NJV
Nuveen New Jersey Municipal
Value Fund
Portfolio of Investments May 31, 2020
(Unaudited)
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
LONG-TERM INVESTMENTS – 103.0% (99.8% of Total Investments) | ||||||
MUNICIPAL BONDS – 103.0% (99.8% 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 | 6/20 at 100.00 | Caa2 | $66,464 | ||
Consumer Staples – 3.1% (3.0% of Total Investments) | ||||||
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018A: | ||||||
215 | 4.000%, 6/01/37 | 6/28 at 100.00 | A- | 233,881 | ||
305 | 5.250%, 6/01/46 | 6/28 at 100.00 | BBB+ | 340,825 | ||
125 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018B, 5.000%, 6/01/46 | 6/28 at 100.00 | BB+ | 131,214 | ||
645 | Total Consumer Staples | 705,920 | ||||
Education and Civic Organizations – 16.8% (16.3% 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 | 117,455 | ||
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- | 26,337 | ||
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- | 215,750 | ||
25 | 5.000%, 7/15/47 | 7/27 at 100.00 | BBB- | 26,237 | ||
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 | 95,519 | ||
115 | New Jersey Economic Development Authority, Revenue Bonds, The Seeing Eye Inc, Refunding Series 2015, 5.000%, 3/01/25 | No Opt. Call | A | 134,133 | ||
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 | 17,817 | ||
20 | 3.000%, 6/01/32 | 12/27 at 100.00 | A | 20,663 | ||
45 | New Jersey Economic Development Authority, Rutgers University General Obligation Lease Revenue Bonds, Tender Option Bond 2016-XF2357, 17.813%, 6/15/46, 144A (IF) (4) | 6/23 at 100.00 | Aa3 | 63,133 | ||
175 | New Jersey Educational Facilities Authority, Revenue Bonds, College of New Jersey, Refunding Series 2016F, 3.000%, 7/01/40 | 7/26 at 100.00 | A+ | 164,542 | ||
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 | 105,369 |
1
NJV | Nuveen New Jersey Municipal Value Fund (continued) |
Portfolio of Investments May 31, 2020 | |
(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 | A+ | $53,662 | ||
20 | New Jersey Educational Facilities Authority, Revenue Bonds, Passaic County Community College, Series 2010C, 5.250%, 7/01/32 | 7/20 at 100.00 | Baa1 | 20,075 | ||
New Jersey Educational Facilities Authority, Revenue Bonds, Rider University, Series 2012A: | ||||||
100 | 5.000%, 7/01/32 | 7/21 at 100.00 | BBB- | 100,267 | ||
30 | 5.000%, 7/01/37 | 7/21 at 100.00 | BBB- | 29,930 | ||
New Jersey Educational Facilities Authority, Revenue Bonds, Rider University, Series 2017F: | ||||||
5 | 3.750%, 7/01/37 | 7/27 at 100.00 | BBB- | 4,171 | ||
100 | 4.000%, 7/01/42 | 7/27 at 100.00 | BBB- | 82,628 | ||
100 | 5.000%, 7/01/47 | 7/27 at 100.00 | BBB- | 95,432 | ||
75 | New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, Series 2013D, 5.000%, 7/01/38 | 7/23 at 100.00 | BBB+ | 78,235 | ||
New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, Series 2016C: | ||||||
435 | 3.000%, 7/01/41 | 7/26 at 100.00 | BBB+ | 389,834 | ||
50 | 3.000%, 7/01/46 | 7/26 at 100.00 | BBB+ | 43,121 | ||
25 | 4.000%, 7/01/46 | 7/26 at 100.00 | BBB+ | 25,350 | ||
New Jersey Educational Facilities Authority, Revenue Bonds, Stevens Institute of Technology, Series 2017A: | ||||||
30 | 5.000%, 7/01/47 | 7/27 at 100.00 | BBB+ | 32,822 | ||
200 | 4.000%, 7/01/47 | 7/27 at 100.00 | BBB+ | 202,226 | ||
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 | 22,923 | ||
265 | New Jersey Higher Education Assistance Authority, Senior Student Loan Revenue Bonds, Refunding Series 2018A, 4.000%, 12/01/35 (AMT) | 6/28 at 100.00 | Aaa | 283,985 | ||
