UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
 
Investment Company Act file number 811-22274
 
Nuveen New Jersey Municipal Value Fund
(Exact name of registrant as specified in charter)
 
Nuveen Investments
        333 West Wacker Drive, Chicago, Illinois 60606         
(Address of principal executive offices) (Zip code)
 

Kevin J. McCarthy
Vice President and Secretary
        333 West Wacker Drive, Chicago, Illinois 60606         
(Name and address of agent for service)
 
Registrant's telephone number, including area code:         312-917-7700        
 
Date of fiscal year end:             4/30          
 
Date of reporting period:          1/31/14         
 
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
 
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 
 
 

 
 
Item 1. Schedule of Investments
 
           
   
Portfolio of Investments (Unaudited)
     
           
   
Nuveen New Jersey Municipal Value Fund (NJV)
     
   
January 31, 2014
     
 
 
Principal
   
Optional Call
   
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
Value
   
LONG-TERM INVESTMENTS 103.9% (100.0% of Total Investments)
     
   
MUNICIPAL BONDS – 102.6% (98.7% of Total Investments)
     
   
Consumer Staples – 5.0% (4.8% of Total Investments)
     
   
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds,
     
   
Series 2007-1A:
     
$ 150
 
4.750%, 6/01/34
6/17 at 100.00
B2
$ 110,892
1,520
 
5.000%, 6/01/41
6/17 at 100.00
B2
1,125,165
1,670
 
Total Consumer Staples
   
1,236,057
   
Education and Civic Organizations – 10.9% (10.4% of Total Investments)
     
110
 
Camden County Improvement Authority, New Jersey, Lease Revenue Bonds Rowan University
12/23 at 100.00
A+
116,613
   
School of Osteopathic Medicine Project, Series 2013A, 5.000%, 12/01/32
     
45
 
New Jersey Economic Development Authority, Rutgers University General Obligation Lease
6/23 at 100.00
AA–
56,761
   
Revenue Bonds, Tender Option Bond Trust 3359, 18.293%, 12/15/36 (IF) (4)
     
900
 
New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Refunding Series
9/19 at 100.00
A2
968,553
   
2009A, 5.500%, 9/01/36
     
   
New Jersey Educational Facilities Authority, Revenue Bonds, Rider University, Series 2012A:
     
50
 
5.000%, 7/01/32
7/21 at 100.00
BBB+
51,133
30
 
5.000%, 7/01/37
7/21 at 100.00
BBB+
30,341
75
 
New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, Series
7/23 at 100.00
A
79,475
   
2013D, 5.000%, 7/01/38
     
1,000
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2009A,
6/19 at 100.00
AA
1,073,570
   
5.625%, 6/01/30
     
30
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2010-2,
12/20 at 100.00
Aa3
31,529
   
5.000%, 12/01/30
     
100
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2012-1B,
12/22 at 100.00
A
100,783
   
5.750%, 12/01/39 (Alternative Minimum Tax)
     
100
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender Option
12/22 at 100.00
AA
92,396
   
Bond Trust 4736, 11.987%, 12/01/23 (Alternative Minimum Tax) (IF) (4)
     
60
 
Rutgers State University, New Jersey, Revenue Bonds, Tender Option Bond Trust 3339, 18.415%,
No Opt. Call
AA–
76,970
   
5/01/21 (IF) (4)
     
2,500
 
Total Education and Civic Organizations
   
2,678,124
   
Health Care – 23.5% (22.7% of Total Investments)
     
100
 
Camden County Improvement Authority, New Jersey, Health Care Redevelopment Revenue Bonds,
2/23 at 100.00
BBB
102,835
   
Cooper Health System Obligated Group Issue, Series 2013A, 5.750%, 2/15/42
     
500
 
Camden County Improvement Authority, New Jersey, Revenue Bonds, Cooper Health System,
2/15 at 100.00
BBB
502,690
   
Series 2005A, 5.000%, 2/15/25
     
105
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A,
11/17 at 100.00
A
109,555
   
5.750%, 11/15/37
     
2,000
 
New Jersey Health Care Facilities Financing Authority, Hospital Revenue Bonds, Virtua Health,
7/19 at 100.00
AA
2,095,600
   
