UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-09455

Nuveen New Jersey Quality Municipal Income Fund
(Exact name of registrant as specified in charter)

Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Address of principal executive offices) (Zip code)

Gifford R. Zimmerman
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Name and address of agent for service)

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

Date of fiscal year end: April 30

Date of reporting period: October 31, 2016

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.





ITEM 1. REPORTS TO STOCKHOLDERS.

 


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Table of Contents

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

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3


Chairman's Letter to Shareholders
Dear Shareholders,
After a sluggish first half of 2016, the U.S. economy gained some momentum in the third quarter. In fact, it was the economy's strongest quarterly acceleration in two years, propelled by healthy consumer spending, a temporary surge in exports and a turnaround in inventories. As the year winds down, 2016 looks on track to deliver the same steady-but-slow growth that has characterized the seven-year recovery.
A year ago, the U.S. Federal Reserve (Fed) took the first step toward policy "normalization" by raising its benchmark interest rate at its December 2015 meeting. Speculation about the Fed's intentions since then has been a strong influence on the markets throughout 2016. After remaining on hold for a year, the Fed judged that the economy's modest growth, the return to "full" employment and an uptick in inflation were sufficient to raise the target rate at the December 2016 meeting.
Global conditions continue to look subdued by comparison. Investors continue to adjust to the idea of a slower Chinese economy, which has helped commodity prices stabilize and lift global inflation expectations. The U.K.'s June 23rd "Brexit" vote to leave the European Union introduced a new set of economic and political uncertainties to the already fragile conditions across Europe. Moreover, there are growing concerns that global central banks' unprecedented efforts to revive growth may be showing signs of fatigue. Interest rates are currently negative in Europe and Japan and near or at zero in the U.S., U.K. and elsewhere; nonetheless, growth has remained subdued.
Since the election, U.S. stocks have rallied strongly on expectations that the Republican controlled Congress and Trump administration will pursue more business friendly policies. But the details have yet to be seen. Given muted global growth, the risk of policy errors by central banks around the world, the unfolding Brexit process and an uncertain political outlook (not just in the U.S. but also in Europe), we anticipate that turbulence remains on the horizon for the time being. In this environment, Nuveen remains committed to both managing downside risks and seeking upside potential. If you're concerned about how resilient your investment portfolio might be, we encourage you to talk to your financial advisor. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
William J. Schneider
Chairman of the Board
December 22, 2016

4
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Portfolio Manager's Comments
Nuveen New Jersey Quality Municipal Income Fund (NXJ)
(formerly known as Nuveen New Jersey Dividend Advantage Municipal Fund)
Nuveen New Jersey Municipal Value Fund (NJV)
Nuveen Pennsylvania Quality Municipal Income Fund (NQP)
(formerly known as Nuveen Pennsylvania Investment Quality Municipal Fund)
Nuveen Pennsylvania Municipal Value Fund (NPN)
These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments, Inc. Portfolio manager Paul L. Brennan, CFA, reviews key investment strategies and the six-month performance of the Nuveen New Jersey and Pennsylvania Funds. Paul assumed portfolio management responsibility for these four Funds in 2011.
Effective December 28, 2016 (subsequent to the close of the reporting period), NXJ and NQP changed their name in an effort to create a clearly differentiated product line, with distinct credit profile target and consistent naming for all Nuveen Closed-end Funds within each credit profile group.
What key strategies were used to manage these Funds during the six-month reporting period ended October 31, 2016?
Interest rates, except at the very longest end of the yield curve, ended the six-month reporting period slightly above where they began, pushing municipal bond yields modestly higher while prices fell. Thirty-year bond yields were nearly flat, while zero- to four-year maturities exhibited the largest increase in yields, resulting in an overall flattening of the yield curve that was supportive to municipal bond performance over this reporting period. Pennsylvania's municipal bond market slightly lagged the national market, while New Jersey's municipal market generally outperformed the national market.
Our trading activity continued to focus on pursuing the Fund's investment objectives. We continued to seek bonds in areas of the market that we expected to perform well as the economy continued to improve. The Fund's positioning emphasized intermediate and longer maturities, lower rated credits and sectors offering higher yields. Additionally, with both Pennsylvania and New Jersey facing ongoing fiscal challenges, we continued to limit exposure to state-supported obligations in all four Funds.
The New Jersey municipal bond market presented fewer opportunities over this reporting period compared to our more active trading in the Pennsylvania Funds. New Jersey's market is dominated by state-issued and higher quality bonds, which are among the features we've tended to deemphasize within the Funds' positioning. However, NXJ and NJV did add to health care holdings, buying credits issued for St. Joseph's Healthcare System, St. Barnabas Health and Atlantic Health System. We also purchased a
 
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio manager as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc. (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings, while BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm.
Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers' ability to meet their commitments.
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.

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5


Portfolio Manager's Comments (continued)
transportation bond issued for the New Jersey Turnpike Authority and for higher education student loan credits. The Pennsylvania Funds added to housing, health care, life care and general obligation (GOs) bonds including local school district GOs.
To fund these purchases, we generally reinvested the proceeds from called and maturing bonds. We also sold short-dated and/or higher quality issues that we tend to hold over short timeframes as a source of liquidity that can be sold to fund longer-term holdings when attractive opportunities arise. Additionally, we sought to diversify some of the call risk in NPN and NJV, which hold meaningful exposure to bonds with 2019 call dates. These two Funds were launched in 2009 when interest rates were higher, and during the reporting period advance refundings of bonds callable in 2019 was elevated. We sold some of these refunded bonds and reinvested the proceeds into lower rated bonds with longer call structures. For NQP, we also invested the proceeds from incremental preferred share offerings that were conducted as part of the overall management of the Fund's leverage.
As of October 31, 2016, all of these Funds continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management, income enhancement and total return enhancement. As part of our duration management strategies, NXJ and NQP also invested in forward interest rates swaps to help reduce price volatility risk to movements in U.S. interest rates relative to the Fund's benchmark. These swaps had a negligible impact on performance during the reporting period.
How did the Funds perform during the six-month reporting period ended October 31, 2016?
The tables in each Fund's Performance Overview and Holding Summaries section of this report provide the Funds' total returns for the six-month, one-year, five-year, ten-year and since inception periods ended October 31, 2016. Each Fund's total returns at common share net asset value (NAV) are compared with the performance of corresponding market indexes and Lipper classification averages.
For the six months ended October 31, 2016, the total returns at common share NAV for NXJ and NJV underperformed the returns for the S&P Municipal Bond New Jersey Index, but beat the national S&P Municipal Bond Index, while NQP and NPN trailed both the S&P Municipal Bond Pennsylvania Index and the national S&P Municipal Bond Index. For the same period, NXJ matched the average return for the Lipper New Jersey Municipal Debt Funds Classification Average, while NJV lagged the average. NQP and NPN both underperformed the Lipper Pennsylvania Municipal Debt Funds Classification Average for the six-month reporting period.
Although municipal bond yields rose slightly over the six-month reporting period and prices fell, the flattening of the yield curve was beneficial to the Funds' performance. Consistent with our long term strategy, these Funds tended to have longer durations than their respective states' municipal markets, with overweightings in the longer parts of the yield curve that outperformed and underweightings in the underperforming shorter end of the curve.
Credit ratings allocations boosted performance for the four Funds during this reporting period. The returns of lower quality bonds generally outpaced those of higher quality credits amid robust investor demand for higher yielding assets. The Funds' overweight allocations to the medium and lower quality categories (A rated and lower) and underweight allocations to AAA and AA rated credits were advantageous to performance.
On a sector basis, the Funds benefited from their exposures to some of the municipal market's better-performing sectors during this reporting period, including tobacco, health care and higher education. These areas of the market continued to be supported by demand for higher yielding assets and generally stable credit fundamentals. Sectors that fared less well during the reporting period were dominated by higher quality and/or shorter maturity paper, such as pre-refunded bonds and state GOs. As New Jersey has faced ongoing credit downgrades for several years and Pennsylvania's credit outlook was dampened by a nine-month budget stalemate that ended in March 2016, GOs issued by these states continued to underperform. Relative to their respective state benchmark indexes, the New Jersey Funds maintained underweight exposures to the State of New Jersey and the Pennsylvania Funds ended the reporting period with no exposure to the Commonwealth of Pennsylvania, which was advantageous to relative performance. However, on absolute terms, the Funds' positions in state GOs lagged the performance of the broader market.

6
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In addition, the use of regulatory leverage was an important positive factor affecting the performance of NXJ and NQP. NJV and NPN do not use regulatory leverage. Leverage is discussed in more detail later in the Fund Leverage section of this report.
An Update Involving Puerto Rico
As noted in the Funds' previous shareholder reports, we continue to monitor situations in the broader municipal market for any impact on the Funds' holdings and performance: the ongoing economic problems of Puerto Rico is one such case. Puerto Rico's continued economic weakening, escalating debt service obligations, and long-standing inability to deliver a balanced budget led to multiple downgrades on its debt over the past two years. Puerto Rico has warned investors since 2014 that the island's debt burden may be unsustainable and the Commonwealth has been exploring various strategies to deal with this burden, including Chapter 9 bankruptcy, which is currently not available by law. On June 30, 2016, President Obama signed the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA) into law. The legislation creates a path for Puerto Rico to establish an independent oversight board responsible for managing the government's financial operations and restructure debt. Implementation is expected to take time, as the law focuses on developing a comprehensive five-year fiscal plan.
In terms of Puerto Rico holdings, shareholders should note that, as of the end of this reporting period, NXJ and NQP had limited exposure, which was either insured or investment grade, to Puerto Rico debt, 0.35% and 0.64%, respectively, while NJV and NPN did not hold any Puerto Rico bonds. The Puerto Rico credits offered higher yields, added diversification and triple exemption (i.e., exemption from most federal, state and local taxes). Puerto Rico general obligation debt is currently rated Caa2/CC/CC (below investment grade) by Moody's, S&P and Fitch, respectively, with negative outlooks.
A Note About Investment Valuations
The municipal securities held by the Funds are valued by the Funds' pricing service using a range of market-based inputs and assumptions. A different municipal pricing service might incorporate different assumptions and inputs into its valuation methodology, potentially resulting in different values for the same securities. These differences could be significant, both as to such individual securities, and as to the value of a given Fund's portfolio in its entirety. Thus, the current net asset value of a Fund's shares may be impacted, higher or lower, if the Fund were to change pricing service, or if its pricing service were to materially change its valuation methodology. On October 4, 2016, the Funds' current municipal bond pricing service was acquired by the parent company of another pricing service. The two services have not yet combined their valuation organizations and processes, but may do so in the future. Thus there is an increased risk that the organization acting as each Fund's pricing service may change, or that the Funds' pricing service may change its valuation methodology, either of which could have an impact on the net asset value of each Fund's shares.

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7


Fund Leverage
IMPACT OF THE FUNDS' LEVERAGE STRATEGY ON PERFORMANCE
One important factor impacting the returns of the Funds relative to their comparative benchmarks was the Funds' use of leverage through their issuance of preferred shares and/or investments in inverse floating rate securities, which represent leveraged investments in underlying bonds. NJV and NPN do not use regulatory leverage. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income, particularly in the recent market environment where short-term market rates are at or near historical lows, meaning that the short-term rates the Fund has been paying on its leveraging instruments have been much lower than the interest the Fund has been earning on its portfolio of long-term bonds that it has bought with the proceeds of that leverage. However, use of leverage also can expose the Fund to additional price volatility. When a Fund uses leverage, the Fund will experience a greater increase in its net asset value if the municipal bonds acquired through the use of leverage increase in value, but it will also experience a correspondingly larger decline in its net asset value if the bonds acquired through leverage decline in value, which will make the Fund's net asset value more volatile, and its total return performance more variable over time. In addition, income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. Regulatory leverage made a positive contribution to the performance of NXJ and NQP over this reporting period. The use of leverage through inverse floating rate securities in NXJ and NJV also made a positive contribution while having a negligible impact on the performance of NQP and NPN over this reporting period.
As of October 31, 2016, the Funds' percentages of leverage are as shown in the accompanying table.

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

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

8
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THE FUNDS' REGULATORY LEVERAGE
As of October 31, 2016, NXJ and NQP have issued and outstanding, Variable Rate MuniFund Term Preferred (VMTP) Shares and/or Variable Rate Demand Preferred (VRDP) Shares as shown in the accompanying table. As mentioned previously, NJV and NPN do not use regulatory leverage.

