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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-Q

 

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-07398

 

 

Invesco Pennsylvania Value Municipal Income Trust

(Exact name of registrant as specified in charter)

 

 

1555 Peachtree Street, N.E., Suite 1800     Atlanta, Georgia 30309

(Address of principal executive offices) (Zip code)

 

 

Sheri Morris     1555 Peachtree Street, N.E., Suite 1800     Atlanta, Georgia 30309

(Name and address of agent for service)

 

 

Registrant’s telephone number, including area code: (713) 626-1919

Date of fiscal year end: 2/28

Date of reporting period: 5/31/18

 

 

 


Item 1. Schedule of Investments.


 

 

 

Invesco Pennsylvania Value Municipal

Income Trust

  Quarterly Schedule of Portfolio Holdings
  May 31, 2018
  LOGO
 

 

invesco.com/us                        VK-CE-PAVMI-QTR-1       07/18                                                 Invesco Advisers, Inc.


Schedule of Investments

May 31, 2018

(Unaudited)

 

      Interest
Rate
   Maturity
Date
       Principal
Amount
(000)
    
Value
 

Municipal Obligations–174.32%(a)

             

Pennsylvania–167.02%

             

Allegheny (County of) Higher Education Building Authority (Chatham University);
Series 2012 A, University RB

   5.00%      09/01/2035        $ 3,000      $ 3,137,250  

Allegheny (County of) Higher Education Building Authority (Duquesne University);
Series 2011 A, University RB(b)(c)

   5.50%      03/01/2021          1,600        1,749,072  

Series 2013 A, University RB

   5.00%      03/01/2033          1,600        1,746,304  

Allegheny (County of) Higher Education Building Authority (Robert Morris University); Series 2008 A, University RB (b)(c)

   6.00%      10/15/2018          1,000        1,015,760  

Allegheny (County of) Hospital Development Authority (University of Pittsburgh Medical Center); Series 2009, RB

   5.63%      08/15/2039          2,750        2,866,600  

Allegheny (County of) Industrial Development Authority (Propel Charter School-McKeesport); Series 2010 B, Charter School RB

   6.38%      08/15/2035          1,215        1,272,688  

Allegheny (County of) Industrial Development Authority (Residential Resources, Inc.); Series 2006, Lease RB

   5.13%      09/01/2031          440        440,414  

Allegheny (County of) Sanitary Authority; Series 2015, Ref. RB (d)

   5.00%      12/01/2045          7,880        8,790,376  

Allegheny (County of);
Series 2016 C-76, Unlimited Tax GO Bonds(d)

   5.00%      11/01/2041          10,410        11,781,518  

Series 2016 C-76, Unlimited Tax GO Bonds

   5.00%      11/01/2041          9,253        10,277,562  

Allentown Neighborhood Improvement Zone Development Authority (City Center);
Series 2017, Tax RB(e)

   5.00%      05/01/2022          1,175        1,265,076  

Series 2018, Tax RB(e)

   5.00%      05/01/2042          2,245        2,432,817  

Berks (County of) Industrial Development Authority (Highlands at Wyomissing);
Series 2017 A, Ref. Healthcare Facilities RB

   5.00%      05/15/2042          500        543,560  

Series 2017 A, Ref. Healthcare Facilities RB

   5.00%      05/15/2047          600        649,908  

Series 2017 C, Healthcare Facilities RB

   5.00%      05/15/2047          1,175        1,281,549  

Berks (County of) Municipal Authority (Reading Hospital Medical Center); Series 2012 A, RB

   5.00%      11/01/2044          3,500        3,736,250  

Bethlehem (City of);
Series 2014, Ref. Gtd. Water RB(INS-BAM)(f)

   5.00%      11/15/2030          1,575        1,728,594  

Series 2014, Ref. Gtd. Water RB(INS-BAM)(f)

   5.00%      11/15/2031          1,575        1,726,515  

Bethlehem Area School District; Series 2010, Unlimited Tax GO Bonds (b)(c)

   5.25%      01/15/2020          3,000        3,162,870  

Central Bradford Progress Authority (Guthrie Healthcare System); Series 2011, RB

   5.38%      12/01/2041          3,600        3,945,276  

Centre (County of) Hospital Authority (Mt. Nittany Medical Center);
Series 2011, RB(b)(c)

   6.25%      11/15/2021          1,670        1,907,056  

Series 2012 B, RB

   5.00%      11/15/2036          1,000        1,086,580  

Series 2016 A, Ref. RB

   5.00%      11/15/2046          900        995,265  

Chester (County of) Industrial Development Authority (Avon Grove Charter School); Series 2017 A, Ref. RB

   5.00%      12/15/2047          1,160        1,215,529  

Chester (County of) Industrial Development Authority (Colleguim Charter School); Series 2017 A, RB

   5.25%      10/15/2047          2,555        2,624,062  

Chester (County of) Industrial Development Authority (University Student Housing, LLC at West Chester University of Pennsylvania); Series 2013, Student Housing RB

   5.00%      08/01/2045          2,425        2,550,736  

Clairton (City of) Municipal Authority; Series 2012 B, RB

   5.00%      12/01/2037          2,000        2,149,500  

Coatesville School District; Series 2010, Limited Tax GO Bonds (INS-AGM)(f)

   5.00%      08/15/2030          2,650        2,803,541  

Commonwealth Financing Authority;
Series 2010 B, RB

   5.00%      06/01/2023          1,775        1,868,134  

Series 2018, Tobacco Master Settlement Payment RB(d)

