Nuveen New Jersey Municipal Value Fund

 

 

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)

Gifford R. Zimmerman

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: February 28

Date of reporting period: May 31, 2018

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

 

 

NJV
Nuveen New Jersey Municipal Value Fund
Portfolio of Investments    as of May 31, 2018
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    LONG-TERM INVESTMENTS – 106.5% (100.0% of Total Investments)        
    MUNICIPAL BONDS – 106.5% (100.0% of Total Investments)        
    Consumer Discretionary  – 0.3% (0.3% of Total Investments)        
$ 100   Middlesex County Improvement Authority, New Jersey, Senior Revenue Bonds, Heldrich Center Hotel/Conference Center Project, Series 2005A, 5.000%, 1/01/32   8/18 at 100.00 Caa2 $ 77,898
    Consumer Staples  – 2.8% (2.6% of Total Investments)        
    Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018A:        
190   4.000%, 6/01/37   6/28 at 100.00 A- 193,768
305   5.000%, 6/01/46   6/28 at 100.00 BBB+ 335,192
120   Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018B, 5.000%, 6/01/46   6/28 at 100.00 BBB 129,086
615   Total Consumer Staples       658,046
    Education and Civic Organizations – 19.3% (18.1% of Total Investments)        
110   Camden County Improvement Authority, New Jersey, Lease Revenue Bonds, Rowan University School of Osteopathic Medicine Project, Refunding Series 2013A, 5.000%, 12/01/32   12/23 at 100.00 A 122,536
    New Jersey Economic Development Authority, Charter School Revenue Bonds, North Star Academy Charter School of Newark, Series 2017:        
220   4.000%, 7/15/37   7/27 at 100.00 BBB- 215,952
25   5.000%, 7/15/47   7/27 at 100.00 BBB- 26,992
100   New Jersey Economic Development Authority, Charter School Revenue Bonds, Teaneck Community Charter School, Series 2017A, 5.125%, 9/01/52, 144A   9/27 at 100.00 BB 97,240
115   New Jersey Economic Development Authority, Revenue Bonds, The Seeing Eye Inc., Refunding Series 2015, 5.000%, 3/01/25   No Opt. Call A 132,654
    New Jersey Economic Development Authority, Revenue Bonds, The Seeing Eye Inc., Refunding Series 2017:        
15   5.000%, 6/01/32   12/27 at 100.00 A 17,529
20   3.000%, 6/01/32   12/27 at 100.00 A 19,115
45   New Jersey Economic Development Authority, Rutgers University General Obligation Lease Revenue Bonds, Tender Option Bond 2016-XF2357, 14.733%, 6/15/46, 144A (IF) (4)   6/23 at 100.00 AA- 63,549
185   New Jersey Educational Facilities Authority, Revenue Bonds, College of New Jersey, Refunding Series 2016F, 3.000%, 7/01/40   7/26 at 100.00 AA- 166,520
100   New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Refunding Series 2015H, 4.000%, 7/01/39  –  AGM Insured   7/25 at 100.00 AA 104,447
155   New Jersey Educational Facilities Authority, Revenue Bonds, New Jersey City University, Series 2015A, 5.000%, 7/01/45   7/25 at 100.00 AA 170,782
1

