Semiannual Report December 31, 2001
Municipal Closed-End
Exchange-Traded
Funds
Dependable, tax-free income to help
you keep more of what you earn.
Logo: Nuveen Investments
NEW JERSEY
NQJ
NNJ
NXJ
PENNSYLVANIA
NQP
NPY
NXM
Photo of: Family riding bikes.
Photo of: Mother, daughter and grandson.
Photo of: Computer mouse
Photo of: Clouds
LESS MAIL,
MORE FREEDOM
WITH ONLINE
FUND REPORTS
There is a new way to receive your
Nuveen Fund updates faster than ever.
Nuveen now can link you with
electronic versions of the important
financial information we send you by regular mail.
By registering for online access via the internet, you will be able to view and
save the Fund information you currently receive in the mail. This information
can be stored on your computer and retrieved any time. In addition, you can
select only the specific pages you want to view or print.
With this new service, you'll receive an e-mail notice the moment Fund reports
are ready. This notice will contain a link to the report - all you have to do is
click your computer mouse on the internet address provided. You'll be saving
time, as well as saving your Fund paper, printing and distribution expenses.
Registering for electronic access is easy and only takes a few minutes. (see box
at right)
The e-mail address you provide is strictly confidential and will not be used for
anything other than notifications of shareholder information.
And if you decide you don't like receiving your reports electronically, it's a
simple process to go back to regular mail delivery.
SIGN UP TODAY--Here's what you need to do...
IF YOUR NUVEEN FUND
DIVIDENDS ARE
PAID TO YOUR
BROKERAGE ACCOUNT,
FOLLOW THE STEPS
OUTLINED BELOW:
1 Go to WWW.INVESTORDELIVERY.COM
2 Look at the address sheet that accompanied this report. Enter the personal
13-CHARACTER ENROLLMENT NUMBER imprinted near your name on the address
sheet.
3 You'll be taken to a page with several options. Select the NEW
ENROLLMENT-CREATE screen. Once there, enter your e-mail address (e.g.
yourID@providerID.com), and a personal, 4-digit PIN of your choice. (Pick a
number that's easy to remember.)
4 Click Submit. Confirm the information you just entered is correct, then
click Submit again.
5 You should get a confirmation e-mail within 24 hours. If you do not, go
back through these steps to make sure all the information is correct.
6 Use this same process if you need to change your registration information
or cancel internet viewing.
IF YOUR NUVEEN FUND
DIVIDENDS
COME DIRECTLY TO
YOU FROM NUVEEN,
FOLLOW THE STEPS
OUTLINED BELOW:
1 Go to WWW.NUVEEN.COM
2 Select the Access Account tab. Select the E-REPORT ENROLLMENT section.
Click on Enrollment Page.
3 You'll be taken to a screen that asks for your social security number and
e-mail address. Fill in this information, then click Enroll.
4 You should get a confirmation e-mail within 24 hours. If you do not, go
back through these steps to make sure all the information is correct.
5 Use this same process if you need to change your registration information
or cancel internet viewing.
Photo of: Timothy R. Schwertfeger
Chairman of the Board
Sidebar text: "A diversified portfolio can leave you well positioned to reduce
overall investment risk."
In the aftermath of September 11, the financial markets have reacted with
volatility and uncertainty as investors attempt to better understand how the
U.S. and world economies are likely to perform in the months ahead. It's too
soon to tell what the long-term impact will be on the markets or your Fund, but
one thing that is increasingly clear to us is that a diversified portfolio that
includes high quality municipal bonds can leave you well positioned to reduce
overall investment volatility.
For example, during the period covered by this report, all of these Nuveen Funds
continued to meet their primary objectives of providing attractive monthly
income from a portfolio of high quality municipal bonds. Detailed information on
your Fund's performance can be found in the Portfolio Managers' Comments and
Performance Overview sections of this report. I urge you to take the time to
read them.
In addition to providing you with steady tax-free income, your Nuveen Fund also
features several characteristics that can help make it an essential part of your
overall investment strategy. These include careful research, constant
surveillance and judicious trading by Nuveen's seasoned portfolio management
team, with every action designed to supplement income, improve Fund structure,
better adapt to current market conditions or increase diversification. In
turbulent times like these, prudent
investors understand the importance of diversification, balance, and risk
management, all attributes your Nuveen Fund can bring to your portfolio.
For more than 100 years, Nuveen has specialized in offering quality investments
such as these Nuveen Funds to those seeking to accumulate and preserve wealth
and establish a lasting legacy. Our mission continues to be to assist you and
your financial advisor by offering the investment services and products that can
help you invest well and leave your mark for future generations. We thank you
for continuing to choose Nuveen Investments as your partner as you work toward
that goal.
Sincerely,
/s/Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
February 15, 2002
Sidebar text: "Today, perhaps more than ever, investors have the ability to
make a lasting impact on their families and their world for generations
to come."
Nuveen New Jersey and Pennsylvania Municipal Closed-End Exchange-Traded Funds
(NQJ, NNJ, NXJ, NQP, NPY, NXM)
Portfolio Managers'
Comments
Portfolio managers Tom Spalding and Tom O'Shaughnessy review economic and market
conditions, key strategies, and recent Fund performance. A 25-year veteran of
Nuveen, Tom Spalding assumed portfolio management responsibility for NQJ, NNJ
and NXJ in March 2001. Tom O'Shaughnessy, who has been with Nuveen since 1983,
has managed NQP since 1991 and NPY since 1995, and added NXM upon its inception
in March 2001.
WHAT FACTORS HAD THE GREATEST INFLUENCE ON THE U.S. ECONOMY AND THE MUNICIPAL
MARKET DURING THIS REPORTING PERIOD?
The two major forces at work during the twelve months ended December 31, 2001,
were the continued slowdown in economic growth and the Federal Reserve's
aggressive approach to easing short-term interest rates. While these two factors
had a great impact over the entire period covered in this report, the tragic
events of September 11 and their aftermath also have had a profound effect on
the economy and the markets.
In January 2001, the Fed embarked on a series of interest rate cuts designed to
stimulate the sluggish U.S. economy. As of December 31, 2001, the fed funds rate
was 1.75%, its lowest level since 1961. The consensus among many market
observers is that the Fed could decide to cut rates yet again if signs of a
significant economic slowdown continue.
In the municipal market, the general environment of the past twelve months
helped many fixed-income securities perform well. The Fed's interest rate cuts
created favorable conditions for both new municipal issuance and refundings,
resulting in the highest annual level of new municipal supply--$286.3
billion--since 1993, and an increase of 43% over 2000. On the demand side,
municipal bonds continued to be highly sought after by individual investors
looking for diversification, tax-free income, quality, and an alternative to a
volatile stock market. In addition to individuals, institutional investors also
were active buyers in the new issue market during 2001.
HOW WAS THE ECONOMIC AND MARKET ENVIRONMENT IN NEW JERSEY AND PENNSYLVANIA?
TOM SPALDING: During 2001, both the national recession and the events of
September 11 impacted New Jersey, resulting in a general economic slowdown in
the state. While repercussions from the terrorist attacks led to increased
business costs and reduced productivity in some areas, particularly the
transportation and telecommunications sectors, real estate markets in New Jersey
benefited from the relocation of businesses from New York City. Overall, the
state saw its unemployment number rise to 4.9% in December 2001, up
significantly from the 3.8% a year earlier. While many expect the New Jersey
economy to begin a rebound in 2002, collection of income and sales taxes could
continue to slow, with some expecting the state to experience a budget deficit.
During 2001, municipal issuance in New Jersey totaled $9.68 billion, up 13% from
2000. This relatively tight supply compared with national levels helped to boost
the price of New Jersey bonds. In the aftermath of September 11, New Jersey's
credit quality ratings of Aa1/AA+/AA+ were affirmed by the three major rating
agencies.
TOM O'SHAUGHNESSY: Pennsylvania saw a much greater increase in municipal supply
during 2001, with total issuance of $13.2 billion, up almost 100% over 2000
levels. However, issuance was not evenly distributed throughout the year. The
market experienced a large influx of supply in November and December in
particular. In October 2001, Moody's upgraded Pennsylvania debt to Aa2 from Aa3,
while both Standard & Poor's and Fitch maintained their AA ratings. Over the
past twelve months, the commonwealth experienced economic slowing in several
sectors, including retail trade, service industries, and construction. The
Pennsylvania economy, with its high concentration of manufacturing jobs, has
also been particularly hard-hit by the national recession in that sector. As of
December 2001, Pennsylvania's unemployment rate was 5.1%, up from 4.4% in
December 2000 but below the December 2001 national average of 5.8%. Despite a
slowdown in the overall economy, the presence
of a highly skilled workforce enabled per capita income levels in Pennsylvania
to remain above national averages during 2001. However, aging demographics,
weakness in manufacturing, and a relatively low concentration of high-growth
industries could limit Pennsylvania's prospects for long-term growth.
HOW DID THE NUVEEN FUNDS FOR NEW JERSEY AND PENNSYLVANIA PERFORM OVER THE PAST
TWELVE MONTHS?
For the year ended December 31, 2001, the four older Nuveen Municipal Closed-End
Exchange-Traded Funds covered in this report produced total annual returns on
net asset value (NAV) as shown in the accompanying table. The annual returns for
the Lehman Brothers Municipal Bond Index1 and relevant Lipper Peer Groups2 are
also presented.
TOTAL RETURN LEHMAN LIPPER
MARKET YIELD ON NAV TOTAL RETURN1 AVERAGE2
--------------------------------------------------------------------------------
1 YEAR 1 YEAR 1 YEAR
TAXABLE- ENDED ENDED ENDED
12/31/01 EQUIVALENT3 12/31/01 12/31/01 12/31/01
--------------------------------------------------------------------------------
NQJ 6.00% 9.23% 4.50% 5.13% 5.18%
--------------------------------------------------------------------------------
NNJ 5.70% 8.77% 5.25% 5.13% 5.18%
--------------------------------------------------------------------------------
NXJ 5.83% 8.97% NA - -
--------------------------------------------------------------------------------
NQP 6.12% 9.07% 3.06% 5.13% 4.59%
--------------------------------------------------------------------------------
NPY 6.18% 9.16% 6.34% 5.13% 4.59%
--------------------------------------------------------------------------------
NXM 5.86% 8.68% NA - -
--------------------------------------------------------------------------------
Past performance is not predictive of future results.
For additional information, see the individual Performance Overview for your
Fund in this report.
Over the past twelve months, the Fed's change in interest rate easing, combined
with favorable market technicals, created a generally positive total return
environment for municipal bonds. During the last two months of 2001, however,
amid mixed signals about the potential strength of an economic recovery, bond
market volatility increased, pushing municipal yields higher and eroding some of
the gains made during the year. During 2001, the performance of these Nuveen
Funds was influenced by market activity as well as by portfolio structure,
including duration,4 and individual holdings.
HOW DID THE MARKET ENVIRONMENT AFFECT THE FUNDS' DIVIDENDS AND SHARE PRICES?
With the Fed's move to a policy of interest rate easing during 2001, the
dividend-payment capabilities of these Funds benefited from the use of leverage,
a strategy that can potentially enhance the dividends paid to common
shareholders. This benefit is tied in part to the short-term rates these
leveraged Funds pay their MuniPreferred(R) shareholders. For example, declining
short-term rates can enable the Funds to reduce the amount of income they pay
preferred shareholders, which can leave more earnings to support common share
dividends.
During the year ended December 31, 2001, steady or falling short-term interest
rates enabled us to implement four dividend increases in NPY and three increases
in NNJ. Leverage also helped us maintain the dividends of NQJ over the past 38
months and of NQP for the past 19 months. NXJ and NXM, which were introduced in
March 2001, began paying regular monthly dividends on schedule in June and are
currently providing very attractive levels of tax-free income to shareholders.
In coming months, the lower rates currently offered by municipal securities with
shorter maturities may continue to benefit these Funds by further reducing the
amount paid to MuniPreferred shareholders. However, this could be offset to some
degree by the effect of bond calls on higher-yielding securities, especially if
refundings increase as the result of lower rates. The level of short-term rates,
the number of bond calls, and the interest rates at which we can reinvest the
proceeds of any calls will all influence the dividends of these Nuveen Funds
over the next twelve months.
Over the past year, as the stock market remained volatile and the bond market
continued to perform well, many investors turned to tax-free fixed-income
investments as a way to add balance to their portfolios and reduce overall risk
(see the charts on the individual Performance Overview pages). As investors
recognized the opportunity offered by these Funds, increased demand caused the
discount (share price below NAV) on NQP to move to a premium (share price above
NAV), while the discounts on NNJ and NPY narrowed significantly. NQJ continued
to trade at a premium over the past twelve months. The two newer Funds - NXJ and
NXM - also benefited from strong demand since their introductions in March 2001
and finished December trading at a premium.
1 The Funds' performances are compared with that of the Lehman Brothers
Municipal Bond Index, a national unleveraged index comprising a broad range
of investment-grade municipal bonds. Results for the Lehman index do not
reflect any expenses.
2 The total returns of NQJ and NNJ are compared with the average annualized
return of the eight funds in the Lipper New Jersey Municipal Debt Funds
category, while the total returns of NQP and NPY are compared with the
average annualized return of the nine funds in the Lipper Pennsylvania
Municipal Debt Funds category. Fund and Lipper returns assume reinvestment
of dividends.
3 The taxable-equivalent yield represents the yield that must be earned on a
taxable investment in order to equal the yield of the Nuveen Fund on an
after-tax basis. The taxable-equivalent yield is based on the Fund's market
yield on the indicated date and a federal income tax rate of 30.5% plus the
applicable state income tax rate. The combined federal and state tax rates
used in this report are as follows: New Jersey 35% and Pennsylvania 32.5%.
4 Duration is a measure of a fund's NAV volatility in reaction to interest
rate movements. Fund duration, also known as leverage-adjusted duration,
takes into account the leveraging process for a Fund and therefore is
generally longer than the duration of the actual portfolio of individual
bonds that make up the Fund. Unless otherwise noted, references to duration
in this commentary are intended to indicate Fund duration.
WHAT KEY STRATEGIES WERE USED TO MANAGE THESE NUVEEN FUNDS DURING THE YEAR ENDED
DECEMBER 31, 2001?
Over the past twelve months, we focused on finding attractive bonds with the
potential to support the Funds' long-term dividend-payment capabilities, enhance
total return potential, and add value and diversification. Among the sectors
where we found value were those regarded as providers of essential services,
including healthcare, education, and water and sewer bonds.
Looking specifically at the Nuveen New Jersey Funds, tighter supply in the New
Jersey market kept trading activity relatively low over the past twelve months.
As bonds were called from NQJ and NNJ, we purchased some territorial credits,
with Puerto Rico bonds offering particularly attractive yields. We may replace
these territorial bonds in NQJ and NNJ as well as in NXJ with in-state paper if
and when New Jersey issuance improves and provides more attractive options.
The New Jersey Funds also had some exposure to issues and sectors affected by
the events of September 11, including bonds issued by the Port Authority of New
York and New Jersey, the owner of the World Trade Center, and by the New Jersey
Economic Development Authority for a Continental Airlines project at Newark
Airport. Although the majority of these bonds experienced a decline immediately
after the terrorist attacks, their valuations have since improved. Many of these
holdings were insured and, in general, have not impacted the Funds' performance.
The destruction of the World Trade Center was covered to a large degree by
insurance and reserves, and the Port Authority's financial strength and the
diverse scope of its operations should help to ease the financial burden
precipitated by September 11. While Standard & Poor's placed major air carriers
and North American airports on credit watch following September 11, Moody's
current median rating for airports is A2, which is solidly investment grade. The
federal government's commitment to the air transportation sector was
demonstrated by the approval of a $15 billion airline aid package of grants and
loan guarantees. Overall, airline traffic appears to be improving, and we
continue to be positive about the long-term prospects of this sector.
In Pennsylvania, we took advantage of increased issuance in the state's
municipal market to sell some bonds approaching call dates from the portfolios
of NQP and NPY. We reinvested the proceeds in credits that we believed would
improve the structure and diversification of these two Funds. The ample supply
of Pennsylvania bonds over the past twelve months also ensured that we were able
to invest the new NXM Fund in attractive, quality bonds. Overall, our focus was
on keeping the Pennsylvania Funds fully invested and adding bonds that would
help the Funds achieve a balance between their dividend and total return
objectives. We found many of these bonds in the essential services sectors,
purchasing high-quality issues with attractive yields from smaller school
districts, water and sewer facilities, and transportation projects. While we
also added several BBB issues to NXM over the past six months in order to
enhance its yield potential, we plan to gradually reduce our allocation to this
credit sector across all three Funds through attrition and sales in order to
gravitate to higher quality issues.
All of the New Jersey and Pennsylvania Funds continue to offer excellent credit
quality, with allocations of bonds rated AAA/U.S. guaranteed and AA ranging from
70% in NXM to 88% in NQP as of December 31, 2001. All of the Funds also had a
portion of their assets invested in BBB and non-rated bonds, which serve to
enhance the Funds' income streams. The allocations to this credit sector ranged
from 3% in NNJ to 21% in NXM.
In terms of bond calls, NNJ, NXJ, NQP, and NXM offer excellent levels of call
protection in 2002 and 2003, with call exposure ranging from 1% in NXJ to 18% in
NNJ over the next 24 months. NQJ, which marked the ten-year anniversary of its
inception in 2001, and NPY, which reaches that point in 2003, are both facing
that part of their life cycles that often are associated with increased call
activity. These two Funds could potentially see as much as 29-33% of their
portfolios called in 2002 and 2003. The number of actual calls experienced by
the Funds will depend largely on market interest rates over this time.
In general, we believe the call exposure of all of these Funds is very
manageable, and we foresee no problems in working through it. Given the current
level of rates and the scarcity of supply in the New Jersey municipal market,
our general approach in the New Jersey Funds has been to hold higher-yielding
bonds as long as possible to help support the Funds' dividends, while we look
for attractive replacement opportunities. Higher supply in Pennsylvania, on the
other hand, has enabled us to take advantage of the attractive rates being paid
on the short end of the curve to sell our pre-refunded holdings before they are
called from our portfolios. This approach also allows us to trade when we find
interesting replacement opportunities (e.g., higher- yielding, longer call
protection), rather than being locked into market offerings on a specific date.
WHAT IS YOUR OUTLOOK FOR THE MUNICIPAL MARKET IN GENERAL AND THESE NUVEEN FUNDS
IN PARTICULAR?
In general, our outlook for the fixed-income markets over the next twelve months
remains positive. While the long-term economic effects of September 11 are still
being determined, we think the U.S. economy appears to be headed for a recovery,
although it may be one characterized by a slower pace of growth. We think
inflation and interest rates will remain low over the near term. Nationally, new
municipal issuance should continue to be strong, and we expect to see issuance
in New Jersey and Pennsylvania approximately at 2001 levels. At the same time,
demand for tax-exempt municipal bonds should remain robust, as investors
continue to look for ways to rebalance their portfolios and reduce risk.
In New Jersey, one of the developments we will be watching in 2002 is the
state's recent adoption of a $1.1 billion plan to refinance solid-waste facility
revenue bonds issued by a number of New Jersey counties in the early 1990s. The
plan calls for the refinanced debt to be issued by the New Jersey Economic
Development Authority, with the counties and state splitting debt service
payments. This should alleviate the problems encountered by the counties when
the revenue from operation of the solid-waste facilities was insufficient to
cover the debt service on previously issued bonds. To fill the gap, New Jersey
has been making emergency payments of up to $70 million annually to the
counties. The restructuring, which we anticipate will be completed by early fall
2002, will benefit each of the Nuveen New Jersey Funds by improving the credit
quality of our solid-waste facility holdings, which we think will result in
improving prices for these securities. The state is also expected to benefit,
with estimated savings of $95 million in financing costs.
We also continue to keep tabs on the consequences of the federal government's
decision to discontinue the 30-year Treasury bond. This action removed one of
the pricing benchmarks for the municipal market, which could result in some
pricing uncertainty and create more opportunities to add value for shareholders.
Overall, we continue to carefully monitor the fixed-income markets, especially
those sectors that were directly impacted by the events of September 11 or that
would be affected by any further deceleration in the economy. We believe the
Nuveen Funds covered in this report are currently well diversified and well
positioned for the market environment ahead, and we will continue to respond to
events as appropriate.
Over the next six months, we plan to remain focused on strategies that add value
for our shareholders, provide support for the Funds' dividends and total
returns, and fully utilize Nuveen's experience and research expertise to adjust
to any shifts in market conditions. One of our priorities will be managing
portfolio structure, including duration and credit quality, to strategically
position the Funds for a potential economic recovery. We will also continue to
work to improve call protection, especially in NQJ and NPY, and to find bonds
with the potential to enhance the Funds' total returns. One of our areas of
focus in this regard will be the essential services sectors. Overall, we believe
the Nuveen Funds for New Jersey and Pennsylvania will continue to play an
important role in investors' long-range financial programs, providing balance
and diversification, dependable tax-free income, quality investments, and a
measure of security in uncertain times such as these.
Nuveen New Jersey Investment Quality Municipal Fund, Inc.
Performance
Overview As of December 31, 2001
NQJ
Pie Chart:
CREDIT QUALITY
AAA/U.S. Guaranteed 67%
AA 14%
A 9%
BBB 4%
NR 3%
Other 3%
PORTFOLIO STATISTICS
--------------------------------------------------
Share Price $15.30
--------------------------------------------------
Net Asset Value $14.77
--------------------------------------------------
Market Yield 6.00%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 8.63%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Income Tax Rate)1 9.23%
--------------------------------------------------
Fund Net Assets ($000) $459,715
--------------------------------------------------
Average Effective Maturity (Years) 19.51
--------------------------------------------------
Leverage-Adjusted Duration 9.16
--------------------------------------------------
ANNUALIZED TOTAL RETURN (Inception 2/91)
--------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------
1-Year 2.66% 4.50%
--------------------------------------------------
5-Year 5.95% 5.55%
--------------------------------------------------
10-Year 6.42% 6.83%
--------------------------------------------------
TOP FIVE SECTORS (as a % of total investments)
--------------------------------------------------
Transportation 21%
--------------------------------------------------
Housing/Multifamily 11%
--------------------------------------------------
Healthcare 11%
--------------------------------------------------
Tax Obligation/General 10%
--------------------------------------------------
Tax Obligation/Limited 9%
--------------------------------------------------
Bar Chart:
2001 MONTHLY TAX-FREE DIVIDENDS PER SHARE
1/01 0.0765
2/01 0.0765
3/01 0.0765
4/01 0.0765
5/01 0.0765
6/01 0.0765
7/01 0.0765
8/01 0.0765
9/01 0.0765
10/01 0.0765
11/01 0.0765
12/01 0.0765
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
1/01/01 16.0000000
15.9399996
16.0000000
15.5000000
15.5600004
15.8500004
15.6499996
15.5799999
15.2900000
15.5400000
15.1599998
14.6499996
14.8299999
14.9399996
14.7900000
14.9700003
14.9600000
14.9899998
15.0600004
15.1499996
15.1700001
15.3199997
15.4399996
15.4799995
15.4399996
15.5000000
15.5799999
15.5500002
15.5299997
15.3800001
15.5500002
15.8400002
15.7100000
15.8999996
16.0000000
16.0000000
15.9700003
15.2399998
15.9399996
15.8999996
15.7200003
15.7700005
15.8199997
16.0000000
15.9399996
15.7700005
15.7500000
15.8199997
15.3500004
15.3800001
15.0900002
12/31/01 15.2399998
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen Fund on an after-tax basis. It
is calculated using the current market yield and a federal income tax rate
of 30.5%. The rate shown for federal and state highlights the added value
of owning shares that are also exempt from state income taxes. It is based
on a combined federal and state income tax rate of 35%.
Nuveen New Jersey Premium Income Municipal Fund, Inc.
