nq2.htm



 
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:         7/31/10         
 
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, 2010
      
Principal
    
Optional Call
    
Amount (000)
  
Description (1)
Provisions (2)
Ratings (3)
Value
   
Consumer Staples – 3.3% (3.4% of Total Investments)
      
$            650 
  
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, 
No Opt. Call 
BBB 
$            626,028 
   
Series 2001, 6.500%, 5/15/33 
      
   
Education and Civic Organizations – 11.1% (11.3% of Total Investments)
      
345 
  
Chester County Health and Education Facilities Authority, Pennsylvania, College Revenue Bonds, 
No Opt. Call 
BB+ 
345,576 
   
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 
716,047 
   
6.000%, 10/01/30 
      
500 
  
Lehigh County General Purpose Authority, Pennsylvania, College Revenue Bonds, Muhlenberg 
2/19 at 100.00 
A+ 
513,450 
   
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+ 
468,405 
   
University, Series 2006, 5.000%, 4/01/36 – RAAI Insured 
      
50 
  
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, MaST Charter 
8/20 at 100.00 
BBB+ 
50,751 
   
School Project, Series 2010, 6.000%, 8/01/35 
      
2,070 
  
Total Education and Civic Organizations 
    
2,094,229 
   
Health Care – 26.9% (27.5% of Total Investments)
      
750 
  
Allegheny County Hospital Development Authority, Pennsylvania, University of Pittsburgh Medical 
No Opt. Call 
Aa3 
771,495 
   
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 
779,498 
   
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 
331,429 
   
System, Series 2006, 5.000%, 8/01/24 
      
350 
  
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A, 5.750%, 11/15/37 
11/17 at 100.00 
A 
348,058 
500 
  
Pennsylvania Economic Development Financing Authority, Health System Revenue Bonds , Albert 
No Opt. Call 
Baa1 
538,665 
   
Einstein Healthcare, Series 2009A, 6.250%, 10/15/23 
      
250 
  
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital 
11/10 at 100.00 
BBB 
250,000 
   
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– 
1,049,985 
   
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 
823,800 
   
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+ 
209,368 
   
Obligated Group, Series 2009, 6.625%, 2/15/32 
      
5,100 
  
Total Health Care 
    
5,102,298 
   
Housing/Multifamily – 4.6% (4.7% of Total Investments)
      
50 
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University 
No Opt. Call 
BBB– 
50,706 
   
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 
814,072 
   
P. Mithcell Residence Project, Series 2009, 5.100%, 10/20/44 
      
850 
  
Total Housing/Multifamily 
    
864,778 
   
Housing/Single Family – 4.3% (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+ 
820,312 
   
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+ 
794,340 
   
Revenue Bonds, ACTS Retirement – Life Communities, Inc. Obligated Group, Series 2009A-1, 
      
   
6.250%, 11/15/29 
      
   
Tax Obligation/General – 3.8% (3.9% of Total Investments)
      
700 
  
Bethel Park School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series 
8/19 at 100.00 
Aa2 
724,521 
   
2009, 5.100%, 8/01/33 
      
   
Tax Obligation/Limited – 16.5% (16.9% 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– 
566,566 
1,075 
  
Harrisburg Parking Authority, Dauphin County, Pennsylvania, Guaranteed Parking Revenue Bonds, 
11/16 at 100.00 
N/R 
937,142 
   
Series 2007R, 4.250%, 5/15/21 – SYNCORA GTY Insured 
      
750 
  
Philadelphia Municipal Authority, Philadelphia, Pennsylvania, Lease Revenue Bonds, Series 
No Opt. Call 
A1 
812,385 
   
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+ 
806,085 
   
2009A, 6.000%, 8/01/42 
      
3,125 
  
Total Tax Obligation/Limited 
    
3,122,178 
   
Transportation – 4.7% (4.8% of Total Investments)
      
240 
  
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 
1/20 at 100.00 
A– 
244,049 
   
5.000%, 1/01/40 
      
580 
  
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Motor License 
No Opt. Call 
Aa3 
442,285 
   
Special Fund, Series 2010A-2, 0.000%, 12/01/34 
      
30 
  
Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, 
1/13 at 100.00 
Baa3 
27,451 
   
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 
173,300 
   
Series 2003B, 5.000%, 1/01/33 – AMBAC Insured 
      
1,050 
  
Total Transportation 
    
887,085 
   
Utilities – 2.7% (2.7% of Total Investments)
      
505 
  
Delaware County Industrial Development Authority, Pennsylvania, Resource Recovery Revenue 
1/11 at 100.00 
BB+ 
505,581 
   
Refunding Bonds, Series 1997A, 6.100%, 7/01/13 
      
   
Water and Sewer – 15.7% (16.1% of Total Investments)
      
750 
  
Chester County Industrial Development Authority, Pennsylvania, Water Facilities Revenue Bonds, 
2/17 at 100.00 
AA– 
751,853 
   
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 
AAA 
910,230 
   
Bonds, Tender Option Bond Trust 3484, 17.752%, 6/15/33 (IF) 
      
   
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2009A: 
      
750 
  
5.250%, 1/01/32 
1/19 at 100.00 
A1 
788,760 
500 
  
5.250%, 1/01/36 
1/19 at 100.00 
A1 
522,280 
2,750 
  
Total Water and Sewer 
    
2,973,123 
$         18,350 
  
Total Investments (cost $16,988,088) – 97.8% 
    
18,514,473 
   
Other Assets Less Liabilities – 2.2% 
    
416,467 
   
Net Assets Applicable to Common Shares – 100% 
    
$        18,930,940 
 
 
 
 
 
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 methodologies 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, 2010:
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments: 
                        
Municipal Bonds 
   $ —     $ 18,514,473     $ —     $ 18,514,473  
 
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 as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.
 
At July 31, 2010, the cost of investments was $16,947,885.
 
Gross unrealized appreciation and gross unrealized depreciation of investments at July 31, 2010, were as follows:
       
Gross unrealized: 
      
Appreciation 
   $ 1,566,588  
Depreciation 
     —  
Net unrealized appreciation (depreciation) of investments 
   $ 1,566,588  

(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 Investor 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. 
N/R 
  
Not rated. 
(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 29, 2010        
 
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, 2010        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date         September 29, 2010