Unassociated Document



 
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:         1/31/12         
 
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, 2012 
      
           
Principal 
    
Optional Call 
    
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Consumer Staples – 5.6% (5.4% 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 
$     112,485 
1,750 
  
5.000%, 6/01/41 
6/17 at 100.00 
B2 
1,320,638 
1,900 
  
Total Consumer Staples 
    
1,433,123 
   
Education and Civic Organizations – 9.0% (8.7% of Total Investments) 
      
100 
  
New Jersey Educational Facilities Authority, Revenue Bonds, Princeton University, Refunding 
No Opt. Call 
AAA 
101,343 
   
Series 2008K, 3.300%, 7/01/12 
      
40 
  
New Jersey Educational Facilities Authority, Revenue Bonds, William Paterson University, 
No Opt. Call 
AA– 
41,500 
   
Series 2005E, 3.750%, 7/01/13 – AGM Insured 
      
900 
  
New Jersey Educational Facilities Authority, Revenue Refunding Bonds, Kean University, Series 
9/19 at 100.00 
A2 
1,004,661 
   
2009A, 5.500%, 9/01/36 
      
30 
  
New Jersey Higher Education Assistance Authority Student Loan Revenue Bonds Series 2010-2, 
12/20 at 100.00 
Aa3 
32,667 
   
5.000%, 12/01/30 
      
1,000 
  
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2009A, 
6/19 at 100.00 
AA 
1,117,490 
   
5.625%, 6/01/30 
      
2,070 
  
Total Education and Civic Organizations 
    
2,297,661 
   
Energy – 3.9% (3.8% of Total Investments) 
      
1,000 
  
Virgin Islands Public Finance Authority, Revenue Bonds, Refinery Project – Hovensa LLC, Series 
1/14 at 100.00 
Ba2 
1,000,920 
   
2003, 6.125%, 7/01/22 (Alternative Minimum Tax) 
      
   
Health Care – 26.2% (25.6% of Total Investments) 
      
525 
  
Camden County Improvement Authority, New Jersey, Revenue Bonds, Cooper Health System, Series 
2/15 at 100.00 
BBB 
533,111 
   
2005A, 5.000%, 2/15/25 
      
220 
  
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A, 5.750%, 11/15/37 
11/17 at 100.00 
A 
239,646 
2,000 
  
New Jersey Health Care Facilities Financing Authority, Hospital Revenue Bonds, Virtua Health, 
7/19 at 100.00 
AA– 
2,192,840 
   
Series 2009A, 5.500%, 7/01/38 – AGC Insured (UB) 
      
1,000 
  
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hunterdon Medical 
7/16 at 100.00 
A– 
1,014,390 
   
Center, Series 2006B, 5.000%, 7/01/36 
      
70 
  
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health 
No Opt. Call 
BBB 
73,707 
   
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– 
803,438 
   
Healthcare System Obligated Group Issue, Series 2008, 6.000%, 7/01/18 
      
705 
  
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, South Jersey Hospital 
7/16 at 100.00 
A2 
721,074 
   
System, Refunding Series 2006, 5.000%, 7/01/36 
      
1,000 
  
New Jersey Health Care Facilities Financing Authority, Revenue Refunding Bonds, Bayshore 
7/12 at 100.00 
N/R 
925,420 
   
Community Hospital, Series 2002, 5.125%, 7/01/32 – RAAI Insured 
      
220 
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc. 
2/14 at 100.00 
A+ 
230,866 
   
Obligated Group, Series 2009, 6.625%, 2/15/32 
      
6,490 
  
Total Health Care 
    
6,734,492 
   
Housing/Multifamily – 4.7% (4.6% 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 
108,600 
50 
  
5.875%, 6/01/42 
6/20 at 100.00 
Baa3 
53,866 
1,000 
  
New Jersey Housing and Mortgage Finance Agency, Multifamily Housing Revenue Bonds, Series 
11/19 at 100.00 
A+ 
1,035,720 
   
2009A, 4.950%, 5/01/41 
      
1,150 
  
Total Housing/Multifamily 
    
1,198,186 
   
Housing/Single Family – 2.0% (2.0% of Total Investments) 
      
500 
  
New Jersey Housing & Mortgage Finance Agency, Single Family Home Mortgage Revenue Bonds, 
10/21 at 100.00 
Aa1 
526,145 
   
Series 2011A, 4.500%, 10/01/29 
      
   
Tax Obligation/General – 6.7% (6.6% of Total Investments) 
      
100 
  
Bloomfield Township Board of Education, Essex County, New Jersey, General Obligation Bonds, 
No Opt. Call 
AA– 
106,720 
   
Series 2011, 3.000%, 9/01/16 
      
55 
  
Essex County, New Jersey, General Obligation Bonds, Series 2005A, 5.000%, 6/01/13 – AGM Insured 
No Opt. Call 
Aa2 
58,127 
25 
  
