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 811-22273
 
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:         7/31/12         
 
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 Pennsylvania Municipal Value Fund (NPN) 
      
   
July 31, 2012 
      
Principal 
    
Optional Call 
    
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Consumer Staples – 3.5% (3.6% of Total Investments) 
      
$     650 
  
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, 
No Opt. Call 
Baa1 
$     712,628 
   
Series 2001, 6.500%, 5/15/33 
      
   
Education and Civic Organizations – 9.9% (10.2% of Total Investments) 
      
675 
  
Delaware County Authority, Pennsylvania, Revenue Bonds, Neumann College, Series 2008, 
10/18 at 100.00 
BBB 
734,245 
   
6.000%, 10/01/30 
      
500 
  
Lehigh County General Purpose Authority, Pennsylvania, College Revenue Bonds, Muhlenberg 
2/19 at 100.00 
A+ 
551,240 
   
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+ 
510,195 
   
University, Series 2006, 5.000%, 4/01/36 – RAAI Insured 
      
50 
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Widener University, Series 
7/13 at 100.00 
A– 
51,692 
   
2003, 5.400%, 7/15/36 
      
50 
  
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, MaST Charter 
8/20 at 100.00 
BBB+ 
56,515 
   
School Project, Series 2010, 6.000%, 8/01/35 
      
100 
  
Wilkes-Barre Finance Authority, Pennsylvania, Revenue Bonds, University of Scranton, Series 2010, 
11/20 at 100.00 
A 
110,701 
   
5.000%, 11/01/40 
      
1,875 
  
Total Education and Civic Organizations 
    
2,014,588 
   
Health Care – 22.1% (22.8% of Total Investments) 
      
650 
  
Allegheny County Hospital Development Authority, Pennsylvania, University of Pittsburgh Medical 
8/19 at 100.00 
Aa3 
737,633 
   
Center Revenue Bonds, Series 2009A, 5.500%, 8/15/34 
      
25 
  
Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle Health 
6/22 at 100.00 
A 
27,004 
   
System Project, Series 2012, 5.000%, 6/01/42 (WI/DD, Settling 8/07/12) 
      
600 
  
Geisinger Authority, Montour County, Pennsylvania, Health System Revenue Bonds, Geisinger 
6/19 at 100.00 
AA 
668,892 
   
Health System, Series 2009A, 5.250%, 6/01/39 
      
100 
  
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A, 5.750%, 11/15/37 
11/17 at 100.00 
A 
109,533 
100 
  
Lycoming County Athority, Pennsylvania, Health System Revenue Bonds, Susquehanna Health 
7/19 at 100.00 
A– 
110,067 
   
System Project, Series 2009, 5.750%, 7/01/39 
      
500 
  
Pennsylvania Economic Development Financing Authority, Health System Revenue Bonds , Albert 
10/19 at 100.00 
Baa1 
570,325 
   
Einstein Healthcare, Series 2009A, 6.250%, 10/15/23 
      
100 
  
Philadelphia Hospitals and Higher Education Facilities Authoirty, Pennsylvania, Hospital Revenue 
7/22 at 100.00 
BBB– 
104,795 
   
Bonds, Temple University Health System Obligated Group, Series 2012A, 5.625%, 7/01/42 
      
1,200 
  
Southcentral Pennsylvania General Authority, Revenue Bonds, Hanover Hospital Inc., Series 2005, 
12/15 at 100.00 
BBB– 
1,211,458 
   
5.000%, 12/01/29 – RAAI Insured 
      
740 
  
St. Mary Hospital Authority, Pennsylvania, Health System Revenue Bonds, Catholic Health East, 
5/19 at 100.00 
A+ 
856,890 
   
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+ 
113,154 
   
Spirit Hospital of the Sisters of Christian Charity, Series 2011B, 5.750%, 1/01/41 
      
4,115 
  
Total Health Care 
    
4,509,751 
   
Housing/Multifamily – 4.5% (4.6% of Total Investments) 
      