   5.00%      06/01/2031          3,500        4,015,388  

Series 2018, Tobacco Master Settlement Payment RB(d)

   5.00%      06/01/2032          2,000        2,294,502  

Series 2018, Tobacco Master Settlement Payment RB(d)

   5.00%      06/01/2033          2,000        2,278,036  

Series 2018, Tobacco Master Settlement Payment RB(d)

   5.00%      06/01/2035          1,500        1,703,010  

Cumberland (County of) Municipal Authority (Asbury Pennsylvania Obligated Group);
Series 2010, RB

   6.00%      01/01/2030          1,600        1,669,744  

Series 2010, RB

   6.00%      01/01/2040          2,885        2,998,986  

Cumberland (County of) Municipal Authority (Association of Independent Colleges & Universities of Pennsylvania Financing Program-Dickinson College); Series 2009, RB (b)(c)

   5.00%      11/01/2019          1,850        1,931,141  

Cumberland (County of) Municipal Authority (Diakon Lutheran Ministries); Series 2015, Ref. RB

   5.00%      01/01/2038          3,573        3,633,629  

Cumberland (County of) Municipal Authority (Messiah Village); Series 2008 A, RB

   6.00%      07/01/2035          2,000        2,005,420  

 

See accompanying notes which are an integral part of this schedule.

 

 

Invesco Pennsylvania Value Municipal Income Trust


     Interest
Rate
   Maturity
Date
       Principal
Amount
(000)
    
Value
 

Pennsylvania–(continued)

            

Daniel Boone Area School District;
Series 2008, Limited Tax GO Notes(b)(c)

  5.00%      08/15/2018        $ 60      $ 60,410  

Series 2008, Limited Tax GO Notes(b)(c)

  5.00%      08/15/2018          860        865,796  

Series 2008, Limited Tax GO Notes(b)(c)

  5.00%      08/15/2018          635        639,280  

Series 2008, Limited Tax GO Notes(b)(c)

  5.00%      08/15/2018          445        447,999  

Dauphin (County of) General Authority (Pinnacle Health System);
Series 2009, Health System RB

  5.75%      06/01/2020          1,875          1,946,719  

Series 2009, Ref. Health System RB(b)(c)

  5.75%      06/01/2019          1,875        1,917,281  

Series 2016 A, Ref. Health System RB

  5.00%      06/01/2035          1,145        1,295,350  

Deer Lakes School District; Series 2009, Limited Tax GO Bonds (b)(c)

  5.38%      04/01/2019          1,000        1,029,790  

Delaware (County of) Authority (Neumann College); Series 2008, College RB (b)(c)

  6.25%      10/01/2018          325        329,781  

Delaware (County of) Authority (Villanova University); Series 2015, RB

  5.00%      08/01/2045          785        884,891  

Delaware (County of) Industrial Development Authority (Covanta); Series 2015, Ref. RB

  5.00%      07/01/2043          1,575        1,594,735  

Delaware River Port Authority (Port District);
Series 2012, Ref. RB

  5.00%      01/01/2025          2,175        2,382,016  

Series 2012, Ref. RB

  5.00%      01/01/2027          1,290        1,400,076  

Delaware River Port Authority;
Series 2010 D, RB

  5.00%      01/01/2040          2,000        2,085,880  

Series 2013, RB

  5.00%      01/01/2031          1,000        1,115,540  

Delaware Valley Regional Financial Authority; Series 2002, RB

  5.75%      07/01/2032          3,500        4,378,115  

Doylestown (City of) Hospital Authority; Series 2013 A, RB (INS-AGM)(f)

  5.00%      07/01/2024          3,025        3,342,262  

DuBois (City of) Hospital Authority (Penn Highlands Healthcare);
Series 2018, Ref. Hospital RB

  4.00%      07/15/2048          1,570        1,572,433  

Series 2018, Ref. Hospital RB

  5.00%      07/15/2048          2,350        2,627,441  

East Hempfield (Township of) Industrial Development Authority (Student Services Inc. Student Housing);
Series 2013, RB

  5.00%      07/01/2035          750        796,140  

Series 2013, RB

  5.00%      07/01/2045          2,020        2,129,908  

Series 2014, RB

  5.00%      07/01/2039          750        795,885  

East Hempfield (Township of) Industrial Development Authority (Willow Valley Communities);
Series 2016, Ref. RB

  5.00%      12/01/2030          790        885,732  

Series 2016, Ref. RB

  5.00%      12/01/2039          2,780        3,060,419  

Erie (City of) Higher Education Building Authority (Mercyhurst College); Series 2008, College RB (b)(c)

  5.50%      09/15/2018          1,000        1,010,870  

Franklin (County of) Industrial Development Authority (Chambersburg Hospital); Series 2010, RB

  5.38%      07/01/2042          2,980        3,158,979  

Fulton (County of) Industrial Development Authority (The Fulton County Medical Center); Series 2016, Ref. Hospital RB

  5.00%      07/01/2040          3,930        4,013,630  

Geisinger Authority (Geisinger Health System Foundation); Series 2013 A, VRD Health System RB (g)

  0.87%      10/01/2043          1,000        1,000,000  

Geisinger Authority (Geisinger Health System);
Series 2011 A-1, Health System RB

  5.13%      06/01/2041          1,500        1,598,970  

Series 2017 A-1, Ref. Health System RB(d)

  5.00%      02/15/2045          7,810        8,850,056  

Lancaster (County of) Hospital Authority (Brethren Village);
Series 2017, Ref. RB

