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:         1/31/16         
 
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, 2016 (Unaudited)
      
 
 
Principal
    
Optional Call
    
Amount (000)
  
Description (1)
Provisions (2)
Ratings (3)
Value
   
LONG-TERM INVESTMENTS – 99.5% (100.0% of Total Investments)
      
           
   
MUNICIPAL BONDS – 99.5% (100.0% of Total Investments)
      
           
   
Consumer Staples – 4.0% (4.1% of Total Investments)
      
$ 650
  
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds,
No Opt. Call
Baa1
$ 812,214
   
Series 2001, 6.500%, 5/15/33
      
   
Education and Civic Organizations – 5.8% (5.9% of Total Investments)
      
30
  
Dallas Area Municipal Authority, Pennsylvania, Revenue Bonds, Misericordia University, Series
5/24 at 100.00
Baa3
32,408
   
2014, 5.000%, 5/01/37
      
500
  
Lehigh County General Purpose Authority, Pennsylvania, College Revenue Bonds, Muhlenberg
2/19 at 100.00
A+
540,325
   
College Project, Series 2009, 5.250%, 2/01/39
      
35
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Holy Family University,
9/23 at 100.00
BBB–
38,552
   
Series 2013A, 6.500%, 9/01/38
      
120
  
Pennsylvania Higher Educational Facilities Authority, Philadelphia University Refunding Revenue
6/23 at 100.00
BBB
130,907
   
Bonds, Refunding Series 2013, 5.000%, 6/01/32
      
20
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson University,
9/22 at 100.00
A1
22,362
   
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
36,235
60
  
5.000%, 11/01/42
11/22 at 100.00
A3
67,169
75
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Widener University,
No Opt. Call
A–
85,673
   
Series 2013A, 5.500%, 7/15/38
      
100
  
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Philadelphia
6/20 at 100.00
BB–
107,382
   
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–
112,500
   
2010, 5.000%, 11/01/40
      
1,075
  
Total Education and Civic Organizations
    
1,173,513
   
Health Care – 14.6% (14.6% of Total Investments)
      
650
  
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, University of
8/19 at 100.00
Aa3
728,884
   
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
38,429
   
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
662,256
   
Health System, Series 2009A, 5.250%, 6/01/39
      
100
  
Lycoming County Authority, Pennsylvania, Health System Revenue Bonds, Susquehanna Health
7/19 at 100.00
A–
108,725
   
System Project, Series 2009A, 5.750%, 7/01/39
      
5
  
Montgomery County Higher Education and Health Authority, Pennsylvania, Hospital Revenue
6/19 at 100.00
A
5,448
   
Bonds, Abington Memorial Hospital Obligated Group, Series 2009A, 5.125%, 6/01/33
      
200
  
Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue
1/25 at 100.00
Baa2
220,650
   
Bonds, Albert Einstein Healthcare Network Issue, Series 2015A, 5.250%, 1/15/45
      
100
  
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue
7/22 at 100.00
BBB–
108,413
   
Bonds, Temple University Health System Obligated Group, Series 2012A, 5.625%, 7/01/42
      
710
  
St. Mary Hospital Authority, Pennsylvania, Health System Revenue Bonds, Catholic Health East,
5/19 at 100.00
AA
811,331
   
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
119,826
   
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
AA
117,845
   
Spirit Hospital of the Sisters of Christian Charity, Series 2011B, 5.750%, 1/01/41
      
2,600
  
Total Health Care
    
2,921,807
   
Housing/Multifamily – 5.2% (5.2% of Total Investments)
      
15
  
Chester County Industrial Development Authority, Pennsylvania, Student Housing Revenue Bonds,
8/23 at 100.00
Baa3
15,783
   
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–
31,502
   
Student Housing Project at Millersville University, Series 2014, 5.000%, 7/01/46
      
100
  
East Hempfield Township Industrial Development Authority, Pennsylvania, Student Services Inc. –
7/25 at 100.00
BBB–
105,466
   
Student Housing Project at Millersville University, Series 2015, 5.000%, 7/01/47
      
50
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University
7/20 at 100.00
Baa3
54,087
   
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
838,024
   
P. Mitchell Residence Project, Series 2009, 5.100%, 10/20/44
      
995
  
Total Housing/Multifamily
    
1,044,862
   
Housing/Single Family – 3.4% (3.4% 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+
55,509
25
  
3.650%, 10/01/37
No Opt. Call
AA+
25,449
30
  
3.700%, 10/01/42
No Opt. Call
AA+
30,121
130
  
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2015-116B,
10/24 at 100.00
AA+
131,612
   
4.000%, 4/01/45
      
330
  
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2015-118B,
4/25 at 100.00
AA+
339,398
   
4.100%, 10/01/45
      
50
  
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Tender Option
10/22 at 100.00
AA+
64,210
   
Bond Trust 2015-XF0066, 14.518%, 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+
27,437
   
Bonds Trust 2015-XF0109, 10.634%, 4/01/33 (IF) (4)
      
