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 811-6265
 
Nuveen Pennsylvania Investment Quality Municipal 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 Investment Quality Municipal Fund (NQP)
      
   
January 31, 2014
      
 
 
 
Principal
    
Optional Call
    
Amount (000)
  
Description (1)
Provisions (2)
Ratings (3)
Value
   
LONG-TERM INVESTMENTS 156.5% (100.0% of Total Investments)
      
   
MUNICIPAL BONDS – 156.5% (100.0% of Total Investments)
      
   
Consumer Staples – 0.5% (0.3% of Total Investments)
      
$ 1,000
  
Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds,
No Opt. Call
AA–
$ 1,133,000
   
Procter & Gamble Paper Project, Series 2001, 5.375%, 3/01/31 (Alternative Minimum Tax)
      
   
Education and Civic Organizations – 23.0% (14.7% of Total Investments)
      
200
  
Allegheny County Higher Education Building Authority, Pennsylvania, College Revenue Refunding
No Opt. Call
Baa3
211,190
   
Bonds, Robert Morris College, Series 1998A, 6.000%, 5/01/28
      
1,095
  
Allegheny County Higher Education Building Authority, Pennsylvania, Revenue Bonds, Carnegie
3/22 at 100.00
AA–
1,259,491
   
Mellon University, Series 2012A, 5.000%, 3/01/24
      
1,235
  
Allegheny County Higher Education Building Authority, Pennsylvania, Revenue Bonds, Robert
2/16 at 100.00
Baa3
1,218,278
   
Morris University, Series 2006A, 4.750%, 2/15/26
      
   
Delaware County Authority, Pennsylvania, Revenue Bonds, Villanova University, Series 2006:
      
1,710
  
5.000%, 8/01/23 – AMBAC Insured
8/16 at 100.00
A+
1,876,332
840
  
5.000%, 8/01/24 – AMBAC Insured
8/16 at 100.00
A+
919,783
   
Erie Higher Education Building Authority, Pennsylvania, College Revenue Bonds, Gannon
      
   
University, Series 2007-GG3:
      
790
  
5.000%, 5/01/32 – RAAI Insured
5/17 at 100.00
N/R
784,802
250
  
5.000%, 5/01/35 – RAAI Insured
5/17 at 100.00
N/R
245,013
   
Indiana County Industrial Development Authority, Pennsylvania, Revenue Bonds, Student
      
   
Cooperative Association Inc./Indiana University of Pennsylvania – Student Union Project,
      
   
Series 1999B:
      
815
  
0.000%, 11/01/15 – AMBAC Insured
No Opt. Call
N/R
791,300
815
  
0.000%, 11/01/16 – AMBAC Insured
No Opt. Call
N/R
768,822
815
  
0.000%, 11/01/17 – AMBAC Insured
No Opt. Call
N/R
744,323
815
  
0.000%, 11/01/18 – AMBAC Insured
No Opt. Call
N/R
715,138
815
  
0.000%, 11/01/19 – AMBAC Insured
No Opt. Call
N/R
682,595
1,985
  
Lycoming County Authority, Pennsylvania, Revenue Bonds, Pennsylvania College of Technology,
5/22 at 100.00
A
2,065,829
   
Series 2012, 5.000%, 5/01/32
      
1,515
  
Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Arcadia
4/16 at 100.00
BBB
1,410,101
   
University, Series 2006, 4.500%, 4/01/30 – RAAI Insured
      
900
  
Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Arcadia
4/20 at 100.00
BBB
916,326
   
University, Series 2010, 5.625%, 4/01/40
      
355
  
New Wilmington, Pennsylvania, Revenue, Westminster College, Series 2007G, 5.125%, 5/01/33 –
5/17 at 100.00
N/R
355,391
   
RAAI Insured
      
620
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Holy Family University,
9/23 at 100.00
BBB–
623,081
   
Series 2013A, 6.500%, 9/01/38
      
2,175
  
Pennsylvania Higher Educational Facilities Authority, General Revenue Bonds, State System of
No Opt. Call
AA
2,551,710
   
Higher Education, Refunding Series 2012AN, 5.000%, 6/15/21
      
4,600
  
Pennsylvania Higher Educational Facilities Authority, General Revenue Bonds, State System of
6/18 at 100.00
AA
4,857,048
   
Higher Education, Series 2008AH, 5.000%, 6/15/33
      
1,900
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, AICUP Financing
11/21 at 100.00
A–
1,939,615
   
Program-Mount Aloysius College Project, Series 2011R-1, 5.000%, 11/01/35
      
1,435
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Allegheny College, Series
5/16 at 100.00
A–
1,461,103
   
2006, 4.750%, 5/01/31
      
2,650
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Drexel University, Series
11/17 at 100.00
A
2,725,923
   
2007A, 5.000%, 5/01/37 – NPFG Insured
      
750
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Drexel University, Series
5/21 at 100.00
A
787,493
   
