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:         7/31/13         
 
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, 2013
      
 
 
Principal
    
Optional Call
    
Amount (000)
  
Description (1)
Provisions (2)
Ratings (3)
Value
   
Consumer Staples – 3.7% (3.8% of Total Investments)
      
$ 650
  
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds,
No Opt. Call
Baa1
$ 695,110
   
Series 2001, 6.500%, 5/15/33
      
   
Education and Civic Organizations – 14.4% (14.7% of Total Investments)
      
400
  
Allegheny County Higher Education Building Authority, Pennsylvania, Revenue Bonds, Carnegie
No Opt. Call
AA–
469,356
   
Mellon University, Series 2013, 5.000%, 3/01/21
      
675
  
Delaware County Authority, Pennsylvania, Revenue Bonds, Neumann College, Series 2008,
10/18 at 100.00
BBB
699,597
   
6.000%, 10/01/30
      
500
  
Lehigh County General Purpose Authority, Pennsylvania, College Revenue Bonds, Muhlenberg
2/19 at 100.00
A+
513,195
   
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+
482,865
   
University, Series 2006, 5.000%, 4/01/36 – RAAI Insured
      
120
  
Pennsylvania Higher Educational Facilities Authority, Philadelphia University Refunding
6/23 at 100.00
BBB
118,122
   
Revenue Bonds, Refunding Series 2013, 5.000%, 6/01/32
      
20
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson
9/22 at 100.00
A+
20,291
   
University, Series 2012, 5.000%, 3/01/42
      
   
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of the
      
   
Sciences in Philadelphia, Series 2012:
      
35
  
4.000%, 11/01/39
11/22 at 100.00
A3
30,096
60
  
5.000%, 11/01/42
11/22 at 100.00
A3
60,128
50
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Widener University,
1/14 at 100.00
A–
50,153
   
Series 2003, 5.400%, 7/15/36
      
50
  
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, MaST Charter
8/20 at 100.00
BBB+
51,936
   
School Project, Series 2010, 6.000%, 8/01/35
      
100
  
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Philadelphia
6/20 at 100.00
BB–
99,926
   
Performing Arts Charter School, Series 2013, 6.750%, 6/15/43
      
100
  
Wilkes-Barre Finance Authority, Pennsylvania, Revenue Bonds, University of Scranton, Series
11/20 at 100.00
A
101,450
   
2010, 5.000%, 11/01/40
      
2,610
  
Total Education and Civic Organizations
    
2,697,115
   
Health Care – 22.7% (23.2% of Total Investments)
      
650
  
Allegheny County Hospital Development Authority, Pennsylvania, University of Pittsburgh
8/19 at 100.00
Aa3
690,411
   
Medical Center Revenue Bonds, Series 2009A, 5.500%, 8/15/34
      
35
  
Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle Health
6/22 at 100.00
A
33,831
   
System Project, Series 2012A, 5.000%, 6/01/42
      
600
  
Geisinger Authority, Montour County, Pennsylvania, Health System Revenue Bonds, Geisinger
6/19 at 100.00
AA
612,636
   
Health System, Series 2009A, 5.250%, 6/01/39
      
100
  
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A,
11/17 at 100.00
A
103,615
   
5.750%, 11/15/37
      
100
  
Lycoming County Authority, Pennsylvania, Health System Revenue Bonds, Susquehanna Health
7/19 at 100.00
A–
102,689
   
System Project, Series 2009A, 5.750%, 7/01/39
      
500
  
Pennsylvania Economic Development Financing Authority, Health System Revenue Bonds, Albert
10/19 at 100.00
BBB+
541,570
   
Einstein Healthcare, Series 2009A, 6.250%, 10/15/23
      
100
  
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital
7/22 at 100.00
BB+
88,532
   
Revenue 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
12/15 at 100.00
BBB–
1,179,550
   
2005, 5.000%, 12/01/29 – RAAI Insured
      
730
  
St. Mary Hospital Authority, Pennsylvania, Health System Revenue Bonds, Catholic Health East,
5/19 at 100.00
A+
781,553
   
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+
104,086
   
Spirit Hospital of the Sisters of Christian Charity, Series 2011B, 5.750%, 1/01/41
      
4,115
  
Total Health Care
    
4,238,473
   
Housing/Multifamily – 4.7% (4.8% of Total Investments)
      
15
  
Chester County Industrial Development Authority, Pennsylvania, Student Housing Revenue Bonds,
8/23 at 100.00
Baa3
13,692
   
University Student Housing, LLC Project at West Chester University Series 2013A, 5.000%, 8/01/45
      
50
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University
7/20 at 100.00
Baa3
51,971
   
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
Aa1
818,327
   
P. Mithcell Residence Project, Series 2009, 5.100%, 10/20/44
      
865
  
Total Housing/Multifamily
    
883,990
   
Housing/Single Family – 0.8% (0.8% of Total Investments)
      
   
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2012-114:
      
55
  
3.300%, 10/01/32
No Opt. Call
AA+
45,233
25
  
3.650%, 10/01/37
No Opt. Call
AA+
20,787
40
  
3.700%, 10/01/42
No Opt. Call
AA+
32,772
25
  
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Tender Option Bonds
10/22 at 100.00
AA+
14,229
   
Trust 3950, 10.776%, 4/01/33 (IF) (4)
      
50
  
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Tender Option Bonds
10/22 at 100.00
AA+
34,252
   
Trust 4296, 14.696%, 4/01/29 (Alternative Minimum Tax) (IF) (4)
      
195
  
Total Housing/Single Family
    
147,273
   
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–
808,574
   
Revenue Bonds, ACTS Retirement – Life Communities, Inc. Obligated Group, Series 2009A-1.
      