100 | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Refunding Senior Series 2019A, 2.375%, 12/01/29 | 6/28 at 100.00 | Aa1 | 96,002 | ||
20 | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Senior Lien Series 2016-1A, 2.750%, 12/01/27 (AMT) | 12/25 at 100.00 | Aaa | 19,830 | ||
200 | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Senior Lien Series 2017-1A, 4.000%, 12/01/40 (AMT) | 12/26 at 100.00 | Aaa | 210,026 | ||
150 | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Senior Series 2019B, 3.250%, 12/01/39 (AMT) | 6/28 at 100.00 | Aa1 | 147,600 | ||
25 | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Senior Series 2020B, 3.500%, 12/01/39 (AMT), (WI/DD, Settling 6/02/20) | 12/28 at 100.00 | Aa1 | 24,925 | ||
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 | 30,540 | ||
100 | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2012-1B, 5.750%, 12/01/39 (AMT) | 12/22 at 100.00 | Aaa | 107,500 | ||
100 | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2013-1A, 4.000%, 12/01/28 (AMT) | 12/22 at 100.00 | Aaa | 103,997 |
2
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Education and Civic Organizations (continued) | ||||||
$180 | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2015-1A, 4.000%, 12/01/30 (AMT) | 12/24 at 100.00 | Aaa | $191,315 | ||
160 | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Subordinate Series 2019C, 3.625%, 12/01/49 (AMT) | 6/28 at 100.00 | A2 | 157,648 | ||
49 | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender Option Bond Trust 2015-XF0151, 11.653%, 12/01/23 (AMT), 144A (IF) (4) | 12/22 at 100.00 | Aaa | 56,636 | ||
200 | New Jersey Institute of Technology, New Jersey, General Obligation Bonds, Series 2015A, 5.000%, 7/01/45 | 7/25 at 100.00 | A1 | 222,924 | ||
3,774 | Total Education and Civic Organizations | 3,820,559 | ||||
Health Care – 14.8% (14.3% 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+ | 116,485 | ||
100 | 5.000%, 2/15/34 | 2/24 at 100.00 | BBB+ | 107,536 | ||
105 | 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+ | 112,119 | ||
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+ | 206,678 | ||
80 | 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- | 88,546 | ||
230 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Barnabas Health, Refunding Series 2014A, 5.000%, 7/01/44 | 7/24 at 100.00 | AA- | 250,902 | ||
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hackensack Meridian Health Obligated Group, Refunding Series 2017A: | ||||||
150 | 5.000%, 7/01/28 | 7/27 at 100.00 | AA- | 186,942 | ||
150 | 5.000%, 7/01/57 | 7/27 at 100.00 | AA- | 175,515 | ||
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+ | 114,372 | ||
50 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Inspira Health Obligated Group Issue, Refunding Series 2016A, 4.000%, 7/01/41 | 7/26 at 100.00 | AA- | 53,493 | ||
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 | AA- | 411,192 | ||
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- | 21,013 | ||
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 | 29,747 | ||
40 | 5.000%, 7/01/33 | 7/26 at 100.00 | AA | 47,382 | ||
30 | 5.000%, 7/01/34 | 7/26 at 100.00 | AA | 35,453 | ||
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 | AA- | 143,185 |
3
NJV | Nuveen New Jersey Municipal Value Fund (continued) |
Portfolio of Investments May 31, 2020 | |
(Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Health Care (continued) | ||||||
$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 | AA- | $118,800 | ||