NJV Nuveen New Jersey Municipal Value Fund (continued)
  Portfolio of Investments as of May 31, 2018
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Education and Civic Organizations (continued)        
    New Jersey Educational Facilities Authority, Revenue Bonds, Rider University, Series 2012A:        
$ 100   5.000%, 7/01/32   7/21 at 100.00 Baa2 $105,169
30   5.000%, 7/01/37   7/21 at 100.00 Baa2 31,158
    New Jersey Educational Facilities Authority, Revenue Bonds, Rider University, Series 2017F:        
5   3.750%, 7/01/37   7/27 at 100.00 Baa2 4,719
100   4.000%, 7/01/42   7/27 at 100.00 Baa2 96,252
100   5.000%, 7/01/47   7/27 at 100.00 Baa2 107,309
80   New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, Series 2013D, 5.000%, 7/01/38   7/23 at 100.00 A- 88,670
    New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, Series 2016C:        
435   3.000%, 7/01/41   7/26 at 100.00 A- 408,656
50   3.000%, 7/01/46   7/26 at 100.00 A- 46,229
200   New Jersey Educational Facilities Authority, Revenue Bonds, Stevens Institute of Technology, Series 2017A, 4.000%, 7/01/47   7/27 at 100.00 A- 205,362
100   New Jersey Educational Facilities Authority, Revenue Bonds, Stockton University Issue, Refunding Series 2016A, 5.000%, 7/01/41   7/26 at 100.00 A 108,709
25   New Jersey Educational Facilities Authority, Revenue Bonds, The College of Saint Elizabeth, Series 2016D, 5.000%, 7/01/46   7/26 at 100.00 BB 25,314
215   New Jersey Higher Education Assistance Authority, Senior Student Loan Revenue Bonds, Refunding Series 2018A, 4.000%, 12/01/35 (Alternative Minimum Tax)   6/28 at 100.00 AA 220,347
200   New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Senior Lien Series 2017-1A, 4.000%, 12/01/40 (Alternative Minimum Tax)   12/26 at 100.00 Aaa 201,002
1,000   New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2009A, 5.625%, 6/01/30   6/19 at 100.00 AA 1,034,110
30   New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2010-2, 5.000%, 12/01/30   12/20 at 100.00 Aaa 31,786
100   New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2012-1B, 5.750%, 12/01/39 (Alternative Minimum Tax)   12/22 at 100.00 Aaa 109,103
195   New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2015-1A, 4.000%, 12/01/30 (Alternative Minimum Tax)   12/24 at 100.00 Aaa 200,618
79   New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender Option Bond Trust 2015-XF0151, 8.431%, 12/01/23 (Alternative Minimum Tax), 144A (IF) (4)   12/22 at 100.00 AA 85,847
200   New Jersey Institute of Technology, New Jersey, General Obligation Bonds, Series 2015A, 5.000%, 7/01/45   7/25 at 100.00 A1 223,566
60   Rutgers State University, New Jersey, Revenue Bonds, Tender Option Bond 2016-XF2356, 14.548%, 5/01/43, 144A (IF) (4)   5/23 at 100.00 AA- 86,757
4,394   Total Education and Civic Organizations       4,557,999
2