   
VMTP Shares
   
VRDP Shares
     
       
Shares
       
Shares
     
       
Issued at
       
Issued at
     
       
Liquidation
       
Liquidation
     
Fund
 
Series
   
Preference
   
Series
   
Preference
   
Total
 
NXJ
   
     
     
1
   
$
81,000,000
     
     
     
     
2
   
$
144,300,000
     
     
     
     
3
   
$
88,600,000
     
                           
$
313,900,000
   
$
313,900,000
 
NQP
   
2019
   
$
87,000,000
     
2
   
$
112,500,000
         
     
     
     
3
   
$
105,000,000
         
           
$
87,000,000
           
$
217,500,000
   
$
304,500,000
 
During the current reporting period, NQP refinanced all of its outstanding Series 2017 VMTP Shares with the issuance of new Series 2019 VMTP Shares. In conjunction with this refinancing NQP issued an additional $39,000,000 Series 2019 VMTP Shares at liquidation preference, to be invested in accordance with the Fund's investment policies.
Refer to Notes to Financial Statements, Note – 4 Fund Shares, Preferred Shares for further details on VMTP and VRDP Shares and each Fund's respective transactions.
Subsequent to the close of the current reporting period, NXJ and NQP each designated a special rate period until November 15, 2017, for each Fund's Series 2 and Series 3 VRDP Shares. In connection with the transition to the special rate period, the VRDP shares of each series have been remarketed and sold to an institutional investor. During the special rate period, the VRDP shares will not be remarketed by a remarketing agent, be subject to optional or mandatory tender events, or supported by a liquidity provider. During this period, VRDP dividends will be set monthly at a floating rate based on a predetermined formula.

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Common Share Information
COMMON SHARE DISTRIBUTION INFORMATION
The following information regarding the Funds' distributions is current as of October 31, 2016. Each Fund's distribution levels may vary over time based on each Fund's investment activity and portfolio investments value changes.
During the current reporting period, each Fund's distributions to common shareholders were as shown in the accompanying table.

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

*
Market Yield is based on the Fund's current annualized monthly dividend divided by the Fund's current market price as of the end of the reporting period. Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 32.6% and 30.2% for New Jersey and Pennsylvania, respectively. When comparing a Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
Each Fund in this report seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit each Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it will hold the excess in reserve as undistributed net investment income (UNII) as part of the Fund's net asset value. Conversely, if a Fund has cumulatively paid in dividends more than it has earned, the excess will constitute a negative UNII that will likewise be reflected in the Fund's net asset value. Each Fund will, over time, pay all its net investment income as dividends to shareholders.
As of October 31, 2016, the Funds had positive UNII balances, based upon our best estimate, for tax purposes. NXJ, NJV and NPN had positive UNII balances while NQP had a negative UNII balance for financial reporting purposes.
All monthly dividends paid by each Fund during the current reporting period were paid from net investment income. If a portion of the Fund's monthly distributions was sourced from or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders would have received a notice to that effect. For financial reporting purposes, the composition and per share amounts of each Fund's dividends for the reporting period are presented in this report's Statement of Changes in Net Assets and Financial Highlights, respectively. For income tax purposes, distribution information for each Fund as of its most recent tax year end is presented in Note 6 — Income Tax Information within the Notes to Financial Statements of this report.

10
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COMMON SHARE REPURCHASES
During August 2016, the Funds' Board of Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding shares.
As of October 31, 2016, and since the inception of the Funds' repurchase programs, the Funds have cumulatively repurchased and retired their outstanding common shares as shown in the accompanying table.

   
NXJ
   
NJV
   
NQP
   
NPN
 
Common shares cumulatively repurchased and retired
   
608,600
     
15,000
     
363,400
     
0
 
Common shares authorized for repurchase
   
4,260,000
     
155,000
     
3,775,000
     
120,000
 
During the current reporting period, the Funds did not repurchase any of their outstanding common shares.
OTHER COMMON SHARE INFORMATION
As of October 31, 2016, and during the current reporting period, the Funds' common share prices were trading at a premium/ (discount) to their common share NAVs as shown in the accompanying table.

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

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11


Risk Considerations
Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation.
Nuveen New Jersey Quality Municipal Income Fund (NXJ)
(formerly known as Nuveen New Jersey Dividend Advantage Municipal Fund)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund's investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Leverage increases return volatility and magnifies the Fund's potential return and its risks; there is no guarantee a fund's leverage strategy will be successful. State concentration makes the Fund more susceptible to local adverse economic, political, or regulatory changes affecting municipal bond issuers. These and other risk considerations such as inverse floater risk and tax risk are described in more detail on the Fund's web page at www.nuveen.com/NXJ.
Nuveen New Jersey Municipal Value Fund (NJV)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund's investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. State concentration makes the Fund more susceptible to local adverse economic, political, or regulatory changes affecting municipal bond issuers. These and other risk considerations such as tax risk are described in more detail on the Fund's web page at www.nuveen.com/NJV.
Nuveen Pennsylvania Quality Municipal Income Fund (NQP)
(formerly known as Nuveen Pennsylvania Investment Quality Municipal Fund)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund's investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Leverage increases return volatility and magnifies the Fund's potential return and its risks; there is no guarantee a fund's leverage strategy will be successful. State concentration makes the Fund more susceptible to local adverse economic, political, or regulatory changes affecting municipal bond issuers. These and other risk considerations such as inverse floater risk and tax risk are described in more detail on the Fund's web page at www.nuveen.com/NQP.
Nuveen Pennsylvania Municipal Value Fund (NPN)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund's investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. State concentration makes the Fund more susceptible to local adverse economic, political, or regulatory changes affecting municipal bond issuers. These and other risk considerations such as tax risk are described in more detail on the Fund's web page at www.nuveen.com/NPN.

12
NUVEEN


NXJ
 
 
Nuveen New Jersey Quality Municipal Income Fund
 
(formerly known as Nuveen New Jersey Dividend Advantage Municipal Fund)
 
Performance Overview and Holding Summaries as of October 31, 2016
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of October 31, 2016

 
Cumulative
 
Average Annual
 
6-Month
 
1-Year
5-Year
10-Year
 
NXJ at Common Share NAV
1.47%
 
9.66%
7.28%
5.88%
 
NXJ at Common Share Price
(1.19)%
 
13.09%
7.02%
4.62%
 
S&P Municipal Bond New Jersey Index
1.94%
 
7.30%
5.06%
4.73%
 
S&P Municipal Bond Index
0.98%
 
4.53%
4.57%
4.53%
 
Lipper New Jersey Municipal Debt Funds Classification Average
1.47%
 
8.42%
7.33%
5.74%
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages are not available for direct investment.
This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

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

1 Excluding investments in derivatives.

NUVEEN
13


NJV
 
 
Nuveen New Jersey Municipal Value Fund
 
Performance Overview and Holding Summaries as of October 31, 2016
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of October 31, 2016

 
Cumulative
 
Average Annual
 
6-Month
 
1-Year
5-Year
Since Inception
 
NJV at Common Share NAV
1.24%
 
5.29%
6.01%
6.79%
 
NJV at Common Share Price
9.16%
 
18.57%
7.22%
6.50%
 
S&P Municipal Bond New Jersey Index
1.94%
 
7.30%
5.06%
5.62%
 
S&P Municipal Bond Index
0.98%
 
4.53%
4.57%
5.38%
 
Lipper New Jersey Municipal Debt Funds Classification Average
1.47%
 
8.42%
7.33%
6.55%
 
Since inception returns are from 4/28/09. Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages are not available for direct investment.
This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

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

14
NUVEEN


NQP
 
 
Nuveen Pennsylvania Quality Municipal Income Fund
 
(formerly known as Nuveen Pennsylvania Investment Quality Municipal Fund)
 
Performance Overview and Holding Summaries as of October 31, 2016
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of October 31, 2016

 
Cumulative
 
Average Annual
 
6-Month
 
1-Year
5-Year
10-Year
 
NQP at Common Share NAV
0.57%
 
6.83%
6.94%
5.84%
 
NQP at Common Share Price
(3.99)%
 
10.18%
5.71%
6.36%
 
S&P Municipal Bond Pennsylvania Index
0.84%
 
4.35%
4.73%
4.69%
 
S&P Municipal Bond Index
0.98%
 
4.53%
4.57%
4.53%
 
Lipper Pennsylvania Municipal Debt Funds Classification Average
1.00%
 
7.10%
6.88%
5.44%
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

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

1            Excluding investments in derivatives.
NUVEEN
15



NPN
 
 
Nuveen Pennsylvania Municipal Value Fund
 
Performance Overview and Holding Summaries as of October 31, 2016
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of October 31, 2016

 
Cumulative
 
Average Annual
 
6-Month
 
1-Year
5-Year
Since Inception
 
NPN at Common Share NAV
0.72%
 
4.15%
5.35%
6.45%
 
NPN at Common Share Price
3.16%
 
16.36%
7.28%
6.32%
 
S&P Municipal Bond Pennsylvania Index
0.84%
 
4.35%
4.73%
5.40%
 
S&P Municipal Bond Index
0.98%
 
4.53%
4.57%
5.38%
 
Lipper Pennsylvania Municipal Debt Funds Classification Average
1.00%
 
7.10%
6.88%
6.27%
 
Since inception returns are from 4/28/09. Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages are not available for direct investment.
This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

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

16
NUVEEN


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

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

NUVEEN
17


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

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Education and Civic Organizations (continued)
             
     
New Jersey Educational Facilities Authority, Revenue Bonds, Ramapo College, Series 2012B:
             
$
550
 
5.000%, 7/01/37
7/22 at 100.00
 
A
 
$
616,341
 
 
1,050
 
5.000%, 7/01/42
7/22 at 100.00
 
A
   
1,171,685
 
     
New Jersey Educational Facilities Authority, Revenue Bonds, Rider University, Series 2012A:
             
 
1,140
 
5.000%, 7/01/32
7/21 at 100.00
 
Baa2
   
1,245,302
 
 
740
 
5.000%, 7/01/37
7/21 at 100.00
 
Baa2
   
799,622
 
 
1,200
 
New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, Refunding Series 2015C, 5.000%, 7/01/35
7/25 at 100.00
 
A–
   
1,380,924
 
     
New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, Series 2013D:
             
 
675
 
5.000%, 7/01/38
7/23 at 100.00
 
A–
   
766,908
 
 
1,935
 
5.000%, 7/01/43
7/23 at 100.00
 
A–
   
2,187,150
 
 
1,970
 
New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, Series 2016C, 3.000%, 7/01/46
7/26 at 100.00
 
A–
   
1,809,425
 
 
2,000
 
New Jersey Educational Facilities Authority, Revenue Bonds, Stockton University Issue, Refunding Series 2016A, 5.000%, 7/01/41
7/26 at 100.00
 
A
   
2,247,640
 
 
975
 
New Jersey Educational Facilities Authority, Revenue Bonds, The College of Saint Elizabeth, Series 2016D, 5.000%, 7/01/46
7/26 at 100.00
 
BB
   
1,021,576
 
 
4,560
 
New Jersey Educational Facilities Authority, Revenue Bonds, William Paterson University, Series 2015C, 5.000%, 7/01/40
7/25 at 100.00
 
A+
   
5,173,092
 
     
New Jersey Educational Facilities Authority, Revenue Refunding Bonds, College of New Jersey, Series 2012A:
             
 
200
 
5.000%, 7/01/18
No Opt. Call
 
AA–
   
212,912
 
 
1,000
 
5.000%, 7/01/19
No Opt. Call
 
AA–
   
1,101,090
 
     
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Senior Lien Series 2016-1A:
             
 
6,180
 
3.500%, 12/01/32 (Alternative Minimum Tax)
12/25 at 100.00
 
Aa2
   
5,954,245
 
 
1,430
 
4.000%, 12/01/39 (Alternative Minimum Tax)
12/25 at 100.00
 
Aa2
   
1,437,550
 
 
2,590
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2008A, 6.125%, 6/01/30 – AGC Insured (Alternative Minimum Tax)
6/18 at 100.00
 
AA
   
2,739,184
 
 
1,045
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2010-1A, 5.000%, 12/01/25
12/19 at 100.00
 
AA
   
1,097,992
 
 
960
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2010-2, 5.000%, 12/01/30
12/20 at 100.00
 
Aa3
   
1,040,582
 
 
1,410
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2011-1, 5.750%, 12/01/27 (Alternative Minimum Tax)
12/21 at 100.00
 
Aa3
   
1,586,969
 
     
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2012-1A:
             
 
4,655
 
4.250%, 12/01/25 (Alternative Minimum Tax)
12/22 at 100.00
 
AA
   
5,059,194
 
 
1,535
 
4.375%, 12/01/26 (Alternative Minimum Tax)
12/22 at 100.00
 
AA
   
1,675,023
 
 
500
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2012-1B, 5.750%, 12/01/39 (Alternative Minimum Tax)
12/22 at 100.00
 
A
   
551,210
 
 
1,495
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2013-1A, 3.750%, 12/01/26 (Alternative Minimum Tax)
12/22 at 100.00
 
AA
   
1,527,143
 
     
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2015-1A:
             
 
5,000
 
4.000%, 12/01/28 (Alternative Minimum Tax)
12/24 at 100.00
 
AA
   
5,282,150
 
 
2,575
 
4.000%, 12/01/30 (Alternative Minimum Tax)
12/24 at 100.00
 
AA
   
2,700,197
 
     
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender Option Bond Trust 2015-XF0151:
             