2011A, 5.250%, 5/01/41
      
3,870
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Temple University, First
4/16 at 100.00
Aa3
4,221,009
   
Series of 2006, 5.000%, 4/01/21 – NPFG Insured
      
1,000
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson
3/20 at 100.00
A+
1,036,810
   
University, Series 2010, 5.000%, 3/01/40
      
300
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson
9/22 at 100.00
A+
307,242
   
University, Series 2012, 5.000%, 3/01/42
      
2,000
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of
7/15 at 100.00
AA+
2,084,840
   
Pennsylvania, Series 2005C, 5.000%, 7/15/38
      
   
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of the
      
   
Sciences in Philadelphia, Series 2012:
      
285
  
4.000%, 11/01/39
11/22 at 100.00
A3
258,256
910
  
5.000%, 11/01/42
11/22 at 100.00
A3
932,286
615
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Widener University,
No Opt. Call
A–
631,863
   
Series 2013A, 5.500%, 7/15/38
      
785
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, York College Project,
11/15 at 100.00
A
834,345
   
Series 2005EE1, 5.250%, 11/01/27 – SYNCORA GTY Insured
      
6,500
  
Pennsylvania State University, General Revenue Bonds, Series 2005, 5.000%, 9/01/29 (UB)
9/15 at 100.00
AA
6,866,275
600
  
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, MaST Charter
8/20 at 100.00
BBB+
634,482
   
School Project, Series 2010, 6.000%, 8/01/35
      
1,800
  
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Philadelphia
6/20 at 100.00
BB–
1,802,106
   
Performing Arts Charter School, Series 2013, 6.750%, 6/15/43
      
3,650
  
State Public School Building Authority, Pennsylvania, College Revenue Bonds, Northampton
3/21 at 100.00
A1
3,955,432
   
County Area Community College, Series 2011, 5.500%, 3/01/31
      
600
  
Wilkes-Barre Finance Authority, Pennsylvania, Revenue Bonds, University of Scranton, Series
11/20 at 100.00
A
617,082
   
2010, 5.000%, 11/01/40
      
51,995
  
Total Education and Civic Organizations
    
54,092,715
   
Health Care – 28.9% (18.5% of Total Investments)
      
   
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Ohio Valley
      
   
General Hospital, Series 2005A:
      
1,150
  
5.000%, 4/01/25
4/15 at 100.00
Ba3
1,019,452
1,555
  
5.125%, 4/01/35
4/15 at 100.00
Ba3
1,264,837
3,360
  
Beaver County Hospital Authority, Pennsylvania, Revenue Bonds, Heritage Valley Health System,
5/21 at 100.00
AA–
3,602,827
   
Inc., Series 2012, 5.000%, 5/15/26
      
1,400
  
Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Reading Hospital and Medical
5/22 at 100.00
AA
1,330,714
   
Center Project, Series 2012A, 4.500%, 11/01/41
      
890
  
Central Bradford Progress Authority, Pennsylvania, Revenue Bonds, Guthrie Health, Series 2011,
12/21 at 100.00
AA–
929,819
   
5.375%, 12/01/41
      
2,460
  
Centre County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Mount Nittany Medical
11/21 at 100.00
A–
2,833,920
   
Center Project, Series 2011, 7.000%, 11/15/46
      
1,595
  
Chester County Health and Educational Facilities Authority, Pennsylvania, Health System
5/20 at 100.00
AA
1,631,573
   
Revenue Bonds, Jefferson Health System, Series 2010A, 5.000%, 5/15/40
      
1,400
  
Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle Health
6/22 at 100.00
A
1,411,298
   
System Project, Series 2012A, 5.000%, 6/01/42
      
500
  
Doylestown Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Series 2013A,
7/23 at 100.00
BBB
510,905
   
5.000%, 7/01/28
      
1,300
  
Erie County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Saint Vincent Health
7/20 at 100.00
Ba2
1,353,586
   
Center Project, Series 2010A, 7.000%, 7/01/27
      
280
  
Erie County Hospital Authority, Pennsylvania, Revenue Bonds, Hamot Health Foundation, Series
11/17 at 100.00
Aa3
284,472
   
2007, 5.000%, 11/01/37 – CIFG Insured
      
3,335
  
Franklin County Industrial Development Authority, Pennsylvania, Revenue Bonds, Chambersburg
7/20 at 100.00
A+
3,417,475
   
Hospital Project, Series 2010, 5.375%, 7/01/42
      
515
  
Indiana County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Indiana Regional
6/23 at 100.00
Baa3
526,763
   
Medical Center, Series 2014A, 6.000%, 6/01/39
      
1,190
  
Lancaster County Hospital Authority, Pennsylvania, Health System Revenue Bonds, Lancaster
1/22 at 100.00
AA–
1,263,494
   
General Hospital Project, Tender Option Bond 4234, 13.949%, 1/01/36 (IF)
      