645
  
Total Housing/Single Family
    
673,736
   
Long-Term Care – 6.0% (6.0% of Total Investments)
      
   
Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social
      
   
Ministries Project, Series 2015:
      
120
  
4.000%, 1/01/33
1/25 at 100.00
BBB+
121,481
135
  
5.000%, 1/01/38
1/25 at 100.00
BBB+
148,391
20
  
Lancaster County Hospital Authority, Pennsylvania, Health Center Revenue Bonds, Masonic
5/25 at 100.00
A
22,958
   
Villages Project, Series 2015, 5.000%, 11/01/35
      
55
  
Lancaster Industrial Development Authority, Pennsylvania, Revenue Bonds, Garden Spot Village
5/23 at 100.00
BBB
61,612
   
Project, Series 2013, 5.750%, 5/01/35
      
750
  
Montgomery County Industrial Development Authority, Pennsylvania, Retirement Communities
11/19 at 100.00
A–
851,610
   
Revenue Bonds, ACTS Retirement – Life Communities, Inc. Obligated Group, Series 2009A-1,
      
   
6.250%, 11/15/29
      
1,080
  
Total Long-Term Care
    
1,206,052
   
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
146,622
   
National Gypsum Company, Refunding Series 2014, 5.500%, 11/01/44 (Alternative Minimum Tax)
      
   
Tax Obligation/General – 10.4% (10.5% of Total Investments)
      
220
  
Allegheny County, Pennsylvania, General Obligation Bonds, Series 2013C-72, 5.250%, 12/01/32
12/23 at 100.00
AA–
261,782
700
  
Bethel Park School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series
8/19 at 100.00
Aa2
787,920
   
2009, 5.100%, 8/01/33
      
45
  
Boyertown Area School District, Berks and Montgomery Counties, Pennsylvania, General
4/24 at 100.00
AA
51,654
   
Obligation Bonds, Series 2015, 5.000%, 10/01/38
      
115
  
Canon-McMillan School District, Washington County, Pennsylvania, General Obligation Bonds,
12/24 at 100.00
AA
132,516
   
Series 2014D, 5.000%, 12/15/39
      
195
  
Lehighton Area School District, Carbon County, Pennsylvania, General Obligation Bonds, Limited
11/23 at 100.00
AA
220,327
   
Tax Series 2015A, 5.000%, 11/15/43 – BAM Insured
      
15
  
Pittsburgh School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series
9/22 at 100.00
AA
17,727
   
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+
458,546
   
Pocono Mountain School District, Monroe County, Pennsylvania, General Obligation Bonds,
      
   
Refunding Series 2016:
      
25
  
3.125%, 9/01/32 – AGM Insured
9/25 at 100.00
AA
25,300
45
  
3.300%, 9/01/34 – AGM Insured
9/25 at 100.00
AA
45,681
35
  
Radnor Township School District, Delaware County, Pennsylvania, General Obligation Bonds,
2/18 at 100.00
Aa1
35,497
   
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
26,361
25
  
Scranton, Pennsylvania, General Obligation Bonds, Series 2012C, 7.250%, 9/01/22
No Opt. Call
N/R
25,742
1,835
  
Total Tax Obligation/General
    
2,089,053
   
Tax Obligation/Limited – 13.0% (13.0% of Total Investments)
      
25
  
Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue
5/22 at 100.00
Baa2
26,917
   
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
134,410
550
  
Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2009A, 5.750%, 12/01/34
12/19 at 100.00
BBB+
615,021
105
  
Monroe County Industrial Development Authority, Pennsylvania, Special Obligation Revenue
7/24 at 100.00
N/R
110,791
   
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
  
5.500%, 12/01/34
12/20 at 100.00
AA–
672,069
100
  
5.000%, 12/01/38
12/19 at 100.00
AA–
111,598
100
  
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special
No Opt. Call
AA–
83,896
   
Revenue Bonds, Series 2014A, 0.000%, 12/01/37
      
750
  
Philadelphia Municipal Authority, Pennsylvania, Lease Revenue Bonds, Series 2009, 6.500%, 4/01/34
4/19 at 100.00
A+
853,350
2,330
  
Total Tax Obligation/Limited
    
2,608,052
   
Transportation – 6.0% (6.0% of Total Investments)
      
240
  
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E,
1/20 at 100.00
A
267,701
   
5.000%, 1/01/40
      
140
  
Pennsylvania Economic Development Financing Authority, Parking System Revenue Bonds, Capitol
1/24 at 100.00
AA
157,231
   
Region Parking System, Series 2013A, 5.250%, 1/01/44 – AGM Insured
      
175
  
Pennsylvania Economic Development Financing Authority, Private Activity Revenue Bonds,
6/26 at 100.00
BBB
192,925
   
Pennsylvania Rapid Bridge Replacement Project, Series 2015, 5.000%, 6/30/42 (Alternative
      
   
Minimum Tax)
      