 
1,400
 
9.909%, 12/01/23 (Alternative Minimum Tax) (IF) (4)
12/22 at 100.00
 
AA
   
1,553,720
 
 
1,250
 
9.842%, 12/01/24 (Alternative Minimum Tax) (IF) (4)
12/22 at 100.00
 
AA
   
1,348,400
 
 
850
 
10.407%, 12/01/25 (Alternative Minimum Tax) (IF) (4)
12/22 at 100.00
 
AA
   
913,954
 
 
250
 
11.051%, 12/01/26 (Alternative Minimum Tax) (IF) (4)
12/22 at 100.00
 
AA
   
271,500
 
 
2,500
 
12.058%, 12/01/27 (Alternative Minimum Tax) (IF) (4)
12/23 at 100.00
 
AA
   
3,111,200
 

18
NUVEEN


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

NUVEEN
19


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

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

20
NUVEEN


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

NUVEEN
21


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

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

22
NUVEEN


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

NUVEEN
23


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

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

24
NUVEEN


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

NUVEEN
25


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

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

26
NUVEEN


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

NUVEEN
27


NXJ
Nuveen New Jersey Quality Municipal Income Fund
 
 
Portfolio of Investments (continued)
October 31, 2016 (Unaudited)
Investments in Derivatives as of October 31, 2016
Interest Rate Swaps
 
Counterparty
Notional
Amount
 
Fund
Pay/Receive
Floating
Rate
 
Floating
Rate
Index
 
Fixed Rate
(Annualized
) 
Fixed Rate
Payment
Frequency
 
Effective
Date (9)
 
Termination
Date
 
Unrealized
Appreciation
(Depreciation
) 
JPMorgan Chase Bank, N.A.
$
50,750,000
 
Receive
 
USD-BMA
 
1.130
Quarterly
 
10/30/17
 
10/30/26
 
$
997,038
 
 
(1)
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2)
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(6)
On November 28, 2011, AMR Corp. ("AMR"), the parent company of American Airlines Group, Inc. ("AAL") filed for federal bankruptcy protection. On December 9, 2013, AMR emerged from federal bankruptcy with the acceptance of its reorganization plan by the bankruptcy court. Under the settlement agreement established to meet AMR's unsecured bond obligations, the bondholders, including the Fund, received a distribution of AAL preferred stock which was converted to AAL common stock over a 120-day period. Every 30 days, a quarter of the preferred stock was converted to AAL common stock based on the 5-day volume-weighted average price and the amount of preferred shares tendered during the optional preferred conversion period.
(7)
Variable Rate Demand Preferred Shares, at Liquidation Preference as a percentage of Total Investments is 31.8%.
(8)
Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter ("OTC") derivatives as presented on the Statement of Assets and Liabilities, when applicable. The unrealized appreciation (depreciation) of OTC-cleared and exchange-traded derivatives is recognized as part of the cash collateral at brokers and/or the receivable or payable for variation margin as presented on the Statement of Assets and Liabilities, when applicable.
(9)
Effective date represents the date on which both the Fund and counterparty commence interest payment accruals on each contract.
(ETM)
Escrowed to maturity.
(IF)
Inverse floating rate investment.
(WI/DD)
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
USD-BMA
United States Dollar-Bond Market Association
 See accompanying notes to financial statements.

28
NUVEEN


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

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
LONG-TERM INVESTMENTS – 102.2% (98.5% of Total Investments)
             
     
MUNICIPAL BONDS – 99.8% (96.2% of Total Investments)
             
     
Consumer Staples – 4.0% (3.9% of Total Investments)
             
     
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
             
$
205
 
4.750%, 6/01/34
6/17 at 100.00
 
B–
 
$
197,509
 
 
870
 
5.000%, 6/01/41
6/17 at 100.00
 
B–
   
819,523
 
 
1,075
 
Total Consumer Staples
         
1,017,032
 
     
Education and Civic Organizations – 17.5% (16.8% of Total Investments)
             
 
110
 
Camden County Improvement Authority, New Jersey, Lease Revenue Bonds Rowan University School of Osteopathic Medicine Project, Series 2013A, 5.000%, 12/01/32
12/23 at 100.00
 
A
   
127,053
 
 
115
 
New Jersey Economic Development Authority, Revenue Bonds, The Seeing Eye Inc., Refunding Series 2015, 5.000%, 3/01/25
No Opt. Call
 
A
   
143,261
 
 
45
 
New Jersey Economic Development Authority, Rutgers University General Obligation Lease Revenue Bonds, Tender Option Bond 2016-XF2357, 16.343%, 6/15/46 (IF) (4)
6/23 at 100.00
 
Aa3
   
72,896
 
 
185
 
New Jersey Educational Facilities Authority, Revenue Bonds, College of New Jersey, Refunding Series 2016F, 3.000%, 7/01/40
7/26 at 100.00
 
AA–
   
175,811
 
 
910
 
New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Refunding Series 2009A, 5.500%, 9/01/36
9/19 at 100.00
 
A2
   
1,007,015
 
 
100
 
New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Refunding Series 2015H, 4.000%, 7/01/39 – AGM Insured
7/25 at 100.00
 
AA
   
104,851
 
 
155
 
New Jersey Educational Facilities Authority, Revenue Bonds, New Jersey City University, Series 2015A, 5.000%, 7/01/45
7/25 at 100.00
 
AA
   
175,714
 
     
New Jersey Educational Facilities Authority, Revenue Bonds, Rider University, Series 2012A:
             
 
90
 
5.000%, 7/01/32
7/21 at 100.00
 
Baa2
   
98,313
 
 
30
 
5.000%, 7/01/37
7/21 at 100.00
 
Baa2
   
32,417
 
 
75
 
New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, Series 2013D, 5.000%, 7/01/38
7/23 at 100.00
 
A–
   
85,212
 
     
New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, Series 2016C:
             
 
320
 
3.000%, 7/01/41
7/26 at 100.00
 
A–
   
298,531
 
 
50
 
3.000%, 7/01/46
7/26 at 100.00
 
A–
   
45,925
 
 
100
 
New Jersey Educational Facilities Authority, Revenue Bonds, Stockton University Issue, Refunding Series 2016A, 5.000%, 7/01/41
7/26 at 100.00
 
A
   
112,382
 
 
25
 
New Jersey Educational Facilities Authority, Revenue Bonds, The College of Saint Elizabeth, Series 2016D, 5.000%, 7/01/46
7/26 at 100.00
 
BB
   
26,194
 
 
1,000
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2009A, 5.625%, 6/01/30
6/19 at 100.00
 
AA
   
1,099,980
 
 
30
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2010-2, 5.000%, 12/01/30
12/20 at 100.00
 
Aa3
   
32,518
 
 
100
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2012-1B, 5.750%, 12/01/39 (Alternative Minimum Tax)
12/22 at 100.00
 
A
   
110,242
 
 
195
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2015-1A, 4.000%, 12/01/30 (Alternative Minimum Tax)
12/24 at 100.00
 
AA
   
204,481
 
 
100
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender Option Bond Trust 2015-XF0151, 9.909%, 12/01/23 (Alternative Minimum Tax) (IF) (4)
12/22 at 100.00
 
AA
   
110,980
 

NUVEEN
29


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

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

30
NUVEEN


 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Housing/Multifamily (continued)
             
     
New Jersey Economic Development Authority, Student Housing Revenue Bonds, Provident Group-Montclair Properties LLC, Montclair State University Student Housing Project, Series 2010A:
             
$
100
 
5.750%, 6/01/31
6/20 at 100.00
 
Baa3
 
$
111,107
 
 
50
 
5.875%, 6/01/42
6/20 at 100.00
 
Baa3
   
55,359
 
 
1,000
 
New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2009A, 4.950%, 5/01/41
11/19 at 100.00
 
AA–
   
1,049,390
 
 
60
 
New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2015A, 4.000%, 11/01/45
11/24 at 100.00
 
AA–
   
61,782
 
 
130
 
New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2015B, 1.000%, 11/01/17
No Opt. Call
 
AA–
   
129,965
 
 
270
 
New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2016B, 3.600%, 11/01/40
11/25 at 100.00
 
AA–
   
273,110
 
 
1,865
 
Total Housing/Multifamily
         
1,956,560
 
     
Housing/Single Family – 0.5% (0.4% of Total Investments)
             
 
115
 
New Jersey Housing & Mortgage Finance Agency, Single Family Home Mortgage Revenue Bonds, Series 2011A, 4.500%, 10/01/29
10/21 at 100.00
 
Aa2
   
117,416
 
     
Long-Term Care – 1.9% (1.9% of Total Investments)
             
 
260
 
Burlington County Bridge Commission, New Jersey, Economic Development Revenue Bonds, The Evergreens Project, Series 2007, 5.625%, 1/01/38
1/18 at 100.00
 
N/R
   
269,948
 
 
15
 
New Jersey Economic Development Authority, Fixed Rate Revenue Bonds, Lions Gate Project, Series 2014, 5.250%, 1/01/44
1/24 at 100.00
 
N/R
   
16,109
 
 
140
 
New Jersey Economic Development Authority, Revenue Bonds, United Methodist Homes of New Jersey Obligated Group Issue, Refunding Series 2013, 5.000%, 7/01/34
7/23 at 100.00
 
BBB–
   
151,820
 
 
40
 
New Jersey Economic Development Authority, Revenue Bonds, United Methodist Homes of New Jersey Obligated Group Issue, Refunding Series 2014A, 5.000%, 7/01/29
7/24 at 100.00
 
BBB–
   
44,543
 
 
455
 
Total Long-Term Care
         
482,420
 
     
Tax Obligation/General – 7.6% (7.3% of Total Investments)
             
     
Medford Township Board of Education, Burlington County, New Jersey, General Obligation Bonds, Refunding Series 2015:
             
 
20
 
5.000%, 3/01/22
No Opt. Call
 
Aa2
   
23,461
 
 
20
 
5.000%, 3/01/24
No Opt. Call
 
Aa2
   
24,213
 
 
150
 
Monmouth County Improvement Authority, New Jersey, Governmental Loan Revenue Bonds, Series 2007, 5.000%, 12/01/16 – AMBAC Insured
No Opt. Call
 
N/R
   
150,485
 
 
70
 
Monmouth County Improvement Authority, New Jersey, Governmental Pooled Loan Revenue Bonds, Refunding Series 2016B, 4.000%, 8/01/24
No Opt. Call
 
AAA
   
82,454
 
 
200
 
Monroe Township Board of Education of Gloucester County, New Jersey, General Obligation Bond, Refunding Series 2014, 3.000%, 3/01/17
No Opt. Call
 
AA–
   
201,514
 
 
110
 
Monroe Township Board of Education, Middlesex County, New Jersey, General Obligation Bonds, Refunding Series 2015, 5.000%, 3/01/38
3/25 at 100.00
 
AA–
   
128,316
 
 
20
 
Montclair Township, Essex County, New Jersey, General Obligation Bonds, Parking Utility, Refunding Series 2014A, 5.000%, 1/01/37
1/24 at 100.00
 
AAA
   
23,233
 
     
New Brunswick Parking Authority, Middlesex County, New Jersey, Guaranteed Parking Revenue Bonds, Refunding Series 2016A:
             
 
310
 
5.000%, 9/01/29 – BAM Insured
9/26 at 100.00
 
AA
   
377,080
 
 
130
 
5.000%, 9/01/39 – BAM Insured
No Opt. Call
 
AA
   
153,084
 
 
195
 
New Brunswick Parking Authority, Middlesex County, New Jersey, Guaranteed Parking Revenue Bonds, Refunding Series 2016B, 3.000%, 9/01/39 – AGM Insured
9/26 at 100.00
 
AA
   
182,736
 

NUVEEN
31


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

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

32
NUVEEN


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

NUVEEN
33


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

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

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

34
NUVEEN


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

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

NUVEEN
35


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

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

36
NUVEEN


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

NUVEEN
37


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

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

38
NUVEEN


 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Health Care (continued)
             
     
West Shore Area Authority, Cumberland County, Pennsylvania, Hospital Revenue Bonds, Holy Spirit Hospital of the Sisters of Christian Charity, Series 2011B:
             
$
1,635
 
5.625%, 1/01/32
1/22 at 100.00
 
AA
 
$
1,912,247
 
 
1,970
 
5.750%, 1/01/41
1/22 at 100.00
 
AA
   
2,295,070
 
 
575
 
Westmoreland County Industrial Development Authority, Pennsylvania, Health System Revenue Bonds, Excela Health Project, Series 2010A, 5.125%, 7/01/30
7/20 at 100.00
 
A3
   
627,653
 
 
163,050
 
Total Health Care
         
179,892,931
 
     
Housing/Multifamily – 1.4% (0.9% of Total Investments)
             
 
160
 
Chester County Industrial Development Authority, Pennsylvania, Student Housing Revenue Bonds, University Student Housing, LLC Project at West Chester University Series 2013A, 5.000%, 8/01/45
8/23 at 100.00
 
Baa3
   
172,312
 
 
1,235
 
East Hempfield Township Industrial Development Authority, Pennsylvania, Student Services Inc.– Student Housing Project at Millersville University, Series 2014, 5.000%, 7/01/46
No Opt. Call
 