50 
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University 
7/20 at 100.00 
BBB– 
56,186 
   
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 
862,464 
   
P. Mithcell Residence Project, Series 2009, 5.100%, 10/20/44 
      
850 
  
Total Housing/Multifamily 
    
918,650 
   
Housing/Single Family – 4.2% (4.3% of Total Investments) 
      
800 
  
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2009-105-C, 
4/19 at 100.00 
AA+ 
855,544 
   
5.000%, 10/01/39 
      
   
Long-Term Care – 4.3% (4.4% of Total Investments) 
      
750 
  
Montgomery County Industrial Development Authority, Pennsylvania, Retirement Communities 
11/19 at 100.00 
A– 
872,460 
   
Revenue Bonds, ACTS Retirement – Life Communities, Inc. Obligated Group, Series 2009A-1. 
      
   
$16,990,000 Gainesville and Hall County Development Authority (Georgia), 6.250%, 11/15/29 
      
   
Tax Obligation/General – 8.1% (8.4% of Total Investments) 
      
700 
  
Bethel Park School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series 
8/19 at 100.00 
Aa2 
840,028 
   
2009, 5.100%, 8/01/33 
      
100 
  
Conewago Valley School District, Adams County, Pennsylvania, General Obligation Bonds, Series 
No Opt. Call 
Aa2 
100,215 
   
2008AA, 3.000%, 9/01/12 – AGC Insured 
      
   
Deer Lakes School District, Allegheny County, Pennsylvania, General Obligation Bonds, 
      
   
Series 2011A: 
      
100 
  
3.000%, 10/01/13 – AGM Insured 
No Opt. Call 
Aa3 
102,780 
150 
  
3.000%, 10/01/14 – AGM Insured 
No Opt. Call 
Aa3 
157,113 
80 
  
Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2011C, 
No Opt. Call 
AA 
82,350 
   
3.000%, 9/01/13 
      
290 
  
Pittsburgh, Pennsylvania, General Obligation Bonds, Series 2012B, 5.000%, 9/01/26 
9/22 at 100.00 
A1 
334,622 
45 
  
Williamsport Area School District, Lycoming County, Pennsylvania, General Obligation Bonds, 
No Opt. Call 
AA– 
45,009 
   
Series 2009A, 1.100%, 8/15/12 – AGC Insured 
      
1,465 
  
Total Tax Obligation/General 
    
1,662,117 
   
Tax Obligation/Limited – 19.4% (20.0% of Total Investments) 
      
240 
  
Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.250%, 1/01/36 
1/22 at 100.00 
A 
269,446 
550 
  
Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2009A, 5.750%, 12/01/34 
12/19 at 100.00 
BBB+ 
618,613 
1,075 
  
Harrisburg Parking Authority, Dauphin County, Pennsylvania, Guaranteed Parking Revenue Bonds, 
11/16 at 100.00 
N/R 
981,206 
   
Series 2007R, 4.250%, 5/15/21 – SYNCORA GTY Insured 
      
750 
  
Philadelphia Municipal Authority, Philadelphia, Pennsylvania, Lease Revenue Bonds, Series 2009, 
4/19 at 100.00 
A2 
873,263 
   
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+ 
849,353 
   
2009A, 6.000%, 8/01/42 
      
350 
  
Southeastern Pennsylvania Transportation Authority, Capital Grant Receipts Bonds, Federal Transit 
No Opt. Call 
A+ 
370,129 
   
Administration Section 5309 Fixed Guideway Modernization Forumal Funds, Series 2011, 
      
   
3.000%, 6/01/15 
      
3,715 
  
Total Tax Obligation/Limited 
    
3,962,010 
   
Transportation – 5.9% (6.1% of Total Investments) 
      
240 
  
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 
1/20 at 100.00 
A– 
264,235 
   
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 
546,000 
100 
  
5.000%, 12/01/38 
12/19 at 100.00 
AA 
110,885 
50 
  
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Lien, Refunding Series 
12/19 at 100.00 
A– 
54,122 
   
