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: November 30, 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    November 30, 2018
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    LONG-TERM INVESTMENTS – 105.9% (100.0% of Total Investments)        
    MUNICIPAL BONDS – 105.9% (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   2/19 at 100.00 Caa2 $ 76,182
    Consumer Staples  – 2.8% (2.7% 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- 184,196
305   5.250%, 6/01/46   6/28 at 100.00 BBB+ 323,721
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 120,332
615   Total Consumer Staples       628,249
    Education and Civic Organizations – 18.8% (17.8% 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 119,381
25   New Jersey Economic Development Authority, Charter School Revenue Bonds, Foundation Academy Charter School, Series 2018A, 5.000%, 7/01/38   1/28 at 100.00 BBB- 26,093
    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- 204,908
25   5.000%, 7/15/47   7/27 at 100.00 BBB- 26,083
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 95,444
115   New Jersey Economic Development Authority, Revenue Bonds, The Seeing Eye Inc., Refunding Series 2015, 5.000%, 3/01/25   No Opt. Call A 131,063
    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 17,150
20   3.000%, 6/01/32   12/27 at 100.00 A 18,630
45   New Jersey Economic Development Authority, Rutgers University General Obligation Lease Revenue Bonds, Tender Option Bond 2016-XF2357, 13.213%, 6/15/46, 144A (IF) (4)   6/23 at 100.00 Aa3 62,566
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- 156,910
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 103,046
1

NJV Nuveen New Jersey Municipal Value Fund (continued)
  Portfolio of Investments November 30, 2018
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Education and Civic Organizations (continued)        
$ 50   New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, Series 2014A, 5.000%, 7/01/44   7/24 at 100.00 AA- $54,132
    New Jersey Educational Facilities Authority, Revenue Bonds, Rider University, Series 2012A:        
100   5.000%, 7/01/32   7/21 at 100.00 Baa2 103,212
30   5.000%, 7/01/37   7/21 at 100.00 Baa2 30,741
    New Jersey Educational Facilities Authority, Revenue Bonds, Rider University, Series 2017F:        
5   3.750%, 7/01/37   7/27 at 100.00 Baa2 4,608
100   4.000%, 7/01/42   7/27 at 100.00 Baa2 92,640
100   5.000%, 7/01/47   7/27 at 100.00 Baa2 105,193
75   New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, Series 2013D, 5.000%, 7/01/38   7/23 at 100.00 A- 81,835
    New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, Series 2016C:        
435   3.000%, 7/01/41   7/26 at 100.00 A- 368,984
50   3.000%, 7/01/46   7/26 at 100.00 A- 41,198
    New Jersey Educational Facilities Authority, Revenue Bonds, Stevens Institute of Technology, Series 2017A:        
30   5.000%, 7/01/47   7/27 at 100.00 A- 32,732
200   4.000%, 7/01/47   7/27 at 100.00 A- 199,718
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 23,745
265   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 Aaa 266,844
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 198,630
905   New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2009A, 5.625%, 6/01/30   6/19 at 100.00 AA 919,987
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 31,329
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 108,200
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 198,533
74   New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender Option Bond Trust 2015-XF0151, 7.005%, 12/01/23 (Alternative Minimum Tax), 144A (IF) (4)   12/22 at 100.00 Aaa 80,273
200   New Jersey Institute of Technology, New Jersey, General Obligation Bonds, Series 2015A, 5.000%, 7/01/45   7/25 at 100.00 A1 221,384
60   Rutgers State University, New Jersey, Revenue Bonds, Tender Option Bond 2016-XF2356, 13.225%, 5/01/43, 144A (IF) (4)   5/23 at 100.00 Aa3 82,945
4,189   Total Education and Civic Organizations       4,208,137
2

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Health Care – 20.5% (19.3% 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+ $116,146
100   5.000%, 2/15/34   2/24 at 100.00 BBB+ 106,265
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+ 123,489
1,640   New Jersey Health Care Facilities Financing Authority, Hospital Revenue Bonds, Virtua Health, Series 2009, 5.500%, 7/01/38  –  AGC Insured (UB) (4)   7/19 at 100.00 AA 1,672,964
200   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+ 212,100
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- 69,967
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+ 231,028
    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- 145,544
150   5.000%, 7/01/57   7/27 at 100.00 AA- 163,432
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+ 108,042
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 394,564
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- 21,422
    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 AA 28,147
40   5.000%, 7/01/33   7/26 at 100.00 AA 44,810
30   5.000%, 7/01/34   7/26 at 100.00 AA 33,430
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+ 141,877
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+ 121,475
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+ 110,747
    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- 8,515
405   4.000%, 7/01/48   7/26 at 100.00 BBB- 378,805
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- 100,463
3