Performance
Overview As of December 31, 2001
NNJ
Pie Chart:
CREDIT QUALITY
AAA/U.S. Guaranteed 68%
AA 10%
A 18%
NR 3%
Other 1%
PORTFOLIO STATISTICS
--------------------------------------------------
Share Price $14.85
--------------------------------------------------
Net Asset Value $15.15
--------------------------------------------------
Market Yield 5.70%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 8.20%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Income Tax Rate)1 8.77%
--------------------------------------------------
Fund Net Assets ($000) $273,642
--------------------------------------------------
Average Effective Maturity (Years) 15.69
--------------------------------------------------
Leverage-Adjusted Duration 9.23
--------------------------------------------------
ANNUALIZED TOTAL RETURN (Inception 12/92)
--------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------
1-Year 8.17% 5.25%
--------------------------------------------------
5-Year 7.89% 6.60%
--------------------------------------------------
Since Inception 5.78% 6.63%
--------------------------------------------------
TOP FIVE SECTORS (as a % of total investments)
--------------------------------------------------
Transportation 23%
--------------------------------------------------
Tax Obligation/Limited 15%
--------------------------------------------------
Water and Sewer 10%
--------------------------------------------------
Education and Civic Organizations 10%
--------------------------------------------------
Housing/Multifamily 9%
--------------------------------------------------
Bar Chart:
2001 MONTHLY TAX-FREE DIVIDENDS PER SHARE
1/01 0.0675
2/01 0.0675
3/01 0.0685
4/01 0.0685
5/01 0.0685
6/01 0.0695
7/01 0.0695
8/01 0.0695
9/01 0.0695
10/01 0.0695
11/01 0.0695
12/01 0.0705
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
1/01/01 15.0000000
15.1899996
15.1300001
14.8800001
15.3599997
15.4799995
15.2500000
15.1300001
14.9300003
15.0299997
14.7100000
14.1499996
14.3900003
14.7600002
14.5799999
14.8000002
14.9099998
15.0600004
14.9099998
15.0299997
14.7500000
14.6199999
14.7200003
14.8599997
15.0000000
15.1899996
15.2600002
15.0500002
15.1099997
14.9200001
15.1300001
15.3800001
15.4799995
15.4700003
15.4899998
15.4499998
15.4499998
14.6899996
15.4200001
15.3000002
15.2200003
15.0000000
15.2500000
15.4499998
15.6899996
15.1700001
15.0900002
15.5000000
15.1400003
14.8400002
14.7900000
12/31/01 14.8400002
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen Fund on an after-tax basis. It
is calculated using the current market yield and a federal income tax rate
of 30.5%. The rate shown for federal and state highlights the added value
of owning shares that are also exempt from state income taxes. It is based
on a combined federal and state income tax rate of 35%.
Nuveen New Jersey Dividend Advantage Municipal Fund
Performance
Overview As of December 31, 2001
NXJ
Pie Chart:
CREDIT QUALITY
AAA/U.S. Guaranteed 64%
AA 8%
A 18%
BBB 4%
Other 6%
PORTFOLIO STATISTICS
--------------------------------------------------
Share Price $14.61
--------------------------------------------------
Net Asset Value $13.83
--------------------------------------------------
Market Yield 5.83%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 8.39%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Income Tax Rate)1 8.97%
--------------------------------------------------
Fund Net Assets ($000) $138,517
--------------------------------------------------
Average Effective Maturity (Years) 26.34
--------------------------------------------------
Leverage-Adjusted Duration 16.68
--------------------------------------------------
TOTAL RETURN (Inception 3/01)
--------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------
Since Inception2 1.14% 0.39%
--------------------------------------------------
TOP FIVE SECTORS (as a % of total investments)
--------------------------------------------------
Healthcare 23%
--------------------------------------------------
Water and Sewer 17%
--------------------------------------------------
Transportation 16%
--------------------------------------------------
Tax Obligation/General 15%
--------------------------------------------------
Education and Civic Organizations 11%
--------------------------------------------------
Bar Chart:
2001 MONTHLY TAX-FREE DIVIDENDS PER SHARE
5/01 0.071
6/01 0.071
7/01 0.071
8/01 0.071
9/01 0.071
10/01 0.071
11/01 0.071
12/01 0.071
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
3/30/01 15.0600004
15.0900002
15.0100002
15.0900002
15.3000002
15.1899996
15.2100000
15.1499996
15.0299997
14.9899998
14.9700003
14.9300003
14.9499998
14.9899998
15.0699997
14.9799995
14.9499998
14.9300003
14.9799995
15.0600004
15.0299997
15.0799999
15.1000004
14.8900003
14.9600000
14.7900000
14.9300003
15.0299997
14.8000002
15.0400000
14.9799995
15.1000004
15.1999998
15.0000000
15.1000004
15.0600004
15.0200005
14.9899998
14.8100004
12/31/01 14.7500000
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen Fund on an after-tax basis. It
is calculated using the current market yield and a federal income tax rate
of 30.5%. The rate shown for federal and state highlights the added value
of owning shares that are also exempt from state income taxes. It is based
on a combined federal and state income tax rate of 35%.
2 Cumulative Total Return.
Nuveen Pennsylvania Investment Quality Municipal Fund
Performance
Overview As of December 31, 2001
NQP
Pie Chart:
CREDIT QUALITY
AAA/U.S. Guaranteed 68%
AA 20%
A 8%
BBB 3%
Other 1%
PORTFOLIO STATISTICS
--------------------------------------------------
Share Price $14.90
--------------------------------------------------
Net Asset Value $14.33
--------------------------------------------------
Market Yield 6.12%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 8.81%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Income Tax Rate)1 9.07%
--------------------------------------------------
Fund Net Assets ($000) $364,139
--------------------------------------------------
Average Effective Maturity (Years) 22.40
--------------------------------------------------
Leverage-Adjusted Duration 15.47
--------------------------------------------------
ANNUALIZED TOTAL RETURN (Inception 2/91)
--------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------
1-Year 15.07% 3.06%
--------------------------------------------------
5-Year 5.00% 4.47%
--------------------------------------------------
10-Year 5.81% 6.61%
--------------------------------------------------
TOP FIVE SECTORS (as a % of total investments)
--------------------------------------------------
Tax Obligation/General 19%
--------------------------------------------------
Water and Sewer 13%
--------------------------------------------------
Tax Obligation/Limited 13%
--------------------------------------------------
Education and Civic Organizations 13%
--------------------------------------------------
Housing/Single Family 10%
--------------------------------------------------
Bar Chart:
2001 MONTHLY TAX-FREE DIVIDENDS PER SHARE
1/01 0.076
2/01 0.076
3/01 0.076
4/01 0.076
5/01 0.076
6/01 0.076
7/01 0.076
8/01 0.076
9/01 0.076
10/01 0.076
11/01 0.076
12/01 0.076
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
1/01/01 14.8800001
15.2500000
15.1899996
15.3100004
15.1499996
15.0400000
15.0200005
15.0500002
15.1499996
15.3599997
15.2500000
14.8999996
14.6599998
15.0400000
14.8800001
14.8800001
15.1899996
15.0200005
15.1999998
15.2500000
15.0000000
15.1199999
15.1199999
15.0900002
15.1700001
15.1300001
15.2100000
15.2700005
15.2700005
15.3000002
15.2799997
15.6899996
15.7100000
15.5500002
15.9499998
16.1000004
16.0400009
14.6599998
15.1000004
15.8000002
15.3999996
15.5100002
15.6000004
15.6199999
15.7399998
15.4700003
15.3800001
15.3000002
15.2500000
14.8000002
14.4700003
12/31/01 14.8999996
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen Fund on an after-tax basis. It
is calculated using the current market yield and a federal income tax rate
of 30.5%. The rate shown for federal and state highlights the added value
of owning shares that are also exempt from state income taxes. It is based
on a combined federal and state income tax rate of 32.5%.
Nuveen Pennsylvania Premium Income Municipal Fund 2
Performance
Overview As of December 31, 2001
NPY
Pie Chart:
CREDIT QUALITY
AAA/U.S. Guaranteed 74%
AA 8%
A 6%
BBB 7%
NR 4%
Other 1%
PORTFOLIO STATISTICS
--------------------------------------------------
Share Price $14.07
--------------------------------------------------
Net Asset Value $14.49
--------------------------------------------------
Market Yield 6.18%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 8.89%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Income Tax Rate)1 9.16%
--------------------------------------------------
Fund Net Assets ($000) $346,338
--------------------------------------------------
Average Effective Maturity (Years) 17.97
--------------------------------------------------
Leverage-Adjusted Duration 10.58
--------------------------------------------------
ANNUALIZED TOTAL RETURN (Inception 3/93)
--------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------
1-Year 15.33% 6.34%
--------------------------------------------------
5-Year 8.62% 6.28%
--------------------------------------------------
Since Inception 5.29% 6.07%
--------------------------------------------------
TOP FIVE SECTORS (as a % of total investments)
--------------------------------------------------
U.S.Guaranteed 17%
--------------------------------------------------
Utilities 12%
--------------------------------------------------
Healthcare 11%
--------------------------------------------------
Water and Sewer 11%
--------------------------------------------------
Education and Civic Organizations 10%
--------------------------------------------------
Bar Chart:
2001 MONTHLY TAX-FREE DIVIDENDS PER SHARE
1/01 0.065
2/01 0.065
3/01 0.0665
4/01 0.0665
5/01 0.0665
6/01 0.0685
7/01 0.0685
8/01 0.0685
9/01 0.0705
10/01 0.0705
11/01 0.0705
12/01 0.0725
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
1/01/01 13.5000000
13.6899996
13.6300001
13.6300001
13.6499996
13.5400000
13.5200005
13.5299997
13.8999996
13.6499996
13.5500002
13.5500002
13.2700005
13.5200005
13.5900002
13.8000002
13.6400003
13.6499996
13.3699999
13.5100002
13.4499998
13.5500002
13.7399998
13.8299999
13.7299995
13.8699999
13.9499998
13.8299999
13.8500004
13.7399998
13.8800001
14.1800003
14.1000004
14.2200003
14.1400003
14.4499998
14.6499996
13.6499996
14.2500000
14.6499996
14.5200005
14.3900003
14.4700003
14.3599997
14.6999998
14.4399996
14.2500000
14.1099997
14.0699997
13.8999996
13.8500004
12/31/01 13.9300003
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen Fund on an after-tax basis. It
is calculated using the current market yield and a federal income tax rate
of 30.5%. The rate shown for federal and state highlights the added value
of owning shares that are also exempt from state income taxes. It is based
on a combined federal and state income tax rate of 32.5%.
Nuveen Pennsylvania Dividend Advantage Municipal Fund
Performance
Overview As of December 31, 2001
NXM
Pie Chart:
CREDIT QUALITY
AAA/U.S. Guaranteed 56%
AA 14%
A 9%
BBB 18%
NR 3%
PORTFOLIO STATISTICS
--------------------------------------------------
Share Price $14.85
--------------------------------------------------
Net Asset Value $14.39
--------------------------------------------------
Market Yield 5.86%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 8.43%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Income Tax Rate)1 8.68%
--------------------------------------------------
Fund Net Assets ($000) $72,420
--------------------------------------------------
Average Effective Maturity (Years) 26.99
--------------------------------------------------
Leverage-Adjusted Duration 18.68
--------------------------------------------------
TOTAL RETURN (Inception 3/01)
--------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------
Since Inception2 3.02% 4.51%
--------------------------------------------------
TOP FIVE SECTORS (as a % of total investments)
--------------------------------------------------
Education and Civic Organizations 20%
--------------------------------------------------
Tax Obligation/General 17%
--------------------------------------------------
Healthcare 15%
--------------------------------------------------
Tax Obligation/Limited 14%
--------------------------------------------------
Transportation 11%
--------------------------------------------------
Bar Chart:
2001 MONTHLY TAX-FREE DIVIDENDS PER SHARE3
5/01 0.0725
6/01 0.0725
7/01 0.0725
8/01 0.0725
9/01 0.0725
10/01 0.0725
11/01 0.0725
12/01 0.0725
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
3/30/01 15.1000004
15.0500002
15.1499996
15.3299999
15.0000000
15.0000000
15.0100002
15.0000000
15.0900002
14.9600000
14.8000002
14.6599998
14.6700001
14.4899998
14.7100000
14.8699999
14.8999996
14.7500000
14.9300003
15.2299995
15.0100002
15.0799999
15.1000004
15.0799999
15.0799999
14.5500002
14.5000000
14.9200001
14.8999996
14.6499996
14.7200003
15.0500002
15.5000000
14.9899998
15.1199999
15.3400002
15.2200003
14.8900003
14.5500002
12/31/01 14.8199997
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen Fund on an after-tax basis. It
is calculated using the current market yield and a federal income tax rate
of 30.5%. The rate shown for federal and state highlights the added value
of owning shares that are also exempt from state income taxes. It is based
on a combined federal and state income tax rate of 32.5%.
2 Cumulative Total Return.
3 The Fund also paid shareholders a capital gains distribution in December
2001 of $0.0126 per share.
Shareholder
Meeting Report
The Shareholder Meeting was held in Chicago, Illinois on December 19, 2001.
NQJ NNJ
------------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE DIRECTORS WAS
REACHED AS FOLLOWS:
Preferred Preferred Preferred Preferred Preferred Preferred
Common Shares Shares Shares Common Shares Shares Shares
Shares Series-M Series-TH Series-F Shares Series-T Series-W Series-TH
====================================================================================================================================
Robert P. Bremner
For 18,257,454 2,871 1,976 1,278 11,105,808 611 1,328 1,349
Withhold 133,746 21 5 1 62,429 2 39 2
------------------------------------------------------------------------------------------------------------------------------------
Total 18,391,200 2,892 1,981 1,279 11,168,237 613 1,367 1,351
====================================================================================================================================
Lawrence H. Brown
For 18,252,217 2,871 1,976 1,278 11,111,506 611 1,328 1,349
Withhold 138,983 21 5 1 56,731 2 39 2
------------------------------------------------------------------------------------------------------------------------------------
Total 18,391,200 2,892 1,981 1,279 11,168,237 613 1,367 1,351
====================================================================================================================================
Anne E. Impellizzeri
For 18,238,021 2,871 1,976 1,278 11,101,699 611 1,328 1,349
Withhold 153,179 21 5 1 66,538 2 39 2
------------------------------------------------------------------------------------------------------------------------------------
Total 18,391,200 2,892 1,981 1,279 11,168,237 613 1,367 1,351
====================================================================================================================================
Peter R. Sawers
For 18,258,279 2,871 1,976 1,278 11,110,724 611 1,328 1,349
Withhold 132,921 21 5 1 57,513 2 39 2
------------------------------------------------------------------------------------------------------------------------------------
Total 18,391,200 2,892 1,981 1,279 11,168,237 613 1,367 1,351
====================================================================================================================================
Judith M. Stockdale
For 18,247,557 2,871 1,976 1,278 11,107,025 611 1,328 1,349
Withhold 143,643 21 5 1 61,212 2 39 2
------------------------------------------------------------------------------------------------------------------------------------
Total 18,391,200 2,892 1,981 1,279 11,168,237 613 1,367 1,351
====================================================================================================================================
William J. Schneider
For -- 2,871 1,976 1,278 -- 611 1,328 1,349
Withhold -- 21 5 1 -- 2 39 2
------------------------------------------------------------------------------------------------------------------------------------
Total -- 2,892 1,981 1,279 -- 613 1,367 1,351
====================================================================================================================================
Timothy R. Schwertfeger
For -- 2,871 1,976 1,278 -- 611 1,328 1,349
Withhold -- 21 5 1 -- 2 39 2
------------------------------------------------------------------------------------------------------------------------------------
Total -- 2,892 1,981 1,279 -- 613 1,367 1,351
====================================================================================================================================
Shareholder
Meeting Report (continued)
NQP NPY
------------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE TRUSTEES WAS
REACHED AS FOLLOWS:
Preferred Preferred Preferred Preferred Preferred Preferred
Common Shares Shares Shares Common Shares Shares Shares
Shares Series-T Series-W Series-TH Shares Series-M Series-TH Series-F
====================================================================================================================================
Robert P. Bremner
For 14,315,207 840 2,282 1,874 14,378,911 836 1,869 1,678
Withhold 116,983 -- 11 2 83,667 2 14 1
------------------------------------------------------------------------------------------------------------------------------------
Total 14,432,190 840 2,293 1,876 14,462,578 838 1,883 1,679
====================================================================================================================================
Lawrence H. Brown
For 14,295,041 840 2,283 1,874 14,363,230 836 1,869 1,679
Withhold 137,149 -- 10 2 99,348 2 14 --
------------------------------------------------------------------------------------------------------------------------------------
Total 14,432,190 840 2,293 1,876 14,462,578 838 1,883 1,679
====================================================================================================================================
Anne E. Impellizzeri
For 14,270,764 840 2,283 1,874 14,359,486 836 1,869 1,679
Withhold 161,426 -- 10 2 103,092 2 14 --
------------------------------------------------------------------------------------------------------------------------------------
Total 14,432,190 840 2,293 1,876 14,462,578 838 1,883 1,679
====================================================================================================================================
Peter R. Sawers
For 14,292,060 840 2,274 1,874 14,360,175 826 1,869 1,679
Withhold 140,130 -- 19 2 102,403 12 14 --
------------------------------------------------------------------------------------------------------------------------------------
Total 14,432,190 840 2,293 1,876 14,462,578 838 1,883 1,679
====================================================================================================================================
Judith M. Stockdale
For 14,296,102 840 2,273 1,874 14,361,572 836 1,869 1,678
Withhold 136,088 -- 20 2 101,006 2 14 1
------------------------------------------------------------------------------------------------------------------------------------
Total 14,432,190 840 2,293 1,876 14,462,578 838 1,883 1,679
====================================================================================================================================
William J. Schneider
For -- 840 2,282 1,874 -- 826 1,869 1,678
Withhold -- -- 11 2 -- 12 14 1
------------------------------------------------------------------------------------------------------------------------------------
Total -- 840 2,293 1,876 -- 838 1,883 1,679
====================================================================================================================================
Timothy R. Schwertfeger
For -- 840 2,283 1,874 -- 836 1,869 1,679
Withhold -- -- 10 2 -- 2 14 --
------------------------------------------------------------------------------------------------------------------------------------
Total -- 840 2,293 1,876 -- 838 1,883 1,679
