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:          1/31/14         
 
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)
     
   
January 31, 2014
     
 
 
Principal
   
Optional Call
   
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
Value
   
LONG-TERM INVESTMENTS 97.7% (100.0% of Total Investments)
     
   
MUNICIPAL BONDS – 97.7% (100.0% of Total Investments)
     
   
Consumer Staples – 3.6% (3.7% of Total Investments)
     
$ 650
 
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds,
No Opt. Call
Baa1
$ 688,695
   
Series 2001, 6.500%, 5/15/33
     
   
Education and Civic Organizations – 14.6% (14.9% of Total Investments)
     
400
 
Allegheny County Higher Education Building Authority, Pennsylvania, Revenue Bonds, Carnegie
No Opt. Call
AA–
475,280
   
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
703,445
   
6.000%, 10/01/30
     
500
 
Lehigh County General Purpose Authority, Pennsylvania, College Revenue Bonds, Muhlenberg
2/19 at 100.00
A+
519,005
   
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
469,075
   
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–
35,174
   
Series 2013A, 6.500%, 9/01/38
     
120
 
Pennsylvania Higher Educational Facilities Authority, Philadelphia University Refunding
6/23 at 100.00
BBB
122,369
   
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+
20,483
   
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
31,716
60
 
5.000%, 11/01/42
11/22 at 100.00
A3
61,469
75
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Widener University,
No Opt. Call
A–
77,057
   
Series 2013A, 5.500%, 7/15/38
     
50
 
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, MaST Charter
8/20 at 100.00
BBB+
52,874
   
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–
100,117
   
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
102,847
   
2010, 5.000%, 11/01/40
     
2,670
 
Total Education and Civic Organizations
   
2,770,911
   
Health Care – 23.2% (23.8% of Total Investments)
     
650
 
Allegheny County Hospital Development Authority, Pennsylvania, University of Pittsburgh Medical
8/19 at 100.00
Aa3
711,646
   
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
35,282
   
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
622,962
   
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
104,338
100
 
Lycoming County Authority, Pennsylvania, Health System Revenue Bonds, Susquehanna Health
7/19 at 100.00
A–
103,181
   
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+
546,410
   
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+
85,520
   
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–
1,204,294
   
2005, 5.000%, 12/01/29 – RAAI Insured
     
720
 
St. Mary Hospital Authority, Pennsylvania, Health System Revenue Bonds, Catholic Health East,
5/19 at 100.00
Aa2
795,218
   
Series 2009D, 6.250%, 11/15/34
     
100
 
West Shore Area Authority, Cumberland County, Pennsylvania, Hospital Revenue Bonds, Holy
1/21 at 100.00
BBB+
108,566
   
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
BBB+
104,517
   
Spirit Hospital of the Sisters of Christian Charity, Series 2011B, 5.750%, 1/01/41
     
4,205
 
Total Health Care
   
4,421,934
   
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
13,573
   
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
49,860
   
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
823,303
   
Eva P. Mitchell Residence Project, Series 2009, 5.100%, 10/20/44
     
865
 
Total Housing/Multifamily
   
886,736
   
Housing/Single Family – 0.9% (0.9% 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+
47,192
25
 
3.650%, 10/01/37
No Opt. Call
AA+
21,854
40
 
3.700%, 10/01/42
No Opt. Call
AA+
34,394
25
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Tender Option Bonds
10/22 at 100.00
AA+
17,733
   
Trust 3950, 10.876%, 4/01/33 (IF) (4)
     
50
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Tender Option Bonds
10/22 at 100.00
AA+
43,290
   
Trust 4296, 14.838%, 4/01/29 (Alternative Minimum Tax) (IF) (4)
     
195
 
Total Housing/Single Family
   
164,463
   
Long-Term Care – 4.5% (4.5% of Total Investments)
     
55
 
Lancaster Industrial Development Authority, Pennsylvania, Revenue Bonds, Garden Spot Village
5/23 at 100.00
BBB
56,583
   
Project, Series 2013, 5.750%, 5/01/35
     
750
 
Montgomery County Industrial Development Authority, Pennsylvania, Retirement Communities
11/19 at 100.00
A–
804,329
   
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
     
805
 
Total Long-Term Care
   
860,912
   
Tax Obligation/General – 8.9% (9.2% of Total Investments)
     
220
 
Allegheny County, Pennsylvania, General Obligation Bonds, Series 2013C-72, 5.250%, 12/01/32
12/23 at 100.00
AA–
234,694
700
 
Bethel Park School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series
8/19 at 100.00
Aa2
778,029
   
2009, 5.100%, 8/01/33
     
150
 
Deer Lakes School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series
No Opt. Call
A1
152,532
   