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 | AA- | 112,926 | ||
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- | 10,055 | ||
405 | 4.000%, 7/01/48 | 7/26 at 100.00 | BBB- | 413,456 | ||
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- | 104,266 | ||
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 | 130,848 | ||
110 | 5.000%, 7/01/46 – AGM Insured | 7/25 at 100.00 | AA | 113,908 | ||
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Valley Health System Obligated Group, Series 2019: | ||||||
50 | 4.000%, 7/01/44 | 7/29 at 100.00 | A+ | 54,048 | ||
210 | 3.000%, 7/01/49 | 7/29 at 100.00 | A+ | 203,225 | ||
3,110 | Total Health Care | 3,362,092 | ||||
Housing/Multifamily – 8.6% (8.3% 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- | 50,211 | ||
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- | 96,093 | ||
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 | BB+ | 140,311 | ||
130 | New Jersey Housing & Mortgage Finance Agency, Multifamily Conduit Revenue Bonds, Riverside Village Family Apartments Phase 1 Project, Series 2019F, 1.350%, 12/01/22 | No Opt. Call | Aaa | 132,303 | ||
120 | New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2015A, 4.000%, 11/01/45 | 11/24 at 100.00 | AA- | 127,054 | ||
270 | New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2016B, 3.600%, 11/01/40 | 11/25 at 100.00 | AA- | 285,263 | ||
435 | New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2018A, 3.875%, 11/01/38 | 11/27 at 100.00 | AA- | 476,103 | ||
100 | New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2019A, 2.900%, 11/01/39 | 11/28 at 100.00 | AA- | 105,703 |
4
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Housing/Multifamily (continued) | ||||||
New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2019B: | ||||||
$150 | 1.300%, 11/01/20 | No Opt. Call | AA- | $150,495 | ||
175 | 1.375%, 11/01/21 | No Opt. Call | AA- | 176,948 | ||
200 | 1.500%, 5/01/23 | No Opt. Call | AA- | 204,258 | ||
1,890 | Total Housing/Multifamily | 1,944,742 | ||||
Housing/Single Family – 5.0% (4.9% of Total Investments) | ||||||
New Jersey Housing and Mortgage Finance Agency, Single Family Housing Revenue Bonds, Series 2018A: | ||||||
150 | 3.600%, 4/01/33 | 10/27 at 100.00 | AA | 164,934 | ||
95 | 3.750%, 10/01/35 | 10/27 at 100.00 | AA | 106,102 | ||
85 | New Jersey Housing and Mortgage Finance Agency, Single Family Housing Revenue Bonds, Series 2018B, 3.800%, 10/01/32 (AMT) | 10/27 at 100.00 | AA | 94,270 | ||
720 | New Jersey Housing and Mortgage Finance Agency, Single Family Housing Revenue Bonds, Series 2019C, 3.950%, 10/01/44 (UB) (4) | 4/28 at 100.00 | AA | 771,991 | ||
1,050 | Total Housing/Single Family | 1,137,297 | ||||
Long-Term Care – 1.3% (1.3% of Total Investments) | ||||||
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 | 12,963 | ||
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- | 133,988 | ||
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- | 39,539 | ||
100 | New Jersey Economic Development Authority, Revenue Bonds, White Horse HMT Urban Renewal LLC Project, Series 2020, 5.000%, 1/01/40, 144A | 1/28 at 102.00 | N/R | 77,874 | ||
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 | 42,141 | ||
345 | Total Long-Term Care | 306,505 | ||||
Tax Obligation/General – 8.8% (8.5% 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 | 10/28 at 100.00 | AA | 92,019 | ||
Harrison, New Jersey, General Obligation Bonds, Parking Utility Series 2018: | ||||||
35 | 3.125%, 3/01/31 – BAM Insured | 3/28 at 100.00 | AA | 38,752 | ||