   
6.250%, 11/15/29
      
   
Tax Obligation/General – 8.1% (8.3% of Total Investments)
      
700
  
Bethel Park School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series
8/19 at 100.00
Aa2
760,060
   
2009, 5.100%, 8/01/33
      
150
  
Deer Lakes School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series
No Opt. Call
A1
154,161
   
2011A, 3.000%, 10/01/14 – AGM Insured
      
80
  
Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2011C, 3.000%, 9/01/13
No Opt. Call
Aa3
80,185
390
  
Pittsburgh, Pennsylvania, General Obligation Bonds, Series 2012B, 5.000%, 9/01/26
9/22 at 100.00
A1
422,846
70
  
Radnor Township School District, Delaware County, Pennsylvania, General Obligation Bonds,
2/18 at 100.00
Aa2
54,864
   
Series 2012, 3.000%, 2/15/34
      
25
  
Scranton, Pennsylvania, General Obligation Bonds, Series 2012A, 8.500%, 9/01/22
No Opt. Call
N/R
24,371
25
  
Scranton, Pennsylvania, General Obligation Bonds, Series 2012C, 7.250%, 9/01/22
No Opt. Call
N/R
23,084
1,440
  
Total Tax Obligation/General
    
1,519,571
   
Tax Obligation/Limited – 20.0% (20.4% of Total Investments)
      
25
  
Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue
5/22 at 100.00
Baa2
23,959
   
Bonds, Series 2012A, 5.000%, 5/01/35
      
240
  
Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.250%, 1/01/36
1/22 at 100.00
A
246,394
550
  
Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2009A, 5.750%, 12/01/34
12/19 at 100.00
BBB+
570,004
1,075
  
Harrisburg Parking Authority, Dauphin County, Pennsylvania, Guaranteed Parking Revenue Bonds,
11/16 at 100.00
N/R
967,295
   
Series 2007R, 4.250%, 5/15/21 – SYNCORA GTY Insured
      
750
  
Philadelphia Municipal Authority, Philadelphia, Pennsylvania, Lease Revenue Bonds, Series
4/19 at 100.00
A2
811,769
   
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+
750,750
   
2009A, 6.000%, 8/01/42
      
350
  
Southeastern Pennsylvania Transportation Authority, Capital Grant Receipts Bonds, Federal
No Opt. Call
A+
364,228
   
Transit Administration Section 5309 Fixed Guideway Modernization Formula Funds, Series 2011,
      
   
3.000%, 6/01/15
      
3,740
  
Total Tax Obligation/Limited
    
3,734,399
   
Transportation – 5.0% (5.1% of Total Investments)
      
240
  
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E,
1/20 at 100.00
A–
245,942
   
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
530,103
100
  
5.000%, 12/01/38
12/19 at 100.00
AA
101,456
50
  
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Lien, Refunding Series
12/19 at 100.00
A–
50,429
   
2010B-1, 5.000%, 12/01/37
      
970
  
Total Transportation
    
927,930
   
U.S. Guaranteed – 2.3% (2.3% of Total Investments) (5)
      
5
  
Allegheny County Hospital Development Authority, Pennsylvania, Hospital Revenue Bonds,
No Opt. Call
AA+ (5)
5,466
   
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
A1 (5)
210,672
   
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+ (5)
206,974
   
Obligated Group, Series 2009, 6.625%, 2/15/32 (Pre-refunded 2/18/14)
      
405
  
Total U.S. Guaranteed
    
423,112
   
Water and Sewer – 11.9% (12.2% of Total Investments)
      
175
  
Bucks County Water and Sewer Authority, Pennsylvania, Revenue Bonds, Tender Option Bond Trust
No Opt. Call
AA–
196,005
   
4015, 13.382%, 12/01/19 (IF) (4)
      
750
  
Chester County Industrial Development Authority, Pennsylvania, Water Facilities Revenue Bonds,
2/17 at 100.00
AA–
746,723
   
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
775,650
500
  
5.250%, 1/01/36
1/19 at 100.00
A1
513,475
2,175
  
Total Water and Sewer
    
2,231,853
$ 17,915
  
Total Investments (cost $17,188,446) – 97.9%
    
18,307,400
   
Other Assets Less Liabilities – 2.1%
    
388,190
   
Net Assets Applicable to Common Shares – 100%
    
$ 18,695,590
 
 
 
 
 
 
 

 
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
$ —
$18,307,400
$ —
$18,307,400
 
 
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.
 
As of July 31, 2013, the cost of investments was $17,068,876.
 
Gross unrealized appreciation and gross unrealized depreciation of investments as of July 31, 2013, were as follows:
 
   
Gross unrealized:
  
   Appreciation
$1,383,358
   Depreciation
(144,834)
Net unrealized appreciation (depreciation) of investments
$1,238,524
 
 
     
(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)
  
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. Certain bonds backed by U.S. Government or
   
agency securities are regarded as having an implied rating equal to the rating of such securities.
(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 27, 2013        
 
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 27, 2013        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date:         September 27, 2013