  5.13%      07/01/2037          700        766,668  

Series 2017, Ref. RB

  5.25%      07/01/2041          1,500        1,646,265  

Lancaster (County of) Hospital Authority (Lancaster General Hospital); Series 2012, Health System RB (b)(c)

  5.00%      01/01/2022          2,000        2,203,800  

Lancaster (County of) Hospital Authority (Landis Homes Retirement Community); Series 2015, Ref. Health Center RB

  5.00%      07/01/2045          3,800        4,048,900  

Lancaster (County of) Hospital Authority (Masonic Villages); Series 2015, Ref. RB

  5.00%      11/01/2035          790        873,361  

Lancaster (County of) Solid Waste Management Authority; Series 2013 A, Solid Waste Disposal System RB

  5.25%      12/15/2030          1,000        1,110,640  

Lehigh (County of) General Purpose Authority (Bible Fellowship Church Homes, Inc.); Series 2013, RB

  5.25%      07/01/2042          2,675        2,719,967  

Lehigh (County of) General Purpose Authority (Lehigh Valley Health); Series 2005 B, Hospital RB (b)(c)

  5.00%      07/01/2018          1,000        1,012,660  

Luzerne (County of) Convention Center Authority; Series 1998 A, VRD Hotel Room Rental Tax RB (LOC-PNC Bank, N.A.)(g)(h)

  1.06%      09/01/2028          1,000        1,000,000  

 

See accompanying notes which are an integral part of this schedule.

 

 

Invesco Pennsylvania Value Municipal Income Trust


     Interest
Rate
   Maturity
Date
       Principal
Amount
(000)
    
Value
 

Pennsylvania–(continued)

            

Lycoming (County of) Authority (Pennsylvania College of Technology); Series 2011, RB

  5.00%      07/01/2030        $ 4,250      $ 4,513,245  

Lycoming (County of) Authority (Susquehanna Health System); Series 2009 A, Health System RB

  5.75%      07/01/2039          3,750        3,911,850  

Montgomery (County of) Higher Education & Health Authority (Abington Memorial Hospital Obligated Group); Series 2012, RB (b)(c)

  5.00%      06/01/2022          3,600        4,005,036  

Montgomery (County of) Higher Education & Health Authority (Holy Redeemer Health System); Series 2014, Ref. RB

  5.00%      10/01/2027          1,460        1,592,743  

Montgomery (County of) Higher Education & Health Authority (Philadelphia Presbytery Homes, Inc.); Series 2017, Ref. RB

  5.00%      12/01/2047          2,250        2,477,520  

Montgomery (County of) Higher Education & Health Authority (Thomas Jefferson University); Series 2018 A, Ref. RB

  5.00%      09/01/2048          980        1,102,863  

Montgomery (County of) Industrial Development Authority (ACTS Retirement-Life Communities, Inc.);
Series 2012, Ref. RB

  5.00%      11/15/2027          2,400        2,596,920  

Series 2012, Ref. RB

  5.00%      11/15/2028          500        539,470  

Montgomery (County of) Industrial Development Authority (Albert Einstein Healthcare); Series 2015, Ref. Health System RB

  5.25%      01/15/2045          3,150        3,389,967  

Montgomery (County of) Industrial Development Authority (Philadelphia Presbytery Homes, Inc.); Series 2010, RB (b)(c)

  6.63%      12/01/2021          3,905        4,499,771  

Northampton (County of) General Purpose Authority (LaFayette College); Series 2017, Ref. Hospital Facilities RB (d)

  5.00%      11/01/2047          5,865        6,747,761  

Northampton (County of) General Purpose Authority (Lehigh University);
Series 2009, Higher Education RB(b)(c)

  5.00%      05/15/2019          2,000        2,062,700  

Series 2009, Higher Education RB(b)(c)

  5.50%      05/15/2019          4,000        4,144,120  

Northampton (County of) General Purpose Authority (St. Luke’s Hospital); Series 2008 A, Hospital RB (b)(c)

  5.50%      08/15/2018          2,000        2,015,440  

Northampton (County of) General Purpose Authority (St. Luke’s University Health Network);
Series 2016, Ref. Hospital RB

  5.00%      08/15/2036          1,170        1,309,101  

Series 2018 A, Ref. Hospital RB

  4.00%      08/15/2048          2,355        2,366,657  

Northampton (County of) Industrial Development Authority (Morningstar Senior Living, Inc.);
Series 2012, RB

  5.00%      07/01/2032          740        761,660  

Series 2012, RB

  5.00%      07/01/2036          1,000        1,024,000  

Pennsylvania (Commonwealth of);
First Series 2013, Unlimited Tax GO Bonds(b)(c)(d)

  5.00%      04/01/2023          15,000          17,054,400  

Series 2018 A, Ref. COP

  4.00%      07/01/2046          1,960        1,983,442  

Series 2018 A, Ref. COP

  5.00%      07/01/2043          2,160        2,400,970  

Pennsylvania (State of) Economic Development Financing Agency (Forum Place); Series 2012, Governmental Lease RB

  5.00%      03/01/2034          1,750        1,872,290  

Pennsylvania (State of) Economic Development Financing Authority (Amtrak); Series 2012 A, Ref. Exempt Facilities RB (i)

  5.00%      11/01/2041          3,830        4,078,797  

Pennsylvania (State of) Economic Development Financing Authority (Aqua Pennsylvania, Inc.); Series 2010 A, Ref. Water Facility RB (i)

  5.00%      12/01/2034          2,000        2,104,680  

Pennsylvania (State of) Economic Development Financing Authority (Capital Region Parking System); Series 2013, Jr. Parking System RB