1,890
  
Lancaster County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, The Lancaster
3/17 at 100.00
AA–
2,025,305
   
General Hospital Project, Series 2007A, 5.000%, 3/15/26
      
   
Lebanon County Health Facilities Authority, Pennsylvania, Revenue Bonds, Good Samaritan
      
   
Hospital Project, Series 2002:
      
250
  
5.800%, 11/15/22
5/14 at 100.00
B+
249,980
2,800
  
5.900%, 11/15/28
5/14 at 100.00
B+
2,628,948
3,280
  
Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Lehigh Valley
7/18 at 100.00
AA–
3,342,287
   
Health Network, Series 2008A, 5.000%, 7/01/33 – AGM Insured
      
1,620
  
Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Lehigh Valley
No Opt. Call
A+
1,378,377
   
Health Network, Series 2012B, 4.000%, 7/01/43
      
5,345
  
Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd Group,
11/17 at 100.00
AA–
5,732,940
   
Series 2007, 5.000%, 11/01/30 – AGC Insured
      
1,700
  
Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd Group,
No Opt. Call
A
1,544,756
   
Series 2012, 4.000%, 11/01/32
      
   
Lycoming County Authority, Pennsylvania, Health System Revenue Bonds, Susquehanna Health
      
   
System Project, Series 2009A:
      
3,000
  
5.500%, 7/01/28
7/19 at 100.00
A–
3,128,040
1,000
  
5.750%, 7/01/39
7/19 at 100.00
A–
1,031,810
   
Monroe County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Pocono Medical
      
   
Center, Series 2012A:
      
290
  
4.000%, 1/01/25
1/22 at 100.00
A
290,383
1,240
  
5.000%, 1/01/41
1/22 at 100.00
A
1,227,278
710
  
Monroe County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Pocono Medical
1/17 at 100.00
A
717,917
   
Center, Series 2007, 5.125%, 1/01/37
      
1,600
  
Montgomery County Higher Education and Health Authority, Pennsylvania, Hospital Revenue Bonds,
6/22 at 100.00
A
1,649,376
   
Abington Memorial Hospital Obligated Group, Series 2012A, 5.000%, 6/01/31
      
215
  
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue
8/20 at 100.00
AA
229,807
   
Bonds, New Regional Medical Center Project, Series 2010, 5.375%, 8/01/38
      
1,000
  
Northampton County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Saint
8/18 at 100.00
A3
1,018,030
   
Lukes Hospital Project, Series 2008A, 5.500%, 8/15/35
      
2,190
  
Pennsylvania Economic Development Financing Authority, Health System Revenue Bonds , Albert
10/19 at 100.00
BBB+
2,393,276
   
Einstein Healthcare, Series 2009A, 6.250%, 10/15/23
      
1,860
  
Pennsylvania Economic Development Financing Authority, Revenue Bonds, University of Pittsburgh
7/23 at 100.00
Aa3
1,912,694
   
Medical Center Health System, Series 2013A, 5.000%, 7/01/43
      
1,240
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of
8/22 at 100.00
AA–
1,277,770
   
Pennsylvania Health System, Series 2012A, 5.000%, 8/15/42
      
1,795
  
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health System
5/20 at 100.00
AA
1,828,297
   
Revenue Bonds, Jefferson Health System, Series 2010B, 5.000%, 5/15/40
      
1,165
  
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital
No Opt. Call
AA
1,286,125
   
Revenue Bonds, Children’s Hospital of Philadelphia, Tender Option Bond Trust 3975,
      
   
13.939%, 7/01/19 (IF)
      
1,800
  
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue
7/22 at 100.00
BB+
1,539,360
   
Bonds, Temple University Health System Obligated Group, Series 2012A, 5.625%, 7/01/42
      
640
  
Saint Mary Hospital Authority, Pennsylvania, Health System Revenue Bonds, Catholic Health
11/20 at 100.00
Aa2
654,554
   
East, Series 2010A, 5.000%, 11/15/40
      
1,613
  
South Fork Municipal Authority, Pennsylvania, Hospital Revenue Bonds, Conemaugh Valley
7/20 at 100.00
BBB+
1,679,165
   
Memorial Hospital, Series 2010, 5.500%, 7/01/29
      
   
Southcentral Pennsylvania General Authority, Revenue Bonds, Hanover Hospital Inc., Series 2005:
      
525
  
5.000%, 12/01/27 – RAAI Insured
12/15 at 100.00
BBB–
528,266
370
  
5.000%, 12/01/29 – RAAI Insured
12/15 at 100.00
BBB–
371,325
   
Union County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Evangelical Community
      
   
Hospital Project, Refunding and Improvement Series 2011:
      
1,635
  
6.875%, 8/01/31
8/21 at 100.00
BBB+
1,869,802
1,365
  
7.000%, 8/01/41
8/21 at 100.00
BBB+
1,553,206
   
West Shore Area Authority, Cumberland County, Pennsylvania, Hospital Revenue Bonds, Holy
      