460
  
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015B, 5.000%, 12/01/45
12/25 at 100.00
A1
523,981
50
  
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Lien, Refunding Series
12/19 at 100.00
A–
55,799
   
2010B-1, 5.000%, 12/01/37
      
1,065
  
Total Transportation
    
1,197,637
   
U.S. Guaranteed – 14.5% (14.6% of Total Investments) (5)
      
675
  
Delaware County Authority, Pennsylvania, Revenue Bonds, Neumann College, Series 2008, 6.000%,
10/18 at 100.00
BBB (5)
767,124
   
10/01/30 (Pre-refunded 10/01/18)
      
975
  
Harrisburg Parking Authority, Dauphin County, Pennsylvania, Guaranteed Parking Revenue Bonds,
11/16 at 100.00
N/R (5)
1,004,715
   
Series 2007R, 4.250%, 5/15/21 (Pre-refunded 11/15/16) – SYNCORA GTY Insured
      
100
  
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A, 5.750%, 11/15/37
11/17 at 100.00
A (5)
108,937
   
(Pre-refunded 11/15/17)
      
450
  
Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Arcadia
4/16 at 100.00
AA (5)
453,717
   
University, Series 2006, 5.000%, 4/01/36 (Pre-refunded 4/01/16) – RAAI Insured
      
500
  
Pennsylvania Economic Development Financing Authority, Health System Revenue Bonds , Albert
10/19 at 100.00
Baa2 (5)
577,220
   
Einstein Healthcare, Series 2009A, 6.250%, 10/15/23 (Pre-refunded 10/15/19)
      
2,700
  
Total U.S. Guaranteed
    
2,911,713
   
Utilities – 5.9% (5.9% of Total Investments)
      
750
  
Chester County Industrial Development Authority, Pennsylvania, Water Facilities Revenue Bonds,
2/17 at 100.00
AA–
763,478
   
Aqua Pennsylvania Inc. Project, Series 2007A, 5.000%, 2/01/40 – FGIC Insured (Alternative
      
   
Minimum Tax)
      
170
  
Delaware County Industrial Development Authority, Pennsylvania, Revenue Bonds, Covanta Project,
7/20 at 100.00
Ba2
172,450
   
Refunding Series 2015A, 5.000%, 7/01/43
      
100
  
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Refunding
9/25 at 100.00
Ba3
105,814
   
Bonds, PPL Energy Supply, LLC Project, Series 2009A, 6.400%, 12/01/38
      
125
  
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Refunding Thirteenth Series 2015,
8/25 at 100.00
A–
147,630
   
5.000%, 8/01/30
      
1,145
  
Total Utilities
    
1,189,372
   
Water and Sewer – 10.0% (10.1% of Total Investments)
      
175
  
Bucks County Water and Sewer Authority, Pennsylvania, Revenue Bonds, Tender Option Bond Trust
No Opt. Call
AA
248,164
   
2015-XF0123, 13.038%, 12/01/19 – AGM Insured (IF) (4)
      
70
  
Easton, Pennsylvania, Area Joint Sewer Authority, Water and Sewer Revenue Bonds, Series 2015,
12/23 at 100.00
AA
70,410
   
3.125%, 12/01/33 – BAM Insured
      
30
  
Findlay Township Municipal Authority, Allegheny County, Pennsylvania, Revenue Bonds, Series
12/20 at 100.00
AA
29,423
   
2015, 3.125%, 12/15/32 – BAM Insured
      
200
  
Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown Concession,
12/23 at 100.00
A
228,238
   
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
826,935
500
  
5.250%, 1/01/36
1/19 at 100.00
A1
551,140
60
  
Robinson Township Municipal Authority, Allegheny County, Pennsylvania, Water and Sewer
11/19 at 100.00
AA
60,566
   
Revenue Bonds, Series 2014, 4.000%, 5/15/40 – BAM Insured
      
1,785
  
Total Water and Sewer
    
2,014,876
$ 18,045
  
Total Long-Term Investments (cost $17,733,411)
    
19,989,509
   
Other Assets Less Liabilities – 0.5%
    
90,399
   
Net Assets Applicable to Common Shares – 100%
    
$ 20,079,908
 
 
 
 
 
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 needs, 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 risk 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
$ —
$19,989,509
$ —
$19,989,509
 
 
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, 2016, the cost of investments was $17,588,961.
 
Gross unrealized appreciation and gross unrealized depreciation of investments as of January 31, 2016, were as follows:
   
Gross unrealized:
  
   Appreciation
$2,401,084
   Depreciation
(536)
Net unrealized appreciation (depreciation) of investments
$2,400,548
 
     
(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. 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. Such investments are normally considered to
   
be equivalent to AAA rated securities.
(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:         March 31, 2016        
 
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:         March 31, 2016        
 
By (Signature and Title) /s/ Stephen D. Foy                         
 
     Stephen D. Foy
     Vice President and Controller (principal financial officer)
                                                                                         
Date:         March 31, 2016