  6.00%      07/01/2053          2,124        2,272,210  

Pennsylvania (State of) Economic Development Financing Authority (National Gypson Co.); Series 2014, Ref. Exempt Facilities RB (i)

  5.50%      11/01/2044          2,365        2,507,444  

Pennsylvania (State of) Economic Development Financing Authority (PA Bridges Finco L.P.); Series 2015, RB (i)

  5.00%      12/31/2034          4,400        4,870,316  

Pennsylvania (State of) Economic Development Financing Authority (Philadelphia Biosolids Facility); Series 2009, Sewage Sludge Disposal RB

  6.25%      01/01/2032          2,000        2,102,680  

Pennsylvania (State of) Higher Educational Facilities Authority (AICUP Financing Program-Del Valley College); Series 2012, RB

  5.00%      11/01/2027          1,650        1,671,400  

Pennsylvania (State of) Higher Educational Facilities Authority (Drexel University); Series 2016, Ref. RB

  5.00%      05/01/2035          3,590        4,035,591  

Pennsylvania (State of) Higher Educational Facilities Authority (Edinboro University Foundation); Series 2010, RB (b)(c)

  6.00%      07/01/2020          1,000        1,081,950  

Pennsylvania (State of) Higher Educational Facilities Authority (La Salle University); Series 2012, RB

  5.00%      05/01/2042          3,320        3,467,840  

 

See accompanying notes which are an integral part of this schedule.

 

 

Invesco Pennsylvania Value Municipal Income Trust


     Interest
Rate
   Maturity
Date
       Principal
Amount
(000)
    
Value
 

Pennsylvania–(continued)

            

Pennsylvania (State of) Higher Educational Facilities Authority (Shippensburg University Student Services);
Series 2012, RB

  5.00%      10/01/2035        $ 2,150      $ 2,244,922  

Series 2012, RB

  5.00%      10/01/2044          1,000        1,042,120  

Pennsylvania (State of) Higher Educational Facilities Authority (St. Joseph’s University); Series 2010 A, RB

  5.00%      11/01/2040          5,000        5,283,050  

Pennsylvania (State of) Higher Educational Facilities Authority (State System Higher Education); Series 2010 AL, RB

  5.00%      06/15/2021          1,450        1,538,218  

Pennsylvania (State of) Higher Educational Facilities Authority (Temple University); First Series 2012, RB

  5.00%      04/01/2042          2,430        2,619,807  

Pennsylvania (State of) Higher Educational Facilities Authority (Thomas Jefferson University);
Series 2010, RB(b)(c)

  5.00%      03/01/2020          1,000        1,052,130  

Series 2015, Ref. RB

  5.25%      09/01/2050          3,155        3,528,016  

Pennsylvania (State of) Higher Educational Facilities Authority (Trustees of the University of Pennsylvania); Series 2017, RB (d)

  5.00%      08/15/2046          7,800        8,992,100  

Pennsylvania (State of) Higher Educational Facilities Authority (University Properties, Inc.); Series 2010, Student Housing RB

  5.00%      07/01/2042          2,320        2,387,118  

Pennsylvania (State of) Intergovernmental Cooperation Authority (City of Philadelphia Funding Program); Series 2009, Ref. Special Tax RB (d)

  5.00%      06/15/2021          12,135        12,548,257  

Pennsylvania (State of) Turnpike Commission;
Second Series 2017, Ref. Sub. Motor License Fund Special RB

  5.00%      12/01/2038          2,000        2,250,820  

Second Series 2017, Ref. Sub. Motor License Fund Special RB

  5.00%      12/01/2041          700        785,981  

Series 2008 A-1, RB(b)(c)(d)

  5.00%      06/01/2018          12,995          12,995,000  

Series 2009 C, Sub. RB(INS-AGM)(f)

  6.25%      06/01/2033          5,840        7,226,591  

Series 2009 E, Sub. RB

  6.38%      12/01/2038          720        897,826  

Series 2010 A-1, Motor License Fund Special RB(b)(c)

  5.00%      12/01/2019          1,000        1,047,640  

Series 2011 B, Sub. Motor License Fund Special RB(d)

  5.00%      12/01/2041          11,000        11,804,684  

Series 2014, Ref. RB

  5.00%      12/01/2034          1,500        1,679,520  

Series 2017 A, Sub. RB(d)

  5.50%      12/01/2042          10,000        11,616,257  

Series 2018 B, Sub. Oil Franchise Tax RB

  5.25%      12/01/2048          2,370        2,754,106  

Subseries 2010 A-2, Ref. Motor License Fund Special RB(b)(c)

  5.50%      12/01/2020          1,695        1,842,380  

Subseries 2010 A-2, Sub. Motor License Fund Special RB(b)(c)

  5.50%      12/01/2020          370        402,172  

Subseries 2010 B-2, Motor License Fund Special RB(b)(c)

  5.00%      12/01/2020          695        747,014  

Subseries 2010 B-2, Ref. Sub. Special Turnpike RB(b)(c)

  5.00%      12/01/2020          805        865,246  

Subseries 2010 B-2, Sub. RB(b)(c)

  5.13%      12/01/2020          1,500        1,618,710  

Subseries 2010 B-2, Sub. Special Turnpike RB(b)(c)

  5.00%      12/01/2020          375        401,644  

Subseries 2017 B-1, Sub. Turnpike RB

  5.25%      06/01/2047          3,000        3,406,950  

Pennsylvania State University; Series 2016 A, RB

  5.00%      09/01/2041          3,245        3,743,789  

Philadelphia (City of) Authority for Industrial Development (The Children’s Hospital of Philadelphia); Series 2014 A, Hospital RB (d)

