Portfolio of Investments (Unaudited)
|
|||||
Nuveen Pennsylvania Municipal Value Fund (NPN)
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|||||
January 31, 2012
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Principal
|
Optional Call
|
||||
Amount (000)
|
Description (1)
|
Provisions (2)
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Ratings (3)
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Value
|
|
Consumer Staples – 3.6% (3.6% of Total Investments)
|
|||||
$ 650
|
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds,
|
No Opt. Call
|
Baa1
|
$ 706,407
|
|
Series 2001, 6.500%, 5/15/33
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|||||
Education and Civic Organizations – 10.0% (10.2% of Total Investments)
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|||||
675
|
Delaware County Authority, Pennsylvania, Revenue Bonds, Neumann College, Series 2008,
|
10/18 at 100.00
|
BBB
|
725,875
|
|
6.000%, 10/01/30
|
|||||
500
|
Lehigh County General Purpose Authority, Pennsylvania, College Revenue Bonds, Muhlenberg
|
2/19 at 100.00
|
A+
|
555,710
|
|
College Project, Series 2009, 5.250%, 2/01/39
|
|||||
500
|
Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Arcadia
|
4/16 at 100.00
|
BBB+
|
505,395
|
|
University, Series 2006, 5.000%, 4/01/36 – RAAI Insured
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|||||
50
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Widener University,
|
7/13 at 100.00
|
BBB+
|
50,875
|
|
Series 2003, 5.400%, 7/15/36
|
|||||
50
|
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Mast Charter
|
8/20 at 100.00
|
BBB+
|
55,157
|
|
School Project, Series 2010, 6.000%, 8/01/35
|
|||||
100
|
Wilkes-Barre Finance Authority, Pennsylvania, Revenue Bonds, University of Scranton, Series
|
11/20 at 100.00
|
A
|
108,353
|
|
2010, 5.000%, 11/01/40
|
|||||
1,875
|
Total Education and Civic Organizations
|
2,001,365
|
|||
Health Care – 24.4% (24.7% of Total Investments)
|
|||||
650
|
Allegheny County Hospital Development Authority, Pennsylvania, University of Pittsburgh Medical
|
No Opt. Call
|
Aa3
|
721,611
|
|
Center Revenue Bonds, Series 2009A, 5.500%, 8/15/34
|
|||||
600
|
Geisinger Authority, Montour County, Pennsylvania, Health System Revenue Bonds, Geisinger
|
6/19 at 100.00
|
AA
|
652,596
|
|
Health System, Series 2009A, 5.250%, 6/01/39
|
|||||
205
|
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A, 5.750%, 11/15/37
|
11/17 at 100.00
|
A
|
223,307
|
|
100
|
Lycoming County Athority, Pennsylvania, Health System Revenue Bonds, Susquehanna Health System
|
7/19 at 100.00
|
BBB+
|
104,816
|
|
Project, Series 2009, 5.750%, 7/01/39
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|||||
500
|
Pennsylvania Economic Development Financing Authority, Health System Revenue Bonds , Albert
|
No Opt. Call
|
Baa1
|
559,375
|
|
Einstein Healthcare, Series 2009A, 6.250%, 10/15/23
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|||||
235
|
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital
|
5/12 at 100.00
|
BBB–
|
235,155
|
|
Revenue Bonds, Temple University Hospital, Series 1993A, 6.625%, 11/15/23
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|||||
1,200
|
Southcentral Pennsylvania General Authority, Revenue Bonds, Hanover Hospital Inc., Series
|
12/15 at 100.00
|
BBB–
|
1,205,603
|
|
2005, 5.000%, 12/01/29 – RAAI Insured
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|||||
740
|
St. Mary Hospital Authority, Pennsylvania, Health System Revenue Bonds, Catholic Health East,
|
5/19 at 100.00
|
A
|
851,125
|
|
Series 2009D, 6.250%, 11/15/34
|
|||||
100
|
West Shore Area Authority, Cumberland County, Pennsylvania, Hospital Revenue Bonds, Holy
|
1/22 at 100.00
|
BBB+
|
105,924
|
|
Spirit Hospital of the Sisters of Christian Charity, Series 2011B, 5.750%, 1/01/41
|
|||||
200
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc.
