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 811-6265
 
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:         7/31/13         
 
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)
      
   
July 31, 2013
      
 
 
 
 
Principal
    
Optional Call
    
Amount (000)
  
Description (1)
Provisions (2)
Ratings (3)
Value
   
Long-Term Investments – 151.3% (98.1% 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–
$ 1,072,040
   
Procter & Gamble Paper Project, Series 2001, 5.375%, 3/01/31 (Alternative Minimum Tax)
      
   
Education and Civic Organizations – 22.6% (14.7% of Total Investments)
      
200
  
Allegheny County Higher Education Building Authority, Pennsylvania, College Revenue Refunding
No Opt. Call
Baa3
208,758
   
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–
1,232,269
   
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
1,163,605
   
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+
1,887,498
840
  
5.000%, 8/01/24 – AMBAC Insured
8/16 at 100.00
A+
924,588
   
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
767,011
250
  
5.000%, 5/01/35 – RAAI Insured
5/17 at 100.00
N/R
238,040
   
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
773,720
815
  
0.000%, 11/01/16 – AMBAC Insured
No Opt. Call
N/R
747,836
815
  
0.000%, 11/01/17 – AMBAC Insured
No Opt. Call
N/R
719,816
815
  
0.000%, 11/01/18 – AMBAC Insured
No Opt. Call
N/R
688,145
815
  
0.000%, 11/01/19 – AMBAC Insured
No Opt. Call
N/R
652,408
1,985
  
Lycoming County Authority, Pennsylvania, Revenue Bonds, Pennsylvania College of Technology,
5/22 at 100.00
A
2,004,473
   
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+
1,451,431
   
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+
920,736
   
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
347,918
   
RAAI Insured
      
2,175
  
Pennsylvania Higher Educational Facilities Authority, General Revenue Bonds, State System of
No Opt. Call
AA
2,526,545
   
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
4,728,754
   
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–
1,864,831
   
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–
1,440,410
   
2006, 4.750%, 5/01/31
      
2,650
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Drexel University, Series
11/17 at 100.00
A
2,659,858
   
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
772,058
   
2011A, 5.250%, 5/01/41
      
3,870
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Temple University, First
4/16 at 100.00
Aa3
4,262,960
   
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+
1,019,050
   
University, Series 2010, 5.000%, 3/01/40
      
300
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson
9/22 at 100.00
A+
304,362
   
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+
2,041,120
   
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
245,066
910
  
5.000%, 11/01/42
11/22 at 100.00
A3
911,938
785
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, York College Project,
11/15 at 100.00
A
835,287
   
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
6,877,390
600
  
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, MaST Charter
8/20 at 100.00
BBB+
623,232
   
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–
1,798,668
   
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
3,862,941
   
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
608,700
   
2010, 5.000%, 11/01/40
      
50,760
  
Total Education and Civic Organizations
    
52,111,422
   
Health Care – 27.3% (17.7% 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
1,026,812
1,555
  
5.125%, 4/01/35
4/15 at 100.00
Ba3
1,286,218
3,360
  
Beaver County Hospital Authority, Pennsylvania, Revenue Bonds, Heritage Valley Health System,
5/21 at 100.00
AA–
3,521,448
   
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
1,375,976
   
Center Project, Series 2012A, 5.000%, 11/01/44
      
890
  
Central Bradford Progress Authority, Pennsylvania, Revenue Bonds, Guthrie Health, Series 2011,
12/21 at 100.00
AA–
903,359
   
5.375%, 12/01/41
      
2,460
  
Centre County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Mount Nittany Medical
11/21 at 100.00
A–
2,809,123
   
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
1,590,215
   
Revenue Bonds, Jefferson Health System, Series 2010A, 5.000%, 5/15/40
      
1,200
  
Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle Health
6/22 at 100.00
A
1,159,920
   
System Project, Series 2012A, 5.000%, 6/01/42
      
500
  
Doylestown Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Series 2013A, 5.000%, 7/01/28
7/23 at 100.00
BBB
494,030
1,300
  