BBB–
   
1,337,579
 
 
1,900
 
East Hempfield Township Industrial Development Authority, Pennsylvania, Student Services Inc.– Student Housing Project at Millersville University, Series 2015, 5.000%, 7/01/47
7/25 at 100.00
 
BBB–
   
2,067,504
 
     
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Foundation for Student Housing at Indiana University, Project Series 2012A:
             
 
1,000
 
5.000%, 7/01/27
7/22 at 100.00
 
BBB+
   
1,139,810
 
 
750
 
5.000%, 7/01/32
7/22 at 100.00
 
BBB+
   
839,633
 
 
420
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Shippensburg University Student Services, Inc. Student Housing Project at Shippensburg University of Pennsylvania, Series 2012, 5.000%, 10/01/44
No Opt. Call
 
BBB–
   
451,122
 
 
270
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University Properties Inc. Student Housing Project at East Stroudsburg University of Pennsylvania, Series 2016A, 5.000%, 7/01/31
7/26 at 100.00
 
Baa3
   
304,876
 
 
1,760
 
Philadelphia Authority for Industrial Development, Pennsylvania, Multifamily Housing Revenue Bonds, Presbyterian Homes Germantown – Morrisville Project, Series 2005A, 5.625%, 7/01/35
5/17 at 100.00
 
Baa3
   
1,780,029
 
 
7,495
 
Total Housing/Multifamily
         
8,092,865
 
     
Housing/Single Family – 11.3% (7.2% of Total Investments)
             
     
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2007-97A:
             
 
1,355
 
4.600%, 10/01/27 (Alternative Minimum Tax)
1/17 at 100.00
 
AA+
   
1,357,263
 
 
2,455
 
4.600%, 10/01/27 (Alternative Minimum Tax) (UB)
1/17 at 100.00
 
AA+
   
2,459,100
 
     
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2012-114:
             
 
4,595
 
3.300%, 10/01/32
No Opt. Call
 
AA+
   
4,687,038
 
 
2,265
 
3.650%, 10/01/37
No Opt. Call
 
AA+
   
2,314,083
 
 
2,190
 
3.700%, 10/01/42
No Opt. Call
 
AA+
   
2,277,885
 
     
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2015-116B:
             
 
2,330
 
3.950%, 10/01/40
10/24 at 100.00
 
AA+
   
2,387,295
 
 
3,315
 
4.000%, 4/01/45
10/24 at 100.00
 
AA+
   
3,398,671
 
     
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2015-117B:
             
 
3,290
 
3.900%, 10/01/35
10/24 at 100.00
 
AA+
   
3,412,520
 
 
2,465
 
4.050%, 10/01/40
10/24 at 100.00
 
AA+
   
2,552,803
 
 
4,320
 
4.150%, 10/01/45
10/24 at 100.00
 
AA+
   
4,473,274
 
 
7,185
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2015-118B, 4.100%, 10/01/45
4/25 at 100.00
 
AA+
   
7,480,806
 
 
2,045
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2016-119, 3.500%, 10/01/36
4/25 at 100.00
 
AA+
   
2,071,790
 
 
7,000
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2016-120, 3.200%, 4/01/40
10/25 at 100.00
 
AA+
   
6,920,130
 
 
20,000
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2016-121, 3.200%, 10/01/41 (UB)
10/25 at 100.00
 
AA+
   
19,628,400
 

NUVEEN
39


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

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

40
NUVEEN


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

NUVEEN
41


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

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

42
NUVEEN


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

NUVEEN
43


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

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

44
NUVEEN


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

NUVEEN
45


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

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

46
NUVEEN


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

Investments in Derivatives as of October 31, 2016
Interest Rate Swaps
Counterparty
Notional
Amount
 
Fund
Pay/Receive
Floating Rate
 
Floating Rate
Index
 
Fixed Rate
(Annualized
) 
Fixed Rate
Payment
Frequency
 
Effective
Date (11)
Termination
Date
Unrealized
Appreciation
(Depreciation
) 
JPMorgan Chase Bank, N.A.
$
19,500,000
 
Receive
 
USD-BMA
 
1.346
Quarterly
 
11/15/17
 
11/15/28
$
223,826
 
 
(1)
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2)
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
As of, or subsequent to, the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund's Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund's records.
(5)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(6)
Step-up coupon. The rate shown is the coupon as of the end of the reporting period.
(7)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(8)
Variable Rate MuniFund Term Preferred Shares, at Liquidation Preference as a percentage of Total Investments is 9.3%.
(9)
Variable Rate Demand Preferred Shares, at Liquidation Preference as a percentage of Total Investments is 23.2%.
(10)
Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter ("OTC") derivatives as presented on the Statement of Assets and Liabilities, when applicable. The unrealized appreciation (depreciation) of OTC-cleared and exchange-traded derivatives is recognized as part of the cash collateral at brokers and/or the receivable or payable for variation margin as presented on the Statement of Assets and Liabilities, when applicable.
(11)
Effective date represents the date on which both the Fund and counterparty commence interest payment accruals on each contract.
(ETM)
Escrowed to maturity.
(IF)
Inverse floating rate investment.
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
(WI/DD)
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
USD-BMA
United States Dollar-Bond Market Association
See accompanying notes to financial statements.

NUVEEN
47


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

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
LONG-TERM INVESTMENTS – 98.5% (100.0% of Total Investments)
             
     
MUNICIPAL BONDS – 98.5% (100.0% of Total Investments)
             
     
Consumer Staples – 4.0% (4.1% of Total Investments)
             
$
635
 
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001, 6.500%, 5/15/33
No Opt. Call
 
Baa1
 
$
766,120
 
 
25
 
Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds, Procter & Gamble Paper Project, Series 2001, 5.375%, 3/01/31 (Alternative Minimum Tax)
No Opt. Call
 
AA–
   
32,077
 
 
660
 
Total Consumer Staples
         
798,197
 
     
Education and Civic Organizations – 6.2% (6.3% of Total Investments)
             
 
30
 
Dallas Area Municipal Authority, Pennsylvania, Revenue Bonds, Misericordia University, Series 2014, 5.000%, 5/01/37
5/24 at 100.00
 
Baa3
   
32,941
 
     
Huntingdon County General Authority, Pennsylvania, Revenue Bonds, Juniata College, Series 2016OO2:
             
 
15
 
3.250%, 5/01/36
5/26 at 100.00
 
BBB+
   
14,329
 
 
40
 
3.500%, 5/01/41
5/26 at 100.00
 
BBB+
   
38,199
 
 
500
 
Lehigh County General Purpose Authority, Pennsylvania, College Revenue Bonds, Muhlenberg College Project, Series 2009, 5.250%, 2/01/39
2/19 at 100.00
 
A+
   
529,320
 
 
35
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Holy Family University, Series 2013A, 6.500%, 9/01/38
9/23 at 100.00
 
BBB–
   
39,514
 
 
120
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Philadelphia University, Refunding Series 2013, 5.000%, 6/01/32
6/23 at 100.00
 
BBB
   
133,631
 
 
40
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson University, Series 2012, 5.000%, 3/01/42
9/22 at 100.00
 
A+
   
45,210
 
     
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of the Sciences in Philadelphia, Series 2012:
             
 
35
 
4.000%, 11/01/39
11/22 at 100.00
 
A3
   
36,635
 
 
60
 
5.000%, 11/01/42
11/22 at 100.00
 
A3
   
68,023
 
 
75
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Widener University, Series 2013A, 5.500%, 7/15/38
No Opt. Call
 
A–
   
85,332
 
 
100
 
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Philadelphia Performing Arts Charter School, Series 2013, 6.750%, 6/15/43
6/20 at 100.00
 
BB–
   
106,108
 
 
100
 
Wilkes-Barre Finance Authority, Pennsylvania, Revenue Bonds, University of Scranton, Series 2010, 5.000%, 11/01/40
11/20 at 100.00
 
A–
   
111,756
 
 
1,150
 
Total Education and Civic Organizations
         
1,240,998
 
     
Health Care – 19.9% (20.2% of Total Investments)
             
 
695
 
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, University of Pittsburgh Medical Center, Series 2009A, 5.500%, 8/15/34
8/19 at 100.00
 
Aa3
   
769,427
 
 
100
 
Centre County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Mount Nittany Medical Center Project, Series 2016A, 5.000%, 11/15/46
11/25 at 100.00
 
A
   
115,004
 
 
55
 
Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle Health System Project, Refunding Series 2016A, 5.000%, 6/01/35
6/26 at 100.00
 
A+
   
64,577
 
 
35
 
Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle Health System Project, Series 2012A, 5.000%, 6/01/42
6/22 at 100.00
 
A+
   
39,040
 
 
225
 
Doylestown Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Series 2016A, 5.000%, 7/01/41
7/26 at 100.00
 
BBB
   
249,833
 
 
600
 
Geisinger Authority, Montour County, Pennsylvania, Health System Revenue Bonds, Geisinger Health System, Series 2009A, 5.250%, 6/01/39
6/19 at 100.00
 
AA
   
650,741
 
 
210
 
Lancaster County Hospital Authority, Revenue Bonds, University of Pennsylvania Health System, Refunding Series 2016B, 5.000%, 8/15/46
8/26 at 100.00
 
AA–
   
244,614
 

48
NUVEEN


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

NUVEEN
49


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

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

50
NUVEEN


 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Tax Obligation/Limited (continued)
             
     
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010A:
             
$
585
 
5.500%, 12/01/34
12/20 at 100.00
 
A2
 
$
669,070
 
 
100
 
5.000%, 12/01/38
12/19 at 100.00
 
AA–
   
109,987
 
 
100
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue Bonds, Series 2014A, 0.000%, 12/01/37 (5)
No Opt. Call
 
AA–
   
88,832
 
 
750
 
Philadelphia Municipal Authority, Pennsylvania, Lease Revenue Bonds, Series 2009, 6.500%, 4/01/34
4/19 at 100.00
 
A+
   
830,160
 
 
1,784
 
Total Tax Obligation/Limited
         
1,966,308
 
     
Transportation – 6.1% (6.2% of Total Investments)
             
 
240
 
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40
1/20 at 100.00
 
A
   
265,879
 
 
140
 
Pennsylvania Economic Development Financing Authority, Parking System Revenue Bonds, Capitol Region Parking System, Series 2013A, 5.250%, 1/01/44 – AGM Insured
1/24 at 100.00
 
AA
   
159,783
 
 
175
 
Pennsylvania Economic Development Financing Authority, Private Activity Revenue Bonds, Pennsylvania Rapid Bridge Replacement Project, Series 2015, 5.000%, 6/30/42 (Alternative Minimum Tax)
6/26 at 100.00
 
BBB
   
193,939
 
 
460
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015B, 5.000%, 12/01/45
12/25 at 100.00
 
A1
   
525,977
 
 
55
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Lien, Refunding Series 2010B-1, 5.000%, 12/01/37
12/19 at 100.00
 
A–
   
60,458
 
 
1,070
 
Total Transportation
         
1,206,036
 
     
U.S. Guaranteed – 16.5% (16.8% of Total Investments) (6)
             
 
550
 
Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2009A, 5.750%, 12/01/34 (Pre-refunded 12/01/19)
12/19 at 100.00
 
BBB+ (6)
   
628,909
 
 
750
 
Montgomery County Industrial Development Authority, Pennsylvania, Revenue Bonds, ACTS Retirement-Life Communities, Inc. Obligated Group, Series 2009A-1, 6.250%, 11/15/29 (Pre-refunded 11/15/19)
11/19 at 100.00
 
A– (6)
   
866,588
 
 
350
 
Pennsylvania Economic Development Financing Authority, Health System Revenue Bonds, Albert Einstein Healthcare, Series 2009A, 6.250%, 10/15/23 (Pre-refunded 10/15/19)
10/19 at 100.00
 
N/R (6)
   
393,845
 
 
50
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University Foundation Student Housing Project, Series 2010, 6.000%, 7/01/43 (Pre-refunded 7/01/20)
7/20 at 100.00
 
N/R (6)
   
58,554
 
     
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2009A:
             
 
750
 
5.250%, 1/01/32 (Pre-refunded 1/01/19)
1/19 at 100.00
 
A+ (6)
   
808,215
 
 
500
 
5.250%, 1/01/36 (Pre-refunded 1/01/19)
1/19 at 100.00
 
A+ (6)
   
538,590
 
 
2,950
 
Total U.S. Guaranteed
         
3,294,701
 
     
Utilities – 6.9% (7.0% of Total Investments)
             
 
100
 
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2005A, 4.000%, 1/01/35 (Mandatory put 7/01/21)
No Opt. Call
 
BBB–
   
84,397
 
 
25
 
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006A, 0.000%, 4/01/41
No Opt. Call
 
B
   
21,564
 
 
105
 
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 3.500%, 12/01/35 (Mandatory put 6/01/20)
No Opt. Call
 
A
   
90,314
 
 
750
 
Chester County Industrial Development Authority, Pennsylvania, Water Facilities Revenue Bonds, Aqua Pennsylvania Inc. Project, Series 2007A, 5.000%, 2/01/40 – FGIC Insured (Alternative Minimum Tax)
2/17 at 100.00
 
AA–
   
753,630
 
 
170
 
Delaware County Industrial Development Authority, Pennsylvania, Revenue Bonds, Covanta Project, Refunding Series 2015A, 5.000%, 7/01/43
7/20 at 100.00
 
Ba2
   
174,450
 
 
100
 
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Refunding Bonds, PPL Energy Supply, LLC Project, Series 2009A, 6.400%, 12/01/38
9/25 at 100.00
 
B+
   
105,384
 
 
125
 
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Refunding Thirteenth Series 2015, 5.000%, 8/01/30
8/25 at 100.00
 
A
   
146,523
 
 
1,375
 
Total Utilities
         
1,376,262
 

NUVEEN
51


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

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

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

See accompanying notes to financial statements.

