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:         1/31/15         
 
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
  
     
 
Nuveen Pennsylvania Municipal Value Fund (NPN)
  
 
January 31, 2015 (Unaudited)
  
 
Principal
Amount (000)
  
Description (1)
Optional Call
Provisions (2)
Ratings (3)
Value
   
LONG-TERM INVESTMENTS – 98.6% (100.0% of Total Investments)
      
           
   
MUNICIPAL BONDS – 98.6% (100.0% of Total Investments)
      
           
   
Consumer Staples – 4.1% (4.2% of Total Investments)
      
$ 650
  
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds,
No Opt. Call
Baa1
$ 840,457
   
Series 2001, 6.500%, 5/15/33
      
   
Education and Civic Organizations – 14.3% (14.5% of Total Investments)
      
400
  
Allegheny County Higher Education Building Authority, Pennsylvania, Revenue Bonds, Carnegie
No Opt. Call
AA–
485,088
   
Mellon University, Series 2013, 5.000%, 3/01/21
      
30
  
Dallas Area Municipal Authority, Pennsylvania, Revenue Bonds, Misericordia University, Series
5/24 at 100.00
Baa3
33,011
   
2014, 5.000%, 5/01/37
      
675
  
Delaware County Authority, Pennsylvania, Revenue Bonds, Neumann College, Series 2008,
10/18 at 100.00
BBB
767,927
   
6.000%, 10/01/30
      
500
  
Lehigh County General Purpose Authority, Pennsylvania, College Revenue Bonds, Muhlenberg
2/19 at 100.00
A+
545,090
   
College Project, Series 2009, 5.250%, 2/01/39
      
450
  
Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Arcadia
4/16 at 100.00
BBB
467,460
   
University, Series 2006, 5.000%, 4/01/36 – RAAI Insured
      
35
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Holy Family University,
9/23 at 100.00
BBB–
38,204
   
Series 2013A, 6.500%, 9/01/38
      
120
  
Pennsylvania Higher Educational Facilities Authority, Philadelphia University Refunding
6/23 at 100.00
BBB
131,548
   
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
A1
22,900
   
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
36,682
60
  
5.000%, 11/01/42
11/22 at 100.00
A3
68,869
75
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Widener University,
No Opt. Call
A–
86,373
   
Series 2013A, 5.500%, 7/15/38
      
100
  
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Philadelphia
6/20 at 100.00
BB–
103,643
   
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
113,481
   
2010, 5.000%, 11/01/40
      
2,600
  
Total Education and Civic Organizations
    
2,900,276
   
Health Care – 23.1% (23.4% of Total Investments)
      
650
  
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, University of
8/19 at 100.00
Aa3
752,889
   
Pittsburgh Medical Center, 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
38,763
   
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
683,268
   
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
111,139
100
  
Lycoming County Authority, Pennsylvania, Health System Revenue Bonds, Susquehanna Health
7/19 at 100.00
A–
111,016
   
System Project, Series 2009A, 5.750%, 7/01/39
      
5
  
Montgomery County Higher Education and Health Authority, Pennsylvania, Hospital Revenue Bonds,
6/19 at 100.00
A
5,545
   
Abington Memorial Hospital Obligated Group, Series 2009A, 5.125%, 6/01/33
      
500
  
Pennsylvania Economic Development Financing Authority, Health System Revenue Bonds , Albert
10/19 at 100.00
Baa2
592,640
   
Einstein Healthcare, Series 2009A, 6.250%, 10/15/23
      
100
  
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue
7/22 at 100.00
BB+
108,337
   
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–
1,216,580
   
2005, 5.000%, 12/01/29 – RAAI Insured
      
715
  
St. Mary Hospital Authority, Pennsylvania, Health System Revenue Bonds, Catholic Health East,
5/19 at 100.00
AA
846,467
   
Series 2009D, 6.250%, 11/15/34
      
100
  
West Shore Area Authority, Cumberland County, Pennsylvania, Hospital Revenue Bonds, Holy
1/21 at 100.00
AA
118,487
   
Spirit Hospital of the Sisters of Christian Charity Project, Series 2011, 6.250%, 1/01/31
      
100
  
West Shore Area Authority, Cumberland County, Pennsylvania, Hospital Revenue Bonds, Holy
1/22 at 100.00
A
115,679
   
Spirit Hospital of the Sisters of Christian Charity, Series 2011B, 5.750%, 1/01/41
      
4,205
  
Total Health Care
    
4,700,810
   
Housing/Multifamily – 4.7% (4.8% of Total Investments)
      