Erie County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Saint Vincent Health
7/20 at 100.00
Ba2
1,348,087
   
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
282,912
   
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+
3,379,022
   
Hospital Project, Series 2010, 5.375%, 7/01/42
      
1,190
  
Lancaster County Hospital Authority, Pennsylvania, Health System Revenue Bonds, Lancaster
1/22 at 100.00
AA–
1,192,273
   
General Hospital Project, Tender Option Bond 4234, 13.680%, 1/01/36 (IF)
      
1,890
  
Lancaster County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, The Lancaster
3/17 at 100.00
AA–
1,964,693
   
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
11/13 at 100.00
B+
237,493
2,800
  
5.900%, 11/15/28
11/13 at 100.00
B+
2,552,480
3,280
  
Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Lehigh Valley
7/18 at 100.00
AA–
3,284,822
   
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+
1,325,516
   
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–
5,584,189
   
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
1,463,853
   
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–
3,065,850
1,000
  
5.750%, 7/01/39
7/19 at 100.00
A–
1,026,890
   
Monroe County Hospital Authority, Hospital Revenue Bonds, Pocono Medical Center, Series 2012A:
      
290
  
4.000%, 1/01/25
1/22 at 100.00
A
282,335
740
  
5.000%, 1/01/41
1/22 at 100.00
A
723,232
710
  
Monroe County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Pocono Medical Center,
1/17 at 100.00
A
710,412
   
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
1,631,376
   
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
226,189
   
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
1,020,890
   
Lukes Hospital Project, Series 2008A, 5.500%, 8/15/35
      
1,640
  
Pennsylvania Economic Development Financing Authority, Health System Revenue Bonds , Albert
10/19 at 100.00
BBB+
1,776,350
   
Einstein Healthcare, Series 2009A, 6.250%, 10/15/23
      
1,240
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of
8/22 at 100.00
AA–
1,224,996
   
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
1,781,771
   
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
1,187,543
   
Revenue Bonds, Children’s Hospital of Philadelphia, Tender Option Bond Trust 3975, 13.670%, 7/01/19 (IF)
    
1,800
  
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital
7/22 at 100.00
BB+
1,593,576
   
Revenue Bonds, Temple University Health System Obligated Group, Series 2012A, 5.625%, 7/01/42
      
1,613
  
South Fork Municipal Authority, Pennsylvania, Hospital Revenue Bonds, Conemaugh Valley
7/20 at 100.00
BBB+
1,645,889
   
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–
525,268
370
  
5.000%, 12/01/29 – RAAI Insured
12/15 at 100.00
BBB–
363,695
640
  
St. Mary Hospital Authority, Pennsylvania, Health System Revenue Bonds, Catholic Health East,
11/20 at 100.00
A+
636,646
   
Series 2010A, 5.000%, 11/15/40
      
   
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+
1,851,801
1,365
  
7.000%, 8/01/41
8/21 at 100.00
BBB+
1,538,887
1,875
  
West Shore Area Authority, Cumberland County, Pennsylvania, Hospital Revenue Bonds, Holy
1/21 at 100.00
BBB+
2,038,331
   
Spirit Hospital of the Sisters of Christian Charity Project, Series 2011, 6.500%, 1/01/36
      
1,280
  
West Shore Area Authority, Cumberland County, Pennsylvania, Hospital Revenue Bonds, Holy
1/22 at 100.00
BBB+
1,301,376
   
Spirit Hospital of the Sisters of Christian Charity, Series 2011B, 5.625%, 1/01/32
      
62,598
  
Total Health Care
    
62,935,744
   
Housing/Multifamily – 4.5% (3.0% of Total Investments)
      
200
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University
7/20 at 100.00
Baa3
207,882
   
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+
1,023,080
400
  
5.000%, 7/01/32
7/22 at 100.00
BBB+
393,736
140
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Shippensburg University
No Opt. Call
BBB–
129,198
   