  5.00%      07/01/2042          6,000        6,753,990  

Philadelphia (City of) Authority for Industrial Development (Wesley Enhanced Living Obligated Group);
Series 2017, Ref. Sr. Living Facilities RB

  5.00%      07/01/2042          1,525        1,629,279  

Series 2017, Ref. Sr. Living Facilities RB

  5.00%      07/01/2049          3,000        3,188,760  

Philadelphia (City of) Hospitals & Higher Education Facilities Authority (Children’s Hospital of Philadelphia); Series 2011, RB

  5.00%      07/01/2041          2,000        2,161,880  

Philadelphia (City of) Hospitals & Higher Education Facilities Authority (Jefferson Health System); Series 2010 B, RB (b)(c)

  5.00%      05/15/2020          4,995        5,290,554  

Philadelphia (City of) Hospitals & Higher Education Facilities Authority (Temple University Health System);
Series 2017, Ref. RB

  5.00%      07/01/2033          1,500        1,658,865  

Series 2017, Ref. RB

  5.00%      07/01/2034          1,000        1,101,030  

Philadelphia (City of) Industrial Development Authority (Architecture & Design Charter High School); Series 2013, RB

  6.13%      03/15/2043          1,915        1,854,371  

Philadelphia (City of) Industrial Development Authority (Discovery Charter School);
Series 2012, RB

  5.88%      04/01/2032          450        463,482  

Series 2012, RB

  6.25%      04/01/2037          500        519,600  

Philadelphia (City of) Industrial Development Authority (First Philadelphia Preparatory Charter School); Series 2014 A, RB

  7.00%      06/15/2033          3,125        3,533,562  

 

See accompanying notes which are an integral part of this schedule.

 

 

Invesco Pennsylvania Value Municipal Income Trust


     Interest
Rate
   Maturity
Date
       Principal
Amount
(000)
    
Value
 

Pennsylvania–(continued)

            

Philadelphia (City of) Industrial Development Authority (Global Leadership Academy Charter School); Series 2010, RB

  6.38%      11/15/2040        $ 1,000      $     1,032,900  

Philadelphia (City of) Industrial Development Authority (Independence Charter School); Series 2007 A, RB

  5.50%      09/15/2037          2,815        2,816,436  

Philadelphia (City of) Industrial Development Authority (Kipp Philadelphia Charter School); Series 2016 B, RB

  5.00%      04/01/2046          2,360        2,379,612  

Philadelphia (City of) Industrial Development Authority (MaST Charter School); Series 2010, RB (b)(c)

  6.00%      08/01/2020          1,660        1,802,478  

Philadelphia (City of) Industrial Development Authority (MaST I Charter School); Series 2016 A, Ref. RB

  5.25%      08/01/2046          1,500        1,544,010  

Philadelphia (City of) Industrial Development Authority (New Foundations Charter School); Series 2012, RB

  6.63%      12/15/2041          1,250        1,384,288  

Philadelphia (City of) Industrial Development Authority (Performing Arts Charter School); Series 2013, RB (e)

  6.50%      06/15/2033          3,055        3,213,463  

Philadelphia (City of) Industrial Development Authority (University of the Arts); Series 2017, Ref. RB (e)

  5.00%      03/15/2045          1,960        2,002,454  

Philadelphia (City of) Parking Authority; Series 1999 A, RB (INS-AMBAC)(f)

  5.25%      02/15/2029          1,645        1,649,869  

Philadelphia (City of);
Ninth Series 2010, Gas Works RB(b)(c)

  5.00%      08/01/2020          1,500        1,595,535  

Ninth Series 2010, Gas Works RB(b)(c)

  5.25%      08/01/2020          1,400        1,498,070  

Ninth Series 2010, Gas Works RB

  5.25%      08/01/2040          2,210        2,340,677  

Series 2008 A, Ref. Unlimited Tax GO Bonds(b)(c)

  5.25%      12/15/2018          3,500        3,566,815  

Series 2009 A, Ref. Unlimited Tax GO Bonds(b)(c)

  5.50%      08/01/2019          160        166,866  

Series 2009 A, Ref. Unlimited Tax GO Bonds(INS-AGC)(f)

  5.50%      08/01/2024          1,340        1,396,870  

Series 2009 A, Water & Wastewater RB(b)(c)

  5.25%      01/01/2019          1,500        1,530,150  

Series 2010 C, Water & Wastewater RB(b)(c)

  5.00%      08/01/2020          2,135        2,278,002  

Series 2010 C, Water & Wastewater RB(INS-AGM)(f)

  5.00%      08/01/2035          615        648,155  

Series 2011, Unlimited Tax GO Bonds(b)(c)

  6.00%      08/01/2020          2,000        2,173,880  

Series 2014 A, Ref. Unlimited Tax GO Bonds

  5.25%      07/15/2034          1,000        1,112,690  

Series 2017, Ref. Unlimited Tax GO Bonds

  5.00%      08/01/2041          3,120        3,504,665  

Series 2017 A, Ref. Unlimited Tax GO Bonds

  5.00%      08/01/2036          2,550        2,881,525  

Series 2017 A, Water & Wastewater RB(d)

  5.25%      10/01/2052          7,405        8,594,317  

Series 2017 B, Ref. Airport RB(i)

  5.00%      07/01/2042          3,000        3,379,530  

Twelfth Series 1990 B, Gas Works RB(c)

  7.00%      05/15/2020          840        898,010  

Philadelphia (State of) Authority for Industrial Development (Cultural and Commercials Corridors); Series 2016, Ref. City Agreement RB