Series 2009A, 5.500%, 7/01/38 – AGC Insured (UB) (4)
     
100
 
New Jersey Health Care Facilities Financing Authority, Revenue and Refunding Bonds, Palisades
7/23 at 100.00
BBB
100,438
   
Medical Center Obligated Group Issue, Series 2013, 5.250%, 7/01/31
     
1,000
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hunterdon Medical
7/16 at 100.00
A
1,006,510
   
Center, Series 2006B, 5.000%, 7/01/36
     
100
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Meridian Health, Series
7/18 at 100.00
AA–
102,846
   
2007, 5.000%, 7/01/38 – AGC Insured
     
90
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Robert Wood Johnson
7/23 at 100.00
A
95,424
   
University Hospital, Series 2013A, 5.500%, 7/01/43
     
70
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health
7/21 at 100.00
BBB+
73,121
   
Care System, Refunding Series 2011A, 5.625%, 7/01/37
     
750
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Joseph’s
No Opt. Call
BBB–
826,763
   
Healthcare System Obligated Group Issue, Series 2008, 6.000%, 7/01/18
     
100
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Luke’s Warren
8/23 at 100.00
A3
88,017
   
Hospital Obligated Group, Series 2013, 4.000%, 8/15/37
     
705
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, South Jersey Hospital
7/16 at 100.00
A2
709,914
   
System, Refunding Series 2006, 5.000%, 7/01/36
     
5,620
 
Total Health Care
   
5,813,713
   
Housing/Multifamily – 4.6% (4.4% of Total Investments)
     
   
New Jersey Economic Development Authority, Student Housing Revenue Bonds, Provident
     
   
Group-Montclair Properties LLC, Montclair State University Student Housing Project,
     
   
Series 2010A:
     
100
 
5.750%, 6/01/31
6/20 at 100.00
Baa3
107,014
50
 
5.875%, 6/01/42
6/20 at 100.00
Baa3
53,267
1,000
 
New Jersey Housing and Mortgage Finance Agency, Multifamily Housing Revenue Bonds, Series
11/19 at 100.00
A+
968,670
   
2009A, 4.950%, 5/01/41
     
1,150
 
Total Housing/Multifamily
   
1,128,951
   
Housing/Single Family – 1.6% (1.6% of Total Investments)
     
385
 
New Jersey Housing & Mortgage Finance Agency, Single Family Home Mortgage Revenue Bonds,
10/21 at 100.00
Aa1
396,850
   
Series 2011A, 4.500%, 10/01/29
     
   
Long-Term Care – 1.1% (1.1% of Total Investments)
     
160
 
Burlington County Bridge Commission, New Jersey, Economic Development Revenue Bonds, The
1/18 at 100.00
N/R
141,880
   
Evergreens Project, Series 2007, 5.625%, 1/01/38
     
140
 
New Jersey Economic Development Authority, Revenue Bonds, United Methodist Homes of New
7/23 at 100.00
BBB–
138,580
   
Jersey Obligated Group Issue, Refunding Series 2013, 5.000%, 7/01/34
     
300
 
Total Long-Term Care
   
280,460
   
Tax Obligation/General – 10.2% (9.8% of Total Investments)
     
100
 
Bloomfield Township Board of Education, Essex County, New Jersey, General Obligation Bonds,
No Opt. Call
AA–
105,916
   
Series 2011, 3.000%, 9/01/16
     
10
 
Hillsborough Township School District, Somerset County, New Jersey, General Obligation School
No Opt. Call
AA–
11,333
   
Bonds, Series 2001, 5.375%, 10/01/16 – AGM Insured
     
255
 
Millville, New Jersey, General Obligation Bonds, Improvement Series 2011, 5.000%, 11/01/14 –
No Opt. Call
AA–
263,810
   
AGM Insured
     
50
 
Monmouth County Improvement Authority, New Jersey, Governmental Loan Revenue Bonds, Series
No Opt. Call
N/R
51,745
   
2005, 5.000%, 12/01/14 – AMBAC Insured
     
150
 
Monmouth County Improvement Authority, New Jersey, Governmental Loan Revenue Bonds, Series
No Opt. Call
N/R
161,037
   