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+
4,799,950
   
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+
3,196,941
   
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
736,248
   
Bonds, PresbyHomes Germantown-Morrisville Project, Series 2005A, 5.625%, 7/01/35
      
10,840
  
Total Housing/Multifamily
    
10,487,035
   
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+
1,280,914
   
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+
1,369,078
   
4.600%, 10/01/27 (Alternative Minimum Tax)
      
1,255
  
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2007-98A,
10/16 at 100.00
AA+
1,265,027
   
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+
281,677
   
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+
1,542,038
815
  
3.650%, 10/01/37
No Opt. Call
AA+
677,664
1,155
  
3.700%, 10/01/42
No Opt. Call
AA+
946,280
   
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Tender Option Bonds
      
   
Trust 3950:
      
1,000
  
12.662%, 4/01/27 (IF)
4/21 at 100.00
AA+
1,018,140
300
  
10.776%, 4/01/33 (IF) (4)
10/22 at 100.00
AA+
170,742
525
  
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Tender Option Bonds
10/22 at 100.00
AA+
359,646
   
Trust 4296, 14.696%, 4/01/29 (Alternative Minimum Tax) (IF) (4)
      
9,770
  
Total Housing/Single Family
    
8,911,206
   
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
1,383,796
2,000
  
5.000%, 11/01/41 (Alternative Minimum Tax)
11/22 at 100.00
A1
1,940,960
350
  
Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds,
No Opt. Call
BBB
349,759
   
Waste Management Inc., Project, Series 2009, 1.750%, 12/01/33 (Mandatory put 12/01/15)
      
3,625
  
Total Industrials
    
3,674,515
   
Long-Term Care – 4.2% (2.7% of Total Investments)
      
1,500
  
Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social
1/19 at 100.00
BBB+
1,577,865
   
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+
1,293,252
   
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
1,035,670
   
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
1,572,692
415
  
5.000%, 11/01/36
11/16 at 100.00
A
409,630
220
  
Lancaster County Hospital Authority, Pennsylvania, Health Center Revenue Bonds, Saint Anne’s
4/22 at 100.00
BB+
198,064
   
Retirement Community, Inc. , Series 2012, 5.000%, 4/01/33
      
1,500
  
Langhorne Manor Boro Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Woods
11/18 at 100.00
A–
1,220,100
   
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–
921,717
   
ACTS Retirement-Life Communities, Inc., Series 2012, 5.000%, 11/15/26
      
1,500
  
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Philadelphia
1/14 at 100.00
Baa1
1,500,300
   
Corporation for the Aging Project, Series 2001B, 5.250%, 7/01/26 – AMBAC Insured
      
9,915
  
Total Long-Term Care
    
9,729,290
   
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
1,301,240
   
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,
11/13 at 100.00
N/R
1,644,563
   
National Gypsum Company, Series 1997B, 6.125%, 11/01/27 (Alternative Minimum Tax)
      
3,010
  
Total Materials
    
2,945,803
   
Tax Obligation/General – 37.0% (24.0% of Total Investments)
      
3,430
  
Allegheny County, Pennsylvania, General Obligation Bonds, Series 2011C-65, 5.375%, 5/01/31
5/21 at 100.00
A+
3,600,265
3,000
  
Bethel Park School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series
8/19 at 100.00
Aa2
3,257,010
   
2009, 5.000%, 8/01/29
      
   
Centre County, Pennsylvania, General Obligation Bonds, Series 2012B:
      
310
  
4.000%, 7/01/24
7/20 at 100.00
AA
322,536
1,430
  
4.000%, 7/01/25
7/20 at 100.00
AA
1,467,809
915
  
4.000%, 7/01/26
7/20 at 100.00
AA
927,966
6,000
  
Delaware Valley Regional Finance Authority, Pennsylvania, Local Government Revenue Bonds,
No Opt. Call
A+
6,784,320
   
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
3,073,182
   
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
4,393,956
   
Series 2012, 4.000%, 10/15/32
      
1,050
  
Hampton Township School District, Allegheny County, Pennsylvania, General Obligation Bonds,
No Opt. Call
AA–
1,172,504
   