52
NUVEEN

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

     
New Jersey
 
New Jersey
   
Pennsylvania
**   
Pennsylvania
 
     
Quality
   
Municipal
   
Quality
   
Municipal
 
     
Income
   
Value
   
Income
   
Value
 
     
(NXJ
)
 
(NJV
)
 
(NQP
)
 
(NPN
)
Assets
                         
Long-term investments, at value (cost $905,769,238, $23,072,170, $875,177,948 and $17,954,653, respectively)
 
$
986,334,967
 
$
25,705,322
 
$
938,557,009
 
$
19,595,251
 
Short-term investments, at value (cost approximates value)
   
   
400,000
   
   
 
Cash
   
545,257
   
298,246
   
3,997,519
   
400,671
 
Unrealized appreciation on interest rate swaps
   
997,038
   
   
223,826
   
 
Receivable for:
                         
Interest
   
14,292,579
   
360,297
   
12,684,101
   
281,691
 
Investments sold
   
201,981
   
   
4,896,507
   
5,000
 
Deferred offering costs
   
1,600,323
   
   
918,817
   
 
Other assets
   
385,563
   
187
   
300,761
   
1,035
 
Total assets
   
1,004,357,708
   
26,764,052
   
961,578,540
   
20,283,648
 
Liabilities
                         
Floating rate obligations
   
   
1,500,000
   
50,255,000
   
300,000
 
Payable for:
                         
Dividends
   
2,344,344
   
73,381
   
2,052,918
   
61,102
 
Interest
   
   
   
126,603
   
 
Investments purchased
   
4,441,900
   
   
6,551,018
   
 
Offering costs
   
   
   
111,445
   
 
Variable Rate MuniFund Term Preferred ("VMTP") Shares, at liquidation preference
   
   
   
87,000,000
   
 
Variable Rate Demand Preferred ("VRDP") Shares, at liquidation preference
   
313,900,000
   
   
217,500,000
   
 
Accrued expenses:
                         
Management fees
   
512,347
   
13,220
   
463,835
   
9,906
 
Trustees fees
   
122,724
   
225
   
117,527
   
178
 
Other
   
174,186
   
21,695
   
479,136
   
21,100
 
Total liabilities
   
321,495,501
   
1,608,521
   
364,657,482
   
392,286
 
Net assets applicable to common shares
 
$
682,862,207
 
$
25,155,531
 
$
596,921,058
 
$
19,891,362
 
Common shares outstanding
   
42,584,679
   
1,550,297
   
37,754,841
   
1,219,807
 
Net asset value ("NAV") per common share outstanding
 
$
16.04
 
$
16.23
 
$
15.81
 
$
16.31
 
Net assets applicable to common shares consist of:
                         
Common shares, $0.01 par value per share
 
$
425,847
 
$
15,503
 
$
377,548
 
$
12,198
 
Paid-in surplus
   
606,729,028
   
22,148,704
   
533,830,942
   
17,445,766
 
Undistributed (Over-distribution of) net investment income
   
713,075
   
108,069
   
(1,395,542
)
 
211,172
 
Accumulated net realized gain (loss)
   
(6,568,510
)
 
250,103
   
505,223
   
581,628
 
Net unrealized appreciation (depreciation)
   
81,562,767
   
2,633,152
   
63,602,887
   
1,640,598
 
Net assets applicable to common shares
 
$
682,862,207
 
$
25,155,531
 
$
596,921,058
 
$
19,891,362
 
Authorized shares:
                         
Common
   
Unlimited
   
Unlimited
   
Unlimited
   
Unlimited
 
Preferred
   
Unlimited
   
N/A
   
Unlimited
   
N/A
 
N/A — Fund is not authorized to issue Preferred Shares.

*
Formerly known as New Jersey Dividend Advantage.
**
Formerly known as Pennsylvania Investment Quality.
See accompanying notes to financial statements.

NUVEEN
53


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

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

54
NUVEEN


Statement of
   
 
Changes in Net Assets
(Unaudited)

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

NUVEEN
55


Statement of Changes in Net Assets (Unaudited) (continued)

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

56
NUVEEN


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

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

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

NUVEEN
57


Financial
 
 
Highlights (Unaudited)
Selected data for a common share outstanding throughout each period:

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

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

58
NUVEEN


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

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

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

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

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

NUVEEN
59


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

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

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

60
NUVEEN


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

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

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

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

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

NUVEEN
61


Financial Highlights (Unaudited) (continued)

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

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

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

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

62
NUVEEN


Notes to Financial Statements (Unaudited)
1. General Information and Significant Accounting Policies
General Information
Fund Information
The funds covered in this report and their corresponding New York Stock Exchange ("NYSE") or NYSE MKT symbols are as follows (each a "Fund" and collectively, the "Funds"):

 
Nuveen New Jersey Quality Municipal Income Fund (NXJ) ("New Jersey Quality Income (NXJ)")
 
Nuveen New Jersey Municipal Value Fund (NJV) ("New Jersey Municipal Value (NJV)")
 
Nuveen Pennsylvania Quality Municipal Income Fund (NQP) ("Pennsylvania Quality Income (NQP)")
 
Nuveen Pennsylvania Municipal Value Fund (NPN) ("Pennsylvania Municipal Value (NPN)")
The Funds are registered under the Investment Company Act of 1940, as amended, as diversified closed-end management investment companies. Common shares of New Jersey Quality Income (NXJ) and Pennsylvania Quality Income (NQP) are traded on the NYSE while common shares of New Jersey Municipal Value (NJV) and Pennsylvania Municipal Value (NPN) are traded on the NYSE MKT. New Jersey Quality Income (NXJ), New Jersey Municipal Value (NJV), Pennsylvania Quality Income (NQP) and Pennsylvania Municipal Value (NPN) were organized as Massachusetts business trusts on June 1, 1999, January 26, 2009, December 20, 1990 and January 26, 2009, respectively.
The end of the reporting period for the Funds is October 31, 2016, and the period covered by these Notes to Financial Statements is the six months ended October 31, 2016 (the "current fiscal period").
Effective December 28, 2016, subsequent to the end of the reporting period, New Jersey Quality Income (NXJ) changed its name from Nuveen New Jersey Dividend Advantage Municipal Fund ("New Jersey Dividend Advantage") and Pennsylvania Quality Income (NQP) changed its name from Nuveen Pennsylvania Investment Quality Municipal Fund ("Pennsylvania Investment Quality").
Investment Adviser
The Funds' investment adviser is Nuveen Fund Advisors, LLC (the "Adviser"), a wholly-owned subsidiary of Nuveen Investments, Inc. ("Nuveen"). Nuveen is an operating division of TIAA Global Asset Management. The Adviser has overall responsibility for management of the Funds, oversees the management of the Funds' portfolios, manages the Funds' business affairs and provides certain clerical, bookkeeping and other administrative services, and, if necessary, asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the "Sub-Adviser"), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.
Investment Objectives and Principal Investment Strategies
Each Fund seeks to provide current income exempt from both regular federal and designated state income taxes by investing primarily in a portfolio of municipal obligations issued by state and local government authorities within a single state or certain U.S. territories.
Effective August 5, 2016, New Jersey Quality Income (NXJ) and Pennsylvania Quality Income (NQP) have added an investment policy to limit the amount of securities subject to the alternative minimum tax ("AMT") to no more than 20% of each Fund's managed assets (as defined in Note 7 – Management Fees and Other Transactions with Affiliates).
Significant Accounting Policies
Each Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946, "Financial Services – 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 U.S. generally accepted accounting principles ("U.S. GAAP").
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have earmarked securities in their portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments.

NUVEEN
63


Notes to Financial Statements (Unaudited) (continued)
As of the end of the reporting period, the following Funds' outstanding when-issued/delayed delivery purchase commitments were as follows:

     
New Jersey
   
Pennsylvania
 
     
Quality
   
Quality
 
     
Income
   
Income
 
     
(NXJ
)
 
(NQP
)
Outstanding when-issued/delayed delivery purchase commitments
 
$
4,441,900
 
$
6,551,018
 
Investment Income
Dividend income is recorded on the ex-dividend date. Investment income, which reflects the amortization of premiums and accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Investment income also reflects paydown gains and losses, if any.
Professional Fees
Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment or to pursue other claims or legal actions on behalf of Fund shareholders. If a refund is received for workout expenditures paid in a prior reporting period, such amounts will be recognized as "Legal fee refund" on the Statement of Operations.
Dividends and Distributions to Common Shareholders
Dividends from net investment income, if any, are declared monthly. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
Distributions to common shareholders of net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
Indemnifications
Under the Funds' organizational documents, their officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.
Netting Agreements
In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and Derivative Association, Inc. ("ISDA") master agreements or other similar arrangements ("netting agreements"). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis.
The Funds' investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 3 – Portfolio Securities and Investments in Derivatives.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets applicable to common shares from operations during the reporting period. Actual results may differ from those estimates.
2. Investment Valuation and Fair Value Measurements
The fair valuation input levels as described below are for fair value measurement purposes.
Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

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

64
NUVEEN


Prices of fixed income securities are provided by an independent pricing service ("pricing service") approved by the Funds' Board of Trustees (the "Board"). The pricing service establishes a security's fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit characteristics considered relevant. These securities are generally classified as Level 2. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity, provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs.
Prices of swap contracts are also provided by a pricing service approved by the Board using the same methods as described above and are generally classified as Level 2.
Common stocks and other equity-type securities are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1. Securities primarily traded on the NASDAQ National Market ("NASDAQ") are valued at the NASDAQ Official Closing Price and are generally classified as Level 1. However, securities traded on a securities exchange or NASDAQ for which there were no transactions on a given day or securities not listed on a securities exchange or NASDAQ are valued at the quoted bid price and are generally classified as Level 2.
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Board and/or its appointee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund's net asset value ("NAV") (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security's fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Board and/or its appointee.
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund's fair value measurements as of the end of the reporting period:

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

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

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

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

NUVEEN
65


Notes to Financial Statements (Unaudited) (continued)
The Board is responsible for the valuation process and has appointed the oversight of the daily valuation process to the Adviser's Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board, is responsible for making fair value determinations, evaluating the effectiveness of the Funds' pricing policies and reporting to the Board. The Valuation Committee is aided in its efforts by the Adviser's dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the Funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:

 
(i)
If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities.
     