|
2/14 at 100.00
|
A+
|
209,878
|
|
Obligated Group, Series 2009, 6.625%, 2/15/32
|
|||||
4,530
|
Total Health Care
|
4,869,390
|
|||
Housing/Multifamily – 4.5% (4.5% of Total Investments)
|
|||||
50
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University
|
No Opt. Call
|
BBB–
|
52,941
|
|
Foundation Student Housing Project, Series 2010, 6.000%, 7/01/43
|
|||||
800
|
Pittsburgh Urban Redevelopment Authority, Pennsylvania, Multifamily Housing Revenue Bonds, Eva
|
10/19 at 100.00
|
Aaa
|
837,968
|
|
P. Mithcell Residence Project, Series 2009, 5.100%, 10/20/44
|
|||||
850
|
Total Housing/Multifamily
|
890,909
|
|||
Housing/Single Family – 4.2% (4.2% of Total Investments)
|
|||||
800
|
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2009-105-C,
|
4/19 at 100.00
|
AA+
|
834,680
|
|
5.000%, 10/01/39
|
|||||
Long-Term Care – 4.2% (4.3% of Total Investments)
|
|||||
750
|
Montgomery County Industrial Development Authority, Pennsylvania, Retirement Communities
|
11/19 at 100.00
|
BBB+
|
841,762
|
|
Revenue Bonds, ACTS Retirement – Life Communities, Inc. Obligated Group, Series 2009A-1,
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|||||
6.250%, 11/15/29
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|||||
Tax Obligation/General – 9.2% (9.3% of Total Investments)
|
|||||
700
|
Bethel Park School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series 2009,
|
8/19 at 100.00
|
Aa2
|
809,823
|
|
5.100%, 8/01/33
|
|||||
100
|
Conewago Valley School District, Adams County, Pennsylvania, General Obligation Bonds, Series
|
No Opt. Call
|
Aa2
|
101,474
|
|
2008AA, 3.000%, 9/01/12 – AGC Insured
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|||||
Deer Lakes School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series 2011A:
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|||||
100
|
3.000%, 10/01/13 – AGM Insured
|
No Opt. Call
|
Aa3
|
103,702
|
|
150
|
3.000%, 10/01/14 – AGM Insured
|
No Opt. Call
|
Aa3
|
157,854
|
|
200
|
Hazleton Area School District, Luzerne County, Pennsylvania, General Obligation Bonds, Series 2004,
|
9/14 at 100.00
|
Aa3
|
211,794
|
|
5.125%, 3/01/28 – AGM Insured
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|||||
80
|
Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2011C, 3.000%, 9/01/13
|
No Opt. Call
|
Aa2
|
82,420
|
|
290
|
Pittsburgh, Pennsylvania, General Obligation Bonds, Series 2012B, 5.000%, 9/01/26 (WI/DD,
|
9/22 at 100.00
|
A1
|
326,340
|
|
Settling 2/28/12) – AGM Insured
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|||||
45
|
Williamsport Area School District, Lycoming County, Pennsylvania, General Obligation Bonds,
|
No Opt. Call
|
AA–
|
45,111
|
|
Series 2009A, 1.100%, 8/15/12 – AGC Insured
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|||||
1,665
|
Total Tax Obligation/General
|
1,838,518
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Tax Obligation/Limited – 19.3% (19.5% of Total Investments)
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|||||
240
|
Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.250%, 1/01/36
|
1/22 at 100.00
|
A
|
267,996
|
|
550
|
Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2009A, 5.750%, 12/01/34
|
12/19 at 100.00
|
BBB–
|
588,000
|
|
1,075
|
Harrisburg Parking Authority, Dauphin County, Pennsylvania, Guaranteed Parking Revenue Bonds,
|
11/16 at 100.00
|
N/R
|
927,875
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|
Series 2007R, 4.250%, 5/15/21 – SYNCORA GTY Insured
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|||||
750
|
Philadelphia Municipal Authority, Philadelphia, Pennsylvania, Lease Revenue Bonds, Series