====================================================================================================================================
Nuveen New Jersey Investment Quality Municipal Fund, Inc. (NQJ)
Portfolio of
Investments December 31, 2001 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
BASIC MATERIALS - 1.4%
$ 6,250 Salem County Pollution Control Financing Authority, New Jersey, Waste 5/02 at 102 AA- $ 6,380,938
Disposal Revenue Bonds (E.I. du Pont de Nemours and Company -
Chambers Works Project), 1991 Series A, 6.500%,
11/15/21 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 1.4%
6,220 The Children's Trust Fund, Puerto Rico, Tobacco Settlement 7/10 at 100 Aa3 6,463,451
Asset-Backed Bonds, Series 2000, 5.750%, 7/01/20
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 6.6%
4,390 New Jersey Higher Educational Student Assistance Authority, 6/10 at 101 AAA 4,672,277
Student Loan Revenue Bonds, 2000 Series A, 6.125%, 6/01/17
(Alternative Minimum Tax)
2,865 New Jersey Economic Development Authority, School Revenue Bonds 2/08 at 101 N/R 2,793,260
(Gill/St. Bernard School), Series 1998, 6.000%, 2/01/25
New Jersey Educational Facilities Authority, Revenue Bonds, \
Saint Peters College Issue, 1998 Series B:
1,000 5.375%, 7/01/18 7/08 at 102 BBB 967,090
1,750 5.500%, 7/01/27 7/08 at 102 BBB 1,679,423
1,250 New Jersey Educational Facilities Authority, Revenue Refunding 7/08 at 101 AAA 1,226,350
Bonds (Seton Hall University Project), 1998 Series F, 5.000%, 7/01/21
1,000 New Jersey Educational Facilities Authority, Revenue Bonds (Ramapo 7/11 at 100 AAA 967,800
College of New Jersey), Series 2001D, 5.000%, 7/01/31
New Jersey Educational Facilities Authority, Revenue Bonds (New
Jersey Institute of Technology), Series 2001G:
1,000 5.250%, 7/01/20 7/11 at 100 AAA 1,009,310
1,945 5.250%, 7/01/21 7/11 at 100 AAA 1,961,649
85 New Jersey Higher Educational Assistance Authority, Senior Student 7/03 at 100 N/R 86,831
Loan Revenue Bonds, 1991 Series A, 7.200%, 7/01/09 (Alternative
Minimum Tax)
5,955 New Jersey Higher Educational Assistance Authority, Student Loan 6/07 at 102 AAA 6,240,542
Revenue Bonds (New Jersey Class Loan Program), Series 1997A,
5.800%, 6/01/16 (Alternative Minimum Tax)
4,235 Puerto Rico Industrial, Educational, Medical and Environmental 9/11 at 100 BBB 4,140,729
Control Facilities Financing Authority, Higher Education Revenue
Bonds (University of the Sacred Heart Project), Series 2001,
5.250%, 9/01/21
1,725 Rutgers, The State University of New Jersey, Revenue Refunding 5/02 at 102 AA 1,783,719
Bonds, 1992 Series A, 6.500%, 5/01/18
2,900 Rutgers, The State University of New Jersey, University Revenue 5/02 at 102 AA 3,009,823
Refunding Bonds, 1992 Series R, 6.500%, 5/01/13
------------------------------------------------------------------------------------------------------------------------------------
ENERGY - 1.8%
8,000 Middlesex County Pollution Control Financing Authority, New Jersey, 12/02 at 102 N/R 8,156,880
Pollution Control Revenue Refunding Bonds (Amerada Hess
Corporation Project), Series 1992, 6.875%, 12/01/22
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 11.0%
2,070 New Jersey Healthcare Facilities Financing Authority, Revenue 1/02 at 102 AAA 2,137,275
Bonds (Robert Wood Johnson University Hospital), Series B,
6.625%, 7/01/16
4,350 New Jersey Healthcare Facilities Financing Authority, Revenue Bonds, 1/02 at 102 AAA 4,457,793
Mercer Medical Center Issue, Series 1991, 6.500%, 7/01/10
New Jersey Healthcare Facilities Financing Authority, Refunding
Revenue Bonds, Atlantic City Medical Center Issue, Series C:
3,600 6.800%, 7/01/05 7/02 at 102 A- 3,746,268
2,800 6.800%, 7/01/11 7/02 at 102 A- 2,913,764
Nuveen New Jersey Investment Quality Municipal Fund, Inc. (NQJ) (continued)
Portfolio of Investments December 31, 2001 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE (continued)
$ 2,535 New Jersey Healthcare Facilities Financing Authority, Revenue Bonds, 7/03 at 102 Baa2 $ 2,542,098
Deborah Heart and Lung Center Issue, Series 1993, 6.200%, 7/01/13
6,150 New Jersey Healthcare Facilities Financing Authority, FHA-Insured 8/11 at 100 AAA 5,867,961
Mortgage Revenue Bonds, Jersey Medical Center Issue,
Series 2001, 5.000%, 8/01/41
3,000 New Jersey Healthcare Facilities Financing Authority, Revenue 7/11 at 100 A3 2,895,720
Bonds (Kennedy Health System), Series 2001, 5.500%, 7/01/21
2,155 New Jersey Healthcare Facilities Financing Authority, Revenue No Opt. Call AAA 2,321,151
Bonds (Kennedy Health System Obligated Group), Series 1998B,
5.750%, 7/01/05
New Jersey Health Facilities Financing Authority, Revenue Bonds
(Robert Wood Johnson University Hospital), Series 2000:
3,850 5.750%, 7/01/25 7/10 at 100 A+ 3,950,139
2,000 5.750%, 7/01/31 7/10 at 100 A+ 2,034,260
4,320 New Jersey Healthcare Facilities Financing Authority, Revenue 7/08 at 101 Aaa 4,222,627
and Refunding Bonds (Saint Barnabas Medical Center/West
Hudson Hospital Obligated Group), Series 1998A, 5.000%, 7/01/23
5,040 New Jersey Health Facilities Financing Authority, Revenue Bonds, 7/10 at 100 AAA 5,074,171
The Society of the Valley Obligated Group Issue, Series 2000,
5.375%, 7/01/31
2,000 New Jersey Health Facilities Financing Authority, Revenue Bonds, 7/10 at 100 BBB 2,109,760
Saint Peter's University Hospital Issue, Series 2000A, 6.875%, 7/01/20
1,030 New Jersey Healthcare Facilities Financing Authority, Revenue 7/02 at 102 Baa3 1,055,678
Bonds, Palisades Medical Center Obligated Group Issue,
Series 1992, 7.500%, 7/01/06
3,500 New Jersey Healthcare Facilities Financing Authority, Revenue Bonds, 7/09 at 101 AAA 3,477,320
Meridian Health System Obligated Group Issue, Series 1999,
5.250%, 7/01/29
2,000 City of Newark, New Jersey, Healthcare Facility Revenue Bonds 6/12 at 102 Aaa 1,943,540
(GNMA Collateralized - New Community Urban Renewal
Corporation), Series 2001A, 5.200%, 6/01/30
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 11.1%
3,790 Hudson County Improvement Authority, New Jersey, Multifamily 6/04 at 100 AA 3,892,785
Housing Revenue Bonds (Conduit Financing - Observer Park
Project), Series 1992A, 6.900%, 6/01/22 (Alternative Minimum Tax)
1,255 City of Long Branch Housing Finance Corporation, New Jersey, 4/02 at 100 N/R 1,260,999
Section 8 Assisted Housing Revenue Bonds (Washington Manor
Associates Ltd. - 1980 Elderly Project), 10.000%, 10/01/11
12,000 New Jersey Housing and Mortgage Finance Agency, Multifamily 5/02 at 102 AAA 12,260,760
Housing Revenue Refunding Bonds (Presidential Plaza at
Newport Project - FHA-Insured Mortgages), 1991 Series 1,
7.000%, 5/01/30
4,500 New Jersey Housing and Mortgage Finance Agency, Multifamily 5/05 at 102 AAA 4,686,660
Housing Revenue Bonds, 1995 Series A, 6.000%, 11/01/14
4,500 New Jersey Housing and Mortgage Finance Agency, Multifamily 5/06 at 102 AAA 4,682,925
Housing Revenue Bonds, 1996 Series A, 6.250%, 5/01/28
(Alternative Minimum Tax)
New Jersey Housing and Mortgage Finance Agency, Section 8 Bonds,
1991 Series A:
3,000 6.800%, 11/01/05 5/02 at 102 AA- 3,063,240
2,500 6.900%, 11/01/07 5/02 at 102 AA- 2,552,925
4,700 6.950%, 11/01/08 5/02 at 102 AA- 4,799,687
1,000 7.100%, 11/01/11 5/02 at 102 AA- 1,021,330
9,650 New Jersey Housing and Mortgage Finance Agency, Housing 5/02 at 102 A+ 9,919,428
Revenue Bonds, 1992 Series A, 6.950%, 11/01/13
100 New Jersey Housing and Mortgage Finance Agency, Housing Revenue 11/02 at 102 A+ 103,741
Refunding Bonds, 1992 Series One, 6.700%, 11/01/28
2,743 City of Newark Housing Authority, New Jersey, Housing Revenue 10/09 at 102 Aaa 2,878,660
Bonds (GNMA Collateralized - Fairview Apartments Project),
2000 Series A, 6.400%, 10/20/34 (Alternative Minimum Tax)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 8.0%
$ 2,990 New Jersey Housing and Mortgage Finance Agency, Home Buyer Revenue 4/02 at 101 AAA $ 3,011,528
Bonds, 1990 Series F-2, 6.300%, 4/01/25 (Alternative Minimum Tax)
2,580 New Jersey Housing and Mortgage Finance Agency, Home 10/05 at 101 1/2 AAA 2,680,414
Buyer Revenue Bonds, 1995 Series O, 6.350%, 10/01/27
(Alternative Minimum Tax)
4,415 New Jersey Housing and Mortgage Finance Agency, Home 4/07 at 101 1/2 AAA 4,567,715
Buyer Revenue Bonds, 1996 Series S, 6.050%, 10/01/28
(Alternative Minimum Tax)
10,000 New Jersey Housing and Mortgage Finance Agency, Home 10/07 at 101 1/2 AAA 10,320,500
Buyer Revenue Bonds, 1997 Series U, 5.850%, 4/01/29
(Alternative Minimum Tax)
10,325 New Jersey Housing and Mortgage Finance Agency, Home Buyer Revenue 10/10 at 100 AAA 10,532,533
Bonds, 2000 Series CC, 5.875%, 10/01/31 (Alternative Minimum Tax)
3,000 Puerto Rico Housing Finance Corporation, Home Mortgage Revenue 6/11 at 100 AAA 2,943,960
Bonds (Mortgage-Backed Securities), 2001 Series A,
5.200%, 12/01/33
3,000 Puerto Rico Housing Finance Corporation, Home Mortgage Revenue 6/11 at 100 AAA 2,950,020
Bonds (Mortgage-Backed Securities), 2001 Series B, 5.300%, 12/01/28
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 1.2%
New Jersey Healthcare Facilities Financing Authority, Healthcare
Facilities Revenue Bonds, The House of the Good Shepherd
Obligated Group Issue, Series 2001:
1,000 5.100%, 7/01/21 7/11 at 100 AA 977,650
1,500 5.200%, 7/01/31 7/11 at 100 AA 1,457,055
3,000 New Jersey Economic Development Authority, GNMA Collateralized 12/11 at 103 Aaa 2,906,070
Mortgage Revenue Bonds (Victoria Health Corporation Project),
Series 2001A, 5.200%, 12/20/36
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 9.7%
1,110 Township of East Brunswick, Middlesex County, New Jersey, 4/03 at 101 Aa2 1,124,153
General Obligation Refunding Bonds, Series 1993, 5.125%, 4/01/13
Essex County, New Jersey, General Obligation Refunding Bonds of
1996, Series A-1:
3,000 6.000%, 11/15/07 No Opt. Call Aaa 3,317,370
1,000 5.000%, 11/15/11 11/07 at 101 Aaa 1,028,030
2,320 City of Hoboken, New Jersey, Fiscal Year Adjustment General No Opt. Call AAA 2,823,858
Obligation Bonds, Series 1991, 8.900%, 8/01/06
3,675 Jersey City, Hudson County, New Jersey, Fiscal Year Adjustment No Opt. Call AAA 4,356,676
Bonds, Series 1991B, 8.400%, 5/15/06
The Board of Education of the Township of Middleton, Monmouth
County, New Jersey, Refunding School Bonds:
3,500 5.000%, 8/01/22 8/10 at 100 AAA 3,462,165
1,500 5.000%, 8/01/27 8/10 at 100 AAA 1,465,020
1,000 Monmouth County Improvement Authority, New Jersey, Revenue 7/07 at 101 AAA 1,050,900
Bonds (Howell Township Board of Education Project), Series 1997,
5.800%, 7/15/17
2,000 Town of Morristown, Morris County, New Jersey, General Obligation 8/05 at 102 AAA 2,218,400
Refunding Bonds, Series 1995, 6.500%, 8/01/19
5,000 State of New Jersey, General Obligation Bonds, Various Series, 8/02 at 101 1/2 AA+ 5,212,750
6.375%, 8/01/11
State of New Jersey, General Obligation Bonds, Series D:
4,000 5.750%, 2/15/06 No Opt. Call AA+ 4,334,520
5,000 6.000%, 2/15/11 No Opt. Call AA+ 5,567,650
5,000 Commonwealth of Puerto Rico, Public Improvement Refunding 7/05 at 101 1/2 AAA 5,516,800
Obligation Bonds of 1995, 5.750%, 7/01/24
2,000 Commonwealth of Puerto Rico, General Obligation Bonds, Public 7/11 at 100 AAA 1,979,300
Improvement Refunding Series 2001, 5.125%, 7/01/30
900 Township of West Deptford, Gloucester County, New Jersey, General 3/06 at 102 AAA 924,480
Obligation Bonds, Series 1996, 5.250%, 3/01/14
Nuveen New Jersey Investment Quality Municipal Fund, Inc. (NQJ) (continued)
Portfolio of Investments December 31, 2001 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 9.1%
$ 3,320 Atlantic County Improvement Authority, New Jersey, Egg Harbor 11/10 at 100 Aaa $ 3,368,870
Township Guaranteed Revenue Bonds (Egg Harbor Township Golf
Corporation Project), Series 2000, 5.400%, 11/01/30
10,000 Essex County Improvement Authority, New Jersey, General Obligation 10/10 at 100 Aaa 10,763,200
Guaranteed Lease Revenue Bonds (County Correctional Facility
Project), Series 2000, 6.000%, 10/01/25
2,535 The Board of Education of the Township of Mansfield, Warren County, 3/06 at 102 AAA 2,705,124
New Jersey, Certificates of Participation, 5.900%, 3/01/15
1,500 Middlesex County, New Jersey, Certificates of Participation, 8/11 at 100 AAA 1,462,620
Series 2001, 5.000%, 8/01/31
4,000 New Jersey Economic Development Authority, Lease Revenue 11/08 at 101 Aaa 3,726,400
Bonds (Bergen County Administration Complex), Series 1998,
4.750%, 11/15/26
2,045 New Jersey Sports and Exposition Authority, State Contract Bonds, 3/02 at 102 AA 2,098,661
1992 Series A, 6.500%, 3/01/19
5,670 New Jersey Transportation Trust Fund Authority, Transportation 12/11 at 100 AAA 5,574,971
System Bonds, 2001 Series B, 5.000%, 12/15/21 (WI, settling 1/07/02)
1,895 Municipal Utility Authority of the Township of North Bergen, No Opt. Call AAA 2,336,668
New Jersey, Sewer Revenue Refunding Bonds, Series 1993,
7.875%, 12/15/09
1,250 Ocean County Utilities Authority, New Jersey, Wastewater Revenue 1/11 at 101 Aa1 1,245,238
Bonds, Refunding Series 2000, 5.000%, 1/01/18
4,000 Passaic Valley Sewerage Commissioners, New Jersey, Sewer System 12/02 at 102 AAA 4,097,520
Bonds, Series D, 5.800%, 12/01/18
1,180 Municipal Utilities Authority of the Township of Raritan (Secured 5/02 at 102 A+ 1,210,786
by a Service Contract with the Township of Raritan), Hunterdon
County, New Jersey, Revenue Bonds, Series 1992 (Bank Qualified),
6.450%, 5/01/12
845 South Toms River Sewerage Authority, Ocean County, New Jersey, 11/02 at 102 N/R 876,747
Sewer Refunding Revenue Bonds, Series 1992 (Bank-Qualified),
7.400%, 11/01/05
2,000 The Board of Education of the Township of West Orange, Essex 10/09 at 101 Aaa 2,152,000
County, New Jersey, Certificates of Participation,
6.000%, 10/01/24
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 20.5%
3,275 Delaware River and Bay Authority, New Jersey and Delaware, 1/10 at 101 AAA 3,440,813
Revenue Bonds, Series 2000A, 5.750%, 1/01/29
2,960 Delaware River Port Authority, New Jersey and Pennsylvania, 1/12 at 100 AAA 2,937,504
Port District Project Revenue Refunding Bonds, Series 2001A,
5.200%, 1/01/27 (DD, settling 1/02/02)
7,000 Delaware River Port Authority, New Jersey and Pennsylvania, 1/06 at 102 AAA 7,108,850
Revenue Bonds, Series 1995, 5.500%, 1/01/26
3,500 Delaware River Port Authority, New Jersey and Pennsylvania, 1/10 at 100 AAA 3,665,480
Revenue Bonds, Series 1999, 5.750%, 1/01/22
3,000 New Jersey Economic Development Authority, Economic Development 5/02 at 102 BB 2,679,120
Bonds (American Airlines, Inc. Project), 7.100%, 11/01/31
(Alternative Minimum Tax)
3,000 New Jersey Highway Authority, Senior Parkway Revenue and Refunding 1/10 at 101 AA- 3,111,480
Bonds (Garden State Parkway), 1999 Series, 5.625%, 1/01/30
New Jersey Turnpike Authority, Turnpike Revenue Bonds, Series 1991C:
9,000 6.500%, 1/01/08 No Opt. Call AAA 10,105,560
2,100 6.500%, 1/01/16 No Opt. Call A- 2,417,898
New Jersey Turnpike Authority, Turnpike Revenue Bonds, Series 2000A:
9,275 5.500%, 1/01/25 1/10 at 100 AAA 9,482,575
10,000 5.500%, 1/01/27 1/10 at 100 A- 10,177,900
2,000 5.500%, 1/01/30 1/10 at 100 AAA 2,043,460
3,150 The Port Authority of New York and New Jersey, Consolidated Bonds, 7/04 at 101 AA- 3,234,263
Ninety-Fifth Series, 6.125%, 7/15/29 (Alternative Minimum Tax)
4,300 The Port Authority of New York and New Jersey, Special Project Bonds 6/02 at 102 BB+ 4,246,465
(Delta Air Lines, Inc. Project - LaGuardia Airport Passenger
Terminal), Series 1R, 6.950%, 6/01/08
3,930 The Port Authority of New York and New Jersey, Consolidated Bonds, 7/08 at 101 AA- 3,667,122
One Hundred Twenty Second Series, 5.125%, 1/15/36
(Alternative Minimum Tax)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION (continued)
$ 6,850 The Port Authority of New York and New Jersey, Consolidated Bonds, 10/07 at 101 AAA $ 6,906,239
One Hundred Twenty First Series, 5.375%, 10/15/35
The Port Authority of New York and New Jersey, Special Project
Bonds (JFK International Air Terminal LLC Project), Series 6:
6,605 5.750%, 12/01/22 (Alternative Minimum Tax) 12/07 at 102 AAA 6,822,833
12,130 5.750%, 12/01/25 (Alternative Minimum Tax) 12/07 at 100 AAA 12,431,309
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 5.4%
7,000 Bergen County Utilities Authority, New Jersey, 1992 Water Pollution 6/02 at 102 AAA 7,297,080
Control System Revenue Bonds, Series A, 6.500%, 12/15/12
(Pre-refunded to 6/15/02)
500 Mercer County Improvement Authority, New Jersey, Revenue Bonds 12/03 at 102 Aa2*** 543,675
(Library System), Series A, 6.000%, 12/01/14 (Pre-refunded
to 12/01/03)
760 Middlesex County, New Jersey, Certificates of Participation, 2/04 at 101 AAA 819,181
Series 1994, 6.125%, 2/15/19 (Pre-refunded to 2/15/04)
5,600 New Jersey Economic Development Authority, Lease Rental Bonds 3/02 at 102 AAA 5,772,480
(Liberty State Park Project), 1992 Series, 6.800%, 3/15/22
(Pre-refunded to 3/15/02)
1,590 New Jersey Healthcare Facilities Financing Authority, Revenue 7/02 at 102 Baa3*** 1,644,839
Bonds, Palisades Medical Center Obligated Group Issue,
Series 1992, 7.500%, 7/01/06 (Pre-refunded to 7/01/02)
400 New Jersey Sports and Exposition Authority, State Contract Bonds, 3/02 at 102 AAA 411,308
1992 Series A, 6.500%, 3/01/19 (Pre-refunded to 3/01/02)
600 Passaic Valley Water Commission, New Jersey, 1992 Water Supply 12/02 at 102 AAA 638,214
System Revenue Bonds, Series A, 6.400%, 12/15/22 (Pre-refunded
to 12/15/02)
7,500 Puerto Rico Infrastructure Financing Authority, Special Obligation 10/10 at 101 AAA 7,735,125
Bonds, 2000 Series A, 5.500%, 10/01/34
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 5.4%
3,700 Camden County Pollution Control Financing Authority, New Jersey, 6/02 at 102 B2 3,554,479
Solid Waste Disposal and Resource Recovery System Revenue
Bonds, Series 1991B, 7.500%, 12/01/09 (Alternative
Minimum Tax)
3,500 Camden County Pollution Control Financing Authority, New Jersey, 6/02 at 102 B2 3,367,665
Solid Waste Disposal and Resource Recovery System Revenue
Bonds, Series 1991A, 7.500%, 12/01/10 (Alternative
Minimum Tax)
400 New Jersey Economic Development Authority, Fixed Rate Pollution 1/02 at 103 A2 416,540
Control Revenue Bonds (Jersey Central Power and Light Company
Project), 1985 Series, 7.100%, 7/01/15
5,950 Puerto Rico Electric Power Authority, Power Revenue Refunding 7/09 at 101 1/2 AAA 6,280,106
Bonds, Series FF, 5.250%, 7/01/13
5,000 Puerto Rico Electric Power Authority, Power Revenue Refunding No Opt. Call AAA 5,788,750
Bonds, Series Y, 7.000%, 7/01/07
2,500 Salem County Pollution Control Financing Authority, New Jersey, 4/12 at 101 Baa1 2,438,600
Pollution Control Revenue Refunding Bonds (PSEG Power LLC
Project), 2001 Series A, 5.750%, 4/01/31 (Alternative Minimum Tax)
3,000 Union County Utilities Authority, New Jersey, Solid Waste Facility 6/08 at 101 AAA 2,865,119
Senior Lease Revenue Bonds (Ogden Martin Systems of Union,
Inc. Lessee), Series 1998A, 5.000%, 6/01/23
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 5.9%
Cape May County Municipal Utilities Authority, New Jersey, Sewer
Revenue Refunding Bonds, Series 1992-A:
2,000 6.000%, 1/01/11 1/03 at 102 AAA 2,116,379
7,600 5.750%, 1/01/16 1/03 at 102 AAA 7,953,855
3,000 Jersey City Municipal Utilities Authority, Hudson County, 7/08 at 102 AAA 2,969,099
New Jersey, Sewer Revenue Bonds, Series 2001A-2,
5.200%, 7/15/21 (Alternative Minimum Tax)
7,500 New Jersey Economic Development Authority, Water Facilities 5/06 at 102 AAA 7,833,149
Revenue Bonds (New Jersey-American Water Company),
Series 1996, 6.000%, 5/01/36 (Alternative Minimum Tax)
Nuveen New Jersey Investment Quality Municipal Fund, Inc. (NQJ) (continued)
Portfolio of Investments December 31, 2001 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER (continued)
$ 6,250 New Jersey Economic Development Authority, Water Facilities 7/08 at 102 AAA $ 6,048,062
Revenue Bonds (New Jersey-American Water Company, Inc.
Project), Series 1998A, 5.250%, 7/01/38 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
$ 440,188 Total Investments (cost $440,376,688) - 98.5% 452,733,635
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.5% 6,981,361
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $ 459,714,996
====================================================================================================================
* Optional Call Provisions: Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices at
later dates.
** Ratings: Using the higher of Standard & Poor's or
Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of
principal and interest. Securities are normally
considered to be equivalent to AAA rated securities.
N/R Investment is not rated.
(DD) Security purchased on a delayed delivery basis.
(WI) Security purchased on a when-issued basis.
See accompanying notes to financial statements.
