The dividend
reinvestment plan (the Plan) offers you a prompt and simple way to reinvest your dividends and capital gains distributions (Distributions) into additional shares of your Invesco closed-end Trust (the Trust).
Under the Plan, the money you earn from Distributions will be reinvested automatically in more shares of the Trust, allowing you to potentially increase your investment over time. All shareholders in the Trust are automatically enrolled in the Plan
when shares are purchased.
Fund Information
Portfolio Composition
|
|
|
|
|
|
By credit sector |
|
% of total investments |
|
|
Revenue Bonds |
|
|
|
80.64 |
% |
|
|
Pre-Refunded Bonds |
|
|
|
10.69 |
|
|
|
General Obligation Bonds |
|
|
|
7.40 |
|
|
|
Other |
|
|
|
1.27 |
|
|
|
Top Five Debt Holdings |
|
|
|
|
|
|
|
% of total net assets |
|
|
1. Pennsylvania (Commonwealth of),
First Series 2013, GO Bonds |
|
|
|
4.83 |
% |
|
|
2. Allegheny (County of), PA, Series
2016 C-76, GO Bonds |
|
|
|
3.66 |
|
|
|
3. Pennsylvania (Commonwealth of)
Turnpike Commission, Series 2017 A, RB |
|
|
|
3.58 |
|
|
|
4. Allegheny (County of), PA
Hospital Development Authority (Allegheny Health Network Obligated Group Issue), Series 2018 A, Ref. RB |
|
|
|
2.79 |
|
|
|
5. Pennsylvania (Commonwealth of)
Higher Educational Facilities Authority (Trustees University of Pennsylvania), Series 2017, RB |
|
|
|
2.76 |
|
The Trusts holdings are subject to change, and there is no assurance that the Trust will continue to hold any particular security.
Data presented here are as of February 28, 2022.
|
|
|
8 |
|
Invesco Pennsylvania Value Municipal Income Trust |
Schedule of Investments
February 28, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Rate |
|
|
Maturity Date |
|
|
Principal Amount (000) |
|
|
Value |
Municipal Obligations154.92%(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania145.31% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allegheny (County of), PA; |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2016 C-76, GO
Bonds |
|
|
5.00% |
|
|
|
11/01/2041 |
|
|
$ |
10,410 |
|
|
$ 11,849,859 |
Series 2020 C-78, GO
Bonds |
|
|
4.00% |
|
|
|
11/01/2049 |
|
|
|
2,000 |
|
|
2,265,288 |
Allegheny (County of), PA Airport Authority; Series 2021 A, RB(b) |
|
|
4.00% |
|
|
|
01/01/2056 |
|
|
|
3,000 |
|
|
3,213,884 |
Allegheny (County of), PA Higher Education Building Authority
(Chatham University); Series 2012 A, RB |
|
|
5.00% |
|
|
|
09/01/2035 |
|
|
|
3,000 |
|
|
3,029,983 |
Allegheny (County of), PA Higher Education Building Authority
(Duquesne University); Series 2013 A, RB |
|
|
5.00% |
|
|
|
03/01/2033 |
|
|
|
1,600 |
|
|
1,663,919 |
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group
Issue); |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2018 A, Ref. RB |
|
|
5.00% |
|
|
|
04/01/2047 |
|
|
|
1,000 |
|
|
1,146,384 |
Series 2018 A, Ref.
RB(c)(d) |
|
|
5.00% |
|
|
|
04/01/2047 |
|
|
|
7,885 |
|
|
9,039,239 |
Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center); |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 A-1, RB (67% of 3
mo. USD LIBOR + 0.82%)(e) |
|
|
1.03% |
|
|
|
02/01/2037 |
|
|
|
1,670 |
|
|
1,662,881 |
Series 2019 A, Ref. RB |
|
|
4.00% |
|
|
|
07/15/2038 |
|
|
|
1,415 |
|
|
1,576,813 |
Series 2019 A, Ref. RB |
|
|
4.00% |
|
|
|
07/15/2039 |
|
|
|
2,250 |
|
|
2,499,957 |
Allegheny (County of), PA Sanitary Authority; |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2015, Ref.
RB(d) |
|
|
5.00% |
|
|
|
12/01/2045 |
|
|
|
7,880 |
|
|
8,746,407 |
Series 2020 B, RB |
|
|
4.00% |
|
|
|
06/01/2050 |
|
|
|
2,100 |
|
|
2,359,788 |
Allentown (City of), PA Neighborhood Improvement Zone Development
Authority; Series 2022, Ref. RB |
|
|
5.00% |
|
|
|
05/01/2042 |
|
|
|
1,000 |
|
|
1,190,496 |
Allentown (City of), PA Neighborhood Improvement Zone Development
Authority (City Center); Series 2018, RB(f) |
|
|
5.00% |
|
|
|
05/01/2042 |
|
|
|
500 |
|
|
559,302 |
Berks (County of), PA Industrial Development Authority (Highlands at Wyomissing (The)); |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2017 A, Ref. RB |
|
|
5.00% |
|
|
|
05/15/2042 |
|
|
|
500 |
|
|
550,095 |
Series 2017 A, Ref. RB |
|
|
5.00% |
|
|
|
05/15/2047 |
|
|
|
600 |
|
|
656,473 |
Series 2017 C, RB |
|
|
5.00% |
|
|
|
05/15/2047 |
|
|
|
1,175 |
|
|
1,257,954 |
Berks (County of), PA Municipal Authority (Reading Hospital Medical
Center); Series 2012 A, RB |
|
|
5.00% |
|
|
|
11/01/2044 |
|
|
|
3,500 |
|
|
3,512,144 |
Bethlehem (City of), PA; |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2014, Ref. RB (INS - BAM)(g) |
|
|
5.00% |
|
|
|
11/15/2030 |
|
|
|
1,575 |
|
|
1,619,474 |
Series 2014, Ref. RB (INS - BAM)(g) |
|
|
5.00% |
|
|
|
11/15/2031 |
|
|
|
1,575 |
|
|
1,619,361 |
Bucks (County of), PA Industrial Development Authority (Pennswood
Village); Series 2018, Ref. RB |
|
|
5.00% |
|
|
|
10/01/2037 |
|
|
|
980 |
|
|
1,069,713 |
Centre (County of), PA Hospital Authority (Mt. Nittany Medical Center); |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2012 B,
RB(h)(i) |
|
|
5.00% |
|
|
|
11/15/2022 |
|
|
|
1,000 |
|
|
1,029,868 |
Series 2016 A, Ref.
RB(h)(i) |
|
|
5.00% |
|
|
|
11/15/2025 |
|
|
|
900 |
|
|
1,016,254 |
Chester (County of), PA Health & Education Facilities
Authority (Simpson Senior Services); Series 2019, Ref. RB |
|
|
5.00% |
|
|
|
12/01/2051 |
|
|
|
3,625 |
|
|
3,784,961 |
Chester (County of), PA Industrial Development Authority (Avon Grove
Charter School); Series 2017 A, Ref. RB |
|
|
5.00% |
|
|
|
12/15/2047 |
|
|
|
1,160 |
|
|
1,280,522 |
Chester (County of), PA Industrial Development Authority (Collegium
Charter School); Series 2017 A, RB |
|
|
5.25% |
|
|
|
10/15/2047 |
|
|
|
2,555 |
|
|
2,774,030 |
Chester (County of), PA Industrial Development Authority
(Sustainability Bonds); Series 2021, RB |
|
|
4.00% |
|
|
|
12/01/2051 |
|
|
|
2,500 |
|
|
2,798,700 |
Chester (County of), PA Industrial Development Authority (University
Student Housing, LLC at West |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chester University of Pennsylvania); Series 2013, RB |
|
|
5.00% |
|
|
|
08/01/2045 |
|
|
|
2,425 |
|
|
2,465,943 |
Clairton (City of), PA Municipal Authority; Series 2012 B,
RB |
|
|
5.00% |
|
|
|
12/01/2037 |
|
|
|
2,000 |
|
|
2,044,106 |
Coatesville School District; |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2020 A, GO Bonds (INS - BAM)(g)(j) |
|
|
0.00% |
|
|
|
10/01/2034 |
|
|
|
150 |
|
|
98,383 |
Series 2020 A, GO Bonds (INS - BAM)(g)(j) |
|
|
0.00% |
|
|
|
10/01/2038 |
|
|
|
1,450 |
|
|
791,340 |
Series 2020 B, Ref. GO Bonds (INS - BAM)(g)(j) |
|
|
0.00% |
|
|
|
10/01/2033 |
|
|
|
275 |
|
|
188,495 |
Series 2020 B, Ref. GO Bonds (INS - BAM)(g)(j) |
|
|
0.00% |
|
|
|
10/01/2034 |
|
|
|
550 |
|
|
360,738 |
Series 2020 C, Ref. GO Bonds (INS - BAM)(g)(j) |
|
|
0.00% |
|
|
|
10/01/2033 |
|
|
|
360 |
|
|
246,757 |
Commonwealth Financing Authority; |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2018, RB(c)(d)
|
|
|
5.00% |
|
|
|
06/01/2031 |
|
|
|
3,500 |
|
|
4,117,707 |
Series 2018, RB(c)(d)
|
|
|
5.00% |
|
|
|
06/01/2032 |
|
|
|
2,000 |
|
|
2,349,493 |
Series 2018, RB(c)(d)
|
|
|
5.00% |
|
|
|
06/01/2033 |
|
|
|
2,000 |
|
|
2,345,128 |
Series 2018, RB(c)(d)
|
|
|
5.00% |
|
|
|
06/01/2035 |
|
|
|
3,045 |
|
|
3,562,932 |
See accompanying Notes to Financial
Statements which are an integral part of the financial statements.
|
|
|
9 |
|
Invesco Pennsylvania Value Municipal Income Trust |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Rate |
|
|
Maturity Date |
|
|
Principal Amount (000) |
|
|
Value |
Pennsylvania(continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumberland (County of), PA Municipal Authority (Diakon Lutheran); |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2015, Ref.
RB(h)(i) |
|
|
5.00% |
|
|
|
01/01/2025 |
|
|
$ |
465 |
|
|
$ 511,354 |
Series 2015, Ref.