   
Spirit Hospital of the Sisters of Christian Charity Project, Series 2011:
      
125
  
6.250%, 1/01/31
1/21 at 100.00
BBB+
135,708
1,875
  
6.500%, 1/01/36
1/21 at 100.00
BBB+
2,043,375
1,280
  
West Shore Area Authority, Cumberland County, Pennsylvania, Hospital Revenue Bonds, Holy
1/22 at 100.00
BBB+
1,330,867
   
Spirit Hospital of the Sisters of Christian Charity, Series 2011B, 5.625%, 1/01/32
      
66,348
  
Total Health Care
    
67,980,159
   
Housing/Multifamily – 4.5% (2.9% of Total Investments)
      
200
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University
7/20 at 100.00
Baa3
199,440
   
Foundation Student Housing Project, Series 2010, 6.000%, 7/01/43
      
   
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Foundation for Student
      
   
Housing at Indiana University, Project Series 2012A:
      
1,000
  
5.000%, 7/01/27
7/22 at 100.00
BBB+
1,054,390
400
  
5.000%, 7/01/32
7/22 at 100.00
BBB+
406,160
140
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Shippensburg University
No Opt. Call
BBB–
128,705
   
Student Services, Inc. Student Housing Project at Shippensburg University of Pennsylvania,
      
   
Series 2012, 5.000%, 10/01/44
      
5,000
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Slippery Rock University
7/17 at 100.00
BBB
4,842,500
   
Foundation Inc., Series 2007A, 5.000%, 7/01/39 – SYNCORA GTY Insured
      
3,300
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Slippery Rock University
7/15 at 100.00
BBB
3,246,177
   
Foundation Inc., Student Housing Project, Series 2005A, 5.000%, 7/01/37 – SYNCORA GTY Insured
      
800
  
Philadelphia Authority for Industrial Development, Pennsylvania, Multifamily Housing Revenue
5/15 at 102.00
Baa3
754,856
   
Bonds, Presbyterian Homes Germantown – Morrisville Project, Series 2005A, 5.625%, 7/01/35
      
10,840
  
Total Housing/Multifamily
    
10,632,228
   
Housing/Single Family – 3.9% (2.5% of Total Investments)
      
1,215
  
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006-96B,
No Opt. Call
AA+
1,285,628
   
3.950%, 4/01/16
      
1,355
  
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2007-97A,
10/16 at 100.00
AA+
1,367,452
   
4.600%, 10/01/27 (Alternative Minimum Tax)
      
1,125
  
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2007-98A,
10/16 at 100.00
AA+
1,135,564
   
4.850%, 10/01/31 (Alternative Minimum Tax)
      
275
  
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2011-112,
10/20 at 100.00
AA+
283,627
   
5.000%, 10/01/25
      
   
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2012-114:
      
1,875
  
3.300%, 10/01/32
No Opt. Call
AA+
1,608,806
815
  
3.650%, 10/01/37
No Opt. Call
AA+
712,449
1,105
  
3.700%, 10/01/42
No Opt. Call
AA+
950,134
   
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Tender Option Bonds
      
   
Trust 3950:
      
1,000
  
12.772%, 4/01/27 (IF)
4/21 at 100.00
AA+
1,096,000
300
  
10.876%, 4/01/33 (IF) (4)
10/22 at 100.00
AA+
212,790
525
  
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Tender Option Bonds
10/22 at 100.00
AA+
454,540
   
Trust 4296, 14.838%, 4/01/29 (Alternative Minimum Tax) (IF) (4)
      
9,590
  
Total Housing/Single Family
    
9,106,990
   
Industrials – 1.6% (1.0% of Total Investments)
      
   
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Refunding
      
   
Bonds, Amtrak Project, Series 2012A:
      
1,275
  
5.000%, 11/01/23 (Alternative Minimum Tax)
11/22 at 100.00
A1
1,402,513
2,000
  
5.000%, 11/01/41 (Alternative Minimum Tax)
11/22 at 100.00
A1
1,998,360
350
  
Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds,
No Opt. Call
A–
353,542
   
Waste Management Inc., Project, Series 2009, 1.750%, 12/01/33 (Mandatory put 12/01/15)
      
3,625
  
Total Industrials
    
3,754,415
   
Long-Term Care – 4.7% (3.0% of Total Investments)
      
1,500
  
Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social
1/19 at 100.00
BBB+
1,594,215
   
Ministries Project, Series 2009, 6.375%, 1/01/39
      
1,330
  
Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social
1/17 at 100.00
BBB+
1,330,306
   
Ministries, Series 2007, 5.000%, 1/01/36
      
1,000
  
Delaware County Authority, Pennsylvania, Revenue Bonds, Elwyn, Inc. Project, Series 2010,
6/17 at 100.00
BBB
1,041,120
   