Hamilton Township Atlantic County School District, New Jersey, General Obligation Bonds, 
No Opt. Call 
Aa3 
25,403 
   
Series 2003, 3.750%, 7/15/12 – AGM Insured 
      
10 
  
Hillsborough Township School District, Somerset County, New Jersey, General Obligation School 
No Opt. Call 
AA– 
12,056 
   
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– 
282,780 
   
AGM Insured 
      
50 
  
Monmouth County Improvement Authority, New Jersey, Governmental Loan Revenue Bonds, Series 
No Opt. Call 
N/R 
53,737 
   
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 
164,342 
   
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 
167,345 
   
2007, 5.000%, 12/01/16 – AMBAC Insured 
      
30 
  
North Bergen Township, New Jersey, General Obligation Bonds, General Improvement Series 2009, 
No Opt. Call 
AA– 
34,373 
   
4.000%, 2/01/17 
      
50 
  
Passaic County, New Jersey, General Obligation Bonds, Series 2004, 3.500%, 3/15/15 – 
No Opt. Call 
Aa3 
53,347 
   
NPFG Insured 
      
100 
  
Readington Township, New Jersey, General Obligation Bonds, General Improvement Series 2011, 
No Opt. Call 
AA 
103,331 
   
4.000%, 1/15/13 
      
100 
  
Ridgewood, New Jersey, General Obligation Bonds, Series 2005, 4.000%, 7/01/12 
No Opt. Call 
AAA 
101,588 
100 
  
Swedesboro Woolwich Consolidated School District, Gloucester County, New Jersey, General 
No Opt. Call 
Aa3 
106,946 
   
Obligation Bonds, Series 2006, 4.500%, 1/15/14 – AGM Insured 
      
150 
  
Union County Utilities Authority, New Jersey, Resource Recovery Facility Lease Revenue Refunding 
No Opt. Call 
AA+ 
164,282 
   
Bonds, Covantan 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 
Aaa 
191,304 
   
Bonds, Series 2011, 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 
105,821 
   
(WI/DD, Settling 2/01/12) 
      
1,595 
  
Total Tax Obligation/General 
    
1,731,502 
   
Tax Obligation/Limited – 34.8% (33.9% of Total Investments) 
      
25 
  
Essex County Improvement Authority, New Jersey, Lease Revenue Bonds, Series 2003, 5.000%, 
No Opt. Call 
Aa2 
26,982 
   
12/15/13 – AGM Insured 
      
630 
  
Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2009A, 5.750%, 12/01/34 
12/19 at 100.00 
BBB– 
673,527 
   
New Jersey Economic Development Authority, Cigarette Tax Revenue Bonds, Series 2004: 
      
50 
  
5.500%, 6/15/16 – RAAI Insured 
No Opt. Call 
Baa3 
54,859 
115 
  
5.625%, 6/15/18 
6/12 at 100.00 
BBB 
115,233 
1,000 
  
5.750%, 6/15/34 
6/14 at 100.00 
BBB 
1,038,370 
700 
  
New Jersey Health Care Facilities Financing Authority, State Contract Bonds, Hospital Asset 
10/18 at 100.00 
A+ 
749,238 
   
Transformatiom 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+ 
2,316,940 
   
Transformatiom Program, Series 2009A, 5.750%, 10/01/31 
      
6,175 
  
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2009A, 
No Opt. Call 
A+ 
1,427,228 
   
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+ 
1,132,990 
   
2009A, 6.000%, 8/01/42 
      
250 
  
The Camden County Improvement Authority Camden County, New Jersey, County Guaranteed Loan 
No Opt. Call 
Aa2 
252,975 
   
Revenue Bonds County Capital Program Series 2011, 2.000%, 1/15/13 
      
105 
  
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior Lien 
10/20 at 100.00 
BBB 
112,027 
   
Series 2010A, 5.000%, 10/01/29 
      
1,000 
  
Virgin Islands Public Finance Authority, Revenue Bonds, Senior Lien Matching Fund Loan 
10/19 at 100.00 
BBB 
1,023,260 
   
Notes,Series 2009A-1, 5.000%, 10/01/39 
      
13,050 
  
Total Tax Obligation/Limited 
    
8,923,629 
   
Transportation – 5.4% (5.3% of Total Investments) 
      
500 
  
New Jersey Economic Development Authority, Revenue Bonds, American Airlines Inc., Series 1991, 
5/12 at 100.00 
N/R 
131,455 
   
7.100%, 11/01/31 (Alternative Minimum Tax) (4) 
      
400 
  
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental 
6/15 at 100.00 
B 
410,308 
   
Airlines Inc., Series 2003, 9.000%, 6/01/33 (Mandatory put 6/01/13) (Alternative Minimum Tax) 
      
10 
  
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C, 6.500%, 1/01/16 
No Opt. Call 
A+ 
11,926 
765 
  