RB(h)(i) |
|
|
5.00% |
|
|
|
01/01/2025 |
|
|
|
1,920 |
|
|
2,111,397 |
Series 2015, Ref. RB |
|
|
5.00% |
|
|
|
01/01/2038 |
|
|
|
2,345 |
|
|
2,514,805 |
Cumberland (County of), PA Municipal Authority (Penn State Health);
Series 2019, RB |
|
|
4.00% |
|
|
|
11/01/2044 |
|
|
|
2,000 |
|
|
2,211,583 |
Dauphin (County of), PA General Authority (Pinnacle Health System);
Series 2016 A, Ref. RB |
|
|
5.00% |
|
|
|
06/01/2035 |
|
|
|
1,145 |
|
|
1,299,478 |
Delaware (County of), PA Authority (Villanova University); Series
2015, RB |
|
|
5.00% |
|
|
|
08/01/2045 |
|
|
|
785 |
|
|
868,352 |
Delaware River Port Authority; Series 2013, RB |
|
|
5.00% |
|
|
|
01/01/2031 |
|
|
|
1,000 |
|
|
1,066,972 |
Delaware River Port Authority (Port District); |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2012, Ref. RB |
|
|
5.00% |
|
|
|
01/01/2025 |
|
|
|
2,175 |
|
|
2,242,601 |
Series 2012, Ref. RB |
|
|
5.00% |
|
|
|
01/01/2027 |
|
|
|
1,290 |
|
|
1,330,514 |
Delaware Valley Regional Financial Authority; Series 2002,
RB |
|
|
5.75% |
|
|
|
07/01/2032 |
|
|
|
3,500 |
|
|
4,684,478 |
Doylestown (City of), PA Hospital Authority; Series 2019 A,
RB |
|
|
4.00% |
|
|
|
07/01/2045 |
|
|
|
500 |
|
|
527,485 |
DuBois (City of), PA Hospital Authority (Penn Highlands Healthcare);
Series 2018, Ref. RB |
|
|
5.00% |
|
|
|
07/15/2048 |
|
|
|
2,350 |
|
|
2,690,635 |
East Hempfield (Township of), PA Industrial Development Authority
(Student Services, Inc. Student |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Housing at Millersville University of Pennsylvania); |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2013, RB(h)(i)
|
|
|
5.00% |
|
|
|
07/01/2023 |
|
|
|
750 |
|
|
788,917 |
Series 2013, RB(h)(i)
|
|
|
5.00% |
|
|
|
07/01/2023 |
|
|
|
3,770 |
|
|
3,965,621 |
Series 2014, RB(h)(i)
|
|
|
5.00% |
|
|
|
07/01/2024 |
|
|
|
750 |
|
|
813,752 |
East Hempfield (Township of), PA Industrial Development Authority (Willow Valley Communities); |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2016, Ref. RB |
|
|
5.00% |
|
|
|
12/01/2030 |
|
|
|
790 |
|
|
873,298 |
Series 2016, Ref. RB |
|
|
5.00% |
|
|
|
12/01/2039 |
|
|
|
2,780 |
|
|
3,043,814 |
Erie (City of), PA Higher Education Building Authority (AICUP Financing Program); |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2021, RB |
|
|
4.00% |
|
|
|
05/01/2036 |
|
|
|
100 |
|
|
110,370 |
Series 2021, RB |
|
|
4.00% |
|
|
|
05/01/2041 |
|
|
|
400 |
|
|
436,784 |
Series 2021, RB |
|
|
5.00% |
|
|
|
05/01/2047 |
|
|
|
150 |
|
|
176,133 |
Franklin (County of), PA Industrial Development Authority (Menno-Haven, Inc.); |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2018, Ref. RB |
|
|
5.00% |
|
|
|
12/01/2053 |
|
|
|
3,380 |
|
|
3,607,054 |
Series 2019, RB |
|
|
5.00% |
|
|
|
12/01/2049 |
|
|
|
510 |
|
|
545,003 |
Fulton (County of), PA Industrial Development Authority (The Fulton
County Medical Center); Series 2016, Ref. RB |
|
|
5.00% |
|
|
|
07/01/2040 |
|
|
|
4,375 |
|
|
4,674,122 |
Geisinger Authority (Geisinger Health System); |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2017 A-1, Ref. RB |
|
|
5.00% |
|
|
|
02/15/2045 |
|
|
|
6,060 |
|
|
6,964,295 |
Series 2020, Ref. RB |
|
|
4.00% |
|
|
|
04/01/2050 |
|
|
|
2,000 |
|
|
2,185,801 |
Haverford Township School District; Series 2009, VRD GO Bonds (LOC -
TD Bank N.A.)(k)(l) |
|
|
0.19% |
|
|
|
03/01/2030 |
|
|
|
1,800 |
|
|
1,800,000 |
Lancaster (City of), PA Industrial Development Authority (Landis
Homes Retirement Community); Series 2021, Ref. RB |
|
|
4.00% |
|
|
|
07/01/2056 |
|
|
|
1,000 |
|
|
1,015,211 |
Lancaster (City of), PA Industrial Development Authority (Willow
Valley Communities); Series 2019, RB |
|
|
5.00% |
|
|
|
12/01/2049 |
|
|
|
1,545 |
|
|
1,720,831 |
Lancaster (County of), PA Hospital Authority (Brethren Village); |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2017, Ref. RB |
|
|
5.13% |
|
|
|
07/01/2037 |
|
|
|
700 |
|
|
755,551 |
Series 2017, Ref. RB |
|
|
5.25% |
|
|
|
07/01/2041 |
|
|
|
1,500 |
|
|
1,622,777 |
Lancaster (County of), PA Hospital Authority (Landis Homes Retirement
Community); Series 2015, Ref. RB |
|
|
5.00% |
|
|
|
07/01/2045 |
|
|
|
3,800 |
|
|
4,003,232 |
Lancaster (County of), PA Hospital Authority (Masonic Villages); |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2008 D, VRD RB (LOC - JP Morgan Chase Bank N.A.)(k)(l) |
|
|
0.07% |
|
|
|
07/01/2034 |
|
|
|
4,605 |
|
|
4,605,000 |
Series 2015, Ref. RB |
|
|
5.00% |
|
|
|
11/01/2035 |
|
|
|
790 |
|
|
856,292 |
Lancaster (County of), PA Solid Waste Management Authority; Series
2013 A, RB |
|
|
5.25% |
|
|
|
12/15/2030 |
|
|
|
1,000 |
|
|
1,075,719 |
Latrobe (City of), PA Industrial Development Authority (Seton Hill University); |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2021, Ref. RB |
|
|
4.00% |
|
|
|
03/01/2046 |
|
|
|
265 |
|
|
272,652 |
Series 2021, Ref. RB |
|
|
4.00% |
|
|
|
03/01/2051 |
|
|
|
265 |
|
|
272,025 |
Lehigh (County of), PA (Lehigh Valley Health Network); |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2019 A, Ref. RB |
|
|
5.00% |
|
|
|
07/01/2044 |
|
|
|
3,000 |
|
|
3,573,414 |
Series 2019, Ref. RB |
|
|
4.00% |
|
|
|
07/01/2049 |
|
|
|
3,500 |
|
|
3,797,720 |
Lehigh (County of), PA General Purpose Authority (Bible Fellowship
Church Homes, Inc.); Series 2013, RB(h)(i) |
|
|
5.25% |
|
|
|
07/01/2022 |
|
|
|
2,675 |
|
|
2,715,339 |
Lehigh (County of), PA General Purpose Authority (Lehigh Valley
Academy); Series 2022, RB |
|
|
4.00% |
|
|
|
06/01/2052 |
|
|
|
2,000 |
|
|
2,174,946 |
Mechanicsburg Area School District; Series 2020 AA, GO Bonds |
|
|
4.00% |
|
|
|
05/15/2050 |
|
|
|
2,000 |
|
|
2,209,796 |
Montgomery (County of), PA Higher Education & Health
Authority (Holy Redeemer Health System); Series 2014, Ref. RB |
|
|
5.00% |
|
|
|
10/01/2027 |
|
|
|
1,460 |
|
|
1,568,694 |
See accompanying Notes to Financial
Statements which are an integral part of the financial statements.
|
|
|
10 |
|
Invesco Pennsylvania Value Municipal Income Trust |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Rate |
|
|
Maturity Date |
|
|
Principal Amount (000) |
|
|
Value |
Pennsylvania(continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Montgomery (County of), PA Higher Education & Health
Authority (Philadelphia Presbytery Homes, Inc.); Series 2017, Ref. RB |
|
|
5.00% |
|
|
|
12/01/2047 |
|
|
$ |
4,915 |
|
|
$ 5,320,319 |
Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson
University); |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2018 A, Ref. RB |
|
|
5.00% |
|
|
|
09/01/2048 |
|
|
|
980 |
|
|
1,136,798 |
Series 2019, Ref. RB |
|
|
4.00% |
|
|
|
09/01/2049 |
|
|
|
2,500 |
|
|
2,720,636 |
Series 2022 B, Ref. RB |
|
|
4.00% |
|
|
|
05/01/2052 |
|
|
|
2,000 |
|
|
2,193,953 |
Montgomery (County of), PA Industrial Development Authority (ACTS Retirement-Life Communities,
Inc.); |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2012, RB(h)(i)
|
|
|
5.00% |
|
|
|
05/15/2022 |
|
|
|
2,400 |
|
|
2,421,884 |
Series 2012, RB(h)(i)
|
|
|
5.00% |
|
|
|
05/15/2022 |
|
|
|
500 |
|
|
504,559 |
Series 2020 C, RB |
|
|
4.00% |
|
|
|
11/15/2043 |
|
|
|
200 |
|
|
220,941 |
Series 2020 C, RB |
|
|
5.00% |
|
|
|
11/15/2045 |
|
|
|
380 |
|
|
439,637 |
Montgomery (County of), PA Industrial Development Authority (Albert
Einstein Healthcare); Series 2015, Ref. RB(h)(i) |
|
|
5.25% |
|
|
|
01/15/2025 |
|
|
|
3,150 |
|
|
3,485,626 |
Montgomery (County of), PA Industrial Development Authority
(Haverford School); Series 2019, Ref. RB |
|
|
4.00% |
|
|
|
03/01/2049 |
|
|
|
1,750 |
|
|
1,864,031 |
Montgomery (County of), PA Industrial Development Authority (Meadwood
Senior Living); Series 2018 A, Ref. RB |
|
|
5.00% |
|
|
|
12/01/2048 |
|
|
|
1,270 |
|
|
1,383,474 |
Montgomery (County of), PA Industrial Development Authority (Waverly
Heights Ltd.); Series 2019, Ref. RB |
|
|
5.00% |
|
|
|
12/01/2044 |
|
|
|
1,000 |
|
|
1,116,744 |
Northampton (County of), PA General Purpose Authority (LaFayette
College); Series 2017, Ref. RB |
|
|
5.00% |
|
|
|
11/01/2047 |
|
|
|
3,865 |
|
|
4,535,322 |
Northampton (County of), PA General Purpose Authority (St. Lukes University Health Network); |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2016, Ref. RB |
|
|
5.00% |
|
|
|
08/15/2036 |
|
|
|
1,170 |
|
|
1,323,854 |
Series 2018 A, Ref. RB |
|
|
4.00% |
|
|
|
08/15/2048 |
|
|
|
2,355 |
|
|
2,574,287 |
Northampton (County of), PA Industrial Development Authority (Morningstar Senior Living, Inc.); |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2012, RB |
|
|
5.00% |
|
|
|
07/01/2032 |
|
|
|
740 |
|
|
744,660 |
Series 2012, RB |
|
|
5.00% |
|
|
|
07/01/2036 |
|
|
|
1,000 |
|
|
1,005,899 |
Series 2019, Ref. RB |
|
|
5.00% |
|
|
|
11/01/2039 |
|
|
|
500 |
|
|
550,238 |
Series 2019, Ref. RB |
|
|
5.00% |
|
|
|
11/01/2044 |
|
|
|
950 |
|
|
1,038,923 |
Series 2019, Ref. RB |
|
|
5.00% |
|
|
|
11/01/2049 |
|
|
|
1,050 |
|
|
1,144,933 |
Northeastern Pennsylvania (Commonwealth of) Hospital &
Education Authority (Kings College); Series 2019, RB |
|
|
5.00% |
|
|
|
05/01/2049 |
|
|
|
3,200 |
|
|
3,587,305 |
Pennsylvania (Commonwealth of); |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Series 2001, GO Bonds |
|
|
4.00% |
|
|
|
05/15/2033 |
|
|
|
1,750 |
|
|
2,055,264 |
First Series 2013, GO Bonds(c)(d)(h)(i) |
|
|
5.00% |
|
|
|
04/01/2023 |
|
|
|
15,000 |
|
|
15,661,560 |
First Series 2020, GO Bonds |
|
|
2.13% |
|
|
|
05/01/2040 |
|
|
|
2,500 |
|
|
2,304,214 |
Series 2018 A, Ref. COP |
|
|
4.00% |
|
|
|
07/01/2046 |
|
|
|
1,960 |
|
|
2,135,096 |
Pennsylvania (Commonwealth of) (Municipal Real Estate Funding, LLC);
Series 2018 A, Ref. COP |
|
|
5.00% |
|
|
|
07/01/2043 |
|
|
|
2,160 |
|
|
2,497,157 |
Pennsylvania (Commonwealth of) Economic Development Financing Agency
(Forum Place); Series 2012, RB(h)(i) |
|
|
5.00% |
|
|
|
03/01/2022 |
|
|
|
1,750 |
|
|
1,750,000 |
Pennsylvania (Commonwealth of) Economic Development Financing
Authority (Amtrak); Series 2012 A, Ref. RB(b) |
|
|
5.00% |
|
|
|
11/01/2041 |
|
|
|
3,830 |
|
|
3,914,802 |
Pennsylvania (Commonwealth of) Economic Development Financing
Authority (Capital Region Parking System); Series 2013, RB |
|
|
6.00% |
|
|
|
07/01/2053 |
|
|
|
3,280 |
|
|
3,487,952 |
Pennsylvania (Commonwealth of) Economic Development Financing
Authority (Covanta Holding Corp.) (Green Bonds); Series 2019 A, RB(b)(f) |
|
|
3.25% |
|
|
|
08/01/2039 |
|
|
|
2,600 |
|
|
2,545,660 |
Pennsylvania (Commonwealth of) Economic Development Financing
Authority (National Gypson Co.); Series 2014, Ref. RB(b) |
|
|
5.50% |
|
|
|
11/01/2044 |
|
|
|
2,365 |
|
|
2,472,533 |
Pennsylvania (Commonwealth of) Economic Development Financing
Authority (PA Bridges Finco L.P.); Series 2015, RB(b) |
|
|
5.00% |
|
|
|
12/31/2034 |
|
|
|
2,760 |
|
|
3,044,133 |
Pennsylvania (Commonwealth of) Economic Development Financing
Authority (Pennsylvania Rapid |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bridge Replacement); Series 2015, RB(b) |
|
|
5.00% |
|
|
|
12/31/2038 |
|
|
|
1,640 |
|
|
1,802,636 |
Pennsylvania (Commonwealth of) Economic Development Financing
Authority (Philadelphia Biosolids Facilities); Series 2020, Ref. RB |
|
|
4.00% |
|
|
|
01/01/2032 |
|
|
|
400 |
|
|
443,516 |
Pennsylvania (Commonwealth of) Economic Development Financing Authority (Presbyterian Senior
Living); |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2021, Ref. RB |
|
|
4.00% |
|
|
|
07/01/2041 |
|
|
|
350 |
|
|
379,174 |
Series 2021, Ref. RB |
|
|
4.00% |
|
|
|
07/01/2046 |
|
|
|
1,000 |
|
|
1,077,757 |
Pennsylvania (Commonwealth of) Economic Development Financing
Authority (UPMC); Series 2021 A, Ref. RB |
|
|
4.00% |
|
|
|
10/15/2051 |
|
|
|
1,500 |
|
|
1,669,354 |
See accompanying Notes to Financial
Statements which are an integral part of the financial statements.