5.000%, 6/01/21
      
   
Lancaster County Hospital Authority, Pennsylvania, Health Center Revenue Bonds, Masonic Homes
      
   
Project, Series 2006:
      
1,550
  
5.000%, 11/01/26
11/16 at 100.00
A
1,584,410
415
  
5.000%, 11/01/36
11/16 at 100.00
A
418,042
220
  
Lancaster County Hospital Authority, Pennsylvania, Health Center Revenue Bonds, Saint Anne’s
4/22 at 100.00
BB+
201,445
   
Retirement Community, Inc., Series 2012, 5.000%, 4/01/33
      
   
Lancaster Industrial Development Authority, Pennsylvania, Revenue Bonds, Garden Spot Village
      
   
Project, Series 2013:
      
395
  
5.375%, 5/01/28
5/23 at 100.00
BBB
402,900
675
  
5.750%, 5/01/35
5/23 at 100.00
BBB
694,433
1,500
  
Langhorne Manor Borough Higher Education and Health Authority, Pennsylvania, Revenue Bonds,
11/18 at 100.00
A–
1,291,935
   
Woods Services Project, Series 2013, 4.000%, 11/15/38
      
900
  
Montgomery County Industrial Development Authority, Pennsylvania, Revenue Refunding Bonds,
5/22 at 100.00
A–
921,636
   
ACTS Retirement-Life Communities, Inc., Series 2012, 5.000%, 11/15/26
      
1,500
  
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Philadelphia
7/14 at 100.00
Baa1
1,500,795
   
Corporation for the Aging Project, Series 2001B, 5.250%, 7/01/26 – AMBAC Insured
      
10,985
  
Total Long-Term Care
    
10,981,237
   
Materials – 1.3% (0.8% of Total Investments)
      
1,260
  
Bradford County Industrial Development Authority, Pennsylvania, Solid Waste Disposal Revenue
12/15 at 100.00
BBB
1,309,946
   
Bonds, International Paper Company, Series 2005B, 5.200%, 12/01/19 (Alternative Minimum Tax)
      
1,750
  
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds,
5/14 at 100.00
N/R
1,728,073
   
National Gypsum Company, Series 1997B, 6.125%, 11/01/27 (Alternative Minimum Tax)
      
3,010
  
Total Materials
    
3,038,019
   
Tax Obligation/General – 38.9% (24.8% of Total Investments)
      
3,430
  
Allegheny County, Pennsylvania, General Obligation Bonds, Series 2011C-65, 5.375%, 5/01/31
5/21 at 100.00
AA–
3,699,427
   
Allegheny County, Pennsylvania, General Obligation Bonds, Series 2013C-72:
      
1,260
  
5.250%, 12/01/32
12/23 at 100.00
AA–
1,344,155
1,000
  
5.250%, 12/01/33
12/23 at 100.00
AA–
1,061,050
3,000
  
Bethel Park School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series
8/19 at 100.00
Aa2
3,396,510
   
2009, 5.000%, 8/01/29
      
1,440
  
Bristol Township School District, Bucks County, Pennsylvania, General Obligation Bonds, Series
6/23 at 100.00
Aa3
1,518,667
   
2013, 5.250%, 6/01/43
      
   
Centre County, Pennsylvania, General Obligation Bonds, Series 2012B:
      
310
  
4.000%, 7/01/24
7/20 at 100.00
AA
327,506
1,430
  
4.000%, 7/01/25
7/20 at 100.00
AA
1,499,684
915
  
4.000%, 7/01/26
7/20 at 100.00
AA
953,375
6,000
  
Delaware Valley Regional Finance Authority, Pennsylvania, Local Government Revenue Bonds,
No Opt. Call
A+
6,740,460
   
Series 2002, 5.750%, 7/01/17 (UB)
      
7,350
  
Erie City School District, Erie County, Pennsylvania, General Obligation Bonds, Series 2000,
No Opt. Call
N/R
3,325,508
   
0.000%, 9/01/30 – AMBAC Insured
      
4,715
  
Gateway School District, Allegheny County, Pennsylvania, General Obligation Bonds, Refunding
10/22 at 100.00
Aa3
4,653,941
   
Series 2012, 4.000%, 10/15/32
      
1,050
  
Hampton Township School District, Allegheny County, Pennsylvania, General Obligation Bonds,
No Opt. Call
AA–
1,181,460
   
Refunding Series 2011A, 4.000%, 11/15/18
      
2,000
  
Hempfield School District, Lancaster County, Pennsylvania, General Obligation Bonds, Series
No Opt. Call
Aa2
2,124,320
   
2011A, 4.000%, 10/15/15
      
1,260
  
Luzerne County, Pennsylvania, General Obligation Bonds, Series 2003C, 5.250%, 12/15/16 –
No Opt. Call
Baa1
1,369,771
   
FGIC Insured
      
5,000
  
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of
12/16 at 100.00
AA
5,140,800
   
