NUVEEN Exchange-Traded Funds
DECEMBER 31, 1997
SEMIANNUAL REPORT
DEPENDABLE, TAX-FREE INCOME TO HELP YOU KEEP MORE OF WHAT YOU EARN.
NQJ
NNJ
New Jersey
NQP
NPY
Pennsylvania
Photo of: People in Front of House
<PAGE>
Contents
1 Dear Shareholder
3 Answering Your Questions
6 NQJ Performance Overview
7 NNJ Performance Overview
8 NQP Performance Overview
9 NPY Performance Overview
10 Shareholder Meeting Report
14 Financial Section
52 Building Better Portfolios
53 Fund Information
<PAGE>
Dear Shareholder
Photo of: Timothy R. Schwertfeger
Chairman of the Board
Wealth takes a lifetime to build. Once achieved, it should be preserved.
It's a pleasure to report to you on the performance of the Nuveen New Jersey and
Pennsylvania Exchange-Traded Funds. Over the past 12 months, the funds have
performed well, rewarding shareholders with depend - able tax-free income and
attractive returns.
As of December 31, 1997, shareholders were receiving current market yields that
ranged from 5.47% to 5.86%. To match these yields, investors in the 31% federal
income tax bracket would have to earn at least 7.93% on taxable alternatives.
Dividend stability continues to be a hallmark of the Nuveen Exchange-Traded
Funds, as the dividends for the four funds in this report were declared a total
of 48 times over the past year with only one minor adjustment.
For the 12 months ended December 31, 1997, the total return on net asset value
for these funds ranged from 7.65% to 11.45%, providing taxable equivalent
returns of 10.85% to 14.76% for investors in the combined 31% federal and
applicable state tax bracket. For shareholders in higher federal tax brackets,
the tax-adjusted returns were even more attractive. You will find additional
details on the individual performance of each fund on pages 6-9.
THE YEAR IN REVIEW
Over the past year, American investors have benefited from robust economic
growth with little evidence of inflationary pressures. As unemployment rates hit
20-year lows and the current economic expansion entered its seventh year, benign
inflation sparked debate over whether the traditional link between growth and
inflation has been broken. However, continued concern that excess growth would
generate higher inflation disrupted the markets on several occasions. Still,
improvements in productivity kept producer prices in check, while low import
prices - due in part to weak Asian markets limited U.S. companies' ability to
raise consumer prices. This combination has kept inflation subdued and the Fed
"on hold" since its last interest rate tightening in March 1997. Long-term
fixed-income investors are finding additional encouragement in the shrinking
federal deficit and passage of the Taxpayer Relief Act of 1997.
<PAGE>
HELPING YOU BUILD A BETTER PORTFOLIO
The events of 1997 focused renewed attention on the need for diversification and
appropriate asset allocation. While stocks played an important role in helping
investors achieve growth, volatility in the equity markets provided a vivid
illustration of the steadying effect that fixed-income investments can add to a
well-constructed investment portfolio. Nuveen exchange-traded funds provide an
excellent balance to other equity and bond investments, and their current
after-tax yields make them very attractive.
You already know that you can rely on Nuveen to provide the tax-efficient,
risk-resistant investments you need to achieve your financial goals. Your
financial adviser can also introduce you to a number of other Nuveen products
and services designed to round out your portfolio of core investments, including
the Nuveen Rittenhouse Growth Fund, which was introduced in January. This new
fund invests in blue chip companies with a history of consistent earnings and
growth - providing a tax-efficient way for investors to build and sustain
wealth. We encourage you to talk to your financial adviser to see if the Nuveen
Rittenhouse Growth Fund - or another of our equity, balanced and fixed-income
investments may be right for you.
We at Nuveen remain committed to providing you with quality investment solutions
that withstand the test of time. We thank you for your confidence in us and our
family of investments, and we look forward to our next report to you.
Sincerely,
TIMOTHY R. SCHWERTFEGER
Chairman of the Board
February 17, 1998
"Over the past 12 months, the funds have performed well, rewarding shareholders
with dependable tax-free income and attractive returns."
<PAGE>
Answering Your Questions
Photo of: Ted Neild
TED NEILD, MANAGING DIRECTOR OF NUVEEN'S PORTFOLIO MANAGEMENT TEAM, TALKS ABOUT
THE MUNICIPAL BOND MARKET AND OFFERS INSIGHTS INTO FACTORS THAT AFFECTED THE
PERFORMANCE OF THE NEW JERSEY AND PENNSYLVANIA FUNDS OVER THE PAST YEAR.
WHAT ECONOMIC AND MARKET FACTORS INFLUENCED THE PERFORMANCE OF MUNICIPAL BONDS
OVER THE PAST YEAR?
In 1997, three major factors influenced the performance of the municipal bond
market: the continued strength of the U.S. economy, minimal inflation, and
volatility in the equity markets, including turmoil in Asia. These factors
contributed to a positive environment for fixed-income investments, including
municipal issues. Between December 31, 1996, and December 31, 1997, the yield on
30-year Treasury bonds dropped from 6.64% to 5.92%, and the municipal market
followed suit, as the yield on the Bond Buyer 40 declined from 5.72% to 5.26%.
The difference between yields on tax-free municipal bonds and taxable Treasury
bonds remained tight, making municipal bonds very attractive. Municipal prices
ended 1997 at historical highs, with the Bond Buyer 25 Revenue Index reaching
5.40% - its lowest reading ever.
OTHER FACTORS THAT AFFECTED MUNICIPAL INVESTMENTS OVER THE PAST YEAR INCLUDED:
o Historically tight credit spreads that enabled investors to purchase high
quality bonds at yields similar to those of bonds with lower credit ratings.
o The increased number of advance refundings and its impact on performance, new
issue volume, and projections for future bond call activity.
o An increased supply of municipal bonds, fueled by the robust economy, low
inflation, and expanding infrastructure demands. Municipal supply volume rose
19% in 1997, reaching its highest level since 1993.
o Active demand from insurance companies, mutual funds, and other institutional
investors.
<PAGE>
HOW HAVE THE FUNDS PERFORMED DURING THIS PERIOD?
As Tim mentioned in his letter to shareholders, the total return on net asset
value for these funds ranged from 7.65% to 11.45% for the 12 months ended
December 31, 1997. This compares with the one-year return of 9.19% for the
Lehman Brothers Municipal Bond Index.
The performance of the funds is noteworthy in view of the fact that they were
originally constructed in a higher interest rate environment. This means that a
large number of bonds in the portfolio are currently valued at substantial
premiums. These bonds offer the benefit of additional price stability in bear
markets, but their upside potential during market rallies can be limited.
HOW DOES LEVERAGE IMPACT THE FUNDS' DIVIDENDS?
All of the funds in this report use leverage as an additional way to enhance
income for common shareholders. With leverage, the fund issues short-term
preferred shares, which is similar to borrowing money at short-term rates. We
then invest the proceeds in long-term bonds, which normally pay higher rates.
The extra income realized from the difference in rates boosts the dividends for
common shareholders. This strategy works best in an environment of steady or
declining interest rates. When short-term interest rates undergo a sudden or
prolonged rise, preferred shareholders of leveraged funds receive higher
dividends, and less income is available for common shareholders.
IN THE CURRENT MUNICIPAL MARKET, HOW DID YOU ADD VALUE TO THE PORTFOLIOS?
Early in 1997, our strategies included purchasing deep discount bonds, which
were then out of favor with the market. These bonds can enhance the potential
for price appreciation, extend duration, and provide additional income stability
if interest rates continue to decline. We then moved to take advantage of
tightening credit spreads by buying high-quality bonds and selling lower-rated
bonds when the price was right. We believe that if credit spreads widen again,
the higher-quality issues will increase in value relative to low-quality bonds.
When beneficial to the funds, we also optimized tax consequences by taking gains
that could be offset by earlier losses.
"By identifying individual bonds that are exceptionally attractive relative to
other bonds in the market, we believe the portfolios will be positioned to
deliver above-market performance."
<PAGE>
WHAT ARE YOUR KEY STRATEGIES FOR THE COMING YEAR?
Over the next 12 months, our goal will be to maximize the after-tax total return
of the funds. We plan to take advantage of opportunities to sell the
lower-quality bonds in our portfolios at favorable prices and explore the
possibility of buying additional discount and zero coupon bonds that offer more
potential for market appreciation. We also currently favor general obligation
debt, which continues to increase in quality and value along with the general
economy.
In general, we will continue to monitor the bond market for changes that might
offer opportunities to enhance quality, yield, and the potential for price
appreciation. As always, we rely on the outstanding resources of the Nuveen
Research Department to support these surveillance efforts and the
research-intensive bond buying in which Nuveen excels. By identifying individual
bonds that are exceptionally attractive relative to other bonds in the market,
we believe the portfolios will be positioned to deliver above-market
performance.
WHAT IS YOUR OUTLOOK FOR THE MUNICIPAL MARKET IN 1998?
Looking at the year ahead, we believe the economy may finally begin to slow
down, with growth constrained by weaker U.S. exports, high consumer debt, and
lack of expansion in the labor force. A key variable involves productivity and
its ability to continue to improve at the current pace. A number of factors
indicate that municipal bonds will continue to sustain strong demand, including
the attractiveness of municipal yields relative to Treasury bond yields; a
domestic stock market characterized by high price-to-earnings ratios and
continued volatility; and, weakness in overseas economies.
"Looking at the year ahead, we believe the economy may finally begin to
slow down, with growth constrained by weaker U.S. exports, high consumer debt,
and lack of expansion in the labor force."
<PAGE>
Nuveen New Jersey Investment Quality
Municipal Fund, Inc.
Performance Overview
As of December 31, 1997
NQJ
FUND HIGHLIGHTS
- ---------------------------------------------
Inception Date 2/91
- ---------------------------------------------
Share Price 16 5/8
- ---------------------------------------------
Net Asset Value $15.74
- ---------------------------------------------
Current Market Yield 5.74%
- ---------------------------------------------
Taxable Equivalent Yield
(Federal Only)(1) 8.32%
- ---------------------------------------------
Taxable Equivalent Yield
(Federal and State)(1) 8.90%
- ---------------------------------------------
- ---------------------------------------------
Total Net Assets ($000) $439,184
- ---------------------------------------------
Average Weighted Maturity (Years) 18.00
- ---------------------------------------------
Average Weighted Duration (Years) 4.21
- ---------------------------------------------
ANNUALIZED TOTAL RETURN (AT NAV)
- ---------------------------------------------
1-Year 8.82%
- ---------------------------------------------
3-Year 10.35%
- ---------------------------------------------
5-Year 7.88%
- ---------------------------------------------
Since Inception 8.44%
- ---------------------------------------------
TAXABLE EQUIVALENT TOTAL RETURN(2)
- ---------------------------------------------
1-Year 12.33%
- ---------------------------------------------
3-Year 13.93%
- ---------------------------------------------
5-Year 11.59%
- ---------------------------------------------
Since Inception 12.06%
- ---------------------------------------------
1 Taxable equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen fund on an after-tax basis. The
federal only rate is based on the current market yield and a federal tax rate
of 31%. The rate shown for federal and state highlights the added value of
owning shares that are also exempt from state taxes. It is based on a combined
federal and state tax rate of 35.5%.
2 Taxable equivalent total return is based on the annualized total return and a
combined federal and state income tax rate of 35.5%. It represents the return
on a taxable investment necessary to equal the return of the Nuveen fund on an
after-tax basis.
3 The fund paid shareholders a capital gains distribution in December of $0.0303
per share.
Pie Charts:
Credit Quality
BBB/NR 14%
A 8%
AA 19%
AAA/Pre-refunded 59%
Diversification
Water and Sewer 8%
Utilities 5%
Transportation 11%
Lease Rental 4%
Health Care 11%
Other 5%
General Obligations 12%
Education 3%
Housing 19%
Industrial Development 3%
Escrowed Bonds 19%
Bar Chart:
Dividend History(3)
1/97 0.0795
2/97 0.0795
3/97 0.0795
4/97 0.0795
5/97 0.0795
6/97 0.0795
7/97 0.0795
8/97 0.0795
9/97 0.0795
10/97 0.0795
11/97 0.0795
12/97 0.0795
<PAGE>
Nuveen New Jersey Premium Income
Municipal Fund, Inc.
Performance Overview
As of December 31, 1997
NNJ
FUND HIGHLIGHTS
- ---------------------------------------------
Inception Date 12/92
- ---------------------------------------------
Share Price 15 5/16
- ---------------------------------------------
Net Asset Value $15.37
- ---------------------------------------------
Current Market Yield 5.64%
- ---------------------------------------------
Taxable Equivalent Yield
(Federal Only)(1) 8.17%
- ---------------------------------------------
Taxable Equivalent Yield
(Federal and State)(1) 8.74%
- ---------------------------------------------
- ---------------------------------------------
Total Net Assets ($000) $274,116
- ---------------------------------------------
Average Weighted Maturity (Years) 19.00
- ---------------------------------------------
Average Weighted Duration (Years) 6.72
- ---------------------------------------------
ANNUALIZED TOTAL RETURN (AT NAV)
- ---------------------------------------------
1-Year 11.45%
- ---------------------------------------------
3-Year 12.87%
- ---------------------------------------------
5-Year 7.65%
- ---------------------------------------------
Since Inception 7.60%
- ---------------------------------------------
TAXABLE EQUIVALENT TOTAL RETURN(2)
- ---------------------------------------------
1-Year 14.76%
- ---------------------------------------------
3-Year 16.21%
- ---------------------------------------------
5-Year 10.78%
- ---------------------------------------------
Since Inception 10.73%
- ---------------------------------------------
1 Taxable equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen fund on an after-tax basis. The
federal only rate is based on the current market yield and a federal tax rate
of 31%. The rate shown for federal and state highlights the added value of
owning shares that are also exempt from state taxes. It is based on a combined
federal and state tax rate of 35.5%.
2 Taxable equivalent total return is based on the annualized total return and a
combined federal and state income tax rate of 35.5%. It represents the return
on a taxable investment necessary to equal the return of the Nuveen fund on an
after-tax basis.
Pie Charts:
Credit Quality
BBB/NR 17%
A 19%
AA 10%
AAA/Pre-refunded 54%
Diversification
Health Care 7%
Water and Sewer 6%
Education 8%
Escrowed Bonds 4%
Other 14%
Lease Rental 4%
Housing 16%
Utilities 4%
General Obligation 17%
Transportation 20%
Bar Chart:
Dividend History
1/97 0.0710
2/97 0.0710
3/97 0.0710
4/97 0.0710
5/97 0.0710
6/97 0.0710
7/97 0.0710
8/97 0.0720
9/97 0.0720
10/97 0.0720
11/97 0.0720
12/97 0.0720
<PAGE>
Nuveen Pennsylvania Investment Quality
Municipal Fund
Performance Overview
As of December 31, 1997
NQP
FUND HIGHLIGHTS
- ---------------------------------------------
Inception Date 2/91
- ---------------------------------------------
Share Price 17 3/16
- ---------------------------------------------
Net Asset Value $16.09
- ---------------------------------------------
Current Market Yield 5.86%
- ---------------------------------------------
Taxable Equivalent Yield
(Federal Only)(1) 8.49%
- ---------------------------------------------
Taxable Equivalent Yield
(Federal and State)(1) 8.75%
- ---------------------------------------------
- ---------------------------------------------
Total Net Assets ($000) $364,493
- ---------------------------------------------
Average Weighted Maturity (Years) 19.51
- ---------------------------------------------
Average Weighted Duration (Years) 3.98
- ---------------------------------------------
ANNUALIZED TOTAL RETURN (AT NAV)
- ---------------------------------------------
1-Year 7.65%
- ---------------------------------------------
3-Year 9.85%
- ---------------------------------------------
5-Year 7.95%
- ---------------------------------------------
Since Inception 9.07%
- ---------------------------------------------
TAXABLE EQUIVALENT TOTAL RETURN(2)
- ---------------------------------------------
1-Year 10.85%
- ---------------------------------------------
3-Year 13.18%
- ---------------------------------------------
5-Year 11.39%
- ---------------------------------------------
Since Inception 12.45%
- ---------------------------------------------
1 Taxable equivalent yield represents the yield on a taxable investment
necessary to equal the after-tax yield of the Nuveen fund. The federal only
rate is based on the current market yield and a federal tax rate of 31%. The
rate shown for federal and state highlights the added value of owning shares
that are also exempt from state taxes. It is based on a combined federal and
state tax rate of 33%.
2 Taxable equivalent total return is based on the annualized total return and a
combined federal and state income tax rate of 33%. It represents the return on
a taxable investment necessary to equal the return of the Nuveen fund on an
after-tax basis.
3 The fund paid shareholders a capital gains distribution in December of $0.0524
per share.
Pie Charts:
Credit Quality
BBB/NR 13%
A 7%
AA 24%
AAA 56%
Diversification
Health Care 7%
General Obligation 7%
Other 5%
Education 12%
Pollution Control 4%
Housing 14%
Utilities 4%
Escrowed Bonds 47%
Dividend History(3)
1/97 0.0840
2/97 0.0840
3/97 0.0840
4/97 0.0840
5/97 0.0840
6/97 0.0840
7/97 0.0840
8/97 0.0840
9/97 0.0840
10/97 0.0840
11/97 0.0840
12/97 0.0840
<PAGE>
Nuveen Pennsylvania Premium Income
Municipal Fund 2
Performance Overview
As of December 31, 1997
NPY
FUND HIGHLIGHTS
- ---------------------------------------------
Inception Date 3/93
- ---------------------------------------------
Share Price 14 1/4
- ---------------------------------------------
Net Asset Value $14.81
- ---------------------------------------------
Current Market Yield 5.47%
- ---------------------------------------------
Taxable Equivalent Yield
(Federal Only)(1) 7.93%
- ---------------------------------------------
Taxable Equivalent Yield
(Federal and State)(1) 8.16%
- ---------------------------------------------
- ---------------------------------------------
Total Net Assets ($000) $351,366
- ---------------------------------------------
Average Weighted Maturity (Years) 21.12
- ---------------------------------------------
Average Weighted Duration (Years) 5.52
- ---------------------------------------------
ANNUALIZED TOTAL RETURN (AT NAV)
- ---------------------------------------------
1-Year 11.00%
- ---------------------------------------------
3-Year 14.64%
- ---------------------------------------------
Since Inception 6.86%
- ---------------------------------------------
TAXABLE EQUIVALENT TOTAL RETURN(2)
- ---------------------------------------------
1-Year 13.80%
- ---------------------------------------------
3-Year 17.63%
- ---------------------------------------------
Since Inception 9.67%
- ---------------------------------------------
1 Taxable equivalent yield represents the yield on a taxable investment
necessary to equal the after-tax yield of the Nuveen fund. The federal only
rate is based on the current market yield and a federal tax rate of 31%. The
rate shown for federal and state highlights the added value of owning shares
that are also exempt from state taxes. It is based on a combined federal and
state tax rate of 33%.
2 Taxable equivalent total return is based on the annualized total return and a
combined federal and state income tax rate of 33%. It represents the return on
a taxable investment necessary to equal the return of the Nuveen fund on an
after-tax basis.
Pie Charts:
Credit Quality
BBB/NR 6%
A 4%
AA 14%
AAA 76%
Diversification
Housing 13%
Other 11%
Health Care 14%
General Obligation 9%
Pollution Control 11%
Water and Sewer 6%
Education 16%
Utilities 4%
Escrowed Bonds 16%
Dividend History
1/97 0.0700
2/97 0.0700
3/97 0.0700
4/97 0.0700
5/97 0.0700
6/97 0.0700
7/97 0.0700
8/97 0.0700
9/97 0.0700
10/97 0.0700
11/97 0.0700
12/97 0.0700
<PAGE>
<TABLE>
Shareholder Meeting Report
Annual Meeting Date: December 31, 1997
<CAPTION>
NEW JERSEY INVESTMENT QUALITY
- ---------------------------------------------------------------------------------------------------------------------
Preferred Preferred
Common Shares Shares
Shares Series-M Series-Th
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
APPROVAL OF THE DIRECTORS
WAS REACHED AS FOLLOWS:
ROBERT P. BREMNER
For 17,942,298 3,090 1,912
Withhold 147,283 51 1
- ---------------------------------------------------------------------------------------------------------------------
Total 18,089,581 3,141 1,913
LAWRENCE H. BROWN
For 17,943,599 3,090 1,912
Withhold 145,982 51 1
- ---------------------------------------------------------------------------------------------------------------------
Total 18,089,581 3,141 1,913
ANTHONY T. DEAN
For 17,943,625 3,090 1,912
Withhold 145,956 51 1
- ---------------------------------------------------------------------------------------------------------------------
Total 18,089,581 3,141 1,913
ANNE E. IMPELLIZZERI
For 17,941,705 3,090 1,912
Withhold 147,876 51 1
- ---------------------------------------------------------------------------------------------------------------------
Total 18,089,581 3,141 1,913
PETER R. SAWERS
For 17,942,625 3,090 1,912
Withhold 146,956 51 1
- ---------------------------------------------------------------------------------------------------------------------
Total 18,089,581 3,141 1,913
JUDITH M. STOCKDALE
For 17,941,109 3,090 1,912
Withhold 148,472 51 1
- ---------------------------------------------------------------------------------------------------------------------
Total 18,089,581 3,141 1,913
WILLIAM J. SCHNEIDER
For -- 3,090 1,912
Withhold -- 51 1
- ---------------------------------------------------------------------------------------------------------------------
Total -- 3,141 1,913
TIMOTHY R. SCHWERTFEGER
For -- 3,090 1,912
Withhold -- 51 1
- ---------------------------------------------------------------------------------------------------------------------
Total -- 3,141 1,913
RATIFICATION OF AUDITORS
WAS REACHED AS FOLLOWS:
For 17,847,980 3,054 1,910
Against 90,196 -- 1
Abstain 151,405 87 2
- ---------------------------------------------------------------------------------------------------------------------
Total 18,089,581 3,141 1,913
</TABLE>
<PAGE>
<TABLE>
NEW JERSEY PREMIUM INCOME
- ---------------------------------------------------------------------------------------------------------------------
Preferred Preferred Preferred
Common Shares Shares Shares
Shares Series-T Series-W Series-Th
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
APPROVAL OF THE DIRECTORS
WAS REACHED AS FOLLOWS:
ROBERT P. BREMNER
For 10,964,723 612 1,425 1,359
Withhold 112,930 11 13 8
- ---------------------------------------------------------------------------------------------------------------------
Total 11,077,653 623 1,438 1,367
LAWRENCE H. BROWN
For 10,964,983 612 1,425 1,359
Withhold 112,670 11 13 8
- ---------------------------------------------------------------------------------------------------------------------
Total 11,077,653 623 1,438 1,367
ANTHONY T. DEAN
For 10,966,982 612 1,425 1,359
Withhold 110,671 11 13 8
- ---------------------------------------------------------------------------------------------------------------------
Total 11,077,653 623 1,438 1,367
ANNE E. IMPELLIZZERI
For 10,964,203 612 1,425 1,359
Withhold 113,450 11 13 8
- ---------------------------------------------------------------------------------------------------------------------
Total 11,077,653 623 1,438 1,367
PETER R. SAWERS
For 10,967,752 612 1,425 1,359
Withhold 109,901 11 13 8
- ---------------------------------------------------------------------------------------------------------------------
Total 11,077,653 623 1,438 1,367
JUDITH M. STOCKDALE
For 10,967,189 612 1,425 1,359
Withhold 110,464 11 13 8
- ---------------------------------------------------------------------------------------------------------------------
Total 11,077,653 623 1,438 1,367
WILLIAM J. SCHNEIDER
For -- 612 1,425 1,359
Withhold -- 11 13 8
- ---------------------------------------------------------------------------------------------------------------------
Total -- 623 1,438 1,367
TIMOTHY R. SCHWERTFEGER
For -- 612 1,425 1,359
Withhold -- 11 13 8
- ---------------------------------------------------------------------------------------------------------------------
Total -- 623 1,438 1,367
RATIFICATION OF AUDITORS
WAS REACHED AS FOLLOWS:
For 10,939,124 610 1,426 1,357
Against 34,345 2 -- --
Abstain 104,184 11 12 10
- ---------------------------------------------------------------------------------------------------------------------
Total 11,077,653 623 1,438 1,367
</TABLE>
<PAGE>
<TABLE>
Shareholder Meeting Report
Annual Meeting Date: December 31, 1997
<CAPTION>
PENNSYLVANIA INVESTMENT QUALITY
- ---------------------------------------------------------------------------------------------------------------------
Preferred Preferred
Common Shares Shares
Shares Series-W Series-Th
<S> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE DIRECTORS
WAS REACHED AS FOLLOWS:
ROBERT P. BREMNER
For 13,955,132 2,292 1,824
Withhold 134.925 4 1
- ---------------------------------------------------------------------------------------------------------------------
Total 14,090,057 2,296 1,825
LAWRENCE H. BROWN
For 13,955,644 2,292 1,824
Withhold 134,413 4 1
- ---------------------------------------------------------------------------------------------------------------------
Total 14,090,057 2,296 1,825
ANTHONY T. DEAN
For 13,957,809 2,292 1,824
Withhold 132,248 4 1
- ---------------------------------------------------------------------------------------------------------------------
Total 14,090,057 2,296 1,825
ANNE E. IMPELLIZZERI
For 13,948,156 2,292 1,824
Withhold 141,901 4 1
- ---------------------------------------------------------------------------------------------------------------------
Total 14,090,057 2,296 1,825
PETER R. SAWERS
For 13,954,864 2,292 1,824
Withhold 135,193 4 1
- ---------------------------------------------------------------------------------------------------------------------
Total 14,090,057 2,296 1,825
JUDITH M. STOCKDALE
For 13,946,408 2,292 1,824
Withhold 143,649 4 1
- ---------------------------------------------------------------------------------------------------------------------
Total 14,090,057 2,296 1,825
WILLIAM J. SCHNEIDER
For -- 2,292 1,824
Withhold -- 4 1
- ---------------------------------------------------------------------------------------------------------------------
Total -- 2,296 1,825
TIMOTHY R. SCHWERTFEGER
For -- 2,292 1,824
Withhold -- 4 1
- ---------------------------------------------------------------------------------------------------------------------
Total -- 2,296 1,825
RATIFICATION OF AUDITORS
WAS REACHED AS FOLLOWS:
For 13,895,595 2,287 1,813
Against 55,635 5 10
Abstain 138,827 4 2
- ---------------------------------------------------------------------------------------------------------------------
Total 14,090,057 2,296 1,825
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PENNSYLVANIA PREMIUM INCOME 2
- ---------------------------------------------------------------------------------------------------------------------
Preferred Preferred Preferred
Common Shares Shares Shares
Shares Series-M Series-Th Series-F
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
APPROVAL OF THE DIRECTORS
WAS REACHED AS FOLLOWS:
ROBERT P. BREMNER
For 14,327,004 777 1,946 1,675
Withhold 118,252 -- 37 --
- ---------------------------------------------------------------------------------------------------------------------
Total 14,445,236 777 1,983 1,675
LAWRENCE H. BROWN
For 14,327,004 777 1,946 1,675
Withhold 118,232 -- 37 --
- ---------------------------------------------------------------------------------------------------------------------
Total 14,445,236 777 1,983 1,675
ANTHONY T. DEAN
For 14,327,004 777 1,946 1,675
Withhold 118,232 -- 37 --
- ---------------------------------------------------------------------------------------------------------------------
Total 14,445,236 777 1,983 1,675
ANNE E. IMPELLIZZERI
For 14,325,219 777 1,946 1,675
Withhold 120,017 -- 37 --
- ---------------------------------------------------------------------------------------------------------------------
Total 14,445,236 777 1,983 1,675
PETER R. SAWERS
For 14,326,604 777 1,946 1,675
Withhold 118,632 -- 37 --
- ---------------------------------------------------------------------------------------------------------------------
Total 14,445,236 777 1,983 1,675
JUDITH M. STOCKDALE
For 14,323,028 777 1,946 1,675
Withhold 122,208 -- 37 --
- ---------------------------------------------------------------------------------------------------------------------
Total 14,445,236 777 1,983 1,675
WILLIAM J. SCHNEIDER
For -- 777 1,946 1,675
Withhold -- -- 37 --
- ---------------------------------------------------------------------------------------------------------------------
Total -- 777 1,983 1,675
TIMOTHY R. SCHWERTFEGER
For -- 777 1,946 1,675
Withhold -- -- 37 --
- ---------------------------------------------------------------------------------------------------------------------
Total -- 777 1,983 1,675
RATIFICATION OF AUDITORS
WAS REACHED AS FOLLOWS:
For 14,317,228 777 1,963 1,672
Against 39,309 -- 14 --
Abstain 88,699 -- 6 3
- ---------------------------------------------------------------------------------------------------------------------
Total 14,445,236 777 1,983 1,675
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS (UNAUDITED)
NUVEEN NEW JERSEY INVESTMENT
QUALITY MUNICIPAL FUND, INC. (NQJ)
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
EDUCATIONAL FACILITIES - 3.4%
$ 315,000 Higher Education Assistance Authority (State of New Jersey),
Senior Student Loan Revenue Bonds, 1991 Series A, 7.200%, 7/01/09
(Alternative Minimum Tax) 7/01 at 102 A $ 336,634
New Jersey Educational Facilities Authority, Seton Hall University
Project Revenue Bonds, 1991 Series, Project D:
500,000 6.875%, 7/01/10 7/01 at 102 Baa1 540,020
2,500,000 7.000%, 7/01/21 7/01 at 102 Baa1 2,692,425
6,000,000 New Jersey Higher Educational Assistance Authority, Student Loan Revenue Bonds, NJ
Class Loan Program, Series 1997 A, 5.800%, 6/01/16
(Alternative Minimum Tax) 6/07 at 102 Aaa 6,269,880
Rutgers, The State University (The State University of New
Jersey), General Obligation Refunding Bonds, 1992 Series A:
2,900,000 6.500%, 5/01/13 5/02 at 102 AA 3,165,234
1,725,000 6.500%, 5/01/18 5/02 at 102 AA 1,883,493
- ----------------------------------------------------------------------------------------------------------------------
ESCROWED BONDS - 18.8%
5,600,000 New Jersey Economic Development Authority, Lease Rental Bonds, 1992 Series
(Liberty State Park Project), 6.800%, 3/15/22
(Pre-refunded to 3/15/02) 3/02 at 102 Aaa 6,265,448
New Jersey Economic Development Authority Revenue Bonds (New
Jersey Performing Arts Center Site Acquisition Project), 1991
Series:
610,000 6.600%, 6/15/04 (Pre-refunded to 6/15/01) 6/01 at 102 Aaa 669,676
3,800,000 6.750%, 6/15/12 (Pre-refunded to 6/15/01) 6/01 at 102 Aaa 4,189,918
4,875,000 New Jersey Health Care Facilities Financing Authority, Revenue Bonds, St. Peter's Medical
Center Issue, Series E, 6.875%, 7/01/11 (Pre-refunded to 7/01/01) 7/01 at 102 Aaa 5,392,286
New Jersey Health Care Facilities Financing Authority, Refunding
Revenue Bonds, Barnert Hospital (FHA Insured Mortgage) Series B:
90,000 6.750%, 8/01/11 (Pre-refunded to 2/01/01) 2/01 at 100 AAA 98,476
355,000 6.800%, 8/01/19 (Pre-refunded to 2/01/01) 2/01 at 102 AAA 388,942
9,300,000 New Jersey Highway Authority (Garden State Parkway), Senior Parkway Revenue Bonds,
1989 Series, 7.250%, 1/01/16 (Pre-refunded to 1/01/99) 1/99 at 102 Aaa 9,801,828
State of New Jersey, General Obligation Bonds (Various Bonds):
8,200,000 6.750%, 9/15/07 (Pre-refunded to 9/15/01) 9/01 at 101 1/2 AA+*** 9,037,712
850,000 6.800%, 9/15/10 (Pre-refunded to 9/15/01) 9/01 at 101 1/2 AA+*** 938,281
7,000,000 The Bergen County Utilities Authority, 1992 Water Pollution Control System Revenue
Bonds, Series A, 6.500%, 12/15/12 (Pre-refunded to 6/15/02) 6/02 at 102 Aaa 7,773,850
7,800,000 County of Essex, New Jersey, Fiscal Year Adjustment Bonds, Series 1991,
6.500%, 12/01/11 (Pre-refunded to 12/01/01) 12/01 at 101 Aaa 8,541,702
4,095,000 The Board of Education of the Township of Evesham, in the County
of Burlington New Jersey, Certificates of Participation, 6.875%,
9/01/11 (Pre-refunded to 9/01/01 9/01 at 102 Aaa 4,550,733
8,200,000 The City of Jersey City (Hudson County, New Jersey), Fiscal Year Adjustment Bonds,
Series A 1991, 6.600%, 5/15/11 (Pre-refunded to 5/15/01) 5/01 at 102 Aaa 8,990,234
950,000 The Mercer County Improvement Authority, Mercer County, New Jersey, Revenue Bonds
(County Courthouse Project, Series 1991), 6.600%, 11/01/14
(Pre-refunded to 11/01/00) 11/00 at 102 Aa2*** 1,030,722
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ESCROWED BONDS - CONTINUED
$3,500,000 The Monmoth County Improvement Authority (Monmouth County, New Jersey),
Sewage Facilities Revenue Refunding Bonds, Series 1991, 6.750%, 2/01/13
(Pre-refunded to 2/01/01) 2/01 at 102 Aaa $ 3,833,900
1,200,000 County of Passaic, New Jersey, General Improvement Bonds, 6.700%, 9/01/10
(Pre-refunded to 9/01/99) 9/99 at 102 N/R*** 1,274,220
6,000,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, Series P, 7.000%, 7/01/11
(Pre-refunded to 7/01/01) 7/01 at 102 Aaa 6,688,020
2,450,000 University of Medicine and Dentistry of New Jersey Bonds, Series E, 6.500%, 12/01/18
(Pre-refunded to 12/01/01) 12/01 at 102 AA-*** 2,700,121
- ----------------------------------------------------------------------------------------------------------------------
GENERAL OBLIGATION BONDS - 11.4%
5,000,000 State of New Jersey, General Obligation Bonds, Various Series,
6.375%, 8/01/11 8/02 at 101 1/2 Aa1 5,447,500
State of New Jersey, General Obligation Bonds, Series D:
8,000,000 5.750%, 2/15/06 No Opt. Call Aa1 8,775,680
5,000,000 6.000%, 2/15/11 No Opt. Call Aa1 5,654,550
Bayonne Municipal Utilities Authority (Hudson County) Water System Revenue Bonds,
Series 1997:
720,000 5.000%, 1/01/08 No Opt. Call Aaa 744,048
750,000 5.000%, 1/01/12 1/08 at 101 Aaa 756,068
1,265,000 Township of East Brunswick, In the County of Middlesex, New Jersey, General Obligation
Refunding Bonds, Series 1993, 5.125%, 4/01/13 4/03 at 101 Aa2 1,283,482
County of Essex, New Jersey, General Obligation Refunding Bonds of
1996, Tax-Exempt Bonds of 1996, Series A-1:
1,000,000 5.000%, 11/15/11 8/07 at 101 Aaa 1,015,120
3,000,000 6.000%, 11/15/07 No Opt. Call Aaa 3,375,720
2,320,000 City of Hoboken, Fiscal Year Adjustment, General Obligation Bonds, Series 1991,
8.900%, 8/01/06 No Opt. Call Aaa 3,065,370
5,250,000 Township of Howell, In the County of Monmouth, New Jersey, General Obligation Refunding
Bonds, Series 1991, 6.800%, 1/01/14 1/02 at 102 Aaa 5,789,648
3,675,000 The City of New Jersey (Hudson County, New Jersey), Fiscal Year Adjustment Bonds,
Series B 1991, 8.400%, 5/15/06 No Opt. Call Aaa 4,678,606
1,000,000 The Monmouth County Improvement Authority, (Monmouth County, New Jersey), Revenue
Bonds, Series 1997 (Howell Township Board of Education Project),
5.800%, 7/15/17 7/07 at 101 AAA 1,070,230
2,000,000 Town of Morristown, In the County of Morris, New Jersey, General Obligation Refunding
Bonds, Series 1995, 6.500%, 8/01/19 8/05 at 102 Aaa 2,266,440
1,895,000 North Bergen Township Municipal Utility Authority, Sewer Revenue Refunding Bonds,
Series 1993, 7.875%, 12/15/09 No Opt. Call Aaa 2,480,290
1,180,000 The Raritan Township Municipal Utilities Authority (Hunterdon County, New Jersey) (Secured
by a Service Contract with the Township of Raritan), Revenue Bonds, Series 1992, (Bank
Qualified), 6.450%, 5/01/12 5/02 at 102 A+ 1,265,833
<PAGE>
<CAPTION>
PORTFOLIO OF INVESTMENTS (UNAUDITED)
NUVEEN NEW JERSEY INVESTMENT
QUALITY MUNICIPAL FUND, INC. (NQJ) - CONTINUED
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
GENERAL OBLIGATION BONDS- CONTINUED
$1,465,000 The South Toms River Sewerage Authority (Ocean County, New Jersey), Sewer Refunding
Revenue Bonds (Series 1992) (Bank Qualified), 7.400%, 11/01/05 11/02 at 102 N/R $ 1,566,070
1,000,000 Township of West Deptford, County of Gloucester, New Jersey, General Obligation Bonds,
Series of 1996, 5.250%, 3/01/14 3/06 at 102 Aaa 1,024,310
- ----------------------------------------------------------------------------------------------------------------------
HEALTH CARE FACILITIES - 11.8%
300,000 New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Community Medical
Center/Kensington Manor Care Center Issue, Series E, 7.000%, 7/01/207/00 at 102 Aaa 323,436
3,600,000 New Jersey Health Care Facilities Financing Authority, Refunding Revenue Bonds, Atlantic
City Medical Center Issue, Series C, 6.800%, 7/01/05 7/02 at 102 A- 3,991,284
7,500,000 New Jersey Health Care Facilities Financing Authority, Revenue Bonds, JFK Health Systems,
Obligated Group Issue, Series 1991, 6.600%, 7/01/08 7/01 at 102 Aaa 8,212,500
9,300,000 New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Centrastate Medical,
Center Issue, Series A, 6.625%, 7/01/11 7/01 at 102 Aaa 10,114,680
3,000,000 New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Beth Israel Hospital
Association of Passaic Issue, Series B, 6.250%, 7/01/14 7/99 at 100 Aaa 3,089,400
2,070,000 New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Robert Wood Johnson
University Hospital, Series B, 6.625%, 7/01/16 7/01 at 102 Aaa 2,251,332
4,350,000 New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Mercer Medical Center
Issue, Series 1991, 6.500%, 7/01/10 7/01 at 102 Aaa 4,713,617
5,025,000 New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Pascack Valley
Hospital Association Issue, Series 1991, 6.700%, 7/01/11 7/01 at 102 BBB 5,325,797
New Jersey Health Care Facilities Financing Authority, Refunding
Revenue Bonds, Barnert Hospital (FHA Insured Mortgage) Series B:
680,000 6.750%, 8/01/11 2/01 at 102 AAA 735,821
2,845,000 6.800%, 8/01/19 2/01 at 102 AAA 3,062,102
4,150,000 New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Palisades Medical
Center, Obligated Group Issue, Series 1992, 7.500%, 7/01/06 7/02 at 102 Ba1 4,464,446
2,800,000 New Jersey Health Care Facilities Financing Authority, Refunding Revenue Bonds, Atlantic
City Medical Center Issue, Series C, 6.800%, 7/01/11 7/02 at 102 A- 3,092,264
2,535,000 New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Deborah Heart and
Lung Center Issue, Series of 1993, 6.200%, 7/01/13 7/03 at 102 Baa2 2,650,773
- ----------------------------------------------------------------------------------------------------------------------
HOUSING FACILITIES - 18.0%
4,500,000 New Jersey Housing Mortgage Finance Agency, Multifamily Housing Revenue Bonds,
1996 Series A, 6.250%, 5/01/28 (Alternative Minimum Tax) 5/06 at 102 Aaa 4,773,870
12,000,000 New Jersey Housing and Mortgage Finance Agency, Multifamily Housing Revenue Refunding
Bonds (Presidential Plaza at Newport Project-FHA Insured Mortgages), 1991 Series 1,
7.000%, 5/01/30 11/01 at 102 AAA 13,038,480
1,500,000 New Jersey Housing and Mortgage Finance Agency, Multi-Family Housing Revenue Bonds,
1995 Series A, 6.000%, 11/01/14 5/05 at 102 Aaa 1,582,050
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
HOUSING FACILITIES - CONTINUED
New Jersey Housing and Mortgage Finance Agency, Section 8 Bonds,
1991 Series A:
$3,000,000 6.800%, 11/01/05 11/02 at 102 AA+ $ 3,225,840
2,500,000 6.900%, 11/01/07 11/01 at 103 AA+ 2,678,700
4,700,000 6.950%, 11/01/08 11/01 at 103 AA+ 5,027,073
1,000,000 7.000%, 11/01/11 11/01 at 103 AA+ 1,066,470
3,255,000 New Jersey Housing and Mortgage Finance Agency, Home Buyer Revenue Bonds, 1989
Series D, 7.600%, 10/01/09 (Alternative Minimum Tax) 10/99 at 102 Aaa 3,415,211
9,650,000 New Jersey Housing and Mortgage Finance Agency, Housing Revenue Bonds, 1992 Series A,
6.950%, 11/01/13 5/02 at 102 A+ 10,459,153
5,500,000 New Jersey Housing and Mortgage Finance Agency, Home Buyer Revenue Bonds, 1990
Series F-2, 6.300%, 4/01/25 (Alternative Minimum Tax) 10/00 at 102 Aaa 5,678,860
3,250,000 New Jersey Housing and Mortgage Finance Agency, Housing Revenue Refunding Bonds,
1992 Series One, 6.700%, 11/01/28 11/02 at 102 A+ 3,496,285
2,605,000 New Jersey Housing and Mortgage Finance Agency, Revenue Bonds, (Home Buyer),
1995 Series O, 6.350%, 10/01/27 (Alternative Minimum Tax) 10/05 at 101 1/2 Aaa 2,773,674
10,000,000 New Jersey Housing and Mortgage Finance Agency, Home Buyer Revenue Bonds, 1997
Series U, 5.850%, 4/01/29 (Alternative Minimum Tax) 10/07 at 101 1/2 Aaa 10,334,000
5,000,000 New Jersey Housing and Mortgage Finance Agency, Revenue Bonds (Home Buyer), 1996
Series S, 6.050%, 10/01/28 (Alternative Minimum Tax) 4/07 at 101 1/2 Aaa 5,245,050
3,790,000 The Hudson County Improvement Authority, Multifamily Housing Revenue Bonds,
Series 1992 A (Conduit Financing-Observer Park Project), 6.900%, 6/01/22
(Alternative Minimum Tax) 6/04 at 100 AAA 4,058,597
1,495,000 Housing Finance Corporation of the City of Long Branch, Long Branch, New Jersey, Section 8
Assisted Housing Revenue Bonds, Washington Manor Associates Ltd., Elderly Project,
10.000%, 10/01/11 4/98 at 101 N/R 1,517,649
710,000 Puerto Rico Housing Finance Corporation, Single Family Mortgage Revenue Bonds, Portfolio
One, Series C, 6.750%, 10/15/13 10/01 at 102 Aaa 752,124
- ----------------------------------------------------------------------------------------------------------------------
INDUSTRIAL DEVELOPMENT REVENUE - 3.0%
1,300,000 New Jersey Economic Development Authority, Economic Development Bonds, Bridgewater
Resources Inc., Series 1991, 9.500%, 2/01/01
(Alternative Minimum Tax) No Opt. Call N/R 1,356,615
5,000,000 New Jersey Economic Development Authority, Economic Development Revenue Bonds
(J&J Snack Foods Corporation of New Jersey Project), Series 91, 7.250%, 12/01/05
(Alternative Minimum Tax) 12/01 at 100 N/R 5,203,650
6,250,000 The Pollution Control Financing Authority of Salem County (New Jersey), Waste Disposal
Revenue Bonds (E.I. duPont de Nemours and Company-Chambers Works Project), 1991
Series A, 6.500%, 11/15/21 (Alternative Minimum Tax) 11/01 at 102 AA- 6,683,688
- ----------------------------------------------------------------------------------------------------------------------
LEASE RENTAL - 4.0%
2,445,000 New Jersey Sports and Exposition Authority, State Contract Bonds, 1992 Series A,
6.500%, 3/01/19 3/02 at 102 Aa 2,676,199
<PAGE>
<CAPTION>
PORTFOLIO OF INVESTMENTS (UNAUDITED)
NUVEEN NEW JERSEY INVESTMENT
QUALITY MUNICIPAL FUND, INC. (NQJ) - CONTINUED
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
LEASE RENTAL - CONTINUED
$1,500,000 The Board of Education of the Township of Bedminster, Certificates of Participation, In the
County of Somerset, New Jersey, 7.125%, 9/01/10 3/01 at 102 A1 $ 1,655,475
1,000,000 The Board of Education of the Town of Dover, in the County of Morris, New Jersey, as
Lessee, Certificates of Participation, 6.600%, 6/01/11 12/01 at 100 Aaa 1,077,200
2,535,000 The Board of Education of the Township of Mansfield, in the County of Warren, New Jersey,
Certificates of Participation, 5.900%, 3/01/15 3/06 at 102 Aaa 2,741,374
The State of New Jersey, as Lessee, and The Mercer County Improvement Authority, as
Lessor, Relating to the Richard J. Hughes Justice Complex:
3,000,000 6.050%, 1/01/09 No Opt. Call Aa 3,004,500
1,585,000 6.050%, 1/01/13 No Opt. Call Aa 1,587,409
1,000,000 6.050%, 1/01/14 No Opt. Call Aa 1,001,520
1,720,000 6.050%, 1/01/16 No Opt. Call Aa 1,722,614
2,000,000 6.050%, 1/01/17 No Opt. Call Aa 2,003,040
- ----------------------------------------------------------------------------------------------------------------------
OTHER REVENUE - 4.1%
3,700,000 Pollution Control Financing Authority of Camden County (Camden County, New Jersey),
Solid Waste Disposal and Resource Recovery System Revenue Bonds, Series 1991B,
7.500%, 12/01/09 (Alternative Minimum Tax) 12/01 at 102 BB 3,739,812
3,500,000 Pollution Control Financing Authority of Camden County (Camden County, New Jersey),
Solid Waste Disposal and Resource Recovery System Revenue Bonds, Series 1991A,
7.500%, 12/01/10 (Alternative Minimum Tax) 12/01 at 102 BB 3,537,660
10,000,000 The Union County Utilities Authority (New Jersey), Solid Waste System Revenue Bonds,
Series D, 6.850%, 6/15/14 (Alternative Minimum Tax) 6/02 at 102 Aaa 10,609,100
- ----------------------------------------------------------------------------------------------------------------------
POLLUTION CONTROL FACILITIES - 0.1%
400,000 New Jersey Economic Development Authority, Adjustable-Fixed Rate Pollution Control
Revenue Bonds, 1985 Series (Jersey Central Power & Light Company Project),
7.100%, 7/01/15 7/01 at 103 Baa1 442,156
- ----------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 10.7%
3,000,000 New Jersey Economic Development Authority, Economic Development Bonds (American
Airlines, Inc. Project), 7.100%, 11/01/31
(Alternative Minimum Tax) 11/01 at 102 Baa2 3,304,830
3,500,000 New Jersey Highway Authority (Garden State Parkway), Senior Parkway Revenue Refunding
Bonds, 1992 Series, 6.250%, 1/01/14 1/02 at 102 AA- 3,799,320
5,000,000 New Jersey Turnpike Authority, Turnpike Revenue Bonds, Series 1991 A (Refunding Bonds),
6.900%, 1/01/14 1/98 at 100 Baa1 5,010,550
New Jersey Turnpike Authority, Turnpike Revenue Bonds, Series 1991 C:
9,000,000 6.500%, 1/01/08 No Opt. Call Aaa 10,511,820
1,675,000 6.500%, 1/01/16 No Opt. Call Baa1 1,957,774
4,300,000 The Port Authority of New York and New Jersey, Special Project Bonds, Series 1R, Delta
Air Lines Inc. Project, LaGuardia Airport Passenger Terminal,
6.950%, 6/01/08 6/02 at 102 BBB- 4,732,623
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
TRANSPORTATION - CONTINUED
$4,500,000 The Port Authority of New York and New Jersey, Consolidated Bonds, Eighty-Fourth Series,
6.000%, 1/15/28 (Alternative Minimum Tax) 1/03 at 101 AA- $ 4,731,165
3,150,000 The Port Authority of New York and New Jersey, Consolidated Bonds, Ninety-Fifth Series,
6.125%, 7/15/29 (Alternative Minimum Tax) 7/04 at 101 AA- 3,359,255
5,000,000 Port Authority of New York and New Jersey, Consolidated Bonds, One Hundred Second
Series, (Revenue Bonds), Non-Amt Bonds, 5.875%, 10/15/27 10/02 at 101 Aaa 5,245,100
4,350,000 The Port Authority of New York and New Jersey, Special Project Bonds, Series 6,
JFK International Air Terminal LLC Project, 5.750%, 12/01/25
(Alternative Minimum Tax) 12/07 at 100 Aaa 4,543,619
- ----------------------------------------------------------------------------------------------------------------------
UTILITIES - 4.9%
3,260,000 New Jersey Economic Development Authority, Natural Gas Facilities Refunding
Revenue Bonds, Series 1991A (New Jersey Natural Gas Company Project),
7.050%, 3/01/16 3/98 at 102 A 3,339,315
2,000,000 New Jersey Economic Development Authority, Natural Gas Facilities Revenue
Bonds, Series 1991B (New Jersey Natural Gas Company Project),
7.250%, 3/01/21 (Alternative Minimum Tax) 3/98 at 102 A 2,048,800
8,000,000 Pollution Control Financing, Authority of Middlesex County (New Jersey), Pollution
Control Revenue Refunding Bonds, Series 1992 (Amerada Hess Corporation
Project), 6.875%, 12/01/22 12/02 at 102 N/R 8,778,000
6,000,000 Puerto Rico Electric Power Authority, Power Revenue Refunding Bonds, Series Y,
7.000%, 7/01/07 No Opt. Call Aaa 7,205,820
- ----------------------------------------------------------------------------------------------------------------------
WATER/SEWER FACILITIES - 7.4%
5,000,000 New Jersey Economic Development Authority, Water Facilities Revenue Bonds,
Series 1991 (New Jersey--American Water Company, Inc. Project),
7.400%, 11/01/01 (Alternative Minimum Tax) No Opt. Call N/R 5,179,450
7,500,000 New Jersey Economic Development Authority, Water Facilities Revenue Bonds,
New Jersey-American Water Company, Series 96, 6.000%, 5/01/36
(Alternative Minimum Tax) 5/06 at 102 Aaa 8,061,300
35,000 New Jersey Wastewater Treatment Trust, Wastewater Treatment Insured Bonds,
Series 1988 A, 7.375%, 5/15/08 5/98 at 102 Aaa 36,153
2,250,000 New Jersey Water Supply Authority, Water System Revenue Bonds, Series 1998
(Delaware and Raritan System), 7.875%, 11/01/13
(Alternative Minimum Tax) 11/98 at 102 A+ 2,354,062
2,500,000 The Atlantic County Utilities Authority (New Jersey), Sewer Revenue Refunding
Bonds, 1987 Series, 5.000%, 1/15/13 1/98 at 100 Aaa 2,499,974
Cape May County Municipal Utilities Authority, Sewer Revenue Refunding Bonds,
Series 1992-A:
2,000,000 6.000%, 1/01/11 1/03 at 102 Aaa 2,165,020
7,600,000 5.750%, 1/01/16 1/03 at 102 Aaa 7,983,495
<PAGE>
<CAPTION>
PORTFOLIO OF INVESTMENTS (UNAUDITED)
NUVEEN NEW JERSEY INVESTMENT
QUALITY MUNICIPAL FUND, INC. (NQJ) - CONTINUED
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
WATER/SEWER FACILITIES - CONTINUED
$ 4,000,000 Passaic Valley Sewerage Commissioners (State of New Jersey),
Sewer System Bonds, Series D, 5.800%, 12/01/18 12/02 at 102 Aaa $ 4,211,240
- ----------------------------------------------------------------------------------------------------------------------
$396,500,000 Total Investments - (cost $396,599,912) - 97.6% 428,563,955
============----------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.4% 10,620,509
- ----------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $439,184,464
======================================================================================================================
<FN>
* Optional Call Provisions: Dates (month and year) and prices of the earliest
optional call or redemption. There may be other call provisions at varying
prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
*** Securities are backed by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities, which ensures the timely
payment of principal and interest. Securities are normally considered to be
equivalent to AAA rated securities.
N/R - Investment is not rated.
</FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS (UNAUDITED)
NUVEEN NEW JERSEY PREMIUM
INCOME MUNICIPAL FUND, INC. (NNJ)
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
EDUCATIONAL FACILITIES - 8.2%
$ 825,000 Higher Education Assistance Authority (State of New Jersey), Student Loan
Revenue Bonds, 1992 Series A, New Jersey Class Loan Program
6.125%, 7/01/09 (Alternative Minimum Tax) 7/02 at 102 A+ $ 857,423
4,945,000 Higher Education Assistance Authority (State of New Jersey), Student Loan
Revenue Bonds, 1993 Series A, New Jersey Class Loan Program,
5.300%, 7/01/10 (Alternative Minimum Tax) 7/03 at 102 A+ 5,015,219
3,600,000 New Jersey Economic Development Authority, Economic Development Bonds
(Yeshiva K'Tana of Passaic - 1992 Project), 8.000%, 9/15/18 No Opt, Call N/R 4,523,148
945,000 New Jersey Educational Facilities Authority, Trenton State College Issue, Revenue
Bonds, Series 1976 D, 6.750%, 7/01/08 7/08 at 100 A+ 947,098
2,095,000 New Jersey Educational Facilities Authority, Refunding Revenue Bonds, Trenton
State College Issue, Series 1992 E, 6.000%, 7/01/09 7/02 at 102 Aaa 2,271,210
1,500,000 New Jersey Educational Facilities Authority, Higher Education Facilities Trust Fund
Bonds, Series 1995 A, 5.125%, 9/01/02 No Opt. Call Aaa 1,563,975
1,000,000 New Jersey Educational Facilities Authority, Revenue Bonds, New Jersey Institute
of Technology Issue, Series 1994A, 6.000%, 7/01/24 7/04 at 102 Aaa 1,082,780
2,500,000 New Jersey Educational Facilities Authority, Revenue Bonds, Rowan College of
New Jersey Issue, Series 1996 E, 6.000%, 7/01/21 7/06 at 101 Aaa 2,724,075
3,330,000 New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State
University, Series 1996-C (Dormitory/Cafeteria Facility),
5.400%, 7/01/12 7/06 at 101 Aaa 3,482,547
- ----------------------------------------------------------------------------------------------------------------------
ESCROWED BONDS - 4.2%
2,000,000 New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Newton
Memorial Hospital Issue, Series A, 7.500%, 7/01/19
(Pre-refunded to 7/01/99) 7/99 at 102 A-*** 2,140,000
2,420,000 New Jersey Turnpike Authority, Turnpike Revenue Bonds, 1984 Series,
10.375%, 1/01/03 No Opt. Call AAA 2,817,485
State of New Jersey, General Obligation Bonds (Various Bonds):
3,300,000 6.800%, 9/15/10 (Pre-refunded to 9/15/01) 9/01 at 101 1/2 AA+*** 3,642,738
2,385,000 6.800%, 9/15/11 (Pre-refunded to 9/15/01) 9/01 at 101 1/2 AA+*** 2,632,706
250,000 The Board of Education of the Township of Franklin, in the County of Somerset,
New Jersey, Certificates of Participation, Series 1989, 6.900%, 12/15/00
(Pre-refunded to 6/15/99) 6/99 at 100 Aaa 263,790
- ----------------------------------------------------------------------------------------------------------------------
GENERAL OBLIGATION BONDS - 17.1%
3,485,000 New Jersey Economic Development Authority, Revenue Bonds (Public Schools
Small Project Loan Program), Series 1993, 5.400%, 8/15/12 8/03 at 102 AAA 3,609,310
State of New Jersey, General Obligation Bonds, Series D:
2,760,000 5.750%, 2/15/06 No Opt. Call Aa1 3,027,610
4,000,000 5.800%, 2/15/07 No Opt. Call Aa1 4,423,160
2,500,000 6.000%, 2/15/11 No Opt. Call Aa1 2,827,275
1,560,000 6.000%, 2/15/13 No Opt. Call Aa1 1,763,159
<PAGE>
<CAPTION>
PORTFOLIO OF INVESTMENTS (UNAUDITED)
NUVEEN NEW JERSEY PREMIUM
INCOME MUNICIPAL FUND, INC. (NNJ) - CONTINUED
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
GENERAL OBLIGATION BONDS - CONTINUED
$1,275,000 Camden County Improvement Authority (Camden County, New Jersey), County
Guaranteed Lease Revenue Bonds, Series of 1995, 5.625%, 10/01/15 10/05 at 102 Aaa $ 1,348,198
1,000,000 The Essex County Utilities Authority (Essex County, New Jersey),
Solid Waste System Revenue Bonds (Secured by a County Deficiency
Agreement with the County of Essex), Solid Waste System Revenue
Bonds, Tax Exempt Series 1996A,
5.600%, 4/01/16 4/06 at 102 Aaa 1,054,720
1,000,000 The New Jersey City Sewerage Authority (Hudson County, New Jersey), Sewer Revenue
Refunding Bonds (Series 1993), 6.250%, 1/01/14 No Opt. Call Aaa 1,154,570
785,000 County of Morris, New Jersey, General Improvement Bonds of 1993,
5.125%, 5/13/11 No Opt. Call Aaa 822,963
600,000 The Borough of North Arlington, in the County of Bergen, New Jersey, General and Water
Improvement Bonds of 1994, 4.800%, 2/01/10 No Opt. Call Aaa 612,402
4,000,000 County of Passaic, State of New Jersey, General Obligation Refunding Bonds, Series 1993,
5.125%, 9/01/12 No Opt. Call Aaa 4,161,200
5,000,000 Commonwealth of Puerto Rico, Public Improvement Bonds of 1995 (General Obligation
Bonds), 5.750%, 7/01/24 7/05 at 101 1/2 Aaa 5,284,750
8,160,000 Puerto Rico Public Buildings Authority, Public Education and
Health Facilities Refunding Bonds, Series M, Guaranteed by the
Commonwealth of Puerto Rico, 5.750%, 7/01/15 7/03 at 101 1/2 A 8,513,002
650,000 The Board of Education of the Southern Gloucester County, Regional High School District,
Gloucester County, New Jersey, School District Bonds, Series 1993,
5.000%, 10/01/14 No Opt. Call Aaa 661,791
Sparta Township School District, General Obligation Bonds, (Unlimited Tax):
1,100,000 5.800%, 9/01/19 9/06 at 100 Aaa 1,167,386
1,100,000 5.800%, 9/01/20 9/06 at 100 Aaa 1,163,569
1,100,000 5.800%, 9/01/21 9/06 at 100 Aaa 1,161,908
1,585,000 The Warren County (Pequest River), Municipal Utilities Authority, Wastewater Revenue
Refunding Bonds, Series 1993, 5.300%, 12/01/11 12/03 at 101 Aaa 1,639,049
2,250,000 Western Monmouth Utilities Authority (Monmouth County, New Jersey), Revenue Refunding
Bonds, 1995 Series A, 5.600%, 2/01/14 2/05 at 102 Aaa 2,382,345
- ----------------------------------------------------------------------------------------------------------------------
HEALTH CARE FACILITIES - 7.6%
3,255,000 New Jersey Economic Development Authority (Morris Hall/St. Lawrence, Inc. Project), Series
1993A, 6.150%, 4/01/13 4/03 at 102 A+ 3,463,450
1,250,000 New Jersey Health Care Facilities Financing Authority Revenue Bonds, Community
Memorial Hospital Association Issue, Series C, 8.000%, 7/01/14 7/98 at 102 A+ 1,297,875
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Dover General Hospital and Medical Center Issue, Series
1994:
1,015,000 7.000%, 7/01/03 No Opt. Call Aaa 1,150,086
800,000 7.000%, 7/01/04 No Opt. Call Aaa 919,896
45,000 New Jersey Health Care Facilities Financing Authority, Revenue Bonds, St. Peter's Medical
Center Issue, Series F, 5.000%, 7/01/11 7/03 at 102 Aaa 45,519
<PAGE>
<CAPTION>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
HEALTH CARE FACILITIES - CONTINUED
$ 895,000 New Jersey Health Care Facilities Financing Authority, Refunding Revenue Bonds, Wayne
General Hospital Corp. Issue (FHA Insured Mortgage), Series B,
5.750%, 8/01/11 8/04 at 102 AAA $ 938,792
2,000,000 New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Monmouth Medical
Center Issue, Series C, 6.250%, 7/01/16 7/04 at 102 Aaa 2,207,420
4,000,000 New Jersey Health Care Facilities Financing Authority, Revenue and Refunding Bonds,
AHS Hospital Corporation Issue, Series 1997 ABonds,
5.000%, 7/01/27 7/07 at 102 Aaa 3,921,400
7,000,000 Puerto Rico Industrial, Medical, Educational, and Environmental Pollution Control Facilities
Financing Authority, Adjustable Rate Industrial Revenue Bonds, 1983 Series A (American
Home Products Corporation Project), 5.100%, 12/01/18 12/03 at 103 A2 6,928,670
- ----------------------------------------------------------------------------------------------------------------------
HOUSING FACILITIES - 15.4%
2,250,000 New Jersey Housing Finance Agency, Special Pledge Revenue Obligations, 1975 Series
One, 9.000%, 11/01/18 11/99 at 100 A1 2,306,633
4,000,000 New Jersey Housing and Mortgage Finance Agency, Multi-Family Housing Revenue
Refunding Bonds (Presidential Plaza at Newport Project-FHA Insured Mortgages),
1991 Series 1, 7.000%, 5/01/30 11/01 at 102 AAA 4,346,160
2,875,000 New Jersey Housing and Mortgage Finance Agency, Multi-Family Housing Revenue Bonds,
1995 Series A, 6.000%, 11/01/14 5/05 at 102 Aaa 3,032,263
7,000,000 New Jersey Housing and Mortgage Finance Agency, Multi-Family Housing Revenue
Bonds, 1997 Series A, 5.550%, 5/01/27 (Alternative Minimum Tax)11/07 at 101 1/2 Aaa 7,059,850
New Jersey Housing and Mortgage Finance Agency, Housing Revenue Bonds, 1992 Series A:
2,365,000 6.700%, 5/01/05 5/02 at 102 A+ 2,551,149
8,000,000 6.950%, 11/01/13 5/02 at 102 A+ 8,670,800
4,250,000 New Jersey Housing and Mortgage Finance Agency, Housing Revenue Refunding Bonds,
1992 Series One, 6.700%, 11/01/28 11/02 at 102 A+ 4,572,065
1,000,000 New Jersey Housing and Mortgage Finance Agency, Revenue Bonds (Home Buyer), 1995
Series O, 6.300%, 10/01/23 (Alternative Minimum Tax) 10/05 at 101 1/2 Aaa 1,064,890
525,000 New Jersey Housing and Mortgage Finance Agency, Home Buyer Revenue Bonds, Series
1996-P, 5.650%, 4/01/14 4/06 at 101 1/2 Aaa 547,355
1,000,000 New Jersey Housing and Mortgage Finance Agency, Revenue Bonds (Home Buyer), 1996
Series G, 5.875%, 4/01/17 (Alternative Minimum Tax) 4/06 at 101 1/2 Aaa 1,040,110
New Jersey Housing and Mortgage Finance Agency Home Buyer Revenue
Bonds, 1997 Series U:
1,965,000 5.700%, 10/01/14 (Alternative Minimum Tax) 10/07 at 101 1/2 Aaa 2,039,886
1,500,000 5.850%, 4/01/29 (Alternative Minimum Tax) 10/07 at 101 1/2 Aaa 1,550,100
2,500,000 New Jersey Housing and Mortgage Finance Agency, Revenue Bonds (Home Buyer), 1996
Series S, 6.050%, 10/01/28 (Alternative Minimum Tax) 4/07 at 101 1/2 Aaa 2,622,525
915,000 Housing Finance Corporation of the City of Long Branch, Long Branch, New Jersey,
Section 8 Assisted Housing Revenue Bonds, Washington Manor Associates Ltd., 1980
Elderly Project, 10.000%, 10/01/11 4/98 at 101 N/R 928,862
<PAGE>
<CAPTION>
PORTFOLIO OF INVESTMENTS (UNAUDITED)
NUVEEN NEW JERSEY PREMIUM
INCOME MUNICIPAL FUND, INC. (NNJ) - CONTINUED
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INDUSTRIAL DEVELOPMENT REVENUE - 2.4%
$ 4,880,000 New Jersey Economic Development Authority, Economic Development Bonds (Bridgewater
Resources Inc. Project), 1994 Series A, 8.375%, 11/01/04
(Alternative Minimum Tax) No Opt. Call N/R $ 5,264,300
1,140,000 New Jersey Economic Development Authority, Economic Growth Bonds, Composite Issue-
1992 Second Series T, 5.300%, 12/01/07 (Alternative Minimum Tax) 12/03 at 102 Aa3 1,195,871
- ----------------------------------------------------------------------------------------------------------------------
LEASE RENTAL - 4.0%
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, 1995 Series A:
750,000 5.500%, 6/15/12 6/05 at 102 Aaa 790,388
5,000,000 5.000%, 6/15/15 6/05 at 102 Aaa 4,985,450
1,100,000 New Jersey Transportation Trust Fund Authority, Transportation System Bonds, 1995
Series B, 5.500%, 6/15/15 6/05 at 102 Aaa 1,146,486
The State of New Jersey, as Lessee, and The Mercer County Improvement Authority, as
Lessor, Relating to the Richard J. Hughes Justice Complex:
750,000 6.050%, 1/01/11 1/11 at 100 Aa 751,125
1,000,000 6.050%, 1/01/12 No Opt. Call Aa 1,001,530
1,500,000 The State of New Jersey, as Lessee, and The Mercer County Improvement Authority, as
Lessor, Relating to the Richard J. Hughes Justice Complex,
6.050%, 1/01/16 No Opt. Call Aa 1,502,280
240,000 The Pinelands Regional Board of Education, in the Counties of Ocean and Burlington,
New Jersey, Certificates of Participation, 5.500%, 4/01/98 No Opt. Call N/R 240,919
510,000 The Board of Education of the Township of Piscataway in the County of Middlesex,
New Jersey, Certificates of Participation, 1993 Series,
5.375%, 12/15/10 6/03 at 102 Aaa 531,757
- ----------------------------------------------------------------------------------------------------------------------
OTHER REVENUE - 8.2%
1,500,000 New Jersey Economic Development Authority, Market Transition Facility Senior Lien
Revenue Bonds, Series 1994A, 7.000%, 7/01/04 No Opt. Call Aaa 1,723,425
6,600,000 Pollution Control Financing Authority of Camden County (Camden County, New Jersey),
Solid Waste Disposal and Resource Recovery System Revenue Bonds, Series 1991 C,
7.125%, 12/01/01 (Alternative Minimum Tax) No Opt. Call BB 6,668,508
6,500,000 Pollution Control Financing Authority of Camden County (Camden County, New Jersey),
Solid Waste Disposal and Resource Recovery System Revenue Bonds, Series 1991 D,
7.250%, 12/01/10 12/01 at 102 BB 6,649,825
7,425,000 The Union County Utilities Authority (New Jersey), Solid Waste
System Revenue Bonds, 1991 Series A. 7.200%, 6/15/14
(Alternative Minimum Tax) 6/02 at 102 BB 7,491,528
- ----------------------------------------------------------------------------------------------------------------------
POLLUTION CONTROL FACILITIES - 1.3%
2,500,000 New Jersey Economic Development Authority, Economic Growth Bond, Composite Issue-
1992 Second Series H, 5.300%, 12/01/07 (Alternative Minimum Tax) 12/03 at 102 Aa3 2,622,525
1,015,000 New Jersey Economic Development Authority, Economic Growth Bonds, Richard L Tauber
Composite Issue-1993 Series H-2, 5.000%, 10/01/05
(Alternative Minimum Tax) 10/03 at 102 A 1,058,280
<PAGE>
<CAPTION>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
TRANSPORTATION - 20.0%
New Jersey Turnpike Authority, Turnpike Revenue Bonds, Series 1991 C:
$1,000,000 6.500%, 1/01/08 No Opt. Call Baa1 $ 1,153,540
7,920,000 6.500%, 1/01/16 No Opt. Call Baa1 9,257,054
4,575,000 6.500%, 1/01/16 No Opt. Call Aaa 5,440,819
5,245,000 Delaware River Port Authority, Revenue Bonds, Series of 1995,
5.500%, 1/01/26 1/06 at 102 Aaa 5,420,235
3,000,000 The Port Authority of New York and New Jersey, Consolidated Bonds, Ninety Sixth
Series, 6.600%, 10/01/23 (Alternative Minimum Tax) 10/04 at 101 Aaa 3,318,750
The Port Authority of New York and New Jersey, Consolidated Bonds,
Ninety-Ninth Series:
1,200,000 5.750%, 11/01/09 (Alternative Minimum Tax) 5/05 at 101 Aaa 1,289,868
2,500,000 5.750%, 11/01/14 (Alternative Minimum Tax) 5/05 at 101 Aaa 2,648,825
1,500,000 Port Authority of New York and New Jersey, Consolidated Bonds, One Hundred and Sixth
Series, 6.000%, 7/01/16 (Alternative Minimum Tax) 7/06 at 101 AA- 1,613,775
2,500,000 Port Authority of New York and New Jersey, One Hundredth Series,
5.750%, 12/15/20 6/05 at 101 Aaa 2,626,375
The Port Authority of New York and New Jersey, Special Project
Bonds, Series 6, JFK International Air Terminal LLC Project:
10,000,000 5.750%, 12/01/22 (Alternative Minimum Tax) 12/07 at 102 Aaa 10,510,700
11,000,000 5.750%, 12/01/25 (Alternative Minimum Tax) 12/07 at 100 Aaa 11,489,610
- ----------------------------------------------------------------------------------------------------------------------
UTILITIES - 3.5%
1,145,000 New Jersey Economic Development Authority, Natural Gas Facilities Revenue Bonds,
Series 1991B (New Jersey Natural Gas Company Project), 7.250%, 3/01/21
(Alternative Minimum Tax) 3/98 at 102 A 1,172,938
3,500,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, Series R,
6.250%, 7/01/17 7/02 at 101 1/2 Baa1 3,761,835
3,500,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, Series X,
5.500%, 7/01/25 7/05 at 100 Aaa 3,586,345
1,000,000 Puerto Rico Electric Power Authority, Power Revenue Refunding Bonds, Series Z,
5.250%, 7/01/21 7/05 at 100 Aaa 1,005,540
- ----------------------------------------------------------------------------------------------------------------------
WATER/SEWER FACILITIES - 6.3%
1,485,000 New Jersey Economic Development Authority, Water Facilities Refunding Bonds (Elizabeth
Water Company Project-1991 Series A), 6.700%, 8/01/21
(Alternative Minimum Tax) 8/01 at 102 A 1,595,232
3,100,000 New Jersey Economic Development Authority, Water Facilities Revenue Refunding
Bonds (Hackensack Water Company Project-1994 Series B), 5.900%, 3/01/24
(Alternative Minimum Tax) 3/04 at 102 Aaa 3,310,645
5,250,000 Cape May County Municipal Utilities Authority, Sewer Revenue Refunding Bonds,
Series 1992-A, 5.750%, 1/01/16 1/03 at 102 Aaa 5,514,914
3,000,000 North Hudson Sewer Authority, Sewer Revenue Bonds, Series 1996,
5.125%, 8/01/22 8/06 at 101 Aaa 2,985,330
1,040,000 Passaic Valley Sewerage Commissioners (State of New Jersey), Sewer System Bonds,
Series D, 5.750%, 12/01/10 12/02 at 102 Aaa 1,107,776
<PAGE>
<CAPTION>
PORTFOLIO OF INVESTMENTS (UNAUDITED)
NUVEEN NEW JERSEY PREMIUM
INCOME MUNICIPAL FUND, INC. (NNJ) - CONTINUED
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
WATER/SEWER FACILITIES - CONTINUED
$ 1,000,000 The Stony Brook Regional Sewerage Authority (Princeton, New Jersey), Revenue
Refunding Bonds, 1993 Series B, 5.450%, 12/01/12 No Opt. Call Aa $ 1,074,160
1,500,000 The Wanaque Valley Regional Sewerage Authority (Passaic County, New Jersey), Sewer
Revenue Refunding Bonds (1993 Series B), Insured, 5.750%, 9/01/18No Opt. Call Aaa 1,656,734
- ----------------------------------------------------------------------------------------------------------------------
$253,780,000 Total Investments - (cost $254,046,411) - 98.2% 269,113,514
============----------------------------------------------------------------------------------------------------------
Temporary Investments in Short-Term Municipal Securities - 0.3%
$ 100,000 The Port Authority of New York and New Jersey, Versatile Structure Obligations, Series 2,
Variable Rate Demand Bonds, 5.000%, 5/01/19+ A-1+ 100,000
500,000 The Port Authority of New York and New Jersey, Versatile Structure Obligations, Series 5,
Variable Rate Demand Bonds, 4.900%, 8/01/24+ VMIG-1 500,000
100,000 Union County Industrial Pollution Control Finance Authority, Pollution Control Revenue
Refunding, Exxon Project - Series 1989, Variable Rate Demand Bonds,
4.750%, 10/01/24+ A-1+ 100,000
- ----------------------------------------------------------------------------------------------------------------------
$ 700,000 Total Temporary Investments - 0.3% 700,000
===========-----------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.5% 4,302,349
- ----------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $274,115,863
======================================================================================================================
<FN>
* Optional Call Provisions: Dates (month and year) and prices of the earliest
optional call or redemption. There may be other call provisions at varying
prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
*** Securities are backed by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities, which ensures the timely
payment of principal and interest. Securities are normally considered to be
equivalent to AAA rated securities.
N/R - Investment is not rated.
+ The security has a maturity of more than one year, but has variable rate
and demand features which qualify it as a short-term security. The rate
disclosed is that currently in effect. This rate changes periodically based on
market conditions or a specified market index.
</FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS (UNAUDITED)
NUVEEN PENNSYLVANIA INVESTMENT
QUALITY MUNICIPAL FUND (NQP)
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
EDUCATION FACILITIES - 11.2%
$4,970,000 Pennsylvania Higher Education Assistance Agency, Student Loan Adjustable Rate
Tender Revenue Refunding Bonds, 1985 Series A, 6.800%,12/01/00 No Opt. Call Aaa $ 5,325,951
4,000,000 Pennsylvania Higher Education Assistance Agency Student Loan Revenue Bonds, Fixed Rate
Bonds, 1991 Series C, 7.150%, 9/01/21 (Alternative Minimum Tax) 9/01 at 102 Aaa 4,260,040
3,000,000 Pennsylvania Higher Education Assistance Agency Student Loan Revenue Bonds, Fixed
Rate Bonds, 1992 Series C, 6.400%, 3/01/22
(Alternative Minimum Tax) 9/02 at 102 Aaa 3,131,700
10,580,000 Pennsylvania Higher Education Facilities Authority, Revenue Bonds (Thomas Jefferson
University-Life Sciences Building Project), 1989 Series A,
6.000%, 7/01/19 7/99 at 102 Aa 11,048,165
3,825,000 The Pennsylvania State University Bonds, Refunding Series 1992,
6.250%, 3/01/11 3/01 at 102 AA- 4,126,334
4,500,000 Delaware County Authority (Commonwealth of Pennsylvania), University Revenue Bonds,
Series of 1991 (Villanova University), 6.900%, 8/01/16 8/01 at 100 Aaa 4,872,060
3,400,000 Lehigh County General Purpose Authority, College Revenue Bonds, Series of 1992 (Allentown
College of St. Francis de Sales Project), 6.750%, 12/15/12 6/02 at 100 AAA 3,679,990
2,900,000 Scranton-Lackawanna Health and Welfare Authority, City of Scranton, Lackawanna County,
Pennsylvania, University Revenue Bonds, Series of 1992 (University of Scranton Project),
1992 Series A, 6.500%, 3/01/13 3/02 at 102 A- 3,113,295
645,000 The General Municipal Authority of the City of Wilkes-Barre,
College Misericordia Revenue Bonds, Refunding Series A of 1992,
7.750%, 12/01/12 12/00 at 100 N/R 710,158
565,000 The General Municipal Authority of the City of Wilkes-Barre,
College Misericordia Revenue Bonds, Refunding Series B of 1992,
7.750%, 12/01/12 12/02 at 102 N/R 622,076
- ----------------------------------------------------------------------------------------------------------------------
ESCROWED BONDS - 44.5%
2,000,000 Pennsylvania Higher Educational Facilities Authority (Commonwealth of Pennsylvania),
Lycoming College Revenue Bonds, Series of 1988, 8.375%, 10/01/18
(Pre-refunded to 10/01/98) 10/98 at 102 N/R*** 2,106,700
4,500,000 Pennsylvania Turnpike Commission, Pennsylvania Turnpike Revenue Bonds, Series I of 1986,
7.200%, 12/01/17 (Pre-refunded to 12/01/01) 12/01 at 102 Aaa 5,067,000
2,000,000 State of Pennsylvania, General Obligation Bonds, Second Series 1991A,
6.600%, 11/01/11 (Pre-refunded to 11/01/01) 11/01 at 101 1/2 AAA 2,202,360
6,300,000 Allegheny County Hospital Development Authority, Hospital Revenue Bonds, Series 1991 A
(St. Margaret Memorial Hospital), 7.125%, 10/01/21
(Pre-refunded to 10/01/01) 10/01 at 100 BBB+*** 6,936,111
Bethlehem Authority, Northampton and Lehigh Counties, Pennsylvania, Water Revenue
Bonds, Series of 1992:
3,045,000 6.250%, 11/15/11 (Pre-refunded to 11/15/01) 11/01 at 100 Aaa 3,278,734
4,000,000 6,250%, 11/15/21 (Pre-refunded to 11/15/01) 11/01 at 100 Aaa 4,307,040
8,250,000 Blair County Hospital Authority, Hospital First Mortgage Revenue Bonds, Series of 1989
(Mercy Hospital, Sublessee), 8.125%, 2/01/14 (Pre-refunded to
2/01/99) 2/99 at 102 N/R*** 8,777,918
5,000,000 Butler County Hospital Authority (Butler County, Pennsylvania), Hospital Revenue Bonds,
Series 1991 A (North Hills Passavant Hospital), 7.000%, 6/01/22
(Pre-refunded to 6/01/01) 6/01 at 102 Aaa 5,542,200
2,000,000 Hampton Township School District (Allegheny County, Pennsylvania), General Obligation
Bonds, Series of 1995, 6.750%, 11/15/21
(Pre-refunded to 11/15/04) 11/04 at 100 Aaa 2,290,800
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ESCROWED BONDS - CONTINUED
$ 4,000,000 Lower Pottsgrove Township Authority, Montgomery County, Pennsylvania, Guaranteed
Sewer Revenue Bonds - Series of 1991 (Guaranteed by the Township of Lower Pottsgrove),
6.700%, 11/01/16 (Pre-refunded to 11/01/99) 11/99 at 100 Aaa $ 4,194,240
3,130,000 McKean County Solid Waste Authority (McKean County, Pennsylvania), Guaranteed Solid
Waste Revenue Bonds, Series of 1992, 6.650%, 1/01/12
(Pre-refunded to 1/01/02) 1/02 at 100 Aaa 3,429,572
1,000,000 Philadelphia Authority for Industrial Development, Convertible Project Revenue Bonds
(PGH Development Corporation), Series of 1989, 7.000%, 7/01/17
(Pre-refunded to 7/01/99) 7/99 at 102 Aaa 1,063,240
4,885,000 Philadelphia Authority for Industrial Development, Convertible Project Revenue Bonds
(PGH/CHDC Parking Facilities), Series of 1989, 7.125%, 7/01/17
(Pre-refunded to 7/01/99) 7/99 at 102 AA*** 5,200,522
4,270,000 City of Philadelphia, Pennsylvania, Gas Works Revenue Bonds, Thirteenth Series,
7.700%, 6/15/21 (Pre-refunded to 6/15/01) 6/01 at 102 Aaa 4,837,654
8,530,000 The Hospitals and Higher Education Facilities Authority of Philadelphia, Refunding Revenue
Bonds, Saint Agnes Medical Center Project (FHA Insured Mortgage), Series 1991,
7.250%, 8/15/31 (Pre-refunded to 8/15/01) 8/01 at 102 AA*** 9,461,817
3,250,000 The School District of Philadelphia, Pennsylvania, General
Obligation Bonds, Series B of 1991, 7.000%, 7/01/05
(Pre-refunded to 7/01/01) 7/01 at 102 Aaa 3,573,668
1,850,000 The School District of Philadelphia, Pennsylvania, General
Obligation Bonds, Series A of 1992, 6.500%, 5/15/05
(Pre-refunded to 5/15/02) 5/02 at 100 3/4 Aaa 2,033,372
10,625,000 City of Philadelphia, Pennsylvania, Water and Sewer Revenue Bonds, Sixteenth Series,
7.000%, 8/01/18 (Pre-refunded to 8/01/01) 8/01 at 100 AAA 11,647,231
8,800,000 The Hospitals and Higher Education Facilities Authority of Philadelphia, Hospital Revenue
Bonds, Series of 1991 (Presbyterian Medical Center of Philadelphia),
7.250%, 12/01/21 (Pre-refunded to 12/01/01) 12/01 at 102 N/R*** 9,914,256
4,100,000 The Hospitals and Higher Education Facilities Authority of Philadelphia, Hospital Revenue
Bonds (The Children's Hospital of Philadelphia Project), Series A of 1992,
6.500%, 2/15/21 (Pre-refunded to 2/15/02) 2/02 at 102 Aaa 4,528,122
The Philadelphia Municipal Authority, Philadelphia, Pennsylvania,
JusticeLease Revenue Bonds, 1991 Series B:
1,500,000 7.100%, 11/15/11 (Pre-refunded to 11/15/01) 11/01 at 102 Aaa 1,686,015
9,900,000 7.125%, 11/15/18 (Pre-refunded to 11/15/01) 11/01 at 102 Aaa 11,136,510
3,000,000 The Pittsburgh Water and Sewer Authority, Water and Sewer System Revenue Refunding
Bonds, Series of 1986, 7.625%, 9/01/04 No Opt. Call Aaa 3,507,450
3,250,000 The Pittsburgh Water and Sewer Authority, Water and Sewer System Revenue Refunding
Bonds, Series A of 1991, 6.500%, 9/01/14 (Pre-refunded to 9/01/01)9/01 at 102 Aaa 3,570,580
3,730,000 Scranton-Lackawanna Health and Welfare Authority, City of Scranton, Lackawanna County,
Pennsylvania, University Revenue Bonds, Series of 1990 (University of Scranton Project),
1990 Series A, 7.400%, 6/15/10 (Pre-refunded to 6/15/00) 6/00 at 102 N/R*** 4,082,075
8,475,000 Somerset County General Authority, Commonwealth of Pennsylvania, Commonwealth Lease
Revenue Bonds, Series of 1991, 7.000%, 10/15/13 (Pre-refunded
to 10/15/01) 10/01 at 100 Aaa 9,333,348
<PAGE>
<CAPTION>
PORTFOLIO OF INVESTMENTS (UNAUDITED)
NUVEEN PENNSYLVANIA INVESTMENT
QUALITY MUNICIPAL FUND (NQP) - CONTINUED
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ESCROWED BONDS - CONTINUED
$ 2,545,000 Temple University of the Commonwealth System of Higher Education, Hospital Revenue
Bonds (FHA Insured Mortgage), Series A, 7.250%, 8/01/11
(Pre-refunded to 8/01/98) 8/98 at 100 Aaa $ 2,596,765
3,500,000 Upper Merion Area School District, Montgomery County, Pennsylvania General Obligation
Bonds, Series of 1993, 6.900%, 9/01/16 (Pre-refunded to 9/01/01) 9/01 at 100 Aa*** 3,827,110
3,000,000 Warrington Township Municipal Authority, Bucks County, Pennsylvania, Water and Sewer
Revenue Bonds, Series of 1991, 7.100%, 12/01/21 (Pre-refunded
to 11/15/15) 11/15 at 100 Aaa 3,661,530
5,000,000 West Chester Area School District, Chester and Delaware Counties, Pennsylvania, General
Obligation Bonds, Series A of 1991, 6.700%, 1/15/11
(Pre-refunded to 1/15/01) 1/01 at 100 Aa1*** 5,371,050
5,450,000 The Municipal Authority of the Bourough of West View (Allegheny County, Pennsylvania),
Special Obligation Bonds, Series of 1985A, 9.500%, 11/15/14 No Opt. Call Aaa 7,981,471
5,000,000 County of Westmoreland, Commonwealth of Pennsylvania, General Obligation Bonds,
Series of 1992, 6.700%, 8/01/09 (Pre-refunded to 8/01/01) 8/01 at 100 Aaa 5,431,550
- ----------------------------------------------------------------------------------------------------------------------
GENERAL OBLIGATION BONDS - 6.8%
6,000,000 Commonwealth of Pennsylvania, General Obligation Bonds, First Series of 1992,
6.375%, 9/15/11 3/02 at 101 1/2 AA- 6,517,680
1,355,000 Bensalem Township School District, Bucks County, Pennsylvania General Obligation Bonds,
Series of 1996, 5.850%, 7/15/12 7/06 at 100 Aaa 1,468,183
10,000,000 Pittsburgh General Obligation Refunding Bonds, Series A,
5.000%, 3/01/02 No Opt. Call Aaa 10,321,600
5,000,000 State Public School Building Authority (Commonwealth of Pennsylvania), School Revenue
Bonds (Hazelton Area School District Project),
Series J of 1991, 6.500%, 3/01/08 3/01 at 100 Aaa 5,338,400
1,000,000 York County Solid Waste and Refuse Authority (Commonwealth of Pennsylvania), Solid Waste
System Refunding Revenue Bonds (County Guaranteed), Series of 1997,
5.500%, 12/01/12 No Opt. Call Aaa 1,072,810
- ----------------------------------------------------------------------------------------------------------------------
HEALTH CARE FACILITIES - 6.5%
3,400,000 Erie County Hospital Authority, Hospital Revenue Bonds (Hamot Medical Center), 1991
Series A, 7.100%, 2/15/10 2/01 at 102 Aaa 3,710,624
2,875,000 Franklin County Industrial Development Authority, Hospital Revenue Refunding Bonds
(The Chambersburg Hospital), Series of 1991, 6.700%, 7/01/08 7/99 at 102 Aaa 3,041,118
3,225,000 Montgomery County Higher Education and Health Authority, Mortgage Revenue Bonds,
Series of 1996 (Waverly Heights Project), 6.375%, 1/01/26 1/06 at 101 BBB 3,433,013
3,520,000 The Hospitals and Higher Education Facilities Authority of Philadelphia, Hospital Revenue
Refunding Bonds, Series of 1991 (Magee Rehabilitation Hospital Project),
7.000%, 12/01/10 12/01 at 102 Aaa 3,887,734
630,000 The Hospitals and Higher Education Facilities Authority of Philadelphia, Hospital Revenue
Bonds (Children's Seashore House), Series 1992A, 7.000%, 8/15/03 8/02 at 102 A- 704,019
2,500,000 Saint Mary Hospital Authority, Hospital Revenue Bonds, Series 1992A (Franciscan Health
System/Saint Mary Hospital of Langhorne, Inc.), 6.500%, 7/01/12 7/02 at 102 Aaa 2,734,000
5,500,000 Health Care Facilities Authority of Sayre, Variable Rate Hospital Revenue Bonds (VHA of
Pennsylvania, Inc. Capital Asset Financing Program), Series of 1985E (Guthrie Healthcare
System Conversion), 7.200%, 12/01/20 12/01 at 103 Aaa 6,101,315
<PAGE>
<CAPTION>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
HOUSING FACILITIES - 13.1%
$5,000,000 Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds,
Series 1997-59A, 5.750%, 10/01/23 (Alternative Minimum Tax) 10/07 at 101 1/2 AA+ $ 5,132,800
5,000,000 Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds,
Series W, 7.625%, 10/01/10 (Alternative Minimum Tax) 10/99 at 102 AA+ 5,223,000
5,380,000 Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds,
Series 1992-33, 6.900%, 4/01/17 4/02 at 102 AA+ 5,724,481
1,000,000 Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds,
Series 1992-34B, 7.000%, 4/01/24 (Alternative Minimum Tax) 4/02 at 102 AA+ 1,066,040
2,000,000 Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds,
Series 1995-46, 6.200%, 10/01/14 (Alternative Minimum Tax) 10/05 at 102 AA+ 2,113,640
1,000,000 Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds,
Series 1996-48, 6.150%, 4/01/25 (Alternative Minimum Tax) 4/06 at 102 AA+ 1,047,120
5,725,000 Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds,
Series 1996-49, 6.450%, 4/01/25 (Alternative Minimum Tax) 4/06 at 102 AA+ 6,123,059
4,000,000 Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds,
Series 1996-50B, 6.350%, 10/01/27 (Alternative Minimum Tax) 4/06 at 102 AA+ 4,247,160
5,000,000 Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds,
Series 1996-52B, 6.250%, 10/01/24 (Alternative Minimum Tax) 4/06 at 102 AA+ 5,274,300
11,855,000 Allegheny County Residential Finance Authority, Single Family Mortgage Revenue Bonds,
1994 Series Y, 0.000%, 5/01/27 (Alternative Minimum Tax) No Opt. Call Aaa 1,747,308
255,000 Redevelopment Authority of the City of Altoona (Altoona, Pennsylvania), Home Improvement
Loan Revenue Bonds, Series of 1991 (Cities of Altoona and Meadville Program),
(FHA Title I Insured Loans), 7.150%, 12/01/09 (Alternative
Minimum Tax) 12/01 at 102 A 271,613
2,060,000 Redevelopment Authority of the County of Berks (Pennsylvania), Senior Single Family
Mortgage Revenue Bonds, 1986 Series A, 8.000%, 12/01/17
(Alternative Minimum Tax) No Opt. Call A+ 2,253,290
2,865,000 Urban Redevelopment Authority of Pittsburgh, Mortgage Revenue Bonds, 1991 Series G,
7.050%, 4/01/23 (Alternative Minimum Tax) 10/01 at 102 AAA 3,033,032
995,000 Urban Redevelopment Authority of Pittsburgh, Redevelopment Mortgage Revenue Bonds,
1992 Series C, 7.125%, 8/01/13 (Alternative Minimum Tax) 8/02 at 102 A 1,051,685
1,635,000 Urban Redevelopment Authority of Pittsburgh, Mortgage Revenue Bonds, 1996 Series C,
6.550%, 4/01/28 (Alternative Minimum Tax) 4/06 at 102 AAA 1,745,510
1,450,000 Urban Redevelopment Authority of Pittsburgh, Mortgage Revenue Bonds, 1997 Series A,
6.250%, 10/01/28 (Alternative Minimum Tax) 10/07 at 102 AAA 1,533,941
<PAGE>
<CAPTION>
PORTFOLIO OF INVESTMENTS (UNAUDITED)
NUVEEN PENNSYLVANIA INVESTMENT
QUALITY MUNICIPAL FUND (NQP) - CONTINUED
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
OTHER REVENUE - 1.8%
$ 400,000 Greater Lebanon Refuse Authority, Lebanon County, Pennsylvania Solid Waste Revenue
Bonds, Series of 1992, 7.000%, 11/15/04 11/02 at 100 A- $ 429,364
5,500,000 Montgomery County Industrial Development Authority (Pennsylvania) Resource Recovery
Revenue Bonds (Montgomery County Project), Series 1989, 7.500%, 1/01/12
(Mandatory put 1/01/99) 1/03 at 100 A- 6,083,275
- ----------------------------------------------------------------------------------------------------------------------
POLLUTION CONTROL FACILITIES - 4.2%
5,000,000 Beaver County Industrial Development Authority (Pennsylvania), Pollution Control Revenue
Refunding Bonds, 1989 Series A (Ohio Edison Company Beaver Valley Project),
7.750%, 9/01/24 9/99 at 102 Baa3 5,282,250
3,750,000 Delaware County Industrial Development Authority, Pollution Control Revenue Refunding
Bonds, 1991 Series A (Philadelphia Electric Company Project),
7.375%, 4/01/21 4/01 at 102 Baa1 4,101,638
4,000,000 Lehigh County Industrial Development Authority, Pollution
Control Revenue Refunding Bonds, 1995 Series A (Pennsylvania
Power & Light Company Project), 6.150%, 8/01/298/05 at 102Aaa
4,390,120
1,250,000 Philadelphia Authority for Industrial Development Revenue Bonds, Series of 1992 (National
Board of Medical Examiners Project), 6.750%, 5/01/12 5/02 at 102 A+ 1,376,375
- ----------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 2.0%
1,650,000 Pennsylvania Turnpike Commission, Pennsylvania Turnpike Revenue Bonds, Series N of 1991,
6.500%, 12/01/13 12/01 at 102 A1 1,799,292
735,000 Pennsylvania Turnpike Commission, Pennsylvania Turnpike Revenue Bonds, Series O of 1992,
5.500%, 12/01/17 12/02 at 102 Aaa 751,920
2,500,000 County of Allegheny, Pennsylvania Airport Revenue Bonds, Series 1992A and 1992B (Greater
Pittsburgh International Airport), 6.625%, 1/01/22
(Alternative Minimum Tax) 1/02 at 102 Aaa 2,727,625
1,800,000 The Philadelphia Parking Authority, Airport Parking Revenue Bonds, Series of 1997,
5.750%, 9/01/07 No Opt. Call Aaa 1,977,642
- ----------------------------------------------------------------------------------------------------------------------
UTILITIES - 3.5%
3,000,000 Luzerne County Industrial Development Authority, Exempt Facilities Revenue Refunding
Bonds, 1992 Series A (Pennsylvania Gas and Water Company Project), 7.200%, 10/01/17
(Alternative Minimum Tax) 10/02 at 102 A3 3,313,470
3,550,000 Luzerne County Industrial Development Authority Exempt Facilities Revenue Bonds, 1992
Series B (Pennsylvania Gas and Water Company Project), 7.125%, 12/01/22
(Alternative Minimum Tax) 12/02 at 102 A3 3,911,923
5,000,000 Luzerne County Industrial Development Authority Exempt Facilities Revenue Refunding
Bonds, 1994 Series A (Pennsylvania Gas and Water Company Project), 7.000%, 12/01/17
(Alternative Minimum Tax) 12/04 at 102 Aaa 5,696,799
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
WATER/SEWER FACILITIES - 1.3%
$4,390,000 Fairview Township Authority, York County, Pennsylvania Guaranteed Sewer Revenue Bonds,
Series of 1991 (Guaranteed by the Township of Fairview, York County, Pennsylvania),
6.700%, 11/01/21 11/01 at 100 Aaa $ 4,745,501
- ----------------------------------------------------------------------------------------------------------------------
$327,020,000 Total Investments - (cost $315,719,486) - 94.9% 345,973,449
============----------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 5.1% 18,519,474
- ----------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $364,492,923
- ----------------------------------------------------------------------------------------------------------------------
<FN>
* Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call provisions at
varying prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
*** Securities are backed by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities, which ensures the timely
payment of principal and interest. Securities are normally considered to be
equivalent to AAA rated securities.
N/R - Investment is not rated.
See accompanying notes to financial statements.
</FN>
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS (UNAUDITED)
NUVEEN PENNSYLVANIA PREMIUM
INCOME MUNICIPAL FUND 2 (NPY)
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
EDUCATIONAL FACILITIES - 15.4%
$10,000,000 Pennsylvania Higher Education Assistance Agency, Student Loan Revenue Bonds, 1988
Series D, 6.050%, 1/01/19 (Alternative Minimum Tax) 1/03 at 102 Aaa $10,666,900
10,000,000 Pennsylvania Higher Education Assistance Agency, Student Loan Revenue Bonds, 1984
Series A, 4.625%, 12/01/00 No Opt. Call AAA 10,096,100
1,640,000 Pennsylvania Higher Educational Facilities Authority (Commonwealth of Pennsylvania),
University Revenue and Refunding Bonds (Duquesne University Project), Series A of
1993, 5.500%, 9/01/20 9/03 at 102 Aaa 1,680,032
3,250,000 Pennsylvania Higher Education Facility Authority, College Revenue Refunded Bonds
(Allegheny College), Series 1993A, 6.100%, 11/01/08 11/03 at 102 Aaa 3,573,440
6,365,000 Pennsylvania Higher Educational Facilities Authority, Revenue Bonds (Thomas Jefferson
University-Life Sciences Building Project), 1989 Series A,
6.000%, 7/01/19 7/99 at 102 Aa 6,646,651
4,615,000 Pennsylvania Higher Educational Facilities Authority (Commonwealth of Pennsylvania),
Revenue Bonds (Widener University), 1993 Series A,
5.250%, 7/15/11 7/03 at 102 AAA 4,720,084
8,850,000 The Pennsylvania State University Bonds, Second Refunding
Series 1992, 5.500%, 8/15/16 8/02 at 102 AA- 9,031,337
1,350,000 Lancaster Higher Education Authority, City of Lancaster, Pennsylvania, College Revenue
Bonds, Series of 1993 (Franklin and Marshall College Project),
5.700%, 4/15/13 4/03 at 100 Aaa 1,410,089
1,005,000 The Hospitals and Higher Education Facilities Authority of Philadelphia, Community
College Revenue Bonds (Community College of Philadelphia), Series of 1994,
6.100%, 5/01/10 5/04 at 102 Aaa 1,093,601
3,340,000 State Public School Building Authority (Commonwealth of Pennsylvania), College Revenue
Bonds (Northampton County Area Community College Project), Series U of 1993,
5.850%, 3/15/15 3/03 at 100 Aaa 3,490,200
1,465,000 The General Municipal Authority of the City of Wilkes-Barre,
College Misericordia Revenue Bonds, Refunding Series B of 1992,
7.750%, 12/01/12 12/02 at 102 N/R 1,612,994
- ----------------------------------------------------------------------------------------------------------------------
ESCROWED BONDS - 14.5%
1,715,000 Pennsylvania Higher Educational Facilities Authority, College and University Revenue
Bonds, 9th Series, 7.625%, 7/01/15 No Opt. Call Aaa 2,080,175
4,375,000 Pennsylvania Intergovernmental Cooperation Authority, Special Tax Revenue Bonds (City
of Philadelphia Funding Program), Series of 1992, 6.800%, 6/15/22 (Pre-refunded
to 6/15/02) 6/02 at 100 Aaa 4,838,706
9,065,000 Bethlehem Area School District, Northampton and Lehigh Counties, Pennsylvania,
General Obligation Bonds, Series of 1993, 5.600%, 9/01/12
(Pre-refunded to 3/01/01) 3/01 at 100 Aaa 9,302,050
Bethlehem Authority, Northampton and Lehigh Counties,
Pennsylvania, Water Revenue Bonds, Series A of 1992:
3,785,000 6.100%, 11/15/18 (Pre-refunded to 11/15/02) 11/02 at 100 Aaa 4,101,805
3,100,000 6.100%, 11/15/21 (Pre-refunded to 11/15/02) at 100 Aaa 3,359,470
3,900,000 Butler County Hospital Authority (Butler County, Pennsylvania), Hospital Revenue Bonds,
Series 1991 A (North Hills Passavant Hospital), 7.000%, 6/01/22 (Pre-refunded
to 6/01/01) 6/01 at 102 Aaa 4,322,916
<PAGE>
<CAPTION>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ESCROWED BONDS - CONTINUED
$1,500,000 Doylestown Hospital Authority, Doylestown Hospital, Series C Hospital Revenue Bonds,
6.900%, 7/01/19 (Pre-refunded to 7/01/99) 7/99 at 102 Aaa $ 1,592,700
1,000,000 Hampton Township School District (Allegheny County, Pennsylvania), General Obligation
Bonds, Series of 1995, 6.750%, 11/15/21 (Pre-refunded to 11/15/04)11/04 at 100 Aaa 1,145,400
3,500,000 Hollidaysburg Sewer Authority Guaranteed Sewer Revenue Bonds, Series of 1993,
6.100%, 1/01/23 (Pre-refunded to 1/01/03) 1/03 at 100 Aaa 3,719,310
1,000,000 City of Philadelphia, Pennsylvania, Water and Sewer Revenue Bonds, Sixteenth Series,
7.500%, 8/01/10 (Pre-refunded to 8/01/01) 8/01 at 102 AAA 1,130,020
The Hospitals and Higher Education Facilities Authority of
Philadelphia, Hospital Revenue Bonds, Series of 1993 (Presbyterian
Medical Center of Philadelphia):
1,000,000 6.500%, 12/01/11 12/03 at 102 AAA 1,151,020
3,690,000 6.650%, 12/01/19 12/03 at 102 AAA 4,370,104
1,750,000 Pine-Richland School District (Allegheny County, Pennsylvania),
General Obligation Bonds, Series A of 1993, 6.100%, 9/01/18
(Pre-refunded to 9/01/03) 9/03 at 100 Aaa 1,912,785
1,520,000 The Pittsburgh Water and Sewer Authority, Water and Sewer System Revenue Refunding
Bonds, Series A of 1991, 6.500%, 9/01/14 (Pre-refunded to 9/01/01)9/01 at 102 Aaa 1,669,933
3,660,000 Rose Tree Media School District, Delaware County, Pennsylvania, General Obligation Bonds,
Series of 1993, 6.700%, 3/15/12 (Pre-refunded to 9/15/01) 9/01 at 100 Aaa 3,985,740
1,650,000 The Municipal Authority of the Borough of West View (Allegheny County, Pennsylvania),
Special Obligation Bonds, Series of 1985A, 9.500%, 11/15/14 No Opt. Call Aaa 2,416,409
- ----------------------------------------------------------------------------------------------------------------------
GENERAL OBLIGATION BONDS - 8.1%
2,000,000 Bangor Area School District, Northampton County, Pennsylvania, General Obligation Bonds,
Series B of 1996, 5.500%, 3/15/18 3/06 at 100 Aaa 2,055,620
2,500,000 Bensalem Township School District, Bucks County, Pennsylvania General Obligation Bonds,
Series of 1996, 5.875%, 7/15/16 7/06 at 100 Aaa 2,676,275
1,500,000 Fort LeBoeuf School District (Erie County, Pennsylvania), General Obligation Bonds,
Series A of 1993, 5.800%, 1/01/16 1/03 at 100 Aaa 1,558,965
1,500,000 Ligonier Valley School District (Westmoreland County, Pennsylvania), General Obligation
Bonds, Series of 1994, 6.000%, 3/01/23 3/04 at 100 Aaa 1,590,885
4,305,000 County of Montgomery, Pennsylvania, General Obligation Bonds, Series B of 1996,
5.375%, 10/15/21 10/06 at 100 Aaa 4,375,473
1,305,000 Montgomery County General Obligation Bonds, 5.400%, 9/15/18 3/07 at 100 Aaa 1,332,405
2,000,000 The School District of Philadelphia, Pennsylvania, General Obligation Refunding Bonds,
Series A of 1995, 6.250%, 9/01/09 No Opt. Call Aaa 2,290,340
1,560,000 Pittsburgh General Obligation refunding Bonds, Series A,
5.000%, 3/01/03 No Opt. Call Aaa 1,615,130
2,500,000 Schuylkill Valley School District, Berks County, Pennsylvania, General Obligation Bonds,
Series of 1993, 5.850%, 4/15/13 4/03 at 100 Aaa 2,632,925
<PAGE>
<CAPTION>
PORTFOLIO OF INVESTMENTS (UNAUDITED)
NUVEEN PENNSYLVANIA PREMIUM
INCOME MUNICIPAL FUND 2 (NPY)
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
GENERAL OBLIGATION BONDS - CONTINUED
$4,000,000 Wallenpaupack Area School District, Wayne and Pike Counties, Pennsylvania, General
Obligation Bonds, Series of 1993, 5.500%, 4/01/11 4/01 at 100 Aaa $ 4,097,280
3,985,000 York County Solid Waste and Refuse Authority (Commonwealth of Pennsylvania), Solid
Waste System Refunding Revenue Bonds (County Guaranteed), Series of 1997,
5.250%, 12/01/08 No Opt. Call Aaa 4,222,745
- ----------------------------------------------------------------------------------------------------------------------
HEALTH CARE FACILITIES - 12.6%
4,700,000 Pennsylvania Higher Educational Facilities Authority (Commonwealth of Pennsylvania),
The University of Pennsylvania Health Services Revenue Bonds, Series A of 1996,
5.750%, 1/01/22 1/06 at 101 AA 4,920,571
750,000 Allegheny County Hospital Development Authority (Allegheny County, Pennsylvania), Health
and Education Revenue Bonds, Series 1992 (The Rehabilitation Institute of Pittsburgh
Project), 7.000%, 6/01/22 6/02 at 102 BBB 811,793
3,000,000 Allegheny County Hospital Development Authority (Pennsylvania), Health Center Revenue
Bonds, Series 1992A (Presbyterian University Health System, Inc. Project),
6.250%, 11/01/23 11/02 at 100 Aaa 3,214,800
8,500,000 Allegheny County Hospital Development Authority (Allegheny County, Pennsylvania),
Hospital Revenue Bonds, Series A of 1996 (South Hills Health System),
5.875%, 5/01/26 5/06 at 102 Aaa 9,058,535
14,000,000 Allegheny County Hospital Development Authority, Health Center Revenue Bonds,
Series 1997A (University of Pittsburgh Medical Center System),
5.625%, 4/01/27 4/07 at 102 Aaa 14,549,080
2,100,000 Delaware County Authority (Commonwealth of Pennsylvania), Hospital Revenue Bonds,
Series of 1994 (Crozer-Chester Medical Center), 5.300%, 12/15/11 12/03 at 102 Aaa 2,151,408
2,500,000 Montgomery County Higher Educational and Health Authority (Pennsylvania), Hospital
Revenue Bonds, Series A of 1993 (Abington Memorial Hospital),
6.000%, 6/01/22 6/03 at 102 Aaa 2,677,675
The Hospitals and Higher Education Facilities Authority of
Philadelphia (Pennsylvania), Health System Revenue Bonds Series
1997A (Jefferson Health System):
1,400,000 5.500%, 5/15/07 No Opt. Call AA- 1,499,932
1,000,000 5.500%, 5/15/08 No Opt. Call AA- 1,069,690
4,000,000 Philadelphia Hospital and Higher Educational Facilities Authority of Philadelphia, Revenue
Refunding Bonds, Series of 1992 (Philadelphia MR Project),
5.625%, 8/01/04 8/03 at 102 BBB+ 4,225,800
- ----------------------------------------------------------------------------------------------------------------------
HOUSING FACILITIES - 11.8%
1,645,000 Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds,
Series 1997-59A, 5.700%, 4/01/17 (Alternative Minimum Tax) 10/07 at 101 1/2 AA+ 1,673,047
1,650,000 Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds,
Series 1997-58A, 5.950%, 10/01/28 (Alternative Minimum Tax) 4/07 at 101 1/2 AA+ 1,712,915
5,000,000 Pennsylvania Housing Finance Agency, Rental Housing Refunding Bonds, Issue 1992,
6.400%, 7/01/12 7/02 at 102 Aaa 5,292,550
2,000,000 Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series
1993 - 37A, 5.450%, 10/01/17 10/03 at 102 AA+ 2,022,480
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
HOUSING FACILITIES - CONTINUED
$ 1,120,000 Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds,
Series 1996-97, 6.750%, 10/01/06 (Alternative Minimum Tax) No Opt. Call AA+ $ 1,294,810
3,305,000 Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds,
Series 1996-51, 6.375%, 4/01/28 (Alternative Minimum Tax) 4/06 at 102 AA+ 3,515,628
2,750,000 Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds,
Series 1997-54A, 6.150%, 10/01/22 (Alternative Minimum Tax) 10/06 at 102 AA+ 2,884,228
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds,
Series 1997-56A:
1,500,000 6.050%, 10/01/16 (Alternative Minimum Tax) 4/07 at 102 AA+ 1,576,095
4,000,000 6.150%, 10/01/27 (Alternative Minimum Tax) 4/07 at 102 AA+ 4,201,840
4,345,000 Bucks County Redevelopment Authority, Pennsylvania, Second Lien Multifamily Mortgage
Revenue Bonds, Section 8 Assisted (Country Commons Apartments), Series 1993A,
6.200%, 8/01/14 (Alternative Minimum Tax) 8/03 at 100 Baa2 4,445,326
1,755,000 Luzerne County Housing Corporation, Mortgage Revenue Refunding Bonds, Series 1993
(FHA Insured Mortgage Loan-Freeland Apartments, Section 8 Assisted Project),
6.125%, 7/15/23 7/03 at 100 Aaa 1,805,913
2,460,000 Urban Redevelopment Authority of Pittsburgh Mortgage Revenue Bonds, 1992 Series C-1,
6.800%, 10/01/25 (Alternative Minimum Tax) 4/03 at 102 AAA 2,623,418
1,375,000 Urban Redevelopment Authority of Pittsburgh, Mortgage Revenue Bonds, 1992 Series D,
6.500%, 4/01/17 4/03 at 102 AAA 1,452,784
615,000 Urban Redevelopment Authority of Pittsburgh, Mortgage Revenue Bonds, 1994 Series B,
6.950%, 10/01/10 (Alternative Minimum Tax) 4/04 at 102 AAA 666,912
1,500,000 Urban Redevelopment Authority of Pittsburgh, Mortgage Revenue Bonds, 1996 Series C,
6.500%, 10/01/23 (Alternative Minimum Tax) 4/06 at 102 AAA 1,607,670
Urban Redevelopment Authority of Pittsburgh, Mortgage Revenue Bonds, 1997 Series A:
1,100,000 6.150%, 10/01/16 (Alternative Minimum Tax) 10/07 at 102 AAA 1,164,009
1,000,000 6.200%, 10/01/21 (Alternative Minimum Tax) 10/07 at 102 AAA 1,055,460
2,345,000 Swissvale Housing Development Corporation (An Instrumentality of the Allegheny County
Housing Authority), Multifamily Mortgage Revenue Refunding Bonds, Series 1993C
(FHA Insured Mortgage Loan - Section 8 Assisted Swissvale Project),
6.100%, 7/01/22 7/03 at 100 Aa 2,397,622
- ----------------------------------------------------------------------------------------------------------------------
INDUSTRIAL DEVELOPMENT REVENUE - 0.6%
2,000,000 New Morgan Industrial Development Authority (Pennsylvania), Solid Waste Disposal
Revenue Bonds (New Morgan Landfill Company, Inc. Project), Series 1994,
6.500%, 4/01/19 (Alternative Minimum Tax) 4/04 at 102 A 2,169,960
- ----------------------------------------------------------------------------------------------------------------------
OTHER REVENUE - 10.9%
Pennsylvania Industrial Development Authority, Economic Development Revenue Bonds,
Series 1994:
2,000,000 7.000%, 7/01/06 No Opt. Call Aaa 2,370,120
1,550,000 7.000%, 1/01/07 No Opt. Call Aaa 1,843,043
1,000,000 7.000%, 7/01/07 No Opt. Call Aaa 1,197,530
<PAGE>
<CAPTION>
PORTFOLIO OF INVESTMENTS (UNAUDITED)
NUVEEN PENNSYLVANIA PREMIUM
INCOME MUNICIPAL FUND 2 (NPY)
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
OTHER REVENUE - CONTINUED
$10,000,000 Dauphin County General Authority, School Revenue Bonds, Series of 1997 (School District
Pooled Financing Program II), 4.450%, 9/01/32
(Mandatory put 3/01/02) (WI) No Opt. Call Aaa $10,008,900
4,060,000 Delaware Valley Regional Finance Authority, Local Government Revenue Bonds, Series A,
6.000%, 4/15/26 4/06 at 100 Aaa 4,369,494
17,900,000 The Harrisburg Authority, Dauphin County, Pennsylvania Tax-Exempt Revenue Bonds (The
City of Harrisburg Project), Series II of 1997, 5.625%, 9/15/22 9/07 at 100 AAA 18,638,733
- ----------------------------------------------------------------------------------------------------------------------
POLLUTION CONTROL FACILITIES - 9.9%
7,590,000 Indiana County Industrial Development Authority (Pennsylvania), Pollution Control Revenue
Bonds, 1997 Series A (Metropolitan Edison Company Project), 5.950%, 5/01/27
(Alternative Minimum Tax) 5/07 at 102 Aaa 8,112,496
15,000,000 Lehigh County Industrial Development Authority, Pollution Control Revenue Refunding Bonds,
1992 Series A (Pennsylvania Power & Light Company Project),
6.400%, 11/01/21 11/02 at 102 Aaa 16,480,200
2,165,000 Montgomery County Industrial Development Authority, Health
Facilities Revenue Bonds, Series of 1993 (ECRIProject), 6.850%,
6/01/13 6/03 at 102 N/R 2,298,840
7,175,000 Montgomery County Industrial Development Authority, Pollution Control Revenue Refunding
Bonds, 1991 Series B (Philadelphia Electric Company Project),
6.700%, 12/01/21 12/01 at 102 Aaa 7,848,087
- ----------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 0.3%
1,000,000 The Philadelphia Parking Authority, Airport Parking Revenue Bonds, Series of 1997,
5.750%, 9/01/07 No Opt. Call Aaa 1,098,690
- ----------------------------------------------------------------------------------------------------------------------
UTILITIES - 3.7%
7,350,000 Luzerne County Industrial Development Authority, Exempt Facilities Revenue Refunding
Bonds, 1992 Series A (Pennsylvania Gas and Water Company Project), 7.200%, 10/01/17
(Alternative Minimum Tax) 10/02 at 102 A3 8,118,002
4,500,000 Luzerne County Industrial Development Authority, Exempt Facilities Revenue Bonds,
1992 Series B (Pennsylvania Gas and Water Company Project), 7.125%, 12/01/22
(Alternative Minimum Tax) 12/02 at 102 A3 4,958,774
- ----------------------------------------------------------------------------------------------------------------------
WATER/SEWER FACILITIES - 5.5%
1,975,000 Delaware County Industrial Development Authority, Water Facilities Revenue Refunding
Bonds (Philadelphia Suburban Water Company Project), Series of 1992,
6.500%, 6/01/10 6/02 at 102 Aaa 2,157,311
5,500,000 Northumberland County Industrial Development Authority, Exempt Facilities Revenue Bonds,
1993 Series (Roaring Creek Water Company Project), 6.375%, 10/15/23 (Alternative
Minimum Tax) 10/03 at 102 N/R 5,682,160
City of Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 1995:
3,000,000 6.750%, 8/01/05 No Opt. Call Aaa 3,458,190
2,730,000 6.250%, 8/01/10 No Opt. Call Aaa 3,143,867
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
WATER/SEWER FACILITIES - CONTINUED
City of Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 1993:
$ 2,335,000 5.750%, 6/15/13 6/03 at 102 Aaa $ 2,477,854
2,300,000 5.500%, 6/15/14 6/03 at 102 Aaa 2,371,506
- ----------------------------------------------------------------------------------------------------------------------
$307,790,000 Total Investments - (cost $309,327,782) - 93.3% 327,943,762
============----------------------------------------------------------------------------------------------------------
Temporary Investments in Short-Term Municipal Securities - 2.1%
$2,500,000 Allegheny County Hospital Development Authority (Allegheny County, Pennsylvania), Health
Center Revenue Bonds, Series 1990 A (Presbyterian-University Health System, Inc.),
Variable Rate Demand Bonds, 4.250%, 3/01/20+ VMIG-1 2,500,000
5,000,000 Allegheny County Hospital Development Authority (Allegheny County, Pennsylvania), Health
Center Revenue Bonds, Series 1990 D (Presbyterian-University Health System, Inc.),
Variable Rate Demand Bonds, 4.250%, 3/01/20+ VMIG-1 5,000,000
- ----------------------------------------------------------------------------------------------------------------------
$7,500,000 Total Temporary Investments - 2.1% 7,500,000
===========-----------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 4.6% 15,922,481
- ----------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $351,366,243
======================================================================================================================
<FN>
* Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call provisions at
varying prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
N/R - Investment is not rated.
(WI) Security purchased on a when-issued basis (note 1).
+ The security has a maturity of more than one year, but has variable rate
and demand features which qualify it as a short-term security. The rate
disclosed is that currently in effect. This rate changes periodically based on
market conditions or a specified market index.
</FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF NET ASSETS (UNAUDITED)
DECEMBER 31, 1997
<CAPTION>
NEW JERSEY NEW JERSEY PENNSYLVANIA PENNSYLVANIA
INVESTMENT QUALITY PREMIUM INCOME INVESTMENT QUALITY PREMIUM INCOME 2
<S> <C> <C> <C> <C>
ASSETS
Investments in municipal securities, at market
value (note 1) $428,563,955 $269,113,514 $345,973,449 $327,943,762
Temporary investments in short-term municipal
securities, at amortized cost, which approximates
market value (note 1) -- 700,000 -- 7,500,000
Cash -- 35,475 -- 16,874
Receivables:
Interest 7,596,549 4,485,018 6,439,507 5,067,147
Investments sold 5,021,649 360,000 13,950,000 21,536,504
Other assets 3,474 22,878 8,151 20,640
- ----------------------------------------------------------------------------------------------------------------------
Total assets 441,185,627 274,716,885 366,371,107 362,084,927
- ----------------------------------------------------------------------------------------------------------------------
LIABILITIES
Payable for investments purchased -- -- -- 10,000,000
Accrued expenses:
Management fees (note 6) 236,658 148,900 197,174 189,763
Other 1,120,495 205,381 1,002,679 231,834
Preferred share dividends payable 56,359 38,561 48,078 61,408
Common share dividends payable 587,651 208,180 630,253 235,679
- ----------------------------------------------------------------------------------------------------------------------
Total liabilities 2,001,163 601,022 1,878,184 10,718,684
- ----------------------------------------------------------------------------------------------------------------------
Net assets (note 7) $439,184,464 $274,115,863 $364,492,923 $351,366,243
======================================================================================================================
Preferred shares, at liquidation value $130,000,000 $ 91,600,000 $110,000,000 $118,100,000
======================================================================================================================
Preferred shares outstanding 5,200 3,664 4,400 4,724
======================================================================================================================
Common shares outstanding 19,648,558 11,873,217 15,817,130 15,747,463
======================================================================================================================
Net asset value per Common share outstanding
(net assets less Preferred shares
at liquidation value, divided by
Common shares outstanding) $ 15.74 $ 15.37 $ 16.09 $ 14.81
======================================================================================================================
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF OPERATIONS (UNAUDITED)
SIX MONTHS ENDED DECEMBER 31, 1997
<CAPTION>
NEW JERSEY NEW JERSEY PENNSYLVANIA PENNSYLVANIA
INVESTMENT QUALITY PREMIUM INCOME INVESTMENT QUALITY PREMIUM INCOME 2
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Tax-exempt interest income (note 1) $13,158,645 $ 7,707,582 $11,262,710 $ 9,598,234
EXPENSES
Management fees (note 6) 1,398,078 875,197 1,168,269 1,115,763
Preferred shares - auction fees 163,835 115,442 138,629 148,838
Preferred shares - dividend disbursing agent fees 10,616 18,954 13,202 19,056
Shareholders' servicing agent fees and expenses 28,663 15,923 31,028 25,516
Custodian's fees and expenses 37,164 29,311 32,842 32,981
Directors'/Trustees' fees and expenses (note 6) 1,993 1,350 1,759 1,580
Professional fees 8,677 8,162 8,541 8,306
Shareholders' reports - printing and
mailing expenses 49,974 22,542 32,120 39,517
Stock exchange listing fees 12,484 12,230 12,560 12,230
Investor relations expense 17,857 10,992 16,019 14,825
Other expenses 12,644 14,815 11,678 12,649
- ----------------------------------------------------------------------------------------------------------------------
Total expenses 1,741,985 1,124,918 1,466,647 1,431,261
- ----------------------------------------------------------------------------------------------------------------------
Net investment income 11,416,660 6,582,664 9,796,063 8,166,973
- ----------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN FROM INVESTMENTS
Net realized gain from investment transactions
(notes 1 and 4) 587,088 819,108 726,249 1,444,928
Net change in unrealized appreciation or
depreciation of investments 6,526,770 7,070,717 2,969,747 8,245,347
- ----------------------------------------------------------------------------------------------------------------------
Net gain from investments 7,113,858 7,889,825 3,695,996 9,690,275
- ----------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations $18,530,518 $14,472,489 $13,492,059 $17,857,248
======================================================================================================================
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS (UNAUDITED)
<CAPTION>
NEW JERSEY INVESTMENT QUALITY NEW JERSEY PREMIUM INCOME
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
12/31/97 6/30/97 12/31/97 6/30/97
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 11,416,660 $ 22,951,956 $ 6,582,664 $ 12,911,202
Net realized gain (loss) from investment
transactions (notes 1 and 4) 587,088 626,155 819,108 (823,979)
Net change in unrealized appreciation or
depreciation of investments 6,526,770 6,063,373 7,070,717 7,032,022
- ----------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations 18,530,518 29,641,484 14,472,489 19,119,245
- ----------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 1)
From undistributed net investment income:
Common shareholders (9,359,674) (18,519,904) (5,114,728) (10,008,574)
Preferred shareholders (2,178,195) (4,188,974) (1,539,031) (2,744,682)
From accumulated net realized gains from
investment transactions:
Common shareholders (592,823) -- -- --
Preferred shareholders (132,888) -- -- --
- ----------------------------------------------------------------------------------------------------------------------
Decrease in net assets from distributions to shareholders (12,263,580) (22,708,878) (6,653,759) (12,753,256)
- ----------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS (NOTE 2)
Net proceeds from Common shares issued to shareholders
due to reinvestment of distributions 1,295,553 2,351,238 223,506 --
- ----------------------------------------------------------------------------------------------------------------------
Net increase in net assets 7,562,491 9,283,844 8,042,236 6,365,989
Net assets at beginning of period 431,621,973 422,338,129 266,073,627 259,707,638
- ----------------------------------------------------------------------------------------------------------------------
Net assets at end of period $439,184,464 $431,621,973 $274,115,863 $266,073,627
======================================================================================================================
Balance of undistributed net investment
income at end of period $ 827,728 $ 948,937 $ 766,229 $ 837,324
======================================================================================================================
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS (UNAUDITED) - CONTINUED
<CAPTION>
PENNSYLVANIA INVESTMENT QUALITY PENNSYLVANIA PREMIUM INCOME 2
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
12/31/97 6/30/97 12/31/97 6/30/97
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 9,796,063 $ 19,790,342 $ 8,166,973 $ 16,358,970
Net realized gain (loss) from investment
transactions (notes 1 and 4) 726,249 360,973 1,444,928 (266,763)
Net change in unrealized appreciation or
depreciation of investments 2,969,747 2,891,910 8,245,347 10,125,469
- ----------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations 13,492,059 23,043,225 17,857,248 26,217,676
- ----------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 1)
From undistributed net investment income:
Common shareholders (8,088,036) (15,875,077) (6,141,533) (12,220,049)
Preferred shareholders (1,795,460) (3,710,061) (2,100,933) (4,109,035)
From accumulated net realized gains
from investment transactions:
Common shareholders (828,413) (395,040) -- --
Preferred shareholders (63,596) (90,536) -- --
- ----------------------------------------------------------------------------------------------------------------------
Decrease in net assets from distributions to shareholders (10,775,505) (20,070,714) (8,242,466) (16,329,084)
- ----------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS (NOTE 2)
Net proceeds from Common shares issued to shareholders
due to reinvestment of distributions 1,027,561 1,952,811 -- --
- ----------------------------------------------------------------------------------------------------------------------
Net increase in net assets 3,744,115 4,925,322 9,614,782 9,888,592
Net assets at beginning of period 360,748,808 355,823,486 341,751,461 331,862,869
- ----------------------------------------------------------------------------------------------------------------------
Net assets at end of period $364,492,923 $360,748,808 $351,366,243 $341,751,461
======================================================================================================================
Balance of undistributed net investment
income at end of period $ 622,652 $ 710,085 $ 238,093 $ 313,586
======================================================================================================================
See accompanying notes to financial statements.
</TABLE>
<PAGE>
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
The state Funds (the "Funds") covered in this report and their corresponding New
York Stock Exchange symbols are Nuveen New Jersey Investment Quality Municipal
Fund, Inc. (NQJ), Nuveen New Jersey Premium Income Municipal Fund, Inc. (NNJ),
Nuveen Pennsylvania Investment Quality Municipal Fund (NQP) and Nuveen
Pennsylvania Premium Income Municipal Fund 2 (NPY).
Each Fund invests primarily in a diversified portfolio of municipal obligations
issued by state and local government authorities within a single state. The
Funds are registered under the Investment Company Act of 1940 as closed-end,
diversified management investment companies.
The following is a summary of significant accounting policies followed by the
Funds in the preparation of their financial statements in accordance with
generally accepted accounting principles.
Securities Valuation
The prices of municipal bonds in each Fund's investment portfolio are provided
by a pricing service approved by the Fund's Board of Directors/Trustees. When
price quotes are not readily available (which is usually the case for municipal
securities), the pricing service establishes fair market value based on yields
or prices of municipal bonds of comparable quality, type of issue, coupon,
maturity and rating, indications of value from securities dealers and general
market conditions. Temporary investments in securities that have variable rate
and demand features qualifying them as short-term securities are valued at
amortized cost, which approximates market value.
Securities Transactions
Securities transactions are recorded on a trade date basis. Realized gains and
losses from such transactions are determined on the specific identification
method. Securities purchased or sold on a when-issued or delayed delivery basis
may have extended settlement periods. The securities so purchased are subject to
market fluctuation during this period. The Funds have instructed the custodian
to segregate assets in a separate account with a current value at least equal to
the amount of the when-issued and delayed delivery purchase commitments. At
December 31, 1997, Pennsylvania Premium Income 2 had a when-issued purchase
commitment of $10,000,000.
There were no such outstanding purchase commitments in any of the other Funds.
Interest Income
Interest income is determined on the basis of interest accrued, adjusted for
amortization of premiums and accretion of discounts on long-term debt securities
when required for federal income tax purposes.
Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund
intends to comply with the requirements of the Internal Revenue Code applicable
to regulated investment companies and to distribute all of its tax-exempt net
investment income, in addition to any significant amounts of net realized
capital gains and/or market discount realized from investment transactions. The
Funds currently consider significant net realized capital gains and/or market
discount as amounts in excess of $.01 per Common share. Furthermore, each New
Jersey Fund intends to satisfy conditions which will enable interest from
municipal securities, which is exempt from regular federal and New Jersey state
income taxes, to retain such tax-exempt status when distributed to the
shareholders of the New Jersey Funds. Each Pennsylvania Fund intends to satisfy
conditions which will enable interest from municipal securities, which is exempt
from regular federal, Pennsylvania state personal income and the Philadelphia
School District Investment Income taxes, to retain such tax-exempt status when
distributed to shareholders of the Pennsylvania Funds. Net realized capital gain
and market discount distributions are subject to federal taxation.
Dividends and Distributions to Shareholders
Tax-exempt net investment income is declared as a dividend monthly and payment
is made or reinvestment is credited to shareholder accounts on the first
business day after month-end. Net realized capital gains and/or market discount
from investment transactions, if any, are distributed to shareholders not less
frequently than annually. Furthermore, capital gains are distributed only to the
extent they exceed available capital loss carryforwards.
Distributions to shareholders of tax-exempt net investment income, net realized
capital gains and/or market discount are recorded on the ex-dividend date. The
amount and timing of such distributions are determined in accordance with
federal income tax regulations, which may differ from generally accepted
accounting principles. Accordingly, temporary over-distributions as a result of
these differences may occur and will be classified as either distributions in
excess of net investment income, distributions in excess of net realized gains
and/or distributions in excess of net ordinary taxable income from investment
transactions, where applicable.
<PAGE>
Preferred Shares
The Funds have issued and outstanding $25,000 stated value Preferred shares.
Each Fund's Preferred shares are issued in more than one Series. The dividend
rate on each Series may change every seven days, as set by the auction agent.
The number of shares outstanding, by Series and in total, were as follows:
<TABLE>
<CAPTION>
NEW JERSEY NEW JERSEY PENNSYLVANIA PENNSYLVANIA
INVESTMENT PREMIUM INVESTMENT PREMIUM
QUALITY INCOME QUALITY INCOME 2
<S> <C> <C> <C> <C>
Number of shares:
Series M 3,200 -- -- 844
Series T -- 624 -- --
Series W -- 1,440 2,400 --
Series Th 2,000 1,600 2,000 2,080
Series F -- -- -- 1,800
- ----------------------------------------------------------------------------------------------------------------------
Total 5,200 3,664 4,400 4,724
======================================================================================================================
</TABLE>
Derivative Financial Instruments
The Funds may invest in transactions in certain derivative financial instruments
including futures, forward, swap, and option contracts, and other financial
instruments with similar characteristics. Although the Funds are authorized to
invest in such financial instruments, and may do so in the future, they did not
make any such investments during the six months ended December 31, 1997.
Use of Estimates
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities at the date of the
financial statements and the reported amounts of increases and decreases in net
assets from operations during the reporting period.
2. FUND SHARES
Transactions in Common shares were as follows:
<TABLE>
<CAPTION>
NEW JERSEY INVESTMENT QUALITY NEW JERSEY PREMIUM INCOME
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
12/31/97 6/30/97 12/31/97 6/30/97
<S> <C> <C> <C> <C>
Shares issued to shareholders due to reinvestment
of distributions 79,289 150,625 14,718 --
====================================================================================================================
<CAPTION>
PENNSYLVANIA INVESTMENT QUALITY PENNSYLVANIA PREMIUM INCOME 2
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
12/31/97 6/30/97 12/31/97 6/30/97
<S> <C> <C> <C> <C>
Shares issued to shareholders due to reinvestment
of distributions 61,515 118,967 -- --
====================================================================================================================
</TABLE>
<PAGE>
3. DISTRIBUTIONS TO COMMON SHAREHOLDERS
On January 2, 1998, the Funds declared Common share dividend distributions from
their tax-exempt net investment income which were paid February 2, 1998, to
shareholders of record on January 15, 1998, as follows:
<TABLE>
<CAPTION>
NEW JERSEY NEW JERSEY PENNSYLVANIA PENNSYLVANIA
INVESTMENT PREMIUM INVESTMENT PREMIUM
QUALITY INCOME QUALITY INCOME 2
<S> <C> <C> <C> <C>
Dividend per share $ .0795 $ .0720 $ .0840 $ .0650
======================================================================================================================
</TABLE>
4. SECURITIES TRANSACTIONS
Purchases and sales (including maturities) of investments in municipal
securities and temporary municipal investments during the six months ended
December 31, 1997, were as follows:
<TABLE>
<CAPTION>
NEW JERSEY NEW JERSEY PENNSYLVANIA PENNSYLVANIA
INVESTMENT PREMIUM INVESTMENT PREMIUM
QUALITY INCOME QUALITY INCOME 2
<S> <C> <C> <C> <C>
Purchases:
Investments in municipal securities $ 9,657,235 $24,467,738 $22,231,196 $39,901,870
Temporary municipal investments 20,300,000 9,000,000 21,125,000 45,925,000
Sales and Maturities:
Investments in municipal securities 16,382,096 25,302,507 30,595,055 49,268,919
Temporary municipal investments 20,300,000 8,300,000 21,125,000 39,550,000
======================================================================================================================
</TABLE>
At December 31,1997, the identified cost of investments owned for federal income
tax purposes was the same as the cost for financial reporting purposes for each
Fund.
At June 30,1997, the Funds' last fiscal year end, the following Funds had unused
capital loss carryforwards available for federal income tax purposes to be
applied against future capital gains, if any. If not applied the carryforwards
will expire as follows:
<TABLE>
<CAPTION>
NEW JERSEY PENNSYLVANIA
PREMIUM PREMIUM
INCOME INCOME 2
<S> <C> <C>
Expiration year:
2001 $ 1,784 $ 1,545
2002 4,076,151 1,489,452
2003 129,409 669,824
2004 650,143 40,999
2005 174,583 169,168
- ----------------------------------------------------------------------------------------------------------------------
Total $5,032,070 $2,370,988
======================================================================================================================
</TABLE>
5. UNREALIZED APPRECIATION (DEPRECIATION)
Gross unrealized appreciation and gross unrealized depreciation of investments
at December 31, 1997, were as follows:
<TABLE>
<CAPTION>
NEW JERSEY NEW JERSEY PENNSYLVANIA PENNSYLVANIA
INVESTMENT PREMIUM INVESTMENT PREMIUM
QUALITY INCOME QUALITY INCOME 2
<S> <C> <C> <C> <C>
Gross unrealized:
appreciation $31,971,452 $15,723,012 $30,253,963 $18,617,367
depreciation (7,409) (655,909) -- (1,387)
- ----------------------------------------------------------------------------------------------------------------------
Net unrealized appreciation $31,964,043 $15,067,103 $30,253,963 $18,615,980
======================================================================================================================
</TABLE>
<PAGE>
6. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Under the Funds' investment management agreements with Nuveen Advisory Corp.
(the "Adviser"), a wholly owned subsidiary of The John Nuveen Company, each Fund
pays an annual management fee, payable monthly, at the rates set forth below,
which are based upon the average daily net asset value of each Fund:
AVERAGE DAILY NET ASSET VALUE MANAGEMENT FEE
- -------------------------------------------------------------------------------
For the first $125 million .6500 of 1%
For the next $125 million .6375 of 1
For the next $250 million .6250 of 1
For the next $500 million .6125 of 1
For the next $1 billion .6000 of 1
For net assets over $2 billion .5875 of 1
- -------------------------------------------------------------------------------
The fee compensates the Adviser for overall investment advisory and
administrative services and general office facilities. The Funds pay no
compensation directly to those Directors/Trustees who are affiliated with the
Adviser or to their officers, all of whom receive remuneration for their
services to the Funds from the Adviser.
7. COMPOSITION OF NET ASSETS
At December 31, 1997, net assets consisted of:
<TABLE>
<CAPTION>
NEW JERSEY NEW JERSEY PENNSYLVANIA PENNSYLVANIA
INVESTMENT PREMIUM INVESTMENT PREMIUM
QUALITY INCOME QUALITY INCOME 2
<S> <C> <C> <C> <C>
Preferred shares, $25,000 stated value per share,
at liquidation value $130,000,000 $ 91,600,000 $110,000,000 $118,100,000
Common shares, $.01 par value per share 196,486 118,732 158,171 157,475
Paid-in surplus 276,152,385 171,426,338 223,286,962 215,278,353
Balance of undistributed net investment income 827,728 766,229 622,652 238,093
Accumulated net realized gain (loss) from
investment transactions 43,822 (4,862,539) 171,175 (1,023,658)
Net unrealized appreciation of investments 31,964,043 15,067,103 30,253,963 18,615,980
- ----------------------------------------------------------------------------------------------------------------------
Net assets $439,184,464 $274,115,863 $364,492,923 $351,366,243
======================================================================================================================
Authorized shares:
Common 200,000,000 200,000,000 Unlimited Unlimited
Preferred 1,000,000 1,000,000 Unlimited Unlimited
======================================================================================================================
</TABLE>
<PAGE>
Financial Highlights
FINANCIAL HIGHLIGHTS (UNAUDITED)
Selected data for a Common share outstanding throughout each period is as
follows:
<TABLE>
<CAPTION>
DIVIDENDS FROM TAX-EXEMPT
OPERATING PERFORMANCE NET INVESTMENT INCOME
NET
REALIZED &
NET ASSET NET UNREALIZED
VALUE INVEST- GAIN (LOSS) TO TO
BEGINNING MENT FROM INVEST- COMMON PREFERRED
OF PERIOD INCOME MENTS SHAREHOLDERS SHAREHOLDERS++
<S> <C> <C> <C> <C> <C>
NEW JERSEY INVESTMENT QUALITY
Six months ended
12/31/97 $15.41 $ .58 $ .38 $ (.48) $(.11)
Year ended 6/30:
1997 15.05 1.18 .34 (.95) (.21)
1996 15.06 1.17 (.01) (.94) (.23)
1995 14.73 1.20 .40 (1.01) (.24)
1994 15.88 1.20 (1.07) (1.07) (.14)
1993 14.82 1.21 1.05 (1.00) (.17)
Eight mos.
ended 6/30/92 14.32 .82 .46 (.62) (.16)
2/21/91 to
10/31/91 14.05 .61 .46 (.49) (.12)
<CAPTION>
NEW JERSEY PREMIUM INCOME
<S> <C> <C> <C> <C> <C>
Six months ended
12/31/97 14.71 .55 .67 (.43) (.13)
Year ended 6/30:
1997 14.18 1.09 .51 (.84) (.23)
1996 13.97 1.08 .20 (.81) (.26)
1995 13.46 1.06 .55 (.81) (.28)
11 mos. ended
6/30/94 14.52 .94 (1.12) (.71) (.17)
12/17/92 to
7/31/93 14.05 .40 .68 (.34) (.06)
<PAGE>
<CAPTION>
PER
ORGANIZATION COMMON
AND OFFERING SHARE
COSTS AND MARKET
TO TO PREFERRED SHARE NET ASSET VALUE
COMMON PREFERRED UNDERWRITING VALUE END END OF
SHAREHOLDERS SHAREHOLDERS+ DISCOUNTS OF PERIOD PERIOD
<S> <C> <C> <C> <C> <C>
NEW JERSEY INVESTMENT QUALITY
Six months ended
12/31/97 $(.03) $(.01) $-- $15.74 $16.6250
Year ended 6/30:
1997 -- -- -- 15.41 16.3125
1996 -- -- -- 15.05 14.8750
1995 (.02) -- -- 15.06 14.6250
1994 (.06) (.01) -- 14.73 15.2500
1993 (.02) (.01) -- 15.88 17.1250
Eight mos.
ended 6/30/92 -- -- -- 14.82 15.3750
2/21/91 to
10/31/91 -- -- (.19) 14.32 15.5000
NEW JERSEY PREMIUM INCOME
Six months ended
12/31/97 -- -- -- 15.37 15.3125
Year ended 6/30:
1997 -- -- -- 14.71 14.8125
1996 -- -- -- 14.18 13.0000
1995 (.01) -- -- 13.97 13.2500
11 mos. ended
6/30/94 -- -- -- 13.46 12.3750
12/17/92 to
7/31/93 -- -- (.21) 14.52 15.0000
<PAGE>
<CAPTION>
RATIOS/SUPPLEMENTAL DATA
TOTAL
INVEST- RATIO OF
MENT NET
RETURN TOTAL NET ASSETS RATIO OF INVESTMENT
ON RETURN ON END OF EXPENSES INCOME PORTFOLIO
MARKET NET ASSET PERIOD (IN TO AVERAGE TO AVERAGE TURNOVER
VALUE** VALUE** THOUSANDS) NET ASSETS++ NET ASSETS++ RATE
<S> <C> <C> <C> <C> <C> <C>
NEW JERSEY INVESTMENT QUALITY
Six months ended
12/31/97 5.11% 5.49% $439,184 .79%* 5.19%* 2%
Year ended 6/30:
1997 16.50 8.92 431,622 .80 5.36 15
1996 8.17 6.28 422,338 .81 5.33 16
1995 3.03 9.71 420,944 .85 5.57 13
1994 (4.63) (.27) 259,718 .82 5.39 5
1993 18.71 14.57 270,878 .83 5.53 12
Eight mos.
ended 6/30/92 3.29 8.03 255,602 .76* 5.84* 6
2/21/91 to
10/31/91 6.61 5.52 248,154 .76* 5.06* 1
<CAPTION>
NEW JERSEY PREMIUM INCOME
<S> <C> <C> <C> <C> <C> <C>
Six months ended
12/31/97 6.37 7.50 274,116 .83* 4.83* 9
Year ended 6/30:
1997 20.95 9.94 266,074 .83 4.91 18
1996 4.24 7.37 259,708 .86 4.90 32
1995 14.60 10.39 257,251 .94 5.08 15
11 mos. ended
6/30/94 (13.16) (2.61) 113,458 .91* 4.72* 12
12/17/92 to
7/31/93 2.27 5.78 118,885 .97* 3.75* 5
See notes on page 50.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL HIGHLIGHTS (UNAUDITED) - CONTINUED
Selected data for a Common share outstanding throughout each period
is as follows:
<CAPTION>
DIVIDENDS FROM TAX-EXEMPT
OPERATING PERFORMANCE NET INVESTMENT INCOME
NET
REALIZED &
NET ASSET NET UNREALIZED
VALUE INVEST- GAIN (LOSS) TO TO
BEGINNING MENT FROM INVEST- COMMON PREFERRED
OF PERIOD INCOME MENTS SHAREHOLDERS SHAREHOLDERS+
<S> <C> <C> <C> <C> <C>
PENNSYLVANIA INVESTMENT QUALITY
Six months ended
12/31/97 $15.91 $ .61 $ .24 $ (.50) $(.12)
Year ended 6/30:
1997 15.72 1.26 .22 (1.01) (.24)
1996 15.86 1.28 (.08) (1.05) (.25)
1995 15.49 1.29 .41 (1.07) (.26)
1994 16.42 1.30 (.86) (1.16) (.16)
1993 15.14 1.31 1.27 (1.12) (.18)
Eight mos. ended
6/30/92 14.60 .88 .49 (.66) (.17)
2/21/91 to
10/31/91 14.05 .68 .71 (.50) (.12)
<CAPTION>
PENNSYLVANIA PREMIUM INCOME 2
<S> <C> <C> <C> <C> <C>
Six months ended
12/31/97 14.20 .52 .61 (.39) (.13)
Year ended 6/30:
1997 13.57 1.04 .63 (.78) (.26)
1996 13.25 1.04 .33 (.78) (.27)
1995 12.53 1.05 .77 (.81) (.29)
1994 14.35 1.00 (1.71) (.79) (.18)
3/18/93 to
6/30/93 14.05 .11 .31 (.07) --
<PAGE>
<CAPTION>
DISTRIBUTIONS FROM CAPITAL GAINS
PER
ORGANIZATION COMMON
AND OFFERING SHARE
COSTS AND MARKET
TO TO PREFERRED SHARE NET ASSET VALUE
COMMON PREFERRED UNDERWRITING VALUE END END OF
SHAREHOLDERS SHAREHOLDERS+ DISCOUNTS OF PERIOD PERIOD
<S> <C> <C> <C> <C> <C>
PENNSYLVANIA INVESTMENT QUALITY
Six months ended
12/31/97 $(.05) $-- $-- $16.09 $17.1875
Year ended 6/30:
1997 (.03) (.01) -- 15.91 16.8750
1996 (.03) (.01) -- 15.72 16.3750
1995 -- -- -- 15.86 15.5000
1994 (.04) (.01) -- 15.49 16.2500
1993 -- -- -- 16.42 17.5000
Eight mos. ended
6/30/92 -- -- -- 15.14 15.7500
2/21/91 to
10/31/91 -- -- (.22) 14.60 15.5000
<CAPTION>
PENNSYLVANIA PREMIUM INCOME 2
<S> <C> <C> <C> <C> <C>
Six months ended
12/31/97 -- -- -- 14.81 14.2500
Year ended 6/30:
1997 -- -- -- 14.20 13.3750
1996 -- -- -- 13.57 12.3750
1995 -- -- -- 13.25 12.8750
1994 -- -- (.14) 12.53 12.3750
3/18/93 to
6/30/93 -- -- (.05) 14.35 14.6250
<PAGE>
<CAPTION>
RATIOS/SUPPLEMENTAL DATA
TOTAL
INVEST- RATIO OF
MENT NET
RETURN TOTAL NET ASSETS RATIO OF INVESTMENT
ON RETURN ON END OF EXPENSES INCOME PORTFOLIO
MARKET NET ASSET PERIOD (IN TO AVERAGE TO AVERAGE TURNOVER
VALUE** VALUE** THOUSANDS) NET ASSETS++ NET ASSETS++ RATE
<S> <C> <C> <C> <C> <C> <C>
PENNSYLVANIA INVESTMENT QUALITY
Six months ended
12/31/97 5.27% 4.68% $364,493 .80%* 5.35%* 6%
Year ended 6/30:
1997 9.75 8.01 360,749 .81 5.52 8
1996 12.74 6.00 355,823 .82 5.53 12
1995 2.32 9.77 355,831 .87 5.70 9
1994 (.39) 1.23 191,718 .84 5.54 3
1993 18.83 16.50 197,920 .86 5.73 2
Eight mos. ended
6/30/92 5.97 8.48 185,576 .78* 6.04* --
2/21/91 to
10/31/91 6.71 7.61 180,203 .81* 5.50* --
<CAPTION>
PENNSYLVANIA PREMIUM INCOME 2
<S> <C> <C> <C> <C> <C> <C>
Six months ended
12/31/97 9.62 7.12 351,366 .82* 4.67* 12
Year ended 6/30:
1997 14.82 10.61 341,751 .83 4.85 29
1996 2.21 8.39 331,863 .84 4.90 19
1995 11.50 12.87 326,771 .92 5.20 5
1994 (10.29) (7.60) 139,053 .90 4.70 11
3/18/93 to
6/30/93 (2.08) 2.60 99,561 .92* 2.99* --
<FN>
* Annualized.
** Total Investment Return on Market Value is the combination of reinvested
dividend income, reinvested capital gains distributions, if any, and changes in
stock price per share. Total Return on Net Asset Value is the combination of
reinvested dividend income, reinvested capital gains distributions, if any,
and changes in net asset value per share. Total returns are not annualized.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Preferred shareholders.
</FN>
</TABLE>
<PAGE>
NUVEEN FAMILY
OF MUTUAL FUNDS
Nuveen offers a variety of funds designed to help you reach your financial
goals.
GROWTH
Nuveen Rittenhouse
Growth Fund
GROWTH AND INCOME
Growth and Income Stock Fund
Balanced Stock and Bond Fund
Balanced Municipal and Stock Fund
TAX-FREE INCOME
NATIONAL FUNDS
Long-Term
Insured
Intermediate-Term
Limited Term
STATE FUNDS
Alabama
Arizona
California
Colorado
Connecticut
Florida
Georgia
Kansas
Kentucky
Louisiana
Maryland
Massachusetts
Michigan
Missouri
New Jersey
New Mexico
New York
North Carolina
Ohio
Pennsylvania
South Carolina
Tennessee
Virginia
Wisconsin
Building Better Portfolios with Nuveen
Reducing the impact of taxes and moderating risk are important goals for many
risk-sensitive investors seeking to build better portfolios. For these
investors, a tax-efficient, risk-resistant investment portfolio often forms the
foundation of a carefully crafted financial plan for building and sustaining
wealth. Nuveen is committed to providing investors and their financial advisers
with a range of products and investment tools to help build better portfolios.
MUTUAL FUNDS
Nuveen Mutual Funds offer investors access to the Nuveen family of premier
advisers, including Nuveen Advisory Corp., Institutional Capital Corp. and
Rittenhouse Financial Services. Our equity, balanced and income funds seek to
provide consistent performance, time-tested strategies to reduce risk and
experienced, professional management.
PRIVATE ASSET MANAGEMENT
Rittenhouse Financial Services and Nuveen Asset Management offer comprehensive,
customized investment management solutions to investors with assets of $250,000
or more. A range of actively managed growth, balanced and municipal
income-oriented portfolios are available, all based upon a disciplined
investment philosophy.
UNIT TRUSTS
Nuveen Unit Trusts are fixed portfolios of quality securities that are a
convenient, attractive alternative to purchasing individual securities. They
provide low-cost diversification to reduce risk, experienced, professional
security selection and surveillance, and daily liquidity at that day's net asset
value for quick access to your assets.
EXCHANGE-TRADED FUNDS
Nuveen Exchange-Traded Funds offer investors actively managed portfolios of
investment-grade quality municipal bonds. The fund shares are listed and traded
on the New York and American stock exchanges. Exchange-traded funds provide the
investment convenience, price visibility and liquidity of common stocks.
MUNIPREFERRED(R)
Nuveen MuniPreferred offers investors a AAA-rated investment with an attractive
tax-free yield for the cash reserves portion of an investment portfolio.
MuniPreferred shares are backed 2-to-1 by the long-term portfolios of Nuveen
dual-class exchange-traded funds and are available for national as well as a
wide variety of state-specific portfolios.
<PAGE>
Fund Information
BOARD OF TRUSTEES
Robert P. Bremner
Lawrence H. Brown
Anthony T. Dean
Anne E. Impellizzeri
Peter R. Sawers
William J. Schneider
Timothy R. Schwertfeger
Judith M. Stockdale
FUND MANAGER
Nuveen Advisory Corp.
333 West Wacker Drive
Chicago, IL 60606
CUSTODIAN
The Chase Manhattan Bank
4 New York Plaza
New York, NY 10004-2413
(800) 257-8787
LEGAL COUNSEL
Fried, Frank, Harris,
Shriver & Jacobson
Washington, D.C.
INDEPENDENT AUDITORS
Ernst & Young LLP
Chicago, Illinois
<PAGE>
Serving Investors for Generations
JOHN NUVEEN, SR.
Since our founding in 1898, John Nuveen & Co. has been synonymous with
investments that withstand the test of time. Today, we offer a broad range of
investments designed for risk-sensitive individuals seeking to build and sustain
wealth. In fact, more than 1.3 million investors have trusted Nuveen to help
them maintain the lifestyle they currently enjoy.
The cornerstone of Nuveen's investment philosophy is a commitment to disciplined
long-term investment strategies focused on providing consistent, attractive
performance over time - with moderated risk. We emphasize quality securities
carefully chosen through in-depth research, and we follow those securities
closely over time to ensure that they continue to meet our exacting standards.
Whether your focus is long-term growth, dependable current income or sustaining
accumulated wealth, Nuveen offers a wide variety of products and services to
help meet your unique circumstances and financial planning needs. Our equity,
balanced, and income funds, along with our unit trusts and private asset
management, can form the foundation of a tax-efficient and risk-resistant
portfolio.
Talk with your financial adviser to learn more about how Nuveen investment
products and services can help you build and sustain your long-term financial
security. Or call us at (800) 621-7227 for more information, including a
prospectus where applicable. Please read that information carefully before you
invest.
LOGO: 1898 1998
NUVEEN
OUR SECOND CENTURY
helping investors sustain the wealth of a lifetime.
JOHN NUVEEN & CO. INCORPORATED
333 WEST WACKER DRIVE
CHICAGO, IL 60606-1286
www.nuveen.com
FSA-2-12.97