Refunding Series 2011A, 4.000%, 11/15/18
      
2,000
  
Hempfield School District, Lancaster County, Pennsylvania, General Obligation Bonds, Series
No Opt. Call
Aa2
2,148,240
   
2011A, 4.000%, 10/15/15
      
1,260
  
Luzerne County, Pennsylvania, General Obligation Bonds, Series 2003C, 5.250%, 12/15/16 –
No Opt. Call
N/R
1,368,410
   
FGIC Insured
      
5,000
  
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of
12/16 at 100.00
AA–
5,025,550
   
Philadelphia, Series 2006B, 5.000%, 6/01/33 – AGM Insured (UB)
      
4,830
  
Pennsylvania State, General Obligation Bonds, Series 2007, Residuals 1986, 12.899%,
No Opt. Call
AA
6,019,822
   
3/01/15 (IF)
      
1,675
  
Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2007A, 5.000%,
No Opt. Call
Aa3
1,662,253
   
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
A2
2,887,083
4,135
  
Pine-Richland School District, Pennsylvania, General Obligation Bonds, School Improvement
7/15 at 100.00
AA–
4,145,213
   
Series 2005, 5.000%, 7/15/35 – AGM Insured
      
3,000
  
Pittsburgh School District, Allegheny County, Pennsylvania, General Obligation Refunding
No Opt. Call
AA–
3,287,100
   
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
A1
2,837,190
2,965
  
5.000%, 9/01/26
9/22 at 100.00
A1
3,214,712
1,765
  
Radnor Township School District, Delaware County, Pennsylvania, General Obligation Bonds,
2/18 at 100.00
Aa2
1,383,354
   
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
1,042,154
1,070
  
Schuylkill Valley School District, Berks County, Pennsylvania, General Obligation Bonds,
4/16 at 100.00
Aa3
1,173,608
   
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
570,270
585
  
Scranton, Pennsylvania, General Obligation Bonds, Series 2012C, 7.250%, 9/01/22
No Opt. Call
N/R
540,166
21,000
  
State Public School Building Authority, Pennsylvania, Lease Revenue Bonds, Philadelphia School
No Opt. Call
AA–
22,825,530
   
District, Series 2003, 5.500%, 6/01/28 – AGM Insured (UB) (4)
      
84,410
  
Total Tax Obligation/General
    
85,130,203
   
Tax Obligation/Limited – 9.7% (6.3% of Total Investments)
      
500
  
Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue
5/22 at 100.00
Baa2
479,175
   
Bonds, Series 2012A, 5.000%, 5/01/35
      
300
  
Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Series 2013B,
No Opt. Call
AA–
318,780
   
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
1,714,489
655
  
5.125%, 1/01/42
1/22 at 100.00
A
664,137
   
Pennsylvania Economic Development Financing Authority, Unemployment Compensation Revenue
      
   
Bonds, Series 2012A:
      
2,000
  
5.000%, 7/01/15
No Opt. Call
Aaa
2,175,280
4,000
  
5.000%, 7/01/16
No Opt. Call
Aaa
4,494,480
2,140
  
Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue Bonds, Senior Lien Series 2003A,
12/18 at 100.00
AA
2,196,432
   
5.000%, 12/01/32 – NPFG Insured
      
2,700
  
Philadelphia Municipal Authority, Pennsylvania, Lease Revenue Bonds, Series 2003B, 5.250%,
11/13 at 100.00
AA–
2,737,800
   
11/15/17 – AGM Insured
      
3,140
  
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005A,
No Opt. Call
BBB+
785,785
   
0.000%, 7/01/32 – FGIC Insured
      
2,500
  
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series
8/19 at 100.00
A+
2,559,700
   
2009A, 6.500%, 8/01/44
      
1,625
  
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series
2/20 at 100.00
A+
1,518,189
   
2010A, 5.500%, 8/01/42
      
3,000
  
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series
8/21 at 100.00
A+
2,592,300
   