Philadelphia, Series 2006B, 5.000%, 6/01/33 – AGM Insured (UB)
      
4,830
  
Pennsylvania State, General Obligation Bonds, Series 2007, Residuals 1986, 13.155%, 3/01/15 (IF)
No Opt. Call
AA
6,085,027
1,675
  
Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2007A, 5.000%,
No Opt. Call
Aa3
1,753,708
   
6/01/34 – FGIC Insured
      
2,620
  
Philadelphia, Pennsylvania, General Obligation Bonds, Refunding Series 2011, 6.500%, 8/01/41
8/20 at 100.00
A+
2,925,754
4,135
  
Pine-Richland School District, Pennsylvania, General Obligation Bonds, School Improvement
7/15 at 100.00
AA–
4,280,180
   
Series 2005, 5.000%, 7/15/35 – AGM Insured
      
3,000
  
Pittsburgh School District, Allegheny County, Pennsylvania, General Obligation Refunding
No Opt. Call
AA–
3,239,970
   
Bonds, Series 2002A, 5.500%, 9/01/15 – AGM Insured
      
   
Pittsburgh, Pennsylvania, General Obligation Bonds, Series 2012B:
      
2,590
  
5.000%, 9/01/25
9/22 at 100.00
A+
2,901,292
2,965
  
5.000%, 9/01/26
9/22 at 100.00
A+
3,291,031
1,765
  
Radnor Township School District, Delaware County, Pennsylvania, General Obligation Bonds,
2/18 at 100.00
Aa2
1,456,813
   
Series 2012, 3.000%, 2/15/34
      
1,130
  
Radnor Township, Pennsylvania, General Obligation Bonds, Series 2012, 4.000%, 11/01/37
11/22 at 100.00
Aa1
1,103,456
1,070
  
Schuylkill Valley School District, Berks County, Pennsylvania, General Obligation Bonds,
4/16 at 100.00
Aa3
1,162,277
   
Series 2006A, 5.000%, 4/01/22 – FGIC Insured
      
585
  
Scranton, Pennsylvania, General Obligation Bonds, Series 2012A, 8.500%, 9/01/22
No Opt. Call
N/R
564,051
585
  
Scranton, Pennsylvania, General Obligation Bonds, Series 2012C, 7.250%, 9/01/22
No Opt. Call
N/R
535,199
21,000
  
State Public School Building Authority, Pennsylvania, Lease Revenue Bonds, Philadelphia School
No Opt. Call
AA
23,879,730
   
District, Series 2003, 5.500%, 6/01/28 – AGM Insured (UB) (4)
      
88,110
  
Total Tax Obligation/General
    
91,515,122
   
Tax Obligation/Limited – 8.4% (5.4% of Total Investments)
      
500
  
Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue
5/22 at 100.00
Baa2
477,595
   
Bonds, Series 2012A, 5.000%, 5/01/35
      
300
  
Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Series 2013B,
No Opt. Call
AA–
314,682
   
4.000%, 6/01/15
      
   
Government of Guam, Business Privilege Tax Bonds, Series 2011A:
      
1,670
  
5.250%, 1/01/36
1/22 at 100.00
A
1,731,740
655
  
5.125%, 1/01/42
1/22 at 100.00
A
671,244
   
Pennsylvania Economic Development Financing Authority, Unemployment Compensation Revenue
      
   
Bonds, Series 2012A:
      
2,000
  
5.000%, 7/01/15
No Opt. Call
Aaa
2,137,060
4,000
  
5.000%, 7/01/16
No Opt. Call
Aaa
4,448,760
2,910
  
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special
12/23 at 100.00
AA
3,063,968
   
Revenue Bonds, Series 2013B-1, 5.250%, 12/01/43
      
2,140
  
Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue Bonds, Senior Lien Series 2003A,
12/18 at 100.00
AA
2,271,631
   
5.000%, 12/01/32 – NPFG Insured
      
3,140
  
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005A,
No Opt. Call
BBB+
437,810
   
0.000%, 7/01/32 – FGIC Insured
      
1,880
  
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series
8/19 at 100.00
A+
1,492,720
   
2009A, 6.500%, 8/01/44
      
1,685
  
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series
2/20 at 100.00
A+
1,189,138
   
2010A, 5.500%, 8/01/42
      
2,255
  
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series
8/21 at 100.00
A+
1,509,542
   
2011A-1, 5.000%, 8/01/43
      
23,135
  
Total Tax Obligation/Limited
    
19,745,890
   
Transportation – 14.8% (9.4% of Total Investments)
      
400
  
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E,
1/20 at 100.00
A
415,640
   
5.000%, 1/01/40
      
   
Delaware River Port Authority, Pennsylvania and New Jersey, Revenue Refunding Bonds, Port
      
   
District Project, Series 2012:
      