15
  
Chester County Industrial Development Authority, Pennsylvania, Student Housing Revenue
8/23 at 100.00
Baa3
16,139
   
Bonds, University Student Housing, LLC Project at West Chester University Series 2013A,
      
   
5.000%, 8/01/45
      
30
  
East Hempfield Township Industrial Development Authority, Pennsylvania, Student Services Inc –
No Opt. Call
BBB–
32,290
   
Student Housing Project at Millersville University, Series 2014, 5.000%, 7/01/46
      
50
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University
7/20 at 100.00
Baa3
55,402
   
Foundation Student Housing Project, Series 2010, 6.000%, 7/01/43
      
800
  
Pittsburgh Urban Redevelopment Authority, Pennsylvania, Multifamily Housing Revenue Bonds,
10/19 at 100.00
Aa1
856,304
   
Eva P. Mitchell Residence Project, Series 2009, 5.100%, 10/20/44
      
895
  
Total Housing/Multifamily
    
960,135
   
Housing/Single Family – 1.0% (1.0% 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+
55,756
25
  
3.650%, 10/01/37
No Opt. Call
AA+
25,731
35
  
3.700%, 10/01/42
No Opt. Call
AA+
35,705
50
  
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Tender Option
10/22 at 100.00
AA+
63,098
   
Bond Trust 2015-XF0066, 14.569%, 4/01/29 (Alternative Minimum Tax) (IF)
      
25
  
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Tender Option
10/22 at 100.00
AA+
28,633
   
Bonds Trust 3950, 10.813%, 4/01/33 (IF) (4)
      
190
  
Total Housing/Single Family
    
208,923
   
Long-Term Care – 4.7% (4.8% of Total Investments)
      
20
  
Lancaster County Hospital Authority, Pennsylvania, Health Center Revenue Bonds, Masonic
5/25 at 100.00
A
23,116
   
Villages Project, Series 2015, 5.000%, 11/01/35 (WI/DD, Settling 2/12/15)
      
55
  
Lancaster Industrial Development Authority, Pennsylvania, Revenue Bonds, Garden Spot Village
5/23 at 100.00
BBB
62,387
   
Project, Series 2013, 5.750%, 5/01/35
      
750
  
Montgomery County Industrial Development Authority, Pennsylvania, Retirement Communities
11/19 at 100.00
A–
876,788
   
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
      
825
  
Total Long-Term Care
    
962,291
   
Materials – 0.7% (0.7% of Total Investments)
      
140
  
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds,
11/24 at 100.00
N/R
145,394
   
National Gypsum Company, Refunding Series 2014, 5.500%, 11/01/44 (Alternative Minimum Tax)
      
   
Tax Obligation/General – 9.6% (9.8% of Total Investments)
      
220
  
Allegheny County, Pennsylvania, General Obligation Bonds, Series 2013C-72, 5.250%, 12/01/32
12/23 at 100.00
AA–
261,736
700
  
Bethel Park School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series
8/19 at 100.00
Aa2
807,184
   
2009, 5.100%, 8/01/33
      
115
  
Canon-McMillan School District, Washington County, Pennsylvania, General Obligation Bonds,
12/24 at 100.00
AA
134,313
   
Series 2014D, 5.000%, 12/15/39
      
145
  
Pine-Richland School District, Pennsylvania, General Obligation Bonds, Refunding Series 2014B,
11/24 at 100.00
AA–
151,123
   
3.375%, 11/01/33
      
15
  
Pittsburgh School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series
9/22 at 100.00
AA
17,896
   
2014A, 5.000%, 9/01/25 – BAM Insured
      
390
  
Pittsburgh, Pennsylvania, General Obligation Bonds, Series 2012B, 5.000%, 9/01/26
9/22 at 100.00
A+
463,304
70
  
Radnor Township School District, Delaware County, Pennsylvania, General Obligation Bonds,
2/18 at 100.00
Aa1
70,273
   
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
26,626
25
  
Scranton, Pennsylvania, General Obligation Bonds, Series 2012C, 7.250%, 9/01/22
No Opt. Call
N/R
25,658
1,705
  
Total Tax Obligation/General
    
1,958,113
   
Tax Obligation/Limited – 14.8% (15.0% of Total Investments)
      
25
  
Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue
5/22 at 100.00
Baa2
28,063
   
Bonds, Series 2012A, 5.000%, 5/01/35
      
120
  
Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.250%, 1/01/36
1/22 at 100.00
A
137,077
550
  
Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2009A, 5.750%, 12/01/34
12/19 at 100.00
BBB+
617,331
105
  
Monroe County Industrial Development Authority, Pennsylvania, Special Obligation Revenue
7/24 at 100.00
N/R
111,281
   