|
No Opt. Call
|
A2
|
832,725
|
|
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+
|
849,742
|
|
2009A, 6.000%, 8/01/42
|
|||||
350
|
Southeastern Pennsylvania Transportation Authority, Capital Grant Receipts Bonds, Federal Transit
|
No Opt. Call
|
A+
|
370,346
|
|
Administration Section 5309 Fixed Guideway Modernization Forumal Funds, Series 2011,
|
|||||
3.000%, 6/01/15
|
|||||
3,715
|
Total Tax Obligation/Limited
|
3,836,684
|
|||
Transportation – 5.8% (5.9% of Total Investments)
|
|||||
240
|
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E,
|
1/20 at 100.00
|
A–
|
257,402
|
|
5.000%, 1/01/40
|
|||||
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue
|
|||||
Bonds, Series 2010A:
|
|||||
580
|
0.000%, 12/01/34
|
12/20 at 100.00
|
AA
|
510,881
|
|
100
|
5.000%, 12/01/38
|
No Opt. Call
|
Aa3
|
109,299
|
|
50
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Lien, Refunding Series
|
12/19 at 100.00
|
A–
|
52,729
|
|
2009B-1, 5.000%, 12/01/37
|
|||||
30
|
Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds,
|
1/13 at 100.00
|
Baa3
|
26,786
|
|
Series 2003A, 5.000%, 1/01/28 – AMBAC Insured (Alternative Minimum Tax)
|
|||||
200
|
Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds,
|
1/13 at 100.00
|
Baa3
|
199,606
|
|
Series 2003B, 5.000%, 1/01/33 – AMBAC Insured
|
|||||
1,200
|
Total Transportation
|
1,156,703
|
|||
U.S. Guaranteed – 0.0% (0.0% of Total Investments) (4)
|
|||||
5
|
Allegheny County Hospital Development Authority, Pennsylvania, Hospital Revenue Bonds,
|
No Opt. Call
|
AA+ (4)
|
5,879
|
|
Allegheny Valley Hospital – Sublessee, Series 1982Q, 7.000%, 8/01/15 (ETM)
|
|||||
Utilities – 1.7% (1.7% of Total Investments)
|
|||||
340
|
Delaware County Industrial Development Authority, Pennsylvania, Resource Recovery Revenue
|
7/12 at 100.00
|
Ba1
|
341,268
|
|
Refunding Bonds, Series 1997A, 6.100%, 7/01/13 (Mandatory put 1/01/13)
|
|||||
Water and Sewer – 12.0% (12.1% of Total Investments)
|
|||||
175
|
Bucks County Water and Sewer Authority, Pennsylvania, Revenue Bonds, Tender Option Bond Trust
|
No Opt. Call
|
AA–
|
245,392
|
|
4015, 13.342%, 12/01/19 (IF) (5)
|
|||||
750
|
Chester County Industrial Development Authority, Pennsylvania, Water Facilities Revenue Bonds,
|
2/17 at 100.00
|
AA–
|
780,413
|
|
Aqua Pennsylvania Inc. Project, Series 2007A, 5.000%, 2/01/40 – FGIC Insured (Alternative
|
|||||
Minimum Tax)
|
|||||
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2009A:
|
|||||
750
|
5.250%, 1/01/32
|
1/19 at 100.00
|
A1
|
825,390
|
|
500
|
5.250%, 1/01/36
|
1/19 at 100.00
|
A1
|
542,925
|
|
2,175
|
Total Water and Sewer
|
2,394,120
|
|||
$ 18,555
|
Total Investments (cost $17,575,734) – 98.9%
|
19,717,685
|
|||
Other Assets Less Liabilities – 1.1%
|
213,847
|
||||
Net Assets Applicable to Common Shares – 100%
|
$ 19,931,532
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Investments:
|
|||||||||||||||
Municipal Bonds
|
$ | — | $ | 19,717,685 | $ | — | $ | 19,717,685 |
Gross unrealized:
|
|||
Appreciation
|
$ | 2,220,476 | |
Depreciation
|
— | ||
Net unrealized appreciation (depreciation) of investments
|
$ | 2,220,476 |
(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)
|
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.
|
||
(5)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for
|
|
investments in inverse floating rate transactions.
|
||
N/R
|
Not rated.
|
|
WI/DD
|
Purchased on a when-issued or delayed delivery basis.
|
|
(ETM)
|
Escrowed to maturity.
|
|
(IF)
|
Inverse floating rate investment.
|
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.
|