nq2.htm



 
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:         1/31/11         
 
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, 2011
      
Principal
    
Optional Call
    
Amount (000)
  
Description (1)
Provisions (2)
Ratings (3)
Value
   
Consumer Staples – 5.3% (5.0% of Total Investments)
      
$      2,000
  
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds,
6/17 at 100.00
Baa3
$    1,210,620
   
Series 2007-1A, 5.000%, 6/01/41
      
   
Education and Civic Organizations – 8.9% (8.4% of Total Investments)
      
1,000
  
New Jersey Educational Facilities Authority, Revenue Refunding Bonds, Kean University, Series
9/19 at 100.00
A2
1,002,660
   
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
27,372
   
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
999,910
   
5.625%, 6/01/30
      
2,030
  
Total Education and Civic Organizations
    
2,029,942
   
Energy – 4.2% (4.0% of Total Investments)
      
1,000
  
Virgin Islands Public Finance Authority, Revenue Bonds, Refinery Project – Hovensa LLC, Series
1/14 at 100.00
Baa3
960,710
   
2003, 6.125%, 7/01/22 (Alternative Minimum Tax)
      
   
Health Care – 32.5% (30.6% of Total Investments)
      
600
  
Camden County Improvement Authority, New Jersey, Revenue Bonds, Cooper Health System, Series
2/15 at 100.00
BBB
539,904
   
2004A, 5.000%, 2/15/25
      
450
  
Hospital Authority of Delaware County, Indiana, Hospital Revenue Bonds, Cardinal Health
8/16 at 100.00
Baa3
402,998
   
System, Series 2006, 5.000%, 8/01/24
      
425
  
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A,
11/17 at 100.00
A
389,266
   
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+
2,020,700
   
Series 2009A, 5.500%, 7/01/38 – AGC Insured (UB)
      
1,500
  
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hunterdon Medical
7/16 at 100.00
A–
1,295,085
   
Center, Series 2006B, 5.000%, 7/01/36
      
750
  
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Joseph’s
No Opt. Call
BBB–
783,683
   
Healthcare System Obligated Group Issue, Series 2008, 6.000%, 7/01/18
      
1,000
  
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, South Jersey Hospital
7/16 at 100.00
A2
888,210
   
System, Series 2006, 5.000%, 7/01/36
      
1,000
  
New Jersey Health Care Facilities Financing Authority, Revenue Refunding Bonds, Bayshore
1/12 at 100.00
N/R
764,380
   
Community Hospital, Series 2002, 5.125%, 7/01/32 – RAAI Insured
      
300
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc.
2/14 at 100.00
A+
306,294
   
Obligated Group, Series 2009, 6.625%, 2/15/32
      
8,025
  
Total Health Care
    
7,390,520
   
Housing/Multifamily – 4.7% (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
92,441
50
  
5.875%, 6/01/42
6/20 at 100.00
Baa3
45,281
1,000
  
New Jersey Housing and Mortgage Finance Agency, Multifamily Housing Revenue Bonds, Series
11/19 at 100.00
A+
919,010
   
2009A, 4.950%, 5/01/41
      
1,150
  
Total Housing/Multifamily
    
1,056,732
   
Tax Obligation/Limited – 37.0% (34.9% of Total Investments)
      
750
  
Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2009A, 5.750%, 12/01/34
12/19 at 100.00
BBB–
718,080
1,000
  
New Jersey Economic Development Authority, Cigarette Tax Revenue Bonds, Series 2004,
6/14 at 100.00
BBB
878,910
   
5.750%, 6/15/34
      
1,000
  
New Jersey Economic Development Authority, School Facilities Construction Financing Program
6/19 at 100.00
AA–
989,430
   
Bonds, Refunding Series 2009AA, 5.250%, 12/15/33
      
1,000
  
New Jersey Health Care Facilities Financing Authority, State Contract Bonds, Hospital Asset
10/18 at 100.00
AA–
933,700
   
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
AA–
2,001,159
   
Transformatiom Program, Series 2009A, 5.750%, 10/01/31
      
6,775
  
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2009A,
No Opt. Call
AA–
977,226
   
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+
1,001,190
   
2009A, 6.000%, 8/01/42
      
105
  
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior Lien
10/20 at 100.00
BBB
97,525
   
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
818,230
   
Notes,Series 2009A-1, 5.000%, 10/01/39
      
14,630
  
Total Tax Obligation/Limited
    
8,415,450
   
Transportation – 8.1% (7.7% of Total Investments)
      
500
  
New Jersey Economic Development Authority, Revenue Bonds, American Airlines Inc., Series 1991,
5/11 at 100.00
CCC+
436,120
   
7.100%, 11/01/31 (Alternative Minimum Tax)
      
400
  
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental
6/13 at 101.00
B
417,400
   
Airlines Inc., Series 2003, 9.000%, 6/01/33 (Alternative Minimum Tax)
      
1,000
  
New Jersey Turnpike Authority, Revenue Bonds, Series 2009E, 5.250%, 1/01/40
1/19 at 100.00
A+
997,000
1,900
  
Total Transportation
    
1,850,520
   
U.S. Guaranteed – 4.5% (4.2% of Total Investments) (4)
      
1,000
  
Cumberland County Improvement Authority, New Jersey, Solid Waste System Revenue Bonds, Series
7/11 at 100.00
Baa1 (4)
1,018,040
   
2009B, 5.000%, 1/01/30 (Pre-refunded 7/01/11)
      
   
Water and Sewer – 0.9% (0.8% of Total Investments)
      
220
  
New Jersey Economic Development Authority, Water Facilities Revenue Bonds, American Water
7/11 at 100.00
BBB
195,501
   
Company, Series 1998A, 5.250%, 7/01/38 – FGIC Insured (Alternative Minimum Tax)
      
$       31,955
  
Total Investments (cost $23,750,409) – 106.1%
    
24,128,035
   
Floating Rate Obligations – (6.6)%
    
(1,500,000)
   
Other Assets Less Liabilities – 0.5%
    
111,035
   
Net Assets Applicable to Common Shares – 100%
    
$       22,739,070
 
 
 
 
 
Fair Value Measurements
 
In determining the fair value of the Fund’s investments, various inputs are used. These inputs are summarized in the three broad levels listed below:
 
Level 1 – Quoted prices in active markets for identical securities.
 
Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
 
Level 3 – Significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
 
The inputs or 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, 2011:
 
 
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                      
Municipal Bonds
 $ —     $ 24,128,035     $ —     $ 24,128,035  
 
During the period ended January 31, 2011, the Fund recognized no significant transfers to/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, 2011, the cost of investments was $22,177,140.
 
Gross unrealized appreciation and gross unrealized depreciation of investments at January 31, 2011, were as follows:
     
Gross unrealized:
    
   Appreciation
 $ 963,864  
   Depreciation
   (512,969 )
Net unrealized appreciation (depreciation) of investments
 $ 450,895  
 
     
(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 Investor 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)
  
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. Such investments are normally considered to
   
be equivalent to AAA rated securities.
N/R
  
Not rated.
(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, 2011        
 
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, 2011        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date         April 1, 2011