,770
1,920 New Jersey Health Care Facilities Finance Authority, Revenue 7/18 at 100.00 A1 1,931,386
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 5,581,468
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 1,473,803
Hospital Revenue Bonds, Virtua Health, Tender Option Bond
Trust 3018, 19.397%, 7/01/38 - AGC Insured (IF)
2,000 New Jersey Health Care Facilities Financing Authority, New 7/18 at 100.00 Baa2 1,994,360
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+ 3,756,450
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 Aa3 1,287,024
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 387,044
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- 615,485
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- 594,287
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 3,033,930
Revenue Bonds, Kennedy Health System Obligated Group,
Series 2001, 5.500%, 7/01/21
3,500 New Jersey Health Care Facilities Financing Authority, 7/10 at 100.00 AAA 3,501,610
Revenue Bonds, Meridian Health System Obligated Group,
Series 1999, 5.250%, 7/01/29 - AGM 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 3,856,160
2,000 5.750%, 7/01/31 7/10 at 100.00 A2 2,002,100
New Jersey Health Care Facilities Financing Authority,
Revenue Bonds, RWJ Health Care Corporation, Series 2005B:
1,495 5.000%, 7/01/25 - RAAI Insured 7/15 at 100.00 N/R 1,453,095
1,600 5.000%, 7/01/35 - RAAI Insured 7/15 at 100.00 N/R 1,457,088
1,885 New Jersey Health Care Facilities Financing Authority, 1/17 at 100.00 BB+ 1,541,760
Revenue Bonds, Saint Barnabas Health Care System, Series
2006A, 5.000%, 7/01/29
32 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE (continued)
$ 2,300 New Jersey Health Care Facilities Financing Authority, 7/18 at 100.00 BBB- $ 2,366,102
Revenue Bonds, Saint Joseph's Healthcare System
Obligated Group Issue, Series 2008, 6.625%, 7/01/38
2,850 New Jersey Health Care Facilities Financing Authority, 7/13 at 100.00 N/R 2,702,142
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 4,575,060
Revenue Bonds, Society of the Valley Hospital Obligated
Group, Series 2000, 5.375%, 7/01/31 - AMBAC Insured
3,300 New Jersey Health Care Facilities Financing Authority, 7/13 at 100.00 Ba2 2,681,283
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 680,258
2,160 5.000%, 7/01/36 7/16 at 100.00 A2 2,116,606
1,295 5.000%, 7/01/46 7/16 at 100.00 A2 1,244,327
2,000 New Jersey Health Care Facilities Financing Authority, 7/10 at 100.00 Baa2 2,003,920
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 N/R 2,574,964
Revenue Refunding Bonds, Bayshore Community Hospital,
Series 2002, 5.125%, 7/01/32 - RAAI Insured
2,605 New Jersey Health Care Facilities Financing Authority, 7/10 at 100.00 Baa1 2,354,503
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 3,645,504
Bonds, Meridian Health, Series 2007-I, 5.000%, 7/01/38
- AGC Insured
3,605 Newark, New Jersey, GNMA Collateralized Healthcare 6/12 at 102.00 Aaa 3,664,446
Facility Revenue Bonds, New Community Urban Renewal
Corporation, Series 2001A, 5.200%, 6/01/30
-----------------------------------------------------------------------------------------------------------------------------------
70,615 Total Health Care 68,160,385
-----------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 0.9% (0.6% OF TOTAL INVESTMENTS)
2,743 Newark Housing Authority, New Jersey, GNMA Collateralized 10/10 at 101.00 Aaa 2,797,946
Housing Revenue Bonds, Fairview Apartments Project,
Series 2000A, 6.400%, 10/20/34 (Alternative Minimum
Tax)
-----------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 2.4% (1.6% OF TOTAL INVESTMENTS)
1,725 New Jersey Housing and Mortgage Finance Agency, Home Buyer 10/10 at 100.00 Aaa 1,731,245
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 330,421
Family Housing Revenue Bonds, Series 2007T, 4.700%,
10/01/37 (Alternative Minimum Tax)
2,430 Puerto Rico Housing Finance Corporation, Mortgage-Backed 6/11 at 100.00 AAA 2,443,632
Securities Home Mortgage Revenue Bonds, Series 2001A,
5.200%, 12/01/33
2,430 Puerto Rico Housing Finance Corporation, Mortgage-Backed 6/11 at 100.00 AAA 2,443,632
Securities Home Mortgage Revenue Bonds, Series 2001B,
5.300%, 12/01/28 (Alternative Minimum Tax)
-----------------------------------------------------------------------------------------------------------------------------------
6,935 Total Housing/Single Family 6,948,930
-----------------------------------------------------------------------------------------------------------------------------------
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 1,618,205
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 1,128,971
Revenue Bonds, Winchester Gardens at Wards Homestead,
Series 2004A, 5.750%, 11/01/24
2,740 New Jersey Economic Development Authority, GNMA 12/11 at 103.00 Aaa 2,766,770
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- 616,307
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- 1,069,134
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 N/R 943,740
Revenue Bonds, House of the Good Shepherd Obligated
Group, Series 2001, 5.100%, 7/01/21 - RAAI Insured
-----------------------------------------------------------------------------------------------------------------------------------
8,430 Total Long-Term Care 8,143,127
-----------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 33
NQJ | Nuveen New Jersey Investment Quality Municipal Fund, Inc. (continued)
| Portfolio of Investments April 30, 2010
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 5.7% (3.9% OF TOTAL INVESTMENTS)
Clifton, New Jersey, General Obligation Bonds, Series 2002:
$ 920 5.000%, 1/15/21 - FGIC Insured 1/11 at 100.00 Aa3 $ 940,893
880 5.000%, 1/15/22 - FGIC Insured 1/11 at 100.00 Aa3 897,873
4,300 Jersey City, New Jersey, General Obligation Bonds, Series 9/16 at 100.00 Aa3 4,587,197
2006A, 5.000%, 9/01/22 - AMBAC Insured
1,500 Middletown Township Board of Education, Monmouth County, New 8/10 at 100.00 AAA 1,508,925
Jersey, Refunding School Bonds, Series 2001, 5.000%,
8/01/27 - AGM Insured
5,000 New Jersey, General Obligation Bonds, Series 1992D, 6.000%, No Opt. Call AA 5,219,200
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 N/R 1,765,205
1,865 4.750%, 9/01/18 - AMBAC Insured 9/14 at 100.00 N/R 1,915,597
-----------------------------------------------------------------------------------------------------------------------------------
16,155 Total Tax Obligation/General 16,834,890
-----------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 33.9% (23.2% OF TOTAL INVESTMENTS)
1,775 Bergen County Improvement Authority, New Jersey, Guaranteed No Opt. Call Aaa 2,109,641
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 Aa2 2,188,145
Consolidation Revenue Bonds, Series 2007, 5.250%,
12/15/22 - AMBAC Insured
2,650 Garden State Preservation Trust, New Jersey, Open Space and No Opt. Call AAA 3,116,824
Farmland Preservation Bonds, Series 2005C, 5.125%,
11/01/18 - AGM 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+ 1,086,950
1,420 5.000%, 9/01/22 - NPFG Insured 9/15 at 100.00 AA+ 1,536,951
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- 1,152,163
2,525 5.000%, 4/01/35 - AMBAC Insured 4/15 at 100.00 AA- 2,593,529
1,445 Lower Township Municipal Utilities Authority, Cape May No Opt. Call N/R 1,495,907
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 1,113,640
2,000 5.250%, 9/15/18 9/13 at 100.00 AAA 2,227,280
5,700 New Jersey Building Authority, State Building Revenue Bonds, 6/16 at 100.00 AA- 5,909,475
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 1,953,426
5,750 5.750%, 6/15/34 6/14 at 100.00 BBB 5,596,073
4,675 New Jersey Economic Development Authority, Lease Revenue 3/15 at 100.00 AAA 4,901,504
Bonds, Liberty State Park Project, Series 2005C, 5.000%,
3/01/27 - AGM Insured
5,000 New Jersey Economic Development Authority, Revenue Bonds, 7/14 at 100.00 A 5,552,750
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 186,361
345 5.125%, 6/15/37 6/17 at 100.00 Baa3 294,972
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- 2,009,664
3,930 5.000%, 9/01/37 9/17 at 100.00 AA- 4,019,329
1,925 New Jersey Educational Facilities Authority, Revenue Bonds, No Opt. Call AAA 2,193,153
Higher Education Capital Improvement Fund, Refunding
Series 2005A, 5.000%, 9/01/15 - AGM Insured
2,500 New Jersey Health Care Facilities Financing Authority, Lease 9/13 at 100.00 AA- 2,525,350
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:
2,885 5.000%, 9/15/18 - AMBAC Insured 9/15 at 100.00 AA- 3,038,857
4,455 5.000%, 9/15/24 - AMBAC Insured 9/15 at 100.00 AA- 4,540,892
34 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 850 New Jersey Health Care Facilities Financing Authority, 10/18 at 100.00 AA- $ 860,923
State Contract Bonds, Hospital Asset Transformatiom
Program, Series 2008A, 5.250%, 10/01/38
New Jersey Transportation Trust Fund Authority, Federal
Highway Aid Grant Anticipation Bonds, Series 2006:
1,075 5.000%, 6/15/17 - FGIC Insured 6/16 at 100.00 Aa3 1,184,080
1,900 5.000%, 6/15/18 - FGIC Insured 6/16 at 100.00 Aa3 2,071,798
12,000 New Jersey Transportation Trust Fund Authority, No Opt. Call AA- 3,895,560
Transportation System Bonds, Capital Appreciation
Series 2010A, 0.000%, 12/15/30
4,300 New Jersey Transportation Trust Fund Authority, No Opt. Call AA- 4,875,297
Transportation System Bonds, Refunding Series 2006A,
5.500%, 12/15/22
4,200 New Jersey Transportation Trust Fund Authority, No Opt. Call AA- 4,806,900
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 4,172,181
Transportation System Bonds, Series 2005D, 5.000%,
6/15/19 - AGM Insured
New Jersey Transportation Trust Fund Authority,
Transportation System Bonds, Series 2006C:
13,755 0.000%, 12/15/28 - AMBAC Insured No Opt. Call AA- 4,742,311
10,000 0.000%, 12/15/32 - AGM Insured No Opt. Call AAA 2,889,000
15,310 0.000%, 12/15/34 - AGM Insured No Opt. Call AAA 3,929,312
2,500 New Jersey Transportation Trust Fund Authority, 12/17 at 100.00 AA- 2,607,675
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 Aa3 1,655,940
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 A3 1,161,829
Occupancy Tax Revenue Bonds, Series 2006A, 4.500%,
7/01/36 - CIFG Insured
-----------------------------------------------------------------------------------------------------------------------------------
130,890 Total Tax Obligation/Limited 100,195,642
-----------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 26.4% (18.1% OF TOTAL INVESTMENTS)
2,250 Casino Reinvestment Development Authority, New Jersey, 6/15 at 100.00 A 2,301,120
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+ 2,073,100
4,050 5.000%, 1/01/26 - NPFG Insured 1/15 at 100.00 A+ 4,184,136
1,500 5.000%, 1/01/27 - NPFG Insured 1/15 at 100.00 A+ 1,552,245
2,960 Delaware River Port Authority, Pennsylvania and New 1/12 at 100.00 AAA 3,017,306
Jersey, Revenue Refunding Bonds, Port District Project,
Series 2001A, 5.200%, 1/01/27 - AGM Insured
3,000 New Jersey Economic Development Authority, Revenue Bonds, 5/10 at 100.00 CCC+ 2,598,900
American Airlines Inc., Series 1991, 7.100%, 11/01/31
(Alternative Minimum Tax)
3,405 New Jersey Transit Corporation, Lease Appropriation Bonds, 9/15 at 100.00 A1 3,616,961
Series 2005A, 5.000%, 9/15/18 - FGIC Insured
160 New Jersey Turnpike Authority, Revenue Bonds, Series No Opt. Call A+ 189,538
1991C, 6.500%, 1/01/16 - NPFG Insured
9,500 New Jersey Turnpike Authority, Revenue Bonds, Series 7/13 at 100.00 A+ 10,216,015
2003A, 5.000%, 1/01/19 - FGIC Insured
1,265 New Jersey Turnpike Authority, Revenue Bonds, Series No Opt. Call AAA 1,435,623
2005A, 5.250%, 1/01/29 - AGM Insured
4,000 New Jersey Turnpike Authority, Revenue Bonds, Series 1/20 at 100.00 A+ 4,164,720
2009I, 5.000%, 1/01/35
7,000 Port Authority of New York and New Jersey, Consolidated 6/15 at 101.00 Aa2 7,432,740
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 1,208,460
Revenue Bonds, One Hundred Forty Eighth Series 2008,
Trust 2920, 17.380%, 8/15/32 - AGM Insured (IF)
2,000 Port Authority of New York and New Jersey, Consolidated 1/14 at 101.00 Aa2 2,070,880
Revenue Bonds, One Hundred Thirty-Fourth Series 2004,
5.000%, 7/15/34
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, One Hundred Twenty-Fifth Series 2002:
2,280 5.000%, 10/15/26 - AGM Insured 4/12 at 101.00 AAA 2,397,397
5,000 5.000%, 4/15/32 - AGM Insured 4/12 at 101.00 AAA 5,126,150
Nuveen Investments 35
NQJ | Nuveen New Jersey Investment Quality Municipal Fund, Inc. (continued)
| Portfolio of Investments April 30, 2010
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION (continued)
Port Authority of New York and New Jersey, Special Project
Bonds, JFK International Air Terminal LLC, Sixth Series
1997:
$ 3,500 7.000%, 12/01/12 - NPFG Insured (Alternative Minimum Tax) No Opt. Call A $ 3,729,670
6,605 5.750%, 12/01/22 - NPFG Insured (Alternative Minimum Tax) 6/10 at 100.00 A 6,604,406
12,130 5.750%, 12/01/25 - NPFG Insured (Alternative Minimum Tax) 6/10 at 100.00 A 12,128,783
2,000 South Jersey Port Corporation, New Jersey, Marine Terminal 1/13 at 100.00 A 2,016,720
Revenue Refunding Bonds, Series 2002K, 5.100%, 1/01/33
-----------------------------------------------------------------------------------------------------------------------------------
75,605 Total Transportation 78,064,870
-----------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 18.7% (12.8% OF TOTAL INVESTMENTS) (5)
2,500 Bergen County Improvement Authority, New Jersey, Revenue 9/12 at 101.00 N/R (5) 2,800,950
Bonds, Yeshiva Ktana of Passaic Project, Series 2002,
6.000%, 9/15/27 (Pre-refunded 9/01/12)
1,500 New Jersey Educational Facilities Authority, Revenue 7/13 at 100.00 A- (5) 1,692,600
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 (5) 2,231,306
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 (5) 1,587,166
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:
2,000 5.000%, 7/01/18 (Pre-refunded 7/01/15) - FGIC Insured 7/15 at 100.00 A2 (5) 2,315,060
1,460 5.000%, 7/01/32 (Pre-refunded 7/01/15) - FGIC Insured 7/15 at 100.00 A2 (5) 1,689,994
2,000 New Jersey Educational Facilities Authority, Revenue 7/12 at 100.00 A3 (5) 2,184,140
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+ (5) 1,461,876
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+ (5) 1,368,359
1,875 5.000%, 7/01/24 (Pre-refunded 7/01/14) - NPFG Insured 7/14 at 100.00 A+ (5) 2,147,006
2,840 New Jersey Health Care Facilities Financing Authority, 7/13 at 100.00 N/R (5) 3,155,524
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 (5) 8,709,823
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 (5) 1,967,092
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 207,388
55 6.500%, 1/01/16 - NPFG Insured (ETM) No Opt. Call A+ (5) 67,919
2,505 6.500%, 1/01/16 (ETM) No Opt. Call AAA 2,901,391
1,250 Newark Housing Authority, New Jersey, Port Authority 1/14 at 100.00 AA- (5) 1,418,875
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 7,739,025
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 1,152,239
3,000 6.000%, 6/01/37 (Pre-refunded 6/01/12) 6/12 at 100.00 AAA 3,324,390
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 2,223,055
2,625 6.375%, 6/01/32 (Pre-refunded 6/01/13) 6/13 at 100.00 AAA 2,995,545
-----------------------------------------------------------------------------------------------------------------------------------
49,860 Total U.S. Guaranteed 55,340,723
-----------------------------------------------------------------------------------------------------------------------------------
36 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 3.6% (2.4% OF TOTAL INVESTMENTS)
$ 2,835 Camden County Pollution Control Financing Authority, New 6/10 at 100.00 Ba2 $ 2,771,723
Jersey, Solid Waste Disposal and Resource Recovery
System Revenue Bonds, Series 1991A, 7.500%, 12/01/10
(Alternative Minimum Tax)
2,055 Mercer County Improvement Authority, New Jersey, Solid 12/13 at 100.00 AA+ 2,289,311
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 2,505,075
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 6/10 at 100.00 A 2,930,070
Facility Senior Lien Revenue Bonds, Ogden Martin
Systems of Union Inc., Series 1998A, 5.000%, 6/01/23 -
AMBAC Insured (Alternative Minimum Tax)
-----------------------------------------------------------------------------------------------------------------------------------
10,390 Total Utilities 10,496,179
-----------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 7.7% (5.2% OF TOTAL INVESTMENTS)
3,000 Jersey City Municipal Utilities Authority, Hudson County, 7/10 at 100.00 A 3,001,470
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 1,828,558
1,835 5.000%, 12/01/18 - FGIC Insured 12/13 at 100.00 N/R 1,892,325
1,000 5.000%, 12/01/19 - FGIC Insured 12/13 at 100.00 N/R 1,034,250
7,500 New Jersey Economic Development Authority, Water 5/10 at 100.00 N/R 7,499,700
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 3,078,840
3,000 5.250%, 8/01/18 - FGIC Insured 8/12 at 100.00 N/R 3,055,200
1,250 Ocean County Utilities Authority, New Jersey, Wastewater 1/11 at 101.00 Aaa 1,294,038
Revenue Refunding Bonds, Series 2000, 5.000%, 1/01/18
-----------------------------------------------------------------------------------------------------------------------------------
22,335 Total Water and Sewer 22,684,381
-----------------------------------------------------------------------------------------------------------------------------------
$ 460,528 Total Investments (cost $429,975,633) - 146.4% 432,352,840
===============--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.2% 6,479,276
-----------------------------------------------------------------------------------------------------------------
Auction Rate Preferred Shares, at Liquidation Value - (143,450,000)
(48.6)% (6)
-----------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 295,382,116
=================================================================================================================
(1) All percentages shown in the Portfolio of Investments are based on net
assets applicable to Common shares unless otherwise noted.
(2) Optional Call Provisions (not covered by the report of independent
registered public accounting firm): Dates (month and year) and prices of
the earliest optional call or redemption. There may be other call
provisions at varying prices at later dates. Certain mortgage-backed
securities may be subject to periodic principal paydowns.
(3) Ratings (not covered by the report of independent registered public
accounting firm): Using the 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) Investment, or portion of investment, has been pledged to collateralize
for inverse floating rate transactions.
(5) Backed by an escrow or trust containing sufficient U.S. Government or U.S.
Government agency securities which ensure the timely payment of principal
and interest. Such investments are normally considered to be equivalent to
AAA rated securities.
(6) Auction Rate Preferred Shares, at Liquidation Value as a percentage of
Total Investments is 33.2%.
N/R Not rated.
(ETM) Escrowed to maturity.
(IF) Inverse floating rate investment.
See accompanying notes to financial statement.
Nuveen Investments 37
NNJ | Nuveen New Jersey Premium Income Municipal Fund, Inc.
| Portfolio of Investments April 30, 2010
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 $ 270,835
415 5.125%, 1/01/37 1/15 at 100.00 B3 234,492
-----------------------------------------------------------------------------------------------------------------------------------
895 Total Consumer Discretionary 505,327
-----------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 3.3% (2.3% OF TOTAL INVESTMENTS)
Tobacco Settlement Financing Corporation, New Jersey,
Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
3,270 4.750%, 6/01/34 6/17 at 100.00 BBB 2,345,081
5,300 5.000%, 6/01/41 6/17 at 100.00 BBB 3,683,659
-----------------------------------------------------------------------------------------------------------------------------------
8,570 Total Consumer Staples 6,028,740
-----------------------------------------------------------------------------------------------------------------------------------
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 1,113,469
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 458,315
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 298,863
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 2,116,230
3,350 5.000%, 7/01/39 - FGIC Insured 7/17 at 100.00 A 3,367,822
100 New Jersey Educational Facilities Authority, Revenue 7/14 at 100.00 A 105,652
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 976,072
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+ 1,447,806
725 5.000%, 7/01/19 - AMBAC Insured 1/14 at 100.00 A+ 759,053
1,530 4.750%, 7/01/20 - AMBAC Insured 1/14 at 100.00 A+ 1,580,062
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 1,733,939
1,040 5.000%, 7/01/23 - FGIC Insured 7/14 at 100.00 A 1,074,674
300 New Jersey Educational Facilities Authority, Revenue 7/14 at 100.00 Baa1 306,804
Bonds, Rider University, Series 2004A, 5.500%, 7/01/23
- RAAI Insured
1,405 New Jersey Higher Education Assistance Authority, Student 6/10 at 100.50 A 1,419,542
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 996,978
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 2,138,440
Loan Revenue Bonds, Series 2008A, 6.125%, 6/01/30 -
AGC Insured (Alternative Minimum Tax)
450 New Jersey Higher Education Assistance Authority, Student 12/19 at 100.00 AA 463,104
Loan Revenue Bonds, Series 2010-1A, 5.000%, 12/01/25
550 New Jersey Higher Education Assistance Authority, Student 6/19 at 100.00 AA 664,103
Loan Revenue Bonds, Tender Option Bond Trust PA-4643,
19.310%, 6/01/30 (IF) (4)
2,025 University of Medicine and Dentistry of New Jersey, 4/13 at 100.00 BBB+ 2,047,741
Certificates of Participation, Child Health Institute,
LLC, Series 2003, 5.000%, 4/15/21 - AMBAC Insured
38 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS (continued)
$ 1,000 University of Medicine and Dentistry of New Jersey, 6/14 at 100.00 A $ 971,170
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 2,672,093
Revenue Bonds, Series 2002A, 5.000%,12/01/31 - AMBAC
Insured
-----------------------------------------------------------------------------------------------------------------------------------
26,210 Total Education and Civic Organizations 26,711,932
-----------------------------------------------------------------------------------------------------------------------------------
FINANCIALS - 0.9% (0.6% OF TOTAL INVESTMENTS)
1,500 New Jersey Economic Development Authority, Revenue No Opt. Call Baa3 1,536,270
Refunding Bonds, Kapkowski Road Landfill Project,
Series 2002, 5.750%, 10/01/21
-----------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 19.0% (12.9% 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 175,704
620 5.750%, 2/15/34 8/14 at 100.00 BBB 616,757
1,120 New Jersey Health Care Facilities Finance Authority, 7/18 at 100.00 A1 1,126,642
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 871,739
Hospital Revenue Bonds, Virtua Health, Tender Option
Bond Trust 3018, 19.397%, 7/01/38 - AGC Insured (IF)
1,615 New Jersey Health Care Facilities Financing Authority, 7/17 at 100.00 A+ 1,617,778
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 232,226
Revenue Bonds, Children's Specialized Hospital, Series
2005A, 5.500%, 7/01/36
2,900 New Jersey Health Care Facilities Financing Authority, 7/10 at 101.00 Baa1 2,910,469
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- 662,830
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- 362,370
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 3,519,950
Revenue Bonds, Kennedy Health System Obligated Group,
Series 2001, 5.625%, 7/01/31
1,700 New Jersey Health Care Facilities Financing Authority, 7/10 at 100.00 AAA 1,709,826
Revenue Bonds, Meridian Health System Obligated Group,
Series 1999, 5.625%, 7/01/12 - AGM Insured
465 New Jersey Health Care Facilities Financing Authority, 7/12 at 101.00 BB+ 427,298
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 N/R 910,680
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+ 948,776
Revenue Bonds, Saint Barnabas Health Care System,
Series 2006A, 5.000%, 7/01/29
1,500 New Jersey Health Care Facilities Financing Authority, 7/18 at 100.00 BBB- 1,543,110
Revenue Bonds, Saint Joseph's Healthcare System
Obligated Group Issue, Series 2008, 6.625%, 7/01/38
1,675 New Jersey Health Care Facilities Financing Authority, 7/13 at 100.00 N/R 1,588,101
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 2,004,220
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 1,523,456
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 1,219,988
1,155 5.000%, 7/01/46 7/16 at 100.00 A2 1,109,805
2,050 New Jersey Health Care Facilities Financing Authority, 7/10 at 100.00 Baa2 2,054,018
Revenue Bonds, St. Peter's University Hospital,
Series 2000A, 6.875%, 7/01/20
Nuveen Investments 39
NNJ | Nuveen New Jersey Premium Income Municipal Fund, Inc. (continued)
| Portfolio of Investments April 30, 2010
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE (continued)
$ 630 New Jersey Health Care Facilities Financing Authority, 7/12 at 100.00 A+ $ 644,622
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 N/R 1,526,893
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 2,187,302
Bonds, Meridian Health, Series 2007-I, 5.000%, 7/01/38
- AGC Insured
2,650 Puerto Rico Industrial, Tourist, Educational, Medical and 6/10 at 100.00 A1 2,656,228
Environmental Control Facilities Financing Authority,
Adjustable Rate Industrial Revenue Bonds, American
Home Products Corporation, Series 1983A, 5.100%,
12/01/18
-----------------------------------------------------------------------------------------------------------------------------------
34,925 Total Health Care 34,150,788
-----------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 2.7% (1.8% OF TOTAL INVESTMENTS)
340 Essex County Improvement Authority, New Jersey, FNMA 11/12 at 100.00 Aaa 341,193
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, 5/10 at 100.00 A+ 4,446,689
Multifamily Housing Revenue Bonds, Series 1997A,
5.550%, 5/01/27 - AMBAC Insured (Alternative Minimum
Tax)
-----------------------------------------------------------------------------------------------------------------------------------
4,785 Total Housing/Multifamily 4,787,882
-----------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 0.3% (0.2% OF TOTAL INVESTMENTS)
605 New Jersey Housing and Mortgage Finance Agency, Single 4/17 at 100.00 AA 571,156
Family Housing Revenue Bonds, Series 2007T, 4.700%,
10/01/37 (Alternative Minimum Tax)
-----------------------------------------------------------------------------------------------------------------------------------
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 947,558
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 746,348
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- 1,023,840
Masonic Charity Foundation of New Jersey, Series 2001,
5.500%, 6/01/21
-----------------------------------------------------------------------------------------------------------------------------------
2,845 Total Long-Term Care 2,717,746
-----------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 8.9% (6.0% OF TOTAL INVESTMENTS)
2,460 Freehold Regional High School District, Monmouth County No Opt. Call AA 2,818,717
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 Aa3 2,666,975
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 2,693,107
1,560 6.000%, 2/15/13 No Opt. Call AA 1,764,017
4,000 Passaic County, New Jersey, General Improvement Refunding No Opt. Call Aa3 4,188,200
Bonds, Series 1993, 5.125%,9/01/12 - FGIC Insured
1,780 West Deptford Township, New Jersey, General Obligation 9/14 at 100.00 N/R 1,841,392
Bonds, Series 2004, 4.750%, 9/01/17 - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
14,880 Total Tax Obligation/General 15,972,408
-----------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 39.4% (26.8% OF TOTAL
INVESTMENTS)
1,000 Bergen County Improvement Authority, New Jersey, No Opt. Call Aaa 1,188,530
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 Aa2 5,883,758
Revenue Bonds, Series 2003, 5.125%,12/15/19 - AGM
Insured
1,155 Essex County Improvement Authority, New Jersey, Project No Opt. Call Aa2 1,286,162
Consolidation Revenue Bonds, Series 2007, 5.250%,
12/15/22 - AMBAC Insured
40 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 1,225 Garden State Preservation Trust, New Jersey, Open Space No Opt. Call AAA $ 1,440,796
and Farmland Preservation Bonds, Series 2005C, 5.125%,
11/01/18 - AGM 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- 1,252,581
2,755 5.000%, 4/01/35 - AMBAC Insured 4/15 at 100.00 AA- 2,829,771
1,000 Middlesex County Improvement Authority, New Jersey, 9/13 at 100.00 AAA 1,113,640
County 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- 3,591,864
Bonds, Series 2007A, 5.000%, 6/15/25
New Jersey Economic Development Authority, Cigarette Tax
Revenue Bonds, Series 2004:
1,155 5.500%, 6/15/24 6/12 at 100.00 BBB 1,148,197
1,600 5.500%, 6/15/31 6/14 at 100.00 BBB 1,523,168
2,540 5.750%, 6/15/34 6/14 at 100.00 BBB 2,472,004
3,200 New Jersey Economic Development Authority, Revenue Bonds, 7/14 at 100.00 A 3,553,760
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 109,090
205 5.125%, 6/15/37 6/17 at 100.00 Baa3 175,273
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- 1,181,253
2,310 5.000%, 9/01/37 9/17 at 100.00 AA- 2,362,506
2,720 New Jersey Health Care Facilities Financing Authority, 9/13 at 100.00 AA- 2,747,581
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- 2,665,417
3,000 5.000%, 9/15/28 - AMBAC Insured 9/15 at 100.00 AA- 3,042,150
500 New Jersey Health Care Facilities Financing Authority, 10/18 at 100.00 AA- 506,425
State Contract Bonds, Hospital Asset Transformatiom
Program, Series 2008A, 5.250%, 10/01/38
1,500 New Jersey Sports and Exposition Authority, Convention No Opt. Call A 1,699,050
Center Luxury Tax Bonds, Series 2004, 5.500%, 3/01/22
- NPFG 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 Aa3 440,588
715 5.000%, 6/15/18 - FGIC Insured 6/16 at 100.00 Aa3 779,650
12,000 New Jersey Transportation Trust Fund Authority, No Opt. Call AA- 3,895,560
Transportation System Bonds, Capital Appreciation
Series 2010A, 0.000%, 12/15/30
1,700 New Jersey Transportation Trust Fund Authority, No Opt. Call AA- 1,927,443
Transportation System Bonds, Refunding Series 2006A,
5.500%, 12/15/22
2,600 New Jersey Transportation Trust Fund Authority, No Opt. Call AA- 2,975,700
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- 2,186,300
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 1,190,519
Transportation System Bonds, Series 2005D, 5.000%,
6/15/19 - AGM Insured
New Jersey Transportation Trust Fund Authority,
Transportation System Bonds, Series 2006C:
8,090 0.000%, 12/15/28 - AMBAC Insured No Opt. Call AA- 2,789,189
6,000 0.000%, 12/15/32 - AGM Insured No Opt. Call AAA 1,733,400
4,000 0.000%, 12/15/34 - AGM Insured No Opt. Call AAA 1,026,600
Nuveen Investments 41
NNJ | Nuveen New Jersey Premium Income Municipal Fund, Inc. (continued)
| Portfolio of Investments April 30, 2010
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 4,000 New Jersey Transportation Trust Fund Authority, 12/17 at 100.00 AA- $ 4,172,280
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 A3 689,146
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 Aaa 2,775,168
Obligation Lease Revenue Bonds, Plainfield Park
Madison Redevelopment Project, Series 2003, 5.000%,
3/01/34 - AGM Insured
2,445 Union County Improvement Authority, New Jersey, General 6/13 at 100.00 Aa1 2,648,057
Obligation Lease Revenue Bonds, Series 2003, 5.000%,
6/15/23
-----------------------------------------------------------------------------------------------------------------------------------
88,360 Total Tax Obligation/Limited 71,002,576
-----------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 22.4% (15.2% OF TOTAL INVESTMENTS)
2,750 Casino Reinvestment Development Authority, New Jersey, 6/15 at 100.00 A 2,812,480
Parking Revenue Bonds, Series 2005A, 5.250%, 6/01/20
- NPFG Insured
2,500 Delaware River and Bay Authority, Delaware and New 1/15 at 100.00 A+ 2,587,075
Jersey, Revenue Bonds, Series 2005, 5.000%,1/01/27 -
NPFG Insured
3,000 New Jersey Transit Corporation, Certificates of No Opt. Call Aa3 3,387,570
Participation, Federal Transit Administration Grants,
Series 2002A, 5.500%, 9/15/14 - AMBAC Insured
1,875 New Jersey Transit Corporation, Lease Appropriation 9/15 at 100.00 A1 1,991,719
Bonds, Series 2005A, 5.000%, 9/15/18 - FGIC Insured
New Jersey Turnpike Authority, Revenue Bonds, Series
1991C:
565 6.500%, 1/01/16 - NPFG Insured No Opt. Call A+ 669,305
345 6.500%, 1/01/16 - AMBAC Insured No Opt. Call A3 408,690
5,750 New Jersey Turnpike Authority, Revenue Bonds, Series 7/13 at 100.00 A+ 6,183,377
2003A, 5.000%, 1/01/19 - FGIC Insured
2,500 New Jersey Turnpike Authority, Revenue Bonds, Series 1/20 at 100.00 A+ 2,602,950
2009I, 5.000%, 1/01/35
2,750 Passaic County Improvement Authority, New Jersey, 4/15 at 100.00 Aa3 2,825,185
Revenue Bonds, Paterson Parking Deck Facility, Series
2005, 5.000%, 4/15/35 - AGM Insured
4,000 Port Authority of New York and New Jersey, Consolidated 6/15 at 101.00 Aa2 4,247,280
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 706,949
Revenue Bonds, One Hundred Forty Eighth Series 2008,
Trust 2920, 17.380%, 8/15/32 - AGM Insured (IF)
1,000 Port Authority of New York and New Jersey, Consolidated 1/14 at 101.00 Aa2 1,035,440
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 2,050,460
Revenue Bonds, One Hundred Twenty-Fifth Series 2002,
5.000%, 4/15/32 - AGM Insured
8,000 Port Authority of New York and New Jersey, Special 6/10 at 100.00 A 7,999,279
Project 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 A2 845,648
Guaranteed Parking System Revenue Bonds, Series 2003,
5.000%, 10/01/24 - FGIC Insured
-----------------------------------------------------------------------------------------------------------------------------------
38,470 Total Transportation 40,353,407
-----------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 24.8% (16.9% OF TOTAL INVESTMENTS) (5)
2,075 Egg Harbor Township School District, Atlantic County, 4/15 at 100.00 Aa2 (5) 2,395,235
New 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 Aa2 (5) 148,095
Revenue Bonds, Series 2003, 5.125%,12/15/19
(Pre-refunded 12/15/13) - AGM 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 A (5) 1,128,180
1,000 5.000%, 10/01/27 (Pre-refunded 10/01/13) - NPFG Insured 10/13 at 100.00 AA (5) 1,128,180
42 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED (5) (continued)
$ 2,245 New Jersey Economic Development Authority, Revenue Bonds, No Opt. Call N/R (5) $ 2,807,866
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 (5) 689,676
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 (5) 1,316,887
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 (5) 2,407,662
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+ (5) 458,028
Bonds, Rowan University, Series 2004C, 5.000%, 7/01/20
(Pre-refunded 7/01/14) - NPFG Insured
4,950 New Jersey Environmental Infrastructure Trust, 9/11 at 101.00 AAA 5,278,531
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 (5) 824,693
1,670 5.375%, 7/01/33 (Pre-refunded 7/01/13) 7/13 at 100.00 N/R (5) 1,855,537
3,000 New Jersey Health Care Facilities Financing Authority, 7/12 at 100.00 A2 (5) 3,324,360
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 (5) 1,478,229
Revenue Bonds, St. Clare's Hospital, Series 2004A,
5.250%, 7/01/20 - RAAI Insured (ETM)
New Jersey Turnpike Authority, Revenue Bonds, Series
1991C:
465 6.500%, 1/01/16 (ETM) No Opt. Call AAA 567,267
195 6.500%, 1/01/16 - NPFG Insured (ETM) No Opt. Call A+ (5) 240,804
120 6.500%, 1/01/16 - AMBAC Insured (ETM) No Opt. Call A3 (5) 146,392
6,590 6.500%, 1/01/16 (ETM) No Opt. Call AAA 7,632,801
1,760 6.500%, 1/01/16 - AMBAC Insured (ETM) No Opt. Call A3 2,030,846
750 Newark Housing Authority, New Jersey, Port Authority 1/14 at 100.00 AA- (5) 851,325
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 7/15 at 100.00 AAA 2,470,015
Bonds, 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 2,444,845
2,250 6.375%, 6/01/32 (Pre-refunded 6/01/13) 6/13 at 100.00 AAA 2,567,610
350 Trenton Parking Authority, Mercer County, New Jersey, 10/13 at 100.00 A2 (5) 394,863
Guaranteed Parking System Revenue Bonds, Series 2003,
5.000%, 10/01/24 (Pre-refunded 10/01/13) - FGIC
Insured
-----------------------------------------------------------------------------------------------------------------------------------
39,285 Total U.S. Guaranteed 44,587,927
-----------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 0.7% (0.5% OF TOTAL INVESTMENTS)
1,250 New Jersey Economic Development Authority, Pollution No Opt. Call Baa1 1,299,675
Control Revenue Refunding Bonds, Public Service
Electric and Gas Company, Series 2001A, 5.000%,
3/01/12
-----------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 8.1% (5.5% 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 1,472,548
1,250 5.000%, 4/01/24 - SYNCORA GTY Insured 4/13 at 100.00 N/R 1,243,750
1,000 Jersey City Sewer Authority, Hudson County, New Jersey, No Opt. Call N/R 1,090,560
Sewer Revenue Refunding Bonds, Series 1993, 6.250%,
1/01/14 - AMBAC Insured
3,100 New Jersey Economic Development Authority, Water 9/10 at 100.00 Baa1 3,100,775
Facilities Revenue Refunding Bonds, Hackensack Water
Company, Series 1994B, 5.900%, 3/01/24 - NPFG Insured
(Alternative Minimum Tax)
Nuveen Investments 43
NNJ | Nuveen New Jersey Premium Income Municipal Fund, Inc. (continued)
| Portfolio of Investments April 30, 2010
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER (continued)
$ 1,650 New Jersey Water Supply Authority, Water Supply Authority 8/15 at 100.00 AA $ 1,724,201
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 3,558,555
Revenue Refunding Bonds, Series 2002A, 5.250%, 8/01/19 -
FGIC Insured
630 Stony Brook Regional Sewer Authority, Princeton, New Jersey, No Opt. Call Aa1 670,301
Revenue Refunding Bonds, Series 1993B, 5.450%, 12/01/12
1,500 Wanaque Valley Regional Sewer Authority, Passaic County, New No Opt. Call A1 1,642,230
Jersey, Sewer Revenue Refunding Bonds, Series 1993B,
5.750%, 9/01/18 - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
14,080 Total Water and Sewer 14,502,920
-----------------------------------------------------------------------------------------------------------------------------------
$ 276,660 Total Investments (cost $259,328,432) - 147.1% 264,728,754
===============--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.7% 3,170,438
-----------------------------------------------------------------------------------------------------------------
Auction Rate Preferred Shares, at Liquidation Value - (87,875,000)
(48.8)% (6)
-----------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 180,024,192
=================================================================================================================
(1) All percentages shown in the Portfolio of Investments are based on net
assets applicable to Common shares unless otherwise noted.
(2) Optional Call Provisions (not covered by the report of independent
registered public accounting firm): Dates (month and year) and prices of
the earliest optional call or redemption. There may be other call
provisions at varying prices at later dates. Certain mortgage-backed
securities may be subject to periodic principal paydowns.
(3) Ratings (not covered by the report of independent registered public
accounting firm): Using the 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) Investment, or portion of investment, has been pledged to collateralize
for inverse floating rate transactions.
(5) Backed by an escrow or trust containing sufficient U.S. Government or U.S.
Government agency securities which ensure the timely payment of principal
and interest. Such investments are normally considered to be equivalent to
AAA rated securities.
(6) Auction Rate Preferred Shares, at Liquidation Value as a percentage of
Total Investments is 33.2%.
N/R Not rated.
(ETM) Escrowed to maturity.
(IF) Inverse floating rate investment.
See accompanying notes to financial statements.
44 Nuveen Investments
NXJ | Nuveen New Jersey Dividend Advantage Municipal Fund
| Portfolio of Investments April 30, 2010
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 $ 146,702
230 5.125%, 1/01/37 1/15 at 100.00 B3 129,959
-----------------------------------------------------------------------------------------------------------------------------------
490 Total Consumer Discretionary 276,661
-----------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 3.8% (2.6% OF TOTAL INVESTMENTS)
Tobacco Settlement Financing Corporation, New Jersey, Tobacco
Settlement Asset-Backed Bonds, Series 2007-1A:
2,095 4.750%, 6/01/34 6/17 at 100.00 BBB 1,502,429
3,000 5.000%, 6/01/41 6/17 at 100.00 BBB 2,085,090
-----------------------------------------------------------------------------------------------------------------------------------
5,095 Total Consumer Staples 3,587,519
-----------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 17.7% (12.4% OF TOTAL
INVESTMENTS)
250 New Jersey Educational Facilities Authority, Revenue Bonds, 7/14 at 100.00 N/R 249,053
Fairleigh Dickinson University, Series 2004C, 5.500%,
7/01/23
325 New Jersey Educational Facilities Authority, Revenue Bonds, 7/17 at 100.00 BBB+ 317,164
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 1,128,993
735 5.000%, 7/01/39 - FGIC Insured 7/17 at 100.00 A 738,910
60 New Jersey Educational Facilities Authority, Revenue Bonds, 7/14 at 100.00 A 62,729
Montclair State University, Series 2004L, 5.125%, 7/01/21
- NPFG Insured
970 New Jersey Educational Facilities Authority, Revenue Bonds, 7/16 at 100.00 A2 976,072
Montclair State University, Series 2006A, 5.000%, 7/01/36
- AMBAC Insured
1,000 New Jersey Educational Facilities Authority, Revenue Bonds, 7/11 at 100.00 A+ 1,042,160
New Jersey Institute of Technology, Series 2001G, 5.250%,
7/01/18 - NPFG Insured
1,000 New Jersey Educational Facilities Authority, Revenue Bonds, 1/14 at 100.00 A+ 1,037,560
New Jersey Institute of Technology, Series 2004B, 5.000%,
7/01/21 - AMBAC Insured
1,085 New Jersey Educational Facilities Authority, Revenue Bonds, 7/11 at 101.00 A+ 1,093,799
Rowan College, Series 2001C, 5.000%, 7/01/31 - FGIC
Insured
630 New Jersey Educational Facilities Authority, Revenue Bonds, 7/14 at 100.00 A 665,608
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 305,532
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 208,670
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 3,854,571
1,600 5.000%, 7/01/26 - AMBAC Insured 7/11 at 100.00 A 1,619,952
270 New Jersey Higher Education Assistance Authority, Student 12/19 at 100.00 AA 277,862
Loan Revenue Bonds, Series 2010-1A, 5.000%, 12/01/25
300 New Jersey Higher Education Assistance Authority, Student 6/19 at 100.00 AA 362,238
Loan Revenue Bonds, Tender Option Bond Trust PA-4643.,
19.310%, 6/01/30 (IF) (4)
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 2,005,980
500 5.250%, 9/01/31 9/11 at 100.00 BBB 486,210
500 Puerto Rico Industrial, Tourist, Educational, Medical and 12/12 at 101.00 BBB- 468,785
Environmental Control Facilities Financing Authority,
Higher Education Revenue Refunding Bonds, Ana G. Mendez
University System, Series 2002, 5.500%, 12/01/31
-----------------------------------------------------------------------------------------------------------------------------------
16,660 Total Education and Civic Organizations 16,901,848
-----------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 45
NXJ | Nuveen New Jersey Dividend Advantage Municipal Fund (continued)
| Portfolio of Investments April 30, 2010
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
ENERGY - 1.1% (0.7% OF TOTAL INVESTMENTS)
$ 1,000 Virgin Islands, Senior Secured Revenue Bonds, Government 1/13 at 100.00 Baa3 $ 1,014,510
Refinery Facilities - Hovensa LLC Coker, Series 2002,
6.500%, 7/01/21 (Alternative Minimum Tax)
-----------------------------------------------------------------------------------------------------------------------------------
FINANCIALS - 1.8% (1.3% OF TOTAL INVESTMENTS)
850 New Jersey Economic Development Authority, Economic 11/10 at 100.00 N/R 693,320
Development Revenue Bonds, Glimcher Properties LP, Series
1998, 6.000%, 11/01/28 (Alternative Minimum Tax)
250 New Jersey Economic Development Authority, Industrial 7/10 at 100.00 Ba1 250,335
Development Revenue Refunding Bonds, Newark Airport
Marriott Hotel, Series 1996, 7.000%, 10/01/14
750 New Jersey Economic Development Authority, Revenue Refunding No Opt. Call Baa3 768,135
Bonds, Kapkowski Road Landfill Project, Series 2002,
5.750%, 10/01/21
-----------------------------------------------------------------------------------------------------------------------------------
1,850 Total Financials 1,711,790
-----------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 22.4% (15.7% OF TOTAL INVESTMENTS)
310 Camden County Improvement Authority, New Jersey, Revenue 8/14 at 100.00 BBB 308,379
Bonds, Cooper Health System, Series 2004A, 5.750%,
2/15/34
560 New Jersey Health Care Facilities Finance Authority, Revenue 7/18 at 100.00 A1 563,321
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 464,091
Hospital Revenue Bonds, Virtua Health, Tender Option Bond
Trust 3018., 19.397%, 7/01/38 - AGC Insured (IF)
865 New Jersey Health Care Facilities Financing Authority, 7/17 at 100.00 A+ 866,488
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 Aa3 1,526,115
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 125,789
Revenue Bonds, Children's Specialized Hospital, Series
2005A, 5.500%, 7/01/36
180 New Jersey Health Care Facilities Financing Authority, 7/16 at 100.00 A- 173,938
Revenue Bonds, Hunterdon Medical Center, Series 2006,
5.125%, 7/01/35
400 New Jersey Health Care Facilities Financing Authority, 7/16 at 100.00 A- 378,760
Revenue Bonds, Hunterdon Medical Center, Series 2006B,
5.000%, 7/01/36
3,500 New Jersey Health Care Facilities Financing Authority, 7/11 at 100.00 A2 3,519,950
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 751,200
3,000 5.750%, 7/01/31 7/10 at 100.00 A2 3,003,150
445 New Jersey Health Care Facilities Financing Authority, 1/17 at 100.00 BB+ 363,970
Revenue Bonds, Saint Barnabas Health Care System, Series
2006A, 5.000%, 7/01/29
700 New Jersey Health Care Facilities Financing Authority, 7/18 at 100.00 BBB- 720,118
Revenue Bonds, Saint Joseph's Healthcare System Obligated
Group Issue, Series 2008, 6.625%, 7/01/38
895 New Jersey Health Care Facilities Financing Authority, 7/13 at 100.00 N/R 848,567
Revenue Bonds, Shore Memorial Health System, Series 2003,
5.000%, 7/01/23 - RAAI Insured
2,000 New Jersey Health Care Facilities Financing Authority, 7/13 at 100.00 Ba2 1,625,020
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 651,640
615 5.000%, 7/01/46 7/16 at 100.00 A2 590,935
1,100 New Jersey Health Care Facilities Financing Authority, 7/10 at 100.00 Baa2 1,102,156
Revenue Bonds, St. Peter's University Hospital,
Series 2000A, 6.875%, 7/01/20
2,500 New Jersey Health Care Facilities Financing Authority, 7/10 at 100.00 A2 2,501,675
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 1,296,179
Bonds, Meridian Health, Series 2007-I, 5.000%, 7/01/38 -
AGC Insured
-----------------------------------------------------------------------------------------------------------------------------------
21,765 Total Health Care 21,381,441
-----------------------------------------------------------------------------------------------------------------------------------
46 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
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 $ 506,230
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 248,783
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- 1,029,950
335 5.500%, 6/01/31 6/11 at 102.00 A- 335,827
500 New Jersey Economic Development Authority, Revenue Bonds, 7/10 at 100.00 BB+ 430,715
United Methodist Homes of New Jersey Obligated Group,
Series 1998, 5.125%, 7/01/25
-----------------------------------------------------------------------------------------------------------------------------------
2,670 Total Long-Term Care 2,551,505
-----------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 2.5% (1.8% OF TOTAL INVESTMENTS)
1,000 Jersey City, New Jersey, General Obligation Bonds, Series 9/16 at 100.00 Aa3 1,066,790
2006A, 5.000%, 9/01/22 - AMBAC Insured
1,350 Puerto Rico, General Obligation and Public Improvement Bonds, 7/11 at 100.00 AAA 1,359,491
Series 2001, 5.250%, 7/01/27 - AGM Insured
-----------------------------------------------------------------------------------------------------------------------------------
2,350 Total Tax Obligation/General 2,426,281
-----------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 31.0% (21.6% OF TOTAL INVESTMENTS)
600 Bergen County Improvement Authority, New Jersey, Guaranteed No Opt. Call Aaa 713,118
Lease Revenue Bonds, County Administration Complex
Project, Series 2005, 5.000%, 11/15/26
1,745 Burlington County Bridge Commission, New Jersey, Guaranteed 12/13 at 100.00 AA 1,933,181
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 1,127,860
Guaranteed Lease Revenue Bonds, Series 2005A, 5.000%,
9/01/16 - AGM Insured
1,100 Casino Reinvestment Development Authority, New Jersey, Hotel 1/15 at 102.00 A- 1,185,261
Room Fee Revenue Bonds, Series 2004, 5.250%, 1/01/16 -
AMBAC Insured
620 Essex County Improvement Authority, New Jersey, Project No Opt. Call Aa2 690,407
Consolidation Revenue Bonds, Series 2007, 5.250%, 12/15/22
- AMBAC Insured
815 Garden State Preservation Trust, New Jersey, Open Space and No Opt. Call AAA 958,570
Farmland Preservation Bonds, Series 2005C, 5.125%,
11/01/18 - AGM Insured
1,785 New Jersey Building Authority, State Building Revenue Bonds, 6/16 at 100.00 AA- 1,842,834
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 611,378
1,200 5.750%, 6/15/34 6/14 at 100.00 BBB 1,167,876
1,200 New Jersey Economic Development Authority, Revenue Bonds, 7/14 at 100.00 A 1,332,660
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 59,090
115 5.125%, 6/15/37 6/17 at 100.00 Baa3 98,324
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- 628,979
1,235 5.000%, 9/01/37 9/17 at 100.00 AA- 1,263,072
525 New Jersey Educational Facilities Authority, Revenue Bonds, No Opt. Call AAA 598,133
Higher Education Capital Improvement Fund, Refunding
Series 2005A, 5.000%, 9/01/15 - AGM 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- 974,330
1,400 5.000%, 9/15/24 - AMBAC Insured 9/15 at 100.00 AA- 1,426,992
250 New Jersey Health Care Facilities Financing Authority, State 10/18 at 100.00 AA- 253,213
Contract Bonds, Hospital Asset Transformatiom Program,
Series 2008A, 5.250%, 10/01/38
Nuveen Investments 47
NXJ | Nuveen New Jersey Dividend Advantage Municipal Fund (continued)
| Portfolio of Investments April 30, 2010
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
New Jersey Transportation Trust Fund Authority, Federal
Highway Aid Grant Anticipation Bonds, Series 2006:
$ 350 5.000%, 6/15/17 - FGIC Insured 6/16 at 100.00 Aa3 $ 385,515
610 5.000%, 6/15/18 - FGIC Insured 6/16 at 100.00 Aa3 665,156
6,000 New Jersey Transportation Trust Fund Authority, No Opt. Call AA- 1,947,780
Transportation System Bonds, Capital Appreciation Series
2010A, 0.000%, 12/15/30
1,300 New Jersey Transportation Trust Fund Authority, No Opt. Call AA- 1,473,927
Transportation System Bonds, Refunding Series 2006A,
5.500%, 12/15/22
1,300 New Jersey Transportation Trust Fund Authority, No Opt. Call AA- 1,487,850
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 1,372,851
Transportation System Bonds, Series 2005D, 5.000%, 6/15/19
- AGM Insured
New Jersey Transportation Trust Fund Authority,
Transportation System Bonds, Series 2006C:
4,315 0.000%, 12/15/28 - AMBAC Insured No Opt. Call AA- 1,487,683
3,000 0.000%, 12/15/32 - AGM Insured No Opt. Call AAA 866,700
6,000 0.000%, 12/15/34 - AGM Insured No Opt. Call AAA 1,539,900
1,000 New Jersey Transportation Trust Fund Authority, 12/17 at 100.00 AA- 1,043,070
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 A3 357,826
Occupancy Tax Revenue Bonds, Series 2006A, 4.500%, 7/01/36
- CIFG Insured
-----------------------------------------------------------------------------------------------------------------------------------
41,370 Total Tax Obligation/Limited 29,493,536
-----------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 20.7% (14.4% 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+ 1,036,550
1,000 5.000%, 1/01/26 - NPFG Insured 1/15 at 100.00 A+ 1,033,120
500 5.000%, 1/01/27 - NPFG Insured 1/15 at 100.00 A+ 517,415
900 New Jersey Economic Development Authority, Special Facilities 11/10 at 101.00 B 900,693
Revenue Bonds, Continental Airlines Inc., Series 2000,
7.000%, 11/15/30 (Alternative Minimum Tax)
1,000 New Jersey Transit Corporation, Certificates of No Opt. Call Aa3 1,129,190
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 A1 1,062,250
Series 2005A, 5.000%, 9/15/18 - FGIC Insured
50 New Jersey Turnpike Authority, Revenue Bonds, Series 1991C, No Opt. Call A+ 59,231
6.500%, 1/01/16 - NPFG Insured
3,000 New Jersey Turnpike Authority, Revenue Bonds, Series 2003A, 7/13 at 100.00 A+ 3,226,110
5.000%, 1/01/19 - FGIC Insured
300 New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, No Opt. Call AAA 340,464
5.250%, 1/01/29 - AGM Insured
1,000 New Jersey Turnpike Authority, Revenue Bonds, Series 2009I, 1/20 at 100.00 A+ 1,041,180
5.000%, 1/01/35
310 Port Authority of New York and New Jersey, Consolidated 8/17 at 100.00 Aa2 374,623
Revenue Bonds, One Hundred Forty Eighth Series 2008, Trust
2920., 17.380%, 8/15/32 - AGM Insured (IF)
500 Port Authority of New York and New Jersey, Consolidated 1/14 at 101.00 Aa2 517,720
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 6/10 at 100.00 A 4,999,550
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, 5/10 at 101.00 A- 3,471,411
Transportation System Revenue Bonds, Series 1999, 5.125%,
11/01/22 - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
18,995 Total Transportation 19,709,507
-----------------------------------------------------------------------------------------------------------------------------------
48 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 17.1% (12.0% OF TOTAL INVESTMENTS) (5)
$ 385 New Jersey Educational Facilities Authority, Revenue Bonds, 7/16 at 100.00 A (5) $ 446,261
Kean University, Series 2005B, 5.000%, 7/01/30
(Pre-refunded 7/01/16) - NPFG Insured
690 New Jersey Educational Facilities Authority, Revenue Bonds, 7/14 at 100.00 A (5) 793,583
Montclair State University, Series 2004L, 5.125%, 7/01/21
(Pre-refunded 7/01/14) - NPFG Insured
New Jersey Educational Facilities Authority, Revenue Bonds,
Montclair State University, Series 2005F:
700 5.000%, 7/01/17 (Pre-refunded 7/01/15) - FGIC Insured 7/15 at 100.00 A2 (5) 810,271
1,000 5.000%, 7/01/24 (Pre-refunded 7/01/15) - FGIC Insured 7/15 at 100.00 A2 (5) 1,157,530
520 5.000%, 7/01/32 (Pre-refunded 7/01/15) - FGIC Insured 7/15 at 100.00 A2 (5) 601,916
625 New Jersey Educational Facilities Authority, Revenue Bonds, 7/14 at 100.00 A+ (5) 715,669
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 (5) 988,879
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 (5) 1,495,962
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 (5) 983,546
Revenue Bonds, St. Clare's Hospital, Series 2004A, 5.250%,
7/01/20 - RAAI Insured (ETM)
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
130 6.500%, 1/01/16 (ETM) No Opt. Call AAA 158,591
20 6.500%, 1/01/16 - NPFG Insured (ETM) No Opt. Call A+ (5) 24,698
905 6.500%, 1/01/16 (ETM) No Opt. Call AAA 1,048,207
375 Newark Housing Authority, New Jersey, Port Authority Terminal 1/14 at 100.00 AA- (5) 425,663
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 1,547,805
Obligation Bonds, Series 2000A, 5.500%, 10/01/40
(Pre-refunded 10/01/10)
2,150 Puerto Rico, General Obligation and Public Improvement Bonds, 7/11 at 100.00 AAA 2,272,185
Series 2001, 5.250%, 7/01/27 (Pre-refunded 7/01/11) - AGM
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 1,557,686
1,125 6.375%, 6/01/32 (Pre-refunded 6/01/13) 6/13 at 100.00 AAA 1,283,805
-----------------------------------------------------------------------------------------------------------------------------------
14,720 Total U.S. Guaranteed 16,312,257
-----------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 0.8% (0.6% OF TOTAL INVESTMENTS)
750 New Jersey Economic Development Authority, Pollution Control No Opt. Call Baa1 779,805
Revenue Refunding Bonds, Public Service Electric and Gas
Company, Series 2001A, 5.000%, 3/01/12
-----------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 21.2% (14.8% OF TOTAL INVESTMENTS)
225 Guam Government Waterworks Authority, Water and Wastewater 7/15 at 100.00 Ba2 230,490
System Revenue Bonds, Series 2005, 6.000%, 7/01/25
4,635 New Jersey Economic Development Authority, Water Facilities 5/10 at 100.00 N/R 4,380,909
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 Facilities 8/10 at 100.00 A 6,889,960
Revenue Bonds, Middlesex Water Company, Series 1998,
5.350%, 2/01/38 - NPFG Insured (Alternative Minimum Tax)
Nuveen Investments 49
NXJ | Nuveen New Jersey Dividend Advantage Municipal Fund (continued)
| Portfolio of Investments April 30, 2010
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER (continued)
$ 390 New Jersey Environmental Infrastructure Trust, Environmental 9/10 at 100.00 AAA $ 393,116
Infrastructure Bonds, Series 1998A, 4.500%, 9/01/18
15,840 North Hudson Sewerage Authority, New Jersey, Sewerage Revenue No Opt. Call Baa1 8,315,680
Refunding Bonds, Series 2001A, 0.000%, 8/01/23 - NPFG
Insured
-----------------------------------------------------------------------------------------------------------------------------------
28,090 Total Water and Sewer 20,210,155
-----------------------------------------------------------------------------------------------------------------------------------
$ 155,805 Total Investments (cost $135,829,186) - 143.1% 136,356,815
===============--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 3.0% 2,868,271
-----------------------------------------------------------------------------------------------------------------
Auction Rate Preferred Shares, at Liquidation Value - (46.1)% (6) (43,925,000)
-----------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 95,300,086
=================================================================================================================
(1) All percentages shown in the Portfolio of Investments are based on net
assets applicable to Common shares unless otherwise noted.
(2) Optional Call Provisions (not covered by the report of independent
registered public accounting firm): Dates (month and year) and prices of
the earliest optional call or redemption. There may be other call
provisions at varying prices at later dates. Certain mortgage-backed
securities may be subject to periodic principal paydowns.
(3) Ratings (not covered by the report of independent registered public
accounting firm): Using the 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) Investment, or portion of investment, has been pledged to collateralize
for inverse floating rate transactions.
(5) Backed by an escrow or trust containing sufficient U.S. Government or U.S.
Government agency securities which ensure the timely payment of principal
and interest. Such investments are normally considered to be equivalent to
AAA rated securities.
(6) Auction Rate Preferred Shares, at Liquidation Value as a percentage of
Total Investments is 32.2%.
N/R Not rated.
(ETM) Escrowed to maturity.
(IF) Inverse floating rate investment.
See accompanying notes to financial statements.
50 Nuveen Investments
NUJ | Nuveen New Jersey Dividend Advantage Municipal Fund 2
| Portfolio of Investments April 30, 2010
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 $ 101,563
150 5.125%, 1/01/37 1/15 at 100.00 B3 84,756
-----------------------------------------------------------------------------------------------------------------------------------
330 Total Consumer Discretionary 186,319
-----------------------------------------------------------------------------------------------------------------------------------
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 681,293
2,200 5.000%, 6/01/41 6/17 at 100.00 BBB 1,529,066
-----------------------------------------------------------------------------------------------------------------------------------
3,150 Total Consumer Staples 2,210,359
-----------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 15.2% (10.4% OF TOTAL
INVESTMENTS)
3,000 New Jersey Educational Facilities Authority, Revenue Bonds, 7/12 at 100.00 A 3,066,210
College of New Jersey Project, Series 2002C, 4.750%,
7/01/19 - FGIC Insured
200 New Jersey Educational Facilities Authority, Revenue Bonds, 7/14 at 100.00 N/R 199,242
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 799,915
495 5.000%, 7/01/39 - FGIC Insured 7/17 at 100.00 A 497,633
575 New Jersey Educational Facilities Authority, Revenue Bonds, 1/14 at 100.00 A+ 596,597
New Jersey Institute of Technology, Series 2004B, 5.000%,
7/01/21 - AMBAC Insured
500 New Jersey Educational Facilities Authority, Revenue Bonds, 7/14 at 100.00 A 528,260
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 1,110,100
Refunding Bonds, Rider University, Series 2002A, 5.000%,
7/01/17 - RAAI Insured
180 New Jersey Higher Education Assistance Authority, Student 12/19 at 100.00 AA 185,242
Loan Revenue Bonds, Series 2010-1A, 5.000%, 12/01/25
200 New Jersey Higher Education Assistance Authority, Student 6/19 at 100.00 AA 241,492
Loan Revenue Bonds, Tender Option Bond Trust PA-4643.,
19.310%, 6/01/30 (IF) (4)
1,000 Puerto Rico Industrial, Tourist, Educational, Medical and 8/10 at 100.50 BBB- 997,500
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, Revenue 12/12 at 100.00 Baa2 1,739,289
Bonds, Series 2002A, 5.000%,12/01/31 - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
9,820 Total Education and Civic Organizations 9,961,480
-----------------------------------------------------------------------------------------------------------------------------------
ENERGY - 1.6% (1.1% OF TOTAL INVESTMENTS)
1,000 Virgin Islands, Senior Secured Revenue Bonds, Government 1/13 at 100.00 Baa3 1,014,510
Refinery Facilities - Hovensa LLC Coker, Series 2002,
6.500%, 7/01/21 (Alternative Minimum Tax)
-----------------------------------------------------------------------------------------------------------------------------------
FINANCIALS - 4.9% (3.4% OF TOTAL INVESTMENTS)
600 New Jersey Economic Development Authority, Economic 11/10 at 100.00 N/R 489,402
Development Revenue Bonds, Glimcher Properties LP, Series
1998, 6.000%, 11/01/28 (Alternative Minimum Tax)
1,250 New Jersey Economic Development Authority, Industrial 7/10 at 100.00 Ba1 1,251,675
Development Revenue Refunding Bonds, Newark Airport
Marriott Hotel, Series 1996, 7.000%, 10/01/14
1,450 New Jersey Economic Development Authority, Revenue Refunding No Opt. Call Baa3 1,485,061
Bonds, Kapkowski Road Landfill Project, Series 2002,
5.750%, 10/01/21
-----------------------------------------------------------------------------------------------------------------------------------
3,300 Total Financials 3,226,138
-----------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 51
NUJ | Nuveen New Jersey Dividend Advantage Municipal Fund 2 (continued)
| Portfolio of Investments April 30, 2010
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 29.4% (20.1% OF TOTAL INVESTMENTS)
$ 220 Camden County Improvement Authority, New Jersey, Revenue 8/14 at 100.00 BBB $ 218,849
Bonds, Cooper Health System, Series 2004A, 5.750%, 2/15/34
400 New Jersey Health Care Facilities Finance Authority, Revenue 7/18 at 100.00 A1 402,372
Bonds, AHS Hospital Corporation, Series 2008A, 5.000%,
7/01/27
New Jersey Health Care Facilities Financing Authority,
FHA-Insured Mortgage Revenue Bonds, Jersey City Medical
Center, Series 2001:
465 5.000%, 8/01/31 - AMBAC Insured 8/11 at 100.00 N/R 468,790
1,925 5.000%, 8/01/41 - AMBAC Insured 8/11 at 100.00 N/R 1,868,578
260 New Jersey Health Care Facilities Financing Authority, 7/19 at 100.00 AAA 326,118
Hospital Revenue Bonds, Virtua Health, Tender Option Bond
Trust 3018., 19.397%, 7/01/38 - AGC Insured (IF)
610 New Jersey Health Care Facilities Financing Authority, 7/17 at 100.00 A+ 611,049
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 Aa3 1,017,410
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 87,085
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- 115,958
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 404,524
140 5.625%, 7/01/31 7/11 at 100.00 A2 140,798
510 New Jersey Health Care Facilities Financing Authority, 7/10 at 100.00 Aa3 510,235
Revenue Bonds, Meridian Health System Obligated Group,
Series 1999, 5.250%, 7/01/29 - AGM Insured
1,185 New Jersey Health Care Facilities Financing Authority, 7/12 at 101.00 BB+ 1,088,920
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 3,503,675
Revenue Bonds, Robert Wood Johnson University Hospital,
Series 2000, 5.750%, 7/01/31
500 New Jersey Health Care Facilities Financing Authority, 7/18 at 100.00 BBB- 514,370
Revenue Bonds, Saint Joseph's Healthcare System Obligated
Group Issue, Series 2008, 6.625%, 7/01/38
630 New Jersey Health Care Facilities Financing Authority, 7/13 at 100.00 N/R 597,316
Revenue Bonds, Shore Memorial Health System, Series 2003,
5.000%, 7/01/23 - RAAI Insured
1,520 New Jersey Health Care Facilities Financing Authority, 7/13 at 100.00 Ba2 1,235,015
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 445,859
435 5.000%, 7/01/46 7/16 at 100.00 A2 417,978
775 New Jersey Health Care Facilities Financing Authority, 7/10 at 100.00 Baa2 776,519
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+ 1,422,262
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 N/R 944,564
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 972,134
Bonds, Meridian Health, Series 2007-I, 5.000%, 7/01/38 -
AGC Insured
1,100 Puerto Rico Industrial, Tourist, Educational, Medical and 6/10 at 100.00 A1 1,102,585
Environmental Control Facilities Financing Authority,
Adjustable Rate Industrial Revenue Bonds, American Home
Products Corporation, Series 1983A, 5.100%, 12/01/18
-----------------------------------------------------------------------------------------------------------------------------------
19,740 Total Health Care 19,192,963
-----------------------------------------------------------------------------------------------------------------------------------
52 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 2.9% (2.0% OF TOTAL INVESTMENTS)
$ 1,920 New Jersey Housing and Mortgage Finance Agency, Multifamily 5/10 at 100.00 A+ $ 1,920,480
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 Family 4/17 at 100.00 AA 212,414
Housing Revenue Bonds, Series 2007T, 4.700%, 10/01/37
(Alternative Minimum Tax)
-----------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 8.7% (6.0% OF TOTAL INVESTMENTS)
415 Burlington County Bridge Commission, New Jersey, Economic 1/18 at 100.00 N/R 359,120
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- 1,023,840
4,000 5.500%, 6/01/31 6/11 at 102.00 A- 4,009,880
375 New Jersey Economic Development Authority, Revenue Bonds, 7/10 at 100.00 BB+ 323,036
United Methodist Homes of New Jersey Obligated Group,
Series 1998, 5.125%, 7/01/25
-----------------------------------------------------------------------------------------------------------------------------------
5,790 Total Long-Term Care 5,715,876
-----------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 1.7% (1.2% OF TOTAL INVESTMENTS)
700 Jersey City, New Jersey, General Obligation Bonds, Series 9/16 at 100.00 Aa3 746,753
2006A, 5.000%, 9/01/22 - AMBAC Insured
385 Puerto Rico, General Obligation and Public Improvement Bonds, 7/11 at 100.00 AAA 388,407
Series 2001, 5.125%, 7/01/23 - AGM Insured
-----------------------------------------------------------------------------------------------------------------------------------
1,085 Total Tax Obligation/General 1,135,160
-----------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 27.7% (19.0% OF TOTAL INVESTMENTS)
400 Bergen County Improvement Authority, New Jersey, Guaranteed No Opt. Call Aaa 475,412
Lease Revenue Bonds, County Administration Complex
Project, Series 2005, 5.000%, 11/15/26
1,000 Burlington County Bridge Commission, New Jersey, Guaranteed 12/13 at 100.00 AA 1,107,840
Pooled Loan Bonds, Series 2003, 5.000%, 12/01/18 - NPFG
Insured
750 Casino Reinvestment Development Authority, New Jersey, Hotel 1/15 at 102.00 A- 808,133
Room Fee Revenue Bonds, Series 2004, 5.250%, 1/01/16 -
AMBAC Insured
435 Essex County Improvement Authority, New Jersey, Project No Opt. Call Aa2 484,399
Consolidation Revenue Bonds, Series 2007, 5.250%, 12/15/22
- AMBAC Insured
530 Garden State Preservation Trust, New Jersey, Open Space and No Opt. Call AAA 623,365
Farmland Preservation Bonds, Series 2005C, 5.125%,
11/01/18 - AGM Insured
1,305 New Jersey Building Authority, State Building Revenue Bonds, 6/16 at 100.00 AA- 1,352,959
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 432,438
400 5.500%, 6/15/31 6/14 at 100.00 BBB 380,792
700 5.750%, 6/15/34 6/14 at 100.00 BBB 681,261
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 45,454
75 5.125%, 6/15/37 6/17 at 100.00 Baa3 64,124
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- 444,888
870 5.000%, 9/01/37 9/17 at 100.00 AA- 889,775
350 New Jersey Educational Facilities Authority, Revenue Bonds, No Opt. Call AAA 398,755
Higher Education Capital Improvement Fund, Refunding
Series 2005A, 5.000%, 9/01/15 - AGM 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- 689,931
985 5.000%, 9/15/24 - AMBAC Insured 9/15 at 100.00 AA- 1,003,991
200 New Jersey Health Care Facilities Financing Authority, State 10/18 at 100.00 AA- 202,570
Contract Bonds, Hospital Asset Transformatiom Program,
Series 2008A, 5.250%, 10/01/38
Nuveen Investments 53
NUJ | Nuveen New Jersey Dividend Advantage Municipal Fund 2 (continued)
| Portfolio of Investments April 30, 2010
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
New Jersey Transportation Trust Fund Authority, Federal
Highway Aid Grant Anticipation Bonds, Series 2006:
$ 295 5.000%, 6/15/17 - FGIC Insured 6/16 at 100.00 Aa3 $ 324,934
525 5.000%, 6/15/18 - FGIC Insured 6/16 at 100.00 Aa3 572,471
4,000 New Jersey Transportation Trust Fund Authority, Transportation No Opt. Call AA- 1,298,520
System Bonds, Capital Appreciation Series 2010A, 0.000%,
12/15/30
800 New Jersey Transportation Trust Fund Authority, Transportation No Opt. Call AA- 907,032
System Bonds, Refunding Series 2006A, 5.500%, 12/15/22
900 New Jersey Transportation Trust Fund Authority, Transportation No Opt. Call AA- 1,030,050
System Bonds, Series 2004B, 5.500%, 12/15/16 - NPFG Insured
665 New Jersey Transportation Trust Fund Authority, Transportation 6/15 at 100.00 AAA 713,239
System Bonds, Series 2005D, 5.000%, 6/15/19 - AGM Insured
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2006C:
3,040 0.000%, 12/15/28 - AMBAC Insured No Opt. Call AA- 1,048,101
2,000 0.000%, 12/15/32 - AGM Insured No Opt. Call AAA 577,800
5,000 0.000%, 12/15/34 - AGM Insured No Opt. Call AAA 1,283,250
290 Puerto Rico Convention Center District Authority, Hotel 7/16 at 100.00 A3 256,221
Occupancy Tax Revenue Bonds, Series 2006A, 4.500%,
7/01/36 - CIFG Insured
-----------------------------------------------------------------------------------------------------------------------------------
27,090 Total Tax Obligation/Limited 18,097,705
-----------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 25.9% (17.7% OF TOTAL INVESTMENTS)
500 Delaware River and Bay Authority, Delaware and New Jersey, 1/15 at 100.00 A+ 517,415
Revenue Bonds, Series 2005, 5.000%, 1/01/27 - NPFG Insured
600 New Jersey Economic Development Authority, Special Facilities 11/10 at 101.00 B 600,462
Revenue Bonds, Continental Airlines Inc., Series 2000,
7.000%, 11/15/30 (Alternative Minimum Tax)
1,000 New Jersey Transit Corporation, Certificates of Participation, No Opt. Call Aa3 1,129,190
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 A1 812,621
Series 2005A, 5.000%, 9/15/18 - FGIC Insured
2,000 New Jersey Turnpike Authority, Revenue Bonds, Series 2003A, 7/13 at 100.00 A+ 2,150,740
5.000%, 1/01/19 - FGIC Insured
1,500 New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, No Opt. Call AAA 1,702,320
5.250%, 1/01/29 - AGM Insured
500 Port Authority of New York and New Jersey, Consolidated 1/14 at 101.00 Aa2 517,720
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 3,154,470
Revenue Bonds, One Hundred Twenty-Fifth Series 2002,
5.000%, 10/15/26 - AGM Insured
2,000 Port Authority of New York and New Jersey, Consolidated 6/14 at 100.00 Aa2 2,013,540
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 Tax) No Opt. Call A 4,262,478
50 5.750%, 12/01/22 - NPFG Insured (Alternative Minimum Tax) 6/10 at 100.00 A 49,996
-----------------------------------------------------------------------------------------------------------------------------------
15,915 Total Transportation 16,910,952
-----------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 18.4% (12.6% OF TOTAL INVESTMENTS) (5)
1,000 Bergen County Improvement Authority, New Jersey, Revenue 9/12 at 101.00 N/R (5) 1,120,380
Bonds, Yeshiva Ktana of Passaic Project, Series 2002,
6.000%, 9/15/27 (Pre-refunded 9/01/12)
175 New Jersey Educational Facilities Authority, Revenue Bonds, 7/16 at 100.00 A (5) 202,846
Kean University, Series 2005B, 5.000%, 7/01/30
(Pre-refunded 7/01/16) - NPFG Insured
315 New Jersey Educational Facilities Authority, Revenue Bonds, 7/15 at 100.00 A2 (5) 364,622
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 (5) 824,693
630 5.375%, 7/01/33 (Pre-refunded 7/01/13) 7/13 at 100.00 N/R (5) 699,993
1,250 New Jersey Health Care Facilities Financing Authority, Revenue 7/12 at 100.00 A2 (5) 1,385,150
Bonds, South Jersey Hospital System, Series 2002, 5.875%,
7/01/21 (Pre-refunded 7/01/12)
54 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED (5) (continued)
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
$ 170 6.500%, 1/01/16 (ETM) No Opt. Call AAA $ 207,388
2,430 6.500%, 1/01/16 (ETM) No Opt. Call AAA 2,814,523
250 Newark Housing Authority, New Jersey, Port Authority Terminal 1/14 at 100.00 AA-(5) 283,775
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 1,031,870
Obligation Bonds, Series 2000A, 5.500%, 10/01/40
(Pre-refunded 10/01/10)
505 Puerto Rico Public Finance Corporation, Commonwealth 2/12 at 100.00 AAA 544,915
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 1,114,106
1,250 6.375%, 6/01/32 (Pre-refunded 6/01/13) 6/13 at 100.00 AAA 1,426,450
-----------------------------------------------------------------------------------------------------------------------------------
10,805 Total U.S. Guaranteed 12,020,711
-----------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 4.5% (3.1% OF TOTAL INVESTMENTS)
2,300 Guam Power Authority, Revenue Bonds, Series 1999A, 5.250%, 10/10 at 100.00 A 2,179,687
10/01/34 - NPFG Insured
750 New Jersey Economic Development Authority, Pollution Control No Opt. Call Baa1 779,805
Revenue Refunding Bonds, Public Service Electric and Gas
Company, Series 2001A, 5.000%, 3/01/12
-----------------------------------------------------------------------------------------------------------------------------------
3,050 Total Utilities 2,959,492
-----------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 1.0% (0.7% OF TOTAL INVESTMENTS)
150 Guam Government Waterworks Authority, Water and Wastewater 7/15 at 100.00 Ba2 153,660
System Revenue Bonds, Series 2005, 6.000%, 7/01/25
500 North Hudson Sewerage Authority, New Jersey, Sewerage Revenue 8/12 at 100.00 N/R 508,365
Refunding Bonds, Series 2002, A5.250%, 8/01/19 - FGIC
Insured
-----------------------------------------------------------------------------------------------------------------------------------
650 Total Water and Sewer 662,025
-----------------------------------------------------------------------------------------------------------------------------------
$ 103,870 Total Investments (cost $95,306,044) - 145.9% 95,426,584
===============--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.8% 1,208,494
-----------------------------------------------------------------------------------------------------------------
Auction Rate Preferred Shares, at Liquidation Value - (47.7)% (6) (31,225,000)
-----------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 65,410,078
=================================================================================================================
(1) All percentages shown in the Portfolio of Investments are based on net
assets applicable to Common shares unless otherwise noted.
(2) Optional Call Provisions (not covered by the report of independent
registered public accounting firm): Dates (month and year) and prices of
the earliest optional call or redemption. There may be other call
provisions at varying prices at later dates. Certain mortgage-backed
securities may be subject to periodic principal paydowns.
(3) Ratings (not covered by the report of independent registered public
accounting firm): Using the 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) Investment, or portion of investment, has been pledged to collateralize
for inverse floating rate transactions.
(5) Backed by an escrow or trust containing sufficient U.S. Government or U.S.
Government agency securities which ensure the timely payment of principal
and interest. Such investments are normally considered to be equivalent to
AAA rated securities.
(6) Auction Rate Preferred Shares, at Liquidation Value as a percentage of
Total Investments is 32.7%.
N/R Not rated.
(ETM) Escrowed to maturity.
(IF) Inverse floating rate investment.
See accompanying notes to financial statements.
Nuveen Investments 55
NJV | Nuveen New Jersey Municipal Value Fund (NJV)
| Portfolio of Investments April 30, 2010
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 5.6% (5.4% OF TOTAL INVESTMENTS)
$ 2,000 Tobacco Settlement Financing Corporation, New Jersey, Tobacco 6/17 at 100.00 BBB $ 1,390,060
Settlement Asset-Backed Bonds, Series 2007-1A, 5.000%,
6/01/41
-----------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 8.6% (8.2% OF TOTAL
INVESTMENTS)
1,000 New Jersey Educational Facilities Authority, Revenue Refunding 9/19 at 100.00 A- 1,066,840
Bonds, Kean University, Series 2009A, 5.500%, 9/01/36
1,000 New Jersey Higher Education Assistance Authority, Student Loan 6/19 at 100.00 AA 1,051,860
Revenue Bonds, Series 2009A, 5.625%, 6/01/30
-----------------------------------------------------------------------------------------------------------------------------------
2,000 Total Education and Civic Organizations 2,118,700
-----------------------------------------------------------------------------------------------------------------------------------
ENERGY - 4.1% (3.9% OF TOTAL INVESTMENTS)
1,000 Virgin Islands Public Finance Authority, Revenue Bonds, 1/14 at 100.00 Baa3 1,009,190
Refinery Project - Hovensa LLC, Series 2003, 6.125%,
7/01/22 (Alternative Minimum Tax)
-----------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 31.8% (30.5% OF TOTAL INVESTMENTS)
600 Camden County Improvement Authority, New Jersey, Revenue 2/15 at 100.00 BBB 569,850
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 417,429
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 426,534
System, Series 2007A, 5.750%, 11/15/37
2,000 New Jersey Health Care Facilities Financing Authority, 7/19 at 100.00 AAA 2,127,160
Hospital Revenue Bonds, Virtua Health, Series 2009A,
5.500%, 7/01/38 - AGC Insured (UB)
1,500 New Jersey Health Care Facilities Financing Authority, Revenue 7/16 at 100.00 A- 1,420,350
Bonds, Hunterdon Medical Center, Series 2006B, 5.000%,
7/01/36
750 New Jersey Health Care Facilities Financing Authority, Revenue No Opt. Call BBB- 786,405
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, Revenue 7/16 at 100.00 A2 979,910
Bonds, South Jersey Hospital System, Series 2006, 5.000%,
7/01/36
1,000 New Jersey Health Care Facilities Financing Authority, Revenue 1/12 at 100.00 N/R 821,360
Refunding Bonds, Bayshore Community Hospital, Series 2002,
5.125%, 7/01/32 - RAAI Insured
300 Wisconsin Health and Educational Facilities Authority, Revenue 2/14 at 100.00 A+ 313,776
Bonds, ProHealth Care, Inc. Obligated Group, Series 2009,
6.625%, 2/15/32
-----------------------------------------------------------------------------------------------------------------------------------
8,025 Total Health Care 7,862,774
-----------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 4.0% (3.8% OF TOTAL INVESTMENTS)
1,000 New Jersey Housing and Mortgage Finance Agency, Multifamily 11/19 at 100.00 A+ 991,540
Housing Revenue Bonds, Series 2009A, 4.950%, 5/01/41
-----------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 37.6% (36.1% OF TOTAL INVESTMENTS)
750 Guam Government, Limited Obligation Section 30 Revenue Bonds, 12/19 at 100.00 BBB- 771,098
Series 2009A, 5.750%, 12/01/34
1,000 New Jersey Economic Development Authority, Cigarette Tax 6/14 at 100.00 BBB 973,230
Revenue Bonds, Series 2004, 5.750%, 6/15/34
1,000 New Jersey Economic Development Authority, School Facilities 6/19 at 100.00 AA- 1,054,800
Construction Financing Program Bonds, Refunding Series
2009AA, 5.250%, 12/15/33
1,000 New Jersey Health Care Facilities Financing Authority, State 10/18 at 100.00 AA- 1,012,850
Contract Bonds, Hospital Asset Transformatiom Program,
Series 2008A, 5.250%, 10/01/38
2,000 New Jersey Health Care Facilities Financing Authority, State 10/19 at 100.00 AA- 2,145,680
Contract Bonds, Hospital Asset Transformatiom Program,
Series 2009A, 5.750%, 10/01/31
6,900 New Jersey Transportation Trust Fund Authority, Transportation No Opt. Call AA- 1,313,691
System Bonds, Series 2009A, 0.000%, 12/15/39
56 Nuveen Investments
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 Revenue 8/19 at 100.00 A+ $ 1,084,830
Bonds, First Subordinate Series 2009A, 6.000%, 8/01/42
1,000 Virgin Islands Public Finance Authority, Revenue Bonds, Senior 10/19 at 100.00 BBB 952,640
Lien Matching Fund Loan Notes, Series 2009A-1, 5.000%,
10/01/39
-----------------------------------------------------------------------------------------------------------------------------------
14,650 Total Tax Obligation/Limited 9,308,819
-----------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 7.7% (7.4% OF TOTAL INVESTMENTS)
500 New Jersey Economic Development Authority, Revenue Bonds, 5/10 at 100.00 CCC+ 433,150
American Airlines Inc., Series 1991, 7.100%, 11/01/31
(Alternative Minimum Tax)
400 New Jersey Economic Development Authority, Special Facilities 6/13 at 101.00 B 421,752
Revenue Bonds, Continental Airlines Inc., Series 2003,
9.000%, 6/01/33 (Alternative Minimum Tax)
1,000 New Jersey Turnpike Authority, Revenue Bonds, Series 2009E, 1/19 at 100.00 A+ 1,049,620
5.250%, 1/01/40
-----------------------------------------------------------------------------------------------------------------------------------
1,900 Total Transportation 1,904,522
-----------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 4.9% (4.7% OF TOTAL INVESTMENTS)
1,000 Cumberland County Improvement Authority, New Jersey, Solid 1/19 at 100.00 Baa1 991,280
Waste System Revenue Bonds, Series 2009B, 5.000%, 1/01/30
220 New Jersey Economic Development Authority, Water Facilities 7/10 at 100.00 A 216,484
Revenue Bonds, American Water Company, Series 1998A,
5.250%, 7/01/38 - FGIC Insured (Alternative Minimum Tax)
-----------------------------------------------------------------------------------------------------------------------------------
1,220 Total Water and Sewer 1,207,764
-----------------------------------------------------------------------------------------------------------------------------------
$ 31,795 Total Investments (cost $23,401,800) - 104.3% 25,793,369
===============--------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (6.1)% (1,500,000)
-----------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.8% 428,864
-----------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 24,722,233
=================================================================================================================
(1) All percentages shown in the Portfolio of Investments are based on net
assets applicable to Common shares unless otherwise noted.
(2) Optional Call Provisions (not covered by the report of independent
registered public accounting firm): Dates (month and year) and prices of
the earliest optional call or redemption. There may be other call
provisions at varying prices at later dates. Certain mortgage-backed
securities may be subject to periodic principal paydowns.
(3) Ratings (not covered by the report of independent registered public
accounting firm): Using the 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.
(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 57
NQP | Nuveen Pennsylvania Investment Quality Municipal Fund
| Portfolio of Investments April 30, 2010
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 0.4% (0.3% OF TOTAL INVESTMENTS)
$ 1,000 Pennsylvania Economic Development Financing Authority, Solid No Opt. Call AA- $ 1,038,890
Waste Disposal Revenue Bonds, Procter & Gamble Paper
Project, Series 2001, 5.375%, 3/01/31 (Alternative Minimum
Tax)
-----------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 29.0% (18.4% OF TOTAL
INVESTMENTS)
2,000 Allegheny County Higher Education Building Authority, 9/10 at 100.00 BBB 2,006,260
Pennsylvania, College Revenue Bonds, Chatham College,
Series 1998A, 5.250%, 9/01/18
200 Allegheny County Higher Education Building Authority, No Opt. Call Baa3 205,562
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- 3,114,030
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 1,136,756
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 2,044,540
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 3,081,540
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 1,809,300
840 5.000%, 8/01/24 - AMBAC Insured 8/16 at 100.00 A1 883,638
Erie Higher Education Building Authority, Pennsylvania,
College Revenue Bonds, Gannon University, Series 2007-GG3:
790 5.000%, 5/01/32 - RAAI Insured 5/17 at 100.00 N/R 717,470
250 5.000%, 5/01/35 - RAAI Insured 5/17 at 100.00 N/R 223,773
575 Harveys Lake General Municipal Authority, Pennsylvania, 7/10 at 100.00 N/R 574,603
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 647,428
815 0.000%, 11/01/16 - AMBAC Insured No Opt. Call N/R 607,305
815 0.000%, 11/01/17 - AMBAC Insured No Opt. Call N/R 568,780
815 0.000%, 11/01/18 - AMBAC Insured No Opt. Call N/R 529,799
815 0.000%, 11/01/19 - AMBAC Insured No Opt. Call N/R 494,615
1,515 Montgomery County Higher Education and Health Authority, 4/16 at 100.00 N/R 1,319,686
Pennsylvania, Revenue Bonds, Arcadia University, Series
2006, 4.500%, 4/01/30 - RAAI Insured
900 Montgomery County Higher Education and Health Authority, 4/20 at 100.00 BBB+ 913,968
Pennsylvania, Revenue Bonds, Arcadia University, Series
2010, 5.625%, 4/01/40 (WI/DD, Settling 5/11/10)
355 New Wilmington, Pennsylvania, Revenue, Westminster College, 5/17 at 100.00 N/R 333,778
Series 2007G, 5.125%, 5/01/33 - RAAI Insured
8,000 Pennsylvania Higher Education Assistance Agency, Capital 11/11 at 100.00 A 8,011,440
Acquisition Revenue Refunding Bonds, Series 2001, 5.000%,
12/15/30 - NPFG Insured
5,000 Pennsylvania Higher Educational Facilities Authority, General 6/12 at 100.00 Aa3 5,307,200
Revenue Bonds, State System of Higher Education, Series
2002W, 5.000%, 6/15/19 - AMBAC Insured
4,600 Pennsylvania Higher Educational Facilities Authority, General 6/18 at 100.00 Aa3 4,758,010
Revenue Bonds, State System of Higher Education, Series
2008AH, 5.000%, 6/15/33
1,435 Pennsylvania Higher Educational Facilities Authority, Revenue 5/16 at 100.00 A- 1,390,486
Bonds, Allegheny College, Series 2006, 4.750%, 5/01/31
2,650 Pennsylvania Higher Educational Facilities Authority, Revenue 11/17 at 100.00 A+ 2,696,428
Bonds, Drexel University, Series 2007A, 5.000%, 5/01/37 -
NPFG Insured
5,000 Pennsylvania Higher Educational Facilities Authority, Revenue 7/11 at 100.00 N/R 4,885,300
Bonds, Moravian College, Series 2001, 5.375%, 7/01/31 -
RAAI Insured
58 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS (continued)
$ 3,870 Pennsylvania Higher Educational Facilities Authority, Revenue 4/16 at 100.00 A+ $ 4,083,547
Bonds, Temple University, First Series of 2006, 5.000%,
4/01/21 - NPFG Insured
320 Pennsylvania Higher Educational Facilities Authority, Revenue 1/13 at 100.00 A1 329,482
Bonds, Thomas Jefferson University, Series 2002, 5.000%,
1/01/20
1,000 Pennsylvania Higher Educational Facilities Authority, Revenue 3/20 at 100.00 AA- 1,029,700
Bonds, Thomas Jefferson University, Series 2010, 5.000%,
3/01/40
2,000 Pennsylvania Higher Educational Facilities Authority, Revenue 7/15 at 100.00 AA+ 2,059,400
Bonds, University of Pennsylvania, Series 2005C, 5.000%,
7/15/38
2,945 Pennsylvania Higher Educational Facilities Authority, Revenue 7/13 at 100.00 A- 3,007,051
Bonds, Ursinus College, Series 2003, 5.375%, 1/01/20 - RAAI
Insured
785 Pennsylvania Higher Educational Facilities Authority, Revenue 11/15 at 100.00 A 808,401
Bonds, York College Project, Series 2005EE1, 5.250%,
11/01/27 - SYNCORA GTY Insured
6,500 Pennsylvania State University, General Revenue Bonds, Series 9/15 at 100.00 AA 6,978,400
2005, 5.000%, 9/01/29 (UB)
600 Philadelphia Authority for Industrial Development, 8/20 at 100.00 BBB+ 605,880
Pennsylvania, Revenue Bonds, MaST Charter School Project,
Series 2010, 6.000%, 8/01/35
1,665 Union County, Higher Education Facilities Financing 4/13 at 100.00 Aa2 1,832,782
Authority, Pennsylvania, Revenue Bonds, Bucknell
University, Series 2002A, 5.250%, 4/01/18
-----------------------------------------------------------------------------------------------------------------------------------
68,815 Total Education and Civic Organizations 68,996,338
-----------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 13.3% (8.4% 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 Baa3 1,027,698
1,555 5.125%, 4/01/35 4/15 at 100.00 Baa3 1,314,690
1,300 Erie County Hospital Authority, Pennsylvania, Hospital 7/20 at 100.00 Baa2 1,315,509
Revenue Bonds, Saint Vincent Health Center Project, Series
2010A, 7.000%, 7/01/27
1,115 Erie County Hospital Authority, Pennsylvania, Revenue Bonds, 11/12 at 100.00 BBB+ 1,153,869
Hamot Health Foundation, Series 2002, 5.250%, 11/01/15 -
AMBAC Insured
280 Erie County Hospital Authority, Pennsylvania, Revenue Bonds, 11/17 at 100.00 BBB+ 254,747
Hamot Health Foundation, Series 2007, 5.000%, 11/01/37 -
CIFG Insured
1,890 Lancaster County Hospital Authority, Pennsylvania, Hospital 3/17 at 100.00 AA- 1,955,413
Revenue Bonds, The Lancaster General Hospital Project,
Series 2007A, 5.000%, 3/15/26
Lebanon County Health Facilities Authority, Pennsylvania,
Revenue Bonds, Good Samaritan Hospital Project, Series 2002:
250 5.800%, 11/15/22 11/12 at 101.00 Baa2 246,060
2,800 5.900%, 11/15/28 11/12 at 101.00 Baa2 2,747,360
3,280 Lehigh County General Purpose Authority, Pennsylvania, 7/18 at 100.00 AAA 3,303,846
Hospital Revenue Bonds, Lehigh Valley Health Network,
Series 2008A, 5.000%, 7/01/33 - AGM Insured
1,250 Lehigh County General Purpose Authority, Pennsylvania, 11/14 at 100.00 A 1,274,925
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 5,462,323
Revenue Bonds, Good Shepherd Group, Series 2007, 5.000%,
11/01/30 - AGC Insured
Lycoming County Authority, Pennsylvania, Health System
Revenue Bonds, Susquehanna Health System Project, Series
2009:
3,000 5.500%, 7/01/28 7/19 at 100.00 BBB+ 3,034,200
1,000 5.750%, 7/01/39 7/19 at 100.00 BBB+ 1,015,570
710 Monroe County Hospital Authority, Pennsylvania, Hospital 1/17 at 100.00 A- 675,785
Revenue Bonds, Pocono Medical Center, Series 2007, 5.125%,
1/01/37
1,000 Montgomery County Higher Education and Health Authority, 6/12 at 101.00 A 1,009,340
Pennsylvania, Hospital Revenue Bonds, Abington Memorial
Hospital, Series 2002A, 5.000%, 6/01/22
1,000 Northampton County General Purpose Authority, Pennsylvania, 8/18 at 100.00 A3 998,550
Hospital Revenue Bonds, Saint Lukes Hospital Project,
Series 2008A, 5.500%, 8/15/35
Nuveen Investments 59
NQP | Nuveen Pennsylvania Investment Quality Municipal Fund (continued)
| Portfolio of Investments April 30, 2010
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE (continued)
$ 335 Pennsylvania Economic Development Financing Authority, Health No Opt. Call A3 $ 363,616
System Revenue Bonds , Albert Einstein Healthcare, Series
2009A, 6.250%, 10/15/23
1,060 Sayre Healthcare Facility Authority, Pennsylvania, Revenue 12/17 at 100.00 A+ 679,990
Bonds, Guthrie Healthcare System, Series 2007, 0.999%,
12/01/31 - AMBAC Insured
1,613 South Fork Municipal Authority, Pennsylvania, Hospital 7/20 at 100.00 Baa1 1,595,918
Revenue Bonds, Conemaugh Valley Memorial Hospital,,
5.500%, 7/01/29 (WI/DD, Settling 5/27/10)
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- 453,033
370 5.000%, 12/01/29 - RAAI Insured 12/15 at 100.00 BBB- 318,522
1,500 West Shore Area Hospital Authority, Cumberland County, 1/12 at 100.00 BBB 1,502,895
Pennsylvania, Hospital Revenue Bonds, Holy Spirit Hospital
of the Sisters of Christian Charity Project, Series 2001,
6.250%, 1/01/32
-----------------------------------------------------------------------------------------------------------------------------------
32,328 Total Health Care 31,703,859
-----------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 3.5% (2.2% OF TOTAL INVESTMENTS)
5,000 Pennsylvania Higher Educational Facilities Authority, Revenue 7/17 at 100.00 BBB+ 4,514,600
Bonds, Slippery Rock University Foundation Inc., Series
2007A, 5.000%, 7/01/39 - SYNCORA GTY Insured
3,300 Pennsylvania Higher Educational Facilities Authority, Revenue 7/15 at 100.00 BBB+ 2,995,146
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 673,888
Pennsylvania, Multifamily Housing Revenue Bonds,
Presbyterian Homes Germantown - Morrisville Project,
Series 2005A, 5.625%, 7/01/35
145 Pittsburgh Urban Redevelopment Authority, Pennsylvania, 8/10 at 100.00 A2 145,316
Mortgage Revenue Bonds, Series 1992C, 7.125%, 8/01/13
(Alternative Minimum Tax)
-----------------------------------------------------------------------------------------------------------------------------------
9,245 Total Housing/Multifamily 8,328,950
-----------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 9.7% (6.2% OF TOTAL INVESTMENTS)
2,250 Pennsylvania Housing Finance Agency, Single Family Mortgage 4/15 at 100.00 AA+ 2,258,685
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:
1,675 5.150%, 10/01/37 (Alternative Minimum Tax) 10/15 at 100.00 AA+ 1,678,065
1,670 5.150%, 10/01/37 (Alternative Minimum Tax) (UB) 10/15 at 100.00 AA+ 1,673,056
9,000 Pennsylvania Housing Finance Agency, Single Family Mortgage 10/15 at 100.00 AA+ 8,852,940
Revenue Bonds, Series 2006-95A, 4.900%, 10/01/37
(Alternative Minimum Tax)
1,355 Pennsylvania Housing Finance Agency, Single Family Mortgage 10/16 at 100.00 AA+ 1,362,886
Revenue Bonds, Series 2007-97A, 4.600%, 10/01/27
(Alternative Minimum Tax)
2,060 Pennsylvania Housing Finance Agency, Single Family Mortgage 10/16 at 100.00 AA+ 1,990,660
Revenue Bonds, Series 2007-98A, 4.850%, 10/01/31
(Alternative Minimum Tax)
2,150 Pennsylvania Housing Finance Agency, Single Family Mortgage 10/17 at 100.00 AA+ 2,247,202
Revenue Bonds, Series 2008-103-C, 5.450%, 10/01/38
910 Pittsburgh Urban Redevelopment Authority, Pennsylvania, 10/10 at 100.00 AAA 918,854
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 2,136,688
Mortgage Revenue Bonds, Series 2001B, 5.450%, 10/01/32
(Alternative Minimum Tax)
-----------------------------------------------------------------------------------------------------------------------------------
23,195 Total Housing/Single Family 23,119,036
-----------------------------------------------------------------------------------------------------------------------------------
INDUSTRIALS - 4.4% (2.8% OF TOTAL INVESTMENTS)
5,000 Pennsylvania Economic Development Financing Authority, Exempt 5/11 at 101.00 A1 5,069,600
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 A1 5,456,150
Development Revenue Bonds, Series 2002, 5.500%, 7/01/12 -
AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
10,000 Total Industrials 10,525,750
-----------------------------------------------------------------------------------------------------------------------------------
60 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 3.1% (2.0% OF TOTAL INVESTMENTS)
$ 1,500 Cumberland County Municipal Authority Revenue Bonds, 1/19 at 100.00 N/R $ 1,516,230
Pennsylvania, Diakon Lutheran Social Ministries Project,
Series 2009, 6.375%, 1/01/39
1,330 Cumberland County Municipal Authority, Pennsylvania, Revenue 1/17 at 100.00 N/R 1,126,164
Bonds, Diakon Lutheran Social Ministries, Series 2007,
5.000%, 1/01/36
1,500 Cumberland County Municipal Authority, Pennsylvania, Revenue 12/12 at 100.00 BBB+ 1,360,110
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 1,556,231
415 5.000%, 11/01/36 11/16 at 100.00 A 411,385
1,500 Philadelphia Authority for Industrial Development, 7/11 at 101.00 Baa1 1,455,375
Pennsylvania, Revenue Bonds, Philadelphia Corporation for
the Aging Project, Series 2001B, 5.250%, 7/01/26 - AMBAC
Insured
-----------------------------------------------------------------------------------------------------------------------------------
7,795 Total Long-Term Care 7,425,495
-----------------------------------------------------------------------------------------------------------------------------------
MATERIALS - 1.1% (0.7% OF TOTAL INVESTMENTS)
1,260 Bradford County Industrial Development Authority, 12/15 at 100.00 BBB 1,248,698
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, Exempt 5/10 at 101.00 N/R 1,385,475
Facilities Revenue Bonds, National Gypsum Company, Series
1997B, 6.125%, 11/01/27 (Alternative Minimum Tax)
-----------------------------------------------------------------------------------------------------------------------------------
3,010 Total Materials 2,634,173
-----------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 26.8% (17.0% OF TOTAL INVESTMENTS)
1,800 Allegheny County, Pennsylvania, General Obligation Bonds, 5/11 at 100.00 A+ 1,863,648
Series 2000C-53, 5.250%, 11/01/20 - FGIC Insured
3,000 Bethel Park School District, Allegheny County, Pennsylvania, 8/19 at 100.00 Aa2 3,126,150
General Obligation Bonds, Series of 2009, 5.000%, 8/01/29
6,000 Delaware Valley Regional Finance Authority, Pennsylvania, No Opt. Call AA- 6,672,180
Local Government Revenue Bonds, Series 2002, 5.750%,
7/01/17 (UB)
7,350 Erie City School District, Erie County, Pennsylvania, General No Opt. Call N/R 2,655,188
Obligation Bonds, Series 2000, 0.000%, 9/01/30 - AMBAC
Insured
5,000 Pennsylvania Public School Building Authority, Lease Revenue 12/16 at 100.00 AAA 5,058,500
Bonds, School District of Philadelphia, Series 2006B,
5.000%, 6/01/33 - AGM Insured (UB)
4,830 Pennsylvania State, General Obligation Bonds, Series 2007, 3/17 at 100.00 Aa1 5,548,849
Residuals 1986, 13.158%, 3/01/27 (IF)
1,500 Pennsylvania, General Obligation Bonds, First Series 2006, 10/16 at 100.00 Aa1 1,743,795
5.000%, 10/01/18
500 Pennsylvania, General Obligation Bonds, Second Series 2005, 1/16 at 100.00 Aa1 577,830
5.000%, 1/01/18
1,500 Philadelphia School District, Pennsylvania, General No Opt. Call Aa3 1,552,965
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 4,222,083
Improvement General Obligation Bonds, Series 2005, 5.000%,
7/15/35 - AGM Insured
3,000 Pittsburgh School District, Allegheny County, Pennsylvania, No Opt. Call AAA 3,494,640
General Obligation Refunding Bonds, Series 2002A, 5.500%,
9/01/15 - AGM Insured
1,070 Schuylkill Valley School District, Berks County, 4/16 at 100.00 Aa3 1,127,192
Pennsylvania, General Obligation Bonds, Series 2006A,
5.000%, 4/01/22 - FGIC Insured
800 Scranton Parking Authority, Pennsylvania, Guaranteed Parking 9/13 at 100.00 A 752,688
Revenue Bonds, Series 2004, 5.000%, 9/15/33 - FGIC Insured
21,000 State Public School Building Authority, Pennsylvania, Lease No Opt. Call AAA 23,551,290
Revenue Bonds, Philadelphia School District, Series 2003,
5.500%, 6/01/28 - AGM Insured (UB)
445 State Public School Building Authority, Pennsylvania, School 11/13 at 100.00 A 475,580
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 1,555,757
Pennsylvania, General Obligation Bonds, Series 2001A,
5.000%, 4/01/18 - AGM Insured
-----------------------------------------------------------------------------------------------------------------------------------
63,395 Total Tax Obligation/General 63,978,335
-----------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 61
NQP | Nuveen Pennsylvania Investment Quality Municipal Fund (continued)
| Portfolio of Investments April 30, 2010
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 6.2% (3.9% OF TOTAL INVESTMENTS)
$ 3,500 Allegheny County Port Authority, Pennsylvania, Special 3/11 at 101.00 A $ 3,535,840
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 2,216,976
Lien Revenue Bonds, Series 2003A, 5.000%, 12/01/32 - NPFG
Insured
2,700 Philadelphia Municipal Authority, Pennsylvania, Lease Revenue 11/13 at 100.00 AAA 2,925,990
Bonds, Series 2003B, 5.250%, 11/15/17 - AGM Insured
4,000 Pittsburgh and Allegheny Counties Public Auditorium 8/10 at 100.00 N/R 3,683,960
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 Tax No Opt. Call A3 734,132
Revenue Bonds, Series 2005A, 0.000%, 7/01/32 - FGIC
Insured
1,625 Puerto Rico Sales Tax Financing Corporation, Sales Tax 2/20 at 100.00 A+ 1,697,183
Revenue Bonds, First Subordinate Series 2010A, 5.500%,
8/01/42
-----------------------------------------------------------------------------------------------------------------------------------
17,105 Total Tax Obligation/Limited 14,794,081
-----------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 14.0% (8.9% OF TOTAL INVESTMENTS)
630 Delaware River Joint Toll Bridge Commission, New Jersey and 7/13 at 100.00 A2 686,977
Pennsylvania, Revenue Bonds, Series 2003, 5.250%, 7/01/17
2,035 Lehigh-Northampton Airport Authority, Pennsylvania, Airport 5/10 at 100.00 Baa1 2,034,837
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+ 5,507,676
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 4,435,794
Capital Appreciation Series 2009E, 0.000%, 12/01/38
2,200 Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, 12/11 at 101.00 Aa3 2,235,970
Series 2001R, 5.000%, 12/01/30 - AMBAC Insured
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Series 2006A:
3,820 5.000%, 12/01/22 - AMBAC Insured 6/16 at 100.00 Aa3 4,084,420
2,930 5.000%, 12/01/24 - AMBAC Insured 6/16 at 100.00 Aa3 3,104,657
5,000 Philadelphia Airport System, Pennsylvania, Revenue Bonds, 6/11 at 101.00 A+ 4,999,700
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+ 3,378,816
Series 2005A, 4.750%, 6/15/35 - NPFG Insured (Alternative
Minimum Tax)
3,000 Susquehanna Area Regional Airport Authority, Pennsylvania, 1/13 at 100.00 Ba1 2,748,480
Airport System Revenue Bonds, Subordinate Lien Series
2003D, 5.375%, 1/01/18
-----------------------------------------------------------------------------------------------------------------------------------
35,215 Total Transportation 33,217,327
-----------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 32.1% (20.4% OF TOTAL INVESTMENTS) (4)
3,550 Allegheny County, Pennsylvania, General Obligation Bonds, 5/11 at 100.00 A+ (4) 3,722,956
Series 2000C-52, 5.250%, 11/01/23 (Pre-refunded 5/01/11) -
FGIC Insured
1,320 Allegheny County, Pennsylvania, General Obligation Refunding 5/11 at 100.00 A+ (4) 1,382,528
Bonds, Series 2000C-53, 5.250%, 11/01/20 (Pre-refunded
5/01/11) - FGIC Insured
3,325 Delaware County Regional Water Quality Control Authority, 11/11 at 100.00 A1 (4) 3,549,803
Pennsylvania, Sewerage Revenue Bonds, Series 2001, 5.100%,
5/01/20 (Pre-refunded 11/01/11) - FGIC Insured
1,400 Delaware County Regional Water Quality Control Authority, 5/14 at 100.00 A3 (4) 1,607,634
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) 5,350,550
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) 6,797,519
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 1,273,826
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, Revenue 1/13 at 100.00 A1 (4) 745,321
Bonds, Thomas Jefferson University, Series 2002, 5.000%,
1/01/20 (Pre-refunded 1/01/13)
62 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED (4) (continued)
$ 9,000 Pennsylvania Higher Educational Facilities Authority, Revenue 1/11 at 101.00 Aa3 (4) $ 9,444,780
Bonds, UPMC Health System, Series 2001A, 6.000%, 1/15/31
(Pre-refunded 1/15/11)
10,935 Philadelphia Authority for Industrial Development, 10/11 at 101.00 AAA 11,756,875
Pennsylvania, Lease Revenue Bonds, Series 2001B, 5.250%,
10/01/30 (Pre-refunded 10/01/11) - AGM 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) 585,016
860 5.375%, 1/01/32 (Pre-refunded 1/01/17) 1/17 at 100.00 N/R (4) 992,990
610 Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Twelfth No Opt. Call Aaa 750,947
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 A1 (4) 6,135,678
3,185 5.000%, 11/01/31 (Pre-refunded 11/01/12) - FGIC Insured 11/12 at 100.00 A1 (4) 3,507,545
6,100 Plum Borough School District, Allegheny County, Pennsylvania, 9/11 at 100.00 A+ (4) 6,489,607
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, Revenue 7/12 at 100.00 N/R (4) 1,762,466
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) 1,111,066
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) 2,068,560
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) 3,650,640
Pennsylvania, Water and Sewer Revenue Bonds, Series 1991,
7.100%, 12/01/21 (Pre-refunded 11/15/15) - FGIC Insured
3,175 West View Borough Municipal Authority, Allegheny County, No Opt. Call AAA 3,897,440
Pennsylvania, Special Obligation Bonds, Series 1985A,
9.500%, 11/15/14 (ETM)
-----------------------------------------------------------------------------------------------------------------------------------
70,150 Total U.S. Guaranteed 76,583,747
-----------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 6.4% (4.1% OF TOTAL INVESTMENTS)
1,250 Allegheny County Industrial Development Authority, No Opt. Call BBB 1,307,850
Pennsylvania, Pollution Control Revenue
Refunding Bonds, Duquesne Light Company, Series 1999A,
4.350%, 12/01/13 - AMBAC Insured
610 Carbon County Industrial Development Authority, Pennsylvania, No Opt. Call BBB- 609,994
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, Pennsylvania, 2/15 at 100.00 A 1,424,995
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, General 9/14 at 100.00 AAA 721,112
Ordinance, Fifth Series 2004A-1, 5.000%, 9/01/26 - AGM
Insured
2,000 Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General 7/13 at 100.00 AAA 2,166,460
Ordinance, Seventeenth Series 2003, 5.375%, 7/01/19 - AGM
Insured
5,490 Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Seventh 10/17 at 100.00 Baa2 5,260,683
Series, 2007, 5.000%, 10/01/37 - AMBAC Insured
3,700 York County Industrial Development Authority, Pennsylvania, 3/12 at 101.00 Baa1 3,776,701
Pollution Control Revenue Refunding Bonds, PSEG Power
Project, Series 2001A, 5.500%, 9/01/20
-----------------------------------------------------------------------------------------------------------------------------------
15,180 Total Utilities 15,267,795
-----------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 7.5% (4.7% OF TOTAL INVESTMENTS)
2,100 Allegheny County Sanitary Authority, Pennsylvania, Sewerage 12/15 at 100.00 A 2,161,929
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 2,328,987
Pennsylvania, Guaranteed Water Revenue Bonds, Series 2004,
5.000%, 11/15/20 - AGM Insured
Nuveen Investments 63
NQP | Nuveen Pennsylvania Investment Quality Municipal Fund (continued)
| Portfolio of Investments April 30, 2010
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER (continued)
$ 5,000 Delaware County Industrial Development Authority, 10/12 at 100.00 AA- $ 5,016,600
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 2,003,900
Revenue Refunding Bonds, Series 2004, 5.000%, 7/15/22 -
AGM Insured
1,600 Luzerne County Industrial Development Authority, 12/19 at 100.00 A 1,645,536
Pennsylvania, Water Facility Revenue Refunding Bonds,
Pennsylvania-American Water Company, Series 2009, 5.500%,
12/01/39
500 Pennsylvania Economic Development Financing Authority, Sewage 1/20 at 100.00 Baa3 524,345
Sludge Disposal Revenue Bonds, Philadelphia Biosolids
Facility Project, Series 2009, 6.250%, 1/01/32
1,815 Philadelphia, Pennsylvania, Water and Wastewater Revenue 11/12 at 100.00 A1 1,830,700
Bonds, Series 2001A, 5.000%, 11/01/31 - FGIC Insured
2,150 Philadelphia, Pennsylvania, Water and Wastewater Revenue 7/15 at 100.00 AAA 2,253,477
Bonds, Series 2005A, 5.000%, 7/01/23 - AGM Insured
-----------------------------------------------------------------------------------------------------------------------------------
17,370 Total Water and Sewer 17,765,474
-----------------------------------------------------------------------------------------------------------------------------------
$ 373,803 Total Investments (cost $365,351,091) - 157.5% 375,379,250
===============--------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (11.2)% (26,805,000)
-----------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 0.6% 1,544,212
-----------------------------------------------------------------------------------------------------------------
Auction Rate Preferred Shares, at Liquidation Value - (46.9)% (5) (111,750,000)
-----------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 238,368,462
=================================================================================================================
(1) All percentages shown in the Portfolio of Investments are based on net
assets applicable to Common shares unless otherwise noted.
(2) Optional Call Provisions (not covered by the report of independent
registered public accounting firm): Dates (month and year) and prices of
the earliest optional call or redemption. There may be other call
provisions at varying prices at later dates. Certain mortgage-backed
securities may be subject to periodic principal paydowns.
(3) Ratings (not covered by the report of independent registered public
accounting firm): Using the 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) Auction Rate Preferred Shares, at Liquation Value as a percentage of Total
Investments is 29.8%.
N/R Not rated.
WI/DD Purchased on a when-issued or delayed delivery basis.
(ETM) Escrowed to maturity.
(IF) Inverse floating rate investment.
(UB) Underlying bond of an inverse floating rate trust reflected as a financing
transaction. See Notes to Financial Statements, Footnote 1 - Inverse
Floating Rate Securities for more information.
See accompanying notes to financial statements.
64 Nuveen Investments
NPY | Nuveen Pennsylvania Premium Income Municipal Fund 2
| Portfolio of Investments April 30, 2010
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 25.6% (17.5% OF TOTAL
INVESTMENTS)
$ 1,045 Allegheny County Higher Education Building Authority, 5/10 at 101.00 N/R $ 893,287
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 205,562
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 1,317,310
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 1,049,313
Pennsylvania, Revenue Bonds, Robert Morris University,
Series 2006A, 4.750%, 2/15/26
3,000 Chester County Health and Education Facilities Authority, 10/10 at 100.00 BB+ 2,751,660
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 1,655,880
770 5.000%, 8/01/24 - AMBAC Insured 8/16 at 100.00 A1 810,002
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 1,839,951
1,350 5.250%, 8/01/20 - FGIC Insured 8/13 at 100.00 A1 1,449,698
1,000 5.250%, 8/01/21 - FGIC Insured 8/13 at 100.00 A1 1,064,710
Erie Higher Education Building Authority, Pennsylvania,
College Revenue Bonds, Gannon University, Series 2007-GG3:
725 5.000%, 5/01/32 - RAAI Insured 5/17 at 100.00 N/R 658,438
250 5.000%, 5/01/35 - RAAI Insured 5/17 at 100.00 N/R 223,773
3,060 Indiana County Industrial Development Authority, 11/14 at 100.00 N/R 2,755,408
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 N/R 1,371,951
Pennsylvania, Revenue Bonds, Arcadia University, Series
2006, 4.500%, 4/01/30 - RAAI Insured
855 Montgomery County Higher Education and Health Authority, 4/20 at 100.00 BBB+ 868,270
Pennsylvania, Revenue Bonds, Arcadia University, Series
2010, 5.625%, 4/01/40 (WI/DD, Settling 5/11/10)
325 New Wilmington, Pennsylvania, Revenue, Westminster College, 5/17 at 100.00 N/R 305,572
Series 2007G, 5.125%, 5/01/33 - RAAI Insured
4,085 Pennsylvania Higher Educational Facilities Authority, General 6/12 at 100.00 Aa3 4,335,982
Revenue Bonds, State System of Higher Education, Series
2002W, 5.000%, 6/15/19 - AMBAC Insured
4,200 Pennsylvania Higher Educational Facilities Authority, General 6/18 at 100.00 Aa3 4,344,270
Revenue Bonds, State System of Higher Education, Series
2008AH, 5.000%, 6/15/33
1,285 Pennsylvania Higher Educational Facilities Authority, Revenue 5/16 at 100.00 A- 1,245,139
Bonds, Allegheny College, Series 2006, 4.750%, 5/01/31
2,420 Pennsylvania Higher Educational Facilities Authority, Revenue 11/17 at 100.00 A+ 2,462,398
Bonds, Drexel University, Series 2007A, 5.000%, 5/01/37 -
NPFG Insured
3,000 Pennsylvania Higher Educational Facilities Authority, Revenue 4/16 at 100.00 A+ 3,165,540
Bonds, Temple University, First Series of 2006, 5.000%,
4/01/21 - NPFG Insured
1,845 Pennsylvania Higher Educational Facilities Authority, Revenue 1/13 at 100.00 A1 1,859,539
Bonds, Thomas Jefferson University, Series 2002, 5.000%,
1/01/32
1,000 Pennsylvania Higher Educational Facilities Authority, Revenue 3/20 at 100.00 AA- 1,029,700
Bonds, Thomas Jefferson University, Series 2010, 5.000%,
3/01/40
2,000 Pennsylvania Higher Educational Facilities Authority, Revenue 7/15 at 100.00 AA+ 2,059,400
Bonds, University of Pennsylvania, Series 2005C, 5.000%,
7/15/38
1,310 Pennsylvania Higher Educational Facilities Authority, Revenue 7/13 at 100.00 A- 1,333,868
Bonds, Ursinus College, Series 2003, 5.500%, 1/01/24 -
RAAI Insured
800 Pennsylvania Higher Educational Facilities Authority, Revenue 11/15 at 100.00 A 823,848
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 1,003,530
University of the Sciences in Philadelphia Revenue Bonds,
Series 2005, 4.750%, 11/01/33 - SYNCORA GTY Insured
Nuveen Investments 65
NPY | Nuveen Pennsylvania Premium Income Municipal Fund 2 (continued)
| Portfolio of Investments April 30, 2010
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS (continued)
$ 10,600 Pennsylvania State University, General Revenue Bonds, Series 8/16 at 100.00 Aa1 $ 10,591,202
2007A, 4.500%, 8/15/36 (UB)
530 Philadelphia Authority for Industrial Development, 8/20 at 100.00 BBB+ 535,194
Pennsylvania, Revenue Bonds, MaST Charter School Project,
Series 2010, 6.000%, 8/01/35
1,545 State Public School Building Authority, Pennsylvania, College 5/15 at 100.00 Aa3 1,691,991
Revenue Bonds, Montgomery County Community College, Series
2005, 5.000%, 5/01/18 - AMBAC Insured
750 Union County, Higher Education Facilities Financing 4/13 at 100.00 Aa2 824,678
Authority, Pennsylvania, Revenue Bonds, Bucknell
University, Series 2002A, 5.250%, 4/01/19
-----------------------------------------------------------------------------------------------------------------------------------
56,180 Total Education and Civic Organizations 56,527,064
-----------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 15.1% (10.3% 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 Baa3 1,027,698
1,455 5.125%, 4/01/35 4/15 at 100.00 Baa3 1,230,144
1,200 Erie County Hospital Authority, Pennsylvania, Hospital 7/20 at 100.00 Baa2 1,214,316
Revenue Bonds, Saint Vincent Health Center Project, Series
2010A, 7.000%, 7/01/27
1,230 Erie County Hospital Authority, Pennsylvania, Revenue Bonds, 11/12 at 100.00 BBB+ 1,259,680
Hamot Health Foundation, Series 2002, 5.250%, 11/01/16 -
AMBAC Insured
395 Erie County Hospital Authority, Pennsylvania, Revenue Bonds, 11/17 at 100.00 BBB+ 359,375
Hamot Health Foundation, Series 2007, 5.000%, 11/01/37 -
CIFG Insured
1,885 Lancaster County Hospital Authority, Pennsylvania, Hospital 3/17 at 100.00 AA- 1,950,240
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 4,906,000
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 3,011,737
Hospital Revenue Bonds, Lehigh Valley Health Network,
Series 2008A, 5.000%, 7/01/33 - AGM Insured
1,250 Lehigh County General Purpose Authority, Pennsylvania, 11/14 at 100.00 A 1,274,925
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 4,603,885
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+ 2,528,500
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- 618,677
Revenue Bonds, Pocono Medical Center, Series 2007, 5.125%,
1/01/37
2,000 Montgomery County Higher Education and Health Authority, 6/12 at 101.00 A 2,018,680
Pennsylvania, Hospital Revenue Bonds, Abington Memorial
Hospital, Series 2002A, 5.000%, 6/01/22
Northampton County General Purpose Authority, Pennsylvania,
Hospital Revenue Bonds, Saint Lukes Hospital Project, Series
2008A:
1,235 5.250%, 8/15/23 8/18 at 100.00 A3 1,257,329
1,000 5.500%, 8/15/35 8/18 at 100.00 A3 998,550
Pottsville Hospital Authority, Pennsylvania, Hospital Revenue
Bonds, Pottsville Hospital and Warne Clinic, Series 1998:
2,000 5.500%, 7/01/18 7/10 at 100.00 N/R 1,928,480
2,000 5.625%, 7/01/24 7/10 at 100.00 N/R 1,798,600
970 Sayre Healthcare Facility Authority, Pennsylvania, Revenue 12/17 at 100.00 A+ 622,255
Bonds, Guthrie Healthcare System, Series 2007, 0.999%,
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- 409,887
330 5.000%, 12/01/29 - RAAI Insured 12/15 at 100.00 BBB- 284,087
-----------------------------------------------------------------------------------------------------------------------------------
34,220 Total Health Care 33,303,045
-----------------------------------------------------------------------------------------------------------------------------------
66 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 4.7% (3.2% OF TOTAL INVESTMENTS)
$ 2,640 Bucks County Redevelopment Authority, Pennsylvania, Section 8 8/10 at 100.00 Baa2 $ 2,637,730
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 2,038,140
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+ 2,042,204
3,400 5.000%, 7/01/37 - SYNCORA GTY Insured 7/15 at 100.00 BBB+ 3,085,908
740 Philadelphia Authority for Industrial Development, 5/15 at 102.00 Baa3 623,346
Pennsylvania, Multifamily Housing Revenue Bonds,
Presbyterian Homes Germantown - Morrisville Project,
Series 2005A, 5.625%, 7/01/35
-----------------------------------------------------------------------------------------------------------------------------------
10,815 Total Housing/Multifamily 10,427,328
-----------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 6.6% (4.5% OF TOTAL INVESTMENTS)
395 Allegheny County Residential Finance Authority, Pennsylvania, 11/10 at 100.00 Aaa 396,860
GNMA Mortgage-Backed Securities Program Single Family
Mortgage Revenue Bonds, Series 2000II-2, 5.900%, 11/01/32
(Alternative Minimum Tax)
1,095 Pennsylvania Housing Finance Agency, Single Family Mortgage 4/15 at 100.00 AA+ 1,099,227
Revenue Bonds, Series 2006-93A, 4.950%, 10/01/26
(Alternative Minimum Tax) (UB)
3,065 Pennsylvania Housing Finance Agency, Single Family Mortgage 10/15 at 100.00 AA+ 3,070,609
Revenue Bonds, Series 2006-94A, 5.150%, 10/01/37
(Alternative Minimum Tax) (UB)
4,000 Pennsylvania Housing Finance Agency, Single Family Mortgage 10/15 at 100.00 AA+ 3,934,640
Revenue Bonds, Series 2006-95A, 4.900%, 10/01/37
(Alternative Minimum Tax) (UB)
1,355 Pennsylvania Housing Finance Agency, Single Family Mortgage 10/16 at 100.00 AA+ 1,362,885
Revenue Bonds, Series 2007-97A, 4.600%, 10/01/27
(Alternative Minimum Tax) (UB)
1,525 Pennsylvania Housing Finance Agency, Single Family Mortgage 10/16 at 100.00 AA+ 1,473,668
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:
355 5.200%, 10/01/28 10/17 at 100.00 AA+ 367,120
1,900 5.450%, 10/01/38 10/17 at 100.00 AA+ 1,985,899
765 Pittsburgh Urban Redevelopment Authority, Pennsylvania, 10/10 at 100.00 AAA 766,040
Mortgage Revenue Bonds, Series 1997A, 6.200%, 10/01/21
(Alternative Minimum Tax)
-----------------------------------------------------------------------------------------------------------------------------------
14,455 Total Housing/Single Family 14,456,948
-----------------------------------------------------------------------------------------------------------------------------------
INDUSTRIALS - 3.2% (2.2% OF TOTAL INVESTMENTS)
2,000 New Morgan Industrial Development Authority, Pennsylvania, 10/10 at 100.00 BBB 1,999,720
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, Exempt 5/11 at 101.00 A1 2,025,820
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 A1 2,922,013
Development Revenue Bonds, Series 2002, 5.500%, 7/01/17 -
AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
6,750 Total Industrials 6,947,553
-----------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 5.6% (3.8% OF TOTAL INVESTMENTS)
1,500 Cumberland County Municipal Authority Revenue Bonds, 1/19 at 100.00 N/R 1,516,230
Pennsylvania, Diakon Lutheran Social Ministries Project,
Series 2009, 6.375%, 1/01/39
4,905 Cumberland County Municipal Authority, Pennsylvania, Revenue 1/17 at 100.00 N/R 4,153,260
Bonds, Diakon Lutheran Social Ministries, Series 2007,
5.000%, 1/01/36
1,000 Cumberland County Municipal Authority, Pennsylvania, Revenue 12/12 at 100.00 BBB+ 962,870
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 1,554,812
230 5.000%, 11/01/36 11/16 at 100.00 A 227,997
Nuveen Investments 67
NPY | Nuveen Pennsylvania Premium Income Municipal Fund 2 (continued)
| Portfolio of Investments April 30, 2010
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE (continued)
Pennsylvania Economic Development Financing Authority, Revenue
Bonds, Dr. Gertrude A. Barber Center Inc., Series 2000:
$ 1,000 6.150%, 12/01/20 - RAAI Insured 8/10 at 100.00 BBB $ 1,006,930
2,000 5.900%, 12/01/30 - RAAI Insured 12/10 at 100.00 BBB 1,990,440
1,230 Pennsylvania Economic Development Financing Authority, Revenue 6/10 at 100.00 BB 981,565
Bonds, Northwestern Human Services Inc., Series 1998A,
5.250%, 6/01/28
-----------------------------------------------------------------------------------------------------------------------------------
13,430 Total Long-Term Care 12,394,104
-----------------------------------------------------------------------------------------------------------------------------------
MATERIALS - 2.4% (1.6% OF TOTAL INVESTMENTS)
1,190 Bradford County Industrial Development Authority, 12/15 at 100.00 BBB 1,179,326
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, Pennsylvania, 9/10 at 101.00 BBB 506,640
Environmental Improvement Revenue Refunding Bonds, Series
2000B, 6.000%, 9/01/16 (Alternative Minimum Tax)
4,500 Pennsylvania Economic Development Financing Authority, Exempt 5/10 at 101.00 N/R 3,562,650
Facilities Revenue Bonds, National Gypsum Company, Series
1997B, 6.125%, 11/01/27 (Alternative Minimum Tax)
-----------------------------------------------------------------------------------------------------------------------------------
6,190 Total Materials 5,248,616
-----------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 18.5% (12.7% OF TOTAL INVESTMENTS)
3,000 Bethel Park School District, Allegheny County, Pennsylvania, 8/19 at 100.00 Aa2 3,126,150
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 - AGM Insured 5/16 at 75.56 AAA 821,870
2,750 0.000%, 11/01/22 - AGM Insured 5/16 at 73.64 AAA 1,249,958
2,750 0.000%, 5/01/23 - AGM Insured 5/16 at 71.71 AAA 1,199,028
260 Lower Merion School District, Montgomery County, Pennsylvania, 9/17 at 100.00 Aaa 288,974
General Obligation Bonds, Series 2007, 5.000%, 9/01/23
2,115 Owen J. Roberts School District, Chester County, Pennsylvania, 5/16 at 100.00 Aa2 2,258,249
General Obligation Bonds, Series 2006, 5.000%, 5/15/24 -
AGM Insured
4,835 Pennsylvania State, General Obligation Bonds, Series 2007, 3/17 at 100.00 Aa1 5,554,593
Residuals 1986, 13.158%, 3/01/27 (IF)
3,200 Pennsylvania, General Obligation Bonds, First Series 2006, 10/16 at 100.00 Aa1 3,720,096
5.000%, 10/01/18
1,000 Pennsylvania, General Obligation Bonds, Second Series 2005, 1/16 at 100.00 Aa1 1,155,660
5.000%, 1/01/18
1,500 Philadelphia School District, Pennsylvania, General Obligation No Opt. Call Aa3 1,552,965
Bonds, Series 2007A, 5.000%, 6/01/34 - FGIC Insured
3,775 Pine-Richland School District, Pennsylvania, School 7/15 at 100.00 AAA 3,854,502
Improvement General Obligation Bonds, Series 2005, 5.000%,
7/15/35 - AGM Insured
2,700 Pittsburgh, Pennsylvania, General Obligation Bonds, Series No Opt. Call AAA 2,988,927
2006B, 5.250%, 9/01/16 - AGM Insured
6,710 Reading School District, Berks County, Pennsylvania, General No Opt. Call A 2,075,940
Obligation Bonds, Series 2003B, 0.000%, 1/15/32 - FGIC
Insured
2,250 Scranton Parking Authority, Pennsylvania , Guaranteed Revenue 6/17 at 100.00 N/R 2,023,560
Bonds, Series 2007, 5.250%, 6/01/39 - RAAI Insured
940 Scranton Parking Authority, Pennsylvania, Guaranteed Parking 9/13 at 100.00 A 884,408
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 384,739
490 5.250%, 11/01/22 - FGIC Insured 11/13 at 100.00 A 514,804
1,500 State Public School Building Authority, Pennsylvania, School 5/13 at 100.00 Aa3 1,514,805
Revenue Bonds, York City School District, Series 2003,
4.000%, 5/01/21 - AGM Insured
1,535 Stroudsburg Area School District, Monroe County, Pennsylvania, 4/12 at 100.00 AAA 1,630,093
General Obligation Bonds, Series 2001A, 5.000%, 4/01/19 -
AGM Insured
68 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
$ 1,400 Woodland Hills School District, Allegheny County, 9/15 at 100.00 AAA $ 1,566,054
Pennsylvania, General Obligation Bonds, Series 2005D,
5.000%, 9/01/17 - AGM Insured
2,400 York County, Pennsylvania, General Obligation Bonds, Series 12/15 at 100.00 AA 2,471,736
2006, 5.000%, 6/01/33 - NPFG Insured
-----------------------------------------------------------------------------------------------------------------------------------
47,220 Total Tax Obligation/General 40,837,111
-----------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 8.4% (5.8% OF TOTAL INVESTMENTS)
1,500 Erie County Convention Center Authority, Pennsylvania, 1/15 at 100.00 AA- 1,521,870
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 2,020,142
Lien Revenue Bonds, Series 2003A, 5.000%, 12/01/32 - NPFG
Insured
5,015 Philadelphia Municipal Authority, Pennsylvania, Lease Revenue 11/13 at 100.00 AAA 5,434,756
Bonds, Series 2003B, 5.250%, 11/15/17 - AGM Insured
6,000 Puerto Rico Highway and Transportation Authority, Highway No Opt. Call A3 6,313,500
Revenue Bonds, Series 2007N, 5.500%, 7/01/29 - AMBAC
Insured
2,880 Puerto Rico Infrastructure Financing Authority, Special Tax No Opt. Call A3 673,344
Revenue Bonds, Series 2005A, 0.000%, 7/01/32 - FGIC
Insured
2,405 Puerto Rico, Highway Revenue Bonds, Highway and No Opt. Call A 2,593,263
Transportation Authority, Series 2003AA, 5.500%, 7/01/19 -
NPFG Insured
-----------------------------------------------------------------------------------------------------------------------------------
19,750 Total Tax Obligation/Limited 18,556,875
-----------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 16.5% (11.2% OF TOTAL INVESTMENTS)
650 Delaware River Joint Toll Bridge Commission, New Jersey and 7/13 at 100.00 A2 708,786
Pennsylvania, Revenue Bonds, Series 2003, 5.250%, 7/01/17
4,600 Pennsylvania Economic Development Financing Authority, 6/12 at 102.00 BBB+ 4,638,686
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 3,696,495
Capital Appreciation Series 2009E, 0.000%, 12/01/38
3,575 Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, 12/11 at 101.00 Aa3 3,633,451
Series 2001R, 5.000%, 12/01/30 - AMBAC Insured
2,680 Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, 6/16 at 100.00 Aa3 2,839,755
Series 2006A, 5.000%, 12/01/24 - AMBAC Insured
3,250 Philadelphia Airport System, Pennsylvania, Revenue Bonds, 6/15 at 100.00 A+ 3,050,320
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+ 9,826,900
Pennsylvania, Airport Revenue Bonds, Philadelphia Airport
System Project, Series 2001A, 5.250%, 7/01/28 - FGIC
Insured (Alternative Minimum Tax)
2,000 Pittsburgh Public Parking Authority, Pennsylvania, Parking 12/15 at 100.00 A 2,065,980
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 5,763,943
Airport System Revenue Bonds, Series 2003B, 5.000%,
1/01/33 - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
38,955 Total Transportation 36,224,316
-----------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 18.4% (12.5% OF TOTAL INVESTMENTS) (4)
1,695 Allegheny County Sanitary Authority, Pennsylvania, Sewerage 12/10 at 101.00 A (4) 1,756,461
Revenue Bonds, Series 2000, 5.500%, 12/01/30 (Pre-refunded
12/01/10) - NPFG Insured
1,200 Butler County, Pennsylvania, General Obligation Bonds, Series 7/13 at 100.00 A+ (4) 1,355,616
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) 1,854,521
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) 2,171,401
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) 2,887,118
Pennsylvania, General Obligation Bonds, Series 2003,
5.000%, 9/01/24 (Pre-refunded 3/01/13) - FGIC Insured
855 Pennsylvania Higher Educational Facilities Authority, College No Opt. Call Aaa 984,550
Revenue Bonds, Ninth Series 1976, 7.625%, 7/01/15 (ETM)
Nuveen Investments 69
NPY | Nuveen Pennsylvania Premium Income Municipal Fund 2 (continued)
| Portfolio of Investments April 30, 2010
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED (4) (continued)
$ 1,500 Pennsylvania Higher Educational Facilities Authority, Revenue 7/11 at 101.00 Aaa $ 1,594,425
Bonds, Temple University, Series 2001, 5.000%, 7/15/31
(Pre-refunded 7/15/11) - NPFG Insured
3,905 Pennsylvania Higher Educational Facilities Authority, Revenue 1/13 at 100.00 A1 (4) 4,280,114
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) 539,132
790 5.375%, 1/01/32 (Pre-refunded 1/01/17) 1/17 at 100.00 N/R (4) 912,166
Philadelphia Hospitals and Higher Education Facilities
Authority, Pennsylvania, Hospital Revenue Bonds, Presbyterian
Medical Center of Philadelphia, Series 1993:
435 6.500%, 12/01/11 (ETM) No Opt. Call AAA 461,135
3,740 6.650%, 12/01/19 (ETM) No Opt. Call AAA 4,626,530
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) 1,855,227
1,200 5.250%, 7/01/15 (Pre-refunded 7/01/12) - AMBAC Insured 7/12 at 100.00 N/R (4) 1,309,572
1,015 St. Mary Hospital Authority, Pennsylvania, Health System 11/14 at 100.00 A1 (4) 1,174,720
Revenue Bonds, Catholic Health East, Series 2004B, 5.375%,
11/15/34 (Pre-refunded 11/15/14)
State Public School Building Authority, Berkes County,
Pennsylvania, School Revenue Bonds, Brandywine Heights Area
School District, Series 2003:
1,930 5.000%, 2/01/20 (Pre-refunded 2/01/13) - FGIC Insured 2/13 at 100.00 Aa3 (4) 2,127,304
1,955 5.000%, 2/01/21 (Pre-refunded 2/01/13) - FGIC Insured 2/13 at 100.00 Aa3 (4) 2,154,860
4,050 State Public School Building Authority, Pennsylvania, Lease 6/13 at 100.00 AAA 4,525,065
Revenue Bonds, Philadelphia School District, Series 2003,
5.000%, 6/01/33 (Pre-refunded 6/01/13) - AGM Insured
2,500 West Cornwall Township Municipal Authority, Pennsylvania, 12/11 at 100.00 BBB+ (4) 2,710,775
College Revenue Bonds, Elizabethtown College Project,
Series 2001, 5.900%, 12/15/18 (Pre-refunded 12/15/11)
965 West View Borough Municipal Authority, Allegheny County, No Opt. Call AAA 1,184,576
Pennsylvania, Special Obligation Bonds, Series 1985A,
9.500%, 11/15/14 (ETM)
-----------------------------------------------------------------------------------------------------------------------------------
36,230 Total U.S. Guaranteed 40,465,268
-----------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 9.3% (6.3% OF TOTAL INVESTMENTS)
1,125 Allegheny County Industrial Development Authority, No Opt. Call BBB 1,177,065
Pennsylvania, Pollution Control Revenue Refunding Bonds,
Duquesne Light Company, Series 1999A, 4.350%, 12/01/13 -
AMBAC Insured
830 Carbon County Industrial Development Authority, Pennsylvania, No Opt. Call BBB- 829,992
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, 5/10 at 100.00 BBB 7,590,911
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 2,013,580
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, Pennsylvania, 2/15 at 100.00 A 2,142,475
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, General 9/14 at 100.00 AAA 721,112
Ordinance, Fifth Series 2004A-1, 5.000%, 9/01/26 - AGM
Insured
1,000 Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General 7/13 at 100.00 AAA 1,083,230
Ordinance, Seventeenth Series 2003, 5.375%, 7/01/19 - AGM
Insured
5,050 Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Seventh 10/17 at 100.00 Baa2 4,839,062
Series, 2007, 5.000%, 10/01/37 - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
20,445 Total Utilities 20,397,427
-----------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 12.3% (8.4% OF TOTAL INVESTMENTS)
305 Allegheny County Sanitary Authority, Pennsylvania, Sewerage 12/10 at 101.00 A1 309,401
Revenue Bonds, Series 2000, 5.500%, 12/01/30 - NPFG
Insured
70 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER (continued)
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 $ 1,956,031
2,120 5.000%, 12/01/23 - NPFG Insured 12/15 at 100.00 A 2,168,824
545 5.000%, 12/01/30 - NPFG Insured 12/15 at 100.00 A 549,731
2,500 Bethlehem Authority, Northampton and Lehigh Counties, 11/14 at 100.00 AAA 2,640,575
Pennsylvania, Guaranteed Water Revenue Bonds, Series 2004,
5.000%, 11/15/20 - AGM Insured
4,000 Bucks County Industrial Development Authority, Pennsylvania, 3/12 at 100.00 AA- 4,016,280
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 2,003,900
Revenue Refunding Bonds, Series 2004, 5.000%, 7/15/22 -
AGM Insured
1,600 Luzerne County Industrial Development Authority, 12/19 at 100.00 A 1,645,536
Pennsylvania, Water Facility Revenue Refunding Bonds,
Pennsylvania-American Water Company, Series 2009, 5.500%,
12/01/39
3,360 Mercer County Industrial Development Authority, Pennsylvania, 7/10 at 100.00 AA- 3,362,486
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 1,150,214
2,535 5.125%, 11/15/23 - FGIC Insured 11/13 at 100.00 N/R 2,549,424
500 Pennsylvania Economic Development Financing Authority, Sewage 1/20 at 100.00 Baa3 524,345
Sludge Disposal Revenue Bonds, Philadelphia Biosolids
Facility Project, Series 2009, 6.250%, 1/01/32
2,000 Philadelphia, Pennsylvania, Water and Wastewater Revenue 7/15 at 100.00 AAA 2,096,260
Bonds, Series 2005A, 5.000%, 7/01/23 - AGM Insured
2,000 Unity Township Municipal Authority, Pennsylvania, Sewerage 12/14 at 100.00 AAA 2,035,951
Revenue Bonds, Series 2004, 5.000%, 12/01/34 - AGM Insured
-----------------------------------------------------------------------------------------------------------------------------------
26,505 Total Water and Sewer 27,008,958
-----------------------------------------------------------------------------------------------------------------------------------
$ 331,145 Total Investments (cost $315,083,229) - 146.6% 322,794,613
===============--------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (5.8)% (12,705,000)
-----------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 4.3% 9,298,025
-----------------------------------------------------------------------------------------------------------------
Auction Rate Preferred Shares, at Liquidation Value - (45.1)% (5) (99,275,000)
-----------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 220,112,638
=================================================================================================================
(1) All percentages shown in the Portfolio of Investments are based on net
assets applicable to Common shares unless otherwise noted.
(2) Optional Call Provisions (not covered by the report of independent
registered public accounting firm): Dates (month and year) and prices of
the earliest optional call or redemption. There may be other call
provisions at varying prices at later dates. Certain mortgage-backed
securities may be subject to periodic principal paydowns.
(3) Ratings (not covered by the report of independent registered public
accounting firm): Using the 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) Auction Rate Preferred Shares, at Liquidation Value as a percentage of
Total Investments is 30.8%.
N/R Not rated.
WI/DD Purchased on a when-issued or delayed delivery basis.
(ETM) Escrowed to maturity.
(IF) Inverse floating rate investment.
(UB) Underlying bond of an inverse floating rate trust reflected as a financing
transaction. See Notes to Financial Statements, Footnote 1 - Inverse
Floating Rate Securities for more information.
See accompanying notes to financial statements.
Nuveen Investments 71
NXM | Nuveen Pennsylvania Dividend Advantage Municipal Fund (continued)
| Portfolio of Investments April 30, 2010
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, Solid No Opt. Call AA- $ 1,038,890
Waste Disposal Revenue Bonds, Procter & Gamble Paper
Project, Series 2001, 5.375%, 3/01/31 (Alternative Minimum
Tax)
-----------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 26.8% (18.9% OF TOTAL
INVESTMENTS)
100 Allegheny County Higher Education Building Authority, No Opt. Call Baa3 102,781
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 216,306
Pennsylvania, Revenue Bonds, Robert Morris University,
Series 2006A, 4.750%, 2/15/26
2,250 Bucks County Industrial Development Authority, Pennsylvania, 9/11 at 100.00 N/R 2,255,940
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 652,358
Pennsylvania, Revenue Bonds, Immaculata University, Series
2005, 5.500%, 10/15/25
720 Chester County Industrial Development Authority, 12/17 at 100.00 BB+ 664,020
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 1,007,900
Refunding Bonds, Neumann College, Series 2001, 6.000%,
10/01/31
300 Delaware County Authority, Pennsylvania, General Revenue 10/16 at 100.00 N/R 258,174
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 312,131
145 5.000%, 8/01/24 - AMBAC Insured 8/16 at 100.00 A1 152,533
160 Erie Higher Education Building Authority, Pennsylvania, 5/17 at 100.00 N/R 145,310
College Revenue Bonds, Gannon University, Series 2007-GG3,
5.000%, 5/01/32 - RAAI Insured
200 Montgomery County Higher Education and Health Authority, 4/20 at 100.00 BBB+ 203,104
Pennsylvania, Revenue Bonds, Arcadia University, Series
2010, 5.625%, 4/01/40 (WI/DD, Settling 5/11/10)
1,000 Montgomery County Industrial Development Authority, 8/15 at 100.00 A1 1,035,620
Pennsylvania, Revenue Bonds, Hill School, Series 2005,
5.000%, 8/15/27 - NPFG Insured
75 New Wilmington, Pennsylvania, Revenue, Westminster College, 5/17 at 100.00 N/R 70,517
Series 2007G, 5.125%, 5/01/33 - RAAI Insured
1,000 Pennsylvania Higher Educational Facilities Authority, General 6/12 at 100.00 Aa3 1,061,440
Revenue Bonds, State System of Higher Education, Series
2002W, 5.000%, 6/15/19 - AMBAC Insured
900 Pennsylvania Higher Educational Facilities Authority, General 6/18 at 100.00 Aa3 930,915
Revenue Bonds, State System of Higher Education, Series
2008AH, 5.000%, 6/15/33
220 Pennsylvania Higher Educational Facilities Authority, Revenue 5/16 at 100.00 A- 213,176
Bonds, Allegheny College, Series 2006, 4.750%, 5/01/31
540 Pennsylvania Higher Educational Facilities Authority, Revenue 11/17 at 100.00 A+ 549,461
Bonds, Drexel University, Series 2007A, 5.000%, 5/01/37 -
NPFG Insured
1,500 Pennsylvania Higher Educational Facilities Authority, Revenue 7/11 at 100.00 N/R 1,465,590
Bonds, Moravian College, Series 2001, 5.375%, 7/01/31 -
RAAI Insured
700 Pennsylvania Higher Educational Facilities Authority, Revenue 4/16 at 100.00 A+ 738,626
Bonds, Temple University, First Series of 2006, 5.000%,
4/01/21 - NPFG Insured
350 Pennsylvania Higher Educational Facilities Authority, Revenue 1/13 at 100.00 A1 370,608
Bonds, Thomas Jefferson University, Series 2002, 5.500%,
1/01/16
470 Philadelphia Authority for Industrial Development, 1/13 at 102.00 BB 368,616
Pennsylvania, Revenue Bonds, Leadership Learning Partners,
Series 2005A, 5.375%, 7/01/36
110 Philadelphia Authority for Industrial Development, 8/20 at 100.00 BBB+ 111,078
Pennsylvania, Revenue Bonds, MaST Charter School Project,
Series 2010, 6.000%, 8/01/35
230 Philadelphia Authority for Industrial Development, 5/16 at 100.00 BBB- 227,238
Pennsylvania, Revenue Bonds, Richard Allen Preparatory
Charter School, Series 2006, 6.250%, 5/01/33
-----------------------------------------------------------------------------------------------------------------------------------
13,200 Total Education and Civic Organizations 13,113,442
-----------------------------------------------------------------------------------------------------------------------------------
72 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 17.6% (12.4% OF TOTAL INVESTMENTS)
$ 550 Allegheny County Hospital Development Authority, 4/15 at 100.00 Baa3 $ 465,003
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- 561,483
Bonds, Sacred Heart Hospital, Series 2005, 6.000%,
11/15/16
2,500 Chester County Health and Educational Facilities Authority, 5/10 at 100.00 AA- 2,501,425
Pennsylvania, Health System Revenue Bonds, Jefferson
Health System, Series 1997B, 5.375%, 5/15/27
200 Erie County Hospital Authority, Pennsylvania, Hospital 7/20 at 100.00 Baa2 202,386
Revenue Bonds, Saint Vincent Health Center Project, Series
2010A, 7.000%, 7/01/27
80 Erie County Hospital Authority, Pennsylvania, Revenue Bonds, 11/17 at 100.00 BBB+ 72,785
Hamot Health Foundation, Series 2007, 5.000%, 11/01/37 -
CIFG Insured
230 Fulton County, Pennsylvania, Industrial Development Authority 7/16 at 100.00 N/R 200,167
Hospital Revenue Bonds, Fulton County Medical Center
Project, Series 2006, 5.900%, 7/01/40
600 Lebanon County Health Facilities Authority, Pennsylvania, 11/12 at 101.00 Baa2 588,720
Revenue Bonds, Good Samaritan Hospital Project, Series
2002, 5.900%, 11/15/28
650 Lehigh County General Purpose Authority, Pennsylvania, 7/18 at 100.00 AAA 654,726
Hospital Revenue Bonds, Lehigh Valley Health Network,
Series 2008A, 5.000%, 7/01/33 - AGM Insured
250 Lehigh County General Purpose Authority, Pennsylvania, 11/14 at 100.00 A 254,985
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 1,029,449
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- 133,253
Revenue Bonds, Pocono Medical Center, Series 2007, 5.125%,
1/01/37
25 Pottsville Hospital Authority, Pennsylvania, Hospital Revenue 7/10 at 100.00 N/R 22,483
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+ 137,923
Bonds, Guthrie Healthcare System, Series 2007, 0.999%,
12/01/31 - AMBAC Insured
1,000 Washington County Hospital Authority, Pennsylvania, Revenue 6/12 at 101.00 A3 1,032,200
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 751,448
Pennsylvania, Hospital Revenue Bonds, Holy Spirit Hospital
of the Sisters of Christian Charity Project, Series 2001,
6.250%, 1/01/32
-----------------------------------------------------------------------------------------------------------------------------------
8,800 Total Health Care 8,608,436
-----------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 1.5% (1.0% OF TOTAL INVESTMENTS)
700 Pennsylvania Higher Educational Facilities Authority, Revenue 7/15 at 100.00 BBB+ 635,334
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 84,236
Pennsylvania, Multifamily Housing Revenue Bonds,
Presbyterian Homes Germantown - Morrisville Project,
Series 2005A, 5.625%, 7/01/35
-----------------------------------------------------------------------------------------------------------------------------------
800 Total Housing/Multifamily 719,570
-----------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 7.7% (5.4% OF TOTAL INVESTMENTS)
1,355 Allegheny County Residential Finance Authority, Pennsylvania, 5/10 at 101.00 Aaa 1,357,995
GNMA Mortgage-Backed Securities Program Single Family
Mortgage Revenue Bonds, Series 1998DD-2, 5.400%, 11/01/29
(Alternative Minimum Tax)
395 Pennsylvania Housing Finance Agency, Single Family Mortgage 4/15 at 100.00 AA+ 396,525
Revenue Bonds, Series 2006-93A, 4.950%, 10/01/26
(Alternative Minimum Tax) (UB)
645 Pennsylvania Housing Finance Agency, Single Family Mortgage 10/15 at 100.00 AA+ 646,180
Revenue Bonds, Series 2006-94A, 5.150%, 10/01/37
(Alternative Minimum Tax) (UB)
500 Pennsylvania Housing Finance Agency, Single Family Mortgage 10/15 at 100.00 AA+ 491,830
Revenue Bonds, Series 2006-95A, 4.900%, 10/01/37
(Alternative Minimum Tax) (UB)
415 Pennsylvania Housing Finance Agency, Single Family Mortgage 10/16 at 100.00 AA+ 401,031
Revenue Bonds, Series 2007-98A, 4.850%, 10/01/31
(Alternative Minimum Tax) (UB)
450 Pennsylvania Housing Finance Agency, Single Family Mortgage 10/17 at 100.00 AA+ 470,345
Revenue Bonds, Series 2008-103-C, 5.450%, 10/01/38
-----------------------------------------------------------------------------------------------------------------------------------
3,760 Total Housing/Single Family 3,763,906
-----------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 73
NXM | Nuveen Pennsylvania Dividend Advantage Municipal Fund (continued)
| Portfolio of Investments April 30, 2010
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
INDUSTRIALS - 6.8% (4.9% OF TOTAL INVESTMENTS)
$ 2,000 Pennsylvania Economic Development Financing Authority, Exempt 5/11 at 101.00 A1 $ 2,025,820
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 A1 1,328,188
Development Revenue Bonds, Series 2002, 5.500%, 7/01/17 -
AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
3,250 Total Industrials 3,354,008
-----------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 19.4% (13.8% 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 191,510
360 5.750%, 1/01/37 1/17 at 100.00 N/R 293,378
1,000 Cumberland County Municipal Authority Revenue Bonds, 1/19 at 100.00 N/R 1,010,820
Pennsylvania, Diakon Lutheran Social Ministries Project,
Series 2009, 6.375%, 1/01/39
265 Cumberland County Municipal Authority, Pennsylvania, Revenue 1/17 at 100.00 N/R 224,386
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 198,258
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- 2,124,717
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 182,401
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 675,744
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 7/10 at 100.00 BB 1,217,420
50 5.125%, 6/01/18 7/10 at 100.00 BB 44,934
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 668,057
2,875 5.250%, 7/01/31 - AMBAC Insured 7/11 at 101.00 Baa1 2,683,410
-----------------------------------------------------------------------------------------------------------------------------------
9,950 Total Long-Term Care 9,515,035
-----------------------------------------------------------------------------------------------------------------------------------
MATERIALS - 4.0% (2.8% OF TOTAL INVESTMENTS)
350 Allegheny County Industrial Development Authority, No Opt. Call BB 354,001
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 208,116
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, Pennsylvania, No Opt. Call BBB+ 788,175
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, Exempt 5/10 at 101.00 N/R 593,775
Facilities Revenue Bonds, National Gypsum Company, Series
1997B, 6.125%, 11/01/27 (Alternative Minimum Tax)
-----------------------------------------------------------------------------------------------------------------------------------
2,060 Total Materials 1,944,067
-----------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 13.3% (9.4% OF TOTAL INVESTMENTS)
300 Pennsylvania, General Obligation Bonds, First Series 2006, 10/16 at 100.00 Aa1 348,759
5.000%, 10/01/18
375 Philadelphia School District, Pennsylvania, General No Opt. Call Aa3 388,241
Obligation Bonds, Series 2007A, 5.000%, 6/01/34 - FGIC
Insured
840 Pine-Richland School District, Pennsylvania, School 7/15 at 100.00 AAA 857,690
Improvement General Obligation Bonds, Series 2005, 5.000%,
7/15/35 - AGM Insured
3,000 Pittsburgh School District, Allegheny County, Pennsylvania, No Opt. Call AAA 3,462,570
General Obligation Refunding Bonds, Series 2002A, 5.500%,
9/01/14 - AGM Insured
2,220 Reading School District, Berks County, Pennsylvania, General No Opt. Call A 686,824
Obligation Bonds, Series 2003B, 0.000%, 1/15/32 - FGIC
Insured
160 Scranton Parking Authority, Pennsylvania, Guaranteed Parking 9/13 at 100.00 A 150,538
Revenue Bonds, Series 2004, 5.000%, 9/15/33 - FGIC Insured
74 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
$ 600 York County, Pennsylvania, General Obligation Bonds, Series 12/15 at 100.00 AA $ 617,934
2006, 5.000%, 6/01/33 - NPFG Insured
-----------------------------------------------------------------------------------------------------------------------------------
7,495 Total Tax Obligation/General 6,512,556
-----------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 13.6% (9.6% OF TOTAL INVESTMENTS)
1,000 Allegheny County Redevelopment Authority, Pennsylvania, TIF No Opt. Call N/R 861,390
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- 456,561
Convention Center Revenue Bonds, Series 2005, 5.000%,
1/15/36 - FGIC Insured
425 Pennsylvania Turnpike Commission, Oil Franchise Tax Senior 12/18 at 100.00 AA 440,287
Lien Revenue Bonds, Series 2003A, 5.000%, 12/01/32 - NPFG
Insured
1,000 Pennsylvania Turnpike Commission, Registration Fee Revenue No Opt. Call AAA 1,150,410
Bonds, Series 2005A, 5.250%, 7/15/18 - AGM Insured
1,000 Philadelphia Municipal Authority, Pennsylvania, Lease Revenue 11/13 at 100.00 AAA 1,083,700
Bonds, Series 2003B, 5.250%, 11/15/17 - AGM Insured
1,500 Philadelphia Redevelopment Authority, Pennsylvania, Revenue 4/12 at 100.00 A1 1,559,490
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 761,040
Revenue Bonds, Series 2007N, 5.250%, 7/01/33 - NPFG
Insured
630 Puerto Rico Infrastructure Financing Authority, Special Tax No Opt. Call A3 147,294
Revenue Bonds, Series 2005A, 0.000%, 7/01/32 - FGIC
Insured
250 Washington County Redevelopment Authority, Pennsylvania, 7/17 at 100.00 N/R 209,828
Tanger Outlet Victory Center Tax Increment Bonds, Series
2006A, 5.450%, 7/01/35
-----------------------------------------------------------------------------------------------------------------------------------
7,005 Total Tax Obligation/Limited 6,670,000
-----------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 8.3% (5.9% OF TOTAL INVESTMENTS)
130 Delaware River Joint Toll Bridge Commission, New Jersey and 7/13 at 100.00 A2 141,757
Pennsylvania, Revenue Bonds, Series 2003, 5.250%, 7/01/17
1,000 Pennsylvania Economic Development Financing Authority, 6/12 at 102.00 BBB+ 1,008,410
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 445,036
Series 2006A, 5.000%, 12/01/24 - AMBAC Insured
1,000 Pennsylvania Turnpike Commission, Turnpike Subordinate 6/26 at 100.00 AAA 752,730
Revenue Bonds, Series 2009C, 0.000%, 6/01/33 - AGM Insured
1,750 Philadelphia Authority for Industrial Development, 7/11 at 101.00 A+ 1,719,708
Pennsylvania, Airport Revenue Bonds, Philadelphia Airport
System Project, Series 2001A, 5.250%, 7/01/28 - FGIC
Insured (Alternative Minimum Tax)
-----------------------------------------------------------------------------------------------------------------------------------
4,300 Total Transportation 4,067,641
-----------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 13.0% (9.2% OF TOTAL INVESTMENTS) (4)
1,000 Cumberland County Municipal Authority, Pennsylvania, 1/13 at 101.00 N/R (4) 1,158,520
Retirement Community Revenue Bonds, Wesley Affiliated
Services Inc., Series 2002A, 7.125%, 1/01/25 (Pre-refunded
1/01/13)
2,150 Pennsylvania Higher Educational Facilities Authority, Revenue 1/11 at 101.00 Aa3 (4) 2,256,253
Bonds, UPMC Health System, Series 2001A, 6.000%, 1/15/31
(Pre-refunded 1/15/11)
255 Philadelphia Authority for Industrial Development, 1/17 at 100.00 N/R (4) 292,508
Pennsylvania, Revenue Bonds, Franklin Towne Charter High
School, Series 2006A, 5.250%, 1/01/27 (Pre-refunded
1/01/17)
350 Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General 8/13 at 100.00 AAA 395,535
Ordinance, Fourth Series 1998, 5.250%, 8/01/18
(Pre-refunded 8/01/13) - AGM Insured
140 Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Twelfth No Opt. Call Aaa 172,348
Series 1990B, 7.000%, 5/15/20 - NPFG Insured (ETM)
1,700 Philadelphia School District, Pennsylvania, General 8/12 at 100.00 Aa2 (4) 1,877,820
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) 196,751
Revenue Bonds, Catholic Health East, Series 2004B, 5.375%,
11/15/34 (Pre-refunded 11/15/14)
-----------------------------------------------------------------------------------------------------------------------------------
5,765 Total U.S. Guaranteed 6,349,735
-----------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 75
NXM | Nuveen Pennsylvania Dividend Advantage Municipal Fund (continued)
| Portfolio of Investments April 30, 2010
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 4.0% (2.8% OF TOTAL INVESTMENTS)
$ 500 Allegheny County Industrial Development Authority, No Opt. Call BBB $ 523,140
Pennsylvania, Pollution Control Revenue Refunding Bonds,
Duquesne Light Company, Series 1999A, 4.350%, 12/01/13 -
AMBAC Insured
200 Pennsylvania Economic Development Financing Authority, Exempt 12/12 at 100.00 B1 206,790
Facilities Revenue Bonds, Reliant Energy Inc., Series
2003A, 6.750%, 12/01/36 (Alternative Minimum Tax)
140 Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General 9/14 at 100.00 AAA 144,222
Ordinance, Fifth Series 2004A-1, 5.000%, 9/01/26 - AGM
Insured
1,105 Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Seventh 10/17 at 100.00 Baa2 1,058,844
Series, 2007, 5.000%, 10/01/37 - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
1,945 Total Utilities 1,932,996
-----------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 3.4% (2.4% OF TOTAL INVESTMENTS)
500 Bethlehem Authority, Northampton and Lehigh Counties, 11/14 at 100.00 AAA 528,115
Pennsylvania, Guaranteed Water Revenue Bonds, Series 2004,
5.000%, 11/15/20 - AGM Insured
600 Harrisburg Authority, Dauphin County, Pennsylvania, Water 7/14 at 100.00 AAA 601,170
Revenue Refunding Bonds, Series 2004, 5.000%, 7/15/22 -
AGM Insured
400 Luzerne County Industrial Development Authority, 12/19 at 100.00 A 411,384
Pennsylvania, Water Facility Revenue Refunding Bonds,
Pennsylvania-American Water Company, Series 2009, 5.500%,
12/01/39
100 Pennsylvania Economic Development Financing Authority, Sewage 1/20 at 100.00 Baa3 104,863
Sludge Disposal Revenue Bonds, Philadelphia Biosolids
Facility Project, Series 2009, 6.250%, 1/01/32
-----------------------------------------------------------------------------------------------------------------------------------
1,600 Total Water and Sewer 1,645,532
-----------------------------------------------------------------------------------------------------------------------------------
$ 70,930 Total Investments (cost $68,153,303) - 141.5% 69,235,814
===============--------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (2.4)% (1,180,000)
-----------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 6.9% 3,378,649
-----------------------------------------------------------------------------------------------------------------
Auction Rate Preferred Shares, at Liquidation Value - (46.0)% (5) (22,500,000)
-----------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 48,934,463
=================================================================================================================
(1) All percentages shown in the Portfolio of Investments are based on net
assets applicable to Common shares unless otherwise noted.
(2) Optional Call Provisions (not covered by the report of independent
registered public accounting firm): Dates (month and year) and prices of
the earliest optional call or redemption. There may be other call
provisions at varying prices at later dates. Certain mortgage-backed
securities may be subject to periodic principal paydowns.
(3) Ratings (not covered by the report of independent registered public
accounting firm): Using the 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) Auction Rate Preferred Shares, at Liquidation Value as a percentage of
Total Investments is 32.5%.
N/R Not rated.
WI/DD Purchased on a when-issued or delayed delivery basis.
(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.
76 Nuveen Investments
NVY | Nuveen Pennsylvania Dividend Advantage Municipal Fund 2
| Portfolio of Investments April 30, 2010
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 19.0% (12.8% OF TOTAL
INVESTMENTS)
$ 1,000 Allegheny County Higher Education Building Authority, No Opt. Call Baa3 $ 1,027,810
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 745,552
Pennsylvania, Revenue Bonds, Immaculata University, Series
2005, 5.500%, 10/15/25
720 Chester County Industrial Development Authority, 12/17 at 100.00 BB+ 664,020
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 327,568
Refunding Bonds, Neumann College, Series 2001, 6.000%,
10/01/31
450 Delaware County Authority, Pennsylvania, General Revenue 10/16 at 100.00 N/R 387,261
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 359,744
165 5.000%, 8/01/24 - AMBAC Insured 8/16 at 100.00 A1 173,572
1,435 Delaware County Authority, Pennsylvania, Revenue Refunding 8/13 at 100.00 A1 1,574,597
Bonds, Villanova University, Series 2003, 5.250%, 8/01/17
- FGIC Insured
180 Erie Higher Education Building Authority, Pennsylvania, 5/17 at 100.00 N/R 163,474
College Revenue Bonds, Gannon University, Series 2007-GG3,
5.000%, 5/01/32 - RAAI Insured
200 Montgomery County Higher Education and Health Authority, 4/20 at 100.00 BBB+ 203,104
Pennsylvania, Revenue Bonds, Arcadia University, Series
2010, 5.625%, 4/01/40 (WI/DD, Settling 5/11/10)
80 New Wilmington, Pennsylvania, Revenue, Westminster College, 5/17 at 100.00 N/R 75,218
Series 2007G, 5.125%, 5/01/33 - RAAI Insured
1,050 Pennsylvania Higher Educational Facilities Authority, General 6/18 at 100.00 Aa3 1,086,068
Revenue Bonds, State System of Higher Education, Series
2008AH, 5.000%, 6/15/33
285 Pennsylvania Higher Educational Facilities Authority, Revenue 5/16 at 100.00 A- 276,159
Bonds, Allegheny College, Series 2006, 4.750%, 5/01/31
610 Pennsylvania Higher Educational Facilities Authority, Revenue 11/17 at 100.00 A+ 620,687
Bonds, Drexel University, Series 2007A, 5.000%, 5/01/37 -
NPFG Insured
800 Pennsylvania Higher Educational Facilities Authority, Revenue 4/16 at 100.00 A+ 844,144
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 415,674
Pennsylvania, Revenue Bonds, Leadership Learning Partners,
Series 2005A, 5.375%, 7/01/36
120 Philadelphia Authority for Industrial Development, 8/20 at 100.00 BBB+ 121,176
Pennsylvania, Revenue Bonds, MaST Charter School Project,
Series 2010, 6.000%, 8/01/35
270 Philadelphia Authority for Industrial Development, 5/16 at 100.00 BBB- 266,757
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 1,097,170
Authority, Pennsylvania, Revenue Bonds, Bucknell
University, Series 2002A, 5.250%, 4/01/20
-----------------------------------------------------------------------------------------------------------------------------------
10,360 Total Education and Civic Organizations 10,429,755
-----------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 15.9% (10.7% OF TOTAL INVESTMENTS)
625 Allegheny County Hospital Development Authority, 4/15 at 100.00 Baa3 528,413
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- 647,865
Bonds, Sacred Heart Hospital, Series 2005, 6.000%,
11/15/16
2,000 Chester County Health and Educational Facilities Authority, 5/10 at 100.00 AA- 2,001,140
Pennsylvania, Health System Revenue Bonds, Jefferson
Health System, Series 1997B, 5.375%, 5/15/27
300 Erie County Hospital Authority, Pennsylvania, Hospital 7/20 at 100.00 Baa2 303,579
Revenue Bonds, Saint Vincent Health Center Project, Series
2010A, 7.000%, 7/01/27
95 Erie County Hospital Authority, Pennsylvania, Revenue Bonds, 11/17 at 100.00 BBB+ 86,432
Hamot Health Foundation, Series 2007, 5.000%, 11/01/37 -
CIFG Insured
270 Fulton County, Pennsylvania, Industrial Development Authority 7/16 at 100.00 N/R 234,978
Hospital Revenue Bonds, Fulton County Medical Center
Project, Series 2006, 5.900%, 7/01/40
Nuveen Investments 77
NVY | Nuveen Pennsylvania Dividend Advantage Municipal Fund 2 (continued)
| Portfolio of Investments April 30, 2010
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE (continued)
$ 600 Lebanon County Health Facilities Authority, Pennsylvania, 11/12 at 101.00 Baa2 $ 588,720
Revenue Bonds, Good Samaritan Hospital Project, Series
2002, 5.900%, 11/15/28
740 Lehigh County General Purpose Authority, Pennsylvania, 7/18 at 100.00 AAA 745,380
Hospital Revenue Bonds, Lehigh Valley Health Network,
Series 2008A, 5.000%, 7/01/33 - AGM Insured
1,155 Lehigh County General Purpose Authority, Pennsylvania, Revenue 11/17 at 100.00 AAA 1,160,013
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- 152,290
Revenue Bonds, Pocono Medical Center, Series 2007, 5.125%,
1/01/37
245 Sayre Healthcare Facility Authority, Pennsylvania, Revenue 12/17 at 100.00 A+ 157,168
Bonds, Guthrie Healthcare System, Series 2007, 0.999%,
12/01/31 - AMBAC Insured
1,450 Washington County Hospital Authority, Pennsylvania, Revenue 6/12 at 101.00 A3 1,501,113
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 25,285
600 6.250%, 1/01/32 1/12 at 100.00 BBB 601,158
-----------------------------------------------------------------------------------------------------------------------------------
8,940 Total Health Care 8,733,534
-----------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 1.5% (1.0% OF TOTAL INVESTMENTS)
800 Pennsylvania Higher Educational Facilities Authority, Revenue 7/15 at 100.00 BBB+ 726,096
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 101,083
Pennsylvania, Multifamily Housing Revenue Bonds,
Presbyterian Homes Germantown - Morrisville Project, Series
2005A, 5.625%, 7/01/35
-----------------------------------------------------------------------------------------------------------------------------------
920 Total Housing/Multifamily 827,179
-----------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 6.9% (4.7% OF TOTAL INVESTMENTS)
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Series 2006-93A:
230 4.950%, 10/01/26 (Alternative Minimum Tax) 4/15 at 100.00 AA+ 230,888
235 4.950%, 10/01/26 (Alternative Minimum Tax) (UB) 4/15 at 100.00 AA+ 235,907
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Series 2006-94A:
385 5.150%, 10/01/37 (Alternative Minimum Tax) 10/15 at 100.00 AA+ 385,705
385 5.150%, 10/01/37 (Alternative Minimum Tax) (UB) 10/15 at 100.00 AA+ 385,705
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+ 245,915
250 4.900%, 10/01/37 (Alternative Minimum Tax) (UB) 10/15 at 100.00 AA+ 245,915
1,100 Pennsylvania Housing Finance Agency, Single Family Mortgage 10/16 at 100.00 AA+ 1,106,401
Revenue Bonds, Series 2007-97A, 4.600%, 10/01/27
(Alternative Minimum Tax) (UB)
465 Pennsylvania Housing Finance Agency, Single Family Mortgage 10/16 at 100.00 AA+ 449,348
Revenue Bonds, Series 2007-98A, 4.850%, 10/01/31
(Alternative Minimum Tax) (UB)
500 Pennsylvania Housing Finance Agency, Single Family Mortgage 10/17 at 100.00 AA+ 522,605
Revenue Bonds, Series 2008-103-C, 5.450%, 10/01/38
-----------------------------------------------------------------------------------------------------------------------------------
3,800 Total Housing/Single Family 3,808,389
-----------------------------------------------------------------------------------------------------------------------------------
INDUSTRIALS - 5.8% (3.9% OF TOTAL INVESTMENTS)
3,000 Pennsylvania Industrial Development Authority, Economic 7/12 at 101.00 A1 3,162,930
Development Revenue Bonds, Series 2002, 5.500%, 7/01/19 -
AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 8.9% (6.0% 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 217,625
400 5.750%, 1/01/37 1/17 at 100.00 N/R 325,976
1,000 Cumberland County Municipal Authority Revenue Bonds, 1/19 at 100.00 N/R 1,010,820
Pennsylvania, Diakon Lutheran Social Ministries Project,
Series 2009, 6.375%, 1/01/39
300 Cumberland County Municipal Authority, Pennsylvania, Revenue 1/17 at 100.00 N/R 254,022
Bonds, Diakon Lutheran Social Ministries, Series 2007,
5.000%, 1/01/36
78 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE (continued)
$ 205 Lancaster County Hospital Authority, Pennsylvania, Health 11/16 at 100.00 A $ 203,214
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 182,401
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 675,744
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:
1,260 5.250%, 6/01/14 7/10 at 100.00 BB 1,237,055
50 5.125%, 6/01/18 7/10 at 100.00 BB 44,934
750 Philadelphia Authority for Industrial Development, 7/11 at 101.00 Baa1 747,825
Pennsylvania, Revenue Bonds, Philadelphia Corporation for
the Aging Project, Series 2001B, 5.250%, 7/01/23 - AMBAC
Insured
-----------------------------------------------------------------------------------------------------------------------------------
5,185 Total Long-Term Care 4,899,616
-----------------------------------------------------------------------------------------------------------------------------------
MATERIALS - 4.2% (2.9% OF TOTAL INVESTMENTS)
400 Allegheny County Industrial Development Authority, No Opt. Call BB 404,572
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 277,488
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, Pennsylvania, No Opt. Call BBB+ 1,050,900
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, Exempt 5/10 at 101.00 N/R 593,775
Facilities Revenue Bonds, National Gypsum Company, Series
1997B, 6.125%, 11/01/27 (Alternative Minimum Tax)
-----------------------------------------------------------------------------------------------------------------------------------
2,430 Total Materials 2,326,735
-----------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 20.5% (13.8% OF TOTAL INVESTMENTS)
1,740 Butler County, Pennsylvania, Butler Area School District, 10/12 at 100.00 A 1,782,073
General Obligation Bonds, Series 2002A, 5.375%, 10/01/26 -
FGIC Insured
4,000 Delaware Valley Regional Finance Authority, Pennsylvania, No Opt. Call AA- 4,448,120
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+ 788,764
1,000 5.375%, 9/15/16 - FGIC Insured 9/12 at 100.00 A+ 1,087,950
375 Philadelphia School District, Pennsylvania, General Obligation No Opt. Call Aa3 388,241
Bonds, Series 2007A, 5.000%, 6/01/34 - FGIC Insured
950 Pine-Richland School District, Pennsylvania, School 7/15 at 100.00 AAA 970,007
Improvement General Obligation Bonds, Series 2005, 5.000%,
7/15/35 - AGM Insured
225 Pittsburgh, Pennsylvania, General Obligation Bonds, Series No Opt. Call AAA 249,077
2006B, 5.250%, 9/01/16 - AGM Insured
2,510 Reading School District, Berks County, Pennsylvania, General No Opt. Call A 776,544
Obligation Bonds, Series 2003B, 0.000%, 1/15/32 - FGIC
Insured
180 Scranton Parking Authority, Pennsylvania, Guaranteed Parking 9/13 at 100.00 A 169,355
Revenue Bonds, Series 2004, 5.000%, 9/15/33 - FGIC Insured
600 York County, Pennsylvania, General Obligation Bonds, Series 12/15 at 100.00 AA 617,934
2006, 5.000%, 6/01/33 - NPFG Insured
-----------------------------------------------------------------------------------------------------------------------------------
12,305 Total Tax Obligation/General 11,278,065
-----------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 26.1% (17.6% OF TOTAL INVESTMENTS)
1,000 Allegheny County Redevelopment Authority, Pennsylvania, TIF No Opt. Call N/R 861,390
Revenue Bonds, Pittsburg Mills Project, Series 2004,
5.600%, 7/01/23
1,500 Dormitory Authority of the State of New York, Revenue Bonds, 10/19 at 100.00 AAA 1,560,750
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 2,164,840
Pennsylvania, Revenue Bonds, County Guaranteed, Woodland
Place Project, Series 2002, 5.400%, 3/01/31 - FGIC Insured
4,000 Harrisburg Parking Authority, Pennsylvania, Guaranteed Revenue 9/11 at 100.00 Baa1 3,832,640
Refunding Bonds, Series 2001J, 5.000%, 9/01/22 - NPFG
Insured
Nuveen Investments 79
NVY | Nuveen Pennsylvania Dividend Advantage Municipal Fund 2 (continued)
| Portfolio of Investments April 30, 2010
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 485 Pennsylvania Turnpike Commission, Oil Franchise Tax Senior 12/18 at 100.00 AA $ 502,445
Lien Revenue Bonds, Series 2003A, 5.000%, 12/01/32 - NPFG
Insured
1,200 Pennsylvania Turnpike Commission, Registration Fee Revenue No Opt. Call AAA 1,380,492
Bonds, Series 2005A, 5.250%, 7/15/18 - AGM Insured
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 A1 1,043,230
1,750 5.500%, 4/15/22 - FGIC Insured 4/12 at 100.00 A1 1,808,643
800 Puerto Rico Highway and Transportation Authority, Highway No Opt. Call A 811,776
Revenue Bonds, Series 2007N, 5.250%, 7/01/33 - NPFG Insured
710 Puerto Rico Infrastructure Financing Authority, Special Tax No Opt. Call A3 165,998
Revenue Bonds, Series 2005A, 0.000%, 7/01/32 - FGIC Insured
250 Washington County Redevelopment Authority, Pennsylvania, 7/17 at 100.00 N/R 209,828
Tanger Outlet Victory Center Tax Increment Bonds, Series
2006A, 5.450%, 7/01/35
-----------------------------------------------------------------------------------------------------------------------------------
14,695 Total Tax Obligation/Limited 14,342,032
-----------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 6.4% (4.3% OF TOTAL INVESTMENTS)
130 Delaware River Joint Toll Bridge Commission, New Jersey and 7/13 at 100.00 A2 141,757
Pennsylvania, Revenue Bonds, Series 2003, 5.250%, 7/01/17
1,000 Pennsylvania Economic Development Financing Authority, Revenue 6/12 at 102.00 BBB+ 1,008,410
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 709,939
Series 2006A, 5.000%, 12/01/24 - AMBAC Insured
1,000 Pennsylvania Turnpike Commission, Turnpike Subordinate Revenue 6/26 at 100.00 AAA 752,730
Bonds, Series 2009C, 0.000%, 6/01/33 - AGM Insured
1,000 Susquehanna Area Regional Airport Authority, Pennsylvania, 1/13 at 100.00 Baa3 900,960
Airport System Revenue Bonds, Series 2003A, 5.000%, 1/01/28
- AMBAC Insured (Alternative Minimum Tax)
-----------------------------------------------------------------------------------------------------------------------------------
3,800 Total Transportation 3,513,796
-----------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 20.3% (13.6% OF TOTAL INVESTMENTS) (4)
100 Allegheny County Hospital Development Authority, Pennsylvania, 11/10 at 102.00 AAA 106,802
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, Pennsylvania, 10/12 at 101.00 N/R (4) 1,292,260
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) 1,158,520
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, Series 11/12 at 57.97 N/R (4) 617,914
2002B, 0.000%, 11/15/21 (Pre-refunded 11/15/12) - NPFG
Insured
70 Pennsylvania Higher Educational Facilities Authority, Revenue 1/11 at 101.00 Aa3 (4) 73,459
Bonds, UPMC Health System, Series 2001A, 6.000%, 1/15/31
(Pre-refunded 1/15/11)
2,945 Pennsylvania Turnpike Commission, Registration Fee Revenue 7/11 at 101.00 Aa3 (4) 3,152,946
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) 361,333
Pennsylvania, Revenue Bonds, Franklin Towne Charter High
School, Series 2006A, 5.250%, 1/01/27 (Pre-refunded
1/01/17)
1,650 Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General 8/13 at 100.00 AAA 1,864,665
Ordinance, Fourth Series 1998, 5.250%, 8/01/20
(Pre-refunded 8/01/13) - AGM Insured
55 Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Twelfth No Opt. Call Aaa 67,708
Series 1990B, 7.000%, 5/15/20 - NPFG Insured (ETM)
2,000 Philadelphia School District, Pennsylvania, General Obligation 2/12 at 100.00 AAA 2,163,080
Bonds, Series 2002A, 5.500%, 2/01/31 (Pre-refunded 2/01/12)
- AGM Insured
225 St. Mary Hospital Authority, Pennsylvania, Health System 11/14 at 100.00 A1 (4) 260,406
Revenue Bonds, Catholic Health East, Series 2004B, 5.375%,
11/15/34 (Pre-refunded 11/15/14)
-----------------------------------------------------------------------------------------------------------------------------------
10,615 Total U.S. Guaranteed 11,119,093
-----------------------------------------------------------------------------------------------------------------------------------
80 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 2.9% (1.9% OF TOTAL INVESTMENTS)
$ 225 Pennsylvania Economic Development Financing Authority, Exempt 12/12 at 100.00 B1 $ 232,639
Facilities Revenue Bonds, Reliant Energy Inc., Series
2003A, 6.750%, 12/01/36 (Alternative Minimum Tax)
145 Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General 9/14 at 100.00 AAA 149,373
Ordinance, Fifth Series 2004A-1, 5.000%, 9/01/26 - AGM
Insured
1,240 Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Seventh 10/17 at 100.00 Baa2 1,188,205
Series, 2007, 5.000%, 10/01/37 - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
1,610 Total Utilities 1,570,217
-----------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 10.1% (6.8% OF TOTAL INVESTMENTS)
4,500 Bucks County Industrial Development Authority, Pennsylvania, 3/12 at 100.00 AA- 4,518,315
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 601,170
Revenue Refunding Bonds, Series 2004, 5.000%, 7/15/22 - AGM
Insured
400 Luzerne County Industrial Development Authority, Pennsylvania, 12/19 at 100.00 A 411,383
Water Facility Revenue Refunding Bonds,
Pennsylvania-American Water Company, Series 2009, 5.500%,
12/01/39
-----------------------------------------------------------------------------------------------------------------------------------
5,500 Total Water and Sewer 5,530,868
-----------------------------------------------------------------------------------------------------------------------------------
$ 83,160 Total Investments (cost $80,064,882) - 148.5% 81,542,209
===============--------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (8.1)% (4,455,000)
-----------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.5% 832,923
-----------------------------------------------------------------------------------------------------------------
Auction Rate Preferred Shares, at Liquidation Value - (41.9)% (5) (23,000,000)
-----------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 54,920,132
================================================================================================================
(1) All percentages shown in the Portfolio of Investments are based on net
assets applicable to Common shares unless otherwise noted.
(2) Optional Call Provisions (not covered by the report of independent
registered public accounting firm): Dates (month and year) and prices of
the earliest optional call or redemption. There may be other call
provisions at varying prices at later dates. Certain mortgage-backed
securities may be subject to periodic principal paydowns.
(3) Ratings (not covered by the report of independent registered public
accounting firm): Using the 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) Auction Rate Preferred Shares, at Liquidation Value as a percentage of
Total Investments is 28.2%.
N/R Not rated.
WI/DD Purchased on a when-issued or delayed delivery basis.
(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 81
NPN | Nuveen Pennsylvania Municipal Value Fund
| Portfolio of Investments April 30, 2010
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 3.4% (3.6% OF TOTAL INVESTMENTS)
$ 650 District of Columbia Tobacco Settlement Corporation, Tobacco No Opt. Call BBB $ 640,816
Settlement Asset-Backed Bonds, Series 2001, 6.500%, 5/15/33
-----------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 11.1% (11.7% OF TOTAL
INVESTMENTS)
345 Chester County Health and Education Facilities Authority, 7/10 at 100.00 BB+ 345,286
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 711,410
Neumann College, Series 2008, 6.000%, 10/01/30
500 Lehigh County General Purpose Authority, Pennsylvania, College 2/19 at 100.00 A+ 512,655
Revenue Bonds, Muhlenberg College Project, Series 2009,
5.250%, 2/01/39
500 Montgomery County Higher Education and Health Authority, 4/16 at 100.00 N/R 460,485
Pennsylvania, Revenue Bonds, Arcadia University, Series
2006, 5.000%, 4/01/36 - RAAI Insured
50 Philadelphia Authority for Industrial Development, 8/20 at 100.00 BBB+ 50,490
Pennsylvania, Revenue Bonds, MaST Charter School Project,
Series 2010, 6.000%, 8/01/35
-----------------------------------------------------------------------------------------------------------------------------------
2,070 Total Education and Civic Organizations 2,080,326
-----------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 27.0% (28.4% OF TOTAL INVESTMENTS)
750 Allegheny County Hospital Development Authority, Pennsylvania, No Opt. Call Aa3 768,015
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 776,820
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 324,667
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 351,264
System, Series 2007A, 5.750%, 11/15/37
500 Pennsylvania Economic Development Financing Authority, Health No Opt. Call A3 542,710
System Revenue Bonds , Albert Einstein Healthcare, Series
2009A, 6.250%, 10/15/23
250 Philadelphia Hospitals and Higher Education Facilities 5/10 at 100.00 BBB 250,050
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- 1,033,043
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 819,217
Revenue Bonds, Catholic Health East, Series 2009D, 6.250%,
11/15/34
200 Wisconsin Health and Educational Facilities Authority, Revenue 2/14 at 100.00 A+ 209,184
Bonds, ProHealth Care, Inc. Obligated Group, Series 2009,
6.625%, 2/15/32
-----------------------------------------------------------------------------------------------------------------------------------
5,100 Total Health Care 5,074,970
-----------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 4.3% (4.5% OF TOTAL INVESTMENTS)
800 Pittsburgh Urban Redevelopment Authority, Pennsylvania, 10/19 at 100.00 Aaa 808,976
Multifamily Housing Revenue Bonds, Eva P. Mithcell
Residence Project, Series 2009, 5.100%, 10/20/44
-----------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 4.3% (4.6% OF TOTAL INVESTMENTS)
800 Pennsylvania Housing Finance Agency, Single Family Mortgage 4/19 at 100.00 AA+ 815,535
Revenue Bonds, Series 2009-105-C, 5.000%, 10/01/39
-----------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 4.2% (4.5% OF TOTAL INVESTMENTS)
750 Montgomery County Industrial Development Authority, 11/19 at 100.00 BBB+ 798,180
Pennsylvania, Retirement Communities Revenue Bonds, ACTS
Retirement - Life Communities, Inc. Obligated Group, Series
2009A-1, $16,990,000 Gainesville and Hall County
Development Authority (Georgia), 6.250%, 11/15/29
-----------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 3.8% (4.0% OF TOTAL INVESTMENTS)
700 Bethel Park School District, Allegheny County, Pennsylvania, 8/19 at 100.00 Aa2 721,826
General Obligation Bonds, Series of 2009, 5.100%, 8/01/33
-----------------------------------------------------------------------------------------------------------------------------------
82 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 16.5% (17.4% OF TOTAL INVESTMENTS)
$ 550 Guam Government, Limited Obligation Section 30 Revenue Bonds, 12/19 at 100.00 BBB- $ 565,472
Series 2009A, 5.750%, 12/01/34
1,075 Harrisburg Parking Authority, Dauphin County, Pennsylvania, 11/16 at 100.00 N/R 910,696
Guaranteed Parking Revenue Bonds, Series 2007R, 4.250%,
5/15/21 - SYNCORA GTY Insured
750 Philadelphia Municipal Authority, Philadelphia, Pennsylvania, No Opt. Call A1 807,203
Lease Revenue Bonds, Series 2009, 6.500%, 4/01/34
750 Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue 8/19 at 100.00 A+ 813,623
Bonds, First Subordinate Series 2009A, 6.000%, 8/01/42
-----------------------------------------------------------------------------------------------------------------------------------
3,125 Total Tax Obligation/Limited 3,096,994
-----------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 1.1% (1.1% OF TOTAL INVESTMENTS)
30 Susquehanna Area Regional Airport Authority, Pennsylvania, 1/13 at 100.00 Baa3 27,029
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 172,058
Airport System Revenue Bonds, Series 2003B, 5.000%, 1/01/33
- AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
230 Total Transportation 199,087
-----------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 3.5% (3.7% OF TOTAL INVESTMENTS)
655 Delaware County Industrial Development Authority, 7/10 at 100.00 BB+ 655,721
Pennsylvania, Resource Recovery Revenue Refunding Bonds,
Series 1997A, 6.100%, 7/01/13
-----------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 15.6% (16.5% OF TOTAL INVESTMENTS)
750 Chester County Industrial Development Authority, Pennsylvania, 2/17 at 100.00 AA- 735,143
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+ 909,299
Water and Sewerage System Revenue Bonds, Tender Option Bond
Trust 3484., 17.554%, 6/15/39 (IF)
Philadelphia, Pennsylvania, Water and Wastewater Revenue
Bonds, Series 2009A:
750 5.250%, 1/01/32 1/19 at 100.00 A1 780,668
500 5.250%, 1/01/36 1/19 at 100.00 A1 515,410
-----------------------------------------------------------------------------------------------------------------------------------
2,750 Total Water and Sewer 2,940,520
-----------------------------------------------------------------------------------------------------------------------------------
$ 17,630 Total Investments (cost $16,408,113) - 94.8% 17,832,951
===============--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 5.2% 972,506
-----------------------------------------------------------------------------------------------------------------
Net Assets - 100% $ 18,805,457
=================================================================================================================
(1) All percentages shown in the Portfolio of Investments are based on net
assets applicable to Common shares unless otherwise noted.
(2) Optional Call Provisions (not covered by the report of independent
registered public accounting firm): Dates (month and year) and prices of
the earliest optional call or redemption. There may be other call
provisions at varying prices at later dates. Certain mortgage-backed
securities may be subject to periodic principal paydowns.
(3) Ratings (not covered by the report of independent registered public
accounting firm): Using the 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 83
| Statement of Assets & Liabilities
April 30, 2010
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 $429,975,
633, $259,328,432, $135,829,186, $95,
306,044 and $23,401,800, respectively) $ 432,352,840 $ 264,728,754 $ 136,356,815 $ 95,426,584 $ 25,793,369
Cash 711,273 -- -- -- 118,549
Receivables:
Interest 7,044,947 4,019,233 2,199,624 1,576,134 420,686
Investments sold 230,000 -- 1,498,274 -- --
Other assets 105,115 102,166 16,004 11,484 107
--------------------------------------------------------------------------------------------------------------------------------
Total assets 440,444,175 268,850,153 140,070,717 97,014,202 26,332,711
--------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Cash overdraft -- 239 315,129 1,871 --
Floating rate obligations -- -- -- -- 1,500,000
Payables:
Investments purchased -- -- -- -- --
Common share dividends 1,174,901 681,479 410,996 295,763 89,542
Auction Rate Preferred share dividends 6,229 1,967 1,702 807 N/A
Accrued expenses:
Management fees 226,164 139,536 67,853 42,948 12,476
Other 204,765 127,740 49,951 37,735 8,460
--------------------------------------------------------------------------------------------------------------------------------
Total liabilities 1,612,059 950,961 845,631 379,124 1,610,478
--------------------------------------------------------------------------------------------------------------------------------
Auction Rate 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 $ 295,382,116 $180,024,192 $ 95,300,086 $ 65,410,078 $ 24,722,233
================================================================================================================================
Common shares outstanding 20,453,722 12,036,596 6,569,912 4,521,433 1,560,787
================================================================================================================================
Net asset value per Common share
outstanding (net assets applicable to
Common shares, divided by Common
shares outstanding) $ 14.44 $ 14.96 $ 14.51 $ 14.47 $ 15.84
================================================================================================================================
NET ASSETS APPLICABLE TO COMMON SHARES
CONSIST OF:
--------------------------------------------------------------------------------------------------------------------------------
Common shares, $.01 par value per share $ 204,537 $ 120,366 $ 65,699 $ 45,214 $ 15,608
Paid-in surplus 288,707,397 171,874,978 93,330,697 64,150,261 22,286,072
Undistributed (Over-distribution of)
net investment income 3,984,461 2,486,061 1,216,150 921,270 (3,755)
Accumulated net realized gain (loss) 108,514 142,465 159,911 172,793 32,739
Net unrealized appreciation (depreciation) 2,377,207 5,400,322 527,629 120,540 2,391,569
--------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $ 295,382,116 $ 180,024,192 $ 95,300,086 $ 65,410,078 $ 24,722,233
================================================================================================================================
Authorized shares:
Common 200,000,000 200,000,000 Unlimited Unlimited Unlimited
Auction Rate Preferred 1,000,000 1,000,000 Unlimited Unlimited N/A
================================================================================================================================
N/A - Fund does not issue Auction Rate Preferred shares.
See accompanying notes to financial statements.
84 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 $365,351,091,
$315,083,229, $68,153,303, $80,064,882
and $16,408,113, respectively) $ 375,379,250 $ 322,794,613 $ 69,235,814 $ 81,542,209 $ 17,832,951
Cash -- -- 360,322 193,939 --
Receivables:
Interest 5,836,933 5,356,266 1,165,659 1,140,594 311,496
Investments sold 240,000 7,148,211 2,317,135 5,000 767,446
Other assets 92,987 80,983 8,351 29,539 96
--------------------------------------------------------------------------------------------------------------------------------
Total assets 381,549,170 335,380,073 73,087,281 82,911,281 18,911,989
--------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Cash overdraft 819,241 1,235,713 -- -- 24,197
Floating rate obligations 26,805,000 12,705,000 1,180,000 4,455,000 --
Payables:
Investments purchased 2,475,661 858,480 200,814 200,814 --
Common share dividends 975,145 957,040 221,108 262,346 65,304
Auction Rate Preferred share dividends 2,579 4,315 872 1,362 N/A
Accrued expenses:
Management fees 181,411 166,642 34,783 36,168 10,067
Other 171,671 65,245 15,241 35,459 6,964
--------------------------------------------------------------------------------------------------------------------------------
Total liabilities 31,430,708 15,992,435 1,652,818 4,991,149 106,532
--------------------------------------------------------------------------------------------------------------------------------
Auction Rate 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 $ 238,368,462 $ 220,112,638 $ 48,934,463 $ 54,920,132 $ 18,805,457
================================================================================================================================
Common shares outstanding 16,080,898 15,595,551 3,321,984 3,725,809 1,216,351
================================================================================================================================
Net asset value per Common share
outstanding (net assets applicable to
Common shares, divided by Common shares
outstanding) $ 14.82 $ 14.11 $ 14.73 $ 14.74 $ 15.46
================================================================================================================================
NET ASSETS APPLICABLE TO COMMON SHARES
CONSIST OF:
--------------------------------------------------------------------------------------------------------------------------------
Common shares, $.01 par value per share $ 160,809 $ 155,956 $ 33,220 $ 37,258 $ 12,164
Paid-in surplus 227,911,990 213,703,146 47,186,854 52,825,780 17,373,047
Undistributed (Over-distribution of) net
investment income 3,207,009 3,280,219 738,442 839,805 (17,618)
Accumulated net realized gain (loss) (2,939,505) (4,738,067) (106,564) (260,038) 13,026
Net unrealized appreciation (depreciation) 10,028,159 7,711,384 1,082,511 1,477,327 1,424,838
--------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $ 238,368,462 $ 220,112,638 $ 48,934,463 $ 54,920,132 $ 18,805,457
================================================================================================================================
Authorized shares:
Common Unlimited Unlimited Unlimited Unlimited Unlimited
Auction Rate Preferred Unlimited Unlimited Unlimited Unlimited N/A
================================================================================================================================
N/A - Fund does not issue Auction Rate Preferred shares.
See accompanying notes to financial statements.
Nuveen Investments 85
| STATEMENT OF
| OPERATIONS
Year Ended April 30, 2010
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 $ 22,026,250 $ 12,930,176 $ 6,898,370 $ 4,885,793 $ 1,280,620
--------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 2,723,914 1,689,687 885,890 612,542 146,982
Auction Rate Preferred shares - auction
fees 213,729 131,601 65,943 46,129 N/A
Auction Rate Preferred shares - dividend
disbursing agent fees 30,000 30,000 10,000 10,000 N/A
Shareholders' servicing agent fees and
expenses 30,322 18,364 1,559 1,624 179
Interest expense on floating rate
obligations -- -- -- -- 12,186
Custodian's fees and expenses 85,945 56,211 33,597 24,876 8,123
Directors'/Trustees' fees and expenses 12,225 7,514 3,883 2,698 670
Professional fees 43,747 31,327 18,931 15,349 9,628
Shareholders' reports - printing and
mailing expenses 84,300 57,411 30,253 24,429 7,171
Stock exchange listing fees 9,176 9,176 928 639 --
Investor relations expense 32,876 21,353 10,359 7,829 2,829
Other expenses 43,131 28,665 22,576 20,985 4,282
--------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit
and expense reimbursement 3,309,365 2,081,309 1,083,919 767,100 192,050
Custodian fee credit (243) (563) (279) (70) (149)
Expense reimbursement -- -- (132,012) (138,998) --
--------------------------------------------------------------------------------------------------------------------------------
Net expenses 3,309,122 2,080,746 951,628 628,032 191,901
--------------------------------------------------------------------------------------------------------------------------------
Net investment income 18,717,128 10,849,430 5,946,742 4,257,761 1,088,719
--------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from investments 233,477 152,799 212,974 242,640 31,233
Change in net unrealized appreciation
(depreciation) of investments 26,574,736 12,104,576 9,065,987 6,247,786 2,391,569
--------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) 26,808,213 12,257,375 9,278,961 6,490,426 2,422,802
--------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO AUCTION RATE PREFERRED
SHAREHOLDERS
From net investment income (607,748) (359,067) (195,346) (125,424) N/A
From accumulated net realized gains -- (54,178) (11,965) (28,590) N/A
--------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to
Common shares from distributions to
Auction Rate Preferred shareholders (607,748) (413,245) (207,311) (154,014) N/A
--------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares from
operations $ 44,917,593 $ 22,693,560 $ 15,018,392 $ 10,594,173 $ 3,511,521
================================================================================================================================
N/A - Fund does not issue Auction Rate Preferred shares.
See accompanying notes to financial statements.
86 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 $ 18,363,821 $ 16,723,162 $ 3,718,612 $ 4,203,255 $ 990,232
-----------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 2,190,030 2,005,872 452,454 514,304 118,030
Auction Rate Preferred shares - auction fees 165,533 147,419 32,451 33,433 N/A
Auction Rate Preferred shares - dividend disbursing
agent fees 30,000 30,000 10,000 10,000 N/A
Shareholders' servicing agent fees and expenses 32,536 28,343 1,722 1,504 179
Interest expense on floating rate obligations 157,347 110,683 11,363 40,977 --
Custodian's fees and expenses 63,540 60,551 20,712 22,542 7,205
Directors'/Trustees' fees and expenses 9,742 8,878 1,981 2,165 514
Professional fees 34,466 32,127 13,527 14,066 8,966
Shareholders' reports - printing and mailing expenses 79,661 74,375 20,289 23,438 5,944
Stock exchange listing fees 9,176 9,176 471 526 --
Investor relations expense 29,149 27,028 6,059 7,183 2,139
Other expenses 36,468 28,335 19,952 20,305 4,175
-----------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit and
expense reimbursement 2,837,648 2,562,787 590,981 690,443 147,152
Custodian fee credit (1,883) (843) (131) (52) (87)
Expense reimbursement -- -- (67,574) (116,905) --
-----------------------------------------------------------------------------------------------------------------------------------
Net expenses 2,835,765 2,561,944 523,276 573,486 147,065
-----------------------------------------------------------------------------------------------------------------------------------
Net investment income 15,528,056 14,161,218 3,195,336 3,629,769 843,167
-----------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from investments 773,454 631,514 165,906 271,629 12,525
Change in net unrealized appreciation
(depreciation) of investments 17,712,020 19,352,139 4,967,411 4,435,061 1,424,838
-----------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) 18,485,474 19,983,653 5,133,317 4,706,690 1,437,363
-----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO AUCTION RATE PREFERRED SHAREHOLDERS
From net investment income (496,083) (452,125) (87,707) (76,694) N/A
From accumulated net realized gains -- -- (20,673) (41,621) N/A
-----------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common shares
from distributions to Auction Rate Preferred
shareholders (496,083) (452,125) (108,380) (118,315) N/A
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to
Common shares from operations $ 33,517,447 $ 33,692,746 $ 8,220,273 $ 8,218,144 $ 2,280,530
===================================================================================================================================
N/A - Fund does not issue Auction Rate Preferred shares.
See accompanying notes to financial statements.
Nuveen Investments 87
| STATEMENT OF CHANGES IN NET ASSETS
NEW JERSEY NEW JERSEY
INVESTMENT QUALITY (NQJ) PREMIUM INCOME (NNJ)
--------------------------------- ----------------------------------
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
4/30/10 4/30/09 4/30/10 4/30/09
---------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income (loss) $ 18,717,128 $ 18,623,615 $ 10,849,430 $ 10,657,139
Net realized gain (loss) from:
Investments 233,477 (155,945) 152,799 (101,953)
Futures -- -- -- 338,253
Change in net unrealized appreciation
(depreciation) of investments 26,574,736 (24,866,144) 12,104,576 (9,620,671)
Distributions to Auction Rate
Preferred Shareholders:
From net investment income (607,748) (3,606,751) (359,067) (2,047,311)
From accumulated net realized gains -- (715,741) (54,178) (385,419)
---------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares
from operations 44,917,593 (10,720,966) 22,693,560 (1,159,962)
---------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (15,463,016) (13,393,416) (8,895,046) (7,626,004)
From accumulated net realized gains -- (1,835,395) (202,215) (1,016,977)
---------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to
Common shares from distributions
to Common shareholders (15,463,016) (15,228,811) (9,097,261) (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 and retired -- (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 29,454,577 (26,266,812) 13,596,299 (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 $ 295,382,116 $ 265,927,539 $ 180,024,192 $ 166,427,893
---------------------------------------------------------------------------------------------------------------------
Undistributed net investment income
(loss) at the end of period $ 3,984,461 $ 1,341,160 $ 2,486,061 $ 896,324
=====================================================================================================================
See accompanying notes to financial statements.
88 Nuveen Investments
NEW JERSEY NEW JERSEY NEW JERSEY
DIVIDEND ADVANTAGE (NXJ) DIVIDEND ADVANTAGE 2 (NUJ) MUNICIPAL VALUE (NJV)
-------------------------- -------------------------- ------------------------------
FOR THE
PERIOD 4/28/09
YEAR YEAR YEAR YEAR YEAR (COMMENCEMENT
ENDED ENDED ENDED ENDED ENDED OF OPERATIONS)
4/30/10 4/30/09 4/30/10 4/30/09 4/30/10 THROUGH 4/30/09
-----------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income (loss) $ 5,946,742 $ 5,961,153 $ 4,257,761 $ 4,286,354 $ 1,088,719 $ (8,476)
Net realized gain (loss) from:
Investments 212,974 166,737 242,640 69,453 31,233 --
Futures -- -- -- -- -- --
Change in net unrealized appreciation
(depreciation) of investments 9,065,987 (8,483,580) 6,247,786 (6,423,352) 2,391,569 --
Distributions to Auction Rate
Preferred Shareholders:
From net investment income (195,346) (1,074,755) (125,424) (791,185) N/A N/A
From accumulated net realized gains (11,965) (182,420) (28,590) (107,762) N/A N/A
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares
from operations 15,018,392 (3,612,865) 10,594,173 (2,966,492) 3,511,521 (8,476)
-----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (4,901,156) (4,340,103) (3,539,791) (3,120,632) (1,092,472) --
From accumulated net realized gains (47,303) (505,780) (116,187) (331,997) -- --
-----------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to
Common shares from distributions
to Common shareholders (4,948,459) (4,845,883) (3,655,978) (3,452,629) (1,092,472) --
-----------------------------------------------------------------------------------------------------------------------------------
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 -- -- 16,041 -- -- --
Repurchased and retired -- (73,131) -- (29,212) -- --
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares from
capital share transactions -- (73,131) 16,041 (29,212) 1,412,160 20,799,225
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares 10,069,933 (8,531,879) 6,954,236 (6,448,333) 3,831,209 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 $ 95,300,086 $ 85,230,153 $ 65,410,078 $ 58,455,842 $ 24,722,233 $ 20,891,024
-----------------------------------------------------------------------------------------------------------------------------------
Undistributed net investment income
(loss) at the end of period $ 1,216,150 $ 383,005 $ 921,270 $ 336,683 $ (3,755) $ --
===================================================================================================================================
N/A - Fund does not issue Auction Rate Preferred shares.
See accompanying notes to financial statements.
Nuveen Investments 89
| Statement of
| Changes in Net Assets (continued)
PENNSYLVANIA INVESTMENT PENNSYLVANIA PREMIUM
QUALITY (NQP) INCOME 2 (NPY)
------------------------------- -------------------------------
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
4/30/10 4/30/09 4/30/10 4/30/09
------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income (loss) $ 15,528,056 $ 15,523,189 $ 14,161,218 $ 14,319,108
Net realized gain (loss) from:
Investments 773,454 (776,556) 631,514 (3,905,819)
Futures -- -- -- --
Change in net unrealized appreciation
(depreciation) of investments 17,712,020 (14,413,994) 19,352,139 (13,707,278)
Distributions to Auction Rate
Preferred Shareholders:
From net investment income (496,083) (3,239,309) (452,125) (2,916,528)
From accumulated net realized gains -- -- -- --
------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares
from operations 33,517,447 (2,906,670) 33,692,746 (6,210,517)
------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (12,820,803) (10,970,472) (12,032,678) (9,783,604)
From accumulated net realized gains -- -- -- --
------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to
Common shares from distributions
to Common shareholders (12,820,803) (10,970,472) (12,032,678) (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 and retired (681,095) (297,461) (285,937) (519,640)
------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares from
capital share transactions (681,095) (297,461) (285,937) (519,640)
------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares 20,015,549 (14,174,603) 21,374,131 (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 $ 238,368,462 $ 218,352,913 $ 220,112,638 $ 198,738,507
------------------------------------------------------------------------------------------------------------------
Undistributed net investment income
(loss) at the end of period $ 3,207,009 $ 995,879 $ 3,280,219 $ 1,640,390
==================================================================================================================
See accompanying notes to financial statements.
90 Nuveen Investments
PENNSYLVANIA DIVIDEND PENNSYLVANIA DIVIDEND PENNSYLVANIA MUNICIPAL
ADVANTAGE (NXM) ADVANTAGE 2 (NVY) VALUE (NPN)
------------------------- -------------------------- -----------------------------
FOR THE
PERIOD 4/28/09
YEAR YEAR YEAR YEAR YEAR (COMMENCEMENT
ENDED ENDED ENDED ENDED ENDED OF OPERATIONS)
4/30/10 4/30/09 4/30/10 4/30/09 4/30/10 THROUGH 4/30/09
-----------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income (loss) $ 3,195,336 $ 3,238,828 $ 3,629,769 $ 3,671,559 $ 843,167 $ (8,393)
Net realized gain (loss) from:
Investments 165,906 4,996 271,629 (378,076) 12,525 --
Futures -- -- -- 149,827 -- --
Change in net unrealized appreciation
(depreciation) of investments 4,967,411 (4,915,187) 4,435,061 (4,109,958) 1,424,838 --
Distributions to Auction Rate
Preferred Shareholders:
From net investment income (87,707) (612,503) (76,694) (701,178) N/A N/A
From accumulated net realized gains (20,673) -- (41,621) (5,495) N/A N/A
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares
from operations 8,220,273 (2,283,866) 8,218,144 (1,373,321) 2,280,530 (8,393)
-----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (2,630,923) (2,319,245) (3,043,985) (2,615,518) (860,284) --
From accumulated net realized gains (132,215) -- (247,021) (14,903) -- --
-----------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to
Common shares from distributions
to Common shareholders (2,763,138) (2,319,245) (3,291,006) (2,630,421) (860,284) --
-----------------------------------------------------------------------------------------------------------------------------------
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 -- -- -- -- 127,893 --
Repurchased and retired (109,964) (21,028) -- -- -- --
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares from
capital share transactions (109,964) (21,028) -- -- 1,568,829 15,724,500
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares 5,347,171 (4,624,139) 4,927,138 (4,003,742) 2,989,075 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 $48,934,463 $43,587,292 $54,920,132 $49,992,994 $18,805,457 $15,816,382
-----------------------------------------------------------------------------------------------------------------------------------
Undistributed net investment income
(loss) at the end of period $ 738,442 $ 262,184 $ 839,805 $ 330,715 $ (17,618) $ --
===================================================================================================================================
N/A - Fund does not issue Auction Rate Preferred shares.
See accompanying notes to financial statements.
Nuveen Investments 91
| STATEMENT OF
| CASH FLOWS
Year Ended April 30, 2010
PENNSYLVANIA
INVESTMENT
QUALITY
(NQP)
-----------------------------------------------------------------------------------------------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHARES FROM OPERATIONS $ 33,517,447
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 (28,052,006)
Proceeds from sales and maturities of investments 20,074,311
Amortization (Accretion) of premiums and discounts, net 118,646
(Increase) Decrease in receivable for interest (80,158)
(Increase) Decrease in receivable for investments sold 1,690,000
(Increase) Decrease in other assets (18,866)
Increase (Decrease) in payable for investments purchased 2,475,661
Increase (Decrease) in payable for Auction Rate Preferred share dividends (5,764)
Increase (Decrease) in accrued management fees 7,400
Increase (Decrease) in accrued other liabilities 51,766
Net realized (gain) loss from investments (773,454)
Change in net unrealized (appreciation) depreciation of investments (17,712,020)
-----------------------------------------------------------------------------------------------------------------------------------
Net cash provided by (used in) operating activities 11,292,963
-----------------------------------------------------------------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase (Decrease) in cash overdraft balance 819,241
Increase (Decrease) in floating rate obligations (50,000)
Cash distributions paid to Common shareholders (12,644,850)
Cost of Common shares repurchased and retired (681,095)
-----------------------------------------------------------------------------------------------------------------------------------
Net cash provided by (used in) financing activities (12,556,704)
-----------------------------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN CASH (1,263,741)
Cash at the beginning of year 1,263,741
-----------------------------------------------------------------------------------------------------------------------------------
CASH AT THE END OF YEAR $ --
===================================================================================================================================
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest on floating rate obligations was $157,347.
See accompanying notes to financial statements.
92 Nuveen Investments
| NOTES TO
| FINANCIAL STATEMENTS
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.
Prior to the commencement of operations, New Jersey Municipal Value (NJV) and
Pennsylvania Municipal Value (NPN) had no operations other than those related to
organizational matters, the initial capital contribution of $100,275 per Fund by
Nuveen Asset Management (the "Adviser"), a wholly- owned subsidiary of Nuveen
Investments, Inc. ("Nuveen"), and the recording of the organization expenses
($15,000 per Fund) and their reimbursement by Nuveen Investments, LLC, also a
wholly owned subsidiary of Nuveen. As the Funds commenced operations on April
28, 2009, the information presented in the financial statements may not be
reflective of the Funds' future operating performance.
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 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 ("U.S. GAAP").
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 April 30, 2010,
Pennsylvania Investment Quality (NQP), Pennsylvania Premium Income 2 (NPY),
Pennsylvania Dividend Advantage (NXM) and Pennsylvania Dividend Advantage 2
(NVY) had outstanding when-issued/delayed delivery purchase commitments of
$2,475,661, $858,480, $200,814 and $200,814, respectively. There were no such
outstanding purchase commitments in any of the other Funds.
Nuveen Investments 93
| Notes to
| Financial Statements (continued)
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.
Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund
intends to distribute substantially all of its net investment income and net
capital gains to shareholders and to otherwise comply with the requirements of
Subchapter M of the Internal Revenue Code applicable to regulated investment
companies. Therefore, no federal income tax provision is required. Furthermore,
each Fund intends to satisfy conditions that will enable interest from municipal
securities, which is exempt from regular federal and designated state income
taxes, to retain such tax-exempt status when distributed to shareholders of the
Funds. Net realized capital gains and ordinary income distributions paid by the
Funds are subject to federal taxation.
For all open tax years and all major taxing jurisdictions, management of the
Funds has concluded that there are no significant uncertain tax positions that
would require recognition in the financial statements. Open tax years are those
that are open for examination by taxing authorities (i.e., generally the last
four tax year ends and the interim tax period since then). Furthermore,
management of the Funds is also not aware of any tax positions for which it is
reasonably possible that the total amounts of unrecognized tax benefits will
significantly change in the next twelve months.
Dividends and Distributions to Common Shareholders
Dividends from 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 U.S. GAAP.
Auction Rate Preferred Shares
New Jersey Municipal Value (NJV) and Pennsylvania Municipal Value (NPN) do not
issue Auction Rate Preferred Shares ("ARPS"). The following Funds have issued
and outstanding ARPS, $25,000 stated value per share, as a means of effecting
financial leverage. Each Fund's ARPS 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 April 30, 2010, the number of ARPS
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
================================================================================
94 Nuveen Investments
Beginning in February 2008, more shares for sale were submitted in the regularly
scheduled auctions for the ARPS issued by the Funds than there were offers to
buy. This meant that these auctions "failed to clear,'' and that many ARPS
shareholders who wanted to sell their shares in these auctions were unable to do
so. ARPS shareholders unable to sell their shares received distributions at the
"maximum rate'' applicable to failed auctions as calculated in accordance with
the pre-established terms of the ARPS. As of April 30, 2010, the aggregate
amount of outstanding ARPS 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)
-------------------------------------------------------------------------------
ARPS 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)
-------------------------------------------------------------------------------
ARPS redeemed, at
liquidation value $ 20,250,000 $ 18,825,000 $ 2,500,000 $ 5,500,000
===============================================================================
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 fiscal year ended April 30, 2010, each Fund invested in
externally-deposited inverse floaters and/or self-deposited inverse floaters.
Each Fund may also enter into shortfall and forbearance agreements (sometimes
referred to as a "recourse trust" or "credit recovery swap") (such agreements
referred to herein as "Recourse Trusts") with a broker-dealer by which a Fund
agrees to reimburse the broker-dealer, in certain circumstances, for the
difference between the liquidation value of the fixed-rate bond held by the
trust and the liquidation value of the floating rate certificates issued by the
trust plus any shortfalls in interest cash flows. Under these agreements, a
Fund's potential exposure to losses related to or on inverse floaters may
increase beyond the value of a Fund's inverse floater investments as a Fund may
potentially be liable to fulfill all amounts owed to holders of the floating
rate certificates. At period end, any such shortfall is recognized as
"Unrealized depreciation on Recourse Trusts" on the Statement of Assets and
Liabilities.
Nuveen Investments 95
| Notes to
| Financial Statements (continued)
At April 30, 2010, each Fund's maximum exposure to externally-deposited Recourse
Trusts 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)
-------------------------------------------------------------------------------------------------------------------------------
Maximum exposure to Recourse Trusts $ 6,385,000 $ 3,725,000 $ 2,010,000 $ 1,380,000 $ --
===============================================================================================================================
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 $ -- $ -- $ -- $ -- $ 2,250,000
===============================================================================================================================
The average floating rate obligations outstanding and average annual interest
rate and fees related to self-deposited inverse floaters during the fiscal year
ended April 30, 2010, 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 $1,360,274 $26,833,438 $13,000,726 $1,237,671 $4,478,849
Average annual interest rate and fees 0.90% 0.59% 0.85% 0.92% 0.91%
===============================================================================================================================
Futures 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 an
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 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 fiscal year ended April 30, 2010.
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, where applicable. The extent of each Fund's exposure to
counterparty credit risk in respect to these financial assets approximates their
carrying value as recorded on the Statement of Assets and Liabilities. Futures
contracts, when applicable, expose a Fund to minimal counterparty credit risk as
they are exchange traded and the exchange's clearinghouse, which is counterparty
to all exchange traded futures, guarantees the futures contracts against
default.
Each Fund helps manage counterparty credit risk by entering into agreements only
with counterparties the Adviser believes have the financial resources to honor
their obligations and by having the Adviser monitor the financial stability of
the counterparties. Additionally, counterparties may be required to pledge
collateral daily (based on the daily valuation of the financial asset) on behalf
of each Fund with a value approximately equal to the amount of any unrealized
gain above a pre-determined threshold. Reciprocally, when each Fund has an
unrealized loss, the Funds have instructed the custodian to pledge assets of the
Funds as collateral with a value approximately equal to the amount of the
unrealized loss above a pre-determined threshold. Collateral pledges are
monitored and subsequently adjusted if and when the valuations fluctuate, either
up or down, by at least the pre- determined threshold amount.
96 Nuveen Investments
Zero Coupon Securities
Each Fund is authorized to invest in zero coupon securities. A zero coupon
security does not pay a regular interest coupon to its holders during the life
of the security. Tax-exempt income to the holder of the security comes from
accretion of the difference between the original purchase price of the security
at issuance and the par value of the security at maturity and is effectively
paid at maturity. The market prices of zero coupon securities generally are more
volatile than the market prices of securities that pay interest periodically.
Organization and Offering Costs
Nuveen Investments, LLC has agreed to reimburse all organization expenses
($15,000 per Fund) and pay all offering costs (other than the sales load) that
exceed $.03 per share for New Jersey Municipal Value (NJV) and Pennsylvania
Municipal Value (NPN). New Jersey Municipal Value's (NJV) and Pennsylvania
Municipal Value's (NPN) share of offering costs ($46,614 and $36,024,
respectively) were recorded as reductions of the proceeds from the sale of
shares.
Custodian Fee Credit
Each Fund has an arrangement with the custodian bank whereby certain custodian
fees and expenses are reduced by net credits earned on each Fund's cash on
deposit with the bank. Such deposit arrangements are an alternative to overnight
investments. Credits for cash balances may be offset by charges for any days on
which a Fund overdraws its account at the custodian bank.
Indemnifications
Under the Funds' organizational documents, their officers and directors/trustees
are indemnified against certain liabilities arising out of the performance of
their duties to the Funds. In addition, in the normal course of business, the
Funds enter into contracts that provide general indemnifications to other
parties. The Funds' maximum exposure under these arrangements is unknown as this
would involve future claims that may be made against the Funds that have not yet
occurred. However, the Funds have not had prior claims or losses pursuant to
these contracts and expect the risk of loss to be remote.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities at the date of the financial statements and the reported
amounts of increases and decreases in net assets applicable to Common shares
from operations during the reporting period. Actual results may differ from
those estimates.
2. FAIR VALUE MEASUREMENTS
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 April 30, 2010:
NEW JERSEY INVESTMENT QUALITY (NQJ) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
--------------------------------------------------------------------------------------------------------------------
Investments:
Municipal Bonds $ -- $432,352,840 $ -- $432,352,840
====================================================================================================================
NEW JERSEY PREMIUM INCOME (NNJ) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
--------------------------------------------------------------------------------------------------------------------
Investments:
Municipal Bonds $ -- $264,728,754 $ -- $264,728,754
====================================================================================================================
NEW JERSEY DIVIDEND ADVANTAGE (NXJ) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
--------------------------------------------------------------------------------------------------------------------
Investments:
Municipal Bonds $ -- $136,356,815 $ -- $136,356,815
====================================================================================================================
NEW JERSEY DIVIDEND ADVANTAGE 2 (NUJ) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
--------------------------------------------------------------------------------------------------------------------
Investments:
Municipal Bonds $ -- $ 95,426,584 $ -- $ 95,426,584
====================================================================================================================
Nuveen Investments 97
| Notes to
| Financial Statements (continued)
NEW JERSEY MUNICIPAL VALUE (NJV) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
--------------------------------------------------------------------------------------------------------------------
Investments:
Municipal Bonds $ -- $ 25,793,369 $ -- $ 25,793,369
====================================================================================================================
PENNSYLVANIA INVESTMENT QUALITY (NQP) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
--------------------------------------------------------------------------------------------------------------------
Investments:
Municipal Bonds $ -- $375,379,250 $ -- $375,379,250
====================================================================================================================
PENNSYLVANIA PREMIUM INCOME 2 (NPY) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
--------------------------------------------------------------------------------------------------------------------
Investments:
Municipal Bonds $ -- $322,794,613 $ -- $322,794,613
====================================================================================================================
PENNSYLVANIA DIVIDEND ADVANTAGE (NXM) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
--------------------------------------------------------------------------------------------------------------------
Investments:
Municipal Bonds $ -- $ 69,235,814 $ -- $ 69,235,814
====================================================================================================================
PENNSYLVANIA DIVIDEND ADVANTAGE 2 (NVY) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
--------------------------------------------------------------------------------------------------------------------
Investments:
Municipal Bonds $ -- $ 81,542,209 $ -- $ 81,542,209
====================================================================================================================
PENNSYLVANIA MUNICIPAL VALUE (NPN) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
--------------------------------------------------------------------------------------------------------------------
Investments:
Municipal Bonds $ -- $ 17,832,951 $ -- $ 17,832,951
====================================================================================================================
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 not
considered to be hedge transactions for financial reporting purposes. The Funds
did not invest in derivative instruments during the fiscal year ended April 30,
2010.
98 Nuveen Investments
4. FUND SHARES
Common Shares
Transactions in Common shares were as follows:
NEW JERSEY NEW JERSEY NEW JERSEY
INVESTMENT QUALITY (NQJ) PREMIUM INCOME (NNJ) DIVIDEND ADVANTAGE (NXJ)
-------------------------- -------------------------- --------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
4/30/10 4/30/09 4/30/10 4/30/09 4/30/10 4/30/09
-----------------------------------------------------------------------------------------------------------------------------------
Common shares:
Issued to shareholders due to reinvestment
of distributions -- -- -- -- -- --
Repurchased and retired -- (30,600) -- (12,900) -- (7,200)
-----------------------------------------------------------------------------------------------------------------------------------
Weighted average Common share:
Price per share repurchased and retired -- $10.34 -- $11.07 -- $10.14
Discount per share repurchased and retired -- 18.29% -- 17.90% -- 18.93%
===================================================================================================================================
NEW JERSEY NEW JERSEY
DIVIDEND ADVANTAGE 2 (NUJ) MUNICIPAL VALUE (NJV)
--------------------------- ---------------------------------
FOR THE
PERIOD 4/28/09
(COMMENCEMENT
YEAR ENDED YEAR ENDED YEAR ENDED OF OPERATIONS)
4/30/10 4/30/09 4/30/10 THROUGH 4/30/09
-----------------------------------------------------------------------------------------------------------------------------------
Common shares:
Sold* -- -- 98,787 1,455,000
Issued to shareholders due to reinvestment of distributions 1,112 -- -- --
Repurchased and retired -- (2,800) -- --
-----------------------------------------------------------------------------------------------------------------------------------
Weighted average Common share:
Price per share repurchased and retired -- $10.41 -- --
Discount per share repurchased and retired -- 17.27% -- --
===================================================================================================================================
PENNSYLVANIA PENNSYLVANIA PENNSYLVANIA
INVESTMENT QUALITY (NQP) PREMIUM INCOME 2 (NPY) DIVIDEND ADVANTAGE (NXM)
--------------------------- --------------------------- --------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
4/30/10 4/30/09 4/30/10 4/30/09 4/30/10 4/30/09
-----------------------------------------------------------------------------------------------------------------------------------
Common shares:
Issued to shareholders due to reinvestment
of distributions -- -- -- -- -- --
Repurchased and retired (53,200) (27,500) (23,300) (51,800) (8,600) (2,000)
-----------------------------------------------------------------------------------------------------------------------------------
Weighted average Common share:
Price per share repurchased and retired $ 12.78 $ 10.80 $ 12.25 $ 10.01 $ 12.77 $ 10.49
Discount per share repurchased and retired 12.13% 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
(COMMENCEMENT
YEAR ENDED YEAR ENDED YEAR ENDED OF OPERATIONS)
4/30/10 4/30/09 4/30/10 THROUGH 4/30/09
-----------------------------------------------------------------------------------------------------------------------------------
Common shares:
Sold* -- -- 100,800 1,100,000
Issued to shareholders due to reinvestment of distributions -- -- 8,551 --
Repurchased and retired -- -- -- --
-----------------------------------------------------------------------------------------------------------------------------------
Weighted average Common share:
Price per share repurchased and retired -- -- -- --
Discount per share repurchased and retired -- -- -- --
===================================================================================================================================
* New Jersey Municipal Value (NJV) and Pennsylvania Municipal Value (NPN) were
the only Funds to sell Common shares during the fiscal years ended April 30,
2010 and April 30, 2009.
Nuveen Investments 99
| Notes to
| Financial Statements (continued)
Auction Rate Preferred Shares
New Jersey Municipal Value (NJV) and Pennsylvania Municipal Value (NPN) do not
issue ARPS. Transactions in ARPS were as follows:
NEW JERSEY INVESTMENT QUALITY (NQJ) NEW JERSEY PREMIUM QUALITY (NNJ)
----------------------------------------------- --------------------------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
4/30/10 4/30/09 4/30/10 4/30/09
------------------------------------------------------------------------------------------------------
SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT
--------------------------------------------------------------------------------------------------------------------------------
ARPS 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)
----------------------------------------------- -------------------------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
4/30/10 4/30/09 4/30/10 4/30/09
------------------------------------------------------------------------------------------------------
SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT
--------------------------------------------------------------------------------------------------------------------------------
ARPS redeemed:
Series T 124 $3,100,000 39 $ 975,000 -- $ -- -- $ --
Series W -- -- -- -- 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)
----------------------------------------------- -------------------------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
4/30/10 4/30/09 4/30/10 4/30/09
------------------------------------------------------------------------------------------------------
SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT
--------------------------------------------------------------------------------------------------------------------------------
ARPS 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)
----------------------------------------------- -------------------------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
4/30/10 4/30/09 4/30/10 4/30/09
------------------------------------------------------------------------------------------------------
SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT
--------------------------------------------------------------------------------------------------------------------------------
ARPS redeemed:
Series M -- $ -- -- $ -- -- $ -- 220 $5,500,000
Series T -- -- 100 2,500,000 -- -- -- --
--------------------------------------------------------------------------------------------------------------------------------
Total -- $ -- 100 $2,500,000 -- $ -- 220 $5,500,000
================================================================================================================================
100 Nuveen Investments
5. INVESTMENT TRANSACTIONS
Purchases and sales (including maturities but excluding short-term investments)
during the fiscal year ended April 30, 2010, 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 $ 15,540,156 $ 11,034,363 $ 5,629,983 $ 3,285,584 $ 22,300,765
Sales and maturities 17,446,885 6,969,064 6,716,543 3,878,288 987,500
====================================================================================================================================
PENNSYLVANIA PENNSYLVANIA PENNSYLVANIA PENNSYLVANIA PENNSYLVANIA
INVESTMENT PREMIUM DIVIDEND DIVIDEND MUNICIPAL
QUALITY INCOME 2 ADVANTAGE ADVANTAGE 2 VALUE
(NQP) (NPY) (NXM) (NVY) (NPN)
------------------------------------------------------------------------------------------------------------------------------------
Purchases $ 28,052,006 $ 17,892,540 $ 3,267,219 $4,774,346 $ 17,208,157
Sales and maturities 20,074,311 16,612,482 4,534,522 3,911,590 845,000
====================================================================================================================================
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 as detailed below. Temporary differences do not
require reclassification. Temporary and permanent differences do not impact the
net asset values of the Funds.
At April 30, 2010, the cost and unrealized appreciation (depreciation) of
investments as determined on a federal income tax basis, 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)
------------------------------------------------------------------------------------------------------------------------------------
Cost of investments $ 429,887,460 $ 259,108,359 $ 135,805,067 $ 95,274,670 $ 21,856,915
------------------------------------------------------------------------------------------------------------------------------------
Gross unrealized:
Appreciation $ 13,757,401 $ 11,133,736 $ 4,097,141 $ 2,799,193 $ 2,481,641
Depreciation (11,292,021) (5,513,341) (3,545,393) (2,647,279) (45,197)
------------------------------------------------------------------------------------------------------------------------------------
Net unrealized appreciation (depreciation) of
investmen $ 2,465,380 $ 5,620,395 $ 551,748 $ 151,914 $ 2,436,444
====================================================================================================================================
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 $ 339,001,638 $ 303,874,855 $67,189,077 $75,987,967 $ 16,376,560
------------------------------------------------------------------------------------------------------------------------------------
Gross unrealized:
Appreciation $ 15,171,962 $ 14,884,560 $ 2,560,692 $ 3,206,238 $ 1,456,391
Depreciation (5,599,630) (8,573,237) (1,678,759) (2,107,193) --
------------------------------------------------------------------------------------------------------------------------------------
Net unrealized appreciation (depreciation) of
investments $ 9,572,332 $ 6,311,323 $ 881,933 $ 1,099,045 $ 1,456,391
====================================================================================================================================
Permanent differences, primarily due to federal taxes paid, taxable market
discount and distribution reclassifications, resulted in reclassifications among
the Funds' components of net assets at April 30, 2010, the Funds' tax year end,
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)
------------------------------------------------------------------------------------------------------------------------------------
Paid-in-surplus $ (6,098) $ (104) $ 10,890 $ 5,718 $ (1,504)
Undistributed (Over-distribution of) net
investment income (3,063) (5,580) (17,095) (7,959) (2)
Accumulated net realized gain (loss) 9,161 5,684 6,205 2,241 1,506
====================================================================================================================================
Nuveen Investments 101
| Notes to
| Financial Statements (continued)
PENNSYLVANIA PENNSYLVANIA PENNSYLVANIA PENNSYLVANIA PENNSYLVANIA
INVESTMENT PREMIUM DIVIDEND DIVIDEND MUNICIPAL
QUALITY INCOME 2 ADVANTAGE ADVANTAGE 2 VALUE
(NQP) (NPY) (NXM) (NVY) (NPN)
------------------------------------------------------------------------------------------------------------------------------------
Paid-in-surplus $ (13) $ -- $ 9,685 $ 15,659 $ --
Undistributed (Over-distribution of) net investment (40) (36,586) (448) -- (501)
income
Accumulated net realized gain (loss) 53 36,586 (9,237) (15,659) 501
====================================================================================================================================
The tax components of undistributed net tax-exempt income, net ordinary income
and net long-term capital gains at April 30, 2010, the Funds' 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 * $ 5,252,067 $ 3,062,374 $ 1,620,955 $ 1,195,653 $ 64,338
Undistributed net ordinary income ** 396 -- 6,393 2,296 38,372
Undistributed net long-term capital gains 108,514 142,465 159,911 173,009 --
====================================================================================================================================
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 * $ 4,279,165 $ 4,087,825 $ 898,342 $ 1,047,294 $ 29,892
Undistributed net ordinary income ** -- 199 9,081 5,092 13,026
Undistributed net long-term capital gains -- -- 161,770 179,017 --
====================================================================================================================================
* Undistributed net tax-exempt income (on a tax basis ) has not been reduced
for the dividend declared on April 1, 2010, paid on May 3, 2010.
** Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
The tax character of distributions paid during the Funds' tax years ended April
30, 2010 and 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
2010 (NQJ) (NNJ) (NXJ) (NUJ) (NJV)
------------------------------------------------------------------------------------------------------------------------------------
Distributions from net tax-exempt income*** $ 15,878,706 $ 9,091,092 $ 5,024,573 $ 3,617,577 $ 992,582
Distributions from net ordinary income** -- 125,223 -- -- --
Distributions from net long-term capital gains**** -- 131,170 59,268 144,777 --
====================================================================================================================================
PENNSYLVANIA PENNSYLVANIA PENNSYLVANIA PENNSYLVANIA PENNSYLVANIA
INVESTMENT PREMIUM DIVIDEND DIVIDEND MUNICIPAL
QUALITY INCOME 2 ADVANTAGE ADVANTAGE 2 VALUE
2010 (NQP) (NPY) (NXM) (NVY) (NPN)
------------------------------------------------------------------------------------------------------------------------------------
Distributions from net tax-exempt income*** $ 13,124,743 $ 12,185,755 $ 2,677,713 $ 3,074,243 $ 781,221
Distributions from net ordinary income** 8 112,103 -- 32,001 --
Distributions from net long-term capital gains**** -- -- 152,888 256,641 --
====================================================================================================================================
** Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
*** The Funds hereby designate these amounts paid during the fiscal year ended
April 30, 2010, as Exempt Interest Dividends.
**** The Funds designate as a long term capital gain dividend, pursuant to the
Internal Revenue Code Section 852(b)(3), the amount necessary to reduce
earnings and profits of the Funds related to net capital gain to zero for
the tax year ended April 30, 2010.
102 Nuveen Investments
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.
At April 30, 2010, the Funds' tax year end, the following Funds had unused
capital loss carryforwards available for federal income tax purposes to be
applied against future capital gains, if any. If not applied, the carryforwards
will expire as follows:
PENNSYLVANIA PENNSYLVANIA
INVESTMENT PREMIUM
QUALITY INCOME 2
(NQP) (NPY)
------------------------------------------------------------------------------------------------------------------------------------
Expiration:
April 30, 2016 $ -- $ 172,238
April 30, 2017 2,411,512 2,893,165
------------------------------------------------------------------------------------------------------------------------------------
Total $2,411,512 $3,065,403
====================================================================================================================================
During the tax year ended April 30, 2010, NQJ, NQP and NPY utilized $642,
$773,504 and $668,100, respectively, of capital loss carryforward.
The following Fund has elected to defer net realized losses from investments
incurred from November 1, 2009 through April 30, 2010, the Fund's tax year end,
("post-October losses") in accordance with federal income tax regulations.
Post-October losses are treated as having arisen on the first day of the
following fiscal year:
NEW JERSEY
MUNICIPAL
VALUE
(NJV)
------------------------------------------------------------------------------------------------------------------------------------
Post-October capital losses $ 18,711
====================================================================================================================================
7. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES
Each Fund's management fee is separated into two components -- a fund-level fee,
based only on the amount of assets within each individual Fund, and a
complex-level fee, based on the aggregate amount of all fund assets managed by
the Adviser. This pricing structure enables each Fund's shareholders to benefit
from growth in the assets within their respective Fund as well as from growth in
the amount of complex-wide assets managed by the Adviser.
Nuveen Investments 103
| Notes to
| Financial Statements (continued)
The annual fund-level fee for each Fund, payable monthly, is calculated
according to the following schedules:
NEW JERSEY INVESTMENT QUALITY (NQJ)
NEW JERSEY PREMIUM INCOME (NNJ)
PENNSYLVANIA INVESTMENT QUALITY (NQP)
PENNSYLVANIA PREMIUM INCOME 2 (NPY)
AVERAGE DAILY NET ASSETS* FUND-LEVEL FEE RATE
---------------------------------------------------------------------------------------------------------------------------------
For the first $125 million .4500%
For the next $125 million .4375
For the next $250 million .4250
For the next $500 million .4125
For the next $1 billion .4000
For the next $3 billion .3875
For 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* 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
=================================================================================================================================
NEW JERSEY MUNICIPAL VALUE (NJV)
PENNSYLVANIA MUNICIPAL VALUE (NPN)
AVERAGE DAILY MANAGED ASSETS* FUND-LEVEL FEE RATE
---------------------------------------------------------------------------------------------------------------------------------
For the first $125 million .4000%
For the next $125 million .3875
For the next $250 million .3750
For the next $500 million .3625
For the next $1 billion .3500
For managed assets over $2 billion .3375
=================================================================================================================================
The annual complex-level fee for each Fund, payable monthly, is calculated
according to the following schedule:
COMPLEX-LEVEL ASSET BREAKPOINT LEVEL* EFFECTIVE RATE AT BREAKPOINT LEVEL
---------------------------------------------------------------------------------------------------------------------------------
$55 billion .2000%
$56 billion .1996
$57 billion .1989
$60 billion .1961
$63 billion .1931
$66 billion .1900
$71 billion .1851
$76 billion .1806
$80 billion .1773
$91 billion .1691
$125 billion .1599
$200 billion .1505
$250 billion .1469
$300 billion .1445
=================================================================================================================================
* The complex-level fee component of the management fee for the funds is
calculated based upon the aggregate daily managed assets of all Nuveen
funds, with such daily managed 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 fees, daily
managed assets include assets managed by the Adviser that are attributable
to financial leverage. For these purposes, financial leverage includes the
funds use of preferred stock and borrowings and investments in the
residual interest certificates (also called inverse floating rate
securities) in tender option bond (TOB) trusts, including the portion of
assets held by a TOB trust that has been effectively financed by the
trust's issuance of floating rate securities, subject to an agreement by
the Adviser to limit the amount of such assets for determining managed
assets in certain circumstances. As of April 30, 2010, the complex-level
fee rate was .1852%.
104 Nuveen Investments
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.
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, FASB issued
changes to the authoritative guidance under U.S. 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.
Nuveen Investments 105
| Notes to
| Financial Statements (continued)
Fair Value Measurements
On January 21, 2010, FASB issued changes to the authoritative guidance under
U.S. GAAP for fair value measurements. The objective of this guidance is to
provide guidance on how investment assets and liabilities are to be valued and
disclosed. Specifically, the amendment requires reporting entities to disclose
i) the input and valuation techniques used to measure fair value for both
recurring and nonrecurring fair value measurements, for both Level 2 and Level 3
positions, ii) transfers between all levels (including Level 1 and Level 2) on a
gross basis (i.e., transfers out must be disclosed separately from transfers in)
as well as the reason(s) for the transfer and iii) purchases, sales, issuances
and settlements in the Level 3 rollforward must be shown on a gross basis rather
than as one net number. The effective date of the amendment is for interim and
annual periods beginning after December 15, 2009, however, the requirement to
provide the Level 3 activity for purchases, sales, issuances and settlements on
a gross basis will be effective for interim and annual periods beginning after
December 15, 2010. At this time, management is evaluating the implications of
this guidance and the impact it will have to the financial statement amounts and
footnote disclosures, if any.
106 Nuveen Investments
Financial
Highlights
Nuveen Investments 107
| FINANCIAL
| HIGHLIGHTS
Selected data for a Common share outstanding throughout each period:
INVESTMENT OPERATIONS
--------------------------------------------------------------------
DISTRIBUTIONS DISTRIBUTIONS
FROM NET FROM
INVESTMENT CAPITAL
BEGINNING INCOME TO GAINS TO
COMMON NET AUCTION RATE AUCTION RATE
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 $ 13.00 $ .92 $ 1.31 $ (.03) $ -- $ 2.20
2009 14.26 .91 (1.22) (.18) (.03) (.52)
2008 14.96 .92 (.67) (.26) (.01) (.02)
2007(d) 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
NEW JERSEY PREMIUM INCOME (NNJ)
---------------------------------------------------------------------------------------------------------
Year Ended 4/30:
2010 13.83 .90 1.02 (.03) --* 1.89
2009 14.64 .88 (.78) (.17) (.03) (.10)
2008 15.23 .90 (.53) (.25) (.01) .11
2007(d) 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
=========================================================================================================
LESS DISTRIBUTIONS
---------------------------------
NET DISCOUNT
INVESTMENT CAPITAL FROM ENDING
INCOME TO GAINS TO COMMON COMMON
COMMON COMMON SHARES SHARE ENDING
SHARE- SHARE- REPURCHASED NET ASSET MARKET
HOLDERS HOLDERS TOTAL AND RETIRED VALUE VALUE
------------------------------------------------------------------------------------------------
NEW JERSEY INVESTMENT QUALITY (NQJ)
------------------------------------------------------------------------------------------------
Year Ended 4/30:
2010 $ (.76) $ -- $ (.76) $ -- $ 14.44 $ 13.56
2009 (.65) (.09) (.74) --* 13.00 11.37
2008 (.65) (.03) (.68) -- 14.26 13.09
2007(d) (.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
NEW JERSEY PREMIUM INCOME (NNJ)
------------------------------------------------------------------------------------------------
Year Ended 4/30:
2010 (.74) (.02) (.76) -- 14.96 14.19
2009 (.63) (.08) (.71) --* 13.83 11.96
2008 (.66) (.04) (.70) -- 14.64 13.48
2007(d) (.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
================================================================================================
AUCTION RATE 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 $ 143,450 $ 25,000 $ 76,478
2009 149,825 25,000 69,373
2008 162,000 25,000 70,092
2007(d) 162,000 25,000 72,284
Year Ended 6/30:
2006 162,000 25,000 70,917
2005 162,000 25,000 74,241
NEW JERSEY PREMIUM INCOME (NNJ)
--------------------------------------------------------------------------------
Year Ended 4/30:
2010 87,875 25,000 76,216
2009 91,600 25,000 70,422
2008 91,600 25,000 73,137
2007(d) 91,600 25,000 75,093
Year Ended 6/30:
2006 91,600 25,000 73,635
2005 91,600 25,000 77,724
================================================================================
108 Nuveen Investments
RATIOS/SUPPLEMENTAL DATA
----------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
TOTAL RETURNS APPLICABLE TO COMMON SHARES++(b)
--------------------- -------------------------------------
BASED ENDING
ON NET
BASED COMMON ASSETS
ON SHARE NET APPLICABLE EXPENSES EXPENSES NET PORTFOLIO
MARKET ASSET TO COMMON INCLUDING EXCLUDING INVESTMENT TURNOVER
VALUE(a) VALUE(a) SHARES (000) INTEREST(c) INTEREST INCOME RATE
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
26.39% 17.23% $ 295,382 1.16% 1.16% 6.57% 4%
(7.10) (3.41) 265,928 1.29 1.29 6.94 1
(3.64) (.08) 292,194 1.23 1.23 6.30 17
8.75 7.05 306,402 1.20** 1.20** 6.04** 7
(3.62) (.31) 297,539 1.21 1.21 6.05 17
15.13 13.81 319,083 1.21 1.21 6.22 15
-------------------------------------------------------------------------------------------------
25.45 13.90 180,024 1.19 1.19 6.19 3
(5.69) (.40) 166,428 1.28 1.28 6.44 1
(6.18) .77 176,374 1.24 1.24 6.04 19
11.10 7.03 183,540 1.21** 1.21** 5.83** 6
(3.36) (1.04) 178,199 1.19 1.19 5.81 12
19.43 12.31 193,182 1.18 1.18 5.91 21
=================================================================================================
* 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 Auction Rate
Preferred shareholders; Net Investment Income ratios reflect income earned
and expenses incurred on assets attributable to Auction Rate Preferred
shares.
(a) 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.
(b) 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.
(c) The expense ratios 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.
(d) For the ten months ended April 30, 2007.
See accompanying notes to financial statements.
Nuveen Investments 109
| Financial
| Highlights (continued)
Selected data for a Common share outstanding throughout each period:
INVESTMENT OPERATIONS
------------------------------------------------------------------
DISTRIBUTIONS DISTRIBUTIONS
FROM NET FROM
INVESTMENT CAPITAL
BEGINNING INCOME TO GAINS TO
COMMON NET AUCTION RATE AUCTION RATE
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 $ 12.97 $ .91 $ 1.42 $ (.03) $ --* $ 2.30
2009 14.26 .91 (1.27) (.16) (.03) (.55)
2008 15.09 .94 (.80) (.25) (.01) (.12)
2007(d) 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
NEW JERSEY DIVIDEND ADVANTAGE 2 (NUJ)
------------------------------------------------------------------------------------------------------
Year Ended 4/30:
2010 12.93 .94 1.45 (.03) (.01) 2.35
2009 14.35 .95 (1.42) (.17) (.02) (.66)
2008 15.31 .97 (.79) (.23) (.05) (.10)
2007(d) 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
======================================================================================================
LESS DISTRIBUTIONS
--------------------------------
NET DISCOUNT
INVESTMENT CAPITAL FROM ENDING
INCOME TO GAINS TO COMMON COMMON
COMMON COMMON SHARES SHARE ENDING
SHARE- SHARE- REPURCHASED NET ASSET MARKET
HOLDERS HOLDERS TOTAL AND RETIRED VALUE VALUE
------------------------------------------------------------------------------------------------
NEW JERSEY DIVIDEND ADVANTAGE (NXJ)
------------------------------------------------------------------------------------------------
Year Ended 4/30:
2010 $ (.75) $ (.01) $ (.76) $ -- $ 14.51 $ 13.48
2009 (.66) (.08) (.74) --* 12.97 11.15
2008 (.68) (.03) (.71) -- 14.26 13.11
2007(d) (.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
NEW JERSEY DIVIDEND ADVANTAGE 2 (NUJ)
------------------------------------------------------------------------------------------------
Year Ended 4/30:
2010 (.78) (.03) (.81) -- 14.47 14.68
2009 (.69) (.07) (.76) --* 12.93 11.46
2008 (.71) (.15) (.86) -- 14.35 13.59
2007(d) (.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
================================================================================================
AUCTION RATE 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 $ 43,925 $ 25,000 $ 79,240
2009 47,025 25,000 70,311
2008 48,000 25,000 73,834
2007(d) 48,000 25,000 76,668
Year Ended 6/30:
2006 48,000 25,000 75,197
2005 48,000 25,000 78,386
NEW JERSEY DIVIDEND ADVANTAGE 2 (NUJ)
--------------------------------------------------------------------------------
Year Ended 4/30:
2010 31,225 25,000 77,370
2009 32,600 25,000 69,828
2008 34,500 25,000 72,032
2007(d) 34,500 25,000 75,172
Year Ended 6/30:
2006 34,500 25,000 73,659
2005 34,500 25,000 76,617
================================================================================
110 Nuveen Investments
RATIOS/SUPPLEMENTAL DATA
----------------------------------------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS RATIOS TO AVERAGE NET ASSETS
APPLICABLE TO COMMON SHARES APPLICABLE TO COMMON SHARES
TOTAL RETURNS BEFORE REIMBURSEMENT++ AFTER REIMBURSEMENT++(b)
-------------------- ------------------------------------ ------------------------------------
BASED ENDING
ON NET
BASED COMMON ASSETS
ON SHARE NET APPLICABLE EXPENSES EXPENSES NET EXPENSES EXPENSES NET PORTFOLIO
MARKET ASSET TO COMMON INCLUDING EXCLUDING INVESTMENT INCLUDING EXCLUDING INVESTMENT TURNOVER
VALUE(a) VALUE(a) SHARES (000) INTEREST(c) INTEREST INCOME INTEREST(c) INTEREST INCOME RATE
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
28.17% 18.03% $ 95,300 1.18% 1.18% 6.35% 1.04% 1.04% 6.49% 4%
(8.95) (3.63) 85,230 1.29 1.29 6.74 1.06 1.06 6.98 --***
(12.31) (.81) 93,762 1.20 1.20 6.10 .90 .90 6.40 17
14.37 7.26 99,203 1.20** 1.20** 5.85** .84** .84** 6.22** 9
(.78) (.05) 96,378 1.19 1.19 5.83 .77 .77 6.26 16
19.97 13.80 102,502 1.19 1.19 5.94 .75 .75 6.38 17
-----------------------------------------------------------------------------------------------------------------------------------
35.95 18.55 65,410 1.22 1.22 6.54 1.00 1.00 6.76 4
(9.75) (4.36) 58,456 1.33 1.33 6.95 1.03 1.03 7.25 --***
(12.41) (.60) 64,904 1.25 1.25 6.16 .87 .87 6.54 16
15.40 7.50 69,238 1.24** 1.24** 6.03** .80** .80** 6.47** 11
(.49) .25 67,150 1.23 1.23 5.99 .78 .78 6.45 13
23.39 15.00 71,231 1.23 1.23 6.09 .78 .78 6.53 11
===================================================================================================================================
* Rounds to less than $.01 per share.
** Annualized.
*** Rounds to less than 1%.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Auction Rate
Preferred shareholders; Net Investment Income ratios reflect income earned
and expenses incurred on assets attributable to Auction Rate Preferred
shares.
(a) 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.
(b) 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.
(c) The expense ratios 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.
(d) For the ten months ended April 30, 2007.
See accompanying notes to financial statements.
Nuveen Investments 111
| Financial
| Highlights (continued)
Selected data for a Common share outstanding throughout each period:
INVESTMENT OPERATIONS
--------------------------------------------------------------------
DISTRIBUTIONS DISTRIBUTIONS
FROM NET FROM
INVESTMENT CAPITAL
BEGINNING INCOME TO GAINS TO
COMMON NET AUCTION RATE AUCTION RATE
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 $ 14.29 $ .70 $ 1.55 $ N/A $ N/A $ 2.25
2009(d) 14.33 (.01) -- N/A N/A (.01)
PENNSYLVANIA INVESTMENT QUALITY (NQP)
------------------------------------------------------------------------------------------------------
Year Ended 4/30:
2010 13.53 .96 1.16 (.03) -- 2.09
2009 14.39 .96 (.94) (.20) -- (.18)
2008 15.19 .95 (.81) (.29) -- (.15)
2007(e) 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
======================================================================================================
LESS DISTRIBUTIONS
--------------------------------
DISCOUNT
FROM
NET COMMON
INVESTMENT CAPITAL SHARES ENDING
INCOME TO GAINS TO REPUR- COMMON
COMMON COMMON CHASED SHARE ENDING
SHARE- SHARE- AND OFFERING NET ASSET MARKET
HOLDERS HOLDERS TOTAL RETIRED COSTS VALUE VALUE
------------------------------------------------------------------------------------------------------------
NEW JERSEY MUNICIPAL VALUE (NJV)
------------------------------------------------------------------------------------------------------------
Year Ended 4/30:
2010 $ (.70) $ -- $ (.70) $ -- $ --* $ 15.84 $ 15.21
2009(d) -- -- -- -- (.03) 14.29 15.00
PENNSYLVANIA INVESTMENT QUALITY (NQP)
------------------------------------------------------------------------------------------------------------
Year Ended 4/30:
2010 (.80) -- (.80) --* -- 14.82 13.64
2009 (.68) -- (.68) --* -- 13.53 11.34
2008 (.66) -- (.66) .01 -- 14.39 13.10
2007(e) (.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
============================================================================================================
AUCTION RATE 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 N/A N/A N/A
2009(d) N/A N/A N/A
PENNSYLVANIA INVESTMENT QUALITY (NQP)
--------------------------------------------------------------------------------
Year Ended 4/30:
2010 $ 111,750 $ 25,000 $ 78,326
2009 111,750 25,000 73,849
2008 132,000 25,000 69,039
2007(e) 132,000 25,000 71,902
Year Ended 6/30:
2006 132,000 25,000 70,401
2005 132,000 25,000 73,554
================================================================================
112 Nuveen Investments
RATIOS/SUPPLEMENTAL DATA
----------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
TOTAL RETURNS APPLICABLE TO COMMON SHARES++(b)
--------------------- ---------------------------------------
BASED ENDING
ON NET
BASED COMMON ASSETS NET
ON SHARE NET APPLICABLE EXPENSES EXPENSES INVESTMENT PORTFOLIO
MARKET ASSET TO COMMON INCLUDING EXCLUDING INCOME TURNOVER
VALUE(a) VALUE(a) SHARES (000) INTEREST(c) INTEREST (LOSS) RATE
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
6.32% 16.05% $ 24,722 .82% .76% 4.63% 5%
-- (.24) 20,891 .64** .64** (.64)** 0
-------------------------------------------------------------------------------------------------
27.87 15.74 238,368 1.23 1.16 6.72 6
(7.99) (1.01) 218,353 1.50 1.31 7.23 3
(1.78) (.92) 232,528 1.65 1.27 6.48 20
12.41 6.89 247,644 1.54** 1.25** 6.06** 16
(9.47) (1.34) 239,718 1.23 1.23 5.87 20
19.53 12.67 256,365 1.23 1.23 5.96 18
=================================================================================================
* 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 Auction Rate
Preferred shareholders; Net Investment Income ratios reflect income earned
and expenses incurred on assets attributable to Auction Rate Preferred
shares, where applicable.
(a) 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.
(b) 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.
(c) The expense ratios 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.
(d) For the period April 28, 2009 (commencement of operations) through April
30, 2009.
(e) For the ten months ended April 30, 2007.
N/A Fund does not issue Auction Rate Preferred shares.
See accompanying notes to financial statements.
Nuveen Investments 113
| Financial
| Highlights (continued)
Selected data for a Common share outstanding throughout each period:
INVESTMENT OPERATIONS
-------------------------------------------------------------------
DISTRIBUTIONS DISTRIBUTIONS
FROM NET FROM
INVESTMENT CAPITAL
BEGINNING INCOME TO GAINS TO
COMMON NET AUCTION RATE AUCTION RATE
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 $ 12.72 $ .91 $ 1.28 $ (.03) $ -- $ 2.16
2009 13.74 .91 (1.12) (.19) -- (.40)
2008 14.70 .90 (.94) (.26) (.02) (.32)
2007(d) 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
PENNSYLVANIA DIVIDEND ADVANTAGE (NXM)
------------------------------------------------------------------------------------------------------
Year Ended 4/30:
2010 13.09 .96 1.55 (.03) (.01) 2.47
2009 14.47 .97 (1.47) (.18) -- (.68)
2008 15.36 .97 (.84) (.25) (.02) (.14)
2007(d) 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
======================================================================================================
LESS DISTRIBUTIONS
---------------------------------
NET DISCOUNT
INVESTMENT CAPITAL FROM ENDING
INCOME TO GAINS TO COMMON COMMON
COMMON COMMON SHARES SHARE ENDING
SHARE- SHARE- REPURCHASED NET ASSET MARKET
HOLDERS HOLDERS TOTAL AND RETIRED VALUE VALUE
-------------------------------------------------------------------------------------------------
PENNSYLVANIA PREMIUM INCOME 2 (NPY)
-------------------------------------------------------------------------------------------------
Year Ended 4/30:
2010 $ (.77) $ -- $ (.77) $ --** $ 14.11 $ 12.91
2009 (.62) -- (.62) --** 12.72 10.60
2008 (.61) (.04) (.65) .01 13.74 12.30
2007(d) (.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
PENNSYLVANIA DIVIDEND ADVANTAGE (NXM)
-------------------------------------------------------------------------------------------------
Year Ended 4/30:
2010 (.79) (.04) (.83) --** 14.73 13.77
2009 (.70) -- (.70) --** 13.09 11.31
2008 (.70) (.05) (.75) -- 14.47 13.61
2007(d) (.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
=================================================================================================
AUCTION RATE 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 $ 99,275 $ 25,000 $ 80,430
2009 99,275 25,000 75,047
2008 118,100 25,000 70,566
2007(d) 118,100 25,000 74,249
Year Ended 6/30:
2006 118,100 25,000 72,655
2005 118,100 25,000 76,307
PENNSYLVANIA DIVIDEND ADVANTAGE (NXM)
--------------------------------------------------------------------------------
Year Ended 4/30:
2010 22,500 25,000 79,372
2009 22,500 25,000 73,430
2008 25,000 25,000 73,211
2007(d) 25,000 25,000 76,160
Year Ended 6/30:
2006 25,000 25,000 74,660
2005 25,000 25,000 77,712
================================================================================
114 Nuveen Investments
RATIOS/SUPPLEMENTAL DATA
------------------------------------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS RATIOS TO AVERAGE NET ASSETS
APPLICABLE TO COMMON SHARES APPLICABLE TO COMMON SHARES
TOTAL RETURNS BEFORE REIMBURSEMENT++ AFTER REIMBURSEMENT++(b)
------------------- ------------------------------------ ------------------------------------
BASED ENDING
ON NET
BASED COMMON ASSETS
ON SHARE NET APPLICABLE EXPENSES EXPENSES NET EXPENSES EXPENSES NET PORTFOLIO
MARKET ASSET TO COMMON INCLUDING EXCLUDING INVESTMENT INCLUDING EXCLUDING INVESTMENT TURNOVER
VALUE(a) VALUE(a) SHARES (000) INTEREST(c) INTEREST INCOME INTEREST(c) INTEREST INCOME RATE
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
29.70% 17.35% $ 220,113 1.21% 1.16% 6.67% N/A% N/A% N/A% 5%
(8.43) (2.65) 198,739 1.35 1.31 7.28 N/A N/A N/A 6
(5.26) (2.06) 215,252 1.55 1.28 6.36 N/A N/A N/A 27
9.83 7.31 232,650 1.40*** 1.21*** 6.08*** N/A N/A N/A 15
(8.42) (.80)* 225,121 1.20 1.20 6.01 N/A N/A N/A 18
17.79 11.80 242,373 1.19 1.19 6.09 N/A N/A N/A 22
-------------------------------------------------------------------------------------------------------------------------------
29.85 19.29 48,934 1.26 1.23 6.66 1.11 1.09 6.81 5
(11.67) (4.57) 43,587 1.37 1.36 7.17 1.14 1.14 7.39 4
(8.46) (.87) 48,211 1.39 1.28 6.26 1.09 .98 6.55 20
8.40 7.22 51,160 1.33*** 1.27*** 5.99*** .96*** .90*** 6.36*** 11
(.56) (.01) 49,660 1.25 1.25 5.90 .82 .82 6.33 12
21.84 13.02 52,712 1.23 1.23 5.82 .79 .79 6.27 13
===============================================================================================================================
* 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.
** 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 Auction Rate
Preferred shareholders; Net Investment Income ratios reflect income earned
and expenses incurred on assets attributable to Auction Rate Preferred
shares.
(a) 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.
(b) 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.
(c) The expense ratios 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.
(d) For the ten months ended April 30, 2007.
N/A Fund does not have a contractual reimbursement with the Adviser.
See accompanying notes to financial statements.
Nuveen Investments 115
| Financial
| Highlights (continued)
Selected data for a Common share outstanding throughout each period:
INVESTMENT OPERATIONS
--------------------------------------------------------------------
DISTRIBUTIONS DISTRIBUTIONS
FROM NET FROM
INVESTMENT CAPITAL
BEGINNING INCOME TO GAINS TO
COMMON NET AUCTION RATE AUCTION RATE
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 $ 13.42 $ .97 $ 1.27 $ (.02) $ (.01) $ 2.21
2009 14.49 .99 (1.17) (.19) --* (.37)
2008 15.34 .99 (.80) (.26) (.02) (.09)
2007(d) 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
PENNSYLVANIA MUNICIPAL VALUE (NPN)
-------------------------------------------------------------------------------------------------------
Year Ended 4/30:
2010 14.29 .70 1.19 N/A N/A 1.89
2009(e) 14.33 (.01) -- N/A N/A (.01)
=======================================================================================================
LESS DISTRIBUTIONS
--------------------------------
DISCOUNT
FROM
NET COMMON
INVESTMENT CAPITAL SHARES ENDING
INCOME TO GAINS TO REPUR- COMMON
COMMON COMMON CHASED SHARE ENDING
SHARE- SHARE- AND OFFERING NET ASSET MARKET
HOLDERS HOLDERS TOTAL RETIRED COSTS VALUE VALUE
------------------------------------------------------------------------------------------------------------
PENNSYLVANIA DIVIDEND ADVANTAGE 2 (NVY)
------------------------------------------------------------------------------------------------------------
Year Ended 4/30:
2010 $ (.82) $ (.07) $ (.89) $ -- $ -- $ 14.74 $ 14.19
2009 (.70) --* (.70) -- -- 13.42 11.45
2008 (.71) (.05) (.76) -- -- 14.49 13.40
2007(d) (.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
PENNSYLVANIA MUNICIPAL VALUE (NPN)
------------------------------------------------------------------------------------------------------------
Year Ended 4/30:
2010 (.72) -- (.72) -- --* 15.46 15.43
2009(e) -- -- -- -- (.03) 14.29 15.05
============================================================================================================
AUCTION RATE 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 $ 23,000 $ 25,000 $ 84,696
2009 23,000 25,000 79,340
2008 28,500 25,000 72,366
2007(d) 28,500 25,000 75,124
Year Ended 6/30:
2006 28,500 25,000 73,769
2005 28,500 25,000 76,907
PENNSYLVANIA MUNICIPAL VALUE (NPN)
--------------------------------------------------------------------------------
Year Ended 4/30:
2010 N/A N/A N/A
2009(e) N/A N/A N/A
================================================================================
116 Nuveen Investments
RATIOS/SUPPLEMENTAL DATA
----------------------------------------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS RATIOS TO AVERAGE NET ASSETS
APPLICABLE TO COMMON SHARES APPLICABLE TO COMMON SHARES
TOTAL RETURNS BEFORE REIMBURSEMENT++ AFTER REIMBURSEMENT++(b)
-------------------- -------------------------------------- -------------------------------------
BASED ENDING
ON NET
BASED COMMON ASSETS NET NET
ON SHARE NET APPLICABLE EXPENSES EXPENSES INVESTMENT EXPENSES EXPENSES INVESTMENT PORTFOLIO
MARKET ASSET TO COMMON INCLUDING EXCLUDING INCOME INCLUDING EXCLUDING INCOME TURNOVER
VALUE(a) VALUE(a) SHARES (000) INTEREST(c) INTEREST (LOSS) INTEREST(c) INTEREST (LOSS) RATE
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
32.47% 16.80% $ 54,920 1.30% 1.22% 6.61% 1.08% 1.00% 6.83% 5%
(9.16) (2.33) 49,993 1.37 1.36 7.07 1.06 1.05 7.38 4
(6.81) (.60) 53,997 1.40 1.29 6.29 1.02 .91 6.66 27
11.88 7.14 57,142 1.33** 1.27** 6.03** .89** .83** 6.47** 13
.88 (.46) 55,597 1.24 1.24 5.93 .79 .79 6.38 13
17.63 13.37 59,174 1.23 1.23 5.80 .79 .79 6.24 8
-----------------------------------------------------------------------------------------------------------------------------------
7.52 13.49 18,805 .82 .82 4.68 N/A N/A N/A 5
.33 (.31) 15,816 .66** .66** (.66)** N/A N/A N/A 0
===================================================================================================================================
* 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 Auction Rate
Preferred shareholders; Net Investment Income ratios reflect income earned
and expenses incurred on assets attributable to Auction Rate Preferred
shares, where applicable.
(a) 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.
(b) 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.
(c) The expense ratios 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.
(d) For the ten months ended April 30, 2007.
(e) For the period April 28, 2009 (commencement of operations) through April
30, 2009.
N/A Fund does not issue Auction Rate Preferred shares or have a contractual
reimbursement agreement with the Adviser.
See accompanying notes to financial statements.
Nuveen Investments 117
BOARD MEMBERS & OFFICERS
The management of the Funds, including general supervision of the duties
performed for the Funds by the Adviser, is the responsibility of the Board
Members of the Funds. The number of board members of the Fund is currently set
at nine. None of the board members who are not "interested" persons of the Funds
(referred to herein as "independent board members") has ever been a director or
employee of, or consultant to, Nuveen or its affiliates. The names and business
addresses of the board members and officers of the Funds, their principal
occupations and other affiliations during the past five years, the number of
portfolios each oversees and other directorships they hold are set forth below.
NAME, POSITION(S) HELD YEAR FIRST NUMBER PRINCIPAL
BIRTHDATE WITH THE FUNDS ELECTED OR OF PORTFOLIOS OCCUPATION(S)
& ADDRESS APPOINTED IN FUND COMPLEX INCLUDING OTHER
AND TERM(1) OVERSEEN BY DIRECTORSHIPS
BOARD MEMBER DURING PAST 5 YEARS
Independent Board Members:
o ROBERT P. BREMNER Private Investor and Management Consultant;
8/22/40 Chairman of Treasurer and Director, Humanities Council of
333 W. Wacker Drive the Board 1996 200 Washington, D.C.
Chicago, IL 60606 and Board Member
o JACK B. EVANS President, The Hall-Perrine Foundation, a private
10/22/48 philanthropic corporation (since 1996); Director
333 W. Wacker Drive Board Member 1999 200 and Chairman, United Fire Group, a publicly held
Chicago, IL 60606 company; President Pro Tem of the Board of
Regents for the State of Iowa University System;
Director, Gazette Companies; Life Trustee of Coe
College and the Iowa College Foundation; formerly,
Director, Alliant Energy; formerly, Director,
Federal Reserve Bank of Chicago; formerly,
President and Chief Operating Officer, SCI
Financial Group, Inc., a regional financial
services firm.
o WILLIAM C. HUNTER Dean, Tippie College of Business, University of
3/6/48 Iowa (since 2006); Director (since 2004) of Xerox
333 W. Wacker Drive Board Member 2004 200 Corporation; Director (since 2005), Beta Gamma
Chicago, IL 60606 Sigma International Honor Society; formerly, Dean
and Distinguished Professor of Finance, School of
Business at the University of Connecticut (2003-
2006); previously, Senior Vice President and
Director of Research at the Federal Reserve Bank
of Chicago (1995-2003); Director, SS&C
Technologies, Inc. (May 2005-October 2005);
formerly, Director (1997-2007), Credit Research
Center at Georgetown University.
o DAVID J. KUNDERT Director, Northwestern Mutual Wealth Management
10/28/42 Company; retired (since 2004) as Chairman, JPMorgan
333 W. Wacker Drive Board Member 2005 200 Fleming Asset Management, President and CEO, Banc
Chicago, IL 60606 One Investment Advisors Corporation, and President,
One Group Mutual Funds; prior thereto, Executive
Vice President, Banc One Corporation and Chairman
and CEO, Banc One Investment Management Group;
Member, Board of Regents, Luther College; member of
the Wisconsin Bar Association; member of Board of
Directors, Friends of Boerner Botanical Gardens;
member of Board of Directors and chair of
Investment Committee, Greater Milwaukee Foundation.
o WILLIAM J. SCHNEIDER Chairman of Miller-Valentine Partners Ltd., a real
9/24/44 estate investment company; formerly, Senior Partner
333 W. Wacker Drive Board Member 1997 200 and Chief Operating Officer (retired, 2004) of
Chicago, IL 60606 Miller-Valentine Group; member, University of
Dayton Business School Advisory Council;member,
Mid-America Health System board; formerly, member
and chair, Dayton Philharmonic Orchestra
Association; formerly, member, Business Advisory
Council, Cleveland Federal Reserve Bank; formerly,
Director, Dayton Development Coalition.
118 Nuveen Investments
NAME, POSITION(S) HELD YEAR FIRST NUMBER PRINCIPAL
BIRTHDATE WITH THE FUNDS ELECTED OR OF PORTFOLIOS OCCUPATION(S)
& ADDRESS APPOINTED IN FUND COMPLEX INCLUDING OTHER
AND TERM(1) OVERSEEN BY DIRECTORSHIPS
BOARD MEMBER DURING PAST 5 YEARS
Independent Board Members:
o JUDITH M. STOCKDALE Executive Director, Gaylord and Dorothy Donnelley
12/29/47 Foundation (since 1994); prior thereto, Executive
333 W. Wacker Drive Board Member 1997 200 Director, Great Lakes Protection Fund (1990-1994).
Chicago, IL 60606
o CAROLE E. STONE Director, Chicago Board Options Exchange (since
6/28/47 2006); Director, C2 Options Exchange, Incorporated
333 W. Wacker Drive Board Member 2007 200 (since 2009); Commissioner, New York State
Chicago, IL 60606 Commission on Public Authority Reform (since 2005);
formerly, Chair, New York Racing Association
Oversight Board (2005-2007).
o TERENCE J. TOTH
9/29/59 Director, Legal & General Investment Management
333 W. Wacker Drive Board Member 2008 200 America, Inc. (since 2008); Managing Partner,
Chicago, IL 60606 Promus Capital (since 2008); formerly, CEO and
President, Northern Trust Global Investments (2004-
2007); Executive Vice President, Quantitative
Management & Securities Lending (2000-2004); prior
thereto, various positions with Northern Trust
Company (since 1994); member: Goodman Theatre Board
(since 2004), Chicago Fellowship Boards (since
2005), University of Illinois Leadership Council
Board (since 2007) and Catalyst Schools of Chicago
Board (since 2008); formerly, member: Northern
Trust Mutual Funds Board (2005-2007), Northern
Trust Global Investments Board (2004-2007),
Northern Trust Japan Board (2004-2007), Northern
Trust Securities Inc. Board (2003-2007) and
Northern Trust Hong Kong Board (1997-2004).
Interested Board Member:
o JOHN P. AMBOIAN(2) Chief Executive Officer (since July 2007), Director
6/14/61 (since 1999) and Chairman (since 2007) of Nuveen
333 W. Wacker Drive Board Member 2008 200 Investments, Inc.; Chief Executive Officer (since
Chicago, IL 60606 2007) of Nuveen Asset Management, Nuveen
Investments Advisors, Inc.; President (since 2005)
of Nuveen Commodities Asset Management, LLC.
Nuveen Investments 119
Board Members & Officers (continued)
NAME, POSITION(S) HELD YEAR FIRST NUMBER PRINCIPAL
BIRTHDATE WITH THE FUNDS ELECTED OR OF PORTFOLIOS OCCUPATION(S)
AND ADDRESS APPOINTED(3) IN FUND COMPLEX DURING PAST 5 YEARS
OVERSEEN
BY OFFICER
Officers of the Funds:
o GIFFORD R. ZIMMERMAN Managing Director (since 2002), Assistant Secretary
9/9/56 Chief and Associate General Counsel of Nuveen
333 W. Wacker Drive Administrative 1988 200 Investments, LLC; Managing Director, Associate
Chicago, IL 60606 Officer General Counsel and Assistant Secretary, of Nuveen
Asset Management (since 2002) and of Symphony Asset
Management LLC, (since 2003); Vice President and
Assistant Secretary of NWQ Investment Management
Company, LLC. (since 2002), Nuveen Investments
Advisers Inc. (since 2002), Tradewinds Global
Investors, LLC, and Santa Barbara Asset Management,
LLC (since 2006), Nuveen HydePark Group LLC and
Nuveen Investment Solutions, Inc. (since 2007);
Managing Director (since 2004) and Assistant
Secretary (since 1994) of Nuveen Investments, Inc.;
Managing Director (since 2005) of Nuveen
Commodities Asset Management, LLC; Chartered
Financial Analyst.
o WILLIAM ADAMS IV Executive Vice President of Nuveen Investments,
6/9/55 Inc.; Executive Vice President, U.S. Structured
333 W. Wacker Drive Vice President 2007 125 Products of Nuveen Investments, LLC, (since
Chicago, IL 60606 1999), ; Executive Vice President (since 2005) of
Nuveen Commodities Asset Management, LLC.
o CEDRIC H. ANTOSIEWICZ Managing Director, (since 2004), previously, Vice
1/11/62 President (1993-2004) of Nuveen Investments, LLC.
333 W. Wacker Drive Vice President 2007 125
Chicago, IL 60606
o NIZIDA ARRIAGA Senior Vice President of Nuveen Investments, LLC
6/1/68 (since 2010); formerly, Vice President (2007-2010);
333 W. Wacker Drive Vice President 2009 200 previously, Portfolio Manager, Allstate
Chicago, IL 60606 Investments, LLC (1996-2006); Chartered Financial
Analyst.
o MICHAEL T. ATKINSON Vice President (since 2002) of Nuveen Investments,
2/3/66 Vice President LLC.; Vice President of Nuveen Asset Management
333 W. Wacker Drive and Assistant 2000 200 (since 2005).
Chicago, IL 60606 Secretary
o MARGO L. COOK Executive Vice President (since Oct 2008) of Nuveen
4/11/64 Investments, Inc.; previously, Head of
333 W. Wacker Drive Vice President 2009 200 Institutional Asset Management (2007-2008) of Bear
Chicago, IL 60606 Stearns Asset Management; Head of Institutional
Asset Mgt (1986-2007) of Bank of NY Mellon;
Chartered Financial Analyst.
o LORNA C. FERGUSON Managing Director (since 2004) of Nuveen
10/24/45 Investments, LLC and Managing Director (since 2005)
333 W. Wacker Drive Vice President 1998 200 of Nuveen Asset Management.
Chicago, IL 60606
o STEPHEN D. FOY Vice President (since 1993) and Funds Controller
5/31/54 Vice President (since 1998) of Nuveen Investments, LLC; Vice
333 W. Wacker Drive and Controller 1998 200 President (since 2005) of Nuveen Asset Management;
Chicago, IL 60606 Certified Public Accountant.
o SCOTT S. GRACE Managing Director, Corporate Finance & Development,
8/20/70 Vice President Treasurer (since September 2009) of Nuveen
333 W. Wacker Drive and Treasurer 2009 200 Investments, LLC; Managing Director and Treasurer
Chicago, IL 60606 of Nuveen Asset Management (since 2009); formerly,
Treasurer (2006-2009), Senior Vice President
(2008-2009), previously, Vice President (2006-2008)
of Janus Capital Group, Inc.; formerly, Senior
Associate in Morgan Stanley's Global Financial
Services Group (2000-2003); Chartered Accountant
Designation.
120 Nuveen Investments
NAME, POSITION(S) HELD YEAR FIRST NUMBER PRINCIPAL
BIRTHDATE WITH THE FUNDS ELECTED OR OF PORTFOLIOS OCCUPATION(S)
AND ADDRESS APPOINTED(3) IN FUND COMPLEX DURING PAST 5 YEARS
OVERSEEN
BY OFFICER
Officers of the Funds:
o WILLIAM T. HUFFMAN Chief Operating Officer, Municipal Fixed Income
5/7/69 (since 2008) of Nuveen Asset Management; previously,
333 W. Wacker Drive Vice President 2009 136 Chairman, President and Chief Executive Officer (2002
Chicago, IL 60606 - 2007) of Northern Trust Global Advisors, Inc. and
Chief Executive Officer (2007) of Northern Trust
Global Investments Limited; Certified Public
Accountant.
o WALTER M. KELLY Senior Vice President (since 2008), Vice President
2/24/70 Chief Compliance (2006-2008) formerly, Assistant Vice President and
333 W. Wacker Drive Officer and 2003 200 Assistant General Counsel (2003-2006) of Nuveen
Chicago, IL 60606 Vice President Investments, LLC; Senior Vice President (since 2008),
formerly, Vice President (2006-2008) and Assistant
Secretary (since 2008) of Nuveen Asset Management.
o DAVID J. LAMB Senior Vice President (since 2009), formerly, Vice
3/22/63 President (2000-2009) of Nuveen Investments, LLC;
333 W. Wacker Drive Vice President 2000 200 Vice President (since 2005) of Nuveen Asset
Chicago, IL 60606 Management; Certified Public Accountant.
o TINA M. LAZAR Senior Vice President (since 2009), formerly, Vice
8/27/61 President of Nuveen Investments, LLC (1999-2009);
333 W. Wacker Drive Vice President 2002 200 Vice President of Nuveen Asset Management (since
Chicago, IL 60606 2005).
o LARRY W. MARTIN Senior Vice President (since 2010), formerly, Vice
7/27/51 Vice President President (1993-2010), Assistant Secretary and
333 W. Wacker Drive and Assistant 1988 200 Assistant General Counsel of Nuveen Investments, LLC;
Chicago, IL 60606 Secretary Vice President (since 2005) and Assistant Secretary
of Nuveen Investments, Inc.; Vice President (since
2005) and Assistant Secretary (since 1997) of Nuveen
Asset Management; Vice President and Assistant
Secretary of Nuveen Investments Advisers Inc. (since
2002); NWQ Investment Management Company, LLC (since
2002), Symphony Asset Management LLC (since 2003),
Tradewinds Global Investors, LLC, Santa Barbara Asset
Management LLC (since 2006) and of Nuveen HydePark
Group, LLC and Nuveen Investment Solutions, Inc.
(since 2007).
o KEVIN J. MCCARTHY Managing Director (since 2008), formerly, Vice
3/26/66 Vice President President (2007-2008), Nuveen Investments, LLC;
333 W. Wacker Drive and Secretary 2007 200 Managing Director (since 2008), formerly, Vice
Chicago, IL 60606 President, and Assistant Secretary, Nuveen Asset
Management, and Nuveen Investments Holdings, Inc.;
Vice President (since 2007) and Assistant Secretary,
Nuveen Investment Advisers Inc., NWQ Investment
Management Company, LLC, Tradewinds Global Investors
LLC, NWQ Holdings, LLC, Symphony Asset Management
LLC, Santa Barbara Asset Management LLC, Nuveen
HydePark Group, LLC and Nuveen Investment Solutions,
Inc. (since 2007); prior thereto, Partner, Bell, Boyd
& Lloyd LLP (1997-2007).
o JOHN V. MILLER Chief Investment Officer and Managing Director (since
4/10/67 2007), formerly, Vice President (2002-2007) of Nuveen
333 W. Wacker Drive Vice President 2007 136 Asset Management and Managing Director (since 2007),
Chicago, IL 60606 formerly Vice President (2002-2007) Nuveen
Investments, LLC; Chartered Financial Analyst.
Nuveen Investments 121
Board Members & Officers (continued)
NAME, POSITION(S) HELD YEAR FIRST NUMBER PRINCIPAL
BIRTHDATE WITH THE FUNDS ELECTED OR OF PORTFOLIOS OCCUPATION(S)
AND ADDRESS APPOINTED(3) IN FUND COMPLEX DURING PAST 5 YEARS
OVERSEEN
BY OFFICER
Officers of the Funds:
o GREGORY MINO Senior Vice President (since 2010) of Nuveen
1/4/71 Investments, LLC, formerly, Vice President
333 W. Wacker Drive Vice President 2009 200 (2008-2010); previously, Director (2004-2007)
Chicago, IL 60606 and Executive Director (2007-2008) of UBS
Global Asset Management; previously, Vice
President (2000-2003) and Director (2003-2004)
of Merrill Lynch Investment Managers; Chartered
Financial Analyst.
o CHRISTOPHER M. ROHRBACHER Vice President, Nuveen Investments, LLC (since
8/1/71 Vice President 2008); Vice President and Assistant Secretary,
333 W. Wacker Drive and Assistant 2008 200 Nuveen Asset Management (since 2008); prior
Chicago, IL 60606 Secretary thereto, Associate, Skadden, Arps, Slate,
Meagher & Flom LLP (2002-2008).
o JAMES F. RUANE Vice President, Nuveen Investments, LLC (since
7/3/62 Vice President 2007); prior thereto, Partner, Deloitte &
333 W. Wacker Drive and Assistant 2007 200 Touche USA LLP (2005-2007), formerly, senior
Chicago, IL 60606 Secretary tax manager (2002-2005); Certified Public
Accountant.
o MARK L. WINGET Vice President, Nuveen Investments, LLC (since
12/21/68 Vice President 2008); Vice President and Assistant Secretary,
333 W. Wacker Drive and Assistant 2008 200 Nuveen Asset Management (since 2008); prior
Chicago, IL 60606 Secretary thereto, Counsel, Vedder Price P.C.
(1997-2007).
(1) For New Jersey Dividend Advantage (NXJ), New Jersey Dividend Advantage 2
(NUJ), New Jersey Municipal Value (NJV), Pennsylvania Investment Quality
(NQP), Pennsylvania Premium Income 2 (NPY), Pennsylvania Dividend
Advantage (NXM), Pennsylvania Dividend Advantage 2 (NVY), and Pennsylvania
Municipal Value (NPN), The Board of Trustees are divided into three
classes, Class I, Class II, and Class III, with each being elected to
serve until the third succeeding annual shareholders' meeting subsequent
to its election or thereafter in each case when its respective successors
are duly elected or appointed, except two Board Members are elected by the
holders of Preferred Shares to serve until the next annual shareholders'
meeting subsequent to its election or thereafter in each case when its
respective successors are duly elected or appointed. For New Jersey
Investment Quality (NQJ) and New Jersey Premium Income (NNJ), the Board
Members serve a one year term to serve until the next annual meeting or
until their successors shall have been duly elected and qualified. The
first year elected or appointed represents the year in which the Board
Member was first elected or appointed to any fund in the Nuveen Complex.
(2) Mr. Amboian is an interested trustee because of his position with Nuveen
Investments, Inc. and certain of its subsidiaries, which are affiliates of
the Nuveen Funds.
(3) Officers serve one year terms through July of each year. The year first
elected or appointed represents the year in which the Officer was first
elected or appointed to any fund in the Nuveen Complex.
122 Nuveen Investments
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
Nuveen Investments 123
Annual Investment Management Agreement
Approval Process (continued)
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.
124 Nuveen Investments
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 refinancing 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
back-ground, 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.
Nuveen Investments 125
Annual Investment Management Agreement
Approval Process (continued)
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
126 Nuveen Investments
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 regu-
latory 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
Nuveen Investments 127
Annual Investment Management Agreement
Approval Process (continued)
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
128 Nuveen Investments
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.
Nuveen Investments 129
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
130 Nuveen Investments
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.
Nuveen Investments 131
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.
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 typi-
cally 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.
132 Nuveen Investments
o LEVERAGE-ADJUSTED DURATION: Duration is a measure of the expected
period over which a bond's principal and interest will be paid, and
consequently is a measure of the sensitivity of a bond's or bond
Fund's value to changes when market interest rates change.
Generally, the longer a bond's or Fund's duration, the more the
price of the bond or Fund will change as interest rates change.
Leverage-adjusted duration takes into account the leveraging process
for a Fund and therefore is longer than the duration of the Fund's
portfolio of bonds.
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 share is calculated by
subtracting the liabilities of the Fund from its total assets and
then dividing the remainder by the number of 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.
Nuveen Investments 133
Notes
134 Nuveen Investments
Notes
Nuveen Investments 135
Notes
136 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 and/or redeem shares of its own common and/or
auction rate preferred stock in the future at such times and in such amounts as
is deemed advisable. During the period covered by this report, the Funds
repurchased and/or redeemed shares of their common and/or auction rate preferred
stock as shown in the accompanying table.
AUCTION RATE
COMMON SHARES PREFERRED SHARES
FUND REPURCHASED REDEEMED
NQJ -- 255
NNJ -- 149
NXJ -- 124
NUJ -- 55
NJV -- N/A
NQP 53,200 --
NPY 23,300 --
NXM 8,600 --
NVY -- --
NPN -- N/A
N/A - Fund does not issue Auction Rate Preferred shares.
Any future repurchases and/or redemptions will be reported to shareholders in
the next annual or semi-annual report.
Nuveen Investments 137
Nuveen Investments:
Serving Investors for Generations
Since 1898, financial advisors and their clients have relied on Nuveen
Investments to provide dependable investment solutions through continued
adherence to proven, longterm investing principles. Today, we offer a range of
high quality equity and fixed-income solutions designed to be integral
components of a well-diversified core portfolio.
FOCUSED ON MEETING INVESTOR NEEDS.
Nuveen Investments is a global investment management firm that seeks to help
secure the long-term goals of institutions and high net worth investors as well
as the consultants and financial advisors who serve them. We market our growing
range of specialized investment solutions under the high-quality brands of
HydePark, NWQ, Nuveen, Santa Barbara, Symphony, Tradewinds and Winslow Capital.
In total, Nuveen Investments managed approximately $150 billion of assets on
March 31, 2010.
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To learn more about how the products and services of Nuveen Investments may be
able to help you meet your financial goals, talk to your financial advisor, or
call us at (800) 257-8787. Please read the information provided carefully before
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considerations, charges and expenses of any investment carefully. Where
applicable, be sure to obtain a prospectus, which contains this and other
relevant information. To obtain a prospectus, please contact your securities
representative or NUVEEN INVESTMENTS, 333 W. WACKER DR., CHICAGO, IL 60606.
Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at: WWW.NUVEEN.COM/CEF
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EAN-A-0410D
ITEM 2. CODE OF ETHICS.
As of the end of the period covered by this report, the registrant has adopted a
code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer or controller, or
persons performing similar functions. There were no amendments to or waivers
from the Code during the period covered by this report. The registrant has
posted the code of ethics on its website at www.nuveen.com/CEF/Info/Shareholder.
(To view the code, click on Fund Governance and then click on Code of Conduct.)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The registrant's Board of Directors or Trustees ("Board") determined that the
registrant has at least one "audit committee financial expert" (as defined in
Item 3 of Form N-CSR) serving on its Audit Committee. The registrant's audit
committee financial expert is Jack B. Evans, who is "independent" for purposes
of Item 3 of Form N-CSR.
Mr. Evans was formerly President and Chief Operating Officer of SCI Financial
Group, Inc., a full service registered broker-dealer and registered investment
adviser ("SCI"). As part of his role as President and Chief Operating Officer,
Mr. Evans actively supervised the Chief Financial Officer (the "CFO") and
actively supervised the CFO's preparation of financial statements and other
filings with various regulatory authorities. In such capacity, Mr. Evans was
actively involved in the preparation of SCI's financial statements and the
resolution of issues raised in connection therewith. Mr. Evans has also served
on the audit committee of various reporting companies. At such companies, Mr.
Evans was involved in the oversight of audits, audit plans, and the preparation
of financial statements. Mr. Evans also formerly chaired the audit committee of
the Federal Reserve Bank of Chicago.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Nuveen New Jersey Dividend Advantage Municipal Fund
The following tables show the amount of fees that Ernst & Young LLP, the Fund's
auditor, billed to the Fund during the Fund's last two full fiscal years. For
engagements with Ernst & Young LLP the Audit Committee approved in advance all
audit services and non-audit services that Ernst & Young LLP provided to the
Fund, except for those non-audit services that were subject to the pre-approval
exception under Rule 2-01 of Regulation S-X (the "pre-approval exception"). The
pre-approval exception for services provided directly to the Fund waives the
pre-approval requirement for services other than audit, review or attest
services if: (A) the aggregate amount of all such services provided constitutes
no more than 5% of the total amount of revenues paid by the Fund to its
accountant during the fiscal year in which the services are provided; (B) the
Fund did not recognize the services as non-audit services at the time of the
engagement; and (C) the services are promptly brought to the Audit Committee's
attention, and the Committee (or its delegate) approves the services before the
audit is completed.
The Audit Committee has delegated certain pre-approval responsibilities to its
Chairman (or, in his absence, any other member of the Audit Committee).
SERVICES THAT THE FUND'S AUDITOR BILLED TO THE FUND
AUDIT FEES BILLED AUDIT-RELATED FEES TAX FEES ALL OTHER FEES
FISCAL YEAR ENDED TO FUND (1) BILLED TO FUND (2) BILLED TO FUND (3) BILLED TO FUND (4)
----------------------------------------------------------------------------------------------------------------------------
April 30, 2010 $ 11,876 $ 0 $ 0 $ 850
----------------------------------------------------------------------------------------------------------------------------
Percentage approved 0% 0% 0% 0%
pursuant to
pre-approval
exception
----------------------------------------------------------------------------------------------------------------------------
April 30, 2009 $ 11,738 $ 0 $ 0 $ 850
----------------------------------------------------------------------------------------------------------------------------
Percentage approved 0% 0% 0% 0%
pursuant to
pre-approval
exception
----------------------------------------------------------------------------------------------------------------------------
(1) "Audit Fees" are the aggregate fees billed for professional services for
the audit of the Fund's annual financial statements and services provided
in connection with statutory and regulatory filings or engagements.
(2) "Audit Related Fees" are the aggregate fees billed for assurance and
related services reasonably related to the performance of the audit or
review of financial statements and are not reported under "Audit Fees".
(3) "Tax Fees" are the aggregate fees billed for professional services for tax
advice, tax compliance, and tax planning.
(4) "All Other Fees" are the aggregate fees billed for products and services
for agreed upon procedures engagements performed for leveraged funds.
SERVICES THAT THE FUND'S AUDITOR BILLED TO THE
ADVISER AND AFFILIATED FUND SERVICE PROVIDERS
The following tables show the amount of fees billed by Ernst & Young LLP to
Nuveen Asset Management ("NAM" or the "Adviser"), and any entity controlling,
controlled by or under common control with NAM that provides ongoing services to
the Fund ("Affiliated Fund Service Provider"), for engagements directly related
to the Fund's operations and financial reporting, during the Fund's last two
full fiscal years.
The tables also show the percentage of fees subject to the pre-approval
exception. The pre-approval exception for services provided to the Adviser and
any Affiliated Fund Service Provider (other than audit, review or attest
services) waives the pre-approval requirement if: (A) the aggregate amount of
all such services provided constitutes no more than 5% of the total amount of
revenues paid to Ernst & Young LLP by the Fund, the Adviser and Affiliated Fund
Service Providers during the fiscal year in which the services are provided that
would have to be pre-approved by the Audit Committee; (B) the Fund did not
recognize the services as non-audit services at the time of the engagement; and
(C) the services are promptly brought to the Audit Committee's attention, and
the Committee (or its delegate) approves the services before the Fund's audit is
completed.
FISCAL YEAR ENDED AUDIT-RELATED FEES TAX FEES BILLED TO ALL OTHER FEES
BILLED TO ADVISER AND ADVISER AND BILLED TO ADVISER
AFFILIATED FUND AFFILIATED FUND AND AFFILIATED FUND
SERVICE PROVIDERS SERVICE PROVIDERS SERVICE PROVIDERS
----------------------------------------------------------------------------------------------------------
April 30, 2010 $ 0 $ 0 $ 0
----------------------------------------------------------------------------------------------------------
Percentage approved 0% 0% 0%
pursuant to
pre-approval
exception
----------------------------------------------------------------------------------------------------------
April 30, 2009 $ 0 $ 0 $ 0
----------------------------------------------------------------------------------------------------------
Percentage approved 0% 0% 0%
pursuant to
pre-approval
exception
----------------------------------------------------------------------------------------------------------
NON-AUDIT SERVICES
The following table shows the amount of fees that Ernst & Young LLP billed
during the Fund's last two full fiscal years for non-audit services. The Audit
Committee is required to pre-approve non-audit services that Ernst & Young LLP
provides to the Adviser and any Affiliated Fund Services Provider, if the
engagement related directly to the Fund's operations and financial reporting
(except for those subject to the pre-approval exception described above). The
Audit Committee requested and received information from Ernst & Young LLP about
any non-audit services that Ernst & Young LLP rendered during the Fund's last
fiscal year to the Adviser and any Affiliated Fund Service Provider. The
Committee considered this information in evaluating Ernst & Young LLP's
independence.
FISCAL YEAR ENDED TOTAL NON-AUDIT FEES
BILLED TO ADVISER AND
AFFILIATED FUND SERVICE TOTAL NON-AUDIT FEES
PROVIDERS (ENGAGEMENTS BILLED TO ADVISER AND
RELATED DIRECTLY TO THE AFFILIATED FUND SERVICE
TOTAL NON-AUDIT FEES OPERATIONS AND FINANCIAL PROVIDERS (ALL OTHER
BILLED TO FUND REPORTING OF THE FUND) ENGAGEMENTS) TOTAL
-------------------------------------------------------------------------------------------------------------------------
April 30, 2010 $ 850 $ 0 $ 0 $ 850
April 30, 2009 $ 850 $ 0 $ 0 $ 850
"Non-Audit Fees billed to Fund" for both fiscal year ends represent "Tax Fees"
and "All Other Fees" billed to Fund in their respective amounts from the
previous table.
Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit
Committee must approve (i) all non-audit services to be performed for the Fund
by the Fund's independent accountants and (ii) all audit and non-audit services
to be performed by the Fund's independent accountants for the Affiliated Fund
Service Providers with respect to operations and financial reporting of the
Fund. Regarding tax and research projects conducted by the independent
accountants for the Fund and Affiliated Fund Service Providers (with respect to
operations and financial reports of the Fund) such engagements will be (i)
pre-approved by the Audit Committee if they are expected to be for amounts
greater than $10,000; (ii) reported to the Audit Committee chairman for his
verbal approval prior to engagement if they are expected to be for amounts under
$10,000 but greater than $5,000; and (iii) reported to the Audit Committee at
the next Audit Committee meeting if they are expected to be for an amount under
$5,000.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
The registrant's Board has a separately designated Audit Committee established
in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934,
as amended (15 U.S.C. 78c(a)(58)(A)). The members of the audit committee are
Robert P. Bremner, Jack B. Evans, Terence J. Toth, William J. Schneider and
David J. Kundert.
ITEM 6. SCHEDULE OF INVESTMENTS.
a) See Portfolio of Investments in Item 1.
b) Not applicable.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
The registrant invests its assets primarily in municipal bonds and cash
management securities. On rare occasions the registrant may acquire, directly or
through a special purpose vehicle, equity securities of a municipal bond issuer
whose bonds the registrant already owns when such bonds have deteriorated or are
expected shortly to deteriorate significantly in credit quality. The purpose of
acquiring equity securities generally will be to acquire control of the
municipal bond issuer and to seek to prevent the credit deterioration or
facilitate the liquidation or other workout of the distressed issuer's credit
problem. In the course of exercising control of a distressed municipal issuer,
NAM may pursue the registrant's interests in a variety of ways, which may entail
negotiating and executing consents, agreements and other arrangements, and
otherwise influencing the management of the issuer. NAM does not consider such
activities proxy voting for purposes of Rule 206(4)-6 under the 1940 Act, but
nevertheless provides reports to the registrant's Board on its control
activities on a quarterly basis.
In the rare event that a municipal issuer were to issue a proxy or that the
registrant were to receive a proxy issued by a cash management security, NAM
would either engage an independent third party to determine how the proxy should
be voted or vote the proxy with the consent, or based on the instructions, of
the registrant's Board or its representative. A member of NAM's legal department
would oversee the administration of the voting, and ensure that records were
maintained in accordance with Rule 206(4)-6, reports were filed with the SEC on
Form N-PX, and the results provided to the registrant's Board and made available
to shareholders as required by applicable rules.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
THE PORTFOLIO MANAGER
The following individual has primary responsibility for the day-to-day
implementation of the registrant's investment strategies:
NAME FUND
Cathryn P. Steeves Nuveen New Jersey Dividend Advantage Municipal Fund
Other Accounts Managed. In addition to managing the registrant, the portfolio
manager is also primarily responsible for the day-to-day portfolio management of
the following accounts:
TYPE OF ACCOUNT NUMBER OF
PORTFOLIO MANAGER MANAGED ACCOUNTS ASSETS
--------------------------------------------------------------------------------
Cathryn P. Steeves Registered Investment Company 44 $8.19 billion
Other Pooled Investment Vehicles 0 $0
Other Accounts 0 $0
* Assets are as of April 30, 2010. None of the assets in these accounts are
subject to an advisory fee based on performance.
Compensation. Each portfolio manager's compensation consists of three basic
elements--base salary, cash bonus and long-term incentive compensation. The
compensation strategy is to annually compare overall compensation to the market
in order to create a compensation structure that is competitive and consistent
with similar financial services companies. As discussed below, several factors
are considered in determining each portfolio manager's total compensation. In
any year these factors may include, among others, the effectiveness of the
investment strategies recommended by the portfolio manager's investment team,
the investment performance of the accounts managed by the portfolio manager, and
the overall performance of Nuveen Investments, Inc. (the parent company of NAM).
Although investment performance is a factor in determining the portfolio
manager's compensation, it is not necessarily a decisive factor. The portfolio
manager's performance is evaluated in part by comparing manager's performance
against a specified investment benchmark. This fund-specific benchmark is a
customized subset (limited to bonds in each Fund's specific state and with
certain maturity parameters) of the S&P/Investortools Municipal Bond index, an
index comprised of bonds held by managed municipal bond fund customers of
Standard & Poor's Securities Pricing, Inc. that are priced daily and whose fund
holdings aggregate at least $2 million. As of March 31, 2010, the
S&P/Investortools Municipal Bond index was comprised of 54,797 securities with
an aggregate current market value of $1,187 billion..
Base salary. Each portfolio manager is paid a base salary that is set at a level
determined by NAM in accordance with its overall compensation strategy discussed
above. NAM is not under any current contractual obligation to increase a
portfolio manager's base salary.
Cash bonus. Each portfolio manager is also eligible to receive an annual cash
bonus. The level of this bonus is based upon evaluations and determinations made
by each portfolio manager's supervisors, along with reviews submitted by his
peers. These reviews and evaluations often take into account a number of
factors, including the effectiveness of the investment strategies recommended to
the NAM's investment team, the performance of the accounts for which he serves
as portfolio manager relative to any benchmarks established for those accounts,
his effectiveness in communicating investment performance to stockholders and
their representatives, and his contribution to the NAM's investment process and
to the execution of investment strategies. The cash bonus component is also
impacted by the overall performance of Nuveen Investments, Inc. in achieving its
business objectives.
Long-term incentive compensation. In connection with the acquisition of Nuveen
Investments, Inc., by a group of investors lead by Madison Dearborn Partners in
November 2007, certain employees, including portfolio managers, received profit
interests in Nuveen's parent. These profit interests entitle the holders to
participate in the appreciation in the value of Nuveen beyond the issue date and
vest over five to seven years, or earlier in the case of a liquidity event. In
addition, in July 2009, Nuveen Investments created and funded a trust, as part
of a newly-established incentive program, which purchased shares of certain
Nuveen Mutual Funds and awarded such shares, subject to vesting, to certain
employees, including portfolio managers.
Material Conflicts of Interest. Each portfolio manager's simultaneous management
of the registrant and the other accounts noted above may present actual or
apparent conflicts of interest with respect to the allocation and aggregation of
securities orders placed on behalf of the Registrant and the other account. NAM,
however, believes that such potential conflicts are mitigated by the fact that
the NAM has adopted several policies that address potential conflicts of
interest, including best execution and trade allocation policies that are
designed to ensure (1) that portfolio management is seeking the best price for
portfolio securities under the circumstances, (2) fair and equitable allocation
of investment opportunities among accounts over time and (3) compliance with
applicable regulatory requirements. All accounts are to be treated in a
non-preferential manner, such that allocations are not based upon account
performance, fee structure or preference of the portfolio manager, although the
allocation procedures may provide allocation preferences to funds with special
characteristics (such as favoring state funds versus national funds for
allocations of in-state bonds). In addition, NAM has adopted a Code of Conduct
that sets forth policies regarding conflicts of interest.
Beneficial Ownership of Securities. As of the April 30, 2010, the portfolio
manager beneficially owned the following dollar range of equity securities
issued by the Registrant and other Nuveen Funds managed by NAM's municipal
investment team.
DOLLAR RANGE OF
EQUITY SECURITIES
DOLLAR RANGE OF BENEFICIALLY OWNED
EQUITY IN THE REMAINDER OF
SECURITIES NUVEEN FUNDS MANAGED
BENEFICIALLY BY NAM'S MUNICIPAL
NAME OF PORTFOLIO MANAGER FUND OWNED IN FUND INVESTMENT TEAM
----------------------------------------------------------------------------------------------------------------
Cathryn P. Steeves Nuveen New Jersey Dividend Advantage Municipal Fund $0 $10,000-$50,000
PORTFOLIO MANAGER BIO:
Cathryn P. Steeves, PhD, Vice President of NAM, is currently a portfolio manager
for 45 state-specific municipal bond funds. She joined Nuveen in 1996 and worked
as a senior analyst in the healthcare sector. Ms. Steeves has an undergraduate
degree from Wake Forest University as well as an MA, an MPhil and a PhD from
Columbia University.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which shareholders may
recommend nominees to the registrant's Board implemented after the registrant
last provided disclosure in response to this item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial officers,
or persons performing similar functions, have concluded that the
registrant's disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940, as amended (the
"1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within
90 days of the filing date of this report that includes the disclosure
required by this paragraph, based on their evaluation of the controls
and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR
270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934, as amended (the "Exchange Act")
(17 CFR 240.13a-15(b) or 240.15d-15(b)).
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act
(17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter
of the period covered by this report that has materially affected, or
is reasonably likely to materially affect, the registrant's internal
control over financial reporting.
ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit: Not applicable
because the code is posted on registrant's website at www.nuveen.com/CEF/Info/
Shareholder and there were no amendments during the period covered by this
report. (To view the code, click on Fund Governance and then Code of Conduct.)
(a)(2) A separate certification for each principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2(a) under
the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: Ex-99.CERT
Attached hereto.
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under
the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the
report by or on behalf of the registrant to 10 or more persons. Not applicable.
(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act,
provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR
270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR
240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of
the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished
pursuant to this paragraph will not be deemed "filed" for purposes of Section 18
of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of
that section. Such certification will not be deemed to be incorporated by
reference into any filing under the Securities Act of 1933 or the Exchange Act,
except to the extent that the registrant specifically incorporates it by
reference. Ex-99.906 CERT attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen New Jersey Dividend Advantage Municipal Fund
-----------------------------------------------------------
By (Signature and Title) /s/ Kevin J. McCarthy
----------------------------------------------
Kevin J. McCarthy
Vice President and Secretary
Date: July 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: July 8, 2010
-------------------------------------------------------------------
By (Signature and Title) /s/ Stephen D. Foy
----------------------------------------------
Stephen D. Foy
Vice President and Controller
(principal financial officer)
Date: July 8, 2010
-------------------------------------------------------------------