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	Portfolio of Investments (Unaudited)
	Nuveen Pennsylvania Municipal Value Fund (NPN)
	January 31, 2010
Principal		Optional Call
Amount (000)	Description (1)	Provisions (2)	Ratings (3)	Value
	Consumer Staples – 3.5% (3.5% of Total Investments)
$     650	District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds,	No Opt. Call	BBB	$    645,294
	Series 2001, 6.500%, 5/15/33
	Education and Civic Organizations – 10.8% (10.9% of Total Investments)
345	Chester County Health and Education Facilities Authority, Pennsylvania, College Revenue Bonds,	4/10 at 100.00	BB+	345,290
	Immaculata College, Series 1998, 5.250%, 10/15/10
675	Delaware County Authority, Pennsylvania, Revenue Bonds, Neumann College, Series 2008,	10/18 at 100.00	BBB	699,381
	6.000%, 10/01/30
500	Lehigh County General Purpose Authority College Revenue Bonds, Pennsylvania, Muhlenberg	2/19 at 100.00	A+	507,165
	College Project, Series of 2009, 5.250%, 2/01/39
500	Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Arcadia	4/16 at 100.00	N/R	444,595
	University, Series 2006, 5.000%, 4/01/36 – RAAI Insured
2,020	Total Education and Civic Organizations			1,996,431
	Health Care – 27.1% (27.4% of Total Investments)
750	Allegheny County Hospital Development Authority, Pennsylvania, University of Pittsburgh	No Opt. Call	Aa3	762,788
	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	772,268
	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	315,469
	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	346,136
	5.750%, 11/15/37
500	Pennsylvania Economic Development Financing Authority Health System Revenue Bonds Albert	No Opt. Call	A3	527,490
	Einstein Healthcare Network Issue, Series 2009A, 6.250%, 10/15/23
250	Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital	5/10 at 100.00	BBB	250,010
	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–	1,022,194
	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	806,820
	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+	208,862
	Obligated Group, Series 2009, 6.625%, 2/15/32
5,100	Total Health Care			5,012,037
	Housing/Multifamily – 4.3% (4.4% of Total Investments)
800	Pittsburgh Urban Redevelopment Authority, Pennsylvania, Multifamily Housing Revenue Bonds, Eva	10/19 at 100.00	Aaa	801,760
	P. Mithcell Residence Project, Series 2009, 5.100%, 10/20/44
	Housing/Single Family – 4.4% (4.4% of Total Investments)
800	Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2009-105-C,	4/19 at 100.00	AA+	808,744
	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	BBB+	794,415
	Revenue Bonds, ACTS Retirement – Life Communities, Inc. Obligated Group, Series 2009A-1,
	6.250%, 11/15/29
	Tax Obligation/General – 3.9% (3.9% of Total Investments)
700	Bethel Park School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series	8/19 at 100.00	A1	714,266
	of 2009, 5.100%, 8/01/33
	Tax Obligation/Limited – 16.5% (16.7% 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–	557,788
1,075	Harrisburg Parking Authority, Dauphin County, Pennsylvania, Guaranteed Parking Revenue Bonds,	11/16 at 100.00	N/R	924,575
	Series 2007R, 4.250%, 5/15/21 – SYNCORA GTY Insured
750	Philadelphia Municipal Authority, Philadelphia, Pennsylvania, Lease Revenue Bonds, Series	No Opt. Call	Baa1	791,775
	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+	774,668
	2009A, 6.000%, 8/01/42
3,125	Total Tax Obligation/Limited			3,048,806
	Transportation – 5.1% (5.2% of Total Investments)
750	Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Parking Revenue	6/10 at 100.00	N/R	750,000
	Bonds, Series 2001A, 5.300%, 12/01/21 – AMBAC Insured
30	Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds,	1/13 at 100.00	Baa3	26,702
	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	168,464
	Series 2003B, 5.000%, 1/01/33 – AMBAC Insured
980	Total Transportation			945,166
	Utilities – 3.5% (3.6% of Total Investments)
655	Delaware County Industrial Development Authority, Pennsylvania, Resource Recovery Revenue	7/10 at 100.00	BB+	655,203
	Refunding Bonds, Series 1997A, 6.100%, 7/01/13
	Water and Sewer – 15.4% (15.6% of Total Investments)
750	Chester County Industrial Development Authority, Pennsylvania, Water Facilities Revenue Bonds,	2/17 at 100.00	AA–	710,993
	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+	851,985
	Bonds, Tender Option Bond Trust 3484, 17.764%, 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	776,430
500	5.250%, 1/01/36	1/19 at 100.00	A	510,330
2,750	Total Water and Sewer			2,849,738
$     18,330	Total Investments (cost $17,087,088) – 98.8%			18,271,860
	Other Assets Less Liabilities – 1.2%			224,366
	Net Assets Applicable to Common Shares – 100%			$ 18,496,226

 

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 January 31, 2010:

 

	Level 1	Level 2	Level 3	Total
Investments:
Municipal Bonds	$ —	$18,271,860	$ —	$18,271,860

 

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 January 31, 2010, the cost of investments was $17,063,493.

 

Gross unrealized appreciation and gross unrealized depreciation of investments at January 31, 2010, were as follows:

 

Gross unrealized:
Appreciation	$1,217,078
Depreciation	(8,711)
Net unrealized appreciation (depreciation) of investments	$1,208,367

(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.