2009B-1, 5.000%, 12/01/37 
      
30 
  
Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, 
1/13 at 100.00 
Baa3 
28,796 
   
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 
200,070 
   
Series 2003B, 5.000%, 1/01/33 – AMBAC Insured 
      
1,200 
  
Total Transportation 
    
1,204,108 
   
U.S. Guaranteed – 2.2% (2.3% of Total Investments) (4) 
      
5 
  
Allegheny County Hospital Development Authority, Pennsylvania, Hospital Revenue Bonds, 
No Opt. Call 
AA+ (4) 
5,745 
   
Allegheny Valley Hospital – Sublessee, Series 1982Q, 7.000%, 8/01/15 (ETM) 
      
200 
  
Hazleton Area School District, Luzerne County, Pennsylvania, General Obligation Bonds, Series 
9/14 at 100.00 
Aa3 (4) 
219,916 
   
2004, 5.125%, 3/01/28 (Pre-refunded 9/01/14) – AGM Insured 
      
200 
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc. 
2/14 at 100.00 
A+ (4) 
219,322 
   
Obligated Group, Series 2009, 6.625%, 2/15/32 (Pre-refunded 2/18/14) 
      
405 
  
Total U.S. Guaranteed 
    
444,983 
   
Utilities – 0.9% (0.9% of Total Investments) 
      
180 
  
Delaware County Industrial Development Authority, Pennsylvania, Resource Recovery Revenue 
10/12 at 100.00 
Ba1 
180,745 
   
Refunding Bonds, Series 1997A, 6.100%, 7/01/13 (Mandatory put 1/01/13) 
      
   
Water and Sewer – 12.0% (12.4% of Total Investments) 
      
175 
  
Bucks County Water and Sewer Authority, Pennsylvania, Revenue Bonds, Tender Option Bond Trust 
No Opt. Call 
AA– 
255,514 
   
4015, 13.220%, 12/01/19 (IF) (5) 
      
750 
  
Chester County Industrial Development Authority, Pennsylvania, Water Facilities Revenue Bonds, 
2/17 at 100.00 
AA– 
791,828 
   
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 
844,785 
500 
  
5.250%, 1/01/36 
1/19 at 100.00 
A1 
556,415 
2,175 
  
Total Water and Sewer 
    
2,448,542 
$ 18,180 
  
Total Investments (cost $17,252,055) – 97.0% 
    
19,786,126 
   
Other Assets Less Liabilities – 3.0% 
    
607,016 
   
Net Assets Applicable to Common Shares – 100% 
    
$ 20,393,142 
 

 
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 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, prepayment speeds, credit risk, etc.).
 
    Level 3 – Prices are determined using 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 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 
$ — 
$19,786,126 
$ — 
$19,786,126 
 
 
The Nuveen funds’ Board of Directors/Trustees is responsible for the valuation process and has delegated the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board of Directors/Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the funds’ pricing policies, and reporting to the Board of Directors/Trustees. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
 
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.
 
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors/Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board of Directors/Trustees.
 
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 July 31, 2012, the cost of investments was $17,161,144.
 
Gross unrealized appreciation and gross unrealized depreciation of investments at July 31, 2012, were as follows:
 
   
Gross unrealized: 
  
Appreciation 
$2,624,982 
Depreciation 
— 
Net unrealized appreciation (depreciation) of investments 
$2,624,982 
 
 
     
(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 
  
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis. 
(ETM) 
  
Escrowed to maturity. 
(IF) 
  
Inverse floating rate investment. 
 
 
 
 
 
 
 
 
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 Pennsylvania Municipal Value Fund 
 
By (Signature and Title)     /s/ Kevin J. McCarthy                    
                                                   Kevin J. McCarthy
                                                   Vice President and Secretary
 
Date:         September 28, 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:         September 28, 2012        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date:         September 28, 2012