  5.00%      12/01/2031          3,160        3,554,147  

Philadelphia (State of) Authority for Industrial Development (Temple University); First Series 2015, Ref. RB

  5.00%      04/01/2045          1,970        2,201,140  

Philadelphia School District;
Series 2007 A, Ref. Unlimited Tax GO Bonds(INS-NATL)(f)

  5.00%      06/01/2025          1,965        2,211,214  

Series 2008 E, Limited Tax GO Bonds(b)(c)

  5.13%      09/01/2018          30        30,261  

Series 2008 E, Limited Tax GO Bonds(b)(c)

  5.13%      09/01/2018          2,050        2,067,855  

Series 2008 E, Limited Tax GO Bonds(INS-BHAC)(f)

  5.13%      09/01/2023          420        423,772  

Pittsburgh (City of) & Allegheny (County of) Sports & Exhibition Authority (Regional Asset District); Series 2010, Ref. Sales Tax RB (INS-AGM)(f)

  5.00%      02/01/2031          3,235        3,419,201  

Pittsburgh (City of) & Allegheny (County of) Sports & Exhibition Authority; Series 2010, Ref. Hotel Room Excise Tax RB (INS-AGM)(f)

  5.00%      02/01/2035          1,000        1,052,610  

Pittsburgh (City of) Water & Sewer Authority;
Series 2008 D1, First Lien RB(b)(c)

  5.00%      09/01/2018          3,000        3,024,840  

Series 2008 D1, First Lien RB(b)(c)

  5.00%      09/01/2018          2,000        2,016,560  

Series 2013 A, Ref. First Lien RB

  5.00%      09/01/2031          1,250        1,386,362  

Southeastern Pennsylvania Transportation Authority; Series 2011, Capital Grant Receipts RB (b)(c)

  5.00%      06/01/2021          2,480        2,699,530  

State Public School Building Authority (Harrisburg School District);
Series 2009, RB(b)(c)

  5.00%      05/15/2019          1,665        1,715,599  

Series 2009, RB(b)(c)

  5.00%      05/15/2019          415        427,612  

Series 2009, RB(b)(c)

  5.00%      05/15/2019          420        432,764  

Series 2016 A, Ref. RB(INS-AGM)(f)

  5.00%      12/01/2030          3,745        4,299,784  

State Public School Building Authority (Philadelphia School District); Series 2012, Lease RB

  5.00%      04/01/2032          1,500        1,585,890  

Susquehanna Area Regional Airport Authority; Series 2012 A, Airport System RB (i)

  5.00%      01/01/2027          4,415        4,805,507  

 

See accompanying notes which are an integral part of this schedule.

 

 

Invesco Pennsylvania Value Municipal Income Trust


     Interest
Rate
   Maturity
Date
       Principal
Amount
(000)
    
Value
 

Pennsylvania–(continued)

            

Union (County of) Hospital Authority (Evangelical Community Hospital); Series 2011, Ref. & Improvement RB

  7.00%      08/01/2041        $ 3,000      $ 3,301,740  

University of Pittsburgh - of the Commonwealth System of Higher Education (University Capital);
Series 2000 B, Ref. RB(b)(c)(d)

  5.25%      09/15/2019          10,000        10,439,050  

Series 2005 A, RB(b)(c)(d)

  5.25%      09/15/2019          10,000        10,445,575  

Washington (County of) Industrial Development Authority (Washington Jefferson College);
Series 2010, College RB(b)(c)

  5.00%      05/01/2020          1,700        1,798,617  

Series 2010, College RB(b)(c)

  5.25%      05/01/2020          1,500        1,594,005  

Washington (County of) Redevelopment Authority;
Series 2018, Ref. Tax Allocation RB

  5.00%      07/01/2028          750        785,423  

Series 2018, Ref. Tax Allocation RB

  5.00%      07/01/2035          1,000        1,030,660  

West Mifflin Area School District;
Series 2009, Limited Tax GO Bonds(b)(c)

  5.13%      10/01/2018          1,500        1,517,130  

Series 2009, Limited Tax GO Bonds(b)(c)

  5.50%      10/01/2018          500        506,315  

West Shore Area Authority (Massiah Village); Series 2015 A, Ref. RB

  5.00%      07/01/2035          1,500        1,589,700  

Westmoreland (County of) Municipal Authority;
Series 2013, RB(b)(c)

  5.00%      08/15/2023          2,000        2,286,220  

Series 2013, RB(b)(c)

  5.00%      08/15/2023          2,250        2,571,997  

Wilkes-Barre (City of) Finance Authority (University of Scranton); Series 2010, RB (b)(c)

  5.00%      11/01/2020          2,650        2,845,702  
                               545,171,850  

Guam–5.09%

            

Guam (Territory of) (Section 30);
Series 2009 A, Limited Obligation RB(b)(c)

  5.63%      12/01/2019          1,250        1,319,675  

Series 2009 A, Limited Obligation RB(b)(c)

  5.75%      12/01/2019          1,065        1,126,312  

Series 2016 A, Ref. Limited Obligation RB

  5.00%      12/01/2046          1,250        1,326,300  

Guam (Territory of) International Airport Authority;
Series 2013 C, General RB(i)

  6.25%      10/01/2034          1,500        1,695,615  

Series 2013 C, General RB(INS-AGM)(f)(i)

  6.00%      10/01/2034          1,550        1,788,297  

Guam (Territory of) Power Authority;
Series 2010 A, RB(b)(c)