Nuveen New Jersey Premium Income Municipal Fund, Inc. (NNJ)
Portfolio of
Investments December 31, 2001 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
BASIC MATERIALS - 0.3%
$ 710 New Jersey Economic Development Authority, Economic Growth 12/03 at 102 Aa3 $ 737,860
Bonds, Composite Issue, 1992 Second Series T, 5.300%, 12/01/07
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 2.4%
6,220 The Children's Trust Fund, Puerto Rico, Tobacco Settlement 7/10 at 100 Aa3 6,463,451
Asset-Backed Bonds, Series 2000, 5.750%, 7/01/20
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 9.6%
New Jersey Higher Educational Student Assistance Authority,
Student Loan Revenue Bonds, 2000 Series A:
3,180 5.700%, 6/01/08 (Alternative Minimum Tax) No Opt. Call AAA 3,414,302
2,140 6.000%, 6/01/15 (Alternative Minimum Tax) 6/10 at 101 AAA 2,280,855
3,280 New Jersey Economic Development Authority, Economic Development No Opt. Call N/R 3,596,159
Bonds (Yeshiva Ktana of Passaic 1992 Project), 8.000%, 9/15/18
2,965 New Jersey Economic Development Authority, School Revenue Bonds 2/08 at 101 N/R 2,890,756
(Gill/St. Bernard School), Series 1998, 6.000%, 2/01/25
680 New Jersey Educational Facilities Authority, Revenue Bonds, 1/02 at 100 A 683,278
Trenton State College Issue, Series 1976D, 6.750%, 7/01/08
2,095 New Jersey Educational Facilities Authority, Refunding Revenue 7/02 at 102 AAA 2,178,402
Bonds, Trenton State College Issue, Series 1992E, 6.000%, 7/01/09
1,000 New Jersey Educational Facilities Authority, Revenue Bonds, 7/04 at 102 AAA 1,062,410
New Jersey Institute of Technology Issue, Series 1994A,
6.000%, 7/01/24
3,330 New Jersey Educational Facilities Authority, Revenue Bonds 7/06 at 101 AAA 3,459,504
(Montclair State University - Dormitory/Cafeteria Facility),
Series 1996-C, 5.400%, 7/01/12
2,500 New Jersey Educational Facilities Authority, Revenue Bonds 7/10 at 100 AAA 2,597,100
(Princeton University), Series 2000E, 5.500%, 7/01/17
545 New Jersey Higher Educational Assistance Authority, Student Loan 7/02 at 102 A+ 558,707
Revenue Bonds (New Jersey Class Loan Program), 1992 Series A,
6.125%, 7/01/09 (Alternative Minimum Tax)
3,640 New Jersey Higher Educational Assistance Authority, Student 6/09 at 101 AAA 3,643,858
Loan Revenue Bonds, 1999 Series A, 5.250%, 6/01/18 (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 7.0%
New Jersey Healthcare Facilities Financing Authority, Revenue
Bonds, Dover General Hospital and Medical Center Issue, Series
1994:
1,015 7.000%, 7/01/03 No Opt. Call AAA 1,081,452
800 7.000%, 7/01/04 No Opt. Call AAA 875,408
3,500 New Jersey Healthcare Facilities Financing Authority, Revenue 7/11 at 100 A3 3,361,505
Bonds (Kennedy Health System), Series 2001, 5.625%, 7/01/31
2,900 New Jersey Healthcare Facilities Financing Authority, Revenue 1/10 at 101 A3 2,969,803
Bonds, Hackensack University Medical Center Issue,
Series 2000, 6.000%, 1/01/34
2,000 New Jersey Health Facilities Financing Authority, Revenue Bonds, 7/10 at 100 AAA 2,120,600
The Society of the Valley Obligated Group Issue, Series 2000,
5.750%, 7/01/15
1,800 New Jersey Healthcare Facilities Financing Authority, Revenue 7/09 at 101 AAA 1,917,522
Bonds, Meridian Health System Obligated Group Issue,
Series 1999, 5.625%, 7/01/12 (DD, settling 1/02/02)
7,000 Puerto Rico Industrial, Medical, Educational and Environmental 12/03 at 103 A2 6,900,670
Pollution Control Facilities Financing Authority, Industrial Revenue
Bonds (American Home Products Corporation),
1983 Series A, 5.100%, 12/01/18
Nuveen New Jersey Premium Income Municipal Fund, Inc. (NNJ) (continued)
Portfolio of Investments December 31, 2001 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 9.4%
$ 755 City of Long Branch Housing Finance Corporation, New Jersey, 4/02 at 100 N/R $ 758,609
Section 8 Assisted Housing Revenue Bonds (Washington
Manor Associates Ltd. - 1980 Elderly Project), 10.000%, 10/01/11
4,000 New Jersey Housing and Mortgage Finance Agency, Multifamily 5/02 at 102 AAA 4,086,920
Housing Revenue Refunding Bonds (Presidential Plaza at
Newport Project - FHA-Insured Mortgages), 1991 Series 1,
7.000%, 5/01/30
2,875 New Jersey Housing and Mortgage Finance Agency, Multifamily 5/05 at 102 AAA 2,994,255
Housing Revenue Bonds, 1995 Series A, 6.000%, 11/01/14
7,000 New Jersey Housing and Mortgage Finance Agency, Multifamily 11/07 at 101 1/2 AAA 7,044,450
Housing Revenue Bonds, 1997 Series A, 5.550%, 5/01/27
(Alternative Minimum Tax)
New Jersey Housing and Mortgage Finance Agency, Housing Revenue
Bonds, 1992 Series A:
2,365 6.700%, 5/01/05 5/02 at 102 A+ 2,436,376
8,000 6.950%, 11/01/13 5/02 at 102 A+ 8,223,360
135 New Jersey Housing and Mortgage Finance Agency, Housing Revenue 11/02 at 102 A+ 140,050
Refunding Bonds, 1992 Series One, 6.700%, 11/01/28
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 4.8%
1,000 New Jersey Housing and Mortgage Finance Agency, Home Buyer 10/05 at 101 1/2 AAA 1,037,680
Revenue Bonds, 1995 Series O, 6.300%, 10/01/23
(Alternative Minimum Tax)
525 New Jersey Housing and Mortgage Finance Agency, Home Buyer 4/06 at 101 1/2 AAA 543,307
Revenue Bonds, 1996 Series P, 5.650%, 4/01/14
6,130 New Jersey Housing and Mortgage Finance Agency, Home Buyer 4/07 at 101 1/2 AAA 6,342,037
Revenue Bonds, 1996 Series S, 6.050%, 10/01/28 (Alternative
Minimum Tax)
New Jersey Housing and Mortgage Finance Agency, Home Buyer
Revenue Bonds, 1997 Series U:
1,965 5.700%, 10/01/14 (Alternative Minimum Tax) 10/07 at 101 1/2 AAA 2,060,538
1,500 5.850%, 4/01/29 (Alternative Minimum Tax) 10/07 at 101 1/2 AAA 1,548,075
1,000 New Jersey Housing and Mortgage Finance Agency, Home Buyer 10/08 at 101 1/2 AAA 1,000,880
Program Bonds, 1998 Series X, 5.350%, 4/01/29 (Alternative
Minimum Tax)
500 New Jersey Housing and Mortgage Finance Agency, Home Buyer No Opt. Call AAA 509,635
Revenue Bonds, 2000 Series CC, 4.600%, 10/01/09
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 1.2%
3,255 New Jersey Economic Development Authority, Revenue Bonds 4/03 at 103 A+ 3,392,166
(Morris Hall/St. Lawrence, Inc. \ Project), Series 1993A,
6.150%, 4/01/13
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 7.5%
2,460 The Board of Education of Freehold Regional High School District, No Opt. Call AAA 2,489,889
Monmouth County, New Jersey, School District Refunding Bonds,
Series 2001, 5.000%, 3/01/17
State of New Jersey, General Obligation Bonds, Series D:
2,760 5.750%, 2/15/06 No Opt. Call AA+ 2,990,819
4,000 5.800%, 2/15/07 No Opt. Call AA+ 4,356,560
2,500 6.000%, 2/15/11 No Opt. Call AA+ 2,783,825
1,560 6.000%, 2/15/13 No Opt. Call AA+ 1,747,372
4,000 Passaic County, New Jersey, General Improvement Refunding No Opt. Call AAA 4,189,640
Bonds, Series 1993, 5.125%, 9/01/12
1,800 The Township of Woodbridge, Middlesex County, New Jersey, 7/09 at 102 Aaa 1,831,320
Sewer Utility Bonds, Series 1999, 5.300%, 7/01/20
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 15.2%
1,275 Camden County Improvement Authority, New Jersey, County 10/05 at 102 AAA 1,345,240
Guaranteed Lease Revenue Bonds, Series 1995, 5.625%, 10/01/15
1,000 Hudson County Improvement Authority, New Jersey, Utility System 1/08 at 101 1/2 AAA 1,009,780
Revenue Bonds (Harrison Franchise Acquisition Project),
Series 1997, 5.350%, 1/01/27
2,250 New Jersey Building Authority, State Building Revenue Bonds, 6/10 at 100 AA 2,249,933
Series 2000A, 5.125%, 6/15/20
2,000 New Jersey Economic Development Authority, Lease Revenue 11/08 at 101 Aaa 1,863,200
Bonds (Bergen County Administration Complex), Series 1998,
4.750%, 11/15/26
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 1,000 New Jersey Economic Development Authority, Revenue Bonds 8/03 at 102 AAA $ 1,062,600
(Public Schools Small Project Loan Program), Series 1993,
5.400%, 8/15/12
1,500 New Jersey Economic Development Authority, Market Transition No Opt. Call AAA 1,642,905
Facility Senior Lien Revenue Bonds, Series 1994A, 7.000%, 7/01/04
2,000 New Jersey Transit Corporation, Federal Transit Administration 9/09 at 100 AAA 2,187,020
Grants, Certificates of Participation, Series 2000A, 6.125%, 9/15/15
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, 1995 Series A:
500 5.500%, 6/15/12 6/05 at 102 AAA 537,780
5,000 5.000%, 6/15/15 6/05 at 102 AAA 5,031,900
1,100 New Jersey Transportation Trust Fund Authority, Transportation 6/05 at 102 AAA 1,136,014
System Bonds, 1995 Series B, 5.500%, 6/15/15
2,025 New Jersey Transportation Trust Fund Authority, Transportation 12/11 at 100 AAA 2,209,619
System Bonds, 2001 Series B, 6.000%, 12/15/19 (WI, settling
1/07/02)
1,040 Passaic Valley Sewerage Commissioners, New Jersey, Sewer 12/02 at 102 AAA 1,095,141
System Bonds, Series D, 5.750%, 12/01/10
510 The Board of Education of the Township of Piscataway, Middlesex 6/03 at 102 AAA 539,519
County, New Jersey,Certificates of Participation, 1993 Series,
5.375%, 12/15/10
8,160 Puerto Rico Public Building Authority, Public Educational 7/03 at 101 1/2 A 8,378,362
and Health Facilities Refunding Bonds, Series M, Guaranteed by
the Commonwealth of Puerto Rico, 5.750%, 7/01/15
7,500 Puerto Rico Municipal Finance Agency, General Obligation 8/09 at 101 AAA 7,875,150
Bonds, 1999 Series A, 5.500%, 8/01/17
1,000 Stony Brook Regional Sewerage Authority, Princeton, New Jersey, No Opt. Call AA- 1,072,000
Revenue Refunding Bonds, 1993 Series B, 5.450%, 12/01/12
2,250 Western Monmouth Utilities Authority, Monmouth County, 2/05 at 102 AAA 2,359,328
New Jersey, Revenue Refunding Bonds, 1995 Series A,
5.600%, 2/01/14
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 22.3%
5,000 Delaware River Port Authority, New Jersey, Port District Project 1/08 at 101 AAA 4,952,000
Bonds, Series 1998B, 5.000%, 1/01/19
New Jersey Turnpike Authority, Turnpike Revenue Bonds, Series 1991C:
1,000 6.500%, 1/01/08 No Opt. Call A- 1,119,470
2,185 6.500%, 1/01/16 No Opt. Call AAA 2,561,738
3,505 6.500%, 1/01/16 No Opt. Call AAA 4,109,332
8,420 6.500%, 1/01/16 No Opt. Call A- 9,694,620
2,495 New Jersey Turnpike Authority, Turnpike Revenue Bonds, 1/10 at 100 AAA 2,550,838
Series 2000A, 5.500%, 1/01/25
3,000 The Port Authority of New York and New Jersey, Consolidated Bonds, 10/04 at 101 AAA 3,134,040
Ninety Sixth Series, 6.600%, 10/01/23 (Alternative Minimum Tax)
The Port Authority of New York and New Jersey, Consolidated
Bonds, Ninety Ninth Series:
1,200 5.750%, 11/01/09 (Alternative Minimum Tax) 5/05 at 101 AAA 1,256,712
2,500 5.750%, 11/01/14 (Alternative Minimum Tax) 5/05 at 101 AAA 2,575,975
1,500 The Port Authority of New York and New Jersey, Consolidated Bonds, 7/06 at 101 AA- 1,558,590
One Hundred and Sixth Series, 6.000%, 7/01/16 (Alternative
Minimum Tax)
2,500 The Port Authority of New York and New Jersey, Consolidated 6/05 at 101 AAA 2,579,425
Bonds, One Hundredth Series, 5.750%, 12/15/20
2,000 The Port Authority of New York and New Jersey, Consolidated Bonds, 6/05 at 101 AA- 2,019,140
One Hundred Twelfth Series, 5.250%, 12/01/13 (Alternative
Minimum Tax)
The Port Authority of New York and New Jersey, Special Project
Bonds (JFK International Air Terminal LLC Project), Series 6:
10,000 5.750%, 12/01/22 (Alternative Minimum Tax) 12/07 at 102 AAA 10,329,800
11,000 5.750%, 12/01/25 (Alternative Minimum Tax) 12/07 at 100 AAA 11,273,240
1,435 South Jersey Transportation Authority, New Jersey, Transportation 11/09 at 101 AAA 1,433,077
System Revenue Bonds, 1999 Series, 5.125%, 11/01/22
Nuveen New Jersey Premium Income Municipal Fund, Inc. (NNJ) (continued)
Portfolio of Investments December 31, 2001 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 7.1%
$ 1,000 Essex County Utilities Authority, New Jersey, Solid Waste System 4/06 at 102 AAA $ 1,097,580
Revenue Bonds, Secured by a County Deficiency Agreement,
Series 1996A, 5.600%, 4/01/16 (Pre-refunded to 4/01/06)
745 New Jersey Healthcare Facilities Financing Authority, FHA-Insured 8/04 at 102 Aa2*** 811,819
Mortgage Refunding Revenue Bonds, Wayne General Hospital
Corporation Issue, Series B, 5.750%, 8/01/11 (Pre-refunded
to 8/01/04)
2,000 New Jersey Healthcare Facilities Financing Authority, Revenue 7/04 at 102 AAA 2,202,540
Bonds, Monmouth Medical Center Issue, Series C,
6.250%, 7/01/16 (Pre-refunded to 7/01/04)
New Jersey Educational Facilities Authority, Revenue Bonds,
Trenton State College Issue, Series 1996A:
4,000 5.100%, 7/01/21 (Pre-refunded to 7/01/06) 7/06 at 101 AAA 4,290,760
3,750 5.125%, 7/01/24 (Pre-refunded to 7/01/06) 7/06 at 101 AAA 4,026,450
2,500 New Jersey Educational Facilities Authority, Revenue Bonds, 7/06 at 101 AAA 2,774,575
Rowan College of New Jersey Issue, Series 1996E,
6.000%, 7/01/21 (Pre-refunded to 7/01/06)
580 New Jersey Turnpike Authority, Turnpike Revenue Bonds, No Opt. Call AAA 605,682
1984 Series, 10.375%, 1/01/03
Sparta Township School District, New Jersey, General Obligation
Bonds (Unlimited Tax):
1,100 5.800%, 9/01/19 (Pre-refunded to 9/01/06) 9/06 at 100 AAA 1,205,270
1,100 5.800%, 9/01/20 (Pre-refunded to 9/01/06) 9/06 at 100 AAA 1,205,270
1,100 5.800%, 9/01/21 (Pre-refunded to 9/01/06) 9/06 at 100 AAA 1,205,270
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 1.8%
2,835 Camden County Pollution Control Financing Authority, New Jersey, 6/02 at 102 B2 2,781,532
Solid Waste Disposal and Resource Recovery System Revenue
Bonds, Series 1991D, 7.250%, 12/01/10
2,000 Puerto Rico Electric Power Authority, Power Revenue Refunding 7/09 at 101 1/2 AAA 2,110,960
Bonds, Series FF, 5.250%, 7/01/13
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 10.3%
5,250 Cape May County Municipal Utilities Authority, New Jersey, Sewer 1/03 at 102 AAA 5,494,440
Revenue Refunding Bonds, Series 1992-A, 5.750%, 1/01/16
1,000 Jersey City Sewerage Authority, Hudson County, New Jersey, Sewer No Opt. Call AAA 1,139,450
Revenue Refunding Bonds, Series 1993, 6.250%, 1/01/14
3,100 New Jersey Economic Development Authority, Water Facilities 3/04 at 102 AAA 3,183,018
Revenue Refunding Bonds (Hackensack Water Company Project),
1994 Series B, 5.900%, 3/01/24 (Alternative Minimum Tax)
3,250 New Jersey Economic Development Authority, Water Facilities 7/08 at 102 AAA 3,144,993
Revenue Bonds (New Jersey-American Water Company, Inc.
Project), Series 1998A, 5.250%, 7/01/38 (Alternative Minimum Tax)
6,950 New Jersey Environmental Infrastructure Trust, Environmental 9/11 at 101 AAA 6,613,063
Infrastructure Bonds, Series 2001A, 4.750%, 9/01/20
7,000 North Hudson Sewerage Authority, New Jersey, Sewer Revenue 8/06 at 101 AAA 6,990,829
Bonds, Series 1996, 5.125%, 8/01/22
1,500 Wanaque Valley Regional Sewerage Authority, Passaic County, No Opt. Call AAA 1,637,684
New Jersey, Sewer Revenue Refunding Bonds, 1993 Series B
Insured, 5.750%, 9/01/18
------------------------------------------------------------------------------------------------------------------------------------
$ 259,995 Total Investments (cost $258,826,742) - 98.9% 270,566,038
=============-----------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 0.7%
$ 2,000 The Port Authority of New York and New Jersey, Versatile Structure VMIG-1 2,000,000
============= Obligations, Series 5, Variable Rate Demand Bonds, 1.950%, 8/01/24+
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 0.4% 1,076,155
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $ 273,642,193
====================================================================================================================
* Optional Call Provisions: Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices at
later dates.
** Ratings: Using the higher of Standard & Poor's or
Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of
principal and interest. Securities are normally
considered to be equivalent to AAA rated securities.
N/R Investment is not rated.
(DD) Security purchased on a delayed delivery basis.
(WI) Security purchased on a when-issued basis.
+ Security has a maturity of more than one year, but has
variable rate and demand features which qualify it as a
short-term security. The rate disclosed is that
currently in effect. This rate changes periodically
based on market conditions or a specified market index.
See accompanying notes to financial statements.
Nuveen New Jersey Dividend Advantage Municipal Fund (NXJ)
Portfolio of
Investments December 31, 2001 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 4.3%
$ 5,715 The Children's Trust Fund, Puerto Rico, Tobacco Settlement 7/10 at 100 Aa3 $ 5,968,060
Asset-Backed Bonds, Series 2000, 6.000%, 7/01/26
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 11.4%
2,000 New Jersey Educational Facilities Authority, Revenue Bonds, 7/11 at 101 AAA 1,935,600
Rowan University, Series 2001C, 5.000%, 7/01/31
200 New Jersey Educational Facilities Authority, Revenue Bonds 7/11 at 100 AAA 204,732
(Seton Hall University Project), Series 2001A Refunding,
5.250%, 7/01/16
New Jersey Educational Facilities Authority, Revenue Bonds
(Seton Hall University Project), Series 2001G Refunding:
3,820 4.875%, 7/01/21 7/11 at 100 Aaa 3,684,848
1,600 5.000%, 7/01/26 7/11 at 100 Aaa 1,552,720
1,000 New Jersey Educational Facilities Authority, Revenue Bonds 7/11 at 100 AAA 1,016,080
(New Jersey Institute of Technology), Series 2001G, 5.250%, 7/01/18
1,565 New Jersey Educational Facilities Authority, Revenue Bonds 7/10 at 100 AAA 1,602,169
(Princeton University), Series 2000E, 5.250%, 7/01/16
Puerto Rico Industrial, Educational, Medical and Environmental
Control Facilities Financing Authority, Higher Educational
Revenue Bonds (University of the Sacred Heart Project),
Series 2001:
2,000 5.250%, 9/01/21 9/11 at 100 BBB 1,955,480
2,000 5.250%, 9/01/31 9/11 at 100 BBB 1,922,880
1,905 University of Puerto Rico, University System Revenue Bonds, 6/05 at 101 1/2 AAA 1,913,020
Series M, 5.250%, 6/01/25
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 22.2%
3,500 New Jersey Healthcare Facilities Financing Authority, Revenue 7/11 at 100 A3 3,361,505
Bonds (Kennedy Health System), Series 2001, 5.625%, 7/01/31
1,100 New Jersey Healthcare Facilities Financing Authority, Revenue No Opt. Call AAA 1,192,455
Bonds (Kennedy Health System Obligated Group), Series 1998B,
5.750%, 7/01/06
500 New Jersey Healthcare Facilities Financing Authority, Revenue 7/10 at 101 BBB- 534,155
Bonds, Trinitas Hospital Obligated Group Issue, Series 2000,
7.500%, 7/01/30
New Jersey Health Facilities Financing Authority, Revenue Bonds
(Robert Wood Johnson University Hospital), Series 2000:
3,000 5.750%, 7/01/25 7/10 at 100 A+ 3,078,030
14,735 5.750%, 7/01/31 7/10 at 100 A+ 14,987,411
6,000 New Jersey Healthcare Facilities Financing Authority, Revenue 1/09 at 101 AAA 5,285,880
Bonds (Virtua Health System), Series 1998, 4.500%, 7/01/28
2,500 New Jersey Healthcare Facilities Financing Authority, Revenue 7/09 at 101 A2 2,470,325
Bonds (Burdette Tomlin Memorial Hospital), Series 1999 Refunding,
5.500%, 7/01/29
------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL/OTHER - 0.3%
390 New Jersey Economic Development Authority, District Heating and 12/03 at 102 BBB- 393,541
Cooling Revenue Bonds (Trigen-Trenton Project), 1993 Series B,
6.100%, 12/01/04 (Alternative Minimum Tax)
Nuveen New Jersey Dividend Advantage Municipal Fund (NXJ) (continued)
Portfolio of Investments December 31, 2001 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 1.0%
New Jersey Economic Development Authority, Economic Development
Revenue Bonds (Masonic Charity Foundation Project), Series 2001:
$ 1,000 6.000%, 6/01/25 6/11 at 102 A+ $ 1,058,020
335 5.500%, 6/01/31 6/11 at 102 A+ 335,968
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 14.6%
Board of Education of the Township of Hamilton, Mercer County,
New Jersey, General Obligation Bonds, Series 2001:
1,850 4.750%, 8/15/18 8/10 at 100 AAA 1,791,004
1,630 4.750%, 8/15/19 8/10 at 100 AAA 1,566,854
Commonwealth of Puerto Rico, General Obligation Bonds, Public
Improvement Refunding Series 2001:
3,500 5.250%, 7/01/27 7/11 at 100 AAA 3,518,970
13,500 5.125%, 7/01/30 7/11 at 100 AAA 13,360,275
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 8.1%
New Jersey Economic Development Authority, School Facilities
Construction Bonds, 2001 Series A:
2,000 5.250%, 6/15/19 6/11 at 100 AAA 2,025,980
2,400 5.000%, 6/15/21 6/11 at 100 AAA 2,360,376
3,110 New Jersey Transportation Trust Fund Authority, Transportation 6/09 at 100 AA 3,108,258
System Bonds, 1998 Series A, 5.000%, 6/15/17
2,350 Puerto Rico Highway and Transportation Authority, Transportation 7/18 at 100 AAA 2,176,053
Revenue Bonds, Series A, 4.750%, 7/01/38
1,500 Virgin Islands Public Finance Authority, Revenue and Refunding Bonds 10/08 at 101 AA 1,513,860
(Virgin Islands Matching Fund Loan Notes), Series 1998A (Senior
Lien/Refunding), 5.500%, 10/01/18
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 16.3%
8,000 New Jersey Economic Development Authority, Special Facilities 11/10 at 101 BB- 6,827,360
Revenue Bonds (Continental Airlines Inc. Project), Series 2000,
7.000%, 11/15/30 (Alternative Minimum Tax)
3,000 The Port Authority of New York and New Jersey, Consolidated Bonds, 1/07 at 101 AAA 3,027,720
One Hundred Ninth Series, 5.375%, 1/15/32
3,500 The Port Authority of New York and New Jersey, Consolidated 10/07 at 101 AAA 3,507,595
Bonds, One Hundred Twentieth Series, 5.500%, 10/15/35
(Alternative Minimum Tax)
5,000 The Port Authority of New York and New Jersey, Special Project 12/07 at 102 AAA 5,164,900
Bonds (JFK International Air Terminal LLC Project), Series 6,
5.750%, 12/01/22 (Alternative Minimum Tax)
4,000 South Jersey Transportation Authority, New Jersey, Transportation 11/09 at 101 AAA 3,994,640
System Revenue Bonds, 1999 Series, 5.125%, 11/01/22
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 3.0%
4,000 Puerto Rico Infrastructure Financing Authority, Special Obligation 10/10 at 101 AAA 4,119,520
Bonds, 2000 Series A, 5.500%, 10/01/40
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 0.7%
980 Camden County Pollution Control Financing Authority, New Jersey, 6/02 at 102 B2 941,457
Solid Waste Disposal and Resource Recovery System Revenue
Bonds, Series 1991B, 7.500%, 12/01/09 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 17.3%
4,635 New Jersey Economic Development Authority, Water Facilities 5/08 at 102 AAA 4,616,043
Revenue Bonds (New Jersey-American Water Company Project),
Series 1997B, 5.375%, 5/01/32
7,000 New Jersey Economic Development Authority, Water Facilities 2/08 at 102 AAA 6,901,650
Revenue Bonds (Middlesex Water Company Project), Series 1998,
5.350%, 2/01/38 (Alternative Minimum Tax)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER (continued)
$ 5,000 New Jersey Economic Development Authority, Water Facilities 7/08 at 102 AAA $ 4,838,450
Revenue Bonds (New Jersey-American Water Company Project),
Series 1998A, 5.250%, 7/01/38 (Alternative Minimum Tax)
2,775 New Jersey Environmental Infrastructure Trust, Environmental 9/08 at 101 AAA 2,596,790
Infrastructure Bonds, Series 1998A, 4.500%, 9/01/18
15,840 North Hudson Sewerage Authority, New Jersey, Sewer Revenue No Opt. Call Aaa 4,957,602
Bonds, Series 2001A Refunding, 0.000%, 8/01/23
------------------------------------------------------------------------------------------------------------------------------------
$ 150,435 Total Investments (cost $139,375,163) - 99.2% 137,368,236
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 0.8% 1,148,271
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $ 138,516,507
====================================================================================================================
* Optional Call Provisions: Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices at
later dates.
** Ratings: Using the higher of Standard & Poor's or
Moody's rating.
See accompanying notes to financial statements.