2,310
  
5.000%, 1/01/24
No Opt. Call
BBB
2,453,243
205
  
5.000%, 1/01/25
No Opt. Call
BBB
213,983
2,035
  
Lehigh-Northampton Airport Authority, Pennsylvania, Airport Revenue Bonds, Lehigh Valley
5/14 at 100.00
Baa1
2,035,061
   
Airport System, Series 2000A, 6.000%, 5/15/30 – NPFG Insured (Alternative Minimum Tax)
      
300
  
Pennsylvania Economic Development Financing Authority, Parking System Revenue Bonds, Capitol
1/24 at 100.00
AA
336,138
   
Region Parking System, Junior Insured Series 2013C, 5.500%, 1/01/30 – AGM Insured
      
1,910
  
Pennsylvania Economic Development Financing Authority, Parking System Revenue Bonds, Capitol
1/24 at 100.00
AA–
1,932,729
   
Region Parking System, Series 2013A, 5.250%, 1/01/44 – AGM Insured
      
1,200
  
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue
12/19 at 100.00
AA
1,241,928
   
Bonds, Series 2010A, 5.000%, 12/01/38
      
2,500
  
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue
12/21 at 100.00
AA
2,658,775
   
Bonds, Series 2012A, 5.000%, 12/01/31
      
3,000
  
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special
12/21 at 100.00
AA
3,088,950
   
Revenue, Series 2011B, 5.000%, 12/01/41
      
6,600
  
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E,
12/27 at 100.00
A–
6,070,548
   
0.000%, 12/01/38
      
   
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A:
      
3,820
  
5.000%, 12/01/22 – AMBAC Insured
6/16 at 100.00
A+
4,081,326
2,930
  
5.000%, 12/01/24 – AMBAC Insured
6/16 at 100.00
A+
3,136,389
750
  
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Lien, Refunding Series
12/19 at 100.00
A–
768,038
   
2010B-1, 5.000%, 12/01/37
      
5,605
  
Philadelphia Airport System, Pennsylvania, Revenue Bonds, Series 2005A, 4.750%, 6/15/35 – NPFG
6/15 at 100.00
A+
5,578,600
   
Insured (Alternative Minimum Tax)
      
800
  
Scranton Parking Authority, Pennsylvania, Guaranteed Parking Revenue Bonds, Series 2004,
3/14 at 100.00
A
736,088
   
5.000%, 9/15/33 – FGIC Insured
      
34,365
  
Total Transportation
    
34,747,436
   
U.S. Guaranteed – 8.7% (5.6% of Total Investments) (5)
      
1,400
  
Delaware County Regional Water Quality Control Authority, Pennsylvania, Sewerage Revenue
5/14 at 100.00
N/R (5)
1,417,976
   
Bonds, Series 2004, 5.250%, 5/01/20 (Pre-refunded 5/01/14) – NPFG Insured
      
5,525
  
Hazleton Area School District, Luzerne County, Pennsylvania, General Obligation Bonds, Series
9/14 at 100.00
A1 (5)
5,684,065
   
2004, 5.125%, 3/01/28 (Pre-refunded 9/01/14) – AGM Insured
      
1,250
  
Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd Group,
11/14 at 100.00
A (5)
1,300,375
   
Series 2004A, 5.500%, 11/01/24 (Pre-refunded 11/01/14)
      
1,560
  
Pennsylvania, General Obligation Bonds, First Series 2006, 5.000%, 10/01/18 (Pre-refunded 10/01/16)
10/16 at 100.00
AA (5)
1,750,133
500
  
Pennsylvania, General Obligation Bonds, Second Series 2005, 5.000%, 1/01/18 (Pre-refunded 1/01/16)
1/16 at 100.00
AA (5)
545,030
   
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Franklin Towne
      
   
Charter High School, Series 2006A:
      
510
  
5.250%, 1/01/27 (Pre-refunded 1/01/17)
1/17 at 100.00
Baa1 (5)
575,530
860
  
5.375%, 1/01/32 (Pre-refunded 1/01/17)
1/17 at 100.00
Baa1 (5)
973,597
465
  
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Twelfth Series 1990B, 7.000%, 5/15/20 –
No Opt. Call
AA- (5)
559,237
   
NPFG Insured (ETM)
      
2,150
  
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2005A, 5.000%, 7/01/23
7/15 at 100.00
AA- (5)
2,295,125
   
(Pre-refunded 7/01/15) – AGM Insured
      
960
  
St. Mary Hospital Authority, Pennsylvania, Health System Revenue Bonds, Catholic Health East,
11/14 at 100.00
Aa2 (5)
998,928
   
Series 2004B, 5.375%, 11/15/34 (Pre-refunded 11/15/14)
      
2,260
  
Warrington Township Municipal Authority, Bucks County, Pennsylvania, Water and Sewer Revenue
11/15 at 100.00
N/R (5)
2,504,803
   