  5.50%      10/01/2020          1,285        1,387,851  

Series 2012 A, Ref. RB

  5.00%      10/01/2034          1,700        1,806,352  

Guam (Territory of) Waterworks Authority;
Series 2010, Water & Wastewater System RB(b)(c)

  5.63%      07/01/2020          3,000        3,228,180  

Series 2014 A, Ref. Water & Wastewater System RB

  5.00%      07/01/2029          1,055        1,142,101  

Guam (Territory of); Series 2011 A, Business Privilege Tax RB

  5.25%      01/01/2036          1,700        1,785,102  
                               16,605,785  

Virgin Islands–1.74%

            

Virgin Islands (Government of) Port Authority; Series 2014 B, Ref. Marine RB

  5.00%      09/01/2044          970        843,900  

Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note - Diageo); Series 2009 A, Sub. RB

  6.63%      10/01/2029          2,040        1,708,500  

Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note); Series 2009 B, Ref. Sr. Lien RB

  5.00%      10/01/2025          810        738,113  

Virgin Islands (Government of) Public Finance Authority; Series 2015, RB (e)

  5.00%      09/01/2030          2,230        2,377,916  
                               5,668,429  

Puerto Rico–0.47%

            

Children’s Trust Fund; Series 2005 A, Tobacco Settlement Asset-Backed RB (j)

  0.00%      05/15/2050          15,000        1,536,450  

TOTAL INVESTMENTS IN SECURITIES(k)–174.32% (Cost $546,161,136)

                             568,982,514  

FLOATING RATE NOTE OBLIGATIONS–(30.72)%

            

Notes with interest rates and fee ranging from 1.60% to 1.68% at 05/31/2018 and contractual maturities of collateral ranging from 06/15/2021 to 10/01/2052 (See Note 1D)(l)

                             (100,265,000)  

VARIABLE RATE MUNI TERM PREFERRED SHARES–(42.14)%

                             (137,544,457)  

OTHER ASSETS LESS LIABILITIES–(1.46)%

                             (4,766,346)  

NET ASSETS APPLICABLE TO COMMON SHARES–100.00%

                           $ 326,406,711  

 

See accompanying notes which are an integral part of this schedule.

 

 

Invesco Pennsylvania Value Municipal Income Trust


Investment Abbreviations:
AGC    —     Assured Guaranty Corp.

 

AGM

   —     Assured Guaranty Municipal Corp.

 

AMBAC

   —     American Municipal Bond Assurance Corp.

 

BAM

   —     Build America Mutual Assurance Co.

 

BHAC

   —     Berkshire Hathaway Assurance Corp.

 

COP

   —     Certificates of Participation

 

GO

   —     General Obligation

 

INS

   —     Insurer

 

LOC

   —     Letter of Credit

 

NATL

   —     National Public Finance Guarantee Corp.

 

RB

   —     Revenue Bonds

 

Ref.

   —     Refunding

 

Sub.

   —     Subordinated

 

VRD

   —     Variable Rate Demand

Notes to Schedule of Investments:

 

(a)

Calculated as a percentage of net assets. Amounts in excess of 100% are due to the Trust’s use of leverage.

(b)

Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

(c)

Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

(d)

Underlying security related to TOB Trusts entered into by the Trust. See Note 1D.

(e)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at May 31, 2018 was $11,291,726, which represented 3.46% of the Trust’s Net Assets.

(f)

Principal and/or interest payments are secured by the bond insurance company listed.

(g)

Demand security payable upon demand by the Trust at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically based on current market interest rates. Rate shown is the rate in effect on May 31, 2018.

(h)

Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.

(i)

Security subject to the alternative minimum tax.

(j)

Zero coupon bond issued at a discount.

(k)

Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuers obligations. No concentration of any single entity was greater than 5% each.

(l)

Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at May 31, 2018. At May 31, 2018, the Trust’s investments with a value of $157,496,940 are held by TOB Trusts and serve as collateral for the $100,265,000 in the floating rate note obligations outstanding at that date.

 

See accompanying notes which are an integral part of this schedule.

 

 

Invesco Pennsylvania Value Municipal Income Trust


Notes to Quarterly Schedule of Portfolio Holdings

May 31, 2018

(Unaudited)

NOTE 1 — Significant Accounting Policies

 

A.

Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a trust may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Securities for which market quotations either are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.

The Trust may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Trust investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B.

Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Trust may periodically participate in litigation related to Trust investments. As such, the Trust may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Trust’s net asset value and, accordingly, they reduce the Trust’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Trust and the investment adviser.

C.

Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees

 

 

Invesco Pennsylvania Value Municipal Income Trust


C.

Country Determination – (continued)

 

  and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D.

Floating Rate Note Obligations – The Trust invests in inverse floating rate securities, such as Tender Option Bonds (“TOBs”), for investment purposes and to enhance the yield of the Trust. Such securities may be purchased in the secondary market without first owning an underlying bond but generally are created through the sale of fixed rate bonds by the Trust to special purpose trusts established by a broker dealer or by the Trust (“TOB Trusts”) in exchange for cash and residual interests in the TOB Trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The TOB Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Trust to retain residual interests in the bonds. The floating rate notes issued by the TOB Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the TOB Trusts for redemption at par at each reset date. The residual interests held by the Trust (inverse floating rate securities) include the right of the Trust (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the TOB Trust to the Trust, thereby collapsing the TOB Trust. Inverse floating rate securities tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable.