 
(ii)
If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis.
The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument's current value.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board.
3. Portfolio Securities and Investments in Derivatives
Portfolio Securities
Inverse Floating Rate Securities
Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond (referred to as an "Underlying Bond"), typically with a fixed interest rate, into a special purpose tender option bond ("TOB") trust (referred to as the "TOB Trust") created by or at the direction of one or more Funds. In turn, the TOB Trust issues (a) floating rate certificates (referred to as "Floaters") in face amounts equal to some fraction of the Underlying Bond's par amount or market value, and (b) an inverse floating rate certificate (referred to as an "Inverse Floater") that represents all remaining or residual interest in the TOB Trust. Floaters typically pay short-term tax-exempt interest rates to third parties who are also provided a right to tender their certificate and receive its par value, which may be paid from the proceeds of a remarketing of the Floaters, by a loan to the TOB Trust from a third party liquidity provider ("Liquidity Provider"), or by the sale of assets from the TOB Trust. The Inverse Floater is issued to a long term investor, such as one or more of the Funds. The income received by the Inverse Floater holder varies inversely with the short-term rate paid to holders of the Floaters, and in most circumstances the Inverse Floater holder bears substantially all of the Underlying Bond's downside investment risk and also benefits disproportionately from any potential appreciation of the Underlying Bond's value. The value of an Inverse Floater will be more volatile than that of the Underlying Bond because the interest rate is dependent on not only the fixed coupon rate of the Underlying Bond but also on the short-term interest paid on the Floaters, and because the Inverse Floater essentially bears the risk of loss (and possible gain) of the greater face value of the Underlying Bond.
The Inverse Floater held by a Fund gives the Fund the right to (a) cause the holders of the Floaters to tender their certificates at par (or slightly more than par in certain circumstances), and (b) have the trustee of the TOB Trust (the "Trustee") transfer the Underlying Bond held by the TOB Trust to the Fund, thereby collapsing the TOB Trust.
The Fund may acquire an Inverse Floater in a transaction where it (a) transfers an Underlying Bond that it owns to a TOB Trust created by a third party or (b) transfers an Underlying Bond that it owns, or that it has purchased in a secondary market transaction for the purpose of creating an Inverse Floater, to a TOB Trust created at its direction, and in return receives the Inverse Floater of the TOB Trust (referred to as a "self-deposited Inverse Floater"). A Fund may also purchase an Inverse Floater in a secondary market transaction from a third party creator of the TOB Trust without first owning the Underlying Bond (referred to as an "externally-deposited Inverse Floater").
An investment in a self-deposited Inverse Floater is accounted for as a "financing" transaction (i.e., a secured borrowing). For a self-deposited Inverse Floater, the Underlying Bond deposited into the TOB Trust is identified in the Fund's Portfolio of Investments as "(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction," with the Fund recognizing as liabilities, labeled "Floating rate obligations" on the Statement of Assets and Liabilities, (a) the liquidation value of Floaters issued by the TOB Trust, and (b) the amount of any borrowings by the TOB Trust from a Liquidity Provider to enable the TOB Trust to purchase outstanding Floaters in lieu of a remarketing. In addition, the Fund recognizes in "Investment

66
NUVEEN


Income" the entire earnings of the Underlying Bond, and recognizes (a) the interest paid to the holders of the Floaters or on the TOB Trust's borrowings, and (b) other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust, as a component of "Interest expense and amortization of offering costs" on the Statement of Operations.
In contrast, an investment in an externally-deposited Inverse Floater is accounted for as a purchase of the Inverse Floater and is identified in the Fund's Portfolio of Investments as "(IF) – Inverse floating rate investment." For an externally-deposited Inverse Floater, a Fund's Statement of Assets and Liabilities recognizes the Inverse Floater and not the Underlying Bond as an asset, and the Fund does not recognize the Floaters, or any related borrowings from a Liquidity Provider, as a liability. Additionally, the Fund reflects in "Investment Income" only the net amount of earnings on the Inverse Floater (net of the interest paid to the holders of the Floaters or the Liquidity Provider as lender, and the expenses of the Trust), and does not show the amount of that interest paid or the expenses of the TOB Trust as described above as interest expense on the Statement of Operations.
Fees paid upon the creation of a TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters are recognized as part of the cost basis of the Inverse Floater and are capitalized over the term of the TOB Trust.
As of the end of the reporting period, the aggregate value of Floaters issued by each Fund's TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:

     
New Jersey
   
New Jersey
   
Pennsylvania
   
Pennsylvania
 
     
Quality
   
Municipal
   
Quality
   
Municipal
 
     
Income
   
Value
   
Income
   
Value
 
Floating Rate Obligations Outstanding
   
(NXJ
)
 
(NJV
)
 
(NQP
)
 
(NPN
)
Floating rate obligations: self-deposited Inverse Floaters
 
$
 
$
1,500,000
 
$
50,255,000
 
$
300,000
 
Floating rate obligations: externally-deposited Inverse Floaters
   
101,200,000
   
1,025,000
   
26,705,000
   
540,000
 
Total
 
$
101,200,000
 
$
2,525,000
 
$
76,960,000
 
$
840,000
 
During the current fiscal period, the average amount of Floaters (including any borrowings from a Liquidity Provider) outstanding, and the average annual interest rate and fees related to self-deposited Inverse Floaters, were as follows:

     
New Jersey
   
New Jersey
   
Pennsylvania
   
Pennsylvania
 
     
Quality
   
Municipal
   
Quality
   
Municipal
 
     
Income
   
Value
   
Income
   
Value
 
Self-Deposited Inverse Floaters
   
(NXJ
)
 
(NJV
)
 
(NQP
)
 
(NPN
)
Average floating rate obligations outstanding
 
$
 
$
1,500,000
 
$
33,070,054
 
$
42,391
 
Average annual interest rate and fees
   
%
 
1.10
%
 
1.07
%
 
1.35
%
TOB Trusts are supported by a liquidity facility provided by a Liquidity Provider pursuant to which the Liquidity Provider agrees, in the event that Floaters are (a) tendered to the Trustee for remarketing and the remarketing does not occur, or (b) subject to mandatory tender pursuant to the terms of the TOB Trust agreement, to either purchase Floaters or to provide the Trustee with an advance from a loan facility to fund the purchase of Floaters by the TOB Trust. In certain circumstances, the Liquidity Provider may otherwise elect to have the Trustee sell the Underlying Bond to retire the Floaters that were tendered and not remarketed prior to providing such a loan. In these circumstances, the Liquidity Provider remains obligated to provide a loan to the extent that the proceeds of the sale of the Underlying Bond is not sufficient to pay the purchase price of the Floaters.
The size of the commitment under the loan facility for a given TOB Trust is at least equal to the balance of that TOB Trust's outstanding Floaters plus any accrued interest. In consideration of the loan facility, fee schedules are in place and are charged by the Liquidity Provider(s). Any loans made by the Liquidity Provider will be secured by the purchased Floaters held by the TOB Trust. Interest paid on any outstanding loan balances will be effectively borne by the Fund that owns the Inverse Floaters of the TOB Trust that has incurred the borrowing and may be at a rate that is greater than the rate that would have been paid had the Floaters been successfully remarketed.
As described above, any amounts outstanding under a liquidity facility are recognized as a component of "Floating rate obligations" on the Statement of Assets and Liabilities by the Fund holding the corresponding Inverse Floaters issued by the borrowing TOB Trust. As of the end of the reporting period, New Jersey Quality Income (NXJ) and New Jersey Municipal Value (NJV) had outstanding borrowings under such liquidity facilities in the amount of $20,232,349 and $425,893, respectively, which are recognized as a component of "Floating rate obligations" on the Statement of Assets and Liabilities. There were no loans outstanding under such facilities for any of the other Funds as of the end of the reporting period.
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a "recourse arrangement" or "credit recovery swap") (TOB Trusts involving such agreements are referred to herein as "Recourse Trusts"), under which a Fund agrees to reimburse the Liquidity Provider for the Trust's Floaters, in certain circumstances, for the amount (if any) by which the liquidation value of the Underlying Bond held by the TOB Trust may fall short of the sum of the liquidation value of the Floaters issued by the TOB Trust plus any amounts borrowed by the TOB Trust from the Liquidity Provider, plus any shortfalls in interest cash flows. Under these agreements, a Fund's potential exposure to losses related to or on an Inverse Floater may increase beyond the value of the Inverse Floater as a Fund may potentially be liable to fulfill all amounts owed to holders of the Floaters or the Liquidity Provider. Any such shortfall amount in the aggregate is recognized as "Unrealized depreciation on Recourse Trusts" on the Statement of Assets and Liabilities.

NUVEEN
67


Notes to Financial Statements (Unaudited) (continued)
As of the end of the reporting period, each Fund's maximum exposure to the Floaters issued by Recourse Trusts for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:

     
New Jersey
   
New Jersey
   
Pennsylvania
   
Pennsylvania
 
     
Quality
   
Municipal
   
Quality
   
Municipal
 
     
Income
   
Value
   
Income
   
Value
 
Floating Rate Obligations — Recourse Trusts
   
(NXJ
)
 
(NJV
)
 
(NQP
)
 
(NPN
)
Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters
 
$
 
$
1,500,000
 
$
33,785,000
 
$
 
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters
   
92,535,000
   
1,025,000
   
11,955,000
   
400,000
 
Total
 
$
92,535,000
 
$
2,525,000
 
$
45,740,000
 
$
400,000
 
Zero Coupon Securities
A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.
Investments in Derivatives
In addition to the inverse floating rate securities in which each Fund may invest, which are considered portfolio securities for financial reporting purposes, each Fund is authorized to invest in certain derivative instruments such as futures, options and swap contracts. Each Fund limits its investments in futures, options on futures and swap contracts to the extent necessary for the Adviser to claim exclusion from registration by the Commodity Futures Trading Commission as a commodity pool operator with respect to the Fund. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds' investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.
Interest Rate Swap Contracts
Interest rate swap contracts involve a Fund's agreement with the counterparty to pay or receive a fixed rate payment in exchange for the counterparty receiving or paying a variable rate payment. Forward interest rate swap contracts involve a Fund's agreement with a counterparty to pay, in the future, a fixed or variable rate payment in exchange for the counterparty paying the Fund a variable or fixed rate payment, the accruals for which begin at a specified date in the future (the "effective date").
The amount of the payment obligation is based on the notional amount and the termination date of the contract. Interest rate swap contracts do not involve the delivery of securities or other underlying assets or principal. Accordingly, the risk of loss with respect to the swap counterparty on such transactions is limited to the net amount of interest payments that the Fund is to receive.
Interest rate swap contracts are valued daily. Upon entering into an interest rate swap contract (and beginning on the effective date for a forward interest rate swap contract), the Fund accrues the fixed rate payment expected to be paid or received and the variable rate payment expected to be received or paid on the interest rate swap contracts on a daily basis, and recognizes the daily change in the fair value of the Fund's contractual rights and obligations under the contracts. For an over-the-counter ("OTC") swap that is not cleared through a clearing house ("OTC Uncleared"), the net amount recorded on these transactions, for each counterparty, is recognized on the Statement of Assets and Liabilities as a component of "Unrealized appreciation or depreciation on interest rate swaps (, net)."
Upon the execution of an OTC swap cleared through a clearing house ("OTC Cleared"), the Fund is obligated to deposit cash or eligible securities, also known as "initial margin," into an account at its clearing broker equal to a specified percentage of the contract amount. Cash deposited by the Fund to cover initial margin requirements on open swap contracts, if any, is recognized as a component of "Cash collateral at brokers" on the Statement of Assets and Liabilities. Investments in OTC Cleared swaps obligate the Fund and the clearing broker to settle monies on a daily basis representing changes in the prior day's "mark-to-market" of the swap contract. If the Fund has unrealized appreciation, the clearing broker will credit the Fund's account with an amount equal to the appreciation. Conversely, if the Fund has unrealized depreciation, the clearing broker will debit the Fund's account with an amount equal to the depreciation. These daily cash settlements are also known as "variation margin." Variation margin for OTC Cleared swaps is recognized as a receivable and/or payable for "Variation margin on swap contracts" on the Statement of Assets and Liabilities. Upon the execution of an OTC Uncleared swap, neither the Fund nor the counterparty is required to deposit initial margin as the trades are recorded bilaterally between both parties to the swap contract, and the terms of the variation margin are subject to a predetermined threshold negotiated by the Fund and the counterparty. Variation margin for OTC Uncleared swaps is recognized as a component of "Unrealized appreciation or depreciation on interest rate swaps (, net)" as described in the preceding paragraph.
The net amount of periodic payments settled in cash are recognized as a component of "Net realized gain (loss) from swaps" on the Statement of Operations, in addition to the net realized gain or loss recorded upon the termination of the swap contract. For tax purposes, payments expected to be received or paid on the swap contracts are treated as ordinary income or expense, respectively. Changes in the value of the swap contracts during the

68
NUVEEN


fiscal period are recognized as a component of "Change in net unrealized appreciation (depreciation) of swaps" on the Statement of Operations. In certain instances, payments are made or received upon entering into the swap contract to compensate for differences between the stated terms of the swap agreements and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Payments received or made at the beginning of the measurement period, if any, are recognized as "Interest rate swaps premiums paid and/or received" on the Statement of Assets and Liabilities.
During the current fiscal period, New Jersey Quality Income (NXJ) and Pennsylvania Quality Income (NQP) invested in forward interest rate swap contracts to help reduce price volatility risk to movements in U.S. interest rates relative to each Fund's benchmark.
The average notional amount of interest rate swap contracts outstanding during the current fiscal period was as follows:

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

*
The average notional amount is calculated based on the outstanding notional at the beginning of the fiscal period and at the end of each fiscal quarter within the current fiscal period.
The following table presents the fair value of all swap contracts held by the Funds as of the end of the reporting period, the location of these instruments on the Statement of Assets and Liabilities and the primary underlying risk exposure.

   
Location on the Statement of Assets and Liabilities
Underlying
Derivative
Asset Derivatives
 
(Liability) Derivatives
Risk Exposure
Instrument
Location
   
Value
 
Location
 
Value
New Jersey Quality Income (NXJ)
               
Interest rate
Swaps (OTC Uncleared)
Unrealized appreciation
 
$
997,038
 
$
   
on interest rate swaps
             
Pennsylvania Quality Income (NQP)
                 
Interest rate
Swaps (OTC Uncleared)
Unrealized appreciation
 
$
223,826
 
$
   
on interest rate swaps
             
The following table presents the swap contracts subject to netting agreements and the collateral delivered related to those swap contracts as of the end of the reporting period.

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

*
Represents gross unrealized appreciation (depreciation) for the counterparty as reported in the Fund's Portfolio of Investments.
The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on swap contracts on the Statement of Operations during the current fiscal period, and the primary underlying risk exposure.