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Health Care – 20.4% (19.2% of Total Investments)        
    Camden County Improvement Authority, New Jersey, Health Care Redevelopment Revenue Bonds, Cooper Health System Obligated Group Issue, Refunding Series 2014A:        
$ 105   5.000%, 2/15/25   2/24 at 100.00 BBB+ $116,907
100   5.000%, 2/15/34   2/24 at 100.00 BBB+ 107,843
115   Camden County Improvement Authority, New Jersey, Health Care Redevelopment Revenue Bonds, Cooper Health System Obligated Group Issue, Series 2013A, 5.750%, 2/15/42   2/23 at 100.00 BBB+ 126,216
    New Jersey Health Care Facilities Financing Authority, Hospital Revenue Bonds, Virtua Health, Series 2009A:        
360   5.500%, 7/01/38  –  AGC Insured   7/19 at 100.00 AA 374,152
1,640   5.500%, 7/01/38  –  AGC Insured (UB) (4)   7/19 at 100.00 AA 1,704,468
175   New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Refunding Series 2011, 6.250%, 7/01/35   7/21 at 100.00 BB+ 188,169
70   New Jersey Health Care Facilities Financing Authority, Revenue Bonds, AHS Hospital Corporation, Refunding Series 2016, 4.000%, 7/01/41   1/27 at 100.00 AA- 71,478
215   New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Barnabas Health, Refunding Series 2014A, 5.000%, 7/01/44   7/24 at 100.00 A+ 234,967
    New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hackensack Meridian Health Obligated Group, Refunding Series 2017A:        
125   5.000%, 7/01/28   7/27 at 100.00 AA- 148,332
150   5.000%, 7/01/57   7/27 at 100.00 AA- 168,477
110   New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hunterdon Medical Center, Refunding Series 2014A, 4.000%, 7/01/45   7/24 at 100.00 A+ 111,480
360   New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Inspira Health Obligated Group Issue, Series 2017A, 5.000%, 7/01/42 (UB) (4)   7/27 at 100.00 A2 405,544
20   New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Meridian Health System Obligated Group, Refunding Series 2011, 5.000%, 7/01/21   No Opt. Call AA- 21,762
    New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Princeton HealthCare System, Series 2016A:        
25   5.000%, 7/01/32   7/26 at 100.00 Baa2 28,293
40   5.000%, 7/01/33   7/26 at 100.00 Baa2 45,057
30   5.000%, 7/01/34   7/26 at 100.00 Baa2 33,611
130   New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Robert Wood Johnson University Hospital Issue, Series 2014A, 5.000%, 7/01/39   7/24 at 100.00 A+ 145,180
110   New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Robert Wood Johnson University Hospital, Series 2013A, 5.500%, 7/01/43   7/23 at 100.00 A+ 124,569
100   New Jersey Health Care Facilities Financing Authority, Revenue Bonds, RWJ Barnabas Health Obligated Group, Refunding Series 2016A, 5.000%, 7/01/43   7/26 at 100.00 A+ 111,587
    New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Joseph's Healthcare System Obligated Group Issue, Refunding Series 2016:        
10   3.000%, 7/01/32   7/26 at 100.00 BBB- 8,932
205   4.000%, 7/01/48   7/26 at 100.00 BBB- 201,121
3

NJV Nuveen New Jersey Municipal Value Fund (continued)
  Portfolio of Investments as of May 31, 2018
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Health Care (continued)        
$ 100   New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Luke's Warren Hospital Obligated Group, Series 2013, 4.000%, 8/15/37   8/23 at 100.00 A- $101,781
    New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University Hospital Issue, Refunding Series 2015A:        
130   4.125%, 7/01/38  –  AGM Insured   7/25 at 100.00 AA 134,885
110   5.000%, 7/01/46  –  AGM Insured   7/25 at 100.00 AA 121,784
4,535   Total Health Care       4,836,595
    Housing/Multifamily – 7.4% (6.9% of Total Investments)        
55   New Jersey Economic Development Authority, Revenue Bonds, Provident Group - Kean Properties LLC - Kean University Student Housing Project, Series 2017A, 5.000%, 7/01/47   1/27 at 100.00 BBB- 59,040
100   New Jersey Economic Development Authority, Revenue Bonds, Provident Group - Rowan Properties LLC - Rowan University Student Housing Project, Series 2015A, 5.000%, 1/01/48   1/25 at 100.00 BBB- 106,144
155   New Jersey Economic Development Authority, Revenue Bonds, West Campus Housing LLC - New Jersey City University Student Housing Project, Series 2015, 5.000%, 7/01/47   7/25 at 100.00 BBB- 160,788
1,000   New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2009A, 4.950%, 5/01/41   11/19 at 100.00 AA- 1,023,190
120   New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2015A, 4.000%, 11/01/45   11/24 at 100.00 AA- 122,653
270   New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2016B, 3.600%, 11/01/40   11/25 at 100.00 AA- 271,917
1,700   Total Housing/Multifamily       1,743,732
    Long-Term Care – 2.0% (1.9% of Total Investments)        
285   Burlington County Bridge Commission, New Jersey, Economic Development Revenue Bonds, The Evergreens Project, Series 2007, 5.625%, 1/01/38   8/18 at 100.00 N/R 280,833
15   New Jersey Economic Development Authority, Fixed Rate Revenue Bonds, Lions Gate Project, Series 2014, 5.250%, 1/01/44   1/24 at 100.00 N/R 15,639
140   New Jersey Economic Development Authority, Revenue Bonds, United Methodist Homes of New Jersey Obligated Group Issue, Refunding Series 2013, 5.000%, 7/01/34   7/23 at 100.00 BBB- 147,354
40   New Jersey Economic Development Authority, Revenue Bonds, United Methodist Homes of New Jersey Obligated Group Issue, Refunding Series 2014A, 5.000%, 7/01/29   7/24 at 100.00 BBB- 43,098
480   Total Long-Term Care       486,924
    Tax Obligation/General – 9.3% (8.7% of Total Investments)        
20   Cumberland County Improvement Authority, New Jersey, General Obligation Lease Revenue Bonds, Vineland Public Safety Building Project, Series 2017, 3.250%, 12/15/37  –  BAM Insured   12/27 at 100.00 AA 19,574
100   Gloucester County, New Jersey, General Obligation Bonds, Series 2017B, 4.000%, 10/15/27   No Opt. Call AA 111,127
10   Hamilton Township, Mercer County Board of Education, New Jersey, General Obligation Bonds, Series 2017, 3.250%, 12/15/38   12/27 at 100.00 AA 9,751
4