2011A-1, 5.000%, 8/01/43
      
24,230
  
Total Tax Obligation/Limited
    
22,236,547
   
Transportation – 13.8% (9.0% of Total Investments)
      
400
  
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E,
1/20 at 100.00
A–
409,904
   
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–
2,508,591
205
  
5.000%, 1/01/25
No Opt. Call
BBB–
218,626
2,035
  
Lehigh-Northampton Airport Authority, Pennsylvania, Airport Revenue Bonds, Lehigh Valley
11/13 at 100.00
Baa1
2,007,283
   
Airport System, Series 2000A, 6.000%, 5/15/30 – NPFG Insured (Alternative Minimum Tax)
      
1,200
  
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue
12/19 at 100.00
AA
1,217,472
   
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
2,592,950
   
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
3,042,660
   
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–
5,881,849
   
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+
4,142,561
2,930
  
5.000%, 12/01/24 – AMBAC Insured
6/16 at 100.00
A+
3,102,401
750
  
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Lien, Refunding Series
12/19 at 100.00
A–
756,428
   
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+
5,194,602
   
Insured (Alternative Minimum Tax)
      
800
  
Scranton Parking Authority, Pennsylvania, Guaranteed Parking Revenue Bonds, Series 2004,
9/13 at 100.00
A
689,192
   
5.000%, 9/15/33 – FGIC Insured
      
32,155
  
Total Transportation
    
31,764,519
   
U.S. Guaranteed – 9.3% (6.0% of Total Investments) (5)
      
1,400
  
Delaware County Regional Water Quality Control Authority, Pennsylvania, Sewerage Revenue
5/14 at 100.00
N/R (5)
1,452,794
   
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)
5,819,814
   
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)
1,333,013
   
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)
1,767,589
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)
551,875
   
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)
578,111
860
  
5.375%, 1/01/32 (Pre-refunded 1/01/17)
1/17 at 100.00
Baa1 (5)
978,439
465
  
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Twelfth Series 1990B, 7.000%, 5/15/20 –
No Opt. Call
A (5)
561,743
   
NPFG Insured (ETM)
      
960
  
St. Mary Hospital Authority, Pennsylvania, Health System Revenue Bonds, Catholic Health East,
11/14 at 100.00
A+ (5)
1,021,978
   
Series 2004B, 5.375%, 11/15/34 (Pre-refunded 11/15/14)
      
445
  
State Public School Building Authority, Pennsylvania, School Revenue Bonds, Conneaut School
11/13 at 100.00
A (5)
450,540
   
District, Series 2003, 5.250%, 11/01/21 (Pre-refunded 11/01/13) – FGIC Insured
      
2,000
  
Trinity Area School District, Washington County, Pennsylvania, General Obligation Bonds,
11/13 at 100.00
A+ (5)
2,025,360
   
Series 2003, 5.250%, 11/01/20 (Pre-refunded 11/01/13) – FGIC Insured
      
2,465
  
Warrington Township Municipal Authority, Bucks County, Pennsylvania, Water and Sewer Revenue
11/15 at 100.00
N/R (5)
2,772,533
   
Bonds, Series 1991, 7.100%, 12/01/21 (Pre-refunded 11/15/15) – FGIC Insured
      
1,965
  
West View Borough Municipal Authority, Allegheny County, Pennsylvania, Special Obligation
No Opt. Call
Aaa
2,148,885
   
Bonds, Series 1985A, 9.500%, 11/15/14 (ETM)
      
19,905
  
Total U.S. Guaranteed
    
21,462,674
   
Utilities – 7.0% (4.5% of Total Investments)
      
1,250
  
Allegheny County Industrial Development Authority, Pennsylvania, Pollution Control Revenue
No Opt. Call
A2
1,263,325
   
Refunding Bonds, Duquesne Light Company, Series 1999A, 4.350%, 12/01/13 – AMBAC Insured
      
5,475
  
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue
No Opt. Call
BBB–
5,287,700
   
