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	Portfolio of Investments (Unaudited)
	Nuveen New Jersey Municipal Value Fund (NJV)
	January 31, 2010
Principal		Optional Call
Amount (000)	Description (1)	Provisions (2)	Ratings (3)	Value
	Consumer Staples – 5.8% (5.5% of Total Investments)
$    2,000	Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds,	6/17 at 100.00	BBB	$   1,388,740
	Series 2007-1A, 5.000%, 6/01/41
	Education and Civic Organizations – 8.7% (8.3% of Total Investments)
1,000	New Jersey Educational Facilities Authority Revenue Refunding Bonds, Kean University Issue,	9/19 at 100.00	A–	1,050,890
	Series 2009A, 5.500%, 9/01/36
1,000	New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2009A,	6/19 at 100.00	AA	1,045,350
	5.625%, 6/01/30
2,000	Total Education and Civic Organizations			2,096,240
	Energy – 4.2% (4.0% of Total Investments)
1,000	Virgin Islands Public Finance Authority, Revenue Bonds, Refinery Project – Hovensa LLC, Series	1/14 at 100.00	Baa3	1,008,310
	2003, 6.125%, 7/01/22 (Alternative Minimum Tax)
	Health Care – 31.9% (30.6% of Total Investments)
600	Camden County Improvement Authority, New Jersey, Revenue Bonds, Cooper Health System, Series	2/15 at 100.00	BBB	533,430
	2004A, 5.000%, 2/15/25
450	Hospital Authority of Delaware County, Indiana, Hospital Revenue Bonds, Cardinal Health	8/16 at 100.00	Baa3	405,603
	System, Series 2006, 5.000%, 8/01/24
425	Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A,	11/17 at 100.00	A	420,308
	5.750%, 11/15/37
2,000	New Jersey Health Care Facilities Financing Authority Revenue Bonds Virtua Health Issue,	7/19 at 100.00	AAA	2,092,700
	Series 2009A, 5.500%, 7/01/38 – AGC Insured (UB)
1,500	New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hunterdon Medical	7/16 at 100.00	A–	1,394,115
	Center, Series 2006B, 5.000%, 7/01/36
750	New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Joseph’s	No Opt. Call	BBB–	775,478
	Healthcare System Obligated Group Issue, Series 2008, 6.000%, 7/01/18
1,000	New Jersey Health Care Facilities Financing Authority, Revenue Bonds, South Jersey Hospital	7/16 at 100.00	A2	961,690
	System, Series 2006, 5.000%, 7/01/36
1,000	New Jersey Health Care Facilities Financing Authority, Revenue Refunding Bonds, Bayshore	1/12 at 100.00	N/R	792,200
	Community Hospital, Series 2002, 5.125%, 7/01/32 – RAAI Insured
300	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc.	2/14 at 100.00	A+	313,293
	Obligated Group, Series 2009, 6.625%, 2/15/32
8,025	Total Health Care			7,688,817
	Housing/Multifamily – 4.0% (3.9% of Total Investments)
1,000	New Jersey Housing and Mortgage Finance Agency, Multifamily Housing Revenue Bonds, Series	11/19 at 100.00	A+	972,950
	2009A, 4.950%, 5/01/41
	Tax Obligation/Limited – 37.3% (35.7% of Total Investments)
750	Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2009A, 5.750%, 12/01/34	12/19 at 100.00	BBB–	760,620
1,000	New Jersey Economic Development Authority, Cigarette Tax Revenue Bonds, Series 2004,	6/14 at 100.00	BBB	954,590
	5.750%, 6/15/34
1,000	New Jersey Economic Development Authority, School Facilities Construction Financing Program	6/19 at 100.00	AA–	1,047,450
	Bonds, Refunding Series 2009AA, 5.250%, 12/15/33
2,000	New Jersey Health Care Facilities Financing Authority, State Contract Bonds, Hospital Asset	10/19 at 100.00	AA–	2,135,920
	Transformatiom Program, Series 2009A, 5.750%, 10/01/31
1,000	New Jersey Health Care Facilities Financing Authority, State Contract Bonds, Hospital Asset	10/18 at 100.00	AA–	1,013,830
	Transformation Program, Series 2008A, 5.250%, 10/01/38
6,900	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2009A,	No Opt. Call	AA–	1,143,261
	0.000%, 12/15/39
1,000	Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series	8/19 at 100.00	A+	1,032,890
	2009A, 6.000%, 8/01/42
1,000	Virgin Islands Public Finance Authority Revenue and Refunding Bonds (Virgin Islands Matching	10/19 at 100.00	BBB	893,740
	Fund Loan Notes) Series 2009A-1 (Senior Lien) Series 2009A-2 (Senior Lien), 5.000%, 10/01/39
14,650	Total Tax Obligation/Limited			8,982,301
	Transportation – 7.7% (7.3% of Total Investments)
500	New Jersey Economic Development Authority, Revenue Bonds, American Airlines Inc., Series 1991,	5/10 at 100.00	CCC+	389,225
	7.100%, 11/01/31 (Alternative Minimum Tax)
400	New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental	6/13 at 101.00	B	419,940
	Airlines Inc., Series 2003, 9.000%, 6/01/33 (Alternative Minimum Tax)
1,000	New Jersey Turnpike Authority, Revenue Bonds, Series 2009E, 5.250%, 1/01/40	1/19 at 100.00	A+	1,038,190
1,900	Total Transportation			1,847,355
	Water and Sewer – 4.9% (4.7% of Total Investments)
1,000	Cumberland County Improvement Authority, New Jersey, Solid Waste Revenue Bonds, Series 2009A	1/19 at 100.00	Baa1	986,310
	and 2009B, 5.000%, 1/01/30
220	New Jersey Economic Development Authority, Water Facilities Revenue Bonds, American Water	7/10 at 100.00	A	198,719
	Company, Series 1998A, 5.250%, 7/01/38 – FGIC Insured (Alternative Minimum Tax)
1,220	Total Water and Sewer			1,185,029
$    31,795	Total Investments (cost $23,375,286) – 104.5%			25,169,742
	Floating Rate Obligations – (6.2)%			(1,500,000)
	Other Assets Less Liabilities – 1.7%			426,322
	Net Assets Applicable to Common Shares – 100%			$ 24,096,064

 

In determining the value of the Fund's investments, various inputs are used. These inputs are summarized in the three broad levels listed below:

 

  Level 1 – Quoted prices in active markets for identical securities.

 

  Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

 

  Level 3 – Significant unobservable inputs (including management's assumptions in determining the fair value of investments).

 

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund's fair value measurements as of January 31, 2010:

 

	Level 1	Level 2	Level 3	Total
Investments:
Municipal Bonds	$ —	$25,169,742	$ —	$25,169,742

 

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.

 

At January 31, 2010, the cost of investments was $21,852,385.

 

Gross unrealized appreciation and gross unrealized depreciation of investments at January 31, 2010, were as follows:

 

Gross unrealized:
Appreciation	$1,958,036
Depreciation	(140,689)
Net unrealized appreciation (depreciation) of investments	$1,817,347

(1)	All percentages shown in the Portfolio of Investments are based on net assets applicable to Common
	shares unless otherwise noted.
(2)	Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption.
	There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities
	may be subject to periodic principal paydowns.
(3)	Ratings: Using the higher of Standard & Poor's Group ("Standard & Poor's") or Moody's Investor Service,
	Inc. ("Moody's") rating. Ratings below BBB by Standard & Poor's or Baa by Moody's are considered to be
	below investment grade.
N/R	Not rated.
(UB)	Underlying bond of an inverse floating rate trust reflected as a financing transaction.