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tax Obligation/General (continued)        
$ 100   Jersey City, New Jersey, General Obligation Bonds, Refunding General Improvement Series 2017A, 5.000%, 11/01/29   11/27 at 100.00 AA- $117,993
290   Middlesex County, New Jersey, General Obligation Bonds, Refunding General Improvement Series 2017, 4.000%, 1/15/24   No Opt. Call AAA 319,191
225   Middlesex County, New Jersey, General Obligation Bonds, Refunding Redevelopment Series 2017, 5.000%, 1/15/27   No Opt. Call AAA 270,468
110   Monroe Township Board of Education, Middlesex County, New Jersey, General Obligation Bonds, Refunding Series 2015, 5.000%, 3/01/38   3/25 at 100.00 AA- 122,057
20   Montclair Township, Essex County, New Jersey, General Obligation Bonds, Refunding Parking Utility Series 2014A, 5.000%, 1/01/37   1/24 at 100.00 AAA 22,542
100   Montclair Township, Essex County, New Jersey, General Obligation Bonds, Refunding School Series 2017B, 4.000%, 3/01/25   No Opt. Call AAA 111,086
50   Mount Laurel Township, Burlington County, New Jersey, General Obligation Bonds, Refunding Series 2017, 4.000%, 4/15/25   No Opt. Call AA 54,868
    New Brunswick Parking Authority, Middlesex County, New Jersey, Guaranteed Parking Revenue Bonds, Refunding Series 2016A:        
310   5.000%, 9/01/29  –  BAM Insured   9/26 at 100.00 AA 358,881
130   5.000%, 9/01/39  –  BAM Insured   9/26 at 100.00 AA 147,332
195   New Brunswick Parking Authority, Middlesex County, New Jersey, Guaranteed Parking Revenue Bonds, Refunding Series 2016B, 3.000%, 9/01/39  –  AGM Insured   9/26 at 100.00 AA 178,831
150   Union County Utilities Authority, New Jersey, Resource Recovery Facility Lease Revenue Bonds, Covantan Union Inc. Lessee, Refunding Series 2011B, 5.250%, 12/01/31 (Alternative Minimum Tax)   12/21 at 100.00 AA+ 164,448
170   Union County Utilities Authority, New Jersey, Solid Waste System County Deficiency Revenue Bonds, Series 2011A, 5.000%, 6/15/41   6/21 at 100.00 Aaa 183,620
1,980   Total Tax Obligation/General       2,191,769
    Tax Obligation/Limited – 10.4% (9.8% of Total Investments)        
20   Burlington County Bridge Commission, New Jersey, Governmental Leasing Program Revenue Bonds, Series 2018, 3.125%, 4/15/33   4/28 at 100.00 AA 19,683
270   Garden State Preservation Trust, New Jersey, Open Space and Farmland Preservation Bonds, Series 2005A, 5.750%, 11/01/28  –  AGM Insured   No Opt. Call AA 321,014
175   Hudson County Improvement Authority, New Jersey, County Secured Lease Revenue Bonds, Hudson County Vocational Technical Schools Project, Series 2016, 5.250%, 5/01/51   5/26 at 100.00 AA 200,149
    New Jersey Economic Development Authority, Cigarette Tax Revenue Refunding Bonds, Series 2012:        
250   5.000%, 6/15/25   6/22 at 100.00 BBB+ 268,553
400   5.000%, 6/15/28   6/22 at 100.00 BBB+ 426,708
115   New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Refunding Series 2017A, 3.375%, 7/01/30   7/27 at 100.00 BBB+ 111,603
2,170   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2009A, 0.000%, 12/15/39   No Opt. Call A- 798,126
55   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011B, 5.000%, 6/15/42   6/21 at 100.00 A- 56,713
5