|
|
|
11 |
|
Invesco Pennsylvania Value Municipal Income Trust |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Rate |
|
|
Maturity Date |
|
|
Principal Amount (000) |
|
|
Value |
Pennsylvania(continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania (Commonwealth of) Higher Educational Facilities
Authority (AICUP Financing Program-Del Valley College); Series 2012, RB |
|
|
5.00% |
|
|
|
11/01/2027 |
|
|
$ |
1,650 |
|
|
$ 1,671,792 |
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Drexel University); |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2016, Ref. RB |
|
|
5.00% |
|
|
|
05/01/2035 |
|
|
|
3,590 |
|
|
4,027,196 |
Series 2020 A, Ref. RB (INS - AGM)(g) |
|
|
4.00% |
|
|
|
05/01/2041 |
|
|
|
3,000 |
|
|
3,348,646 |
Series 2020 A, Ref. RB (INS - AGM)(g) |
|
|
4.00% |
|
|
|
05/01/2050 |
|
|
|
1,750 |
|
|
1,928,882 |
Pennsylvania (Commonwealth of) Higher Educational Facilities
Authority (La Salle University); Series 2012, RB |
|
|
5.00% |
|
|
|
05/01/2042 |
|
|
|
3,320 |
|
|
3,348,883 |
Pennsylvania (Commonwealth of) Higher Educational Facilities
Authority (Thomas Jefferson University); Series 2015, Ref. RB |
|
|
5.25% |
|
|
|
09/01/2050 |
|
|
|
3,155 |
|
|
3,478,832 |
Pennsylvania (Commonwealth of) Higher Educational Facilities
Authority (Trustees University of Pennsylvania); Series 2017, RB(d) |
|
|
5.00% |
|
|
|
08/15/2046 |
|
|
|
7,800 |
|
|
8,933,335 |
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health
System); |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2017 A, RB |
|
|
5.00% |
|
|
|
08/15/2042 |
|
|
|
3,925 |
|
|
4,564,868 |
Series 2019, RB |
|
|
4.00% |
|
|
|
08/15/2049 |
|
|
|
5,000 |
|
|
5,581,916 |
Pennsylvania (Commonwealth of) Housing Finance Agency; Series 2019-131 A, RB |
|
|
3.10% |
|
|
|
10/01/2044 |
|
|
|
2,500 |
|
|
2,532,459 |
Pennsylvania (Commonwealth of) Public School Building Authority (Harrisburg School); |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2016 A, Ref.
RB(h)(i) |
|
|
5.00% |
|
|
|
12/01/2026 |
|
|
|
510 |
|
|
592,194 |
Series 2016 A, Ref. RB (INS - AGM)(g) |
|
|
5.00% |
|
|
|
12/01/2030 |
|
|
|
3,235 |
|
|
3,716,299 |
Pennsylvania (Commonwealth of) Public School Building Authority
(Philadelphia School District); Series 2016 A, Ref. RB (INS - AGM)(g) |
|
|
5.00% |
|
|
|
06/01/2032 |
|
|
|
725 |
|
|
831,082 |
Pennsylvania (Commonwealth of) Turnpike Commission; |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Series 2017, Ref. RB |
|
|
5.00% |
|
|
|
12/01/2038 |
|
|
|
2,710 |
|
|
3,149,669 |
Second Series 2017, Ref. RB |
|
|
5.00% |
|
|
|
12/01/2041 |
|
|
|
700 |
|
|
811,506 |
Series 2009 C, RB (INS - AGM)(g) |
|
|
6.25% |
|
|
|
06/01/2033 |
|
|
|
5,840 |
|
|
6,954,895 |
Series 2009 E, RB |
|
|
6.38% |
|
|
|
12/01/2038 |
|
|
|
720 |
|
|
900,520 |
Series 2014 A-3, RB(j) |
|
|
0.00% |
|
|
|
12/01/2041 |
|
|
|
3,000 |
|
|
1,627,160 |
Series 2014, Ref. RB |
|
|
5.00% |
|
|
|
12/01/2034 |
|
|
|
1,500 |
|
|
1,638,754 |
Series 2017 A,
RB(c)(d) |
|
|
5.50% |
|
|
|
12/01/2042 |
|
|
|
10,000 |
|
|
11,600,813 |
Series 2017 B-1, RB |
|
|
5.25% |
|
|
|
06/01/2047 |
|
|
|
3,000 |
|
|
3,475,711 |
Series 2018 A-2, RB |
|
|
5.00% |
|
|
|
12/01/2043 |
|
|
|
1,965 |
|
|
2,314,705 |
Series 2018 B, RB |
|
|
5.25% |
|
|
|
12/01/2048 |
|
|
|
2,370 |
|
|
2,820,562 |
Series 2019 A, RB |
|
|
5.00% |
|
|
|
12/01/2044 |
|
|
|
1,000 |
|
|
1,198,754 |
Series 2019 A, RB (INS - AGM)(g) |
|
|
4.00% |
|
|
|
12/01/2049 |
|
|
|
1,305 |
|
|
1,464,313 |
Series 2020 B, RB |
|
|
5.00% |
|
|
|
12/01/2050 |
|
|
|
2,000 |
|
|
2,398,974 |
Series 2021 A, RB |
|
|
4.00% |
|
|
|
12/01/2050 |
|
|
|
4,500 |
|
|
4,941,231 |
Series 2021 B, Ref. RB |
|
|
5.00% |
|
|
|
12/01/2051 |
|
|
|
3,000 |
|
|
3,604,260 |
Pennsylvania Higher Education Assistance Agency; |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2021 A, Tax Exempt RB(b) |
|
|
5.00% |
|
|
|
06/01/2030 |
|
|
|
140 |
|
|
167,387 |
Series 2021 A, Tax Exempt RB(b) |
|
|
2.63% |
|
|
|
06/01/2042 |
|
|
|
1,180 |
|
|
1,150,056 |
Pennsylvania State University; Series 2016 A, RB |
|
|
5.00% |
|
|
|
09/01/2041 |
|
|
|
3,245 |
|
|
3,698,002 |
Philadelphia (City of), PA; |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2014 A, Ref. GO Bonds(h)(i) |
|
|
5.25% |
|
|
|
01/15/2024 |
|
|
|
1,000 |
|
|
1,075,494 |
Series 2017 A,
RB(c)(d) |
|
|
5.25% |
|
|
|
10/01/2052 |
|
|
|
7,405 |
|
|
8,710,858 |
Series 2017 A, Ref. GO Bonds |
|
|
5.00% |
|
|
|
08/01/2036 |
|
|
|
2,550 |
|
|
2,957,636 |
Series 2017 B, Ref.
RB(b) |
|
|
5.00% |
|
|
|
07/01/2047 |
|
|
|
3,000 |
|
|
3,369,146 |
Series 2017, Ref. GO Bonds |
|
|
5.00% |
|
|
|
08/01/2041 |
|
|
|
3,250 |
|
|
3,751,430 |
Series 2019 A, Ref. GO Bonds |
|
|
5.00% |
|
|
|
08/01/2031 |
|
|
|
100 |
|
|
126,337 |
Series 2019 B, GO Bonds |
|
|
5.00% |
|
|
|
02/01/2039 |
|
|
|
1,000 |
|
|
1,198,948 |
Series 2020 A, RB |
|
|
5.00% |
|
|
|
11/01/2045 |
|
|
|
3,700 |
|
|
4,463,248 |
Series 2020 A, RB |
|
|
5.00% |
|
|
|
11/01/2050 |
|
|
|
1,000 |
|
|
1,199,512 |
Series 2020 C, Ref.
RB(b) |
|
|
4.00% |
|
|
|
07/01/2045 |
|
|
|
1,000 |
|
|
1,079,805 |
Series 2020 C, Ref.
RB(b) |
|
|
4.00% |
|
|
|
07/01/2050 |
|
|
|
1,000 |
|
|
1,073,825 |
Series 2021 A, GO Bonds |
|
|
4.00% |
|
|
|
05/01/2042 |
|
|
|
1,000 |
|
|
1,134,435 |
Series 2021, Ref. RB (INS - AGM)(b)(g) |
|
|
4.00% |
|
|
|
07/01/2037 |
|
|
|
1,000 |
|
|
1,106,785 |
Philadelphia (City of), PA Authority for Industrial Development
(Cultural and Commercials Corridors); Series 2016, Ref. RB |
|
|
5.00% |
|
|
|
12/01/2031 |
|
|
|
3,160 |
|
|
3,547,593 |
Philadelphia (City of), PA Authority for Industrial Development
(Independence Charter School - West); Series 2019, RB |
|
|
5.00% |
|
|
|
06/15/2050 |
|
|
|
1,025 |
|
|
1,082,901 |
See accompanying Notes to Financial
Statements which are an integral part of the financial statements.