NJV Nuveen New Jersey Municipal Value Fund (continued)
  Portfolio of Investments November 30, 2018
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Health Care (continued)        
    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 $130,231
110   5.000%, 7/01/46  –  AGM Insured   7/25 at 100.00 AA 118,763
4,400   Total Health Care       4,582,226
    Housing/Multifamily – 9.6% (9.1% 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- 57,601
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- 103,057
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- 156,550
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- 1,011,930
120   New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2015A, 4.000%, 11/01/45   11/24 at 100.00 AA- 120,185
270   New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2016B, 3.600%, 11/01/40   11/25 at 100.00 AA- 260,842
435   New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2018A, 3.875%, 11/01/38   11/27 at 100.00 AA- 437,436
2,135   Total Housing/Multifamily       2,147,601
    Housing/Single Family – 1.5% (1.5% of Total Investments)        
    New Jersey Housing and Mortgage Finance Agency, Single Family Housing Revenue Bonds, Series 2018A:        
165   3.600%, 4/01/33   10/27 at 100.00 AA 165,490
90   3.750%, 10/01/35   10/27 at 100.00 AA 89,774
90   New Jersey Housing and Mortgage Finance Agency, Single Family Housing Revenue Bonds, Series 2018B, 3.800%, 10/01/32 (Alternative Minimum Tax)   10/27 at 100.00 AA 89,041
345   Total Housing/Single Family       344,305
    Long-Term Care – 2.3% (2.2% of Total Investments)        
285   Burlington County Bridge Commission, New Jersey, Economic Development Revenue Bonds, The Evergreens Project, Series 2007, 5.625%, 1/01/38   2/19 at 100.00 N/R 268,621
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 14,875
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- 143,793
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- 42,041
4

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Long-Term Care (continued)        
$ 50   New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Village Drive Healthcare Urban Renewal LLC, Series 2018, 5.750%, 10/01/38, 144A   10/26 at 102.00 N/R $ 48,445
530   Total Long-Term Care       517,775
    Tax Obligation/General – 7.6% (7.2% of Total Investments)        
80   Cumberland County Improvement Authority, New Jersey, Guaranteed Lease Revenue Bonds, County Correctional Facility Project, Series 2018, 4.000%, 10/01/43  –  BAM Insured, (WI/DD, Settling 12/13/18)   10/28 at 100.00 AA 80,619
    Harrison, New Jersey, General Obligation Bonds, Parking Utility Series 2018:        
35   3.125%, 3/01/31  –  BAM Insured   3/28 at 100.00 AA 33,932
30   3.250%, 3/01/32  –  BAM Insured   3/28 at 100.00 AA 29,173
50   3.500%, 3/01/36  –  BAM Insured   3/28 at 100.00 AA 48,404
100   Jersey City, New Jersey, General Obligation Bonds, Refunding General Improvement Series 2017A, 5.000%, 11/01/29   11/27 at 100.00 AA- 115,939
125   Middlesex County, New Jersey, General Obligation Bonds, Refunding Redevelopment Series 2017, 5.000%, 1/15/27   No Opt. Call AAA 147,986
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- 121,554
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 22,330
100   Montclair Township, Essex County, New Jersey, General Obligation Bonds, Refunding School Series 2017B, 4.000%, 3/01/25   No Opt. Call AAA 109,931
    New Brunswick Parking Authority, Middlesex County, New Jersey, Guaranteed Parking Revenue Bonds, Refunding Series 2016A:        
300   5.000%, 9/01/32  –  BAM Insured   9/26 at 100.00 AA 339,375
130   5.000%, 9/01/39  –  BAM Insured   9/26 at 100.00 AA 144,121
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 169,611
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+ 161,902
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 181,074
1,595   Total Tax Obligation/General       1,705,951
    Tax Obligation/Limited – 15.0% (14.1% of Total Investments)        
270   Garden State Preservation Trust, New Jersey, Open Space and Farmland Preservation Bonds, Series 2005A, 5.750%, 11/01/28  –  AGM Insured   No Opt. Call AA 317,215
150   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 166,887
5