Nuveen Pennsylvania Investment Quality Municipal Fund (NQP)
Portfolio of
Investments December 31, 2001 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 3.6%
$ 13,300 Pennsylvania Economic Development Financing Authority, Solid Waste No Opt. Call AA- $ 13,047,433
Disposal Revenue Bonds (Procter & Gamble Paper Project),
Series 2001, 5.375%, 3/01/31 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 12.5%
2,000 Allegheny County Higher Educational Building Authority, 9/08 at 102 BBB 1,851,100
Pennsylvania, College Revenue Bonds (Chatham
College), Series 1998A, 5.250%, 9/01/18
3,000 Delaware County Authority, Commonwealth of Pennsylvania, 11/10 at 101 AA 3,125,010
Haverford College Revenue Bonds, Series 2000, 5.750%, 11/15/29
1,030 Delaware County Authority, Commonwealth of Pennsylvania, 2/02 at 100 AAA 1,047,768
University Revenue Bonds (Villanova University), Series 1991,
6.900%, 8/01/16
1,000 Borough of Harveys Lake General Municipal Authority, Pennsylvania, 11/09 at 100 A 1,022,770
College Revenue Bonds (College Misericordia Project), Series 1999,
6.000%, 5/01/19
1,450 Indiana County Industrial Development Authority, Pennsylvania, 11/06 at 100 AAA 1,484,713
Revenue Bonds (The Student Cooperative Association, Inc./Indiana
University of Pennsylvania Student Union Project), Series
1999A, 5.875%, 11/01/29
Indiana County Industrial Development Authority, Pennsylvania,
Revenue Bonds (The Student Cooperative Association, Inc./Indiana
University of Pennsylvania Student Union Project), Series 1999B:
815 0.000%, 11/01/15 No Opt. Call AAA 394,843
815 0.000%, 11/01/16 No Opt. Call AAA 369,741
815 0.000%, 11/01/17 No Opt. Call AAA 346,799
815 0.000%, 11/01/18 No Opt. Call AAA 324,835
815 0.000%, 11/01/19 No Opt. Call AAA 304,900
2,750 Northeastern Pennsylvania Hospital and Educational Authority, 10/08 at 100 AAA 2,493,315
Luzerne County, School Revenue Bonds (Wyoming Seminary
Project), Series 1998, 4.750%, 10/01/28
8,000 Pennsylvania Higher Educational Assistance Agency, Capital Acquisition 11/11 at 100 Aaa 7,618,160
Revenue Bonds, Series 2001 Refunding, 5.000%, 12/15/30
4,000 Pennsylvania Higher Educational Assistance Agency, Student 3/02 at 102 AAA 4,106,760
Loan Revenue Fixed Rate Bonds, 1991 Series C, 7.150%, 9/01/21
(Alternative Minimum Tax)
3,000 Pennsylvania Higher Educational Assistance Agency, Student Loan 9/02 at 102 AAA 3,067,770
Revenue Bonds, 1992 Series C, 6.400%, 3/01/22 (Alternative
Minimum Tax)
2,000 Pennsylvania Higher Educational Facilities Authority, Revenue Bonds 7/11 at 101 AAA 1,898,040
(Temple University), First Series 2001, 5.000%, 7/15/31
5,000 Pennsylvania Higher Educational Facilities Authority, College and 7/11 at 100 AA 4,793,300
University Revenue Bonds (Moravian College Project), Series 2001,
5.375%, 7/01/31
2,900 Scranton-Lackawanna Health and Welfare Authority, Lackawanna 3/02 at 102 A- 2,975,081
County, Pennsylvania, University Revenue Bonds (University of
Scranton Project), 1992 Series A, 6.500%, 3/01/13
8,445 Swarthmore Borough Authority, Pennsylvania, Swarthmore College 9/08 at 100 AA+ 8,090,394
Revenue Bonds, Series 1998, 5.000%, 9/15/28
330 City of Wilkes-Barre General Municipal Authority, Pennsylvania, 12/02 at 102 N/R 343,019
College Misericordia Revenue Bonds, Refunding Series 1992B,
7.750%, 12/01/12
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 4.8%
1,600 Geisinger Authority, Montour County, Pennsylvania, Health System 8/08 at 101 AA 1,461,072
Revenue Bonds (Geisinger Health System), Series 1998A,
5.000%, 8/15/28
9,500 Pennsylvania Higher Educational Facilities Authority, UPMC Health 1/11 at 101 A+ 9,595,950
System Revenue Bonds, Series 2001A, 6.000%, 1/15/31
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE (continued)
$ 880 Philadelphia Hospitals and Higher Educational Facilities Authority, No Opt. Call AAA $ 835,525
Pennsylvania, Hospital Revenue Bonds (Magee Rehabilitation
Hospital Project), Series 2001, 4.000%, 12/01/10
5,500 Sayre Healthcare Facilities Authority, Hospital Revenue Bonds 6/02 at 102 AAA 5,728,525
(VHA of Pennsylvania, Inc. Capital Asset Financing Program),
Series 1985E (Guthrie Healthcare System Conversion), 7.200%,
12/01/20
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 0.3%
980 Pittsburgh Urban Redevelopment Authority, Pennsylvania, 2/02 at 102 A2 1,000,237
Redevelopment Mortgage Revenue Bonds, 1992 Series C,
7.125%, 8/01/13 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 10.1%
7,720 Allegheny County Residential Finance Authority, Pennsylvania, No Opt. Call Aaa 1,315,102
Single Family Mortgage Revenue Bonds, 1994 Series Z,
0.000%, 5/01/27 (Alternative Minimum Tax)
1,145 Berks County Redevelopment Authority, Pennsylvania, Senior No Opt. Call A+ 1,210,620
Single Family Mortgage Revenue Bonds, 1986 Series A,
8.000%, 12/01/17 (Alternative Minimum Tax)
2,745 Pennsylvania Housing Finance Agency, Single Family Mortgage 4/02 at 102 AA+ 2,807,778
Revenue Bonds, Series 1992-33, 6.900%, 4/01/17
520 Pennsylvania Housing Finance Agency, Single Family Mortgage 4/02 at 102 AA+ 531,606
Revenue Bonds, Series 1992-34B, 7.000%, 4/01/24
(Alternative Minimum Tax)
2,000 Pennsylvania Housing Finance Agency, Single Family Mortgage 10/05 at 102 AA+ 2,087,620
Revenue Bonds, Series 1995-46, 6.200%, 10/01/14
(Alternative Minimum Tax)
1,000 Pennsylvania Housing Finance Agency, Single Family Mortgage 4/06 at 102 AA+ 1,025,280
Revenue Bonds, Series 1996-48, 6.150%, 4/01/25
(Alternative Minimum Tax)
5,725 Pennsylvania Housing Finance Agency, Single Family Mortgage 4/06 at 102 AA+ 5,951,767
Revenue Bonds, Series 1996-49, 6.450%, 4/01/25
(Alternative Minimum Tax)
4,000 Pennsylvania Housing Finance Agency, Single Family Mortgage 4/06 at 102 AA+ 4,154,240
Revenue Bonds, Series 1996-50B, 6.350%, 10/01/27
(Alternative Minimum Tax)
5,000 Pennsylvania Housing Finance Agency, Single Family Mortgage 4/06 at 102 AA+ 5,155,600
Revenue Bonds, Series 1996-52B, 6.250%, 10/01/24
(Alternative Minimum Tax)
5,000 Pennsylvania Housing Finance Agency, Single Family Mortgage 10/07 at 101 1/2 AA+ 5,039,900
Revenue Bonds, Series 1997-59A, 5.750%, 10/01/23
(Alternative Minimum Tax)
2,215 Pittsburgh Urban Redevelopment Authority, Pennsylvania, Mortgage 10/11 at 100 AAA 2,168,862
Revenue Bonds, 2001 Series B, 5.450%, 10/01/32
1,420 Pittsburgh Urban Redevelopment Authority, Pennsylvania, Mortgage 4/06 at 102 AAA 1,460,782
Revenue Bonds, 1996 Series C, 6.550%, 4/01/28
(Alternative Minimum Tax)
1,085 Pittsburgh Urban Redevelopment Authority, Pennsylvania, Mortgage 4/07 at 102 AAA 1,124,472
Revenue Bonds, 1997 Series A, 6.250%, 10/01/28
(Alternative Minimum Tax)
2,865 Pittsburgh Urban Redevelopment Authority, Pennsylvania, Mortgage 4/02 at 102 AAA 2,910,095
Revenue Bonds, 1991 Series G, 7.050%, 4/01/23
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 1.4%
3,225 Montgomery County Higher Educational and Health Authority, 1/06 at 101 BBB 3,100,741
Pennsylvania, Mortgage Revenue Bonds (Waverly Heights Project),
Series 1996, 6.375%, 1/01/26
1,500 Philadelphia Authority for Industrial Development, Pennsylvania, 7/11 at 101 AAA 1,475,625
Revenue Bonds (Philadelphia Corporation for the Aging Project),
Series 2001B, 5.250%, 7/01/26
335 Philadelphia Hospitals and Higher Educational Facilities Authority, 8/02 at 102 A+ 348,986
Pennsylvania, Hospital Revenue Bonds (Children's Seashore
House), Series 1992A, 7.000%, 8/15/03
Nuveen Pennsylvania Investment Quality Municipal Fund (NQP) (continued)
Portfolio of Investments December 31, 2001 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 19.1%
$ 3,550 Alleghney County, Pennsylvania, General Obligation Bonds, Series 52, 5/11 at 100 AAA $ 3,548,367
5.250%, 11/01/23
3,120 Allegheny County, Pennsylvania, General Obligation Refunding 5/11 at 100 AAA 3,135,070
Bonds, Series C-53, 5.250%, 11/01/20
2,000 Canon-McMillan School District, Washington County, Pennsylvania, No Opt. Call AAA 515,960
General Obligation Bonds, 0.000%, 12/01/25
Carlisle Area School District, Cumberland County, Pennsylvania,
General Obligation Bonds, Series 2002:
1,915 4.750%, 3/01/20 (WI, settling 1/03/02) 3/12 at 100 Aaa 1,792,976
5,760 5.000%, 3/01/22 (WI, settling 1/03/02) 3/12 at 100 Aaa 5,590,829
2,000 Claysburg Kimmel School District, Blair County, Pennsylvania, 1/09 at 100 AAA 1,904,420
General Obligation Bonds, Series 2002 Refunding,
5.000%, 1/15/31 (DD, settling 1/15/02)
4,600 Garnet Valley School District, Delaware County, Pennsylvania, 8/11 at 100 Aaa 4,425,338
General Obligation Bonds, Series 2001A, 5.000%, 2/15/25
City of Harrisburg Redevelopment Authority, Dauphin County,
Pennsylvania, Guaranteed Revenue Bonds, Series 1998B:
2,750 0.000%, 5/01/24 5/16 at 68 1/32 AAA 742,418
2,750 0.000%, 11/01/24 5/16 at 66 5/16 AAA 720,968
5,160 0.000%, 5/01/25 5/16 at 64 9/16 AAA 1,307,750
Mckeesport Area School District, Allegheny County, Pennsylvania,
General Obligation Bonds, Series 1999C:
3,430 0.000%, 10/01/23 No Opt. Call AAA 1,010,204
3,380 0.000%, 10/01/24 No Opt. Call AAA 936,902
3,420 0.000%, 10/01/25 No Opt. Call AAA 891,902
2,340 0.000%, 10/01/26 No Opt. Call AAA 575,289
2,340 0.000%, 10/01/27 No Opt. Call AAA 543,020
2,340 0.000%, 10/01/29 No Opt. Call AAA 484,006
7,500 Montgomery County, Pennsylvania, General Obligation Bonds, 7/09 at 100 Aaa 7,282,650
Series 1999, 5.000%, 7/15/24
6,000 Commonwealth of Pennsylvania, General Obligation Bonds, First 3/02 at 101 1/2 AA 6,147,120
Series 1992, 6.375%, 9/15/11
1,700 City of Philadelphia, Pennsylvania, General Obligation Bonds, 3/11 at 100 AAA 1,605,803
Series 2000, 5.000%, 9/15/31
15,000 Philadelphia School District, Pennsylvania, General Obligation Bonds, 9/05 at 101 AAA 15,164,400
Series 1995B, 5.500%, 9/01/25
6,100 Plum Borough School District, Allegheny County, Pennsylvania, 9/11 at 100 AAA 6,041,440
General Obligation Bonds, Series 2001, 5.250%, 9/15/30
1,590 Red Lion Area School District, York County, Pennsylvania, General 10/11 at 100 Aaa 1,556,674
Obligation Bonds, Series 2001, 5.000%, 4/15/20
2,000 Sto-Rox School District, Allegheny County, Pennsylvania, General 12/10 at 100 AAA 2,212,540
Obligation Bonds, Series 2000, 5.800%, 6/15/30
1,465 Stroudsburg Area School District, Monroe County, Pennsylvania, 4/12 at 100 AAA 1,451,229
General Obligation Bonds, Series 2001A, 5.000%, 4/01/18
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 13.1%
5,500 Allegheny County Port Authority, Pennsylvania, Special Transportation 3/11 at 101 AAA 5,250,520
Revenue Bonds, Series 2001, 5.000%, 3/01/29
9,225 Pennsylvania Intergovernmental Cooperation Authority, Special 6/09 at 100 AAA 8,490,321
Tax Revenue Refunding Bonds (City of Philadelphia Funding
Program), Series 1999, 4.750%, 6/15/23
3,500 Pennsylvania Turnpike Commission, Oil Franchise Tax Senior 12/08 at 100 AAA 3,179,925
Revenue Bonds, Series 1998A, 4.750%, 12/01/27
5,150 Pennsylvania Turnpike Commission, Registration Fee Revenue 7/11 at 101 AAA 4,802,118
Bonds, Series 2001, 5.000%, 7/15/41
10,935 Philadelphia Authority for Industrial Development, Pennsylvania, 10/11 at 101 AAA 10,750,855
Lease Revenue Bonds, Series 2001B, 5.250%, 10/01/30
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 5,000 Pittsburgh and Allegheny County Public Auditorium Authority, 8/09 at 101 AAA $ 4,774,350
Pennsylvania, Regional Asset District Sales Tax Revenue Bonds,
Series 1999, 5.000%, 2/01/29
1,090 Pittsburgh Urban Redevelopment Authority, Pennsylvania, Tax 11/09 at 100 A2 1,123,561
Increment Bonds (Center Triangle Tax Increment Financing
District - PNC Bank Corporation Project), Series 1999A,
6.100%, 5/01/19
10,250 Southeastern Pennsylvania Transportation Authority, Special Revenue 3/09 at 101 AAA 9,282,605
Bonds, Series 1999A, 4.750%, 3/01/29
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 8.2%
2,000 Lehigh-Northampton Airport Authority, Pennsylvania, Airport 5/10 at 100 Aaa 2,087,340
Revenue Bonds (Lehigh Valley Airport System), Series 2000A,
6.000%, 5/15/30 (Alternative Minimum Tax)
5,000 Pennsylvania Economic Development Financing Authority, Exempt 5/11 at 101 A3 5,035,150
Facilities Revenue Bonds (Amtrak Project), Series 2001A,
6.375%, 11/01/41 (Alternative Minimum Tax)
735 Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, 12/02 at 102 AAA 744,526
Series 1992O, 5.500%, 12/01/17
2,500 Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, 12/11 at 101 AAA 2,380,675
Series 2001R, 5.000%, 12/01/30
5,000 City of Philadelphia, Pennsylvania, Airport Revenue Bonds 6/11 at 101 AAA 4,800,950
(Philadelphia Airport System), Series 2001B, 5.250%, 6/15/31
(Alternative Minimum Tax)
Philadelphia Authority for Industrial Development, Pennsylvania,
Airport Revenue Bonds (Philadelphia Airport System Project),
Series 1998A:
7,315 5.000%, 7/01/23 (Alternative Minimum Tax) 7/08 at 101 AAA 6,870,248
5,085 5.125%, 7/01/28 (Alternative Minimum Tax) 7/08 at 101 AAA 4,807,105
3,250 Philadelphia Parking Authority, Pennsylvania, Airport Parking Revenue 9/09 at 101 AAA 3,179,215
Bonds, Series 1999, 5.250%, 9/01/29
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 8.8%
1,355 Bensalem Township School District, Bucks County, Pennsylvania, 7/06 at 100 AAA 1,481,774
General Obligation Bonds, Series 1996, 5.850%, 7/15/12
(Pre-refunded to 7/15/06)
2,000 Hampton Township School District, Allegheny County, Pennsylvania, 11/04 at 100 AAA 2,209,940
General Obligation Bonds, Series 1995, 6.750%, 11/15/21
(Pre-refunded to 11/15/04)
3,400 Lehigh County General Purpose Authority, Pennsylvania, College 6/02 at 100 AAA 3,479,968
Revenue Bonds (Allentown College of St. Francis de Sales Project),
Series 1992, 6.750%, 12/15/12 (Pre-refunded to 6/15/02)
3,825 Pennsylvania State University, Revenue Refunding Bonds, 3/02 at 102 Aa2*** 3,931,297
Series 1992, 6.250%, 3/01/11 (Pre-refunded to 3/01/02)
1,250 Philadelphia Authority for Industrial Development, Pennsylvania, 5/02 at 102 N/R*** 1,295,563
Revenue Bonds (National Board of Medical Examiners Project),
Series 1992, 6.750%, 5/01/12 (Pre-refunded to 5/01/02)
1,850 Philadelphia School District, Pennsylvania, General Obligation Bonds, 5/02 at 100 3/4 AAA 1,897,749
Series 1992A, 6.500%, 5/15/05 (Pre-refunded to 5/15/02)
3,000 Pittsburgh Water and Sewer Authority, Pennsylvania, Water and No Opt. Call AAA 3,244,590
Sewer System Revenue Refunding Bonds, Series 1986,
7.625%, 9/01/04
2,500 St. Mary Hospital Authority, Bucks County, Pennsylvania, Hospital 7/02 at 102 AAA 2,610,950
Revenue Bonds (Franciscan Health System/St. Mary Hospital of
Langhorne Inc.), Series 1992A, 6.500%, 7/01/12 (Pre-refunded
to 7/01/02)
3,000 Warrington Township Municipal Authority, Bucks County, Pennsylvania, 11/15 at 100 AAA 3,623,640
Water and Sewer Revenue Bonds, Series 1991, 7.100%, 12/01/21
(Pre-refunded to 11/15/15)
5,450 Borough of West View Municipal Authority, Allegheny County, No Opt. Call AAA 7,554,354
Pennsylvania, Special Obligation Bonds, Series 1985A,
9.500%, 11/15/14
645 City of Wilkes-Barre General Municipal Authority, Pennsylvania, 12/02 at 102 N/R*** 691,079
College Misericordia Revenue Bonds, Refunding Series 1992A,
7.750%, 12/01/12 (Pre-refunded to 12/01/02)
Nuveen Pennsylvania Investment Quality Municipal Fund (NQP) (continued)
Portfolio of Investments December 31, 2001 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 4.7%
$ 2,940 Carbon County Industrial Development Authority, Pennsylvania, No Opt. Call BBB- $ 3,097,055
Resource Recovery Revenue Refunding Bonds (Panther Creek Partners
Project), 2000 Series, 6.650%, 5/01/10 (Alternative Minimum Tax)
325 Greater Lebanon Refuse Authority, Lebanon County, Pennsylvania, 11/02 at 100 A- 335,351
Solid Waste Revenue Bonds, Series 1992, 7.000%, 11/15/04
4,000 Lehigh County Industrial Development Authority, Pollution 8/05 at 102 AAA 4,269,360
Control Revenue Refunding Bonds (Pennsylvania Power and
Light Company Project), 1995 Series A, 6.150%, 8/01/29
5,500 Montgomery County Industrial Development Authority, Pennsylvania, 1/03 at 100 AA- 5,740,350
Resource Recovery Revenue Bonds (Montgomery County
Project), Series 1989, 7.500%, 1/01/12
3,700 York County Industrial Development Authority, Pennsylvania, 3/12 at 101 Baa1 3,623,225
Pollution Control Revenue Refunding Bonds (PSEG Power Project),
Series 2001A, 5.500%, 9/01/20
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 13.3%
5,000 Delaware County Industrial Development Authority, Pennsylvania, 10/11 at 100 AAA 4,858,250
Water Facilities Revenue Bonds (Philadelphia Water Company
Project), Series 2001, 5.350%, 10/01/31
Delaware County Regional Water Quality Control Authority,
Pennsylvania, Sewer Revenue Bonds, Series 2001A:
5,325 5.100%, 5/01/20 11/11 at 100 AAA 5,275,797
1,465 5.100%, 5/01/21 11/11 at 100 AAA 1,445,750
Erie City Water Authority, Erie County, Pennsylvania, Water Revenue
Bonds, Series 2001A:
2,670 0.000%, 12/01/23 No Opt. Call AAA 765,863
5,000 5.200%, 12/01/30 12/11 at 100 AAA 4,915,300
3,000 Luzerne County Industrial Development Authority, Exempt Facilities 10/02 at 102 A3 3,098,790
Revenue Refunding Bonds (Pennsylvania Gas and Water Company
Project), 1992 Series A, 7.200%, 10/01/17
(Alternative Minimum Tax)
3,550 Luzerne County Industrial Development Authority Exempt Facilities 12/02 at 102 A3 3,674,533
Revenue Bonds (Pennsylvania Gas and Water Company Project),
1992 Series B, 7.125%, 12/01/22 (Alternative Minimum Tax)
5,000 Luzerne County Industrial Development Authority, Exempt Facilities 12/04 at 102 AAA 5,582,549
Revenue Refunding Bonds (Pennsylvania Gas and Water
Company Project), 1994 Series A, 7.000%, 12/01/17
(Alternative Minimum Tax)
10,750 City of Philadelphia, Pennsylvania, Water and Wastewater Revenue 11/12 at 100 AAA 10,183,904
Bonds, Series 2001A, 5.000%, 11/01/31
20,000 Pittsburgh Water and Sewer Authority, Pennsylvania, Water and Sewer No Opt. Call AAA 4,869,599
System First Lien Revenue Bonds, Series 1998B, 0.000%, 9/01/26
12,625 Westmoreland County Municipal Authority, Pennsylvania, Municipal No Opt. Call AAA 3,701,270
Service Revenue Bonds, Series 1999A, 0.000%, 8/15/23
------------------------------------------------------------------------------------------------------------------------------------
$ 421,110 Total Investments (cost $357,522,020) - 99.9% 363,800,725
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 0.1% 338,135
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $ 364,138,860
====================================================================================================================
* Optional Call Provisions: Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices at
later dates.
** Ratings: Using the higher of Standard & Poor's or
Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of
principal and interest. Securities are normally
considered to be equivalent to AAA rated securities.
N/R Investment is not rated.
(DD) Security purchased on a delayed delivery basis.
(WI) Security purchased on a when-issued basis.
See accompanying notes to financial statements.