30 | 3.250%, 3/01/32 – BAM Insured | 3/28 at 100.00 | AA | 33,209 | ||
50 | 3.500%, 3/01/36 – BAM Insured | 3/28 at 100.00 | AA | 55,125 | ||
100 | Jersey City, New Jersey, General Obligation Bonds, Refunding General Improvement Series 2017A, 5.000%, 11/01/29 | 11/27 at 100.00 | AA- | 127,636 | ||
50 | Mercer County, New Jersey, General Obligation Bonds, General Capital Improvement Open Space Farmland NotesSeries 2020A, 2.000%, 6/10/21, (WI/DD, Settling 6/11/20) | No Opt. Call | N/R | 50,881 |
5
NJV | Nuveen New Jersey Municipal Value Fund (continued) |
Portfolio of Investments May 31, 2020 | |
(Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/General (continued) | ||||||
$125 | Middlesex County, New Jersey, General Obligation Bonds, Refunding Redevelopment Series 2017, 5.000%, 1/15/27 | No Opt. Call | AAA | $160,369 | ||
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 | 23,114 | ||
100 | Montclair Township, Essex County, New Jersey, General Obligation Bonds, Refunding School Series 2017B, 4.000%, 3/01/25 | No Opt. Call | AAA | 116,922 | ||
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 | 360,030 | ||
140 | 5.000%, 9/01/39 – BAM Insured | 9/26 at 100.00 | AA | 164,196 | ||
100 | New Jersey State, General Obligation Bonds, Various Purpose Series 2020, 2.250%, 6/01/35 | 12/27 at 100.00 | A- | 95,605 | ||
200 | Ocean City, New Jersey, General Obligation Bonds, General Improvement Series 2019, 2.250%, 9/15/33 | 9/26 at 100.00 | AA | 205,174 | ||
125 | Sussex County, New Jersey, General Obligation Bonds, Series 2019, 3.000%, 6/01/27 | 6/26 at 100.00 | AA+ | 139,445 | ||
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 (AMT) | 12/21 at 100.00 | AA+ | 158,031 | ||
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 | 177,621 | ||
1,775 | Total Tax Obligation/General | 1,998,129 | ||||
Tax Obligation/Limited – 14.8% (14.3% of Total Investments) | ||||||
245 | 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 | 302,898 | ||
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 | 180,132 | ||
New Jersey Economic Development Authority, Cigarette Tax Revenue Refunding Bonds, Series 2012: | ||||||
250 | 5.000%, 6/15/25 | 6/22 at 100.00 | BBB+ | 266,042 | ||
400 | 5.000%, 6/15/28 | 6/22 at 100.00 | BBB+ | 422,680 | ||
100 | New Jersey Economic Development Authority, Lease Revenue Bonds, State House Project, Series 2017B, 4.500%, 6/15/40 | 12/28 at 100.00 | BBB+ | 99,391 | ||
125 | New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Refunding Series 2017A, 3.375%, 7/01/30 | 7/27 at 100.00 | BBB+ | 117,784 | ||
2,170 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2009A, 0.000%, 12/15/39 | No Opt. Call | BBB+ | 831,913 | ||
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011B: | ||||||
180 | 5.500%, 6/15/31 | 6/21 at 100.00 | BBB+ | 182,848 | ||
275 | 5.250%, 6/15/36 | 6/21 at 100.00 | BBB+ | 277,500 | ||
15 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2012A, 5.000%, 6/15/42 | 6/22 at 100.00 | BBB+ | 15,143 |
6
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/Limited (continued) | ||||||
$50 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2019A, 4.000%, 12/15/39 | 12/29 at 100.00 | BBB+ | $46,549 | ||
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2019BB: | ||||||
230 | 3.500%, 6/15/46 | 12/28 at 100.00 | BBB+ | 194,476 | ||
100 | 4.000%, 6/15/50 | 12/28 at 100.00 | BBB+ | 90,489 | ||
110 | Union County Improvement Authority, New Jersey, General Obligation Lease Bonds, Juvenile Detention Center Facility Project, Tender Option Bond Trust 2015-XF1019, 24.038%, 5/01/30, 144A (IF) (4) | No Opt. Call | Aaa | 337,223 | ||