NJV Nuveen New Jersey Municipal Value Fund (continued)
  Portfolio of Investments November 30, 2018
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tax Obligation/Limited (continued)        
    New Jersey Economic Development Authority, Cigarette Tax Revenue Refunding Bonds, Series 2012:        
$ 250   5.000%, 6/15/25   6/22 at 100.00 BBB+ $266,025
400   5.000%, 6/15/28   6/22 at 100.00 BBB+ 421,392
    New Jersey Economic Development Authority, Lease Revenue Bonds, State House Project, Series 2017B:        
15   4.125%, 6/15/39  –  BAM Insured   12/28 at 100.00 AA 15,011
85   4.500%, 6/15/40   12/28 at 100.00 A- 84,714
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+ 111,782
2,170   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2009A, 0.000%, 12/15/39   No Opt. Call A- 779,182
    New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011A:        
25   6.000%, 6/15/35   6/21 at 100.00 A- 26,891
170   5.500%, 6/15/41   6/21 at 100.00 A- 178,282
    New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011B:        
270   5.250%, 6/15/36   6/21 at 100.00 A- 282,304
15   5.000%, 6/15/37   6/21 at 100.00 A- 15,520
405   5.000%, 6/15/42   6/21 at 100.00 A- 417,672
25   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2018A, 4.250%, 12/15/38   12/28 at 100.00 A- 24,240
110   Union County Improvement Authority, New Jersey, General Obligation Lease Bonds, Juvenile Detention Center Facility Project, Tender Option Bond Trust 2015-XF1019, 17.900%, 5/01/30, 144A (IF) (4)   No Opt. Call Aaa 235,884
4,475   Total Tax Obligation/Limited       3,343,001
    Transportation – 12.5% (11.8% of Total Investments)        
250   Casino Reinvestment Development Authority, New Jersey, Parking Revenue Bonds, Series 2005A, 5.250%, 6/01/20  –  NPFG Insured   2/19 at 100.00 Baa2 250,685
    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 152,070
200   5.000%, 1/01/44   1/24 at 100.00 A1 218,618
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 600,810
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 323,802
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 204,862
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 89,490
6

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Transportation (continued)        
$ 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 $335,808
255   New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2015E, 5.000%, 1/01/45   1/25 at 100.00 A+ 275,433
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- 345,996
2,600   Total Transportation       2,797,574
    U.S. Guaranteed – 11.1% (10.4% of Total Investments) (5)        
480   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+ 498,115
    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 105,621
50   5.875%, 6/01/42 (Pre-refunded 6/01/20)   6/20 at 100.00 Aaa 52,902
    New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Palisades Medical Center Obligated Group Issue, Refunding Series 2013:        
20   5.250%, 7/01/31 (Pre-refunded 7/01/23)   7/23 at 100.00 N/R 22,566
85   5.250%, 7/01/31 (Pre-refunded 7/01/23)   7/23 at 100.00 N/R 96,105
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 76,189
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- 1,623,431
2,380   Total U.S. Guaranteed       2,474,929
    Utilities – 3.9% (3.6% 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- 471,316
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 324,996
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- 68,154
835   Total Utilities       864,466
$ 24,199   Total Long-Term Investments (cost $23,260,144)       23,690,396
    Floating Rate Obligations – (6.7)%       (1,500,000)
    Other Assets Less Liabilities – 0.8% (6)       173,701
    Net Asset Applicable to Common Shares – 100%       $ 22,364,097
7

NJV Nuveen New Jersey Municipal Value Fund (continued)
  Portfolio of Investments November 30, 2018
  (Unaudited)
Investments in Derivatives
Futures Contracts  
Description Contract
Position 		Number of
Contracts 		Expiration
Date 		Notional
Amount 		Value Unrealized
Appreciation
(Depreciation) 		Variation
Margin
Receivable/
(Payable)
U.S. Treasury 5-Year Note Short (5) 3/19 $(563,582) $(564,805) $(1,223) $(156)
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, credit spreads, 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 $  — $23,690,396 $ — $23,690,396
Investments in Derivatives:        
Futures Contracts* (1,223)  —  — (1,223)
Total $(1,223) $23,690,396 $ — $23,689,173
    
* Represents net unrealized appreciation (depreciation).
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 tables below present the cost and unrealized appreciation (depreciation) of the Fund's investment portfolio, as determined on a federal income tax basis, as of November 30, 2018.
For purposes of this disclosure, derivative tax cost is generally the sum of any upfront fees or premiums exchanged and any amounts unrealized for income statement reporting but realized in income and/or capital gains for tax reporting. If a particular derivative category does not disclose any tax unrealized appreciation or depreciation, the change in value of those derivatives have generally been fully realized for tax purposes.
Tax cost of investments $21,755,730
Gross unrealized:  
Appreciation $ 696,675
Depreciation (262,018)
Net unrealized appreciation (depreciation) of investments $ 434,657
8

Tax cost of futures contracts $(1,223)
Net unrealized appreciation (depreciation) of futures contracts  —
(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.  
(6) Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter (“OTC”) derivatives as well as the OTC cleared and exchange-traded derivatives, when applicable.  
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.  
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.  
WI/DD Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.  
9

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: January 29, 2019

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

 

By (Signature and Title)    /s/ Cedric H. Antosiewicz                                                        
   Cedric H. Antosiewicz   
   Chief Administrative Officer (principal executive officer)   
Date: January 29, 2019      
By (Signature and Title)    /s/ Stephen D. Foy                                                                    
   Stephen D. Foy   
   Vice President and Controller (principal financial officer)   
Date: January 29, 2019