|
|
|
12 |
|
Invesco Pennsylvania Value Municipal Income Trust |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Rate |
|
|
Maturity Date |
|
|
Principal Amount (000) |
|
|
Value |
Pennsylvania(continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Philadelphia (City of), PA Authority for Industrial Development (Kipp
Philadelphia Charter School); Series 2016 B, RB |
|
|
5.00% |
|
|
|
04/01/2046 |
|
|
$ |
2,360 |
|
|
$ 2,505,449 |
Philadelphia (City of), PA Authority for Industrial Development (MaST Community Charter School II); |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2020, RB |
|
|
5.00% |
|
|
|
08/01/2030 |
|
|
|
460 |
|
|
520,153 |
Series 2020, RB |
|
|
5.00% |
|
|
|
08/01/2040 |
|
|
|
620 |
|
|
716,479 |
Series 2020, RB |
|
|
5.00% |
|
|
|
08/01/2050 |
|
|
|
1,400 |
|
|
1,595,444 |
Philadelphia (City of), PA Authority for Industrial Development
(Temple University); First Series 2015, Ref. RB |
|
|
5.00% |
|
|
|
04/01/2045 |
|
|
|
1,970 |
|
|
2,160,715 |
Philadelphia (City of), PA Authority for Industrial Development (The
Childrens Hospital of Philadelphia); Series 2014 A, RB(d) |
|
|
5.00% |
|
|
|
07/01/2042 |
|
|
|
6,000 |
|
|
6,492,699 |
Philadelphia (City of), PA Authority for Industrial Development
(University Square Apartments); Series 2017, RB |
|
|
4.00% |
|
|
|
12/01/2047 |
|
|
|
600 |
|
|
639,256 |
Philadelphia (City of), PA Authority for Industrial Development (Wesley Enhanced Living Obligated
Group); |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2017, Ref. RB |
|
|
5.00% |
|
|
|
07/01/2042 |
|
|
|
1,525 |
|
|
1,584,855 |
Series 2017, Ref. RB |
|
|
5.00% |
|
|
|
07/01/2049 |
|
|
|
3,500 |
|
|
3,635,675 |
Philadelphia (City of), PA Hospitals & Higher Education Facilities Authority (Temple University
Health System); |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2017, Ref. RB |
|
|
5.00% |
|
|
|
07/01/2032 |
|
|
|
1,980 |
|
|
2,289,689 |
Series 2017, Ref. RB |
|
|
5.00% |
|
|
|
07/01/2034 |
|
|
|
1,000 |
|
|
1,152,144 |
Philadelphia (City of), PA Industrial Development Authority
(Architecture & Design Charter High School); Series 2013, RB(h)(i) |
|
|
6.13% |
|
|
|
03/15/2023 |
|
|
|
1,915 |
|
|
2,016,210 |
Philadelphia (City of), PA Industrial Development Authority (Discovery Charter School); |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2012, RB |
|
|
5.88% |
|
|
|
04/01/2032 |
|
|
|
1,140 |
|
|
1,142,952 |
Series 2012, RB |
|
|
6.25% |
|
|
|
04/01/2037 |
|
|
|
500 |
|
|
501,320 |
Philadelphia (City of), PA Industrial Development Authority (First
Philadelphia Preparatory Charter School); Series 2014 A, RB |
|
|
7.00% |
|
|
|
06/15/2033 |
|
|
|
3,125 |
|
|
3,461,207 |
Philadelphia (City of), PA Industrial Development Authority (MaST I
Charter School); Series 2016 A, Ref. RB |
|
|
5.25% |
|
|
|
08/01/2046 |
|
|
|
1,500 |
|
|
1,644,298 |
Philadelphia (City of), PA Industrial Development Authority (New
Foundations Charter School); Series 2012, RB(h)(i) |
|
|
6.63% |
|
|
|
12/15/2022 |
|
|
|
1,250 |
|
|
1,306,175 |
Philadelphia (City of), PA Industrial Development Authority
(University of the Arts); Series 2017, Ref. RB(f) |
|
|
5.00% |
|
|
|
03/15/2045 |
|
|
|
1,960 |
|
|
2,063,065 |
Philadelphia (City of), PA Parking Authority; Series 1999 A, RB (INS
- AMBAC)(g) |
|
|
5.25% |
|
|
|
02/15/2029 |
|
|
|
1,645 |
|
|
1,651,522 |
Philadelphia Gas Works Co.; Series 2020 A, RB (INS - AGM)(g) |
|
|
4.00% |
|
|
|
08/01/2045 |
|
|
|
2,000 |
|
|
2,241,859 |
Philadelphia School District (The); |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 A, Ref. GO Bonds (INS - NATL)(g) |
|
|
5.00% |
|
|
|
06/01/2025 |
|
|
|
1,965 |
|
|
2,191,504 |
Series 2019 A, GO Bonds |
|
|
5.00% |
|
|
|
09/01/2044 |
|
|
|
1,000 |
|
|
1,199,766 |
Pittsburgh (City of), PA Water & Sewer Authority; |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2013 A, Ref. RB |
|
|
5.00% |
|
|
|
09/01/2031 |
|
|
|
1,250 |
|
|
1,320,672 |
Series 2019 A, RB (INS - AGM)(g) |
|
|
5.00% |
|
|
|
09/01/2044 |
|
|
|
2,255 |
|
|
2,715,878 |
Series 2020 B, RB (INS - AGM)(g) |
|
|
4.00% |
|
|
|
09/01/2045 |
|
|
|
1,350 |
|
|
1,502,660 |
Series 2020 B, RB (INS - AGM)(g) |
|
|
4.00% |
|
|
|
09/01/2050 |
|
|
|
1,250 |
|
|
1,378,464 |
Southcentral Pennsylvania General Authority (WellSpan Health
Obligated Group); Series 2019 A, Ref. RB |
|
|
5.00% |
|
|
|
06/01/2049 |
|
|
|
2,750 |
|
|
3,264,719 |
Susquehanna Area Regional Airport Authority; Series 2012 A, RB(b) |
|
|
5.00% |
|
|
|
01/01/2027 |
|
|
|
4,415 |
|
|
4,535,781 |
Swarthmore (Borough of), PA Authority (Swarthmore College); Series
2021 B, Ref. RB |
|
|
4.00% |
|
|
|
09/15/2041 |
|
|
|
1,690 |
|
|
1,959,499 |
Washington (County of), PA Redevelopment Authority; Series 2018, Ref.
RB |
|
|
5.00% |
|
|
|
07/01/2035 |
|
|
|
1,000 |
|
|
1,071,904 |
Washington (County of), PA Redevelopment Authority (Victory Centre);
Series 2018, Ref. RB |
|
|
5.00% |
|
|
|
07/01/2028 |
|
|
|
750 |
|
|
799,418 |
West Cornwall Township Municipal Authority (Pleasant View Retirement
Community); Series 2018 C, Ref. RB |
|
|
5.00% |
|
|
|
12/15/2048 |
|
|
|
3,670 |
|
|
3,998,484 |
West Shore Area Authority (Messiah Village); Series 2015 A, Ref.
RB |
|
|
5.00% |
|
|
|
07/01/2035 |
|
|
|
1,500 |
|
|
1,599,752 |
West Shore School District; Series 2020, GO Bonds |
|
|
4.00% |
|
|
|
11/15/2048 |
|
|
|
2,000 |
|
|
2,226,872 |
Westmoreland (County of), PA Municipal Authority; |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2013, RB(h)(i)
|
|
|
5.00% |
|
|
|
08/15/2023 |
|
|
|
2,000 |
|
|
2,114,034 |
Series 2013,
RB(h)(i) |
|
|
5.00% |
|
|
|
08/15/2023 |
|
|
|
2,250 |
|
|
2,378,288 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
471,113,889 |
See accompanying Notes to Financial
Statements which are an integral part of the financial statements.
|
|
|
13 |
|
Invesco Pennsylvania Value Municipal Income Trust |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Rate |
|
|
Maturity Date |
|
|
Principal Amount (000) |
|
|
Value |
|
Puerto Rico5.58% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Childrens Trust Fund; |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2002, RB |
|
|
5.63 |
% |
|
|
05/15/2043 |
|
|
$ |
1,265 |
|
|
$ |
1,288,972 |
|
|
|
|
Series 2005 A, RB(j) |
|
|
0.00 |
% |
|
|
05/15/2050 |
|
|
|
17,475 |
|
|
|
2,879,382 |
|
|
|
|
Series 2005 B, RB(j) |
|
|
0.00 |
% |
|
|
05/15/2055 |
|
|
|
7,700 |
|
|
|
724,136 |
|
|
|
|
Series 2008 A, RB(j) |
|
|
0.00 |
% |
|
|
05/15/2057 |
|
|
|
7,170 |
|
|
|
488,601 |
|
|
|
|
Series 2008 B, RB(j) |
|
|
0.00 |
% |
|
|
05/15/2057 |
|
|
|
28,400 |
|
|
|
1,565,689 |
|
|
|
|
Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority; |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2012 A, RB(h) |
|
|
5.00 |
% |
|
|
07/01/2033 |
|
|
|
3,000 |
|
|
|
3,040,747 |
|
|
|
|
Series 2012 A, RB(h) |
|
|
5.75 |
% |
|
|
07/01/2037 |
|
|
|
2,500 |
|
|
|
2,540,127 |
|
|
|
|
Puerto Rico (Commonwealth of) Electric Power Authority; Series 2007 VV, Ref. RB (INS - NATL)(g) |
|
|
5.25 |
% |
|
|
07/01/2030 |
|
|
|
2,660 |
|
|
|
2,778,919 |
|
|
|
|
Puerto Rico (Commonwealth of) Highway & Transportation Authority; |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 N, Ref. RB (INS - AGC)(g) |
|
|
5.25 |
% |
|
|
07/01/2034 |
|
|
|
450 |
|
|
|
471,473 |
|
|
|
|
Series 2007, Ref. RB (INS - AGM)(g) |
|
|
5.25 |
% |
|
|
07/01/2036 |
|
|
|
2,200 |
|
|
|
2,298,731 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,076,777 |
|
|
|
|
|
|
|
|
|
Guam2.32% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Guam (Territory of) (Section 30); Series 2016 A, Ref. RB |
|
|
5.00 |
% |
|
|
12/01/2046 |
|
|
|
1,250 |
|
|
|
1,393,107 |
|
|
|
|
Guam (Territory of) International Airport Authority; |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2013 C, RB(b)(h)(i) |
|
|
6.00 |
% |
|
|
10/01/2023 |
|
|
|
1,110 |
|
|
|
1,193,098 |
|
|
|
|
Series 2013 C, RB(b)(h)(i) |
|
|
6.25 |
% |
|
|
10/01/2023 |
|
|
|
595 |
|
|
|
641,865 |
|
|
|
|
Series 2013 C, RB (INS - AGM)(b)(g) |
|
|
6.00 |
% |
|
|
10/01/2034 |
|
|
|
440 |
|
|
|
470,076 |
|
|
|
|
Series 2013 C, RB(b) |
|
|
6.25 |
% |
|
|
10/01/2034 |
|
|
|
905 |
|
|
|
962,308 |
|
|
|
|
Guam (Territory of) Power Authority; Series 2012 A, Ref. RB |
|
|
5.00 |
% |
|
|
10/01/2034 |
|
|
|
1,700 |
|
|
|
1,732,826 |
|
|
|
|
Guam (Territory of) Waterworks Authority; Series 2014 A, Ref. RB |
|
|
5.00 |
% |
|
|
07/01/2029 |
|
|
|
1,055 |
|
|
|
1,127,197 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,520,477 |
|
|
|
|
|
|
|
|
|
Virgin Islands1.71% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Virgin Islands (Government of) Port Authority; Series 2014 B, Ref. RB |
|
|
5.00 |
% |
|
|
09/01/2044 |
|
|
|
970 |
|
|
|
957,991 |
|
|
|
|
Virgin Islands (Government of) Public Finance Authority; Series 2015, RB(f) |
|
|
5.00 |
% |
|
|
09/01/2030 |
|
|
|
2,230 |
|
|
|
2,452,720 |
|
|
|
|
Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note - Diageo); Series 2009 A,
RB |
|
|
6.63 |
% |
|
|
10/01/2029 |
|
|
|
1,735 |
|
|
|
1,750,327 |
|
|
|
|
Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note); Series 2009 B, Ref.
RB |
|
|
5.00 |
% |
|
|
10/01/2025 |
|
|
|
395 |
|
|
|
397,045 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,558,083 |
|
|
|
|
TOTAL INVESTMENTS IN SECURITIES(m)154.92% (Cost
$482,624,218) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
502,269,226 |
|
|
|
|
FLOATING RATE NOTE OBLIGATIONS(15.00)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes with interest and fee rates ranging from 0.75% to 0.76% at 02/28/2022 and contractual
maturities of collateral ranging from 04/01/2028 to 10/01/2052 (See Note 1J)(n) |
|
|
|
|
|
|
|
(48,625,000 |
) |
|
|
|
VARIABLE RATE MUNI TERM PREFERRED SHARES(42.44)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(137,586,701 |
) |
|
|
|
OTHER ASSETS LESS LIABILITIES2.52% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,157,611 |
|
|
|
|
NET ASSETS APPLICABLE TO COMMON SHARES100.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
324,215,136 |
|
|
|
|
Investment Abbreviations:
|
|
|
AGC |
|
- Assured Guaranty Corp. |
AGM |
|
- Assured Guaranty Municipal Corp. |
AMBAC |
|
- American Municipal Bond Assurance Corp. |
BAM |
|
- Build America Mutual Assurance Co. |
COP |
|
- Certificates of Participation |
GO |
|
- General Obligation |
INS |
|
- Insurer |
LIBOR |
|
- London Interbank Offered Rate |
LOC |
|
- Letter of Credit |
NATL |
|
- National Public Finance Guarantee Corp. |
RB |
|
- Revenue Bonds |
Ref. |
|
- Refunding |
USD |
|
- U.S. Dollar |
VRD |
|
- Variable Rate Demand |
See accompanying Notes to Financial
Statements which are an integral part of the financial statements.
|
|
|
14 |
|
Invesco Pennsylvania Value Municipal Income Trust |
Notes to Schedule of Investments:
(a) |
Calculated as a percentage of net assets. Amounts in excess of 100% are due to the Trusts use of leverage.
|
(b) |
Security subject to the alternative minimum tax. |
(c) |
Security is subject to a reimbursement 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 TOB Trusts. In case of a shortfall, the maximum potential amount of payments the Trust could ultimately be required to make under the agreement is $33,895,000. However, such
shortfall payment would be reduced by the proceeds from the sale of the security underlying the TOB Trusts. |
(d) |
Underlying security related to TOB Trusts entered into by the Trust. See Note 1J. |
(e) |
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2022.
|
(f) |
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 February 28, 2022 was $7,620,747, which
represented 2.35% of the Trusts Net Assets. |
(g) |
Principal and/or interest payments are secured by the bond insurance company listed. |
(h) |
Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.
|
(i) |
Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
|
(j) |
Zero coupon bond issued at a discount. |
(k) |
Demand security payable upon demand by the Trust at specified time intervals no greater than thirteen months. Interest
rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on February 28, 2022. |
(l) |
Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank,
branch or subsidiary. |
(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 issuers obligations
but may be called upon to satisfy the issuers obligations. |
|
|
|
|
|
Entity |
|
Percent |
|
|
|
|
Assured Guaranty Municipal Corp. |
|
|
5.96% |
|
|
|
|
(n) |
Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at
February 28, 2022. At February 28, 2022, the Trusts investments with a value of $81,560,171 are held by TOB Trusts and serve as collateral for the $48,625,000 in the floating rate note obligations outstanding at that date.
|
See accompanying Notes to Financial
Statements which are an integral part of the financial statements.
|
|
|
15 |
|
Invesco Pennsylvania Value Municipal Income Trust |
Statement of Assets and Liabilities
February 28, 2022
|
|
|
Assets: |
|
|
Investments in unaffiliated securities, at value (Cost $482,624,218) |
|
$502,269,226 |
Cash |
|
2,944,228 |
Receivable for: |
|
|
Investments sold |
|
85,000 |
Interest |
|
5,437,252 |
Investment for trustee deferred compensation and retirement
plans |
|
29,164 |
Other assets |
|
1,347 |
Total assets |
|
510,766,217 |
|
|
Liabilities: |
|
|
Floating rate note obligations |
|
48,625,000 |
Variable rate muni term preferred shares ($0.01 par value, 1,376
shares issued with liquidation preference of $100,000 per share) |
|
137,586,701 |
Payable for: |
|
|
Dividends |
|
54,130 |
Accrued fees to affiliates |
|
43,029 |
Accrued interest expense |
|
114,176 |
Accrued trustees and officers fees and benefits |
|
3,527 |
Accrued other operating expenses |
|
95,354 |
Trustee deferred compensation and retirement plans |
|
29,164 |
Total liabilities |
|
186,551,081 |
Net assets applicable to common shares |
|
$324,215,136 |
|
|
|
|
|
Net assets applicable to common shares consist of: |
|
Shares of beneficial interest - common shares |
|
$ |
319,383,983 |
|
|
|
Distributable earnings |
|
|
4,831,153 |
|
|
|
|
|
$ |
324,215,136 |
|
|
|
|
|
|
Common shares outstanding, no par value, with an unlimited number of common shares
authorized: |
|
|
|
|
Common shares outstanding |
|
|
23,829,544 |
|
|
|
|
Net asset value per common share |
|
$ |
13.61 |
|
|
|
|
Market value per common share |
|
$ |
12.35 |
|
|
|
|
See accompanying Notes to Financial
Statements which are an integral part of the financial statements.
|
|
|
16 |
|
Invesco Pennsylvania Value Municipal Income Trust |
Statement of Operations
For
the year ended February 28, 2022
Investment income:
|
|
|
|
|
Interest |
|
$ |
18,740,460 |
|
|
|
|
|
|
Expenses: |
|
|
|
|
Advisory fees |
|
|
2,924,918 |
|
|
|
Administrative services fees |
|
|
47,674 |
|
|
|
Interest, facilities and maintenance fees |
|
|
1,967,558 |
|
|
|
Transfer agent fees |
|
|
46,791 |
|
|
|
Trustees and officers fees and benefits |
|
|
24,778 |
|
|
|
Registration and filing fees |
|
|
22,231 |
|
|
|
Reports to shareholders |
|
|
6,132 |
|
|
|
Professional services fees |
|
|
118,296 |
|
|
|
Other |
|
|
32,597 |
|
|
|
|
Total expenses |
|
|
5,190,975 |
|
|
|
|
Net investment income |
|
|
13,549,485 |
|
|
|
|
|
|
Realized and unrealized gain (loss) from: |
|
|
|
|
Net realized gain (loss) from unaffiliated investment securities |
|
|
(1,038,876 |
) |
|
|
Change in net unrealized appreciation (depreciation) of unaffiliated investment securities |
|
|
(9,855,647 |
) |
|
|
|
Net realized and unrealized gain (loss) |
|
|
(10,894,523 |
) |
|
|
|
Net increase in net assets resulting from operations applicable to common shares |
|
$ |
2,654,962 |
|
|
|
|
See accompanying Notes to Financial
Statements which are an integral part of the financial statements.
|
|
|
17 |
|
Invesco Pennsylvania Value Municipal Income Trust |
Statement of Changes in Net Assets
For the years ended February 28, 2022 and 2021
|
|
|
|
|
|
|
|
|
|
|
2022 |
|
|
2021 |
|
|
|
|
Operations: |
|
|
|
|
|
|
|
|
Net investment income |
|
$ |
13,549,485 |
|
|
$ |
14,744,985 |
|
|
|
Net realized gain (loss) |
|
|
(1,038,876 |
) |
|
|
2,835,659 |
|
|
|
Change in net unrealized appreciation (depreciation) |
|
|
(9,855,647 |
) |
|
|
(13,955,369 |
) |
|
|
Net increase in net assets resulting from operations applicable to common shares |
|
|
2,654,962 |
|
|
|
3,625,275 |
|
|
|
|
Distributions to common shareholders from distributable earnings |
|
|
(14,297,726 |
) |
|
|
(14,095,175 |
) |
|
|
Net increase (decrease) in net assets applicable to common shares |
|
|
(11,642,764 |
) |
|
|
(10,469,900 |
) |
|
|
|
|
|
|
Net assets applicable to common shares: |
|
|
|
|
|
|
|
|
Beginning of year |
|
|
335,857,900 |
|
|
|
346,327,800 |
|
|
|
End of year |
|
$ |
324,215,136 |
|
|
$ |
335,857,900 |
|
|
|
See accompanying Notes to Financial
Statements which are an integral part of the financial statements.
|
|
|
18 |
|
Invesco Pennsylvania Value Municipal Income Trust |
Statement of Cash Flows
For
the year ended February 28, 2022
|
|
|
|
|
Cash provided by operating activities: |
|
|
|
|
Net increase in net assets resulting from operations applicable to common shares |
|
$ |
2,654,962 |
|
|
|
|
|
|
Adjustments to reconcile the change in net assets applicable to common shares from operations to net cash
provided by operating activities: |
|
|
|
|
Purchases of investments |
|
|
(13,078,538 |
) |
|
|
Proceeds from sales of investments |
|
|
32,143,631 |
|
|
|
Proceeds from sales of short-term investments, net |
|
|
(14,685,728 |
) |
|
|
Amortization of premium on investment securities |
|
|
4,164,218 |
|
|
|
Accretion of discount on investment securities |
|
|
(522,328 |
) |
|
|
Net realized loss from investment securities |
|
|
1,038,876 |
|
|
|
Net change in unrealized depreciation on investment securities |
|
|
9,855,647 |
|
|
|
Change in operating assets and liabilities: |
|
|
|
|
|
|
Decrease in receivables and other assets |
|
|
184,050 |
|
|
|
Decrease in accrued expenses and other payables |
|
|
(30,623 |
) |
|
|
|
Net cash provided by operating activities |
|
|
21,724,167 |
|
|
|
|
Cash provided by (used in) financing activities: |
|
|
|
|
Dividends paid to common shareholders from distributable earnings |
|
|
(14,296,902 |
) |
|
|
|
Repayments of TOB Trusts |
|
|
(7,430,000 |
) |
|
|
|
Net cash provided by (used in) financing activities |
|
|
(21,726,902 |
) |
|
|
|
Net decrease in cash and cash equivalents |
|
|
(2,735 |
) |
|
|
|
Cash and cash equivalents at beginning of period |
|
|
2,946,963 |
|
|
|
|
Cash and cash equivalents at end of period |
|
$ |
2,944,228 |
|
|
|
|
|
|
Supplemental disclosure of cash flow information: |
|
|
|
|
Cash paid during the period for taxes |
|
$ |
28,427 |
|
|
|
|
Cash paid during the period for interest, facilities and maintenance fees |
|
$ |
1,956,978 |
|
|
|
|
See accompanying Notes to Financial
Statements which are an integral part of the financial statements.
|
|
|
19 |
|
Invesco Pennsylvania Value Municipal Income Trust |
Financial Highlights
The following schedule presents financial highlights for a share of the Trust outstanding throughout the periods indicated.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years ended February 28, |
|
|
Year Ended
February 29, 2020 |
|
|
Years ended February 28, |
|
|
|
2022 |
|
|
2021 |
|
|
2019 |
|
|
2018 |
|
|
|
Net asset value per common share, beginning of period |
|
$ |
14.09 |
|
|
$ |
14.53 |
|
|
$ |
13.43 |
|
|
$ |
13.66 |
|
|
$ |
13.83 |
|
|
|
Net investment income(a) |
|
|
0.57 |
|
|
|
0.62 |
|
|
|
0.58 |
|
|
|
0.61 |
|
|
|
0.75 |
|
|
|
Net gains (losses) on securities (both realized and unrealized) |
|
|
(0.45 |
) |
|
|
(0.47 |
) |
|
|
1.14 |
|
|
|
(0.14 |
) |
|
|
(0.29 |
) |
|
|
|
Total from investment operations |
|
|
0.12 |
|
|
|
0.15 |
|
|
|
1.72 |
|
|
|
0.47 |
|
|
|
0.46 |
|
|
|
|
Less: Dividends paid to common shareholders from net investment income |
|
|
(0.60 |
) |
|
|
(0.59 |
) |
|
|
(0.62 |
) |
|
|
(0.70 |
) |
|
|
(0.63 |
) |
|
|
Net asset value per common share, end of period |
|
$ |
13.61 |
|
|
$ |
14.09 |
|
|
$ |
14.53 |
|
|
$ |
13.43 |
|
|
$ |
13.66 |
|
|
|
Market value per common share, end of period |
|
$ |
12.35 |
|
|
$ |
12.63 |
|
|
$ |
12.98 |
|
|
$ |
12.25 |
|
|
$ |
11.81 |
|
|
|
Total return at net asset value(b) |
|
|
1.05 |
% |
|
|
1.74 |
% |
|
|
13.43 |
% |
|
|
4.21 |
% |
|
|
3.99 |
% |
|
|
|
Total return at market value(c) |
|
|
2.30 |
% |
|
|
2.09 |
% |
|
|
11.09 |
% |
|
|
9.94 |
% |
|
|
1.18 |
% |
|
|
|
Net assets applicable to common shares, end of period (000s omitted) |
|
$ |
324,215 |
|
|
$ |
335,858 |
|
|
$ |
346,328 |
|
|
$ |
320,111 |
|
|
$ |
325,456 |
|
|
|
|
Portfolio turnover rate(d) |
|
|
3 |
% |
|
|
17 |
% |
|
|
5 |
% |
|
|
9 |
% |
|
|
11 |
% |
|
|
|
|
|
|
|
|
|
Ratios/supplemental data based on average net assets applicable to common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
With fee waivers and/or expense reimbursements |
|
|
1.53 |
% |
|
|
1.71 |
% |
|
|
2.73 |
% |
|
|
2.73 |
% |
|
|
2.37 |
% |
|
|
With fee waivers and/or expense reimbursements excluding interest, facilities and maintenance fees |
|
|
0.95 |
% |
|
|
0.97 |
% |
|
|
1.03 |
% |
|
|
1.06 |
% |
|
|
1.04 |
% |
|
|
Without fee waivers and/or expense reimbursements |
|
|
1.53 |
% |
|
|
1.71 |
% |
|
|
2.73 |
% |
|
|
2.73 |
% |
|
|
2.37 |
% |
|
|
|
Ratio of net investment income to average net assets |
|
|
3.98 |
% |
|
|
4.46 |
% |
|
|
4.17 |
% |
|
|
4.54 |
% |
|
|
5.39 |
% |
|
|
|
|
|
|
|
|
|
Senior securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total amount of preferred shares outstanding (000s omitted) |
|
$ |
137,600 |
|
|
$ |
137,600 |
|
|
$ |
137,600 |
|
|
$ |
137,600 |
|
|
$ |
137,600 |
|
|
|
Asset coverage per preferred share(e) |
|
$ |
335,621 |
|
|
$ |
344,083 |
|
|
$ |
351,692 |
|
|
$ |
332,638 |
|
|
$ |
336,523 |
|
|
|
Liquidating preference per preferred share |
|
$ |
100,000 |
|
|
$ |
100,000 |
|
|
$ |
100,000 |
|
|
$ |
100,000 |
|
|
$ |
100,000 |
|
|
|
|
(a) |
Calculated using average shares outstanding. |
(b) |
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as
such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Not annualized for periods less than one year, if applicable.
|
(c) |
Total return assumes an investment at the common share market price at the beginning of the period indicated, reinvestment
of all distributions for the period in accordance with the Trusts dividend reinvestment plan, and sale of all shares at the closing common share market price at the end of the period indicated. Not annualized for periods less than one year, if
applicable. |
(d) |
Portfolio turnover is not annualized for periods less than one year, if applicable. |
(e) |
Calculated by subtracting the Trusts total liabilities (not including preferred shares, at liquidation value) from
the Trusts total assets and dividing this by the total number of preferred shares outstanding. |
See accompanying Notes to Financial
Statements which are an integral part of the financial statements.
|
|
|
20 |
|
Invesco Pennsylvania Value Municipal Income Trust |
Notes to Financial Statements
February 28, 2022
NOTE 1Significant Accounting Policies
Invesco Pennsylvania Value Municipal Income Trust (the Trust) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended
(the 1940 Act), as a diversified, closed-end management investment company.
The Trusts
investment objective is to provide common shareholders with a high level of current income exempt from federal and Pennsylvania income taxes and, where possible under local law, local income and personal property taxes, consistent with preservation
of capital.
The Trust is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with
Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services Investment Companies.
The
following is a summary of the significant accounting policies followed by the Trust in the preparation of its financial statements.
A. |
Security Valuations Securities, including restricted securities, are valued according to the following
policy. |
Securities are fair valued using an evaluated quote provided by an independent pricing service approved by
the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in
similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual
trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a trust may hold or transact in the same securities in smaller, odd lot sizes. Odd
lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Securities for which market quotations either are not readily available or became unreliable are valued at fair value as determined in
good faith by or under the supervision of the Trusts officers following procedures approved by the Board of Trustees. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the
investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors
under the circumstances.
The Trust may invest in securities that are subject to interest rate risk, meaning the risk that the prices
will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in
interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Trust investments.
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the
issuers assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in
interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the
inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B. |
Securities Transactions and Investment Income Securities transactions are accounted for on a trade date
basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest
and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash
dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. |
The Trust may periodically participate in litigation related to
Trust investments. As such, the Trust may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for
investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the
cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of
Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Trusts net asset value and,
accordingly, they reduce the Trusts total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets,
or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Trust and the investment adviser.
C. |
Country Determination For the purposes of making investment selection decisions and presentation in the
Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where
the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuers 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. |
D. |
Distributions The Trust declares and pays monthly dividends from net investment income to common
shareholders. Distributions from net realized capital gain, if any, are generally declared and paid annually and are distributed on a pro rata basis to common and preferred shareholders. |
E. |
Federal Income Taxes The Trust intends to comply with the requirements of Subchapter M of the Internal
Revenue Code of 1986, as amended (the Internal Revenue Code), necessary to qualify as a regulated investment company and to distribute substantially all of the Trusts taxable earnings to shareholders. As such, the Trust will not be
subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. |
Therefore, no provision for federal income taxes is recorded in the financial statements.
The Trust recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained.
Management has analyzed the Trusts uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is
reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
In addition,
the Trust intends to invest in such municipal securities to allow it to qualify to pay shareholders exempt dividends, as defined in the Internal Revenue Code.
The Trust files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Trust is subject to
examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F. |
Interest, Facilities and Maintenance Fees Interest, Facilities and Maintenance Fees include interest and
related borrowing costs such as commitment fees, rating and bank agent fees and other expenses associated with lines of credit and Variable Rate Muni Term Preferred Shares (VMTP Shares), and interest and administrative expenses related
to establishing and maintaining floating rate note obligations, if any. |
G. |
Accounting Estimates The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial
|
|
|
|
21 |
|
Invesco Pennsylvania Value Municipal Income Trust |
|
statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates
by a significant amount. In addition, the Trust monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released
to print. |
H. |
Indemnifications Under the Trusts organizational documents, each Trustee, officer, employee or other
agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts, including the Trusts servicing
agreements, that contain a variety of indemnification clauses. The Trusts maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of
material loss as a result of such indemnification claims is considered remote. |
I. |
Cash and Cash Equivalents For the purposes of the Statement of Cash Flows, the Trust defines Cash and Cash
Equivalents as cash (including foreign currency), money market funds and other investments held in lieu of cash and excludes investments made with cash collateral received. |
J. |
Floating Rate Note Obligations The Trust invests in inverse floating rate securities, such as Tender Option
Bonds (TOBs), for investment purposes and to enhance the yield of the Trust. Such securities may be purchased in the secondary market without first owning an underlying bond but generally are created through the sale of fixed rate bonds
by the Trust to special purpose trusts established by a broker dealer or by the Trust (TOB Trusts) in exchange for cash and residual interests in the TOB Trusts assets and cash flows, which are in the form of inverse floating rate
securities. The TOB Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Trust to retain residual interests in the bonds. The floating rate notes issued by the TOB Trusts have interest
rates that reset weekly and the floating rate note holders have the option to tender their notes to the TOB Trusts for redemption at par at each reset date. The residual interests held by the Trust (inverse floating rate securities) include the
right of the Trust (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the TOB Trust to the Trust, thereby collapsing the TOB
Trust. Inverse floating rate securities tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable.
|
The Trust generally invests in inverse floating rate securities that include embedded leverage, thus exposing the
Trust to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and decreases in the value of such securities in response to changes in interest rates to a greater
extent than fixed rate securities having similar credit quality, redemption provisions and maturity, which may cause the Trusts net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain
instances, the short-term floating rate notes created by the TOB Trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such notes for repayment of principal, may not be able to be remarketed to third
parties. In such cases, the TOB Trust holding the fixed rate bonds may be collapsed with the entity that contributed the fixed rate bonds to the TOB Trust. In the case where a TOB Trust is collapsed with the Trust, the Trust will be required to
repay the principal amount of the tendered securities, which may require the Trust to sell other portfolio holdings to raise cash to meet that obligation. The Trust could therefore be required to sell other portfolio holdings at a disadvantageous
time or price to raise cash to meet this obligation, which risk will be heightened during times of market volatility, illiquidity or uncertainty. The embedded leverage in the TOB Trust could cause the Trust to lose more money than the value of the
asset it has contributed to the TOB Trust and greater levels of leverage create the potential for greater losses. In addition, a Trust may enter into reimbursement agreements with the liquidity provider of certain TOB transactions in connection with
certain residuals held by the Trust. These agreements commit a Trust to reimburse the liquidity provider to the extent that the liquidity provider must provide cash to a TOB Trust, including following the termination of a TOB Trust resulting from a
mandatory tender event (liquidity shortfall). The reimbursement agreement will effectively make the Trust liable for the amount of the negative difference, if any, between the liquidation value of the underlying security and the purchase
price of the floating rate notes issued by the TOB Trust.
The Trust accounts for the transfer of fixed rate bonds to the TOB Trusts
as secured borrowings, with the securities transferred remaining in the Trusts investment assets, and the related floating rate notes reflected as Trust liabilities under the caption Floating rate note obligations on the Statement of Assets
and Liabilities. The carrying amount of the Trusts floating rate note obligations as reported on the Statement of Assets and Liabilities approximates its fair value. The Trust records the interest income from the fixed rate bonds under the
caption Interest and records the expenses related to floating rate obligations and any administrative expenses of the TOB Trusts as a component of Interest, facilities and maintenance fees on the Statement of Operations.
Final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Volcker Rule)
prohibit banking entities from engaging in proprietary trading of certain instruments and limit such entities investments in, and relationships with, covered funds, as defined in the rules. These rules preclude banking entities and
their affiliates from sponsoring and/or providing services for existing TOB Trusts. A new TOB structure is being utilized by the Trust wherein the Trust, as holder of the residuals, will perform certain duties previously performed by banking
entities as sponsors of TOB Trusts. These duties may be performed by a third-party service provider. The Trusts expanded role under the new TOB structure may increase its operational and regulatory risk. The new structure is
substantially similar to the previous structure; however, pursuant to the Volcker Rule, the remarketing agent would not be able to repurchase tendered floaters for its own account upon a failed remarketing. In the event of a failed remarketing, a
banking entity serving as liquidity provider may loan the necessary funds to the TOB Trust to purchase the tendered floaters. The TOB Trust, not the Trust, would be the borrower and the loan from the liquidity provider will be secured by the
purchased floaters now held by the TOB Trust. However, as previously described, the Trust would bear the risk of loss with respect to any liquidity shortfall to the extent it entered into a reimbursement agreement with the liquidity provider.
Further, the SEC and various banking agencies have adopted rules implementing credit risk retention requirements for asset-backed
securities (the Risk Retention Rules). The Risk Retention Rules require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB Trusts municipal bonds. The Trust has adopted
policies intended to comply with the Risk Retention Rules. The Risk Retention Rules may adversely affect the Trusts ability to engage in TOB Trust transactions or increase the costs of such transactions in certain circumstances.
There can be no assurances that the new TOB structure will continue to be a viable form of leverage. Further, there can be no assurances
that alternative forms of leverage will be available to the Trust in order to maintain current levels of leverage. Any alternative forms of leverage may be less advantageous to the Trust, and may adversely affect the Trusts net asset value,
distribution rate and ability to achieve its investment objective.
TOBs are presently classified as private placement securities.
Private placement securities are subject to restrictions on resale because they have not been registered under the Securities Act of 1933, as amended (the 1933 Act), or are otherwise not readily marketable. As a result of the absence of
a public trading market for these securities, they may be less liquid than publicly traded securities. Although atypical, these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than
those originally paid by the Trust or less than what may be considered the fair value of such securities.
K. |
Other Risks - The value of, payment of interest on, repayment of principal for and the ability to sell a municipal
security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located. Since many municipal securities are
issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and the Trusts 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.
|
The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain
foreign central banks keeping the federal funds and equivalent foreign rates near historical lows. Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain
fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a
result, the value of the Trusts investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially
|
|
|
22 |
|
Invesco Pennsylvania Value Municipal Income Trust |
increase portfolio turnover and the Trusts transaction costs. Additionally, from time to time, uncertainty regarding the status of negotiations in the U.S. Government to increase the
statutory debt limit, commonly called the debt ceiling, could increase the risk that the U.S. Government may default on payments on certain U.S. Government securities, cause the credit rating of the U.S. Government to be downgraded,
increase volatility in the stock and bond markets, result in higher interest rates, reduce prices of U.S. Treasury securities, and/or increase the costs of various kinds of debt. If a U.S. Government-sponsored entity is negatively impacted by
legislative or regulatory action, is unable to meet its obligations, or its creditworthiness declines, the performance of a Trust that holds securities of that entity will be adversely impacted.
The municipal issuers in which the Trust invests may be located in the same geographic area or may pay their interest obligations from
revenue of similar projects, such as hospitals, airports, utility systems and housing finance agencies. This may make the Trusts investments more susceptible to similar social, economic, political or regulatory occurrences, making the Trust
more susceptible to experience a drop in its share price than if the Trust had been more diversified across issuers that did not have similar characteristics.
L. |
COVID-19 Risk - The COVID-19 strain
of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare
systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic
activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty.
|
The full economic impact and ongoing effects of COVID-19 (or other future
epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Trusts performance.
NOTE 2Advisory Fees and Other Fees Paid to Affiliates
The Trust has
entered into a master investment advisory agreement with Invesco Advisers, Inc. (the Adviser or Invesco). Under the terms of the investment advisory agreement, the Trust accrues daily and pays monthly an advisory fee to the
Adviser based on the annual rate of 0.55% of the Trusts average daily managed assets. Managed assets for this purpose means the Trusts net assets, plus assets attributable to outstanding preferred shares and the amount of any borrowings
incurred for the purpose of leverage (whether or not such borrowed amounts are reflected in the Trusts financial statements for purposes of GAAP).
Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management
Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers) the Adviser, not the Trust, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment
management services to the Trust based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).
The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Trust has agreed to pay Invesco for certain
administrative costs incurred in providing accounting services to the Trust. For the year ended February 28, 2022, expenses incurred under this agreement are shown in the Statement of Operations as Administrative services fees. Invesco has
entered into a sub-administration agreement whereby State Street Bank and Trust Company (SSB) serves as fund accountant and provides certain administrative services to the Trust. Pursuant to a
custody agreement with the Trust, SSB also serves as the Trusts custodian.
Certain officers and trustees of the Trust are officers and
directors of Invesco.
NOTE 3Additional Valuation Information
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
investments 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 Trusts 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
February 28, 2022, 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 4Security Transactions with Affiliated Funds
The Trust is permitted
to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of
securities by the Trust from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the year ended February 28, 2022, the Trust engaged
in securities purchases of $26,405,348 and securities sales of $22,915,909, which did not result in any net realized gains (losses).
NOTE 5Trustees
and Officers Fees and Benefits
Trustees and Officers Fees and Benefits include amounts accrued by the Trust to pay remuneration to
certain Trustees and Officers of the Trust. Trustees have the option to defer compensation payable by the Trust, and Trustees and Officers Fees and Benefits includes amounts accrued by the Trust to fund such deferred
compensation amounts.
NOTE 6Cash Balances and Borrowings
The Trust
is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under
the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Trust
|
|
|
23 |
|
Invesco Pennsylvania Value Municipal Income Trust |
may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning
the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.
Inverse floating rate obligations resulting from the transfer of bonds to TOB Trusts are accounted for as secured borrowings. The average floating rate
notes outstanding and average annual interest and fee rate related to inverse floating rate note obligations during the year ended February 28, 2022 were $53,988,462 and 0.88%, respectively.
NOTE 7Distributions to Shareholders and Tax Components of Net Assets
Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 28, 2022 and 2021:
|
|
|
|
|
|
|
|
|
|
|
|
|
2022 |
|
|
|
|
|
2021 |
Ordinary income* |
|
$ |
36,006 |
|
|
|
|
|
|
$ |
Ordinary income-tax-exempt |
|
|
14,261,720 |
|
|
|
|
|
|
14,095,175 |
Ordinary income-tax-exempt VMTP shares |
|
|
1,379,883 |
|
|
|
|
|
|
1,855,797 |
Total distributions |
|
$ |
15,677,609 |
|
|
|
|
|
|
$15,950,972 |
* |
Includes short-term capital gain distributions, if any. |
Tax Components of Net Assets at Period-End:
|
|
|
|
|
|
|
2022 |
|
|
|
|
Net unrealized appreciation investments |
|
$ |
19,617,429 |
|
|
|
|
Temporary book/tax differences |
|
|
(15,169 |
) |
|
|
|
Capital loss carryforward |
|
|
(14,771,107 |
) |
|
|
|
Shares of beneficial interest |
|
|
319,383,983 |
|
|
|
|
Total net assets |
|
$ |
324,215,136 |
|
|
|
|
The difference between book-basis and tax-basis unrealized appreciation
(depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Trusts net unrealized appreciation (depreciation) difference is attributable primarily to inverse floaters,
amortization and accretion on debt securities.
The temporary book/tax differences are a result of timing differences between book and tax recognition
of income and/or expenses. The Trusts temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.
Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the
amount of capital loss carryforward actually available for the Trust to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future
transactions.
The Trust has a capital loss carryforward as of February 28, 2022, as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Loss Carryforward* |
|
|
|
|
Expiration |
|
|
|
|
Short-Term |
|
|
Long-Term |
|
|
Total |
|
|
|
|
Not subject to expiration |
|
|
|
|
|
$ |
4,304,172 |
|
|
$ |
10,466,935 |
|
|
$ |
14,771,107 |
|
|
|
|
* |
Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may
be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
NOTE 8Investment Transactions
The aggregate amount of investment
securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Trust during the year ended February 28, 2022 was $13,175,801 and $32,228,631, respectively. Cost of
investments, including any derivatives, 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 Investments
on a Tax Basis |
|
Aggregate unrealized appreciation of investments |
|
$ |
22,070,027 |
|
|
|
|
Aggregate unrealized (depreciation) of investments |
|
|
(2,452,598 |
) |
|
|
|
Net unrealized appreciation of investments |
|
$ |
19,617,429 |
|
|
|
|
Cost of investments for tax purposes is $482,651,797.
NOTE 9Reclassification of Permanent Differences
Primarily as a result
of differing book/tax treatment of market discounts, federal taxes, distributions, amortization and accretion on debt securities, on February 28, 2022, undistributed net investment income was decreased by $6,762, undistributed net realized gain
(loss) was increased by $31,669 and shares of beneficial interest was decreased by $24,907. This reclassification had no effect on the net assets of the Trust.
|
|
|
24 |
|
Invesco Pennsylvania Value Municipal Income Trust |
NOTE 10Common Shares of Beneficial Interest
Transactions in common shares of beneficial interest were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|
|
|
|
|
Year Ended |
|
|
|
February 28, |
|
|
|
|
|
February 28, |
|
|
|
2022 |
|
|
|
|
|
2021 |
|
|
|
|
Beginning shares |
|
|
23,829,544 |
|
|
|
|
|
|
|
23,829,544 |
|
|
|
|
Shares issued through dividend reinvestment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending shares |
|
|
23,829,544 |
|
|
|
|
|
|
|
23,829,544 |
|
|
|
|
The Trust may, when appropriate, purchase shares in the open market or in privately negotiated transactions at a price not
above market value or net asset value, whichever is lower at the time of purchase.
NOTE 11Variable Rate Muni Term Preferred Shares
On May 10, 2012, the Trust issued 1,301 Series 2015/6-VPV VMTP Shares, with a liquidation preference of $100,000 per share,
pursuant to an offering exempt from registration under the 1933 Act. Proceeds from the issuance of VMTP Shares on May 10, 2012 were used to redeem all of the Trusts outstanding Auction Rate Preferred Shares (ARPS). VMTP Shares
are a floating-rate form of preferred shares with a mandatory redemption date and are considered debt for financial reporting purposes. On June 1, 2017, the Trust issued an additional 75 Series 2015/6-VPV
VMTP Shares, with a liquidation preference of $100,000 per share, pursuant to an offering exempt from registration under the 1933 Act. The Trust extended the term of the VMTP Shares and was required to redeem all outstanding VMTP Shares on
December 1, 2019, unless earlier redeemed, repurchased or extended. On December 1, 2021, the Trust extended the term of the VMTP Shares and is required to redeem all outstanding VMTP Shares on June 3, 2024, unless earlier redeemed,
repurchased or extended. VMTP Shares are subject to optional and mandatory redemption in certain circumstances. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends and a
redemption premium, if any. On or prior to the redemption date, the Trust will be required to segregate assets having a value equal to 110% of the redemption amount.
The Trust incurred costs in connection with the issuance of the VMTP Shares. These costs were recorded as a deferred charge and were amortized over
the original 3 year life of the VMTP Shares. In addition, the Trust incurred costs in connection with the extension of the VMTP Shares that are recorded as a deferred charge and are being amortized over the extended term. Amortization
of these costs is included in Interest, facilities and maintenance fees on the Statement of Operations, and the unamortized balance is included in the value of Variable rate muni term preferred shares on the Statement of Assets and
Liabilities.
Dividends paid on the VMTP Shares (which are treated as interest expense for financial reporting purposes) are declared daily and paid
monthly. The initial rate for dividends was equal to the sum of 1.10% per annum plus the Securities Industry and Financial Markets Association Municipal Swap Index (the SIFMA Index). As of February 28, 2022, the dividend
rate is equal to the SIFMA Index plus a spread of 0.95%, which is based on the long term preferred share ratings assigned to the VMTP Shares by a ratings agency. The average aggregate liquidation preference outstanding and the average
annualized dividend rate of the VMTP Shares during the year ended February 28, 2022 were $137,600,000 and 1.00%, respectively.
The Trust
utilizes the VMTP Shares as leverage in order to enhance the yield of its common shareholders. The primary risk associated with VMTP Shares is exposing the net asset value of the common shares and total return to increased volatility if the value of
the Trust decreases while the value of the VMTP Shares remain unchanged. Fluctuations in the dividend rates on the VMTP Shares can also impact the Trusts yield or its distributions to common shareholders. The Trust is subject to
certain restrictions relating to the VMTP Shares, such as maintaining certain asset coverage and leverage ratio requirements. Failure to comply with these restrictions could preclude the Trust from declaring any distributions to common
shareholders or purchasing common shares and/or could trigger an increased rate which, if not cured, could cause the mandatory redemption of VMTP Shares at the liquidation preference plus any accumulated but unpaid dividends.
The liquidation preference of VMTP Shares, which approximates fair value, is recorded as a liability under the caption Variable rate muni term
preferred shares on the Statement of Assets and Liabilities. The fair value of VMTP Shares is expected to be approximately their liquidation preference so long as the credit rating on the VMTP Shares, and therefore the spread on the
VMTP Shares (determined in accordance with the VMTP Shares governing document) remains unchanged. At period-end, the Trusts Adviser has determined that fair value of VMTP Shares is
approximately their liquidation preference. Fair value could vary if market conditions change materially. Unpaid dividends on VMTP Shares are recognized as Accrued interest expense on the Statement of Assets and Liabilities.
Dividends paid on VMTP Shares are recognized as a component of Interest, facilities and maintenance fees on the Statement of Operations.
NOTE
12Dividends
The Trust declared the following dividends to common shareholders from net investment income subsequent to February 28, 2022:
|
|
|
|
|
|
|
|
|
|
|
Declaration Date |
|
Amount per Share |
|
Record Date |
|
|
Payable Date |
|
|
|
|
March 1, 2022 |
|
$0.0465 |
|
|
March 15, 2022 |
|
|
|
March 31, 2022 |
|
|
|
|
April 1, 2022 |
|
$0.0465 |
|
|
April 18, 2022 |
|
|
|
April 29, 2022 |
|
|
|
|
|
|
|
25 |
|
Invesco Pennsylvania Value Municipal Income Trust |
Report of Independent Registered Public Accounting Firm
To the Board of Trustees and Shareholders of Invesco Pennsylvania Value Municipal Income Trust
Opinion on the Financial Statements
We have audited
the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Pennsylvania Value Municipal Income Trust (the Trust) as of February 28, 2022, the related statements of operations and cash
flows for the year ended February 28, 2022, the statement of changes in net assets for each of the two years in the period ended February 28, 2022, including the related notes, and the financial highlights for each of the five years in the
period ended February 28, 2022 (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Trust as of February 28,
2022, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period ended February 28, 2022 and the financial highlights for each of the five years in the period
ended February 28, 2022 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Trusts management. Our responsibility is to express an opinion on the Trusts financial
statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Trust in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial
statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or
fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and
performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used
and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2022 by correspondence with the custodian,
transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Houston, Texas
April 28, 2022
We have served as the auditor of one or more of the
investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.
|
|
|
26 |
|
Invesco Pennsylvania Value Municipal Income Trust |
Tax Information
Form 1099-DIV, Form 1042-S and other yearend tax information provide shareholders
with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.
The following
distribution information is being provided as required by the Internal Revenue Code or to meet a specific states requirement.
The Trust
designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended February 28, 2022:
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal and State Income Tax |
|
|
|
|
Qualified Dividend Income* |
|
|
0.00 |
% |
Corporate Dividends Received Deduction* |
|
|
0.00 |
% |
U.S. Treasury Obligations* |
|
|
0.00 |
% |
Qualified Business Income* |
|
|
0.00 |
% |
Business Interest Income* |
|
|
0.00 |
% |
Tax-Exempt Interest Dividends* |
|
|
99.77 |
% |
|
* |
|
The above percentages are based on ordinary income dividends paid to shareholders during the Trusts fiscal year. |
|
|
|
27 |
|
Invesco Pennsylvania Value Municipal Income Trust |
Additional Information
Investment
Objective, Policies and Principal Risks of the Trust
Recent Changes
The following
information is a summary of certain changes since the end of the Trusts most recent fiscal year. This information may not reflect all of the changes that have occurred since you purchased the Trust.
Changes to Investment Policies
Subsequent to the Trusts most recently
completed fiscal year, on March 23, 2022, the Board approved certain clarifying changes to the Trusts investment policies to reflect that, as a fundamental policy, under normal market conditions, at least 80% of the Trusts net
assets will be invested in securities the income of which is exempt from Pennsylvania income taxes, and that separately, as a non-fundamental policy, the Trust invests at least 80% of its net assets in
investment grade municipal securities under normal market conditions. The Funds exposure to non-investment grade municipal securities and municipal securities issued by states other than Pennsylvania and
certain U.S. Territories such as Puerto Rico could increase as a result of these changes. The foregoing changes are effective on June 28, 2022 and are reflected in the Investment Policies of the Trust discussion below.
Except as noted above, during the Trusts most recent fiscal year, there were no material changes in the Trusts investment objectives or
policies that have not been approved by shareholders or in the principal risk factors associated with investment in the Trust.