                 
Net Realized
   
Change in Net Unrealized
 
     
Underlying
   
Derivative
 
Gain (Loss) from
 
Appreciation (Depreciation) of
 
Fund
   
Risk Exposure
   
Instrument
   
Swaps
   
Swaps
 
New Jersey Quality Income (NXJ)
   
Interest rate
   
Swaps
 
$
(4,000,000
)
$
3,814,005
 
Pennsylvania Quality Income (NQP)
   
Interest rate
   
Swaps
 
$
 
$
223,826
 
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund's exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.

NUVEEN
69


Notes to Financial Statements (Unaudited) (continued)
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.
4. Fund Shares
Common Share Transactions
Transactions in common shares for the Funds during the Funds' current and prior fiscal period, where applicable, were as follows:

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

   
Pennsylvania
 
Pennsylvania
   
Quality Income (NQP)
 
Municipal Value (NPN)
     
Six Months
   
Year
   
Six Months
   
Year
 
     
Ended
   
Ended
   
Ended
   
Ended
 
     
10/31/16
   
4/30/16
   
10/31/16
   
4/30/16
 
Common shares:
                         
Issued to shareholders due to reinvestments of distributions
   
   
   
455
   
 
Repurchased and retired
   
   
(121,000
)
 
   
 
Weighted average common share:
                         
Price per share repurchased and retired
 
$
 
$
13.12
 
$
 
$
 
Discount per share repurchased and retired
   
%
 
15.08
%
 
%
 
%
Preferred Shares
Variable Rate MuniFund Term Preferred Shares
The following Fund has issued and outstanding Variable Rate MuniFund Term Preferred ("VMTP") Shares, with a $100,000 liquidation preference per share. VMTP Shares are issued via private placement and are not publicly available.
As of the end of the reporting period, VMTP Shares outstanding, at liquidation preference, for the Fund was as follows:

           
Shares
   
Liquidation
 
Fund
   
Series
   
Outstanding
   
Preference
 
Pennsylvania Quality Income (NQP)
   
2019
   
870
 
$
87,000,000
 
During the current fiscal period, Pennsylvania Quality Income (NQP) refinanced all of its outstanding Series 2017 VMTP Shares with the issuance of new Series 2019 VMTP Shares. In conjunction with this refinancing Pennsylvania Quality Income (NQP) issued an additional $39,000,000 Series 2019 VMTP Shares at liquidation preference, to be invested in accordance with the Fund's investment policies.
The Fund is obligated to redeem its VMTP Shares by the date as specified in its offering document ("Term Redemption Date"), unless earlier redeemed by the Fund. VMTP Shares are subject to optional and mandatory redemption in certain circumstances. The VMTP Shares may be redeemed at the option of the Fund, subject to payment of premium for approximately one year following the date of issuance ("Premium Expiration Date"), and at the redemption price per share thereafter. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends. The Fund may be obligated to redeem a certain amount of the VMTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The Term Redemption Date and Premium Expiration Date for the Fund's VMTP Shares are as follows:

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

70
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The average liquidation preference of VMTP Shares outstanding and annualized dividend rate for the Fund during the current fiscal period were as follows:

     
Pennsylvania
 
     
Quality
 
     
Income
 
     
(NQP
)
Average liquidation preference of VMTP Shares outstanding
 
$
60,929,348
 
Annualized dividend rate
   
1.50
%
VMTP Shares are subject to restrictions on transfer, generally do not trade, and market quotations are generally not available. VMTP Shares are short-term or short/intermediate-term instruments that pay a variable dividend rate tied to a short-term index, plus an additional fixed "spread" amount established at the time of issuance. The fair value of VMTP Shares is expected to be approximately their liquidation preference so long as the fixed "spread" on the VMTP Shares remains roughly in line with the "spread" being demanded by investors on instruments having similar terms in the current market environment. In present market conditions, the Fund's Adviser has determined that fair value of VMTP Shares is approximately their liquidation preference, but their fair value could vary if market conditions change materially. For financial reporting purposes, the liquidation preference of VMTP Shares is a liability and is recognized as "Variable Rate MuniFund Term Preferred ("VMTP") Shares, at liquidation preference" on the Statement of Assets and Liabilities.
Dividends on the VMTP shares (which are treated as interest payments for financial reporting purposes) are set weekly. Unpaid dividends on VMTP Shares are recognized as a component of "Interest payable" on the Statement of Assets and Liabilities. Dividends accrued on VMTP Shares are recognized as a component of "Interest expense and amortization of offering costs" on the Statement of Operations.
The Fund incurred offering costs of $145,000 in connection with its issuance of Series 2019 VMTP Shares, which was expensed as incurred and is recognized as a component of "Interest expense and amortization of offering costs" on the Statement of Operations.
Variable Rate Demand Preferred Shares
The following Funds have issued and have outstanding Variable Rate Demand Preferred ("VRDP") Shares, with a $100,000 liquidation preference per share. VRDP Shares are issued via private placement and are not publicly available.
As of the end of the reporting period, details of the Funds' VRDP Shares outstanding were as follows:

           
Shares
   
Liquidation
       
Fund
   
Series
   
Outstanding
   
Preference
   
Maturity
 
New Jersey Quality Income (NXJ)
   
1
   
810
 
$
81,000,000
   
August 3, 2043
 
     
2
   
1,443
   
144,300,000
   
April 1, 2043
 
     
3
   
886
   
88,600,000
   
April 1, 2043
 
Pennsylvania Quality Income (NQP)
   
2
   
1,125
 
$
112,500,000
   
December 1, 2042
 
     
3
   
1,050
   
105,000,000
   
December 1, 2042
 
VRDP Shares include a liquidity feature that allows VRDP shareholders to have their shares purchased by a liquidity provider with whom each Fund has contracted in the event that the VRDP Shares are not able to be successfully remarketed. Each Fund is required to redeem any VRDP Shares that are still owned by the liquidity provider after six months of continuous, unsuccessful remarketing. Each Fund pays an annual remarketing fee of 0.10% on the aggregate principal amount of all VRDP Shares outstanding. Each Fund's VRDP Shares have successfully remarketed since issuance.
VRDP shares in the Funds are considered to be Special Rate Period VRDP. Special Rate Period VRDP are sold to banks with an initial special short/intermediate rate period (typically three years) with a dividend rate set at a fixed spread to a specified short-term municipal index rate calculated weekly. Weekly remarketings do not take place during the initial special rate period. After the initial special rate period, Special Rate Period VRDP Shares will revert back to traditional VRDP Shares with dividends set at weekly remarketings, with an option to sell the shares to a designated liquidity provider, unless the Board approves another special rate period.
Dividends on the VRDP Shares (which are treated as interest payments for financial reporting purposes) are set at a rate established by a remarketing agent; therefore, the market value of the VRDP Shares is expected to approximate its liquidation preference. In the event that VRDP Shares are unable to be successfully remarketed, the dividend rate will be the maximum rate which is designed to escalate according to a specified schedule in order to enhance the remarketing agent's ability to successfully remarket the VRDP Shares.
Subject to certain conditions, VRDP Shares may be redeemed, in whole or in part, at any time at the option of each Fund. Each Fund may also redeem certain of the VRDP Shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends.

NUVEEN
71


Notes to Financial Statements (Unaudited) (continued)
The average liquidation preference of VRDP Shares outstanding and annualized dividend rate for each Fund during the current fiscal period were as follows:

     
New Jersey
   
Pennsylvania
 
     
Quality
   
Quality
 
     
Income
   
Income
 
     
(NXJ
)
 
(NQP
)
Average liquidation preference of VRDP Shares outstanding
 
$
313,900,000
 
$
217,500,000
 
Annualized dividend rate
   
0.64
%
 
0.65
%
For financial reporting purposes, the liquidation preference of VRDP Shares is a liability and is recognized as "Variable Rate Demand Preferred ("VRDP") Shares, at liquidation preference" on the Statement of Assets and Liabilities. Unpaid dividends on VRDP Shares are recognized as a component of "Interest payable" on the Statement of Assets and Liabilities, when applicable. Dividends accrued on VRDP Shares are recognized as a component of "Interest expense and amortization of offering costs" on the Statement of Operations. Costs incurred by the Funds in connection with their offerings of VRDP Shares were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as a component of "Deferred offering costs" on the Statement of Assets and Liabilities and "Interest expense and amortization of offering costs" on the Statement of Operations. In addition to interest expense, each Fund also pays a per annum liquidity fee to the liquidity provider, as well as a remarketing fee, which are recognized as "Liquidity fees" and "Remarketing fees," respectively, on the Statement of Operations.
Preferred Share Transactions
Transactions in preferred shares for the Funds during the Funds' current and prior fiscal period, where applicable, are noted in the following tables.
Transactions in VMTP Shares for the Funds, where applicable, were as follows:

     
Six Months Ended
 
     
October 31, 2016
 
     
Series
   
Shares
   
Amount
 
Pennsylvania Quality Income (NQP)
                   
VMTP Shares issued
   
2019
   
870
 
$
87,000,000
 
VMTP Shares exchanged
   
2017
   
(480
)
 
(48,000,000
)
Net increase (decrease)
         
390
 
$
39,000,000
 
5. Investment Transactions
Long-term purchases and sales (including maturities but excluding derivative transactions, where applicable) during the current fiscal period were as follows:

     
New Jersey
   
New Jersey
   
Pennsylvania
   
Pennsylvania
 
     
Quality
   
Municipal
   
Quality
   
Municipal
 
     
Income
   
Value
   
Income
   
Value
 
     
(NXJ
)
 
(NJV
)
 
(NQP
)
 
(NPN
)
Purchases
 
$
69,290,681
 
$
2,098,911
 
$
164,662,792
 
$
2,683,289
 
Sales and maturities
   
77,559,928
   
3,677,750
   
99,657,484
   
2,602,198
 
6. Income Tax Information
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal and designated state income taxes, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.

72
NUVEEN


As of October 31, 2016, the cost and unrealized appreciation (depreciation) of investments (excluding investments in derivatives, where applicable), as determined on a federal income tax basis, were as follows:

     
New Jersey
   
New Jersey
   
Pennsylvania
   
Pennsylvania
 
     
Quality
   
Municipal
   
Quality
   
Municipal
 
     
Income
   
Value
   
Income
   
Value
 
     
(NXJ
)
 
(NJV
)
 
(NQP
)
 
(NPN
)
Cost of investments
 
$
904,671,693
 
$
21,905,352
 
$
824,984,794
 
$
17,626,994
 
Gross unrealized:
                         
Appreciation
   
83,707,781
   
2,751,122
   
68,187,947
   
1,734,057
 
Depreciation
   
(2,044,507
)
 
(51,152
)
 
(4,870,756
)
 
(65,800
)
Net unrealized appreciation (depreciation) of investments
 
$
81,663,274
 
$
2,699,970
 
$
63,317,191
 
$
1,668,257
 
Permanent differences, primarily due to federal taxes paid, taxable market discount, expiration of capital loss carryforwards, nondeductible offering costs and nondeductible reorganization expenses resulted in reclassifications among the Funds' components of common share net assets as of April 30, 2016, the Funds' last tax year end, as follows:

     
New Jersey
   
New Jersey
   
Pennsylvania
   
Pennsylvania
 
     
Quality
   
Municipal
   
Quality
   
Municipal
 
     
Income
   
Value
   
Income
   
Value
 
     
(NXJ
)
 
(NJV
)
 
(NQP
)
 
(NPN
)
Paid-in-surplus
 
$
(235,910
)
$
 
$
(2,195,737
)
$
 
Undistributed (Over-distribution of) net investment income
   
226,115
   
(2,220
)
 
(48,496
)
 
(1,477
)
Accumulated net realized gain (loss)
   
9,795
   
2,220
   
2,244,233
   
1,477
 
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of April 30, 2016, the Funds' last tax year end, were as follows:

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

1
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on April 1, 2016, paid on May 2, 2016.
2
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
The tax character of distributions paid during the Funds' last tax year ended April 30, 2016, was designated for purposes of the dividends paid deduction as follows:

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

2
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
As of April 30, 2016, the Funds' last tax year end, the following Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as shown in the following table. The losses not subject to expiration will be utilized first by a Fund.