2011A, 3.000%, 10/01/14 – AGM Insured
     
390
 
Pittsburgh, Pennsylvania, General Obligation Bonds, Series 2012B, 5.000%, 9/01/26
9/22 at 100.00
A+
432,884
70
 
Radnor Township School District, Delaware County, Pennsylvania, General Obligation Bonds,
2/18 at 100.00
Aa2
57,777
   
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
24,105
25
 
Scranton, Pennsylvania, General Obligation Bonds, Series 2012C, 7.250%, 9/01/22
No Opt. Call
N/R
22,872
1,580
 
Total Tax Obligation/General
   
1,702,893
   
Tax Obligation/Limited – 11.0% (11.3% of Total Investments)
     
25
 
Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue
5/22 at 100.00
Baa2
23,880
   
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
248,873
550
 
Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2009A, 5.750%, 12/01/34
12/19 at 100.00
BBB+
579,271
750
 
Philadelphia Municipal Authority, Pennsylvania, Lease Revenue Bonds, Series 2009, 6.500%, 4/01/34
4/19 at 100.00
A+
824,114
865
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%,
No Opt. Call
AA–
56,095
   
8/01/54 – AMBAC Insured
     
350
 
Southeastern Pennsylvania Transportation Authority, Capital Grant Receipts Bonds, Federal Transit
No Opt. Call
A+
361,526
   
Administration Section 5309 Fixed Guideway Modernization Formula Funds, Series 2011,
     
   
3.000%, 6/01/15
     
2,780
 
Total Tax Obligation/Limited
   
2,093,759
   
Transportation – 5.8% (5.9% of Total Investments)
     
240
 
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E,
1/20 at 100.00
A
249,384
   
5.000%, 1/01/40
     
140
 
Pennsylvania Economic Development Financing Authority, Parking System Revenue Bonds, Capitol
1/24 at 100.00
AA–
141,666
   
Region Parking System, Series 2013A, 5.250%, 1/01/44 – AGM Insured
     
   
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
549,272
100
 
5.000%, 12/01/38
12/19 at 100.00
AA
103,494
50
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Lien, Refunding Series
12/19 at 100.00
A–
51,203
   
2010B-1, 5.000%, 12/01/37
     
1,110
 
Total Transportation
   
1,095,019
   
U.S. Guaranteed – 7.3% (7.5% of Total Investments) (5)
     
5
 
Allegheny County Hospital Development Authority, Pennsylvania, Hospital Revenue Bonds,
No Opt. Call
AA+ (5)
5,328
   
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)
1,183,112
   
Series 2007R, 4.250%, 5/15/21 (Pre-refunded 11/15/16) – SYNCORA GTY Insured
     
200
 
Hazleton Area School District, Luzerne County, Pennsylvania, General Obligation Bonds, Series
9/14 at 100.00
A1 (5)
205,758
   
2004, 5.125%, 3/01/28 (Pre-refunded 9/01/14) – AGM Insured
     
1,280
 
Total US Guaranteed
   
1,394,198
   
Water and Sewer – 13.2% (13.5% of Total Investments)
     
175
 
Bucks County Water and Sewer Authority, Pennsylvania, Revenue Bonds, Tender Option Bond Trust
No Opt. Call
AA
212,349
   
4015, 13.498%, 12/01/19 – AGM Insured (IF) (4)
     
750
 
Chester County Industrial Development Authority, Pennsylvania, Water Facilities Revenue Bonds,
2/17 at 100.00
AA–
759,263
   
Aqua Pennsylvania Inc. Project, Series 2007A, 5.000%, 2/01/40 – FGIC Insured (Alternative
     
   
Minimum Tax)
     
200
 
Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, City of Allentown
12/23 at 100.00
A
203,082
   
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
798,848
500
 
5.250%, 1/01/36
1/19 at 100.00
A1
529,575
2,375
 
Total Water and Sewer
   
2,503,117
$ 18,515
 
Total Long-Term Investments (cost $17,027,826)
   
18,582,637
   
Other Assets Less Liabilities - 2.3%
   
441,093
   
Net Assets Applicable to Common Shares- 100%
   
$ 19,023,730
 

 
 
 
 
Fair Value Measurements
 
Fair value is defined as the price that the Funds 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
$ —
$18,582,637
$ —
$18,582,637
 
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, 2014, the cost of investments was $16,891,181.
 
Gross unrealized appreciation and gross unrealized depreciation of investments as of January 31, 2014, were as follows:
   
Gross unrealized:
 
   Appreciation
$1,786,962
   Depreciation
(95,506)
Net unrealized appreciation (depreciation) of investments
$1,691,456
 
 
(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:          April 1, 2014        
 
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, 2014        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date:          April 1, 2014        
 

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