4,400 | Total Tax Obligation/Limited | 3,365,068 | ||||
Transportation – 17.1% (16.6% of Total Investments) | ||||||
250 | Casino Reinvestment Development Authority, New Jersey, Parking Revenue Bonds, Series 2005A, 5.250%, 6/01/20 – NPFG Insured | No Opt. Call | Baa2 | 250,000 | ||
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 | 159,735 | ||
200 | 5.000%, 1/01/44 | 1/24 at 100.00 | A1 | 220,502 | ||
130 | Delaware River and Bay Authority, Delaware and New Jersey, Revenue Bonds, Series 2019, 4.000%, 1/01/44 | 1/29 at 100.00 | A1 | 146,156 | ||
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 | 655,695 | ||
295 | Delaware River Joint Toll Bridge Commission, New Jersey and Pennsylvania, Bridge System Revenue Bonds, Series 2019A, 5.000%, 7/01/28 | No Opt. Call | A1 | 388,736 | ||
175 | Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2018A, 5.000%, 1/01/37 | 1/29 at 100.00 | A+ | 214,135 | ||
295 | 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 | 305,334 | ||
190 | New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge Replacement Project, Series 2013, 5.625%, 1/01/52 (AMT) | 1/24 at 100.00 | BBB | 207,368 | ||
80 | New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc, Series 2000A & 2000B, 5.625%, 11/15/30 (AMT) | 3/24 at 101.00 | BB- | 80,444 | ||
320 | New Jersey Economic Development Authority, Special Facility Revenue Bonds, Port Newark Container Terminal LLC Project, Refunding Series 2017, 5.000%, 10/01/47 (AMT) | 10/27 at 100.00 | Ba1 | 334,349 | ||
255 | New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2015E, 5.000%, 1/01/45 | 1/25 at 100.00 | A+ | 284,501 | ||
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- | 350,816 | ||
250 | South Jersey Transportation Authority, New Jersey, Transportation System Revenue Bonds, Refunding Series 2019A, 5.000%, 11/01/31 – AGM Insured | 11/29 at 100.00 | AA | 289,818 | ||
3,445 | Total Transportation | 3,887,589 |
7
NJV | Nuveen New Jersey Municipal Value Fund (continued) |
Portfolio of Investments May 31, 2020 | |
(Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
U.S. Guaranteed – 5.2% (5.0% of Total Investments) (5) | ||||||
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 | $22,821 | ||
85 | 5.250%, 7/01/31 (Pre-refunded 7/01/23) | 7/23 at 100.00 | N/R | 96,989 | ||
75 | 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 | 79,347 | ||
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011A: | ||||||
65 | 6.000%, 6/15/35 (Pre-refunded 6/15/21) | 6/21 at 100.00 | BBB+ | 68,922 | ||
275 | 5.500%, 6/15/41 (Pre-refunded 6/15/21) | 6/21 at 100.00 | BBB+ | 290,078 | ||
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011B: | ||||||
65 | 5.000%, 6/15/37 (Pre-refunded 6/15/21) | 6/21 at 100.00 | BBB+ | 68,193 | ||
435 | 5.000%, 6/15/42 (Pre-refunded 6/15/21) | 6/21 at 100.00 | BBB+ | 456,367 | ||
60 | Rutgers State University, New Jersey, Revenue Bonds, Tender Option Bond 2016-XF2356, 18.123%, 5/01/43 (Pre-refunded 5/01/23), 144A (IF) (4) | 5/23 at 100.00 | Aa3 | 93,340 | ||
1,080 | Total U.S. Guaranteed | 1,176,057 | ||||
Utilities – 6.7% (6.5% of Total Investments) | ||||||
470 | Essex County Improvement Authority, New Jersey, Solid Waste Disposal Revenue Bonds, Covanta Project, Series 2015, 5.250%, 7/01/45 (AMT), 144A | 7/20 at 100.00 | Ba3 | 471,142 | ||
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 | 313,425 | ||
215 | New Jersey Economic Development Authority, Natural Gas Facilities Revenue Bonds, New Jersey Natural Gas Company Project, Refunding Series 2011A, 2.750%, 8/01/39 | 8/24 at 100.00 | A1 | 217,801 | ||