NJV Nuveen New Jersey Municipal Value Fund (continued)
  Portfolio of Investments as of May 31, 2018
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tax Obligation/Limited (continued)        
$ 110   Union County Improvement Authority, New Jersey, General Obligation Lease Bonds, Juvenile Detention Center Facility Project, Tender Option Bond Trust 2015-XF1019, 19.546%, 5/01/30, 144A (IF) (4)   No Opt. Call Aaa $ 251,680
3,565   Total Tax Obligation/Limited       2,454,229
    Transportation – 12.1% (11.3% of Total Investments)        
250   Casino Reinvestment Development Authority, New Jersey, Parking Revenue Bonds, Series 2005A, 5.250%, 6/01/20  –  NPFG Insured   8/18 at 100.00 Baa2 250,720
    Delaware River and Bay Authority, Delaware and New Jersey, Revenue Bonds, Series 2014A:        
150   4.125%, 1/01/39   1/24 at 100.00 A1 155,246
200   5.000%, 1/01/44   1/24 at 100.00 A1 220,282
540   Delaware River Joint Toll Bridge Commission, New Jersey and Pennsylvania, Bridge System Revenue Bonds, Series 2017, 5.000%, 7/01/47   7/27 at 100.00 A1 617,846
300   Delaware River Port Authority, Pennsylvania and New Jersey, Revenue Refunding Bonds, Port District Project, Series 2012, 5.000%, 1/01/27   1/23 at 100.00 A- 325,599
190   New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge Replacement Project, Series 2013, 5.625%, 1/01/52 (Alternative Minimum Tax)   1/24 at 100.00 BBB 209,979
80   New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 2000A & 2000B, 5.625%, 11/15/30 (Alternative Minimum Tax)   3/24 at 101.00 BB 90,827
320   New Jersey Economic Development Authority, Special Facility Revenue Bonds, Port Newark Container Terminal LLC Project, Refunding Series 2017, 5.000%, 10/01/47 (Alternative Minimum Tax)   10/27 at 100.00 Ba1 347,539
255   New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2015E, 5.000%, 1/01/45   1/25 at 100.00 A+ 284,095
315   Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy Ninth Series 2013, 5.000%, 12/01/43   12/23 at 100.00 AA- 352,602
2,600   Total Transportation       2,854,735
    U.S. Guaranteed – 18.8% (17.7% of Total Investments) (5)        
630   Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2009A, 5.750%, 12/01/34 (Pre-refunded 12/01/19)   12/19 at 100.00 BBB+ 666,269
    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 (Pre-refunded 6/01/20)   6/20 at 100.00 Aaa 107,714
50   5.875%, 6/01/42 (Pre-refunded 6/01/20)   6/20 at 100.00 Aaa 53,979
910   New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Refunding Series 2009A, 5.500%, 9/01/36 (Pre-refunded 9/01/19)   9/19 at 100.00 A2 950,440
5   New Jersey Health Care Facilities Finance Authority, Revenue Bonds, AHS Hospital Corporation, Series 2008A, 5.125%, 7/01/22 (Pre-refunded 7/01/18)   7/18 at 100.00 N/R 5,014
6

