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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 Van Kampen Pennsylvania Value Municipal Income Trust
 
(Exact name of registrant as specified in charter)
     
1555 Peachtree Street, N.E., Atlanta, Georgia   30309
(Address of principal executive offices)   (Zip code)
Colin Meadows 1555 Peachtree Street, N.E., 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: 5/31/12
 
 


 

Item 1. Schedule of Investments.

 


 

Invesco Van Kampen Pennsylvania Value
Municipal Income Trust

Quarterly Schedule of Portfolio Holdings
May 31, 2012
         
(INVESCO LOGO)        
 
invesco.com/us   VK-CE-PAVMI-QTR-1     05/12   Invesco Advisers, Inc.

 


 

Schedule of Investments
May 31, 2012
(Unaudited)
                             
                Principal        
    Interest     Maturity   Amount        
    Rate     Date   (000)     Value  
 
Municipal Obligations—155.65%
                           
Pennsylvania—141.85%
                           
Allegheny (County of) Higher Education Building Authority (Duquesne University);
                           
Series 2008, University RB
    5.00 %   03/01/21   $ 1,165     $ 1,305,452  
Series 2011 A, University RB
    5.50 %   03/01/29     1,600       1,828,288  
Allegheny (County of) Higher Education Building Authority (Robert Morris University); Series 2008 A, University RB
    6.00 %   10/15/38     1,000       1,050,590  
Allegheny (County of) Hospital Development Authority (Ohio Valley General Hospital);
                           
Series 2005 A, RB
    5.00 %   04/01/25     735       696,243  
Series 2005 A, RB
    5.13 %   04/01/35     3,145       2,819,367  
Allegheny (County of) Hospital Development Authority (University of Pittsburgh Medical Center); Series 2009, RB
    5.63 %   08/15/39     2,750       3,068,175  
Allegheny (County of) Industrial Development Authority (AFCO Cargo PIT, LLC); Series 1999, Cargo Facilities Lease RB (a)
    6.63 %   09/01/24     1,880       1,695,779  
Allegheny (County of) Industrial Development Authority (Propel Charter School-McKeesport); Series 2010 B, Charter School RB
    6.38 %   08/15/35     1,215       1,265,204  
Allegheny (County of) Industrial Development Authority (Residential Resources, Inc.); Series 2006, Lease RB
    5.13 %   09/01/31     1,040       1,003,527  
Allegheny (County of) Redevelopment Authority (Robinson Mall); Series 2000 A, Tax Increment Allocation RB
    7.00 %   11/01/17     840       840,025  
Allentown (City of) Commercial & Industrial Development Authority (Diocese of Allentown); Series 1999, VRD RB (LOC-Wells Fargo Bank, N.A.) (b)(c)
    0.23 %   12/01/29     1,700       1,700,000  
Beaver (County of); Series 2009, Unlimited Tax GO Notes (INS-AGM) (d)
    5.55 %   11/15/31     4,935       5,505,733  
Berks (County of) Industrial Development Authority (One Douglassville); Series 2007 A, Ref. First Mortgage RB (a)
    6.13 %   11/01/34     1,425       1,365,521  
Berks (County of) Municipal Authority (Albright College);
                           
Series 2004, RB
    5.50 %   10/01/16     1,695       1,720,781  
Series 2004, RB
    5.50 %   10/01/17     1,800       1,821,834  
Bethlehem Area School District; Series 2010, Unlimited Tax GO Bonds (INS-AGM) (d)
    5.25 %   01/15/25     3,000       3,433,230  
Bradford (County of) Industrial Development Authority (International Paper); Series 2005 B, Ref. Solid Waste Disposal RB (a)
    5.20 %   12/01/19     1,000       1,063,510  
Bucks (County of) Industrial Development Authority (Ann’s Choice, Inc. Facility); Series 2005 A, Retirement Community RB
    6.25 %   01/01/35     2,300       2,317,549  
Bucks (County of) Industrial Development Authority (Lutheran Community Telford Center); Series 2007, RB
    5.75 %   01/01/37     2,200       2,157,342  
Central Bradford Progress Authority (Guthrie Healthcare System); Series 2011, RB
    5.38 %   12/01/41     3,000       3,364,950  
Centre (County of) Hospital Authority (Mt. Nittany Medical Center);
                           
Series 2009, RB (INS-AGC) (d)
    6.13 %   11/15/39     2,185       2,298,576  
Series 2011, RB
    6.25 %   11/15/41     1,250       1,424,675  
Chartiers Valley Industrial & Commercial Development Authority (Asbury Health Center);
                           
Series 1999, Ref. First Mortgage RB
    6.38 %   12/01/19     1,000       1,001,390  
Series 1999, Ref. First Mortgage RB
    6.38 %   12/01/24     1,000       1,001,010  
Coatesville School District; Series 2010, Limited Tax GO Bonds (INS-AGM) (d)
    5.00 %   08/15/30     2,650       3,058,895  
Commonwealth Financing Authority; Series 2010 B, RB
    5.00 %   06/01/23     1,775       2,115,090  
Connellsville Area School District; Series 2008 B, Limited Tax GO Notes (INS-AGM) (d)
    5.00 %   11/15/37     1,000       1,018,740  
Cumberland (County of) Municipal Authority (Asbury Pennsylvania Obligated Group);
                           
Series 2010, RB
    6.00 %   01/01/30     1,600       1,675,216  
Series 2010, RB
    6.00 %   01/01/40     2,885       2,987,764  
Cumberland (County of) Municipal Authority (Association of Independent Colleges & Universities of Pennsylvania Financing Program-Dickinson College); Series 2009, RB
    5.00 %   11/01/39     1,850       2,040,642  
Cumberland (County of) Municipal Authority (Diakon Lutheran Ministries);
                           
Series 2007, RB
    5.00 %   01/01/27     2,000       2,052,580  
Series 2007, RB
    5.00 %   01/01/36     3,000       3,029,220  
Cumberland (County of) Municipal Authority (Messiah Village); Series 2008 A, RB
    6.00 %   07/01/35     2,000       2,038,580  
Daniel Boone Area School District; Series 2008, Limited Tax GO Notes
    5.00 %   08/15/32     2,000       2,180,500  
Dauphin (County of) General Authority (Hapsco Western Hospital); Series 1992 B, Ref. RB (e)
    6.25 %   07/01/16     2,810       3,130,171  
See accompanying notes which are an integral part of this schedule.
Invesco Van Kampen Pennsylvania Value Municipal Income Trust

 


 

                             
                Principal        
    Interest     Maturity   Amount        
    Rate     Date   (000)     Value  
 
Pennsylvania—(continued)
                           
Dauphin (County of) General Authority (Pinnacle Health System); Series 2009 A, Health System RB
    5.75 %   06/01/20   $ 5,475     $ 6,411,389  
Deer Lakes School District; Series 2009, Limited Tax GO Bonds (INS-AGC) (d)
    5.38 %   04/01/34     1,000       1,119,800  
Delaware (County of) Authority (Cabrini College); Series 1999, College RB (INS-Radian) (d)
    5.75 %   07/01/23     360       360,378  
Delaware (County of) Authority (Elwyn);
                           
Series 2010, RB
    5.00 %   06/01/19     1,875       2,003,869  
Series 2010, RB (INS-NATL)
    5.00 %   06/01/23     975       999,239  
Series 2010, RB
    5.00 %   06/01/24     1,755       1,792,329  
Series 2010, RB
    5.00 %   06/01/25     750       763,598  
Delaware (County of) Authority (Neumann College); Series 2008, College RB
    6.25 %   10/01/38     600       645,288  
Delaware (County of) Industrial Development Authority (Aqua Pennsylvania, Inc.);
                           
Series 2005 A, Water Facilities RB (INS-NATL) (a)(d)
    5.00 %   11/01/37     2,750       2,848,917  
Series 2005 B, Water Facilities RB (INS-NATL) (a)(d)
    5.00 %   11/01/36     4,000       4,147,760  
Series 2005 C, Water Facilities RB (INS-NATL) (a)(d)
    5.00 %   02/01/35     3,000       3,089,160  
Delaware (County of) Industrial Development Authority (Philadelphia
Suburban Water); Series 2001, Water Facilities RB (INS-AMBAC) (a)(d)
    5.35 %   10/01/31     2,500       2,513,850  
Delaware River Port Authority; Series 2010 D, RB
    5.00 %   01/01/40     2,000       2,169,800  
Delaware Valley Regional Financial Authority;
                           
Series 2002, RB
    5.75 %   07/01/17     8,000       9,359,040  
Series 2002, RB
    5.75 %   07/01/32     2,500       3,008,775  
Erie (City of) Higher Education Building Authority (Mercyhurst College); Series 2008, College RB
    5.50 %   03/15/38     1,000       1,061,760  
Exeter Township School District; Series 2003, Unlimited Tax GO Bonds (INS-NATL) (d)
    5.00 %   05/15/25     2,000       2,111,860  
Franklin (County of) Industrial Development Authority (Chambersburg Hospital); Series 2010, RB
    5.38 %   07/01/42     2,980       3,170,511  
Fulton (County of) Industrial Development Authority (The Fulton County Medical Center); Series 2006, Hospital RB
    5.90 %   07/01/40     2,000       1,998,780  
Geisinger Authority (Geisinger Health System); Series 2011 C, VRD RB (b)
    0.13 %   06/01/41     1,910       1,910,000  
Geisinger Authority;
                           
Series 2005 C, VRD Health System RB (b)
    0.14 %   08/01/28     1,500       1,500,000  
Series 2011 A 1, Health System RB
    5.13 %   06/01/41     1,500       1,650,900  
Harrisburg (City of) Authority; Series 2004, Ref. RB (INS-AGM) (d)
    5.00 %   07/15/21     6,575       6,609,453  
Lancaster (County of) Higher Education Authority (Franklin & Marshall College); Series 2008, RB
    5.00 %   04/15/37     3,430       3,705,566  
Lancaster (County of) Hospital Authority (Brethren Village); Series 2008 A, RB
    6.50 %   07/01/40     1,390       1,472,913  
Lehigh & Northampton (Counties of) Airport Authority (Lehigh Valley Airport System);
                           
Series 2005 A, Ref. RB (INS-NATL) (a)(d)
    5.00 %   01/01/20     1,240       1,279,792  
Series 2005 A, Ref. RB (INS-NATL) (a)(d)
    5.00 %   01/01/22     1,360       1,392,518  
Series 2005 A, Ref. RB (INS-NATL) (a)(d)
    5.00 %   01/01/23     675       688,480  
Lehigh (County of) General Purpose Authority (Cedar Crest College); Series 2006, College RB (INS-Radian) (d)
    5.00 %   04/01/26     1,510       1,537,814  
Lehigh (County of) General Purpose Authority (Lehigh Valley Health); Series 2005 B, Hospital RB (INS-AGM) (d)
    5.00 %   07/01/35     1,000       1,067,780  
Lycoming (County of) Authority (Pennsylvania College of Technology); Series 2011, RB
    5.00 %   07/01/30     4,250       4,671,090  
Lycoming (County of) Authority (Susquehanna Health System); Series 2009 A, Heath System RB
    5.75 %   07/01/39     3,750       4,065,750  
Monroe (County of) Hospital Authority (Pocono Medical Center);
                           
Series 2003, RB (e)(f)
    6.00 %   01/01/14     3,000       3,268,140  
Series 2007, RB
    5.25 %   01/01/43     3,000       3,091,500  
Montgomery (County of) Higher Education & Health Authority (Abington Memorial Hospital); Series 2002 A, Hospital RB
    5.13 %   06/01/32     4,500       4,551,210  
Montgomery (County of) Higher Education & Health Authority (Dickinson College); Series 2006 FF1, RB (INS-CIFG) (d)
    5.00 %   05/01/31     550       579,420  
Montgomery (County of) Industrial Development Authority (ACTS Retirement-Life Community); Series 2006 A, RB
    4.50 %   11/15/36     3,000       2,898,450  
Montgomery (County of) Industrial Development Authority (Philadelphia Presbytery Homes, Inc.); Series 2010, RB
    6.63 %   12/01/30     3,905       4,339,666  
Montgomery (County of) Industrial Development Authority (Whitemarsh Community); Series 2008, Mortgage RB
    7.00 %   02/01/36     1,500       1,579,065  
See accompanying notes which are an integral part of this schedule.
Invesco Van Kampen Pennsylvania Value Municipal Income Trust

 


 

                             
                Principal        
    Interest     Maturity   Amount        
    Rate     Date   (000)     Value  
 
Pennsylvania—(continued)
                           
Montgomery (County of) Industrial Development Authority (Whitemarsh Continuing Care); Series 2005, Mortgage RB
    6.25 %   02/01/35   $ 750     $ 757,418  
Mt. Lebanon Hospital Authority (St. Clair Memorial Hospital); Series 2002 A, RB
    5.63 %   07/01/32     1,500       1,501,785  
Northampton (County of) General Purpose Authority (Lehigh University);
                           
Series 2009, Higher Education RB
    5.00 %   11/15/39     2,000       2,176,680  
Series 2009, Higher Education RB
    5.50 %   11/15/33     4,000       4,581,640  
Northampton (County of) General Purpose Authority (St. Luke’s Hospital);
                           
Series 2008 A, Hospital RB
    5.50 %   08/15/35     2,000       2,105,440  
Series 2010 C, Hospital RB (f)(g)
    4.50 %   08/15/16     2,000       2,189,140  
Northeastern York School District;
                           
Series 2007 B, Limited Tax GO Bonds (INS-NATL) (d)
    5.00 %   04/01/30     1,000       1,083,470  
Series 2007 B, Limited Tax GO Bonds (INS-NATL) (d)
    5.00 %   04/01/31     2,000       2,161,340  
Owen J. Roberts School District; Series 2006, Unlimited Tax GO Notes (INS-AGM) (d)(h)
    5.00 %   05/15/35     16,695       17,678,836  
Pennsylvania (State of) Economic Development Financing Agency (Forum Place); Series 2012, Governmental Lease RB
    5.00 %   03/01/34     1,750       1,924,912  
Pennsylvania (State of) Economic Development Financing Authority (Allegheny Energy Supply Co.); Series 2009, RB
    7.00 %   07/15/39     4,220       4,936,345  
Pennsylvania (State of) Economic Development Financing Authority (Amtrak); Series 2012 A, Ref. Exempt Facilities RB (a)
    5.00 %   11/01/41     1,530       1,622,412  
Pennsylvania (State of) Economic Development Financing Authority (Aqua Pennsylvania, Inc.); Series 2010 A, Ref. Water Facility RB (a)
    5.00 %   12/01/34     2,000       2,176,740  
Pennsylvania (State of) Economic Development Financing Authority (Philadelphia Biosolids Facility);
                           
Series 2009, Sewage Sludge Disposal RB
    5.50 %   01/01/18     1,000       1,103,270  
Series 2009, Sewage Sludge Disposal RB
    6.25 %   01/01/32     2,000       2,215,900  
Pennsylvania (State of) Economic Development Financing Authority
(Waste Management, Inc.); Series 2005 A, Solid Waste Disposal RB (a)
    5.10 %   10/01/27     3,690       3,879,518  
Pennsylvania (State of) Higher Educational Facilities Authority (Clarion University Foundation Inc.);
                           
Series 2003 A, RB (INS-SGI) (d)
    5.00 %   07/01/28     1,000       1,001,210  
Series 2003 A, RB (INS-SGI) (d)
    5.00 %   07/01/33     1,500       1,492,200  
Series 2003 A, RB (INS-SGI) (d)
    5.25 %   07/01/18     1,500       1,520,745  
Pennsylvania (State of) Higher Educational Facilities Authority (Edinboro University Foundation); Series 2010, RB
    6.00 %   07/01/43     1,000       1,108,520  
Pennsylvania (State of) Higher Educational Facilities Authority (La Salle University); Series 2003, RB
    5.50 %   05/01/34     4,000       4,079,960  
Pennsylvania (State of) Higher Educational Facilities Authority (Messiah College); Series 2003 AA3, RB (INS-Radian) (d)
    5.50 %   11/01/22     3,000       3,156,180  
Pennsylvania (State of) Higher Educational Facilities Authority
(Philadelphia University of Sciences); Series 2005 A, RB (INS-SGI) (d)
    5.00 %   11/01/36     2,320       2,410,086  
Pennsylvania (State of) Higher Educational Facilities Authority (St. Joseph’s University); Series 2010 A, RB
    5.00 %   11/01/40     5,000       5,411,750  
Pennsylvania (State of) Higher Educational Facilities Authority (State System Higher Education); Series 2010 AL, RB
    5.00 %   06/15/21     1,450       1,767,927  
Pennsylvania (State of) Higher Educational Facilities Authority (Thomas Jefferson University);
                           
Series 2002, RB
    5.38 %   01/01/25     1,540       1,569,460  
Series 2010, RB
    5.00 %   03/01/40     1,000       1,093,540  
Pennsylvania (State of) Higher Educational Facilities Authority (Trustees of the University of Pennsylvania); Series 2005 C, RB (h)
    5.00 %   07/15/38     15,925       17,406,662  
Pennsylvania (State of) Higher Educational Facilities Authority (University of Pennsylvania Health System); Series 2012 A, RB
    5.00 %   08/15/42     1,030       1,131,414  
Pennsylvania (State of) Higher Educational Facilities Authority (University Properties, Inc.); Series 2010, Student Housing RB
    5.00 %   07/01/42     2,320       2,377,397  
Pennsylvania (State of) Higher Educational Facilities Authority (UPMC Health System); Series 1999 A, RB (INS-AGM) (d)
    5.00 %   08/01/29     3,600       3,604,536  
Pennsylvania (State of) Housing Finance Agency; Series 2007 100A, Single Family Mortgage RB (a)
    5.10 %   10/01/22     360       383,497  
Pennsylvania (State of) Intergovernmental Cooperation Authority (City of Philadelphia Funding Program); Series 2009, Ref. Special Tax RB (h)
    5.00 %   06/15/21     12,135       14,527,294  
See accompanying notes which are an integral part of this schedule.
Invesco Van Kampen Pennsylvania Value Municipal Income Trust

 


 

                             
                Principal        
    Interest     Maturity   Amount        
    Rate     Date   (000)     Value  
 
Pennsylvania—(continued)
                           
Pennsylvania (State of) Turnpike Commission;
                           
Series 2004 A, RB (INS-AMBAC) (d)
    5.25 %   12/01/21   $ 1,200     $ 1,319,340  
Series 2005 D, Ref. VRD Registration Fee RB (INS-AGM) (b)(d)
    0.40 %   07/15/41     875       875,000  
Series 2008 A 1, RB (INS-AGC) (d)(h)
    5.00 %   06/01/38     12,995       13,856,958  
Series 2009 C, Sub. Conv. CAB RB (INS-AGM) (d)(i)
    0.00 %   06/01/33     5,840       5,941,382  
Series 2009 E, Sub. Conv. CAB RB (i)
    0.00 %   12/01/38     720       673,596  
Series 2010 A 1, Motor License Fund Special RB
    5.00 %   12/01/38     1,000       1,093,710  
Series 2010 A 2, Motor License Fund Special Conv. CAB RB (i)
    0.00 %   12/01/34     2,065       1,917,889  
Series 2010 B 2, Conv. CAB RB (i)
    0.00 %   12/01/30     1,875       1,739,925  
Series 2010 B 2, Conv. CAB RB (i)
    0.00 %   12/01/35     1,500       1,364,760  
Series 2011 B, Sub. Motor License Fund Special RB (h)
    5.00 %   12/01/41     11,000       12,187,780  
Pennsylvania (State of);
                           
First Series 2006, Unlimited Tax GO Bonds
    5.00 %   10/01/23     3,000       3,459,330  
First Series 2011, Unlimited Tax GO Bonds (h)
    5.00 %   11/15/30     15,000       17,758,800  
Pennsylvania State University;
                           
Series 2005, RB
    5.00 %   09/01/29     2,000       2,196,780  
Series 2005, RB
    5.00 %   09/01/35     4,000       4,429,600  
Philadelphia (City of) Authority for Industrial Development (New Foundations Charter School); Series 2012, RB
    6.63 %   12/15/41     1,250       1,312,525  
Philadelphia (City of) Hospitals & Higher Education Facilities Authority (Children’s Hospital of Philadelphia);
                           
Series 2002 A, VRD RB (b)
    0.20 %   07/01/22     7,025       7,025,000  
Series 2002 B, VRD RB (b)
    0.20 %   07/01/25     1,600       1,600,000  
Series 2011, RB
    5.00 %   07/01/41     1,930       2,107,213  
Philadelphia (City of) Hospitals & Higher Education Facilities Authority (Jefferson Health System); Series 2010 B, RB
    5.00 %   05/15/40     4,995       5,401,343  
Philadelphia (City of) Industrial Development Authority (Discovery Charter School);
                           
Series 2012, RB
    5.88 %   04/01/32     450       465,062  
Series 2012, RB
    6.25 %   04/01/37     500       521,585  
Philadelphia (City of) Industrial Development Authority (First Philadelphia Charter School); Series 2007 A, RB
    5.85 %   08/15/37     2,500       2,493,200  
Philadelphia (City of) Industrial Development Authority (Global Leadership Academy Charter School); Series 2010, RB
    6.38 %   11/15/40     1,000       1,035,600  
Philadelphia (City of) Industrial Development Authority (Independence Charter School); Series 2007 A, RB
    5.50 %   09/15/37     2,815       2,643,172  
Philadelphia (City of) Industrial Development Authority (MaST Charter School); Series 2010, RB
    6.00 %   08/01/35     1,660       1,848,277  
Philadelphia (City of) Industrial Development Authority (Please Touch Museum); Series 2006, RB
    5.25 %   09/01/21     2,610       2,456,428  
Philadelphia (City of) Industrial Development Authority; Series 1990, Commercial Development RB (a)
    7.75 %   12/01/17     2,000       2,002,880  
Philadelphia (City of) Parking Authority; Series 1999 A, RB (INS-AMBAC) (d)
    5.25 %   02/15/29     1,645       1,647,204  
Philadelphia (City of);
                           
Ninth Series 2010, Gas Works RB
    5.00 %   08/01/30     1,500       1,600,860  
Ninth Series 2010, Gas Works RB
    5.25 %   08/01/40     3,610       3,794,363  
Series 2008 A, Ref. Unlimited Tax GO Bonds (INS-AGM) (d)
    5.25 %   12/15/25     3,500       3,902,115  
Series 2009 A, Ref. Unlimited Tax GO Bonds (INS-AGC) (d)
    5.50 %   08/01/24     1,500       1,724,910  
Series 2009 A, Water & Wastewater RB
    5.25 %   01/01/36     1,500       1,635,150  
Series 2009 B, Limited Tax GO Bonds (INS-AGC) (d)
    7.13 %   07/15/38     1,040       1,192,745  
Series 2010 A, Airport RB
    5.00 %   06/15/40     2,500       2,639,575  
Series 2010 C, Water & Wastewater RB (INS-AGM) (d)
    5.00 %   08/01/35     2,750       3,049,970  
Series 2011, Unlimited Tax GO Bonds
    6.00 %   08/01/36     2,000       2,326,920  
Twelfth Series 1990 B, Gas Works RB
    7.00 %   05/15/20     2,785       3,490,580  
Philadelphia School District; Series 2008 E, Limited Tax GO Bonds (INS-BHAC) (d)
    5.13 %   09/01/23     2,500       2,851,350  
Pittsburgh (City of) & Allegheny (County of) Sports & Exhibition Authority (Regional Asset District); Series 2010, Ref. Sales Tax RB (INS-AGM) (d)
    5.00 %   02/01/31     3,235       3,585,448  
Pittsburgh (City of) & Allegheny (County of) Sports & Exhibition Authority; Series 2010, Ref. Hotel Room Excise Tax RB (INS-AGM) (d)
    5.00 %   02/01/35     2,000       2,130,180  
Pittsburgh (City of) Public Parking Authority; Series 2005 A, Ref. RB (INS-NATL) (d)
    5.00 %   12/01/25     2,215       2,312,349  
Pittsburgh (City of) Urban Redevelopment Authority; Series 1999 C, RB (CEP-GNMA) (a)
    5.70 %   04/01/30     460       460,547  
See accompanying notes which are an integral part of this schedule.
Invesco Van Kampen Pennsylvania Value Municipal Income Trust

 


 

                             
                Principal        
    Interest     Maturity   Amount        
    Rate     Date   (000)     Value  
 
Pennsylvania—(continued)
                           
Pittsburgh (City of) Water & Sewer Authority;
                           
Series 2008 D1, First Lien RB (INS-AGM) (d)
    5.00 %   09/01/24   $ 2,000     $ 2,232,980  
Series 2008 D1, First Lien RB (INS-AGM) (d)
    5.00 %   09/01/25     3,000       3,340,410  
Radnor Township School District;
                           
Series 2005 B, Unlimited Tax GO Bonds (INS-AGM) (d)
    5.00 %   02/15/28     1,500       1,653,015  
Series 2005 B, Unlimited Tax GO Bonds (INS-AGM) (d)
    5.00 %   02/15/35     1,500       1,643,655  
Southeastern Pennsylvania Transportation Authority; Series 2011, Capital Grant Receipts RB
    5.00 %   06/01/29     2,480       2,798,779  
State Public School Building Authority (Harrisburg School District); Series 2009 A, RB (INS-AGC) (d)
    5.00 %   11/15/33     2,500       2,703,250  
State Public School Building Authority (Jefferson County Dubois Technology School); Series 2004, RB (INS-NATL) (d)
    5.38 %   02/01/23     2,360       2,560,529  
Susquehanna Area Regional Airport Authority;
                           
Series 2003 A, Airport System RB (INS-AMBAC) (a)(d)
    5.38 %   01/01/21     2,140       2,147,148  
Series 2003 A, Airport System RB (INS-AMBAC) (a)(d)
    5.38 %   01/01/23     5,205       5,216,451  
Series 2003 A, Airport System RB (INS-AMBAC) (a)(d)
    5.50 %   01/01/18     2,545       2,560,397  
Series 2003 D, Sub. Airport System RB
    5.38 %   01/01/18     5,475       5,409,136  
Trinity Area School District; Series 2003, Unlimited Tax GO Bonds (e)(f)
    5.25 %   11/01/13     2,850       3,050,754  
Twin Valley School District; Series 2006, Unlimited Tax GO Bonds (e)(f)
    5.25 %   10/01/15     1,820       2,108,361  
Union (County of) Higher Educational Facilities Financing Authority (Bucknell University); Series 2002 A, University RB
    5.25 %   04/01/19     1,000       1,040,600  
Union (County of) Hospital Authority (Evangelical Community Hospital);
                           
Series 2004, RB (INS-Radian) (d)
    5.25 %   08/01/24     2,300       2,365,573  
Series 2011, Ref. & Improvement RB
    7.00 %   08/01/41     3,000       3,425,940  
Unity (Township of) Municipal Authority; Series 2004, RB (INS-AGM) (d)
    5.00 %   12/01/24     1,285       1,355,662  
University of Pittsburgh — of the Commonwealth System of Higher Education (University Capital);
                           
Series 2000 B, Ref. RB (h)
    5.25 %   09/15/34     10,000       11,452,200  
Series 2005 A, RB (h)(j)
    5.25 %   09/15/30     10,000       11,694,600  
Washington (County of) Industrial Development Authority (Washington Jefferson College);
                           
Series 2010, College RB
    5.00 %   11/01/36     1,700       1,829,268  
Series 2010, College RB
    5.25 %   11/01/30     1,500       1,657,710  
Washington (County of) Redevelopment Authority (Victory Centre Tanger Outlet Development); Series 2006 A, Tax Allocation RB (g)
    5.45 %   07/01/35     490       498,227  
Washington (County of);
                           
Series 2002 A, Unlimited Tax GO Bonds (e)(f)
    5.13 %   09/01/12     825       835,247  
Series 2002 A, Unlimited Tax GO Bonds (e)(f)
    5.13 %   09/01/12     5,025       5,087,310  
West Mifflin Area School District;
                           
Series 2009, Limited Tax GO Bonds (INS-AGM) (d)
    5.13 %   04/01/31     1,500       1,673,205  
Series 2009, Limited Tax GO Bonds (INS-AGM) (d)
    5.50 %   04/01/24     500       590,325  
Westmoreland (County of) Industrial Development Authority (Redstone Presbyterian Senior Care Obligated Group); Series 2005 A, Retirement Community RB
    5.75 %   01/01/26     2,350       2,360,034  
Wilkes-Barre (City of) Finance Authority (University of Scranton); Series 2010, RB
    5.00 %   11/01/40     2,650       2,884,127  
 
                         
 
                        512,895,277  
 
                         
Puerto Rico—9.11%
                           
Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority; Series 2012 A, Sr. Lien RB
    5.13 %   07/01/37     3,000       3,013,950  
Puerto Rico (Commonwealth of) Electric Power Authority;
                           
Series 2008 WW, RB
    5.00 %   07/01/28     2,000       2,081,220  
Series 2008 WW, RB
    5.25 %   07/01/33     1,500       1,556,400  
Series 2008 WW, RB
    5.50 %   07/01/21     1,000       1,118,870  
Series 2010 XX, RB
    5.75 %   07/01/36     2,000       2,198,320  
Puerto Rico (Commonwealth of) Infrastructure Financing Authority; Series 2005 C, Ref. Special Tax RB (INS-AMBAC) (d)
    5.50 %   07/01/27     1,930       2,147,473  
Puerto Rico Sales Tax Financing Corp.;
                           
First Subseries 2010, Conv. CAB RB (i)
    0.00 %   08/01/33     2,260       1,972,957  
First Subseries 2010 A, CAB RB (i)
    0.00 %   08/01/34     5,000       1,487,050  
First Subseries 2010 A, CAB RB (i)
    0.00 %   08/01/35     2,500       693,400  
First Subseries 2010 A, CAB RB (i)
    0.00 %   08/01/36     7,800       2,013,492  
See accompanying notes which are an integral part of this schedule.
Invesco Van Kampen Pennsylvania Value Municipal Income Trust

 


 

                             
                Principal        
    Interest     Maturity   Amount        
    Rate     Date   (000)     Value  
 
Puerto Rico—(continued)
                           
First Subseries 2010 A, RB
    5.38 %   08/01/39   $ 1,500     $ 1,606,800  
First Subseries 2010 C, RB
    5.25 %   08/01/41     2,000       2,124,620  
Series 2011 C, RB (h)
    5.00 %   08/01/40     3,750       4,006,988  
Series 2011 C, RB (h)
    5.25 %   08/01/40     6,250       6,927,750  
 
                         
 
                        32,949,290  
 
                         
Guam—2.87%
                           
Guam (Territory of) (Section 30);
                           
Series 2009 A, Limited Obligation RB
    5.63 %   12/01/29     1,250       1,341,562  
Series 2009 A, Limited Obligation RB
    5.75 %   12/01/34     1,065       1,144,396  
Guam (Territory of) International Airport Authority; Series 2003 B, General RB (INS-NATL) (d)
    5.25 %   10/01/21     1,585       1,622,770  
Guam (Territory of) Power Authority; Series 2010 A, RB
    5.50 %   10/01/40     1,285       1,329,140  
Guam (Territory of) Waterworks Authority; Series 2010, Water & Wastewater System RB
    5.63 %   07/01/40     3,000       3,045,930  
Guam (Territory of); Series 2011 A, Business Privilege Tax RB
    5.25 %   01/01/36     1,700       1,891,335  
 
                         
 
                        10,375,133  
 
                         
Virgin Islands—1.82%
                           
University of the Virgin Islands; Series 2004 A, Improvement RB (e)(f)
    5.38 %   12/01/14     1,500       1,678,860  
Virgin Islands (Government of) Public Finance Authority (Gross Receipts Taxes Loan Note); Series 1999 A, RB
    6.38 %   10/01/19     915       918,065  
Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note — Diageo); Series 2009 A, Sub. RB
    6.63 %   10/01/29     2,425       2,827,647  
Virgin Islands (Government of) Water & Power Authority; Series 2007 A, Electric System RB
    5.00 %   07/01/25     1,090       1,137,361  
 
                         
 
                        6,561,933  
 
                         
TOTAL INVESTMENTS(k)—155.65% (Cost $523,749,570)
                        562,781,633  
 
                         
Floating Rate Note Obligations—(20.98)%
                           
Notes with interest rates ranging from 0.18% to 0.33% at 05/31/12 and contractual maturities of collateral ranging from 06/15/21 to 12/01/41 (See Note 1D)(l)
                        (75,860,000 )
 
                         
OTHER ASSETS LESS LIABILITIES—1.31%
                        4,750,472  
 
                         
PREFERRED SHARES—(6.53)%
                        (23,625,000 )
 
                         
VARIABLE RATE MUNI TERM PREFERRED SHARES—(29.45)%
                        (106,475,000 )
 
                         
NET ASSETS APPLICABLE TO COMMON SHARES—100.00%
                      $ 361,572,105  
 
                         
Investment Abbreviations:
 
AGC   — Assured Guaranty Corp.
AGM   — Assured Guaranty Municipal Corp.
AMBAC   — American Municipal Bond Assurance Corp.
BHAC   — Berkshire Hathaway Assurance Corp.
CAB   — Capital Appreciation Bonds
CEP   — Credit Enhancement Provider
CIFG   — CIFG Assurance North America, Inc.
Conv.   — Convertible
GNMA   — Government National Mortgage Association
GO   — General Obligation
INS   — Insurer
LOC   — Letter of Credit
NATL   — National Public Finance Guarantee Corp.
Radian   — Radian Asset Assurance, Inc.
RB   — Revenue Bonds
Ref.   — Refunding
SGI   — Syncora Guarantee, Inc.
Sr.   — Senior
Sub.   — Subordinated
VRD   — Variable Rate Demand
 
Notes to Schedule of Investments:
 
(a)   Security subject to the alternative minimum tax.
 
(b)   Demand security payable upon demand by the Trust at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on May 31, 2012.
See accompanying notes which are an integral part of this schedule.
Invesco Van Kampen Pennsylvania Value Municipal Income Trust

 


 

(c)   Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.
 
(d)   Principal and/or interest payments are secured by the bond insurance company listed.
 
(e)   Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.
 
(f)   Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
 
(g)   Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on May 31, 2012.
 
(h)   Underlying security related to Dealer Trusts entered into by the Trust. See Note 1D.
 
(i)   Zero coupon bond issued at a discount.
 
(j)   Security is subject to a shortfall agreement which may require the Trust to pay amounts to a counterparty in the event of a significant decline in the market value of the security underlying the Dealer Trusts. In case of a shortfall, the maximum potential amount of payments the Trust could ultimately be required to make under the agreement is $6,665,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the Dealer Trusts.
 
(k)   This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations.
         
Entity   Percentage
 
Assured Guaranty Municipal Corp.
    13.1 %
 
 
(l)   Floating rate note obligations related to securities held. The interest rates shown reflect the rates in effect at May 31, 2012. At May 31, 2012, the Trust’s investments with a value of $127,497,868 are held by Dealer Trusts and serve as collateral for the $75,860,000 in the floating rate note obligations outstanding at that date.
See accompanying notes which are an integral part of this schedule.
Invesco Van Kampen Pennsylvania Value Municipal Income Trust

 


 

Notes to Quarterly Schedule of Portfolio Holdings
May 31, 2012
(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, yield, quality, coupon rate, maturity, type of issue, individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Debt securities are subject to interest rate and credit risks. In addition, all debt securities involve some risk of default with respect to interest and principal payments.
     Securities for which market quotations either are not readily available or are 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.
     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 is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes.
     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 Statement of Changes in Net Assets, or the net investment income per share and 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 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.
Invesco Van Kampen Pennsylvania Value Municipal Income Trust

 


 

D.   Floating Rate Note Obligations — The Trust invests in inverse floating rate securities, such as Residual Interest Bonds (“RIBs”) or Tender Option Bonds (“TOBs”) for investment purposes and to enhance the yield of the Trust. Inverse floating rate investments 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. Such transactions may be purchased in the secondary market without first owning the underlying bond or by the sale of fixed rate bonds by the Trust to special purpose trusts established by a broker dealer (“Dealer Trusts”) in exchange for cash and residual interests in the Dealer Trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The Dealer Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Trust to retain residual interest in the bonds. The floating rate notes issued by the Dealer Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the Dealer Trusts for redemption at par at each reset date. The residual interests held by the Trust (inverse floating rate investments) 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 Dealer Trusts to the Trust, thereby collapsing the Dealer Trusts.
     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 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 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.
     The Trust accounts for the transfer of bonds to the Dealer 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 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 Dealer Trusts a component of Interest, facilities and maintenance fees on the Statement of Operations.
     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 the changes in the value of such securities in response to changes in market rates of interest to a greater extent than the value of an equal principal amount of a fixed rate security 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 interests created by the special purpose trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such interests for repayment of principal, may not be able to be remarketed to third parties. In such cases, the special purpose trust holding the long-term fixed rate bonds may be collapsed. In the case of RIBs or TOBs created by the contribution of long-term fixed income bonds by the Trust, the Trust will then be required to repay the principal amount of the tendered securities. During times of market volatility, illiquidity or uncertainty, the Trust could be required to sell other portfolio holdings at a disadvantageous time to raise cash to meet that obligation.
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 a 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
Invesco Van Kampen Pennsylvania Value Municipal Income Trust

 


 

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.
          The following is a summary of the tiered valuation input levels, as of May 31, 2012. 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.
                                 
    Level 1   Level 2   Level 3   Total
 
Municipal Obligations
  $     $ 562,781,633     $     $ 562,781,633  
 
NOTE 3 — Investment Securities
The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Trust during the three months ended May 31, 2012 was $4,554,365 and $8,257,591, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.
         
Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
 
Aggregate unrealized appreciation of investment securities
  $ 41,904,861  
 
Aggregate unrealized (depreciation) of investment securities
    (2,830,820 )
 
Net unrealized appreciation of investment securities
  $ 39,074,041  
 
Cost of investments for tax purposes is $523,707,592.
       
NOTE 4 — Significant Event
The Board of Trustees of the Trust approved the redomestication of the Trust, a Massachusetts business trust, into a Delaware statutory trust pursuant to an Agreement and Plan of Redomestication. The redomestication is subject to shareholder approval.
     In addition, the Board also approved a plan to redeem all of the outstanding auction rate preferred shares at their respective liquidation preferences. These redemptions are anticipated to be funded with proceeds received from the issuance of Variable Rate Muni Term Preferred Shares (“VMTPS”) and Tender Option Bonds (“TOBs”). VMTPS are a variable rate form of preferred stock with a mandatory redemption date. These redemptions and this issuance of VMTPS are targeted to occur in the first half of 2012.
Invesco Van Kampen Pennsylvania Value Municipal Income Trust

 


 

Item 2. Controls and Procedures.
  (a)   As of June 12, 2012, 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 June 12, 2012, 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 Van Kampen Pennsylvania Value Municipal Income Trust
         
  By:   /s/ Colin Meadows    
    Colin Meadows   
    Principal Executive Officer   
 
  Date: July 30, 2012  
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/ Colin Meadows    
    Colin Meadows   
    Principal Executive Officer   
 
  Date: July 30, 2012  
         
  By:   /s/ Sheri Morris    
    Sheri Morris   
    Principal Financial Officer   
 
  Date: July 30, 2012   
 
         
     
     
     
 


 

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.