New Jersey Turnpike Authority, Revenue Bonds, Series 2009E, 5.250%, 1/01/40 
1/19 at 100.00 
A+ 
844,361 
1,675 
  
Total Transportation 
    
1,398,050 
   
U.S. Guaranteed – 1.3% (1.3% of Total Investments) (5) 
      
50 
  
Matawan-Aberdeen Regional School District, Monmouth County, New Jersey, General Obligation 
9/12 at 100.00 
Aa3 (5) 
51,345 
   
Bonds, Series 2003, 4.500%, 9/15/27 (Pre-refunded 9/15/12) – FGIC Insured 
      
   
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C: 
      
15 
  
6.500%, 1/01/16 (ETM) 
No Opt. Call 
AA+ (5) 
18,444 
120 
  
6.500%, 1/01/16 (ETM) 
No Opt. Call 
AA+ (5) 
135,176 
60 
  
6.500%, 1/01/16 – NPFG Insured (ETM) 
No Opt. Call 
A+ (5) 
67,588 
60 
  
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, 
6/12 at 100.00 
Aaa 
61,044 
   
Series 2002, 5.375%, 6/01/18 (Pre-refunded 6/01/12) 
      
10 
  
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, 
6/13 at 100.00 
Aaa 
10,671 
   
Series 2003, 6.375%, 6/01/32 (Pre-refunded 6/01/13) 
      
315 
  
Total U.S. Guaranteed 
    
344,268 
   
Utilities – 1.6% (1.5% of Total Investments) 
      
300 
  
Industrial Pollution Control Financing Authority of Cape May County, New Jersey, Pollution 
No Opt. Call 
A 
398,198 
   
Control Revenue Refunding Bonds, 1991 Series A Atlantic City Electric Company Project, 
      
   
6.800%, 3/01/21 – NPFG Insured 
      
   
Water and Sewer – 1.3% (1.2% of Total Investments) 
      
100 
  
Cape May County Municipal Utilities Authority, New Jersey, Revenue Bonds, Refunding Series 
No Opt. Call 
Aa1 
104,884 
   
2002A, 5.750%, 1/01/13 – AGM Insured 
      
220 
  
New Jersey Economic Development Authority, Water Facilities Revenue Bonds, American Water 
7/12 at 100.00 
A 
220,657 
   
Company, Series 1998A, 5.250%, 7/01/38 – FGIC Insured (Alternative Minimum Tax) 
      
320 
  
Total Water and Sewer 
    
325,541 
30,365 
  
Total Long-Term Investments (cost $23,281,066) – 102.5% 
    
26,311,715 
   
SHORT-TERM INVESTMENTS – 0.1% (0.1% of Total Investments) 
      
   
Tax Obligation/General – 0.1% (0.1% of Total Investments) 
      
25 
  
Brick Township, New Jersey, General Obligation Bonds, Variable Rate Demand Obligations, Series 2004A, 
No Opt. Call 
Aa2 
25,000 
   
3.100%, 2/01/12 
      
$           25 
  
Total Short-Term Investments ($25,000) 
    
25,000 
   
Total Investments (cost $23,306,066) – 102.6% 
    
26,336,715 
   
Floating Rate Obligations – (5.8)% 
    
(1,500,000) 
   
Other Assets Less Liabilities – 3.2% 
    
837,989 
   
Net Assets Applicable to Common Shares – 100% 
    
$    25,674,704 
 
 
 
 
 
Fair Value Measurements
 
Fair value is defined as the price that the Fund 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 three-tier hierarchy of inputs is 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 methodologies 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, 2012:
 
 
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments: 
                      
Municipal Bonds 
 $ —     $ 26,311,715     $ —     $ 26,311,715  
Short-Term Investments 
   —       25,000       —       25,000  
Total 
 $ —     $ 26,336,715     $ —     $ 26,336,715  
 
During the period ended January 31, 2012, the Fund recognized no significant transfers to or from Level 1, Level 2 or Level 3.
 
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.
 
At January 31, 2012, the cost of investments was $21,711,388.
 
Gross unrealized appreciation and gross unrealized depreciation of investments at January 31, 2012, were as follows:
     
Gross unrealized: 
    
   Appreciation 
 $ 3,257,285  
   Depreciation 
   (131,958 ) 
Net unrealized appreciation (depreciation) of investments 
 $ 3,125,327  
 
     
(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) 
  
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income 
   
producing security, in the case of a bond, generally denotes that the issuer has (1) defaulted on the 
   
payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s 
   
Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has 
   
directed the Fund’s custodian to cease accruing additional income on the Fund’s records. 
(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. Certain bonds backed by U.S. Government or 
   
agency securities are regarded as having an implied rating equal to the rating of such securities. 
N/R 
  
Not rated. 
WI/DD 
  
Purchased on a when-issued or delayed delivery basis. 
(ETM) 
  
Escrowed to maturity. 
(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         March 30, 2012        
 
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         March 30, 2012        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date         March 30, 2012