Bonds, Series 1991, 7.100%, 12/01/21 (Pre-refunded 11/15/15) – FGIC Insured
      
1,765
  
West View Borough Municipal Authority, Allegheny County, Pennsylvania, Special Obligation
No Opt. Call
Aaa
1,873,353
   
Bonds, Series 1985A, 9.500%, 11/15/14 (ETM)
      
19,205
  
Total U.S. Guaranteed
    
20,478,152
   
Utilities – 6.4% (4.1% of Total Investments)
      
5,475
  
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue
No Opt. Call
BBB–
5,480,201
   
Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2008A, 2.700%, 4/01/35
      
   
(Mandatory put 4/02/18)
      
1,430
  
Lehigh County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Bonds,
2/15 at 100.00
A
1,439,195
   
Pennsylvania Power and Light Company, Series 2005, 4.750%, 2/15/27 – FGIC Insured
      
700
  
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fifth Series 2004A-1,
9/14 at 100.00
AA–
713,608
   
5.000%, 9/01/26 – AGM Insured
      
2,000
  
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Seventeenth Series
7/14 at 100.00
AA–
2,006,360
   
2003, 5.375%, 7/01/19 – AGM Insured
      
5,490
  
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Seventh Series, 2007, 5.000%, 10/01/37 –
10/17 at 100.00
BBB+
5,523,379
   
AMBAC Insured
      
15,095
  
Total Utilities
    
15,162,743
   
Water and Sewer – 10.9% (7.0% of Total Investments)
      
2,100
  
Allegheny County Sanitary Authority, Pennsylvania, Sewer Revenue Bonds, Series 2005A, 5.000%,
12/15 at 100.00
A1
2,252,817
   
12/01/21 – NPFG Insured
      
2,205
  
Bethlehem Authority, Northampton and Lehigh Counties, Pennsylvania, Guaranteed Water Revenue
11/14 at 100.00
AA–
2,274,215
   
Bonds, Series 2004, 5.000%, 11/15/20 – AGM Insured
      
2,000
  
Harrisburg Authority, Dauphin County, Pennsylvania, Water Revenue Refunding Bonds, Series
7/14 at 100.00
AA–
2,021,920
   
2004, 5.000%, 7/15/22 – AGM Insured
      
4,420
  
Lehigh County Authority, Pennsylvania, Water and Sewer Capital Appreciation Revenue Bonds,
No Opt. Call
A
1,255,103
   
City of Allentown Concession, Series 2013B, 0.000%, 12/01/35
      
5,500
  
Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, City of Allentown
12/23 at 100.00
A
5,584,755
   
Concession, Series 2013A, 5.125%, 12/01/47
      
1,600
  
Luzerne County Industrial Development Authority, Pennsylvania, Water Facility Revenue
12/19 at 100.00
A1
1,735,360
   
Refunding Bonds, Pennsylvania-American Water Company, Series 2009, 5.500%, 12/01/39
      
500
  
Pennsylvania Economic Development Financing Authority, Sewage Sludge Disposal Revenue Bonds,
1/20 at 100.00
BBB
504,655
   
Philadelphia Biosolids Facility Project, Series 2009, 6.250%, 1/01/32
      
3,500
  
Pennsylvania Economic Development Financing Authority, Water Facilities Revenue Bonds, Aqua
10/19 at 100.00
AA–
3,605,000
   
Pennsylvania, Inc. Project, Series 2009A, 5.000%, 10/01/39
      
2,500
  
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2005A, 5.000%, 7/01/28 –
7/15 at 100.00
AA–
2,615,525
   
AGM Insured
      
2,620
  
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2011A, 5.000%, 1/01/41
1/21 at 100.00
A1
2,696,242
1,135
  
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2013A, 5.125%, 1/01/43
1/22 at 100.00
A1
1,185,995
28,080
  
Total Water and Sewer
    
25,731,587
$ 365,383
  
Total Long-Term Investments (cost $360,810,219)
    
368,099,693
   
Floating Rate Obligations – (11.0)%
    
(25,810,000)
   
Variable Rate Demand Preferred Shares, at Liquidation Value – (47.8)% (6)
    
(112,500,000)
   
Other Assets Less Liabilities – 2.3%
    
5,463,576
   
Net Assets Applicable to Common Shares – 100%
    
$ 235,253,269
 
 
 
 
 
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
$ —
$368,099,693
$ —
$368,099,693
 
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 $335,128,738.
 
Gross unrealized appreciation and gross unrealized depreciation of investments as of January 31, 2014, were as follows:
   
Gross unrealized:
  
   Appreciation
$13,917,859
   Depreciation
(6,756,906)
Net unrealized appreciation (depreciation) of investments
$ 7,160,953
 
 
     
(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.
(6)
  
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 30.6%.
(ETM)
  
Escrowed to maturity.
(IF)
  
Inverse floating rate investment.
(UB)
  
Underlying bond of an inverse floating rate trust reflected as a financing transaction.
 
 
 
 
 
 
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 Investment Quality Municipal 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