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
1,433,389
   
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–
705,285
   
5.000%, 9/01/26 – AGM Insured
      
2,000
  
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Seventeenth Series
1/14 at 100.00
AA–
2,006,440
   
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+
5,324,806
   
AMBAC Insured
      
16,345
  
Total Utilities
    
16,020,945
   
Water and Sewer – 8.6% (5.6% of Total Investments)
      
2,100
  
Allegheny County Sanitary Authority, Pennsylvania, Sewerage Revenue Bonds, Series 2005A,
12/15 at 100.00
A1
2,279,739
   
5.000%, 12/01/21 – NPFG Insured
      
2,205
  
Bethlehem Authority, Northampton and Lehigh Counties, Pennsylvania, Guaranteed Water Revenue
11/14 at 100.00
AA–
2,332,890
   
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–
2,001,340
   
2004, 5.000%, 7/15/22 – AGM Insured
      
1,600
  
Luzerne County Industrial Development Authority, Pennsylvania, Water Facility Revenue
12/19 at 100.00
A1
1,657,776
   
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
523,865
   
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–
3,518,200
   
Pennsylvania, Inc. Project, Series 2009A, 5.000%, 10/01/39
      
   
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2005A:
      
2,150
  
5.000%, 7/01/23 – AGM Insured
7/15 at 100.00
AA–
2,279,237
2,500
  
5.000%, 7/01/28 – AGM Insured
7/15 at 100.00
AA–
2,597,175
2,620
  
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2011A, 5.000%, 1/01/41
1/21 at 100.00
A1
2,626,314
19,175
  
Total Water and Sewer
    
19,816,536
$ 347,738
  
Total Long-Term Investments (cost $347,356,442)
    
348,298,479
 
Principal
    
Optional Call
    
Amount (000)
  
Description (1)
Provisions (2)
Ratings (3)
Value
   
Short-Term Investments – 2.9% (1.9% of Total Investments)
      
           
   
Tax Obligation/Limited – 2.9% (1.9% of Total Investments)
      
$ 6,635
  
Erie County Convention Center Authority, Pennsylvania, Hotel Revenue Bonds, Variable Rate Demand
No Opt. Call
A-1
$ 6,635,000
   
Obligations, Tender Option Bond Trust 4140Z, 0.080%, 1/15/14 – NPFG Insured (6)
      
   
Total Short-Term Investments (cost $6,635,000)
    
6,635,000
   
Total Investments (cost $353,991,442) – 154.2%
    
354,933,479
   
Floating Rate Obligations – (11.2)%
    
(25,810,000)
   
Variable Rate Demand Preferred Shares, at Liquidation Value – (48.9)% (7)
    
(112,500,000)
   
Other Assets Less Liabilities – 5.9%
    
13,608,403
   
Net Assets Applicable to Common Shares – 100%
    
$ 230,231,882
 
 
 
 
 
 

 
 
Fair Value Measurements
 
Fair value is defined as the price that the Fund 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
$ —
$348,298,479
$ —
$348,298,479
Short-Term Investments:
        
   Municipal Bonds
—
6,635,000
—
6,635,000
Total
$ —
$354,933,479
$ —
$354,933,479
 
 
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 July 31, 2013, the cost of investments was $328,330,497.
 
Gross unrealized appreciation and gross unrealized depreciation of investments as of July 31, 2013, were as follows:
 
   
Gross unrealized:
  
Appreciation
$10,351,153
Depreciation
(9,558,195)
Net unrealized appreciation (depreciation) of investments
$    792,958
 
     
(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)
  
Investment has a maturity of more than one year, but has variable rate and demand features which qualify
   
it as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. This
   
rate changes periodically based on market conditions or a specified market index.
(7)
  
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 31.7%
(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:         September 27, 2013        
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
By (Signature and Title)     /s/ Gifford R. Zimmerman                    
                                                    Gifford R. Zimmerman
                                                  Chief Administrative Officer (principal executive officer) 
 
Date:         September 27, 2013        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date:         September 27, 2013