160 | New Jersey Economic Development Authority, Water Facilities Revenue Bonds, New Jersey-American Water Company Inc Project, Refunding Series 2019A, 2.200%, 10/01/39 (AMT) (Mandatory Put 12/03/29) | 12/29 at 100.00 | A+ | 165,808 | ||
55 | Salem County Pollution Control Financing Authority, New Jersey, Pollution Control Revenue Bonds, Chambers Project, Refunding Series 2014A, 5.000%, 12/01/23 (AMT) | No Opt. Call | BBB | 57,069 | ||
300 | Salem County Pollution Control Financing Authority, New Jersey, Revenue Bonds, Atlantic City Electric Company Project, Refunding Series 2020, 2.250%, 6/01/29, (WI/DD, Settling 6/02/20) | No Opt. Call | A | 304,659 | ||
1,500 | Total Utilities | 1,529,904 | ||||
Water and Sewer – 0.5% (0.5% of Total Investments) | ||||||
100 | New Jersey Economic Development Authority, Water Facilities Revenue Bonds, Middlesex Water Company, Series 2019, 4.000%, 8/01/59 (AMT) | 8/29 at 100.00 | A+ | 111,559 | ||
$23,214 | Total Long-Term Investments (cost $22,430,496) | 23,411,885 |
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Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
SHORT-TERM INVESTMENTS – 0.2% (0.2% of Total Investments) | ||||||
MUNICIPAL BONDS – 0.2% (0.2% of Total Investments) | ||||||
Transportation – 0.2% (0.2% of Total Investments) | ||||||
$50 | New Jersey Turnpike Authority, Revenue Bonds, Variable Rate Demand Obligations, Tender Option Bond Floater Series 2017-ZM0566, 0.280%, 7/01/25 (Mandatory Put 7/16/20) (6) | No Opt. Call | A-1 | $50,000 | ||
$50 | Total Short-Term Investments (cost $50,000) | 50,000 | ||||
Total Investments (cost $22,480,496) – 103.2% | 23,461,885 | |||||
Floating Rate Obligations – (3.6)% | (810,000) | |||||
Other Assets Less Liabilities – 0.4% (7) | 86,246 | |||||
Net Asset Applicable to Common Shares – 100% | $22,738,131 |
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 | (22) | 9/20 | $(2,758,543) | $(2,763,750) | $(5,207) | $(4,984) |
Part F of Form N-PORT was prepared
in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in conformity with the applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”)
related to interim filings. Part F of Form N-PORT does not include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in financial
statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For a full set of the Fund’s notes to financial statements, please refer to the
Fund’s most recently filed annual or semi-annual report.
Fair Value Measurements
The Fund's investments in securities
are recorded at their estimated fair value. 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).
9
NJV | Nuveen New Jersey Municipal Value Fund (continued) |
Portfolio of Investments May 31, 2020 | |
(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 | $ — | $23,411,885 | $ — | $23,411,885 |
Short-Term Investments: | ||||
Municipal Bonds | — | 50,000 | — | 50,000 |
Investments in Derivatives: | ||||
Futures Contracts* | (5,207) | — | — | (5,207) |
Total | $(5,207) | $23,461,885 | $ — | $23,456,678 |
* | Represents net unrealized appreciation (depreciation). |
(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) | Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. | |
(7) | 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. | |
AMT | Alternative Minimum Tax | |
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 | Purchased on a when-issued or delayed delivery basis. |
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