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

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

NUVEEN
73


Notes to Financial Statements (Unaudited) (continued)
During the Funds' last tax year ended April 30, 2016, the following Funds utilized capital loss carryforwards as follows:

     
New Jersey
   
Pennsylvania
   
Pennsylvania
 
     
Quality
   
Quality
   
Municipal
 
     
Income
   
Income
   
Value
 
     
(NXJ
)
 
(NQP
)
 
(NPN
)
Utilized capital loss carryforwards
 
$
1,105,345
 
$
985,996
 
$
61,084
 
As of April 30, 2016, the Funds' last tax year end, $2,167,149, of Pennsylvania Quality Income's (NQP) capital loss carryforward expired.
7. Management Fees and Other Transactions with Affiliates
Management Fees
Each Fund's management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
Each Fund's management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
For the period May 1, 2016 through July 31, 2016, the annual Fund-level fee, payable monthly, for each Fund is calculated according to the following schedules:

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

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

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

74
NUVEEN


Effective August 1, 2016, annual Fund-level fee, payable monthly, for each Fund is calculated according to the following schedules:

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

     
New Jersey Municipal Value (NJV)
     
Pennsylvania Municipal Value (NPN)
Average Daily Net Assets*
   
Fund-Level Fee
For the first $125 million
   
0.4000
%
For the next $125 million
   
0.3875
%
For the next $250 million
   
0.3750
%
For the next $500 million
   
0.3625
%
For the next $1 billion
   
0.3500
%
For the next $3 billion
   
0.3250
%
For managed assets over $5 billion
   
0.3125
%
The annual complex-level fee, payable monthly, for each Fund is calculated by multiplying the current complex-wide fee rate, determined according to the following schedule by the Fund's daily managed assets (net assets for New Jersey Municipal Value (NJV) and Pennsylvania Municipal Value (NPN):

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

*
For the complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds' use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust's issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen funds that constitute "eligible assets." Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of a determined amount (originally $2 billion) added to the Nuveen fund complex in connection with the Adviser's assumption of the management of the former First American Funds effective January 1, 2011. As of October 31, 2016, the complex-level fee for each Fund was 0.1610%.
Other Transactions with Affiliates
The Funds pay no compensation directly to those of its trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Board has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.

NUVEEN
75


Notes to Financial Statements (Unaudited) (continued)
Each Fund is permitted to purchase or sell securities from or to certain other funds managed by the Adviser ("inter-fund trade") under specified conditions outlined in procedures adopted by the Board. These procedures have been designed to ensure that any inter-fund trade of securities by the Fund from or to another fund that is, or could be, considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each inter-fund trade is effected at the current market price as provided by an independent pricing service. Unsettled inter-fund trades as of the end of the reporting period are recognized as a component of "Receivable for investments sold" and/or "Payable for investments purchased" on the Statement of Assets and Liabilities, when applicable.
During the current fiscal period, the following Fund engaged in inter-fund trades pursuant to these procedures as follows:

     
Pennsylvania
 
     
Municipal
 
     
Value
 
Inter-Fund Trades
   
(NPN
)
Purchases
 
$
16,925
 
Sales
   
 
8. Borrowing Arrangements
Uncommitted Line of Credit
During the current fiscal period, the Funds participated in an unsecured bank line of credit ("Unsecured Credit Line") under which outstanding balances would bear interest at a variable rate. Although the Funds participated in the Unsecured Credit Line, they did not have any outstanding balances during the current fiscal period.
Committed Line of Credit
The Funds, along with certain other funds managed by the Adviser ("Participating Funds"), have established a 364-day, $2.5 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for various purposes other than leveraging for investment purposes. A large portion of this facility's capacity (and its associated costs as described below) is currently dedicated for use by a small number of Participating Funds, which does not include any of the Funds covered by this shareholder report. The remaining capacity under the facility (and the corresponding portion of the facility's annual costs) is separately dedicated to most of the other open-end funds in the Nuveen fund family, along with a number of Nuveen closed-end funds, including all of the Funds covered by this shareholder report. The credit facility expires in July 2017 unless extended or renewed.
The credit facility has the following terms: a fee of 0.15% per annum on unused commitment amounts, and interest at a rate equal to the higher of (a) one-month LIBOR (London Inter-Bank Offered Rate) plus 1.25% per annum or (b) the Fed Funds rate plus 1.25% per annum on amounts borrowed. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of "Other expenses" on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facility's aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each Participating Fund.
During the current fiscal period, none of the Funds utilized this facility.
9. Subsequent Events
Fund information
As mentioned in Note 1- General Information and Significant Accounting Policies, New Jersey Quality Income (NXJ) changed its name from New Jersey Dividend Advantage and Pennsylvania Quality Income (NQP) changed its name from Pennsylvania Investment Quality, effective December 28, 2016.
Variable Rate Demand Preferred Shares
Subsequent to the end of the reporting period, New Jersey Quality Income (NXJ) and Pennsylvania Quality Income (NQP) each designated a special rate period until November 15, 2017, for each Fund's Series 2 and Series 3 VRDP Shares. In connection with the transition to the special rate period, the VRDP Shares of each series have been remarketed and sold to an institutional investor. During the special rate period, the VRDP Shares will not be remarketed by a remarketing agent, be subject to optional or mandatory tender events, or supported by a liquidity provider. During the period, VRDP dividends will be set monthly as a floating rate based on the predetermined formula.

76
NUVEEN


Additional Fund Information

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

Fund Manager
Nuveen Fund Advisors, LLC
333 West Wacker Drive
Chicago, IL 60606
Custodian
State Street Bank
and Trust Company,
One Lincoln Street,
Boston, MA 02111
Legal Counsel
Chapman and Cutler LLP
Chicago, IL 60603
Independent Registered
Public Accounting Firm
KPMG LLP
200 East Randolph Drive
Chicago, IL 60601
Transfer Agent and
Shareholder Services
State Street Bank
& Trust Company
Nuveen Funds
P.O. Box 43071
Providence, RI 02940-3071
(800) 257-8787
 
Quarterly Form N-Q Portfolio of Investments Information
Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov or in person at the SEC's Public Reference Room in Washington, D.C. Call the SEC toll-free at (800) SEC-0330 for room hours and operation.
Nuveen Funds' Proxy Voting Information
You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen toll-free at (800) 257-8787 or on Nuveen's website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen toll free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.
   
CEO Certification Disclosure
Each Fund's Chief Executive Officer (CEO) has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual. Each Fund has filed with the SEC the certification of its CEO and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.
   
Common Share Repurchases
Each Fund intends to repurchase, through its open-market share repurchase program, shares of its own common stock at such times and in such amounts as is deemed advisable. During the period covered by this report, each Fund repurchased shares of its common stock, as shown in the accompanying table. Any future repurchases will be reported to shareholders in the next annual or semi-annual report.

     
NXJ
   
NJV
   
NQP
   
NPN
 
Common shares repurchased
   
   
   
   
 
FINRA BrokerCheck
The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org.

NUVEEN
77


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

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

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Reinvest Automatically, Easily and Conveniently
Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account.
   
Nuveen Closed-End Funds Automatic Reinvestment Plan
Nuveen Closed-End Fund allows you to conveniently reinvest distributions in additional Fund shares. By choosing to reinvest, you'll be able to invest money regularly and automatically, and watch your investment grow through the power of compounding. Just like distributions in cash, there may be times when income or capital gains taxes may be payable on distributions that are reinvested. It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.
Easy and convenient
To make recordkeeping easy and convenient, each month you'll receive a statement showing your total distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.
How shares are purchased
The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net asset value, shares for your account will be purchased on the open market. If the Plan Agent begins purchasing Fund shares on the open market while shares are trading below net asset value, but the Fund's shares subsequently trade at or above their net asset value before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares' net asset value or 95% of the shares' market value on the last business day immediately prior to the purchase date. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions.
Flexible
You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan. The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.
Call today to start reinvesting distributions
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787.

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Annual Investment Management Agreement Approval Process (Unaudited)
The Board of Trustees of each Fund (the "Board," and each Trustee a "Board Member"), including the Board Members who are not parties to the Funds' advisory or sub-advisory agreements or "interested persons" of any such parties (the "Independent Board Members"), is responsible for overseeing the performance of the investment adviser and sub-adviser to the respective Fund and determining whether to continue such Fund's advisory agreement (the "Investment Management Agreement") between the Fund and Nuveen Fund Advisors, LLC (the "Adviser") and the sub-advisory agreement (the "Sub-Advisory Agreement" and, together with the Investment Management Agreement, the "Advisory Agreements") between the Adviser and Nuveen Asset Management, LLC (the "Sub-Adviser"). Following an initial term with respect to each Fund upon its commencement of operations, the Board reviews each Investment Management Agreement and Sub-Advisory Agreement on behalf of each Fund and votes to determine whether the respective Advisory Agreement should be renewed. Accordingly, at an in-person meeting held on May 24-26, 2016 (the "May Meeting"), the Board, including a majority of the Independent Board Members, considered and approved the existing Advisory Agreements for the Funds.
During the year, the Board and its Committees met regularly to receive materials and discuss a variety of topics impacting the Funds including, among other things, overall market conditions and market performance, Fund investment performance, brokerage execution, valuation of securities, compliance matters, securities lending, leverage matters, risk management and ongoing initiatives. The Board had established several standing Committees, including the Open-end Fund Committee and Closed-end Fund Committee which permit the Board Members to delve further into the topics particularly relevant to the respective product line and enhance the Board's effectiveness and oversight of the Funds. The Board also seeks to meet with the Sub-Adviser and its investment team at least once over a multiple year rotation through site visits. The information and knowledge the Board gained throughout the year from the Board and Committee meetings, site visits and the related materials were relevant to the Board's evaluation of the Advisory Agreements, and the Board took such information into account in its review of the Advisory Agreements.
In addition to the materials received throughout the year, the Board received additional materials prepared specifically for its annual review of the Advisory Agreements in response to a request by independent legal counsel on behalf of the Independent Board Members. The materials addressed a variety of topics, including a description of the services provided by the Adviser and the Sub-Adviser (each, a "Fund Adviser"); a review of fund performance with a detailed focus on any performance outliers; an analysis of the investment teams; an analysis of the fees and expense ratios of the Funds, including information comparing such fees and expenses to that of peer groups; an assessment of shareholder services for the Funds and of the performance of certain service providers; a review of initiatives instituted or continued during the past year; and a review of premium/discount trends and leverage management as well as information regarding the profitability of the Fund Advisers, the compensation of portfolio managers, and compliance and risk matters.
As part of its annual review, the Board held a separate meeting on April 12-13, 2016 to review the Funds' investment performance and consider an analysis by the Adviser of the Sub-Adviser examining, among other things, the team's assets under management, investment performance, investment approach, and the stability and structure of the Sub-Adviser's organization and investment team. During the review, the Independent Board Members requested and received additional information from management. Throughout the year and throughout their review of the Advisory Agreements, the Independent Board Members were assisted by independent legal counsel. The Independent Board Members met separately with independent legal counsel without management present and received a memorandum from such counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreements. The Independent Board Members' review of the Advisory Agreements reflected an ongoing process that incorporated the information and considerations that occurred over the years, including the most recent year, as well as the information specifically furnished for the renewal process. In deciding to renew the Advisory Agreements, the Independent Board Members

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did not identify a particular factor as controlling, but rather the decision reflected the comprehensive consideration of all the information presented. The following summarizes the principal factors, but not all the factors, the Board considered in its review of the Advisory Agreements and its conclusions.

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

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

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

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

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Annual Investment Management Agreement Approval Process (Unaudited) (continued)

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

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

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87


Annual Investment Management Agreement Approval Process (Unaudited) (continued)

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

88
NUVEEN


Notes

NUVEEN
89


Notes

90
NUVEEN


Notes

NUVEEN
91


Nuveen:
            Serving Investors for Generations

   
Since 1898, financial advisors and their clients have relied on Nuveen to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.

   
Focused on meeting investor needs.
Nuveen helps secure the long-term goals of individual investors and the advisors who serve them. As an operating division of TIAA Global Asset Management, Nuveen provides access to investment expertise from leading asset managers and solutions across traditional and alternative asset classes. Built on more than a century of industry leadership, Nuveen's teams of experts align with clients' specific financial needs and goals, demonstrating commitment to advisors and investors through market perspectives and wealth management and portfolio advisory services. Nuveen manages more than $244 billion in assets as of September 30, 2016.

   
Find out how we can help you.
To learn more about how the products and services of Nuveen may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at: www.nuveen.com/cef

Distributed by Nuveen Investments, LLC | 333 West Wacker Drive | Chicago, IL 60606 | www.nuveen.com
ESA-A-1016D 21470-INV-B-12/17



ITEM 2. CODE OF ETHICS.

Not applicable to this filing.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable to this filing.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable to this filing.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to this filing.

ITEM 6. SCHEDULE OF INVESTMENTS.

(a) See Portfolio of Investments in Item 1.

(b) Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to this filing.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to this filing.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board implemented after the registrant last provided disclosure in response to this Item.

ITEM 11. CONTROLS AND PROCEDURES.

(a)
The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")(17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b)
There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 12. EXHIBITS.

File the exhibits listed below as part of this Form.

(a)(1)
Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.

(a)(2)
A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See Ex-99.CERT attached hereto.

(a)(3)
Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the  report by or on behalf of the registrant to 10 or more persons: Not applicable.

(b)
If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference: See Ex-99.906 CERT attached hereto.



 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Nuveen New Jersey Quality Municipal Income Fund

By (Signature and Title) /s/ Gifford R. Zimmerman
Gifford R. Zimmerman
Vice President and Secretary

Date: January 9, 2017
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title) /s/ Cedric H. Antosiewicz
Cedric H. Antosiewicz
Chief Administrative Officer
(principal executive officer)

Date: January 9, 2017
 
By (Signature and Title) /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller
 (principal financial officer)

Date: January 9, 2017