Investment Company Act file number 811-22273
Nuveen Pennsylvania 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: 7/31/09
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 Pennsylvania Municipal Value Fund (NPN) | ||||
July 31, 2009 | ||||
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Consumer Staples – 3.1% (3.9% of Total Investments) | ||||
$ 650 | District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, | No Opt. Call | BBB | $ 552,338 |
Series 2001, 6.500%, 5/15/33 | ||||
Education and Civic Organizations – 6.6% (8.2% of Total Investments) | ||||
675 | Delaware County Authority, Pennsylvania, Revenue Bonds, Neumann College, Series 2008, | 10/18 at 100.00 | BBB | 666,968 |
6.000%, 10/01/30 | ||||
500 | Lehigh County, Pennsylvania, General Purpose Authority College Revenue Bonds (Muhlenberg | 2/19 at 100.00 | A+ | 498,955 |
College Project) Series of 2009, 5.250%, 2/01/39 | ||||
1,175 | Total Education and Civic Organizations | 1,165,923 | ||
Health Care – 27.0% (33.3% of Total Investments) | ||||
750 | Allegheny County Hospital Development Authority, Pennsylvania, University of Pittsburgh | No Opt. Call | Aa3 | 736,973 |
Medical Center Revenue Bonds, Series 2009A, 5.500%, 8/15/34 | ||||
750 | Geisinger Authority, Montour County, Pennsylvania, Health System Revenue Bonds, Geisinger | 6/19 at 100.00 | AA | 745,470 |
Health System, Series 2009A, 5.250%, 6/01/39 | ||||
350 | Hospital Authority of Delaware County, Indiana, Hospital Revenue Bonds, Cardinal Health | 8/16 at 100.00 | Baa3 | 264,611 |
System, Series 2006, 5.000%, 8/01/24 | ||||
350 | Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A, | 11/17 at 100.00 | A | 315,357 |
5.750%, 11/15/37 | ||||
500 | Pennsylvania Economic Development Financing Authority Health System Revenue Bonds Albert | No Opt. Call | A3 | 504,070 |
Einstein Healthcare Network Issue, Series 2009A, 6.250%, 10/15/23 | ||||
250 | Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital | 10/09 at 100.00 | BBB | 246,680 |
Revenue Bonds, Temple University Hospital, Series 1993A, 6.625%, 11/15/23 | ||||
1,200 | Southcentral Pennsylvania General Authority, Revenue Bonds, Hanover Hospital Inc., Series | 12/15 at 100.00 | BBB– | 964,917 |
2005, 5.000%, 12/01/29 – RAAI Insured | ||||
750 | St. Mary Hospital Authority, Pennsylvania, Health System Revenue Bonds, Catholic Health East, | 5/19 at 100.00 | A1 | 775,995 |
Series 2009D, 6.250%, 11/15/34 | ||||
200 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc. | 2/14 at 100.00 | A+ | 204,816 |
Obligated Group, Series 2009, 6.625%, 2/15/32 | ||||
5,100 | Total Health Care | 4,758,889 | ||
Long-Term Care – 4.3% (5.3% of Total Investments) | ||||
750 | Montgomery County Industrial Development Authority, Pennsylvania, Retirement Communities | 11/19 at 100.00 | BBB+ | 758,993 |
Revenue Bonds, ACTS Retirement – Life Communities, Inc. Obligated Group, Series 2009A-1, | ||||
6.250%, 11/15/29 | ||||
Tax Obligation/General – 4.0% (4.9% of Total Investments) | ||||
700 | Bethel Park School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series | 8/19 at 100.00 | A1 | 703,815 |
of 2009, 5.100%, 8/01/33 | ||||
Tax Obligation/Limited – 16.5% (20.4% of Total Investments) | ||||
550 | Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2009A, 5.750%, 12/01/34 | 12/19 at 100.00 | BBB– | 542,014 |
1,075 | Harrisburg Parking Authority, Dauphin County, Pennsylvania, Guaranteed Parking Revenue Bonds, | 11/16 at 100.00 | N/R | 855,797 |
Series 2007R, 4.250%, 5/15/21 – SYNCORA GTY Insured | ||||
750 | Philadelphia Municipal Authority, Philadelphia, Pennsylvania, Lease Revenue Bonds, Series | No Opt. Call | Baa1 | 757,410 |
2009, 6.500%, 4/01/34 | ||||
750 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series | 8/19 at 100.00 | A+ | 756,735 |
2009A, 6.000%, 8/01/42 | ||||
3,125 | Total Tax Obligation/Limited | 2,911,956 | ||
Transportation – 0.9% (1.1% of Total Investments) | ||||
200 | Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, | 1/13 at 100.00 | Baa3 | 152,566 |
Series 2003B, 5.000%, 1/01/33 – AMBAC Insured | ||||
Utilities – 3.7% (4.6% of Total Investments) | ||||
655 | Delaware County Industrial Development Authority, Pennsylvania, Resource Recovery Revenue | 1/10 at 100.00 | BB+ | 655,393 |
Refunding Bonds, Series 1997A, 6.100%, 7/01/13 | ||||
Water and Sewer – 14.9% (18.3% of Total Investments) | ||||
750 | Chester County Industrial Development Authority, Pennsylvania, Water Facilities Revenue Bonds, | 2/17 at 100.00 | AA– | 643,740 |
Aqua Pennsylvania Inc. Project, Series 2007A, 5.000%, 2/01/40 – FGIC Insured | ||||
750 | New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue | 6/19 at 100.00 | AA+ | 739,470 |
Bonds, Tender Option Bond Trust 3484, 17.465%, 6/15/39 (IF) | ||||
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2009A: | ||||
750 | 5.250%, 1/01/32 | 1/19 at 100.00 | A | 747,030 |
500 | 5.250%, 1/01/36 | 1/19 at 100.00 | A | 487,425 |
2,750 | Total Water and Sewer | 2,617,665 | ||
$ 15,105 | Total Investments (cost $13,899,293) – 81.0% | 14,277,538 | ||
Other Assets Less Liabilities – 19.0% | 3,357,226 | |||
Net Assets – 100% | $ 17,634,764 |
Fair Value Measurements
In determining the 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 methodology 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 July 31, 2009:
Level 1 | Level 2 | Level 3 | Total | |
Investments: | ||||
Municipal Bonds | $ — | $14,277,538 | $ — | $14,277,538 |
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 transactions subject to SFAS No. 140, 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 July 31, 2009, the cost of investments was $13,892,389.
Gross unrealized appreciation and gross unrealized depreciation of investments at July 31, 2009, were as follows:
Gross unrealized: | |
Appreciation | $399,831 |
Depreciation | (14,682) |
Net unrealized appreciation (depreciation) of investments | $385,149 |
(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 higher of Standard & Poor’s Group (“Standard & Poor’s”) or Moody’s Investor Service, |
Inc. (“Moody’s”) rating. Ratings below BBB by Standard & Poor’s or Baa by Moody’s are considered to be | |
below investment grade. | |
N/R | Not rated. |
(IF) | Inverse floating rate investment. |
Item 2. Controls and Procedures.
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.
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 Pennsylvania Municipal Value Fund
By (Signature and Title) /s/ Kevin J. McCarthy
Kevin J. McCarthy
Vice President and Secretary
Date September 29, 2009
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 September 29, 2009
By (Signature and Title) /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller (principal financial officer)
Date September 29, 2009