2006, 5.000%, 12/01/15 – AMBAC Insured
     
150
 
Monmouth County Improvement Authority, New Jersey, Governmental Loan Revenue Bonds, Series
No Opt. Call
N/R
166,043
   
2007, 5.000%, 12/01/16 – AMBAC Insured
     
500
 
Newark Housing Authority, New Jersey, City-Secured Police Facility Revenue Bonds, South Ward
12/19 at 100.00
A3
576,210
   
Police Facility, Series 2009A, 6.750%, 12/01/38 – AGC Insured
     
30
 
North Bergen Township, New Jersey, General Obligation Bonds, General Improvement Series 2009,
No Opt. Call
AA–
32,919
   
4.000%, 2/01/17
     
75
 
Passaic County, New Jersey, General Obligation Bonds, Refunding Series 2009, 3.000%, 9/01/14 –
No Opt. Call
Aa3
76,175
   
AGC Insured
     
50
 
Passaic County, New Jersey, General Obligation Bonds, Series 2004, 3.500%, 3/15/15 –
No Opt. Call
Aa3
51,753
   
NPFG Insured
     
75
 
Peapack-Gladstone, New Jersey, General Obligation Bonds, General Improvements Series 2009,
No Opt. Call
Aa2
76,682
   
3.000%, 12/01/14
     
350
 
South Brunswick Township Board of Education, Middlesex County, New Jersey, General Obligation
No Opt. Call
AA+
364,301
   
Bonds, Refunding School Series 2014, 3.000%, 8/01/15 (WI/DD, Settling 2/12/14)
     
25
 
Swedesboro Woolwich Consolidated School District, Gloucester County, New Jersey, General
No Opt. Call
Aa3
25,964
   
Obligation Bonds, Series 2007, 4.000%, 2/15/15 – AGM Insured
     
150
 
Union County Utilities Authority, New Jersey, Resource Recovery Facility Lease Revenue
12/21 at 100.00
AA+
157,803
   
Refunding Bonds, Covanta Union Inc. Lessee, Series 2011B, 5.250%, 12/01/31 (Alternative
     
   
Minimum Tax)
     
170
 
Union County Utilities Authority, New Jersey, Solid Waste System County Deficiency Revenue
6/21 at 100.00
AA+
179,920
   
Bonds, Series 2011A, 5.000%, 6/15/41
     
100
 
Upper Freehold Township, New Jersey, General Obligation Bonds, Series 2012, 3.000%, 12/15/14
No Opt. Call
AA
102,293
100
 
Winslow Township, New Jersey, General Obligation Bonds, Refunding Series 2007, 5.000%,
No Opt. Call
A1
102,991
   
10/01/14 – AGM Insured
     
2,340
 
Total Tax Obligation/General
   
2,506,895
   
Tax Obligation/Limited – 28.7% (27.7% of Total Investments)
     
200
 
Garden State Preservation Trust, New Jersey, Open Space and Farmland Preservation Bonds,
No Opt. Call
AAA
245,552
   
Series 2005A, 5.750%, 11/01/28 – AGM Insured
     
630
 
Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2009A, 5.750%, 12/01/34
12/19 at 100.00
BBB+
663,529
   
New Jersey Economic Development Authority, Cigarette Tax Revenue Refunding Bonds, Series 2012:
     
100
 
5.000%, 6/15/14
No Opt. Call
BBB+
101,669
250
 
5.000%, 6/15/25
6/22 at 100.00
BBB+
266,423
400
 
5.000%, 6/15/28
No Opt. Call
BBB+
418,492
700
 
New Jersey Health Care Facilities Financing Authority, State Contract Bonds, Hospital Asset
10/18 at 100.00
A+
719,754
   
Transformation Program, Series 2008A, 5.250%, 10/01/38
     
2,000
 
New Jersey Health Care Facilities Financing Authority, State Contract Bonds, Hospital Asset
10/19 at 100.00
A+
2,251,260
   
Transformation Program, Series 2009A, 5.750%, 10/01/31
     
5,380
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2009A,
No Opt. Call
A+
1,250,527
   
0.000%, 12/15/39
     
1,300
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%,
No Opt. Call
AA–
84,305
   
8/01/54 – AMBAC Insured
     
105
 
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior Lien
10/20 at 100.00
BBB
107,230
   