The Trust generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Trust to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and decreases in the value of such securities in response to changes in interest rates to a greater extent than fixed rate securities having similar credit quality, redemption provisions and maturity, which may cause the Trust’s net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain instances, the short-term floating rate notes created by the TOB Trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such notes for repayment of principal, may not be able to be remarketed to third parties. In such cases, the TOB Trust holding the fixed rate bonds may be collapsed with the entity that contributed the fixed rate bonds to the TOB Trust. In the case where a TOB Trust is collapsed with the Trust, the Trust will be required to repay the principal amount of the tendered securities, which may require the Trust to sell other portfolio holdings to raise cash to meet that obligation. The Trust could therefore be required to sell other portfolio holdings at a disadvantageous time or price to raise cash to meet this obligation, which risk will be heightened during times of market volatility, illiquidity or uncertainty. The embedded leverage in the TOB Trust could cause the Trust to lose more money than the value of the asset it has contributed to the TOB Trust and greater levels of leverage create the potential for greater losses. In addition, a Trust may enter into reimbursement agreements with the liquidity provider of certain TOB transactions in connection with certain residuals held by the Trust. These agreements commit a Trust to reimburse the liquidity provider to the extent that the liquidity provider must provide cash to a TOB Trust, including following the termination of a TOB Trust resulting from a mandatory tender event (“liquidity shortfall”). The reimbursement agreement will effectively make the Trust liable for the amount of the negative difference, if any, between the liquidation value of the underlying security and the purchase price of the floating rate notes issued by the TOB Trust.

The Trust accounts for the transfer of fixed rate bonds to the TOB Trusts as secured borrowings, with the securities transferred remaining in the Trust’s investment assets, and the related floating rate notes reflected as Trust liabilities under the caption Floating rate note obligations on the Statement of Assets and Liabilities. The carrying amount of the Trust’s floating rate note obligations as reported on the Statement of Assets and Liabilities approximates its fair value. The Trust records the interest income from the fixed rate bonds under the caption Interest and records the expenses related to floating rate obligations and any administrative expenses of the TOB Trusts as a component of Interest, facilities and maintenance fees on the Statement of Operations.

Final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”) prohibit banking entities from engaging in proprietary trading of certain instruments and limit such entities’ investments in, and relationships with, “covered funds”, as defined in the rules. These rules preclude banking entities and their affiliates from sponsoring and/or providing services for existing TOB Trusts. A new TOB structure is being utilized by the Trust wherein the Trust, as holder of the residuals, will perform certain duties previously performed by banking entities as “sponsors” of TOB Trusts. These duties may be performed by a third-party service provider. The Trust’s expanded role under the new TOB structure may increase its operational and regulatory risk. The new structure is substantially similar to the previous structure; however, pursuant to the Volcker Rule, the remarketing agent would not be able to repurchase tendered floaters for its own account upon a failed remarketing. In the event of a failed remarketing, a banking entity serving as liquidity provider may loan the necessary funds to the TOB Trust to purchase the tendered floaters. The TOB Trust, not the Trust, would be the borrower and the loan from the liquidity provider will be secured by the purchased floaters now held by the TOB Trust. However, as previously described, the Trust would bear the risk of loss with respect to any liquidity shortfall to the extent it entered into a reimbursement agreement with the liquidity provider.

 

 

Invesco Pennsylvania Value Municipal Income Trust


D.

Floating Rate Note Obligations – (continued)

 

Further, the SEC and various banking agencies recently adopted rules implementing credit risk retention requirements for asset-backed securities (the “Risk Retention Rules”). The Risk Retention Rules require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB Trust’s municipal bonds. The Trust has adopted policies intended to comply with the Risk Retention Rules. The Risk Retention Rules may adversely affect the Trust’s ability to engage in TOB Trust transactions or increase the costs of such transactions in certain circumstances.

There can be no assurances that the new TOB structure will continue to be a viable form of leverage. Further, there can be no assurances that alternative forms of leverage will be available to the Trust in order to maintain current levels of leverage. Any alternative forms of leverage may be less advantageous to the Trust, and may adversely affect the Trust’s net asset value, distribution rate and ability to achieve its investment objective.

TOBs are presently classified as private placement securities. Private placement securities are subject to restrictions on resale because they have not been registered under the Securities Act of 1933, as amended (the “1933 Act”), or are otherwise not readily marketable. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although atypical, these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Trust or less than what may be considered the fair value of such securities.

E.

Other Risks – The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located.

Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and the Trust’s investments in municipal securities.

There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.

NOTE 2 — Additional Valuation Information

Generally Accepted Accounting Principles (“GAAP”) defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 –   Prices are determined using quoted prices in an active market for identical assets.
Level 2 –   Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 –   Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Trust’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

As of May 31, 2018, all of the securities in this Trust were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The Trust’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the three months ended May 31, 2018, there were no material transfers between valuation levels.

.

Invesco Pennsylvania Value Municipal Income Trust


Item 2.

Controls and Procedures.

 

  (a)

As of May 18, 2018, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (“Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of May 18, 2018, the Registrant’s disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

 

  (b)

There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) 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.

Certifications of PEO and PFO as required by Rule 30a-2(a) under the Investment Company Act of 1940.


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:    Invesco Pennsylvania Value Municipal Income Trust

 

By:  

/s/ Sheri Morris

  Sheri Morris
  Principal Executive Officer
Date:   July 30, 2018

Pursuant to the requirements of the Securities and 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:  

/s/ Sheri Morris

  Sheri Morris
  Principal Executive Officer
Date:   July 30, 2018

 

By:  

/s/ Kelli Gallegos

  Kelli Gallegos
  Principal Financial Officer
Date:   July 30, 2018


EXHIBIT INDEX

Certifications of Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”) as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended.