Invesco Pennsylvania Value Municipal Income Trust
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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., 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: 05/31/14

 

 

 

Item 1. Schedule of Investments.

 

 

 

Invesco Pennsylvania Value Municipal

Income Trust

  Quarterly Schedule of Portfolio Holdings
 

May 31, 2014

 

 

 

 

 

 

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invesco.com/us                    VK-CE-PAVMI-QTR-1        5/14

   Invesco Advisers, Inc.

Schedule of Investments

May 31, 2014

(Unaudited)

 

       Interest  
Rate		     Maturity  
Date		    Principal
Amount
(000)		      Value  

 

  

Municipal Obligations–154.79%*

           

Pennsylvania–144.31%

           

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

    5.00%   09/01/35        $       1,000       $ 1,034,430   

 

  

Allegheny (County of) Higher Education Building Authority (Duquesne University);

           

Series 2008, University RB

    5.00%   03/01/21      1,165         1,280,987   

 

  

Series 2011 A, University RB

    5.50%   03/01/29      1,600         1,806,784   

 

  

Series 2013 A, University RB

    5.00%   03/01/33      1,600               1,759,872   

 

  

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

    6.00%   10/15/38      1,000         1,064,790   

 

  

Allegheny (County of) Hospital Development Authority (Ohio Valley General Hospital);

           

Series 2005 A, RB

    5.00%   04/01/25      735         698,044   

 

  

Series 2005 A, RB

    5.13%   04/01/35      3,145         2,825,091   

 

  

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

    5.63%   08/15/39      2,750         3,145,752   

 

  

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

    6.38%   08/15/35      1,215         1,284,863   

 

  

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

    5.13%   09/01/31      830         829,934   

 

  

Allegheny (County of) Redevelopment Authority (Robinson Mall); Series 2000 A, Tax Increment Allocation RB

    7.00%   11/01/17      600         600,960   

 

  

Beaver (County of) Industrial Development Authority (FirstEnergy Generation Corp.); Series 2008 A, Ref. RB

    2.15%   03/01/17      2,300         2,300,575   

 

  

Beaver (County of) Industrial Development Authority; Series 2008 A, Ref. PCR (a)

    2.70%   04/02/18      770         781,943   

 

  

Beaver (County of); Series 2009, Unlimited Tax GO Notes (b)

    5.55%   11/15/31      4,935         5,550,592   

 

  

Berks (County of) Industrial Development Authority (One Douglassville); Series 2007 A, Ref. RB (c)

    6.13%   11/01/34      1,360         1,335,846   

 

  

Berks (County of) Municipal Authority (Albright College);

           

Series 2004, RB

    5.50%   10/01/16      1,695         1,700,949   

 

  

Series 2004, RB

    5.50%   10/01/17      1,800         1,805,832   

 

  

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

    5.00%   11/01/44      3,500         3,761,275   

 

  

Bethlehem Area School District; Series 2010, Unlimited Tax GO Bonds (INS-AGM) (d)

    5.25%   01/15/25      3,000         3,385,230   

 

  

Bradford (County of) Industrial Development Authority (International Paper); Series 2005 B, Ref. Solid Waste Disposal RB (c)

    5.20%   12/01/19      1,000         1,042,140   

 

  

Bucks (County of) Industrial Development Authority (Lutheran Community Telford Center); Series 2007, RB

    5.75%   01/01/37      2,200         2,212,716   

 

  

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

    5.38%   12/01/41      3,600         4,025,664   

 

  

Centre (County of) Hospital Authority (Mt. Nittany Medical Center);

           

Series 2009, RB (a)(b)

    6.13%   11/15/14      2,185         2,244,978   

 

  

Series 2011, RB

    6.25%   11/15/41      1,670         1,898,690   

 

  

Series 2012 B, RB

    5.00%   11/15/36      1,000         1,068,190   

 

  

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

    5.00%   08/01/45      850         868,921   

 

  

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

    5.00%   12/01/37      2,000         2,066,440   

 

  

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

    5.00%   08/15/30      2,650         3,008,465   

 

  

Commonwealth Financing Authority; Series 2010 B, RB

    5.00%   06/01/23      1,775         2,035,339   

 

  

Cumberland (County of) Municipal Authority (Asbury Pennsylvania Obligated Group);

           

Series 2010, RB

    6.00%   01/01/30      1,600         1,685,024   

 

  

Series 2010, RB

    6.00%   01/01/40      2,885         2,996,909   

 

  

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         1,979,722   

 

  

Cumberland (County of) Municipal Authority (Diakon Lutheran Ministries);

           

Series 2007, RB

    5.00%   01/01/27      2,000         2,059,020   

 

  

Series 2007, RB

    5.00%   01/01/36      3,000         3,050,760   

 

  

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

    6.00%   07/01/35      2,000         2,099,720   

 

  

Daniel Boone Area School District; Series 2008, Limited Tax GO Notes

    5.00%   08/15/32      2,000         2,215,020   

 

  

Dauphin (County of) General Authority (Hapsco Western Hospital); Series 1992 B, Ref. RB (b)

    6.25%   07/01/16      1,490         1,583,751   

 

  

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

    5.75%   06/01/20      5,475             6,256,392   

 

  

 

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)

           

Deer Lakes School District; Series 2009, Limited Tax GO Bonds (INS-AGC) (d)

    5.38%   04/01/34        $       1,000       $ 1,139,360   

 

  

Delaware (County of) Authority (Cabrini College); Series 1999, College RB
(INS-Radian) (d)

    5.75%   07/01/23      360         360,569   

 

  

Delaware (County of) Authority (Elwyn);

           

Series 2010, RB

    5.00%   06/01/19      1,875               2,018,344   

 

  

Series 2010, RB

    5.00%   06/01/23      975         1,013,376   

 

  

Series 2010, RB

    5.00%   06/01/24      1,755         1,814,986   

 

  

Series 2010, RB

    5.00%   06/01/25      750         772,628   

 

  

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

    6.25%   10/01/38      450         474,066   

 

  

Delaware (County of) Industrial Development Authority (Aqua Pennsylvania, Inc.);

  

Series 2005 A, Water Facilities RB (INS-NATL) (c)(d)

    5.00%   11/01/37      2,750         2,826,010   

 

  

Series 2005 B, Water Facilities RB (INS-NATL) (c)(d)

    5.00%   11/01/36      4,000         4,112,240   

 

  

Series 2005 C, Water Facilities RB (INS-NATL) (c)(d)

    5.00%   02/01/35      3,000         3,041,040   

 

  

Delaware River Port Authority (Port District);

           

Series 2012, Ref. RB

    5.00%   01/01/25      2,175         2,391,369   

 

  

Series 2012, Ref. RB

    5.00%   01/01/27      1,290         1,388,750   

 

  

Delaware River Port Authority;

  

Series 2010 D, RB

    5.00%   01/01/40      2,000         2,136,840   

 

  

Series 2013, RB

    5.00%   01/01/31      1,000         1,132,990   

 

  

Delaware Valley Regional Financial Authority;

           

Series 2002, RB

    5.75%   07/01/17      8,000         9,082,480   

 

  

Series 2002, RB

    5.75%   07/01/32      2,500         2,999,875   

 

  

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

    5.00%   07/01/24      3,025         3,403,064   

 

  

East Hempfield (Township of) Industrial Development Authority (Student Services Inc. Student Housing);

           

Series 2013, RB

    5.00%   07/01/35      750         772,200   

 

  

Series 2013, RB

    5.00%   07/01/45      2,020         2,054,259   

 

  

Series 2014, RB

    5.00%   07/01/39      750         767,273   

 

  

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

    5.50%   03/15/38      1,000         1,045,110   

 

  

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

    5.38%   07/01/42      2,980         3,167,859   

 

  

Fulton (County of) Industrial Development Authority (The Fulton County Medical Center); Series 2006, Hospital RB

    5.90%   07/01/40      2,000         2,017,380   

 

  

Geisinger Authority (Geisinger Health System Foundation); Series 2011 A1, Health System RB

    5.13%   06/01/41      1,500         1,632,255   

 

  

Lancaster (County of) Higher Education Authority (Franklin & Marshall College); Series 2008, RB

    5.00%   04/15/37      3,430         3,733,212   

 

  

Lancaster (County of) Hospital Authority (Brethren Village); Series 2008 A, RB

    6.50%   07/01/40      1,390         1,450,076   

 

  

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

    5.00%   07/01/42      2,000         2,149,320   

 

  

Lancaster (County of) Hospital Authority (Masonic Homes); Series 2008 D, VRD RB (LOC-JPMorgan Chase Bank, N.A.) (e)(f)

    0.07%   07/01/34      1,000         1,000,000   

 

  

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

    5.25%   12/15/30      1,000         1,140,470   

 

  

Lehigh & Northampton (Counties of) Airport Authority (Lehigh Valley Airport System);

           

Series 2005 A, Ref. RB (INS-NATL) (c)(d)

    5.00%   01/01/20      1,240         1,255,252   

 

  

Series 2005 A, Ref. RB (INS-NATL) (c)(d)

    5.00%   01/01/22      1,360         1,373,070   

 

  

Series 2005 A, Ref. RB (INS-NATL) (c)(d)

    5.00%   01/01/23      675         680,785   

 

  

Lehigh (County of) Authority; Series 2013 A, Water & Sewer RB

    5.00%   12/01/38      3,070         3,306,943   

 

  

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

    5.25%   07/01/42      2,675         2,526,885   

 

  

Lehigh (County of) General Purpose Authority (Cedar Crest College); Series 2006, College RB (INS-Radian) (d)

    5.00%   04/01/26      1,510         1,512,914   

 

  

Lehigh (County of) General Purpose Authority (Lehigh Valley Health); Series 2005 B, Hospital RB (INS-AGM) (d)

    5.00%   07/01/35      1,000         1,053,950   

 

  

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

    5.00%   07/01/30      4,250         4,617,710   

 

  

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

    5.75%   07/01/39      3,750         3,987,075   

 

  

Monroe (County of) Hospital Authority (Pocono Medical Center); Series 2007, RB

    5.25%   01/01/43      3,000         3,076,320   

 

  

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

    5.00%   06/01/31      3,600         3,908,628   

 

  

Montgomery (County of) Higher Education & Health Authority (Dickinson College); Series 2006 FF1, RB (INS-CIFG) (d)

    5.00%   05/01/31      550         583,396   

 

  

 

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)

           

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

           

Series 2006 A, RB

    4.50%   11/15/36        $       1,100       $       1,101,496   

 

  

Series 2012, Ref. RB

    5.00%   11/15/27      2,400         2,584,416   

 

  

Series 2012, Ref. RB

    5.00%   11/15/28      500         534,840   

 

  

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

    6.63%   12/01/30      3,905         4,432,448   

 

  

Montgomery (County of) Industrial Development Authority (Whitemarsh Community); Series 2008, Mortgage RB

    7.00%   02/01/36      1,500         1,613,085   

 

  

Montgomery (County of) Industrial Development Authority (Whitemarsh Continuing Care); Series 2005, Mortgage RB

    6.25%   02/01/35      750         759,293   

 

  

Northampton (County of) General Purpose Authority (Lehigh University);

           

Series 2009, Higher Education RB

    5.00%   11/15/39      2,000         2,141,560   

 

  

Series 2009, Higher Education RB

    5.50%   11/15/33      4,000         4,419,640   

 

  

Northampton (County of) General Purpose Authority (St. Luke’s Hospital);

           

Series 2008 A, Hospital RB

    5.50%   08/15/35      2,000         2,100,780   

 

  

Series 2010 C, Hospital RB (a)

    4.50%   08/15/16      2,000         2,128,360   

 

  

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

           

Series 2012, RB

    5.00%   07/01/32      740         751,773   

 

  

Series 2012, RB

    5.00%   07/01/36      1,000         1,009,230   

 

  

Northeastern York School District;

           

Series 2007 B, Limited Tax GO Bonds (INS-NATL) (d)

    5.00%   04/01/30      1,000         1,082,870   

 

  

Series 2007 B, Limited Tax GO Bonds (INS-NATL) (d)

    5.00%   04/01/31      2,000         2,165,740   

 

  

Owen J. Roberts School District; Series 2006, Unlimited Tax GO Notes (INS-AGM) (d)(g)

    5.00%   05/15/35      16,695         17,704,046   

 

  

Pennsylvania (Commonwealth of); First Series 2013, Unlimited Tax GO Bonds (g)

    5.00%   04/01/28      15,000         17,582,850   

 

  

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

    5.00%   03/01/34      1,750         1,878,222   

 

  

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

    5.00%   11/01/41      3,830         4,055,012   

 

  

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

    5.00%   12/01/34      2,000         2,167,680   

 

  

Pennsylvania (State of) Economic Development Financing Authority (Philadelphia Biosolids Facility);

           

Series 2009, Sewage Sludge Disposal RB

    5.50%   01/01/18      1,000         1,059,210   

 

  

Series 2009, Sewage Sludge Disposal RB

    6.25%   01/01/32      2,000         2,152,680   

 

  

Pennsylvania (State of) Economic Development Financing Authority (Waste Management, Inc.); Series 2005 A, Solid Waste Disposal RB (c)

    5.10%   10/01/27      3,690         3,848,375   

 

  

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

    5.00%   11/01/27      1,250         1,310,750   

 

  

Pennsylvania (State of) Higher Educational Facilities Authority (Edinboro University Foundation);

           

Series 2008, RB

    5.88%   07/01/38      2,750         2,840,200   

 

  

Series 2010, RB

    6.00%   07/01/43      1,000         1,050,360   

 

  

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

    5.00%   05/01/42      3,320         3,486,199   

 

  

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         2,396,653   

 

  

Pennsylvania (State of) Higher Educational Facilities Authority (Shippensburg University Student Services);

           

Series 2012, RB

    5.00%   10/01/35      2,150         2,226,174   

 

  

Series 2012, RB

    5.00%   10/01/44      1,000         1,024,940   

 

  

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

    5.00%   11/01/40      5,000         5,247,250   

 

  

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

    5.00%   06/15/21      1,450         1,703,011   

 

  

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

    5.00%   04/01/42      3,680         3,954,712   

 

  

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

    5.00%   03/01/40      1,000         1,065,420   

 

  

 

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)

           

Pennsylvania (State of) Higher Educational Facilities Authority (Trustees of the University of Pennsylvania); Series 2005 C, RB (g)

    5.00%   07/15/38        $      15,925       $ 16,597,831   

 

  

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

    5.00%   07/01/42      2,320               2,356,586   

 

  

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

    5.00%   06/15/21      12,135         14,084,852   

 

  

Pennsylvania (State of) Turnpike Commission;

           

Series 2004 A, RB (INS-AMBAC) (d)

    5.25%   12/01/21      1,200         1,229,856   

 

  

Series 2008 A-1, RB (INS-AGC) (d)(g)

    5.00%   06/01/38      12,995         13,610,833   

 

  

Series 2009 C, Sub. Conv. CAB RB (INS-AGM) (d)(h)

    6.25%   06/01/33      5,840         6,595,930   

 

  

Series 2009 E, Sub. Conv. CAB RB (h)

    6.38%   12/01/38      720         749,513   

 

  

Series 2010 A 1, Motor License Fund Special RB

    5.00%   12/01/38      1,000         1,061,890   

 

  

Series 2010 A-2, Motor License Fund Special Conv. CAB RB (h)

    5.50%   12/01/34      2,065         2,112,929   

 

  

Series 2010 B 2, Conv. CAB RB (h)

    5.00%   12/01/30      1,875         1,905,150   

 

  

Series 2010 B 2, Conv. CAB RB (h)

    5.13%   12/01/35      1,500         1,506,315   

 

  

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

    5.00%   12/01/41      11,000         11,850,960   

 

  

Pennsylvania (State of); First Series 2006, Unlimited Tax GO Bonds

    5.00%   10/01/23      3,000         3,305,160   

 

  

Pennsylvania State University;

           

Series 2005, RB

    5.00%   09/01/29      2,000         2,103,560   

 

  

Series 2005, RB

    5.00%   09/01/35      4,000         4,197,000   

 

  

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

    5.00%   07/01/41      2,000         2,163,940   

 

  

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

    5.00%   05/15/40      4,995         5,269,575   

 

  

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

    6.13%   03/15/43      1,915         1,868,025   

 

  

Philadelphia (City of) Industrial Development Authority (Discovery Charter School);

           

Series 2012, RB

    5.88%   04/01/32      450         459,581   

 

  

Series 2012, RB

    6.25%   04/01/37      500         520,340   

 

  

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

    7.00%   06/15/33      3,125         3,269,281   

 

  

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

    6.38%   11/15/40      1,000         1,043,960   

 

  

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

    5.50%   09/15/37      2,815         2,792,846   

 

  

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

    6.00%   08/01/35      1,660         1,803,424   

 

  

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

    6.63%   12/15/41      1,250         1,326,638   

 

  

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

    6.50%   06/15/33      3,055         3,116,161   

 

  

Philadelphia (City of) Industrial Development Authority (Please Touch Museum); Series 2006, RB (j)

    5.25%   09/01/21      2,610         913,474   

 

  

Philadelphia (City of) Industrial Development Authority; Series 1990, Commercial Development RB (c)

    7.75%   12/01/17      2,000         2,010,160   

 

  

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

    5.25%   02/15/29      1,645         1,651,054   

 

  

Philadelphia (City of);

           

Ninth Series 2010, Gas Works RB

    5.00%   08/01/30      1,500         1,619,925   

Ninth Series 2010, Gas Works RB

    5.25%   08/01/40      3,610         4,048,037   

Series 2007 A, Airport RB (INS-AGM) (c)(d)

    5.00%   06/15/37      3,000         3,074,250   

 

  

Series 2008 A, Ref. Unlimited Tax GO Bonds (INS-AGM) (d)

    5.25%   12/15/25      3,500         3,833,305   

 

  

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

    5.50%   08/01/24      1,500         1,701,510   

 

  

Series 2009 A, Water & Wastewater RB

    5.25%   01/01/36      1,500         1,612,590   

 

  

Series 2009 B, Limited Tax GO Bonds (a)(b)

    7.13%   07/15/16      1,040         1,188,793   

 

  

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

    5.00%   08/01/35      2,750         2,968,267   

 

  

Series 2011, Unlimited Tax GO Bonds

    6.00%   08/01/36      2,000         2,285,300   

 

  

Series 2014 A, Ref. Unlimited Tax GO Bonds

    5.25%   07/15/34      1,000         1,112,090   

 

  

Twelfth Series 1990 B, Gas Works RB (b)

    7.00%   05/15/20      2,225         2,672,826   

 

  

Philadelphia School District; Series 2008 E, Limited Tax GO Bonds (INS-BHAC) (d)

    5.13%   09/01/23      2,500         2,872,325   

 

  

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         3,523,562   

 

  

 

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)

           

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        $       1,000       $       1,060,030   

 

  

Pittsburgh (City of) Public Parking Authority; Series 2005 A, Ref. RB (INS-NATL) (d)

    5.00%   12/01/25      2,215         2,261,670   

 

  

Pittsburgh (City of) Water & Sewer Authority;

           

Series 2008 D1, First Lien RB (INS-AGM) (d)

    5.00%   09/01/24      2,000         2,281,380   

 

  

Series 2008 D1, First Lien RB (INS-AGM) (d)

    5.00%   09/01/25      3,000         3,412,770   

 

  

Series 2013 A, Ref. First Lien RB

    5.00%   09/01/31      1,250         1,403,875   

 

  

Radnor Township School District;

           

Series 2005 B, Unlimited Tax GO Bonds (a)(b)

    5.00%   08/15/15      650         687,882   

 

  

Series 2005 B, Unlimited Tax GO Bonds (a)(b)

    5.00%   08/15/15      200         211,656   

 

  

Series 2005 B, Unlimited Tax GO Bonds (INS-AGM) (d)

    5.00%   02/15/28      1,500         1,575,960   

 

  

Series 2005 B, Unlimited Tax GO Bonds (INS-AGM) (d)

    5.00%   02/15/35      650         679,101   

 

  

Southeastern Pennsylvania Transportation Authority; Series 2011, Capital Grant Receipts RB

    5.00%   06/01/29      2,480         2,735,986   

 

  

State Public School Building Authority (Harrisburg School District); Series 2009 A, RB (INS-AGC) (d)

    5.00%   11/15/33      2,500         2,631,500   

 

  

State Public School Building Authority (Jefferson County Dubois Technology School); Series 2004, RB (a)(b)

    5.38%   08/01/14      2,360         2,380,980   

 

  

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

    5.00%   04/01/32      1,500         1,616,190   

 

  

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

    5.00%   01/01/27      2,350         2,547,705   

 

  

Twin Valley School District; Series 2006, Unlimited Tax GO Bonds (a)(b)

    5.25%   10/01/15      1,820         1,943,451   

 

  

Union (County of) Hospital Authority (Evangelical Community Hospital);

           

Series 2004, RB (a)(b)

    5.25%   08/01/14      2,300         2,319,757   

 

  

Series 2011, Ref. & Improvement RB

    7.00%   08/01/41      3,000         3,541,620   

 

  

Unity (Township of) Municipal Authority; Series 2004, RB (INS-AGM) (d)

    5.00%   12/01/24      1,285         1,314,632   

 

  

University of Pittsburgh - of the Commonwealth System of Higher Education (University Capital);

           

Series 2000 B, Ref. RB (g)

    5.25%   09/15/34      10,000         11,377,400   

 

  

Series 2005 A, RB (g)(k)

    5.25%   09/15/30      10,000         11,522,200   

 

  

Washington (County of) Industrial Development Authority (Washington Jefferson College);

           

Series 2010, College RB

    5.00%   11/01/36      1,700         1,794,724   

 

  

Series 2010, College RB

    5.25%   11/01/30      1,500         1,632,930   

 

  

Washington (County of) Redevelopment Authority (Victory Centre Tanger Outlet Development); Series 2006 A, Tax Allocation RB

    5.45%   07/01/35      480         488,414   

 

  

West Mifflin Area School District;

           

Series 2009, Limited Tax GO Bonds (INS-AGM) (d)

    5.13%   04/01/31      1,500         1,672,725   

 

  

Series 2009, Limited Tax GO Bonds (INS-AGM) (d)

    5.50%   04/01/24      500         577,515   

 

  

Westmoreland (County of) Industrial Development Authority (Redstone Presbyterian Senior Care Obligated Group); Series 2005 A, Retirement Community RB (a)(b)

    5.75%   01/01/16      2,350         2,549,162   

 

  

Westmoreland (County of) Municipal Authority;

           

Series 2013, RB

    5.00%   08/15/31      2,250         2,479,140   

 

  

Series 2013, RB

    5.00%   08/15/37      2,000         2,163,080   

 

  

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

    5.00%   11/01/40      2,650         2,810,192   

 

  

Wilkes-Barre (City of) Finance Authority (Wilkes University); Series 2007, Ref. RB

    5.00%   03/01/37      3,000         3,040,170   

 

  
     494,554,615   

 

  

Guam–4.12%

           

Guam (Territory of) (Section 30);

           

Series 2009 A, Limited Obligation RB

    5.63%   12/01/29      1,250         1,371,088   

 

  

Series 2009 A, Limited Obligation RB

    5.75%   12/01/34      1,065         1,166,420   

 

  

Guam (Territory of) International Airport Authority;

           

Series 2013 C, General RB (c)

    6.25%   10/01/34      1,500         1,688,460   

 

  

Series 2013 C, General RB (INS-AGM) (c)(d)

    6.00%   10/01/34      1,550         1,753,623   

 

  

Guam (Territory of) Power Authority;

           

Series 2010 A, RB

    5.50%   10/01/40      1,285         1,393,068   

 

  

Series 2012 A, Ref. RB

    5.00%   10/01/34      1,700         1,838,193   

 

  

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

    5.63%   07/01/40      3,000         3,108,330   

 

  

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

    5.25%   01/01/36      1,700         1,792,837   

 

  
     14,112,019   

 

  

 

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  

 

  

Puerto Rico–3.99%

           

Puerto Rico (Commonwealth of) Infrastructure Financing Authority; Series 2005 C, Ref. Special Tax RB (INS-AMBAC) (d)

    5.50%   07/01/28        $       1,930       $ 1,887,386   

 

  

Puerto Rico (Commonwealth of); Series 2014 A, Unlimited Tax GO Bonds

    8.00%   07/01/35      340         304,021   

 

  

Puerto Rico Sales Tax Financing Corp.;

           

First Subseries 2010, Conv. CAB RB (h)

    6.25%   08/01/33      2,260         1,355,864   

 

  

First Subseries 2010 A, CAB RB (l)

    0.00%   08/01/33      7,800         1,646,892   

 

  

Series 2011 C, RB

    5.00%   08/01/40      2,250         1,954,642   

 

  

Series 2011 C, RB (g)

    5.25%   08/01/40      5,250         4,701,218   

 

  

Series 2011 C, RB

    5.25%   08/01/40      2,025         1,813,327   

 

  
             13,663,350   

 

  

Virgin Islands–2.37%

           

University of the Virgin Islands; Series 2004 A, Improvement RB (a)(b)

    5.38%   12/01/14      1,500         1,539,060   

 

  

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

    6.63%   10/01/29      2,425         2,714,399   

 

  

Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note);

           

Series 2010 A, Sr. Lien RB

    5.00%   10/01/29      2,500         2,698,800   

 

  

Series 2012 A, RB (i)

    4.00%   10/01/22      1,145         1,188,808   

 

  
             8,141,067   

 

  

TOTAL INVESTMENTS(m)–154.79% (Cost $498,601,744)

                        530,471,051   

FLOATING RATE NOTE OBLIGATIONS–(20.17)%

           

Notes with interest and fee rates ranging from 0.59% to 0.83% at 05/31/14 and contractual maturities of collateral ranging from 06/15/21 to 12/01/41 (See Note 1D)(n)

              (69,120,000)   

 

  

VARIABLE RATE MUNI TERM PREFERRED SHARES–(37.96)%

              (130,100,000)   

 

  

OTHER ASSETS LESS LIABILITIES–3.34%

              11,453,594   

 

  

NET ASSETS APPLICABLE TO COMMON SHARES–100.00%

            $ 342,704,645   

 

  

 

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
CIFG    —CIFG Assurance North America, Inc.
Conv.    —Convertible
GO    —General Obligation
INS    —Insurer
LOC    —Letter of Credit
NATL    —National Public Finance Guarantee Corp.
PCR    —Pollution Control Revenue Bonds
Radian    —Radian Asset Assurance, Inc.
RB    —Revenue Bonds
Ref.    —Refunding
SGI    —Syncora Guarantee, Inc.
Sr.    —Senior
Sub.    —Subordinated
VRD    —Variable Rate Demand

 

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

                                 Invesco Pennsylvania Value Municipal Income Trust

Notes to Schedule of Investments:

*   Calculated as a percentage of net assets. Amounts in excess of 100% are due to the Trust’s use of leverage.
(a)   Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
(b)   Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.
(c)   Security subject to the alternative minimum tax.
(d)   Principal and/or interest payments are secured by the bond insurance company listed.
(e)   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, 2014.
(f)   Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.
(g)   Underlying security related to Dealer Trusts entered into by the Trust. See Note 1D.
(h)   Convertible CAB. The interest rate shown represents the coupon rate at which the bond will accrue at a specified future date.
(i)   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, 2014 was $4,304,969, which represented 1.26% of the Trust’s Net Assets.
(j)   Defaulted security. Currently, the issuer is partially or fully in default with respect to interest payments. The value of this security at May 31, 2014 represented less than 1% of the Trust’s Net Assets.
(k)   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.
(l)   Zero coupon bond issued at a discount.
(m)   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.
  Entities    Percentage  
 

 

  Assured Guaranty Municipal Corp.    11.9%      
 

 

(n)   Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at May 31, 2014. At May 31, 2014, the Trust’s investments with a value of $119,032,190 are held by Dealer Trusts and serve as collateral for the $69,120,000 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, 2014

(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. 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 Fund 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 of the Fund’s 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 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 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 interests 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.

Recently published 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.” These rules may preclude banking entities from sponsoring and/or providing services for existing TOB trust programs. There can be no assurances that TOB trusts can be restructured substantially similar to their present form, that new sponsors of TOB trusts would begin providing these services, or 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. The ultimate impact of these rules on the TOBs market and the municipal market generally is not yet certain.

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 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.

 

                                 Invesco Pennsylvania Value Municipal Income Trust

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, 2014, 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.

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, 2014 was $8,820,931 and $2,925,426, 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

    $               35,890,599    

 

  

Aggregate unrealized (depreciation) of investment securities

      (3,185,970)    

 

  

Net unrealized appreciation of investment securities

    $ 32,704,629    

 

  

Cost of investments for tax purposes is $497,766,422.

   

 

                                 Invesco Pennsylvania Value Municipal Income Trust

Item 2. Controls and Procedures.

 

  (a) As of May 23, 2014, 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 23, 2014, 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/ Colin Meadows

  Colin Meadows
  Principal Executive Officer
Date:   July 29, 2014

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 29, 2014
By:  

/s/ Sheri Morris

  Sheri Morris
  Principal Financial Officer
Date:   July 29, 2014

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.