Series 2010A, 5.000%, 10/01/29
     
1,000
 
Virgin Islands Public Finance Authority, Revenue Bonds, Senior Lien Matching Fund Loan Notes,
10/19 at 100.00
BBB
983,600
   
Series 2009A-1, 5.000%, 10/01/39
     
12,065
 
Total Tax Obligation/Limited
   
7,092,341
   
Transportation – 9.1% (8.7% of Total Investments)
     
250
 
Casino Reinvestment Development Authority, New Jersey, Parking Revenue Bonds, Series 2005A,
6/15 at 100.00
A
258,573
   
5.250%, 6/01/20 – NPFG Insured
     
250
 
Delaware River Port Authority, Pennsylvania and New Jersey, Revenue Refunding Bonds, Port
No Opt. Call
BBB
253,945
   
District Project, Series 2012, 5.000%, 1/01/27
     
190
 
New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge
1/24 at 100.00
BBB–
192,656
   
Replacement Project, Series 2013, 5.625%, 1/01/52 (Alternative Minimum Tax)
     
500
 
New Jersey Economic Development Authority, Revenue Bonds, American Airlines Inc., Series 1991,
No Opt. Call
N/R
355,545
   
7.100%, 11/01/31 (Alternative Minimum Tax) (5)
     
   
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
     
20
 
6.500%, 1/01/16
No Opt. Call
A3
22,249
5
 
6.500%, 1/01/16 – AMBAC Insured
No Opt. Call
A3
5,562
765
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2009E, 5.250%, 1/01/40
1/19 at 100.00
A+
808,146
315
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy
12/23 at 100.00
AA–
337,869
   
Ninth Series 2013, 5.000%, 12/01/43
     
2,295
 
Total Transportation
   
2,234,545
   
U.S. Guaranteed – 6.4% (6.1% of Total Investments) (6)
     
50
 
New Jersey Economic Development Authority, Cigarette Tax Revenue Bonds, Series 2004, 5.500%,
No Opt. Call
Aaa
56,055
   
6/15/16 – RAAI Insured (ETM)
     
   
New Jersey Economic Development Authority, Cigarette Tax Revenue Bonds, Series 2004:
     
25
 
5.750%, 6/15/29 (Pre-refunded 6/15/14) – AGC Insured
6/14 at 100.00
Aaa
25,524
1,000
 
5.750%, 6/15/34 (Pre-refunded 6/15/14)
6/14 at 100.00
Aaa
1,020,970
50
 
New Jersey Economic Development Authority, School Facilities Construction Bonds, Series
9/14 at 100.00
AA– (6)
51,420
   
2007-T3, 5.000%, 9/01/20 (Pre-refunded 9/01/14) – AGM Insured
     
   
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
     
15
 
6.500%, 1/01/16 (ETM)
No Opt. Call
A3 (6)
16,776
70
 
6.500%, 1/01/16 (ETM)
No Opt. Call
AA+ (6)
78,295
240
 
6.500%, 1/01/16 (ETM)
No Opt. Call
AA+ (6)
254,717
65
 
6.500%, 1/01/16 – NPFG Insured (ETM)
No Opt. Call
AA– (6)
68,986
1,515
 
Total U.S. Guaranteed
   
1,572,743
   
Utilities – 1.5% (1.4% of Total Investments)
     
300
 
Industrial Pollution Control Financing Authority of Cape May County (New Jersey), Pollution
No Opt. Call
A
368,956
   
Control Revenue Refunding Bonds, 1991 Series A (Atlantic City Electric Company Project),
     
   
6.800%, 3/01/21 – NPFG Insured
     
$ 30,140
 
Total Municipal Bonds (cost $23,022,374)
   
25,309,635
 
Shares
 
Description
   
Value
   
COMMON STOCKS – 0.4% (0.4% of Total Investments)
     
   
Airlines – 0.4% (0.4% of Total Investments)
     
$ 3,125
 
American Airlines Group Inc. (7)
   
$ 104,844
   
Total Common Stocks (cost $80,554)
   
104,844
 
Shares
 
Description
Coupon
Ratings (3)
Value
   
CONVERTIBLE PREFERRED SECURITIES – 0.9% (0.9% of Total Investments)
     
   
Airlines – 0.9% (0.9% of Total Investments)
     
$ 8,698
 
American Airlines Group Inc. (7)
6.250%
N/R
$ 231,976
   
Total Convertible Preferred Securities (cost $221,960)
   
231,976
   
Total Long-Term Investments (cost $23,324,888)
   
25,646,455
   
Floating Rate Obligations – (6.1)%
   
(1,500,000)
   
Other Assets Less Liabilities – 2.2%
   
543,514
   
Net Assets Applicable to Common Shares – 100%
   
$ 24,689,969
 
 
 
 

 
 
Fair Value Measurements
 
Fair value is defined as the price that the Funds would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
 
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
 
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
 
Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
 
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of the end of the reporting period:
         
 
Level 1
Level 2
Level 3
Total
Long-Term Investments:
       
Municipal Bonds
$        —
$24,954,090
$355,545
$25,309,635
Common Stocks
104,844
104,844
Convertible Preferred Securities
231,976
231,976
Total
$336,820
$24,954,090
$355,545
$25,646,455
 
The following is a reconciliation of the Fund's Level 3 investments held at the beginning and end of the measurement period:
 
   
 
Level 3
 
Municipal Bonds
Balance at the beginning of period
$         —
Gains (losses):
 
   Net realized gains (losses)
   Change in net unrealized appreciation (depreciation)
355,545
Purchases at cost
Sales at proceeds
Net discounts (premiums)
Transfer into
Transfer out of
Balance at the end of period
$355,545
Change in net unrealized appreciation (depreciation) during the period of Level 3 securities held as of January 31, 2013
$355,545
 
The Level 3 security is priced on a recovery basis. Factors that may influence recovery are the market performance of equity issued by the obligor, legal treatment of equal or competing claims against the obligor, and recovery values for priority claims.
 
Income Tax Information
 
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts 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.
 
As of January 31, 2014, the cost of investments was $21,711,842.
 
Gross unrealized appreciation and gross unrealized depreciation of investments as of January 31, 2014, were as follows:
   
Gross unrealized:
 
   Appreciation
$2,559,771
   Depreciation
(125,158)
Net unrealized appreciation (depreciation) of investments
$2,434,613
 
 
(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 highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service,
   
Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or
   
BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any
   
of these national rating agencies.
(4)
 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for
   
investments in inverse floating rate transactions.
(5)
 
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the
   
Board of Trustees. For fair value measurement disclosure purposes, investment classified as Level 3.
(6)
 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities,
   
which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or
   
agency securities are regarded as having an implied rating equal to the rating of such securities.
(7)
 
On November 28, 2011, AMR Corp. (“AMR”), the parent company of American Airlines Group, Inc. (“AAL”)
   
filed for federal bankruptcy protection. On December 9, 2013, AMR emerged from federal bankruptcy with
   
the acceptance of its reorganization plan by the bankruptcy court. Under the settlement agreement
   
established to meet AMR’s unsecured bond obligations, the bondholders, including the Fund, received a
   
distribution of AAL preferred stock which is to be converted to AAL common stock over a 120-day period.
   
Every 30 days, a quarter of the preferred stock will be converted to AAL common stock based on the 5-day
   
volume-weighted average price and the amount of preferred shares tendered during the optional preferred
   
conversion period.
WI/DD
 
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
(ETM)
 
Escrowed to maturity.
(IF)
 
Inverse floating rate investment.
(UB)
 
Underlying bond of an inverse floating rate trust reflected as a financing transaction.
 
 
 
 

 
 
Item 2. Controls and Procedures.

a.  
The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).
 
b.  
There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
 
Item 3. Exhibits.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: See EX-99 CERT attached hereto.

 
 
 

 
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
(Registrant)   Nuveen New Jersey Municipal Value Fund 
 
By (Signature and Title)     /s/ Kevin J. McCarthy                    
                                                   Kevin J. McCarthy
                                                   Vice President and Secretary
 
Date:          April 1, 2014        
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
By (Signature and Title)     /s/ Gifford R. Zimmerman                    
                                                    Gifford R. Zimmerman
                                                  Chief Administrative Officer (principal executive officer) 
 
Date:          April 1, 2014        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date:          April 1, 2014        
 

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