Nuveen Pennsylvania Premium Income Municipal Fund 2 (NPY)
Portfolio of
Investments December 31, 2001 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
BASIC MATERIALS - 0.1%
$ 500 Erie County Industrial Development Authority, Pennsylvania, 9/10 at 101 BBB $ 502,730
Environmental Improvement Revenue Refunding Bonds,
2000 Series B, 6.000%, 9/01/16 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
CAPITAL GOODS - 0.6%
2,000 New Morgan Industrial Development Authority, Pennsylvania, 4/04 at 102 BB- 1,941,700
Solid Waste Disposal Revenue Bonds (New Morgan Landfill
Company, Inc. Project), Series 1994, 6.500%, 4/01/19 (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER CYCLICALS - 0.9%
4,500 Pennsylvania Economic Development Financing Authority, Exempt 11/08 at 102 N/R 3,214,845
Facilities Revenue Bonds (National Gypsum Project), Series 1997B,
6.125%, 11/01/27
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 9.6%
3,000 Allegheny County Higher Educational Building Authority, 5/09 at 102 A 2,862,420
Pennsylvania, College Revenue Bonds (Thiel College),
Series 1999A, 5.375%, 11/15/29
3,000 Chester County Health and Educational Facilities Authority, 10/08 at 102 BBB- 2,813,850
Pennsylvania, College Revenue Bonds (Immaculata College),
Series 1998, 5.625%, 10/15/27
1,350 Lancaster Higher Educational Authority, Pennsylvania, College 4/03 at 100 AAA 1,386,828
Revenue Bonds (Franklin and Marshall College Project),
Series 1993, 5.700%, 4/15/13
10,000 Pennsylvania Higher Educational Assistance Agency, Student Loan 1/03 at 102 AAA 10,204,800
Revenue Bonds, 1988 Series D, 6.050%, 1/01/19 (Alternative
Minimum Tax)
1,000 Pennsylvania Higher Educational Facilities Authority, 5/08 at 101 Aaa 998,910
Commonwealth of Pennsylvania, LaSalle University Revenue
Bonds, Series 1998, 5.250%, 5/01/23
2,100 Pennsylvania Higher Educational Facilities Authority, 6/10 at 100 AA 2,192,148
Commonwealth of Pennsylvania, Philadelphia University
Revenue Bonds, Series 2000, 6.000%, 6/01/29
4,615 Pennsylvania Higher Educational Facilities Authority, Commonwealth 7/03 at 102 AAA 4,719,991
of Pennsylvania, Widener University Revenue Bonds,
1993 Series A, 5.250%, 7/15/11
1,500 Pennsylvania Higher Educational Facilities Authority, Temple 7/11 at 101 AAA 1,423,530
University Revenue Bonds, First Series 2001, 5.000%, 7/15/31
3,340 State Public School Building Authority, Commonwealth of 3/03 at 100 AAA 3,437,461
Pennsylvania, College Revenue Bonds (Northampton County
Area Community College Project), Series 1993U, 5.850%, 3/15/15
2,500 West Cornwall Township Municipal Authority, Pennsylvania, College 12/11 at 100 BBB+ 2,488,000
Revenue Bonds (Elizabethtown College Project), Series 2001,
5.900%, 12/15/18 (DD, settling 1/04/02)
845 City of Wilkes-Barre General Municipal Authority, Pennsylvania, 12/02 at 102 N/R 878,335
College Misericordia Revenue Bonds, Refunding Series 1992B,
7.750%, 12/01/12
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 11.2%
8,500 Allegheny County Hospital Development Authority, Pennsylvania, 5/06 at 102 AAA 8,715,730
Hospital Revenue Bonds (South Hills Health System), Series 1996A,
5.875%, 5/01/26
14,000 Allegheny County Hospital Development Authority, Pennsylvania, 4/07 at 102 AAA 14,172,200
Health Center Revenue Bonds (University of Pittsburgh Medical
Center System), Series 1997A, 5.625%, 4/01/27
7,900 Montgomery County Higher Educational and Health Authority, 1/09 at 101 AAA 7,453,729
Pennsylvania, Revenue Bonds (Pottstown Healthcare Corporation),
Series 1998, 5.000%, 1/01/27
485 Montgomery County Higher Educational and Health Authority, 6/03 at 102 AAA 503,183
Pennsylvania, Hospital Revenue Bonds (Abington Memorial
Hospital), Series 1993A, 6.000%, 6/01/22
4,700 Pennsylvania Higher Educational Facilities Authority, The 1/06 at 101 A 4,697,227
University of Pennsylvania Health Services Revenue Bonds,
Series 1996A, 5.750%, 1/01/22
Nuveen Pennsylvania Premium Income Municipal Fund 2 (NPY) (continued)
Portfolio of Investments December 31, 2001 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE (continued)
City of Pottsville Hospital Authority, Pennsylvania, Hospital
Revenue Bonds (Pottsville Hospital and Warne Clinic), Series
1998:
$ 2,000 5.500%, 7/01/18 7/08 at 100 BBB- $ 1,730,240
2,000 5.625%, 7/01/24 7/08 at 100 BBB- 1,684,740
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 3.9%
4,345 Bucks County Redevelopment Authority, Pennsylvania, Second 8/03 at 100 Baa2 4,296,206
Lien Multifamily Mortgage Revenue Bonds (Country Commons
Apartments Section 8 Assisted), Series 1993A, 6.200%, 8/01/14
(Alternative Minimum Tax)
1,635 Luzerne County Housing Corporation, Pennsylvania, Mortgage 7/03 at 100 Aaa 1,644,974
Revenue Refunding Bonds (FHA-Insured Mortgage Loan - Freeland
Apartments Section 8 Assisted Project), Series 1993, 6.125%, 7/15/23
5,000 Pennsylvania Housing Finance Agency, Rental Housing Refunding 7/02 at 102 AAA 5,131,650
Bonds, Issue of 1992, 6.400%, 7/01/12
2,345 Swissvale Housing Development Corporation (An Instrumentality 7/03 at 100 Aa2 2,359,633
of the Allegheny County Housing Authority), Pennsylvania,
Multifamily Mortgage Revenue Refunding Bonds (FHA-Insured
Mortgage Loan - Swissvale Section 8 Assisted Project),
Series 1993C, 6.100%, 7/01/22
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 8.3%
1,350 Allegheny County Residential Finance Authority, Pennsylvania, 11/10 at 100 Aaa 1,375,731
Single Family Mortgage Revenue Bonds, 2000 Series II-2,
5.900%, 11/01/32 (Alternative Minimum Tax)
2,000 Pennsylvania Housing Finance Agency, Single Family Mortgage 10/03 at 102 AA+ 2,014,220
Revenue Bonds, Series 1993-37A, 5.450%, 10/01/17
1,120 Pennsylvania Housing Finance Agency, Single Family Mortgage No Opt. Call AA+ 1,249,394
Revenue Bonds, Series 1996-47, 6.750%, 10/01/06
(Alternative Minimum Tax)
3,305 Pennsylvania Housing Finance Agency, Single Family Mortgage 4/06 at 102 AA+ 3,410,066
Revenue Bonds, Series 1996-51, 6.375%, 4/01/28
(Alternative Minimum Tax)
2,380 Pennsylvania Housing Finance Agency, Single Family Mortgage 10/06 at 102 AA+ 2,454,922
Revenue Bonds, Series 1997-54A, 6.150%, 10/01/22
(Alternative Minimum Tax)
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Series 1997-56A:
1,500 6.050%, 10/01/16 (Alternative Minimum Tax) 4/07 at 102 AA+ 1,559,895
4,000 6.150%, 10/01/27 (Alternative Minimum Tax) 4/07 at 102 AA+ 4,121,520
1,630 Pennsylvania Housing Finance Agency, Single Family Mortgage 4/07 at 101 1/2 AA+ 1,655,102
Revenue Bonds, Series 1997-58A, 5.950%, 10/01/28
(Alternative Minimum Tax)
1,645 Pennsylvania Housing Finance Agency, Single Family Mortgage 10/07 at 101 1/2 AA+ 1,729,718
Revenue Bonds, Series 1997-59A, 5.700%, 4/01/17
(Alternative Minimum Tax)
1,190 Pennsylvania Housing Finance Agency, Single Family Mortgage 4/08 at 101 1/2 AA+ 1,190,666
Revenue Bonds, Series 1998-62A, 5.500%, 10/01/22
(Alternative Minimum Tax)
1,500 Pittsburgh Urban Redevelopment Authority, Pennsylvania, 4/06 at 102 AAA 1,546,305
Mortgage Revenue Bonds, 1996 Series C, 6.500%, 10/01/23
(Alternative Minimum Tax)
Pittsburgh Urban Redevelopment Authority, Pennsylvania, Mortgage
Revenue Bonds, 1997 Series A:
845 6.150%, 10/01/16 (Alternative Minimum Tax) 4/07 at 102 AAA 884,174
765 6.200%, 10/01/21 (Alternative Minimum Tax) 4/07 at 102 AAA 793,994
1,375 Pittsburgh Urban Redevelopment Authority, Pennsylvania, Mortgage 4/03 at 102 AAA 1,419,976
Revenue Bonds, 1992 Series D, 6.500%, 4/01/17
2,460 Pittsburgh Urban Redevelopment Authority, Pennsylvania, Mortgage 4/03 at 102 AAA 2,538,376
Revenue Bonds, 1992 Series C-1, 6.800%, 10/01/25
(Alternative Minimum Tax)
615 Pittsburgh Urban Redevelopment Authority, Pennsylvania, Mortgage 4/04 at 102 AAA 644,717
Revenue Bonds, 1994 Series B, 6.950%, 10/01/10
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL/OTHER - 0.6%
2,165 Montgomery County Industrial Development Authority, 6/03 at 102 N/R 2,144,606
Pennsylvania, Health Facilities Revenue Bonds (Emergency
Care Research Institute), Series 1993, 6.850%, 6/01/13
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 3.1%
$ 1,230 Pennsylvania Economic Development Financing Authority, Revenue 6/08 at 100 BBB $ 886,375
Bonds (Northwestern Human Services, Inc. Project), Series 1998A,
5.250%, 6/01/28
Pennsylvania Economic Development Financing Authority, Revenue
Bonds (Dr. Gertrude A. Barber Center Inc.), Series 2000:
1,000 6.150%, 12/01/20 No Opt. Call AA 1,000,490
2,000 5.900%, 12/01/30 12/10 at 100 AA 2,038,880
Philadelphia Authority for Industrial Development, Pennsylvania,
Healthcare Facilities Revenue Bonds (Pauls Run), Series 1998A:
1,350 5.750%, 5/15/18 5/08 at 102 N/R 1,231,038
1,650 5.875%, 5/15/28 5/08 at 102 N/R 1,462,049
4,000 Philadelphia Hospital and Higher Educational Facilities Authority, 8/03 at 102 BBB+ 4,134,440
Pennsylvania, Revenue Refunding Bonds (Philadelphia MR
Project), Series 1992, 5.625%, 8/01/04
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 6.0%
Chichester School District, Delaware County, Pennsylvania,
General Obligation Bonds, Series 1999:
3,125 0.000%, 3/01/23 No Opt. Call AAA 994,094
3,125 0.000%, 3/01/24 No Opt. Call AAA 937,688
3,125 0.000%, 3/01/25 No Opt. Call AAA 886,125
2,110 Fayette County, Pennsylvania, General Obligation Bonds, 11/10 at 100 AAA 2,166,316
Series 2000, 5.625%, 11/15/28
City of Harrisburg Redevelopment Authority, Dauphin County,
Pennsylvania, Guaranteed Revenue Bonds, Series 1998B:
1,750 0.000%, 5/01/22 5/16 at 75 9/16 AAA 536,183
2,750 0.000%, 11/01/22 5/16 at 73 5/8 AAA 818,400
2,750 0.000%, 5/01/23 5/16 at 71 23/32 AAA 790,185
2,750 0.000%, 11/01/23 5/16 at 69 7/8 AAA 767,415
4,305 Montgomery County, Pennsylvania, General Obligation Bonds, 10/06 at 100 Aaa 4,350,203
Series 1996B, 5.375%, 10/15/21
2,000 Philadelphia School District, Pennsylvania, General Obligation No Opt. Call AAA 2,247,420
Refunding Bonds, Series 1995A, 6.250%, 9/01/09
3,500 Philadelphia School District, Pennsylvania, General Obligation 4/09 at 100 AAA 3,093,510
Bonds, Series 1999A, 4.500%, 4/01/23
1,700 Pine-Richland School District, Allegheny County, Pennsylvania, 9/11 at 100 AAA 1,621,069
General Obligation Refunding Bonds, Series 2001, 5.000%, 9/01/29
1,535 Stroudsburg Area School District, Monroe County, Pennsylvania, 4/12 at 100 AAA 1,511,346
General Obligation Bonds, Series 2001A, 5.000%, 4/01/19
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 8.0%
4,060 Delaware Valley Regional Finance Authority, Pennsylvania, 4/06 at 100 AAA 4,250,495
Local Government Revenue Bonds, Series A, 6.000%, 4/15/26
Pennsylvania Industrial Development Authority, Economic Development
Revenue Bonds, Series 1994:
2,000 7.000%, 7/01/06 No Opt. Call AAA 2,268,200
1,550 7.000%, 1/01/07 No Opt. Call AAA 1,762,986
1,000 7.000%, 7/01/07 No Opt. Call AAA 1,144,950
9,000 Pittsburgh and Allegheny County Public Auditorium Authority, 8/09 at 101 AAA 7,766,910
Pennsylvania, Hotel Room Excise Tax Revenue Bonds,
Series 1999, 4.500%, 2/01/29
11,725 Southeastern Pennsylvania Transportation Authority, Special 3/09 at 101 AAA 10,618,395
Revenue Bonds, Series 1999A, 4.750%, 3/01/29
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 6.9%
2,300 Allegheny County, Pennsylvania, Airport Revenue Refunding 1/08 at 101 AAA 2,271,963
Bonds (Pittsburgh International Airport), Series 1997A,
5.250%, 1/01/16 (Alternative Minimum Tax)
2,000 Pennsylvania Economic Development Financing Authority, 5/11 at 101 A3 2,014,920
Exempt Facilities Revenue Bonds (Amtrak Project), Series 2001A,
6.250%, 11/01/31 (Alternative Minimum Tax)
Nuveen Pennsylvania Premium Income Municipal Fund 2 (NPY) (continued)
Portfolio of Investments December 31, 2001 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION (continued)
$ 3,575 Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, 12/11 at 101 AAA $ 3,404,365
2001 Series R, 5.000%, 12/01/30
10,000 Philadelphia Authority for Industrial Development, Pennsylvania, 7/11 at 101 AAA 9,680,500
Airport Revenue Bonds (Philadelphia Airport System Project),
Series 2001A, 5.250%, 7/01/28 (Alternative Minimum Tax)
6,525 Pittsburgh and Allegheny County Sports and Exhibition Authority, 12/06 at 100 Aaa 6,467,906
Pennsylvania, Parking Revenue Bonds, Series 2001A,
5.350%, 12/01/26
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 17.3%
750 Allegheny County Hospital Development Authority, Pennsylvania, 6/02 at 102 N/R*** 781,313
Health and Education Revenue Bonds (The Rehabilitation Institute
of Pittsburgh Project), Series 1992, 7.000%, 6/01/22 (Pre-refunded
to 6/01/02)
3,000 Allegheny County Hospital Development Authority, Pennsylvania, 11/02 at 100 AAA 3,111,240
Health Center Revenue Bonds (Presbyterian University Health
System, Inc. Project), Series 1992A, 6.250%, 11/01/23
(Pre-refunded to 11/01/02)
2,000 Bangor Area School District, Northampton County, Pennsylvania, 3/06 at 100 AAA 2,148,260
General Obligation Bonds, Series 1996B, 5.500%, 3/15/18
(Pre-refunded to 3/15/06)
2,500 Bensalem Township School District, Bucks County, Pennsylvania, 7/06 at 100 AAA 2,736,500
General Obligation Bonds, Series 1996, 5.875%, 7/15/16
(Pre-refunded to 7/15/06)
Bethlehem Authority, Northampton and Lehigh Counties, Pennsylvania,
Water Revenue Bonds, Series 1992A:
3,785 6.100%, 11/15/18 (Pre-refunded to 11/15/02) 11/02 at 100 AAA 3,926,673
3,100 6.100%, 11/15/21 (Pre-refunded to 11/15/02) 11/02 at 100 AAA 3,216,033
17,895 Harrisburg Authority, Dauphin County, Pennsylvania, Tax-Exempt 9/07 at 100 AAA 19,431,644
Revenue Bonds (City of Harrisburg Project), 1997 Series II,
5.625%, 9/15/22 (Pre-refunded to 9/15/07)
3,500 Hollidaysburg Sewer Authority, Pennsylvania, Guaranteed Sewer 1/03 at 100 AAA 3,647,945
Revenue Bonds, Series 1993, 6.100%, 1/01/23 (Pre-refunded
to 1/01/03)
1,500 Ligonier Valley School District, Westmoreland County, Pennsylvania, 3/04 at 100 AAA 1,598,265
General Obligation Bonds, Series 1994, 6.000%, 3/01/23
(Pre-refunded to 3/01/04)
2,015 Montgomery County Higher Educational and Health Authority, 6/03 at 102 AAA 2,156,655
Pennsylvania, Hospital Revenue Bonds (Abington Memorial
Hospital), Series 1993A, 6.000%, 6/01/22 (Pre-refunded to 6/01/03)
1,515 Pennsylvania Higher Educational Facilities Authority, College and No Opt. Call Aaa 1,796,548
University Revenue Bonds, 9th Series, 7.625%, 7/01/15
1,005 Philadelphia Hospitals and Higher Educational Facilities Authority, 5/04 at 102 AAA 1,096,395
Pennsylvania, Community College Revenue Bonds (Community
College of Philadelphia), Series 1994, 6.100%, 5/01/10
(Pre-refunded to 5/01/04)
City of Philadelphia, Pennsylvania, Water and Wastewater Revenue
Bonds, Series 1993:
955 5.750%, 6/15/13 (Pre-refunded to 6/15/03) 6/03 at 102 AAA 1,020,036
915 5.500%, 6/15/14 (Pre-refunded to 6/15/03) 6/03 at 102 AAA 974,054
Philadelphia Hospitals and Higher Educational Facilities
Authority, Pennsylvania, Hospital Revenue Bonds (Presbyterian
Medical Center of Philadelphia), Series 1993:
1,000 6.500%, 12/01/11 12/03 at 102 AAA 1,132,170
3,690 6.650%, 12/01/19 12/03 at 102 AAA 4,314,274
1,750 Pine-Richland School District, Allegheny County, Pennsylvania, 9/03 at 100 AAA 1,856,820
General Obligation Bonds, Series 1993A, 6.100%, 9/01/18
(Pre-refunded to 9/01/03)
2,500 Schuylkill Valley School District, Berks County, Pennsylvania, 4/03 at 100 AAA 2,611,425
General Obligation Bonds, Series 1993, 5.850%, 4/15/13
(Pre-refunded to 4/15/03)
1,650 Borough of West View Municipal Authority, Allegheny County, No Opt. Call AAA 2,287,098
Pennsylvania, Special Obligation Bonds, Series 1985A,
9.500%, 11/15/14
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 12.1%
$ 8,000 Beaver County Industrial Development Authority, Pennsylvania, 6/08 at 102 AAA $ 7,928,240
Exempt Facilities Revenue Bonds (Shippingport Project),
1998 Series A, 5.375%, 6/01/28 (Alternative Minimum Tax)
3,990 Carbon County Industrial Development Authority, Pennsylvania, No Opt. Call BBB- 4,203,146
Resource Recovery Revenue Refunding Bonds (Panther Creek
Partners Project), 2000 Series, 6.650%, 5/01/10
(Alternative Minimum Tax)
7,590 Indiana County Industrial Development Authority, Pennsylvania, 5/07 at 102 AAA 7,873,335
Pollution Control Revenue Bonds (Metropolitan Edison Company
Project), 1997 Series A, 5.950%, 5/01/27 (Alternative Minimum Tax)
2,000 Indiana County Industrial Development Authority, Pennsylvania, 6/12 at 101 Baa1 1,953,620
Pollution Control Revenue Refunding Bonds (PSEG Power LLC
Project), Series 2001A, 5.850%, 6/01/27 (Alternative Minimum Tax)
13,500 Lehigh County Industrial Development Authority, Pollution Control 11/02 at 102 AAA 14,169,330
Revenue Refunding Bonds (Pennsylvania Power and Light
Company Project), 1992 Series A, 6.400%, 11/01/21
6,000 City of Philadelphia, Pennsylvania, Gas Works Revenue Bonds, 7/09 at 101 AAA 5,682,840
1998 General Ordinance Second Series, 5.000%, 7/01/29
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 10.6%
2,000 Allegheny County Sanitary Authority, Pennsylvania, Sewer 12/10 at 101 AAA 2,036,880
Revenue Bonds, Series 2000, 5.500%, 12/01/30
1,975 Delaware County Industrial Development Authority, Pennsylvania, 6/02 at 102 AAA 2,047,127
Water Facilities Revenue Refunding Bonds (Philadelphia Suburban
Water Company Project), Series 1992, 6.500%, 6/01/10
7,350 Luzerne County Industrial Development Authority, Exempt Facilities 10/02 at 102 A3 7,592,035
Revenue Refunding Bonds (Pennsylvania Gas and Water Company
Project), 1992 Series A, 7.200%, 10/01/17 (Alternative
Minimum Tax)
4,500 Luzerne County Industrial Development Authority, Exempt Facilities 12/02 at 102 A3 4,657,859
Revenue Bonds (Pennsylvania Gas and Water Company Project),
1992 Series B, 7.125%, 12/01/22 (Alternative Minimum Tax)
3,360 Mercer County Industrial Development Authority, Water Facilities 7/10 at 100 AAA 3,520,473
Revenue Bonds (Consumers Pennsylvania Water Company -
Shenango Valley Division Project), Series 2000, 6.000%, 7/01/30
(Alternative Minimum Tax)
5,500 Northumberland County Industrial Development Authority, 10/03 at 102 N/R 5,271,089
Pennsylvania, Exempt Facilities Revenue Bonds (Roaring Creek
Water Company Project), 1993 Series, 6.375%, 10/15/23
(Alternative Minimum Tax)
City of Philadelphia, Pennsylvania, Water and Wastewater
Revenue Bonds, Series 1995:
3,000 6.750%, 8/01/05 No Opt. Call AAA 3,337,859
2,730 6.250%, 8/01/10 No Opt. Call AAA 3,078,538
City of Philadelphia, Pennsylvania, Water and Wastewater Revenue
Bonds, Series 1993:
1,380 5.750%, 6/15/13 6/03 at 102 AAA 1,448,999
1,385 5.500%, 6/15/14 6/03 at 102 AAA 1,425,039
10,000 Pittsburgh Water and Sewer Authority, Pennsylvania, Water and No Opt. Call AAA 2,166,799
Sewer System First Lien Revenue Bonds, Series 1998B,
0.000%, 9/01/28
------------------------------------------------------------------------------------------------------------------------------------
$ 361,780 Total Investments (cost $331,498,515) - 99.2% 343,549,814
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 0.8% 2,788,437
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $ 346,338,251
====================================================================================================================
* Optional Call Provisions: Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices at
later dates.
** Ratings: Using the higher of Standard & Poor's or
Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of
principal and interest. Securities are normally
considered to be equivalent to AAA rated securities.
N/R Investment is not rated.
(DD) Security purchased on a delayed delivery basis.
See accompanying notes to financial statements.
Nuveen Pennsylvania Dividend Advantage Municipal Fund (NXM)
Portfolio of
Investments December 31, 2001 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
-----------------------------------------------------------------------------------------------------------------------------------
CONSUMER CYCLICALS - 3.0%
$ 3,000 Pennsylvania Economic Development Financing Authority, Exempt 11/08 at 102 N/R $ 2,143,230
Facilities Revenue Bonds (National Gypsum Project), Series 1997B,
6.125%, 11/01/27
-----------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 5.0%
3,700 Pennsylvania Economic Development Financing Authority, Solid No Opt. Call AA- 3,629,737
Waste Disposal Revenue Bonds (Procter & Gamble Paper Project),
Series 2001, 5.375%, 3/01/31 (Alternative Minimum Tax)
-----------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 21.2%
2,750 Bucks County Industrial Development Authority, Pennsylvania, 9/11 at 100 Aaa 2,668,160
Revenue Bonds (George School Project), Series 2001,
5.125%, 9/15/31
1,825 Delaware County Authority, Pennsylvania, College Revenue 10/11 at 100 BBB- 1,806,057
Refunding Bonds (Neumann College), Series 2001, 6.000%, 10/01/31
2,370 Montgomery County Industrial Development Authority, 8/07 at 100 AAA 2,360,662
Pennsylvania, Revenue Bonds (Hill School Project), Series 1997,
5.350%, 8/15/27
1,800 Pennsylvania Higher Educational Facilities Authority, Commonwealth 4/08 at 102 BBB- 1,670,796
of Pennsylvania, Revenue Bonds (Geneva College), Series 1998,
5.375%, 4/01/23
3,500 Pennsylvania Higher Educational Facilities Authority, Revenue Bonds 7/11 at 101 AAA 3,321,570
(Temple University), First Series 2001, 5.000%, 7/15/31
1,500 Pennsylvania Higher Educational Facilities Authority, College and 7/11 at 100 AA 1,437,990
University Revenue Bonds (Moravian College Project), Series 2001,
5.375%, 7/01/31
2,000 West Cornwall Township Municipal Authority, Pennsylvania, College 12/11 at 100 BBB+ 1,988,220
Revenue Bonds (Elizabethtown College Project), Series 2001,
6.000%, 12/15/27 (DD, settling 1/04/02)
-----------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 15.0%
2,500 Chester County Health and Educational Facilities Authority, 5/08 at 101 AA- 2,408,725
Pennsylvania, Health System Revenue Bonds (Jefferson Health
System), Series 1997B, 5.375%, 5/15/27
3,000 Geisinger Authority, Montour County, Pennsylvania, Health System 8/08 at 101 AA 2,739,510
Revenue Bonds (Geisinger Health System), Series 1998A, 5.000%, 8/15/28
2,900 Pennsylvania Higher Educational Facilities Authority, UPMC 1/11 at 101 A+ 2,929,290
Health System Revenue Bonds, Series 2001A, 6.000%, 1/15/31
2,850 West Shore Area Hospital Authority, Cumberland County, 1/12 at 100 BBB+ 2,815,772
Pennsylvania, Hospital Revenue Bonds (Holy Spirit Hospital of
the Sisters of Christian Charity Project), Series 2001,
6.250%, 1/01/32
-----------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 3.1%
2,325 Allegheny County Residential Finance Authority, Pennsylvania, 11/08 at 102 Aaa 2,280,825
Single Family Mortgage Revenue Bonds, 1998 Series DD-2,
5.400%, 11/01/29 (Alternative Minimum Tax)
-----------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 6.7%
2,100 Lancaster County Hospital Authority, Pennsylvania, Health Center 12/11 at 100 A- 2,059,827
Revenue Bonds (Willow Valley Retirement Communities Project),
Series 2001, 5.875%, 6/01/31
2,875 Philadelphia Authority for Industrial Development, Pennsylvania, 7/11 at 101 AAA 2,813,791
Revenue Bonds (Philadelphia Corporation for the Aging Project),
Series 2001B, 5.250%, 7/01/31
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
-----------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 17.2%
Lake-Lehman School District, Luzerne County, Pennsylvania, General
Obligation Bonds, Series 2001:
$ 1,315 0.000%, 4/01/25 No Opt. Call AAA $ 351,026
1,315 0.000%, 4/01/26 No Opt. Call AAA 330,867
1,065 0.000%, 4/01/27 No Opt. Call AAA 253,140
1,105 Oxford Area School District, Chester County, Pennsylvania, General 2/12 at 100 AAA 1,147,951
Obligation Bonds, 2001 Series A, 5.500%, 2/15/17 (DD,
settling 1/04/02)
3,700 Plum Borough School District, Allegheny County, Pennsylvania, 9/11 at 100 AAA 3,664,480
General Obligation Bonds, Series 2001, 5.250%, 9/15/30
9,270 Reading School District, Berks County, Pennsylvania, General 7/11 at 54 19/32 AAA 2,924,592
Obligation Bonds, Series 2001A, 0.000%, 1/15/22
2,625 Sto-Rox School District, Allegheny County, Pennsylvania, General 12/11 at 100 AAA 2,556,461
Obligation Bonds, Series 2001 Refunding, 5.125%, 12/15/29
1,230 Stroudsburg Area School District, Monroe County, Pennsylvania, 4/12 at 100 AAA 1,238,241
General Obligation Bonds, Series 2001A, 5.000%, 4/01/15
-----------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 14.1%
1,500 Allegheny County Port Authority, Pennsylvania, Special Transportation 3/11 at 101 AAA 1,431,960
Revenue Bonds, Series 2001, 5.000%, 3/01/29
3,750 Pennsylvania Turnpike Commission, Oil Franchise Tax Senior Revenue 12/08 at 100 AAA 3,407,063
Bonds, Series 1998A, 4.750%, 12/01/27
2,945 Pennsylvania Turnpike Commission, Registration Fee Revenue 7/11 at 101 AAA 2,996,567
Bonds, Series 2001, 5.500%, 7/15/33
2,500 Pittsburgh and Allegheny County Public Auditorium Authority, 8/09 at 101 AAA 2,387,175
Pennsylvania, Regional Asset District Sales Tax Revenue Bonds,
Series 1999, 5.000%, 2/01/29
-----------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 10.8%
2,000 Pennsylvania Economic Development Financing Authority, 5/11 at 101 A3 2,014,920
Exempt Facilities Revenue Bonds (Amtrak Project), Series 2001A,
6.250%, 11/01/31 (Alternative Minimum Tax)
3,750 Philadelphia Authority for Industrial Development, Pennsylvania, 7/11 at 101 AAA 3,630,188
Airport Revenue Bonds (Philadelphia Airport System Project),
Series 2001A, 5.250%, 7/01/28 (Alternative Minimum Tax)
2,210 Pittsburgh and Allegheny County Sports and Exhibition Authority, 12/06 at 100 Aaa 2,190,663
Pennsylvania, Parking Revenue Bonds, Series 2001A,
5.375%, 12/01/30
-----------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 6.7%
4,840 City of Philadelphia, Pennsylvania, Gas Works Revenue Bonds, 7/03 at 102 BBB 4,859,504
Fourteenth Series, 6.375%, 7/01/26
-----------------------------------------------------------------------------------------------------------------------------------
$ 86,115 Total Investments (cost $73,803,446) - 102.8% 74,458,960
=============----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - (2.8)% (2,038,550)
-------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $ 72,420,410
===================================================================================================================
* Optional Call Provisions: Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices at
later dates.
** Ratings: Using the higher of Standard & Poor's or
Moody's rating.
N/R Investment is not rated.
(DD) Security purchased on a delayed delivery basis.
See accompanying notes to financial statements.
Statement of
Net Assets December 31, 2001 (Unaudited)
NEW JERSEY NEW JERSEY NEW JERSEY PENNSYLVANIA PENNSYLVANIA PENNSYLVANIA
INVESTMENT PREMIUM DIVIDEND INVESTMENT PREMIUM DIVIDEND
QUALITY INCOME ADVANTAGE QUALITY INCOME 2 ADVANTAGE
(NQJ) (NNJ) (NXJ) (NQP) (NPY) (NXM)
------------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments in municipal
securities,
at market value $452,733,635 $270,566,038 $137,368,236 $363,800,725 $343,549,814 $74,458,960
Temporary investments in
short-term municipal
securities, at amortized
cost, which approximates
market value -- 2,000,000 -- -- -- --
Cash 2,014 467,977 73 2,195,181 434,497 135,339
Receivables:
Interest 8,012,506 4,609,482 2,750,025 5,063,070 5,286,150 1,153,925
Investments sold 8,960,000 570,000 -- 3,130,000 15,000 --
Other assets 25,569 19,363 6,607 20,864 33,581 5,609
------------------------------------------------------------------------------------------------------------------------------------
Total assets 469,733,724 278,232,860 140,124,941 374,209,840 349,319,042 75,753,833
------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Payables:
Bank borrowings 841,058 -- 1,403,170 -- -- --
Investments purchased 8,474,837 4,085,888 -- 9,592,200 2,494,510 3,152,044
Accrued expenses:
Management fees 248,080 149,216 41,095 197,679 188,033 21,605
Other 423,468 337,418 149,966 250,129 282,534 152,377
Preferred share dividends payable 31,285 18,145 14,203 30,972 15,714 7,397
------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 10,018,728 4,590,667 1,608,434 10,070,980 2,980,791 3,333,423
------------------------------------------------------------------------------------------------------------------------------------
Net assets $459,714,996 $273,642,193 $138,516,507 $364,138,860 $346,338,251 $72,420,410
====================================================================================================================================
Preferred shares, at
liquidation value $162,000,000 $ 91,600,000 $ 48,000,000 $132,000,000 $118,100,000 $25,000,000
====================================================================================================================================
Preferred shares outstanding 6,480 3,664 1,920 5,280 4,724 1,000
====================================================================================================================================
Common shares outstanding 20,157,235 12,012,930 6,547,000 16,199,174 15,747,462 3,295,900
====================================================================================================================================
Net asset value per Common share
outstanding (net assets less
Preferred shares at liquidation
value, divided by Common
shares outstanding) $ 14.77 $ 15.15 $ 13.83 $ 14.33 $ 14.49 $ 14.39
====================================================================================================================================
See accompanying notes to financial statements.
Statement of
Operations Six Months Ended December 31, 2001 (Unaudited)
NEW JERSEY NEW JERSEY NEW JERSEY PENNSYLVANIA PENNSYLVANIA PENNSYLVANIA
INVESTMENT PREMIUM DIVIDEND INVESTMENT PREMIUM DIVIDEND
QUALITY INCOME ADVANTAGE QUALITY INCOME 2 ADVANTAGE
(NQJ) (NNJ) (NXJ) (NQP) (NPY) (NXM)
-----------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $13,159,949 $ 7,505,248 $ 3,734,752 $10,604,189 $9,882,242 $2,036,581
-----------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 1,490,514 897,112 465,387 1,193,110 1,128,363 242,728
Preferred shares - auction fees 204,165 115,442 60,493 166,356 148,838 31,507
Preferred shares - dividend
disbursing agent fees 15,123 15,123 5,042 15,123 15,123 5,042
Shareholders' servicing agent
fees and expenses 21,129 13,132 4,033 24,884 20,271 4,033
Custodian's fees and expenses 74,386 43,637 29,868 62,009 50,127 19,164
Directors'/Trustees' fees
and expenses 2,011 1,168 1,008 1,636 1,479 1,008
Professional fees 12,887 8,854 12,186 10,871 9,358 12,186
Shareholders' reports - printing
and mailing expenses 26,927 11,092 17,541 23,291 14,267 19,379
Stock exchange listing fees 12,602 12,230 504 12,560 12,230 504
Investor relations expense 34,207 22,067 -- 30,943 26,989 --
Other expenses 14,845 10,546 3,085 11,815 11,484 2,667
-----------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian
fee credit and expense
reimbursement 1,908,796 1,150,403 599,147 1,552,598 1,438,529 338,218
Custodian fee credit (22,825) (13,272) (34,897) (21,456) (11,861) (7,265)
Expense reimbursement -- -- (215,299) -- -- (112,028)
-----------------------------------------------------------------------------------------------------------------------------------
Net expenses 1,885,971 1,137,131 348,951 1,531,142 1,426,668 218,925
-----------------------------------------------------------------------------------------------------------------------------------
Net investment income 11,273,978 6,368,117 3,385,801 9,073,047 8,455,574 1,817,656
-----------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
FROM INVESTMENTS
Net realized gain (loss) from
investment transactions 785,634 951,043 (327,437) 1,581,223 970,520 85,021
Change in net unrealized
appreciation (depreciation) of
investments (6,548,731) (2,855,506) (3,414,281) (5,846,779) (739,020) (450,683)
-----------------------------------------------------------------------------------------------------------------------------------
Net gain (loss) from investments (5,763,097) (1,904,463) (3,741,718) (4,265,556) 231,500 (365,662)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
from operations $ 5,510,881 $ 4,463,654 $ (355,917) $ 4,807,491 $8,687,074 $1,451,994
===================================================================================================================================
See accompanying notes to financial statements.
Statement of
Changes in Net Assets (Unaudited)
NEW JERSEY INVESTMENT QUALITY (NQJ) NEW JERSEY PREMIUM INCOME (NNJ)
------------------------------------- -----------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
12/31/01 6/30/01 12/31/01 6/30/01
-----------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 11,273,978 $ 23,745,271 $ 6,368,117 $ 12,839,204
Net realized gain (loss) from investment transactions 785,634 610,427 951,043 (269,314)
Change in net unrealized appreciation (depreciation)
of investments (6,548,731) 10,985,354 (2,855,506) 12,204,840
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from operations 5,510,881 35,341,052 4,463,654 24,774,730
-----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS
From and in excess of net investment income:
Common shareholders (9,237,567) (18,380,712) (5,021,405) (9,790,538)
Preferred shareholders (1,559,057) (5,489,183) (850,965) (3,029,141)
From accumulated net realized gains from
investment transactions:
Common shareholders -- -- -- --
Preferred shareholders -- -- -- --
Decrease in net assets from distributions to shareholders (10,796,624) (23,869,895) (5,872,370) (12,819,679)
-----------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Common shares:
Net proceeds from sale of shares -- -- -- --
Net proceeds from shares issued to shareholders
due to reinvestment of distributions 1,215,920 1,503,374 -- --
Preferred shares:
Net proceeds from sale of shares -- -- -- --
-----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from capital share transactions 1,215,920 1,503,374 -- --
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets (4,069,823) 12,974,531 (1,408,716) 11,955,051
Net assets at the beginning of period 463,784,819 450,810,288 275,050,909 263,095,858
-----------------------------------------------------------------------------------------------------------------------------------
Net assets at the end of period $459,714,996 $463,784,819 $273,642,193 $275,050,909
===================================================================================================================================
Undistributed (Over-distribution of)
net investment income at the end of period $ 1,048,249 $ 518,230 $ 1,018,888 $ 266,422
===================================================================================================================================
See accompanying notes to financial statements.
NEW JERSEY DIVIDEND ADVANTAGE (NXJ) PENNSYLVANIA INVESTMENT QUALITY (NQP)
------------------------------------- ------------------------------------
FOR THE
PERIOD 3/28/01
(COMMENCEMENT
SIX MONTHS ENDED OF OPERATIONS) SIX MONTHS ENDED YEAR ENDED
12/31/01 THROUGH 6/30/01 12/31/01 6/30/01
-----------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 3,385,801 $ 931,588 $ 9,073,047 $ 19,820,618
Net realized gain (loss) from investment transactions (327,437) (6,266) 1,581,223 (4,837,654)
Change in net unrealized appreciation (depreciation)
of investments (3,414,281) 1,407,354 (5,846,779) 7,489,584
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from operations (355,917) 2,332,676 4,807,491 22,472,548
-----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS
From and in excess of net investment income:
Common shareholders (2,789,022) (929,674) (7,375,836) (14,691,950)
Preferred shareholders (525,057) (169,574) (1,373,030) (4,889,041)
From accumulated net realized gains from
investment transactions:
Common shareholders -- -- -- --
Preferred shareholders -- -- -- --
-----------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets from distributions to shareholders (3,314,079) (1,099,248) (8,748,866) (19,580,991)
-----------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Common shares:
Net proceeds from sale of shares -- 93,489,300 -- --
Net proceeds from shares issued to shareholders
due to reinvestment of distributions -- -- 892,287 771,056
Preferred shares:
Net proceeds from sale of shares -- 47,363,500 -- --
-----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from capital share transactions -- 140,852,800 892,287 771,056
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets (3,669,996) 142,086,228 (3,049,088) 3,662,613
Net assets at the beginning of period 142,186,503 100,275 367,187,948 363,525,335
-----------------------------------------------------------------------------------------------------------------------------------
Net assets at the end of period $138,516,507 $142,186,503 $364,138,860 $367,187,948
===================================================================================================================================
Undistributed (Over-distribution of)
net investment income at the end of period $ (95,938) $ (167,660) $ 517,831 $ 132,323
===================================================================================================================================
See accompanying notes to financial statements.
Statement of
Changes in Net Assets (Unaudited) (continued)
PENNSYLVANIA PREMIUM INCOME 2 (NPY) PENNSYLVANIA DIVIDEND ADVANTAGE (NXM)
------------------------------------ -------------------------------------
FOR THE
PERIOD 3/29/01
(COMMENCEMENT
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED OF OPERATIONS)
12/31/01 6/30/01 12/31/01 THROUGH 6/30/01
-----------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 8,455,574 $ 16,832,591 $ 1,817,656 $ 450,226
Net realized gain (loss) from investment transactions 970,520 1,159,672 85,021 12
Change in net unrealized appreciation (depreciation)
of investments (739,020) 13,740,217 (450,683) 1,115,126
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from operations 8,687,074 31,732,480 1,451,994 1,565,364
-----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS
From and in excess of net investment income:
Common shareholders (6,629,681) (12,445,233) (1,433,717) (477,907)
Preferred shareholders (1,196,367) (4,234,820) (270,077) (88,700)
From accumulated net realized gains from
investment transactions:
Common shareholders -- -- (41,536) --
Preferred shareholders -- -- (9,362) --
-----------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets from distributions to shareholders (7,826,048) (16,680,053) (1,754,692) (566,607)
-----------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Common shares:
Net proceeds from sale of shares -- -- -- 47,014,826
Net proceeds from shares issued to shareholders
due to reinvestment of distributions -- -- -- --
Preferred shares:
Net proceeds from sale of shares -- -- -- 24,609,250
-----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from capital share transactions -- -- -- 71,624,076
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets 861,026 15,052,427 (302,698) 72,622,833
Net assets at the beginning of period 345,477,225 330,424,798 72,723,108 100,275
-----------------------------------------------------------------------------------------------------------------------------------
Net assets at the end of period $346,338,251 $345,477,225 $72,420,410 $72,723,108
===================================================================================================================================
Undistributed (Over-distribution of)
net investment income at the end of period $ 1,677,229 $ 784,663 $ 6,410 $ (116,381)
===================================================================================================================================
See accompanying notes to financial statements.
Notes to
Financial Statements (Unaudited)
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
The state Funds (the "Funds") covered in this report and their corresponding
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 Pennsylvania
Investment Quality Municipal Fund (NQP), Nuveen Pennsylvania Premium Income
Municipal Fund 2 (NPY) and Nuveen Pennsylvania Dividend Advantage Municipal Fund
(NXM). New Jersey Investment Quality (NQJ), New Jersey Premium Income (NNJ),
Pennsylvania Investment Quality (NQJ) and Pennsylvania Premium Income (NPY) are
traded on the New York Stock Exchange while New Jersey Dividend Advantage (NXJ)
and Pennsylvania Dividend Advantage (NXM) are traded on the American Stock
Exchange. Prior to the commencement of operations of New Jersey Dividend
Advantage (NXJ) and Pennsylvania Dividend Advantage (NXM), each Fund had no
operations other than those related to organizational matters, the initial
capital contribution of $100,275 by Nuveen Advisory Corp. (the "Adviser"), a
wholly owned subsidiary of The John Nuveen Company and the recording of the
organizational expenses ($15,000) and their reimbursement by Nuveen Investments,
also a wholly owned subsidiary of The John Nuveen Company.
Each Fund seeks to provide current income exempt from both regular federal and
designated state income taxes by investing primarily in a diversified portfolio
of municipal obligations issued by state and local government authorities within
a single state. The Funds are registered under the Investment Company Act of
1940 as closed-end management investment companies.
The following is a summary of significant accounting policies followed by the
Funds in the preparation of their financial statements in accordance with
accounting principles generally accepted in the United States.
Securities 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. When
price quotes are not readily available (which is usually the case for municipal
securities), the pricing service establishes fair market value based on yields
or prices of municipal bonds of comparable quality, type of issue, coupon,
maturity and rating, indications of value from securities dealers and general
market conditions. If it is determined that market prices for a security are
unavailable or inappropriate, the Board of Directors/Trustees of the Funds may
establish a fair value for the security. Temporary investments in securities
that have variable rate and demand features qualifying them as short-term
securities are valued at amortized cost, which approximates market value.
Securities Transactions
Securities transactions are recorded on a trade date basis. Realized gains and
losses from such transactions are determined on the specific identification
method. Securities purchased or sold on a when-issued or delayed delivery basis
may have extended settlement periods. The securities so purchased are subject to
market fluctuation during this period. The Funds have instructed the custodian
to segregate assets in a separate account with a current value at least equal to
the amount of the when-issued and delayed delivery purchase commitments. At
December 31, 2001, New Jersey Investment Quality (NQJ), New Jersey Premium
Income (NNJ), Pennsylvania Investment Quality (NQP), Pennsylvania Premium Income
(NPY) and Pennsylvania Dividend Advantage (NXM) had outstanding when-issued
and/or delayed delivery purchase commitments of $8,474,837, $4,085,888,
$9,592,200, $2,494,510 and $3,152,044, respectively. There were no such
outstanding purchase commitments in New Jersey Dividend Advantage (NXJ).
Investment Income
Interest income is determined on the basis of interest accrued, adjusted for
amortization of premiums and accretion of discounts on long-term debt securities
for financial reporting purposes.
Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund
intends to comply with the requirements of the Internal Revenue Code applicable
to regulated investment companies and to distribute all of its net investment
income to its shareholders. Therefore, no federal income tax provision is
required. Furthermore, each Fund intends to satisfy conditions which will enable
interest from municipal securities, which is exempt from regular federal and
applicable state and local income taxes, to retain such tax-exempt status when
distributed to the shareholders of the Funds.
Notes to
Financial Statements (Unaudited) (continued)
Dividends and Distributions to Shareholders
Tax-exempt net investment income is declared monthly as a dividend and payment
is made or reinvestment is credited to shareholder accounts on the first
business day after month end. Net realized capital gains and/or market discount
from investment transactions, if any, are distributed to shareholders not less
frequently than annually. Furthermore, capital gains are distributed only to the
extent they exceed available capital loss carryforwards.
Distributions to shareholders of tax-exempt net investment income, net realized
capital gains and/or market discount are recorded on the ex-dividend date. The
amount and timing of such distributions are determined in accordance with
federal income tax regulations, which may differ from accounting principles
generally accepted in the United States. Accordingly, temporary
over-distributions as a result of these differences may occur and will be
classified as either distributions in excess of net investment income,
distributions in excess of net realized gains and/or distributions in excess of
net ordinary taxable income from investment transactions, where applicable.
Preferred Shares
The Funds have issued and outstanding $25,000 stated value Preferred shares.
Each Fund's Preferred shares are issued in one or more Series. The dividend rate
on each Series may change every seven days, as set by the auction agent. The
number of shares outstanding, by Series and in total, are as follows:
NEW JERSEY NEW JERSEY NEW JERSEY PENNSYLVANIA PENNSYLVANIA PENNSYLVANIA
INVESTMENT PREMIUM DIVIDEND INVESTMENT PREMIUM DIVIDEND
QUALITY INCOME ADVANTAGE QUALITY INCOME 2 ADVANTAGE
(NQJ) (NNJ) (NXJ) (NQP) (NPY) (NXM)
---------------------------------------------------------------------------------------------------------
Number of Shares:
Series M 3,200 -- -- -- 844 --
Series T -- 624 1,920 880 -- 1,000
Series W -- 1,440 -- 2,400 -- --
Series Th 2,000 1,600 -- 2,000 2,080 --
Series F 1,280 -- -- -- 1,800 --
---------------------------------------------------------------------------------------------------------
Total 6,480 3,664 1,920 5,280 4,724 1,000
=========================================================================================================
Derivative Financial Instruments
The Funds may invest in certain derivative financial instruments including
futures, forward, swap and option contracts, and other financial instruments
with similar characteristics. Although the Funds are authorized to invest in
such financial instruments, and may do so in the future, they did not make any
such investments during the six months ended December 31, 2001.
Custodian Fee Credit
Each Fund has an arrangement with the custodian bank whereby certain custodian
fees and expenses are reduced by credits earned on each Fund's cash on deposit
with the bank. Such deposit arrangements are an alternative to overnight
investments.
Offering Costs
Nuveen Investments has agreed to pay all offering costs (other than the sales
load) that exceed $.03 per Common share for New Jersey Dividend Advantage (NXJ)
and Pennsylvania Dividend Advantage (NXM). New Jersey Dividend Advantage's (NXJ)
and Pennsylvania Dividend Advantage's (NXM) share of offering costs ($196,200
and $98,667, respectively) were recorded as a reduction of the proceeds from the
sale of common shares.
Costs incurred by New Jersey Dividend Advantage (NXJ) and Pennsylvania Dividend
Advantage (NXM) in connection with their offering of Preferred shares ($636,500
and $390,750, respectively) were recorded as a reduction of the proceeds from
the sale of the Preferred shares.
Use of Estimates
The preparation of financial statements in conformity with accounting principles
generally accepted in the United States 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 from operations during the reporting period. Actual
results may differ from those estimates.
Change in Accounting Policy
As required, effective July 1, 2001, the Funds have adopted the provisions of
the new AICPA Audit and Accounting Guide for Investment Companies and began
accreting taxable market discount on debt securities. Prior to July 1, 2001, the
Funds did not accrete taxable market discounts on debt securities until they
were sold. The cumulative effect of this accounting change had no impact on the
total net assets or the net asset values of the Funds, but resulted in an
increase in the cost of securities and a corresponding decrease in net
unrealized appreciation or an increase in net unrealized depreciation based on
securities held by the Funds on July 1, 2001, as follows:
NEW JERSEY NEW JERSEY NEW JERSEY PENNSYLVANIA PENNSYLVANIA PENNSYLVANIA
INVESTMENT PREMIUM DIVIDEND INVESTMENT PREMIUM DIVIDEND
QUALITY INCOME ADVANTAGE QUALITY INCOME 2 ADVANTAGE
(NQJ) (NNJ) (NXJ) (NQP) (NPY) (NXM)
---------------------------------------------------------------------------------------------------------
$52,665 $256,719 $-- $61,327 $263,040 $8,929
=========================================================================================================
The effect of this change for the period ended December 31, 2001, was to
increase net investment income with a corresponding decrease in net unrealized
appreciation or an increase in net unrealized depreciation as follows:
NEW JERSEY NEW JERSEY NEW JERSEY PENNSYLVANIA PENNSYLVANIA PENNSYLVANIA
INVESTMENT PREMIUM DIVIDEND INVESTMENT PREMIUM DIVIDEND
QUALITY INCOME ADVANTAGE QUALITY INCOME 2 ADVANTAGE
(NQJ) (NNJ) (NXJ) (NQP) (NPY) (NXM)
---------------------------------------------------------------------------------------------------------
$3,778 $19,313 $543 $21,399 $72,901 $24,017
=========================================================================================================
The Statement of Changes in Net Assets and Financial Highlights for the prior
periods have not been restated to reflect this change in presentation.
2. FUND SHARES
Transactions in Common and Preferred shares were as follows:
NEW JERSEY NEW JERSEY NEW JERSEY
INVESTMENT QUALITY (NQJ) PREMIUM INCOME (NNJ) DIVIDEND ADVANTAGE (NXJ)
--------------------------- ---------------------------- --------------------------------
FOR THE
PERIOD 3/28/01
(COMMENCEMENT
OF OPERATIONS)
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED THROUGH
12/31/01 6/30/01 12/31/01 6/30/01 12/31/01 6/30/01
--------------------------------------------------------------------------------------------------------------------
Common shares:
Shares sold -- -- -- -- -- 6,540,000
Shares issued to shareholders
due to reinvestment of
distributions 77,466 99,285 -- -- -- --
--------------------------------------------------------------------------------------------------------------------
77,466 99,285 -- -- -- 6,540,000
====================================================================================================================
Preferred shares sold -- -- -- -- -- 1,920
====================================================================================================================
PENNSYLVANIA PENNSYLVANIA PENNSYLVANIA
INVESTMENT QUALITY (NQP) PREMIUM INCOME 2 (NPY) DIVIDEND ADVANTAGE (NXM)
--------------------------- ---------------------------- --------------------------------
FOR THE
PERIOD 3/29/01
(COMMENCEMENT
OF OPERATIONS)
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED THROUGH
12/31/01 6/30/01 12/31/01 6/30/01 12/31/01 6/30/01
--------------------------------------------------------------------------------------------------------------------
Common shares:
Shares sold -- -- -- -- -- 3,288,900
Shares issued to shareholders
due to reinvestment of
distributions 58,199 51,443 -- -- -- --
--------------------------------------------------------------------------------------------------------------------
58,199 51,443 -- -- -- 3,288,900
====================================================================================================================
Preferred shares sold -- -- -- -- -- 1,000
====================================================================================================================
Notes to
Financial Statements (Unaudited) (continued)
3. DISTRIBUTIONS TO COMMON SHAREHOLDERS
The Funds declared Common share dividend distributions from their tax-exempt net
investment income which were paid February 1, 2002, to shareholders of record on
January 15, 2002, as follows:
NEW JERSEY NEW JERSEY NEW JERSEY PENNSYLVANIA PENNSYLVANIA PENNSYLVANIA
INVESTMENT PREMIUM DIVIDEND INVESTMENT PREMIUM DIVIDEND
QUALITY INCOME ADVANTAGE QUALITY INCOME 2 ADVANTAGE
(NQJ) (NNJ) (NXJ) (NQP) (NPY) (NXM)
---------------------------------------------------------------------------------------------------------
Dividend per share $.0765 $.0705 $.0710 $.0760 $.0725 $.0725
=========================================================================================================
4. SECURITIES TRANSACTIONS
Purchases and sales (including maturities) of investments in long-term municipal
securities and short-term municipal securities during the six months ended
December 31, 2001, were as follows:
NEW JERSEY NEW JERSEY NEW JERSEY PENNSYLVANIA PENNSYLVANIA PENNSYLVANIA
INVESTMENT PREMIUM DIVIDEND INVESTMENT PREMIUM DIVIDEND
QUALITY INCOME ADVANTAGE QUALITY INCOME 2 ADVANTAGE
(NQJ) (NNJ) (NXJ) (NQP) (NPY) (NXM)
---------------------------------------------------------------------------------------------------------
Purchases:
Long-term municipal
securities $61,629,074 $19,496,676 $6,700,486 $99,823,257 $17,256,768 $22,762,171
Short-term municipal
securities 16,500,000 2,000,000 -- -- -- --
Sales and maturities:
Long-term municipal
securities 46,088,950 18,562,210 6,631,720 76,175,920 14,673,428 19,403,583
Short-term municipal
securities 16,500,000 -- 6,000,000 -- -- --
=========================================================================================================
At December 31, 2001, the cost of investments owned for federal income tax
purposes were as follows:
NEW JERSEY NEW JERSEY NEW JERSEY PENNSYLVANIA PENNSYLVANIA PENNSYLVANIA
INVESTMENT PREMIUM DIVIDEND INVESTMENT PREMIUM DIVIDEND
QUALITY INCOME ADVANTAGE QUALITY INCOME 2 ADVANTAGE
(NQJ) (NNJ) (NXJ) (NQP) (NPY) (NXM)
---------------------------------------------------------------------------------------------------------
$440,323,623 $260,645,701 $139,374,620 $362,276,778 $331,162,574 $73,770,500
=========================================================================================================
At June 30, 2001, the Funds' last fiscal year end, the following Funds had
unused capital loss carryforwards available for federal income tax purposes to
be applied against future capital gains, if any. If not applied, the
carryforwards will expire as follows:
NEW JERSEY NEW JERSEY NEW JERSEY PENNSYLVANIA PENNSYLVANIA
INVESTMENT PREMIUM DIVIDEND INVESTMENT PREMIUM
QUALITY INCOME ADVANTAGE QUALITY INCOME 2
(NQJ) (NNJ) (NXJ) (NQP) (NPY)
---------------------------------------------------------------------------------------------------------
Expiration year:
2002 $ -- $3,583,548 $ -- $ -- $ --
2003 -- 129,409 -- -- --
2004 -- 650,143 -- -- --
2005 -- 174,583 -- -- --
2006 -- -- -- -- --
2007 -- 244,178 -- -- --
2008 -- 27,220 -- 394,765 1,886,400
2009 612,328 521,212 6,266 362,560 --
---------------------------------------------------------------------------------------------------------
Total $612,328 $5,330,293 $6,266 $757,325 $1,886,400
=========================================================================================================
5. UNREALIZED APPRECIATION (DEPRECIATION)
Gross unrealized appreciation and gross unrealized depreciation of investments
for federal income tax purposes at December 31, 2001, were as follows:
NEW JERSEY NEW JERSEY NEW JERSEY PENNSYLVANIA PENNSYLVANIA PENNSYLVANIA
INVESTMENT PREMIUM DIVIDEND INVESTMENT PREMIUM DIVIDEND
QUALITY INCOME ADVANTAGE QUALITY INCOME 2 ADVANTAGE
(NQJ) (NNJ) (NXJ) (NQP) (NPY) (NXM)
---------------------------------------------------------------------------------------------------------
Gross unrealized:
appreciation $14,609,786 $12,791,177 $ 262,861 $ 9,810,817 $15,112,965 $1,121,871
depreciation (2,199,774) (870,840) (2,269,245) (8,286,870) (2,725,725) (433,411)
---------------------------------------------------------------------------------------------------------
Net unrealized appreciation
(depreciation) $12,410,012 $11,920,337 $(2,006,384) $ 1,523,947 $12,387,240 $ 688,460
=========================================================================================================
6. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Under the Funds' (excluding New Jersey Dividend Advantage (NXJ) and Pennsylvania
Dividend Advantage (NXM)) investment management agreements with the Adviser,
each Fund pays an annual management fee, payable monthly, at the rates set forth
below, which are based upon the average daily net assets of each Fund as
follows:
AVERAGE DAILY NET ASSETS MANAGEMENT FEE
--------------------------------------------------------------------------------
For the first $125 million .6500 of 1%
For the next $125 million .6375 of 1
For the next $250 million .6250 of 1
For the next $500 million .6125 of 1
For the next $1 billion .6000 of 1
For the next $3 billion .5875 of 1
For net assets over $5 billion .5750 of 1
===============================================================================
Under New Jersey Dividend Advantage's (NXJ) and Pennsylvania Dividend
Advantage's (NXM) investment management agreements with the Adviser, each Fund
pays an annual management fee, payable monthly, at the rates set forth below,
which are based upon the average daily net assets of each Fund as follows:
AVERAGE DAILY NET ASSETS MANAGEMENT FEE
--------------------------------------------------------------------------------
For the first $125 million .6500 of 1%
For the next $125 million .6375 of 1
For the next $250 million .6250 of 1
For the next $500 million .6125 of 1
For the next $1 billion .6000 of 1
For net assets over $2 billion .5750 of 1
===============================================================================
The Adviser has agreed to waive part of its management fees or reimburse certain
expenses of New Jersey Dividend Advantage (NXJ) and Pennsylvania Dividend
Advantage (NXM) in an amount equal to .30% of the average daily net assets for
the period from each Fund's commencement of operations through March 31, 2006,
..25% of the average daily net assets for the year ended March 31, 2007, .20% of
the average daily net assets for the year ended March 31, 2008, .15% of the
average daily net assets for the year ended March 31, 2009, .10% of the average
daily net assets for the year ended March 31, 2010, and .05% of the average
daily net assets for the year ended March 31, 2011. The Adviser has not agreed
to reimburse New Jersey Dividend Advantage (NXJ) and Pennsylvania Dividend
Advantage (NXM) for any portion of its fees and expenses beyond March 31, 2011.
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 their officers, all of whom receive remuneration for their
services to the Funds from the Adviser.
Notes to
Financial Statements (Unaudited) (continued)
7. COMPOSITION OF NET ASSETS
At December 31, 2001, net assets consisted of:
NEW JERSEY NEW JERSEY NEW JERSEY PENNSYLVANIA PENNSYLVANIA PENNSYLVANIA
INVESTMENT PREMIUM DIVIDEND INVESTMENT PREMIUM DIVIDEND
QUALITY INCOME ADVANTAGE QUALITY INCOME 2 ADVANTAGE
(NQJ) (NNJ) (NXJ) (NQP) (NPY) (NXM)
---------------------------------------------------------------------------------------------------------
Preferred shares, $25,000
stated value per share,
at liquidation value $162,000,000 $ 91,600,000 $ 48,000,000 $132,000,000 $118,100,000 $25,000,000
Common shares, $.01 par
value per share 201,572 120,129 65,470 161,992 157,475 32,959
Paid-in surplus 283,938,302 173,638,121 92,887,605 229,193,918 215,268,132 46,691,392
Undistributed
(Over-distribution of)
net investment income 1,048,249 1,018,888 (95,938) 517,831 1,677,229 6,410
Accumulated net realized
gain (loss) from
investment transactions 169,926 (4,474,241) (333,703) (4,013,586) (915,884) 34,135
Net unrealized appreciation
(depreciation)
of investments 12,356,947 11,739,296 (2,006,927) 6,278,705 12,051,299 655,514
---------------------------------------------------------------------------------------------------------
Net assets $459,714,996 $273,642,193 $138,516,507 $364,138,860 $346,338,251 $72,420,410
=========================================================================================================
Authorized shares:
Common 200,000,000 200,000,000 Unlimited Unlimited Unlimited Unlimited
Preferred 1,000,000 1,000,000 Unlimited Unlimited Unlimited Unlimited
=========================================================================================================
Financial
Highlights (Unaudited)
Selected data for a Common share outstanding throughout each period:
Investment Operations Less Distributions
---------------------------------- ----------------------------------------------------------
From and From and
in Excess in Excess
of Net of Net
Net Investment Investment Capital Capital
Realized/ Income to Income to Gains to Gains to
Beginning Net Unrealized Common Preferred Common Preferred
Net Asset Investment Investment Share- Share- Share- Share-
Value Income Gain (Loss) Total holders holders+ holders holders+ Total
====================================================================================================================================
NEW JERSEY
INVESTMENT QUALITY
(NQJ)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 6/30:
2002(b) $15.03 $ .56 $(.28) $ .28 $(.46) $(.08) $-- $-- $ (.54)
2001 14.45 1.19 .58 1.77 (.92) (.27) -- -- (1.19)
2000 15.14 1.20 (.63) .57 (.92) (.29) (.04) (.01) (1.26)
1999 15.65 1.14 (.46) .68 (.93) (.20) (.03) (.01) (1.17)
1998 15.41 1.16 .29 1.45 (.95) (.22) (.03) (.01) (1.21)
1997 15.05 1.18 .34 1.52 (.95) (.21) -- -- (1.16)
NEW JERSEY
PREMIUM INCOME
(NNJ)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 6/30:
2002(b) 15.27 .53 (.16) .37 (.42) (.07) -- -- (.49)
2001 14.28 1.07 .99 2.06 (.82) (.25) -- -- (1.07)
2000 14.92 1.08 (.62) .46 (.85) (.25) -- -- (1.10)
1999 15.34 1.08 (.41) .67 (.87) (.22) -- -- (1.09)
1998 14.71 1.10 .65 1.75 (.86) (.26) -- -- (1.12)
1997 14.18 1.09 .51 1.60 (.84) (.23) -- -- (1.07)
NEW JERSEY
DIVIDEND
ADVANTAGE
(NXJ)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 6/30:
2002(b) 14.39 .52 (.57) (.05) (.43) (.08) -- -- (.51)
2001(a) 14.33 .14 .22 .36 (.14) (.03) -- -- (.17)
====================================================================================================================================
Total Returns
----------------
Offering
Costs and Based
Preferred Ending Based on
Share Net Ending on Net
Underwriting Asset Market Market Asset
Discounts Value Value Value** Value**
======================================================================
NEW JERSEY
INVESTMENT QUALITY
(NQJ)
Year Ended 6/30:
2002(b) $-- $14.77 $15.3000 1.64% 1.30%
2001 -- 15.03 15.5000 17.13 10.62
2000 -- 14.45 14.0625 (4.94) 1.94
1999 (.02) 15.14 15.8125 (2.33) 2.82
1998 -- 15.65 17.1250 11.38 8.12
1997 -- 15.41 16.3125 16.50 8.92
NEW JERSEY
PREMIUM INCOME
(NNJ)
--------------------------------------------------------------------
Year Ended 6/30:
2002(b) -- 15.15 14.8500 .47 1.93
2001 -- 15.27 15.1900 20.13 12.90
2000 -- 14.28 13.3750 (9.95) 1.64
1999 -- 14.92 15.8125 7.17 2.87
1998 -- 15.34 15.5625 11.12 10.35
1997 -- 14.71 14.8125 20.95 9.94
NEW JERSEY
DIVIDEND
ADVANTAGE
(NXJ)
--------------------------------------------------------------------
Year Ended 6/30:
2002(b) -- 13.83 14.6100 .27 (1.01)
2001(a) (.13) 14.39 14.9900 .87 1.42
====================================================================
Ratios/Supplemental Data
---------------------------------------------------------------------
Before Credit/Reimbursement
-----------------------------------------------------------
Ratio of Net Ratio of Net
Ratio of Investment Ratio of Investment
Expenses Income to Expenses Income to
to Average Average to Average Average
Ending Net Assets Net Assets Total Total
Net Applicable Applicable Net Assets Net Assets
Assets to Common to Common Including Including
(000) Shares++ Shares++ Preferred++ Preferred++
=======================================================================================
NEW JERSEY
INVESTMENT QUALITY
(NQJ)
Year Ended 6/30:
2002(b) $459,715 1.25%* 7.35%* .81%* 4.79%*
2001 463,785 1.24 7.97 .80 5.16
2000 450,810 1.22 8.27 .78 5.30
1999 463,329 1.13 7.27 .80 5.12
1998 438,878 1.13 7.40 .79 5.20
1997 431,622 1.14 7.70 .80 5.36
NEW JERSEY
PREMIUM INCOME
(NNJ)
---------------------------------------------------------------------------------------
Year Ended 6/30:
2002(b) 273,642 1.23* 6.79* .82* 4.55*
2001 275,051 1.25 7.14 .83 4.73
2000 263,096 1.24 7.61 .81 4.95
1999 270,304 1.24 7.00 .83 4.68
1998 274,276 1.25 7.24 .83 4.81
1997 266,074 1.27 7.53 .83 4.91
NEW JERSEY
DIVIDEND
ADVANTAGE
(NXJ)
----------------------------------------------------------------------------------------
Year Ended 6/30:
2002(b) 138,517 1.26* 6.60* .84* 4.37*
2001(a) 142,187 1.05* 3.65* .84* 2.94*
========================================================================================
Ratios/Supplemental Data
------------------------------------------------------------------------ Municipal Auction Rate Cumulative
After Credit/Reimbursement*** Preferred Stock at End of Period
------------------------------------------------------------- --------------------------------------
Ratio of Net Ratio of Net
Ratio of Investment Ratio of Investment
Expenses Income to Expenses Income to
to Average Average to Average Average
Net Assets Net Assets Total Total Aggregate Liquidation
Applicable Applicable Net Assets Net Assets Portfolio Amount and Market Asset
to Common to Common Including Including Turnover Outstanding Value Coverage
Shares++ Shares++ Preferred++ Preferred++ Rate (000) Per Share Per Share
====================================================================================================================================
NEW JERSEY
INVESTMENT QUALITY
(NQJ)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 6/30:
2002(b) 1.23%* 7.37%* .80%* 4.80%* 10% $162,000 $25,000 $70,944
2001 1.23 7.99 .80 5.17 16 162,000 25,000 71,572
2000 1.21 8.28 .78 5.31 11 162,000 25,000 69,569
1999 1.13 7.27 .80 5.12 8 162,000 25,000 71,501
1998 1.13 7.40 .79 5.20 6 130,000 25,000 84,400
1997 1.14 7.70 .80 5.36 15 130,000 25,000 83,004
NEW JERSEY
PREMIUM INCOME
(NNJ)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 6/30:
2002(b) 1.22* 6.81* .81* 4.56* 7 91,600 25,000 74,684
2001 1.24 7.15 .82 4.74 6 91,600 25,000 75,068
2000 1.23 7.63 .80 4.96 10 91,600 25,000 71,806
1999 1.24 7.00 .83 4.68 10 91,600 25,000 73,773
1998 1.25 7.24 .83 4.81 13 91,600 25,000 74,857
1997 1.27 7.53 .83 4.91 18 91,600 25,000 72,618
NEW JERSEY
DIVIDEND
ADVANTAGE
(NXJ)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 6/30:
2002(b) .73* 7.13* .49* 4.72* 5 48,000 25,000 72,144
2001(a) .66* 4.03* .54* 3.24* 1 48,000 25,000 74,055
====================================================================================================================================
* Annualized.
** Total Investment Return on Market Value is the combination of reinvested
dividend income, reinvested capital gains distributions, if any, and
changes in stock price per share. Total Return on Net Asset Value is the
combination of reinvested dividend income, reinvested capital gains
distributions, if any, and changes in net asset value per share. Total
returns are not annualized.
*** After custodian fee credit and expense reimbursement, where applicable.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Preferred
shareholders; income ratios reflect income earned on assets attributable to
Preferred shares.
(a) For the period March 28, 2001 (commencement of operations) through June 30,
2001.
(b) For the six months ended December 31, 2001.
See accompanying notes to financial statements.
Financial Highlights (Unaudited) (continued)
Selected data for a Common share outstanding throughout each period:
Investment Operations Less Distributions
---------------------------------- ----------------------------------------------------------
From and From and
in Excess in Excess
of Net of Net
Net Investment Investment Capital Capital
Realized/ Income to Income to Gains to Gains to
Beginning Net Unrealized Common Preferred Common Preferred
Net Asset Investment Investment Share- Share- Share- Share-
Value Income Gain (Loss) Total holders holders+ holders holders+ Total
====================================================================================================================================
PENNSYLVANIA
INVESTMENT
QUALITY (NQP)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 6/30:
2002(b) $14.57 $ .56 $(.26) $ .30 $ (.46) $(.08) $-- $-- $ (.54)
2001 14.39 1.23 .16 1.39 (.91) (.30) -- -- (1.21)
2000 15.33 1.25 (.83) .42 (.98) (.29) (.07) (.02) (1.36)
1999 15.94 1.22 (.59) .63 (1.01) (.21) -- -- (1.22)
1998 15.91 1.23 .10 1.33 (1.01) (.23) (.05) (.01) (1.30)
1997 15.72 1.26 .22 1.48 (1.01) (.24) (.03) (.01) (1.29)
------------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA
PREMIUM
INCOME 2
(NPY)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 6/30:
2002(b) 14.44 .54 .01 .55 (.42) (.08) -- -- (.50)
2001 13.48 1.07 .95 2.02 (.79) (.27) -- -- (1.06)
2000 14.30 1.06 (.78) .28 (.81) (.27) (.02) -- (1.10)
1999 14.86 1.04 (.61) .43 (.76) (.23) -- -- (.99)
1998 14.20 1.02 .67 1.69 (.77) (.26) -- -- (1.03)
1997 13.57 1.04 .63 1.67 (.78) (.26) -- -- (1.04)
PENNSYLVANIA
DIVIDEND ADVANTAGE
(NXM)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 6/30:
2002(b) 14.48 .55 (.11) .44 (.44) (.08) (.01) -- (.53)
2001(a) 14.33 .14 .35 .49 (.15) (.03) -- -- (.18)
====================================================================================================================================
Total Returns
----------------
Offering
Costs and Based
Preferred Ending Based on
Share Net Ending on Net
Underwriting Asset Market Market Asset
Discounts Value Value Value** Value**
======================================================================
PENNSYLVANIA
INVESTMENT
QUALITY (NQP)
-------------------------------------------------------------------
Year Ended 6/30:
2002(b) $-- $14.33 $14.9000 1.47% 1.42%
2001 -- 14.57 15.1300 11.99 7.75
2000 -- 14.39 14.3750 (7.39) .94
1999 (.02) 15.33 16.6875 2.56 2.50
1998 -- 15.94 17.2500 8.77 7.02
1997 -- 15.91 16.8750 9.75 8.01
PENNSYLVANIA
PREMIUM
INCOME 2 (NPY)
-------------------------------------------------------------------
Year Ended 6/30:
2002(b) -- 14.49 14.0700 4.50 3.23
2001 -- 14.44 13.8700 19.04 13.25
2000 -- 13.48 12.3750 (3.87) .21
1999 -- 14.30 13.7500 7.98 1.27
1998 -- 14.86 13.4375 6.27 10.29
1997 -- 14.20 13.3750 14.82 10.61
PENNSYLVANIA
DIVIDEND ADVANTAGE
(NXM)
-------------------------------------------------------------------
Year Ended 6/30:
2002(b) -- 14.39 14.8500 5.61 2.40
2001(a) (.16) 14.48 14.4900 (2.45) 2.06
===================================================================
Ratios/Supplemental Data
---------------------------------------------------------------------
Before Credit/Reimbursement
-----------------------------------------------------------
Ratio of Net Ratio of Net
Ratio of Investment Ratio of Investment
Expenses Income to Expenses Income to
to Average Average to Average Average
Ending Net Assets Net Assets Total Total
Net Applicable Applicable Net Assets Net Assets
Assets to Common to Common Including Including
(000) Shares++ Shares++ Preferred++ Preferred++
=======================================================================================
PENNSYLVANIA
INVESTMENT
QUALITY (NQP)
---------------------------------------------------------------------------------------
Year Ended 6/30:
2002(b) $364,139 1.29%* 7.51%* .83%* 4.84%*
2001 367,188 1.29 8.40 .82 5.38
2000 363,525 1.26 8.57 .81 5.47
1999 377,468 1.16 7.61 .81 5.30
1998 363,139 1.15 7.65 .80 5.34
1997 360,749 1.17 7.96 .81 5.52
PENNSYLVANIA
PREMIUM
INCOME 2 (NPY)
---------------------------------------------------------------------------------------
Year Ended 6/30:
2002(b) 346,338 1.23* 7.21* .81* 4.78*
2001 345,477 1.25 7.55 .82 4.93
2000 330,425 1.26 7.88 .81 5.06
1999 343,335 1.24 6.93 .83 4.61
1998 352,123 1.24 6.99 .82 4.63
1997 341,751 1.27 7.47 .83 4.85
PENNSYLVANIA
DIVIDEND ADVANTAGE
(NXM)
---------------------------------------------------------------------------------------
Year Ended 6/30:
2002(b) 72,420 1.37* 6.87* .91* 4.55*
2001(a) 72,723 1.26* 3.51* 1.01* 2.81*
=======================================================================================
Ratios/Supplemental Data
------------------------------------------------------------------------ Municipal Auction Rate Cumulative
After Credit/Reimbursement*** Preferred Stock at End of Period
------------------------------------------------------------- --------------------------------------
Ratio of Net Ratio of Net
Ratio of Investment Ratio of Investment
Expenses Income to Expenses Income to
to Average Average to Average Average
Net Assets Net Assets Total Total Aggregate Liquidation
Applicable Applicable Net Assets Net Assets Portfolio Amount and Market Asset
to Common to Common Including Including Turnover Outstanding Value Coverage
Shares++ Shares++ Preferred++ Preferred++ Rate (000) Per Share Per Share
====================================================================================================================================
PENNSYLVANIA
INVESTMENT
QUALITY (NQP)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 6/30:
2002(b) 1.27%* 7.53%* .82%* 4.85%* 21% $132,000 $25,000 $68,966
2001 1.27 8.41 .82 5.39 17 132,000 25,000 69,543
2000 1.25 8.59 .80 5.48 8 132,000 25,000 68,849
1999 1.16 7.61 .81 5.30 16 132,000 25,000 71,490
1998 1.15 7.65 .80 5.34 9 110,000 25,000 82,532
1997 1.17 7.96 .81 5.52 8 110,000 25,000 81,988
PENNSYLVANIA
PREMIUM
INCOME 2 (NPY)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 6/30:
2002(b) 1.22* 7.22* .81* 4.78* 4 118,100 25,000 73,315
2001 1.24 7.57 .81 4.94 10 118,100 25,000 73,132
2000 1.25 7.89 .80 5.07 14 118,100 25,000 69,946
1999 1.24 6.93 .82 4.62 9 118,100 25,000 72,679
1998 1.24 6.99 .82 4.63 32 118,100 25,000 74,539
1997 1.27 7.47 .83 4.85 29 118,100 25,000 72,344
PENNSYLVANIA
DIVIDEND ADVANTAGE
(NXM)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 6/30:
2002(b) .89* 7.35* .59* 4.87* 26 25,000 25,000 72,420
2001(a) .87* 3.90* .69* 3.12* -- 25,000 25,000 72,723
====================================================================================================================================
* Annualized.
** Total Investment Return on Market Value is the combination of reinvested
dividend income, reinvested capital gains distributions, if any, and
changes in stock price per share. Total Return on Net Asset Value is the
combination of reinvested dividend income, reinvested capital gains
distributions, if any, and changes in net asset value per share. Total
returns are not annualized.
*** After custodian fee credit and expense reimbursement, where applicable.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Preferred
shareholders; income ratios reflect income earned on assets attributable to
Preferred shares.
(a) For the period March 29, 2001 (commencement of operations) through June 30,
2001.
(b) For the six months ended December 31, 2001.
See accompanying notes to financial statements.
Build Your Wealth
Automatically
Sidebar text: Nuveen makes reinvesting easy. A phone call is all it takes to set
up your reinvestment account.
NUVEEN EXCHANGE-TRADED FUNDS
DIVIDEND REINVESTMENT PLAN
Your Nuveen Exchange-Traded 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
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. 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
shares may increase before purchases are completed, the average purchase price
per share may exceed the market price at the time of valuation, resulting in the
acquisition of fewer shares than if the 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.
FLEXIBILITY
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.
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.
Fund
Information
BOARD OF DIRECTORS/TRUSTEES
Robert P. Bremner
Lawrence H. Brown
Anne E. Impellizzeri
Peter R. Sawers
William J. Schneider
Timothy R. Schwertfeger
Judith M. Stockdale
FUND MANAGER
Nuveen Advisory Corp.
333 West Wacker Drive
Chicago, IL 60606
CUSTODIAN, TRANSFER AGENT
AND SHAREHOLDER SERVICES
JPMorgan Chase Bank
4 New York Plaza
New York, NY 10004-2413
(800) 257-8787
LEGAL COUNSEL
Morgan, Lewis &
Bockius LLP
Washington, D.C.
INDEPENDENT AUDITORS
Ernst & Young LLP
Chicago, IL
Each Fund intends to repurchase shares of its own common or preferred stock in
the future at such times and in such amounts as is deemed advisable. No shares
were repurchased during the six-month period ended December 31, 2001. Any future
repurchases will be reported to shareholders in the next annual or semiannual
report.
Serving Investors
for Generations
Photo of: John Nuveen, Sr.
For over a century, generations of Americans have relied on Nuveen Investments
to help them grow and keep the money they've earned. Financial advisors,
investors and their families have associated Nuveen Investments with quality,
expertise and dependability since 1898. That is why financial advisors have
entrusted the assets of more than 1.3 million investors to Nuveen.
With the know-how that comes from a century of experience, Nuveen continues to
build upon its reputation for quality. Now, financial advisors and investors can
count on Nuveen Investments to help them design customized solutions that meet
the far-reaching financial goals unique to family wealth strategies - solutions
that can translate into legacies.
To find out more about how Nuveen Investments' products and services can help
you preserve your financial security, talk with your financial advisor, or call
us at (800) 257-8787 for more information, including a prospectus where
applicable. Please read that information carefully before you invest.
LOGO: Invest well.
Look ahead.
LEAVE YOUR MARK.(SM)
NUVEEN Investments
Nuveen Investments o 333 West Wacker Drive
Chicago, IL 60606 o www.nuveen.com FSA-2-12-01