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    U.S. Guaranteed (5) (continued)        
    New Jersey Health Care Facilities Financing Authority, Revenue and Refunding Bonds, Palisades Medical Center Obligated Group Issue, Series 2013:        
$ 20   5.250%, 7/01/31 (Pre-refunded 7/01/23)   7/23 at 100.00 N/R $22,934
85   5.250%, 7/01/31 (Pre-refunded 7/01/23)   7/23 at 100.00 N/R 97,691
70   New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Refunding Series 2011A, 5.625%, 7/01/37 (Pre-refunded 7/01/21)   7/21 at 100.00 N/R 77,641
265   New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Joseph's Healthcare System Obligated Group Issue, Series 2008, 6.000%, 7/01/18 (ETM)   No Opt. Call N/R 265,896
545   New Jersey Health Care Facilities Financing Authority, State Contract Bonds, Hospital Asset Transformation Program, Series 2008A, 5.250%, 10/01/38 (Pre-refunded 10/01/18)   10/18 at 100.00 BBB+ 551,442
1,575   New Jersey Health Care Facilities Financing Authority, State Contract Bonds, Hospital Asset Transformation Program, Series 2009A, 5.750%, 10/01/31 (Pre-refunded 10/01/19)   10/19 at 100.00 A- 1,654,553
4,255   Total U.S. Guaranteed       4,453,573
    Utilities – 3.7% (3.5% of Total Investments)        
470   Essex County Improvement Authority, New Jersey, Solid Waste Disposal Revenue Bonds, Covanta Project, Series 2015, 5.250%, 7/01/45 (Alternative Minimum Tax), 144A   7/20 at 100.00 BB- 475,776
300   Industrial Pollution Control Financing Authority of Cape May County (New Jersey), Pollution Control Revenue Refunding Bonds, 1991 Series A (Atlantic City Electric Company Project), 6.800%, 3/01/21  –  NPFG Insured   No Opt. Call A 331,272
65   Salem County Pollution Control Financing Authority, New Jersey, Pollution Control Revenue Bonds, Chambers Project, Refunding Series 2014A, 5.000%, 12/01/23 (Alternative Minimum Tax)   No Opt. Call BBB- 69,900
835   Total Utilities       876,948
$ 25,059   Total Long-Term Investments (cost $24,252,278)       25,192,448
    Floating Rate Obligations – (6.3)%       (1,500,000)
    Other Assets Less Liabilities – (0.2)%       (35,079)
    Net Asset Applicable to Common Shares – 100%       $ 23,657,369
Fair Value Measurements
Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1  –     Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2  –     Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3  –     Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
7

NJV Nuveen New Jersey Municipal Value Fund (continued)
  Portfolio of Investments as of May 31, 2018
  (Unaudited)
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 $ — $25,192,448 $ — $25,192,448
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.
The table below presents the cost and unrealized appreciation (depreciation) of the Fund's investment portfolio, as determined on a federal income tax basis, as of May 31, 2018.
Tax cost of investments $22,731,417
Gross unrealized:  
Appreciation $ 1,084,500
Depreciation (123,466)
Net unrealized appreciation (depreciation) of investments $ 961,034
(1) All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.  
(2) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.  
(3) For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.  
(4) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.  
(5) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.  
144A Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.  
ETM Escrowed to maturity.  
IF Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.  
UB Underlying bond of an inverse floating rate trust reflected as a financing transaction.  
8

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/ Gifford R. Zimmerman                                                       
   Gifford R. Zimmerman   
   Vice President and Secretary   

Date: July 30, 2018

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

 

By (Signature and Title)    /s/ Cedric H. Antosiewicz                                                        
   Cedric H. Antosiewicz   
   Chief Administrative Officer (principal executive officer)   
Date: July 30, 2018      
By (Signature and Title)    /s/ Stephen D. Foy                                                                    
   Stephen D. Foy   
   Vice President and Controller (principal financial officer)   
Date: July 30, 2018