Bonds, Tobyhanna Township Project, Series 2014, 6.875%, 7/01/33
      
   
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–
625,913
100
  
5.000%, 12/01/38
12/19 at 100.00
AA–
110,025
100
  
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special
No Opt. Call
AA–
81,318
   
Revenue Bonds, Series 2014A, 0.000%, 12/01/37
      
750
  
Philadelphia Municipal Authority, Pennsylvania, Lease Revenue Bonds, Series 2009,
4/19 at 100.00
A+
879,270
   
6.500%, 4/01/34
      
865
  
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%,
No Opt. Call
BBB
68,992
   
8/01/54 – AMBAC Insured
      
350
  
Southeastern Pennsylvania Transportation Authority, Capital Grant Receipts Bonds, Federal
No Opt. Call
A+
353,234
   
Transit Administration Section 5309 Fixed Guideway Modernization Formula Funds, Series 2011,
      
   
3.000%, 6/01/15
      
3,545
  
Total Tax Obligation/Limited
    
3,012,504
   
Transportation – 2.4% (2.4% of Total Investments)
      
240
  
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E,
1/20 at 100.00
A
272,726
   
5.000%, 1/01/40
      
140
  
Pennsylvania Economic Development Financing Authority, Parking System Revenue Bonds, Capitol
1/24 at 100.00
AA
161,409
   
Regon Parking System, Series 2013A, 5.250%, 1/01/44 – AGM Insured
      
50
  
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Lien, Refunding Series
12/19 at 100.00
A–
56,868
   
2010B-1, 5.000%, 12/01/37
      
430
  
Total Transportation
    
491,003
   
U.S. Guaranteed – 5.7% (5.7% of Total Investments) (5)
      
5
  
Allegheny County Hospital Development Authority, Pennsylvania, Hospital Revenue Bonds,
No Opt. Call
AA+ (5)
5,160
   
Allegheny Valley Hospital-Sublessee, Series 1982Q, 7.000%, 8/01/15 (ETM)
      
1,075
  
Harrisburg Parking Authority, Dauphin County, Pennsylvania, Guaranteed Parking Revenue Bonds,
11/16 at 100.00
N/R (5)
1,147,466
   
Series 2007R, 4.250%, 5/15/21 (Pre-refunded 11/15/16) – SYNCORA GTY Insured
      
1,080
  
Total U.S. Guaranteed
    
1,152,626
   
Utilities – 3.8% (3.9% of Total Investments)
      
750
  
Chester County Industrial Development Authority, Pennsylvania, Water Facilities Revenue Bonds,
2/17 at 100.00
AA–
777,173
   
Aqua Pennsylvania Inc. Project, Series 2007A, 5.000%, 2/01/40 – FGIC Insured (Alternative
      
   
Minimum Tax)
      
   
Water and Sewer – 9.7% (9.8% of Total Investments)
      
175
  
Bucks County Water and Sewer Authority, Pennsylvania, Revenue Bonds, Tender Option Bond Trust
No Opt. Call
AA
253,078
   
4015, 13.538%, 12/01/19 – AGM Insured (IF) (4)
      
200
  
Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, City of Allentown
12/23 at 100.00
A
234,298
   
Concession, Series 2013A, 5.125%, 12/01/47
      
   
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2009A:
      
750
  
5.250%, 1/01/32
1/19 at 100.00
A1
846,878
500
  
5.250%, 1/01/36
1/19 at 100.00
A1
564,385
60
  
Robinson Township Municipal Authority, Allegheny County, Pennsylvania, Water and Sewer Revenue
11/19 at 100.00
AA
61,364
   
Bonds, Series 2014, 4.000%, 5/15/40 – BAM Insured
      
1,685
  
Total Water and Sewer
    
1,960,003
$ 18,700
  
Total Long-Term Investments (cost $17,241,747)
    
20,069,708
   
Other Assets Less Liabilities – 1.4%
    
284,100
   
Net Assets Applicable to Common Shares – 100%
    
$ 20,353,808
 
 
 
 
 
 
 
Fair Value Measurements
 
Fair value is defined as the price that would be received 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
$ —
$20,069,708
$ —
$20,069,708
 
 
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 January 31, 2015, the cost of investments was $17,069,346.
 
Gross unrealized appreciation and gross unrealized depreciation of investments as of January 31, 2015, were as follows:
   
Gross unrealized:
  
Appreciation
$3,000,362
Depreciation
—
Net unrealized appreciation (depreciation) of investments
$3,000,362
 
(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.
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:         April 1, 2015        
 
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:         April 1, 2015        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date:         April 1, 2015