Investment Objective
The investment objective of Invesco Pennsylvania Value Municipal Income Trust (the Trust) is to provide common shareholders with a high level of current
income exempt from federal and Pennsylvania income taxes and, where possible under local law, local income and personal property taxes, consistent with preservation of capital. The investment objective is fundamental and may not be changed without
the approval of a majority of the Trusts outstanding voting securities, as defined in the Investment Company Act of 1940, as amended (the 1940 Act).
Investment Policies of the Trust
Under normal market conditions, at least 80%
of the Trusts net assets will be invested in municipal securities. Effective June 28, 2022, under normal market conditions, at least 80% of the Trusts net assets will be invested in securities the income of which is exempt from
Pennsylvania income taxes. The policies stated in the foregoing sentences are fundamental and may not be changed without approval of a majority of the Trusts outstanding voting securities, as defined in the 1940 Act. Effective June 28,
2022, under normal market conditions, the Trusts investment adviser, Invesco Advisers, Inc. (the Adviser), seeks to achieve the Trusts investment objective by investing at least 80% of the Trusts net assets in
Pennsylvania investment grade municipal securities. Investment grade securities are: (i) securities rated BBB- or higher by S&P Global Ratings (S&P) or Baa3 or higher by Moodys
Investors Service, Inc. (Moodys) or an equivalent rating by another nationally recognized statistical rating organization (NRSRO),
(ii) securities with comparable short-term NRSRO ratings, or (iii) unrated municipal securities determined by the
Adviser to be of comparable quality, each at the time of purchase. Under normal market conditions, the Trust may invest up to 20% of its net assets in municipal securities rated below investment grade or that are unrated but determined by the
Adviser to be of comparable quality at the time of purchase. Lower-grade securities are commonly referred to as junk bonds and involve greater risks than investments in higher-grade securities. The Trust does not purchase securities that are in
default or rated in categories lower than B- by S&P or B3 by Moodys or unrated securities of comparable quality. If two or more nationally recognized statistical rating organizations have assigned
different ratings to a security, the Adviser uses the highest rating assigned.1
The foregoing
percentage and rating limitations apply at the time of acquisition of a security based on the last previous determination of the Trusts net asset value. Any subsequent change in any rating by a rating service or change in percentages resulting
from market fluctuations or other changes in the Trusts total assets will not require elimination of any security from the Trusts portfolio.
The Trust may invest all or a substantial portion of its total assets in municipal securities that may subject certain investors to the federal
alternative minimum tax and, therefore, a substantial portion of the income produced by the Trust may be taxable for such investors under the federal alternative minimum tax. Accordingly, the Trust may not be a suitable investment for investors who
are already subject to the federal alternative minimum tax or could become subject to the federal alternative minimum tax as a result of an investment in the Trust.
The Adviser buys and sells securities for the Trust with a view towards seeking a high level of current income exempt from federal and Pennsylvania income
taxes and, where possible under local law, local income and personal property taxes, subject to reasonable credit risk. As a result, the Trust will not necessarily invest in the highest yielding municipal securities permitted by its investment
policies if the Adviser determines that market risks or credit risks associated with such investments would subject the Trusts portfolio to undue risk. The potential realization of capital gains or losses resulting from possible changes in
interest rates will not be a major consideration and frequency of portfolio turnover generally will not be a limiting factor if the Adviser considers it advantageous to purchase or sell securities.
The Trust may invest more than 25% of its total assets in a segment of the municipal securities market with similar characteristics if the Adviser
determines that the yields available from obligations in a particular segment justify the additional risks of a larger investment in such segment. The Trust may not, however, invest more than 25% of its total assets in municipal securities issued
for non-governmental entities that are in the same industry, such as many private activity bonds or industrial development revenue bonds.
The Adviser actively manages the Trusts portfolio and adjusts the average maturity of portfolio
investments based upon its expectations regarding the direction of interest rates and other economic factors. The Adviser seeks to identify those securities that it believes entail reasonable credit risk considered in relation to the Trusts
investment policies. In selecting securities for investment, the Adviser uses its extensive research capabilities to assess potential investments and considers a number of factors, including general market and economic conditions and interest rate,
credit and prepayment risks. Each security considered for investment is subjected to an in-depth credit analysis to evaluate the level of risk it presents. Finally, the Adviser employs leverage in an effort to
enhance the Trusts income and total return.
Decisions to purchase or sell securities are determined by the relative value considerations of the
portfolio managers that factor in economic and credit-related fundamentals, market supply and demand, market dislocations and situation-specific opportunities. The purchase or sale of securities may be related to a decision to alter the Trusts
macro risk exposure (such as duration, yield curve positioning and sector exposure), a need to limit or reduce the Trusts exposure to a particular security or issuer, degradation of an issuers credit quality, or general liquidity needs
of the Trust. The potential for realization of capital gains or losses resulting from possible changes in interest rates will not be a major consideration and frequency of portfolio turnover generally will not be a limiting factor if the Adviser
considers it advantageous to purchase or sell securities.
Municipal Securities. Municipal securities are obligations issued by or on behalf of
states, territories or possessions of the United States, the District of Columbia and their cities, counties, political subdivisions, agencies and instrumentalities, the interest on which, in the opinion of bond counsel or other counsel to the
issuers of such securities, is, at the time of issuance, exempt from federal income tax. Pennsylvania municipal securities are municipal securities the interest on which, in the opinion of bond counsel or other counsel to the issuers of such
securities is, at the time of issuance, exempt from Pennsylvania personal income taxes. The Adviser does not conduct its own analysis of the tax status of the interest paid by municipal securities held by the Trust, but will rely on the opinion of
counsel to the issuer of each such instrument.
The yields of municipal securities depend on, among other things, general money market conditions,
general conditions of the municipal securities market, size of a particular offering, the maturity of the obligation and rating of the issue. There is no limitation as to the maturity of the municipal securities in which the Trust may invest. The
ratings of S&P and Moodys represent their opinions of the quality of the municipal securities they undertake to rate. These ratings are general and are not absolute standards of quality. Consequently, municipal securities with the same
maturity, coupon and rating may have different yields while municipal securities of the same maturity and coupon with
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different ratings may have the same yield. The Adviser may adjust the average maturity of the Trusts portfolio from
time to time depending on its assessment of the relative yields available on securities of different maturities and its expectations of future changes in interest rates.
The principal types of municipal debt securities purchased by the Trust are revenue obligations and general obligations. Revenue obligations are usually
payable only from the revenues derived from a particular facility or class of facilities or, in some cases, from the proceeds of a special excise tax or other specific revenue source, but not from the general taxing power. Revenue obligations may
include industrial development, pollution control, public utility, housing, and health care issues. General obligation securities are secured by the issuers pledge of its faith, credit and taxing power for the payment of principal and
interest.
Within these principal classifications of municipal securities, there are a variety of types of municipal securities, including but not
limited to:
∎ Variable rate securities, which bear rates of interest that are adjusted
periodically according to formulae intended to reflect market rates of interest.
∎ Municipal
notes, including tax, revenue and bond anticipation notes of short maturity, generally less than three years, which are issued to obtain temporary funds for various public purposes.
∎ Variable rate demand notes, which are obligations that contain a floating or variable interest
rate adjustment formula and which are subject to a right of demand for payment of the principal balance plus accrued interest either at any time or at specified intervals. The interest rate on a variable rate demand note may be based on a known
lending rate, such as a banks prime rate, and may be adjusted when such rate changes, or the interest rate may be a market rate that is adjusted at specified intervals. The adjustment formula maintains the value of the variable rate demand
note at approximately the par value of such note at the adjustment date.
∎ Municipal leases,
which are obligations issued by state and local governments or authorities to finance the acquisition of equipment and facilities. Certain municipal lease obligations may include non-appropriation clauses
which provide that the municipality has no obligation to make lease or installment purchase payments in future years unless money is appropriated for such purpose on a yearly basis.
∎ Private activity bonds, which are issued by, or on behalf of, public authorities to finance
privately operated facilities.
∎ Participation certificates, which are obligations issued by
state or local governments or authorities to finance the acquisition of equipment and facilities. They may represent participations in a lease, an installment purchase contract or a conditional sales contract.
∎ Municipal securities that may not be backed by the faith, credit and taxing power of the issuer.
∎ Municipal securities that are privately placed and that may have restrictions on the
Trusts ability to resell, such as timing restrictions or requirements that the securities only be sold to qualified institutional investors.
∎ Municipal securities that are insured by financial insurance companies.
Derivatives.
The Trust may use derivative instruments, including futures, for a variety of
purposes, including hedging, risk management, portfolio management or to earn income.
Inverse Floating Rate Obligations. The Trust may invest in inverse floating rate obligations for investment purposes and to enhance the yield of
the Trust. Inverse floating rate obligations are variable rate debt instruments that pay interest at rates that move in the opposite direction of prevailing interest rates. Inverse floating rate obligations in which the Trust may invest include
derivative instruments such as residual interest bonds, tender option bonds or municipal bond trust certificates. Such instruments are typically created by a special purpose trust (the TOB Trust) that holds long-term fixed rate bonds, which are
contributed by the Trust (the underlying security), and sells two classes of beneficial interests: short-term floating rate interests, which are sold to or held by third party investors, and inverse floating residual interests, which are purchased
by the Trust. Because the interest rate paid to holders of such obligations is generally determined by subtracting the available or floating rate from a predetermined amount, the interest rate paid to holders of such obligations will decrease as
such variable or floating rate increases and increase as such variable or floating rate decrease. For additional information regarding Inverse Floating Rate Obligations, see Note 1J in Notes to Financial Statements.
When-Issued and Delayed-Delivery Transactions. The Trust may purchase municipal securities on a when-issued basis and may purchase or
sell such securities on a delayed-delivery basis, which means that a Trust buys or sells a security with payment and delivery taking place in the future. The payment obligation and the interest rate are fixed at the time a Trust enters
into the commitment. No income accrues on such securities until the date a Trust actually takes delivery of the securities.
Restricted
Securities. The Trust may invest in securities subject to contractual restrictions on resale.
Rule 144A Securities and Other Exempt
Securities. The Trust may invest in Rule 144A securities and other types of exempt securities, which are registered for sale pursuant to an exemption from registration under the Securities Act of 1933, as amended.
Preferred Shares. The Trust may issue preferred shares as leverage. The Trust currently utilizes VMTP Shares as leverage in order to enhance the
yield of its common shareholders. For additional information regarding the VMTP Shares, see Note 11 in Notes to Financial Statements.
Zero Coupon/Pay-in-Kind Securities. The Trust may invest in
securities not producing immediate cash income, including zero coupon securities or pay-in-kind securities, when their effective yield over comparable instruments
producing cash income makes these investments attractive. Zero coupon securities are debt securities that do not entitle the holder to any periodic payment of interest prior to maturity or a specified date when the securities begin paying current
interest. Pay-in-kind securities are debt securities that pay interest through the issuance of additional securities.
Temporary Defensive Strategy. When market conditions dictate a more defensive investment strategy, the Trust may, on a temporary basis, hold cash
or invest a portion or all of its assets in high-quality, short-term municipal securities. If such municipal securities are not available or, in the
judgment of the Adviser, do not afford sufficient protection against adverse market conditions, the Trust may invest in
taxable instruments. Such taxable securities may include securities issued or guaranteed by the U.S. government, its agencies or instrumentalities, other investment grade quality fixed income securities, prime commercial paper, certificates of
deposit, bankers acceptances and other obligations of domestic banks, repurchase agreements and money market funds (including money market funds affiliated with the Adviser). In taking a defensive position, the Trust would temporarily not be
pursuing its principal investment strategies and may not achieve its investment objective.
Principal Risks of Investing in the Trust
As with any fund investment, loss of money is a risk of investing. The risks associated with an investment in the Trust can increase during times of significant market
volatility. The principal risks of investing in the Trust are:
Market Risk. The market values of the Trusts investments, and therefore
the value of the Trusts shares, will go up and down, sometimes rapidly or unpredictably. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. The value of the Trusts
investments may go up or down due to general market conditions that are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings,
changes in interest or currency rates, regional or global instability, or adverse investor sentiment generally. The value of the Trusts investments may also go up or down due to factors that affect an individual issuer or a particular industry
or sector, such as changes in production costs and competitive conditions within an industry. In addition, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or other events may have a
significant impact on the value of the Trusts investments, as well as the financial markets and global economy generally. Such circumstances may also impact the ability of the Adviser to effectively implement the Trusts investment
strategy. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Trust will rise in value.
COVID-19. The COVID-19 strain of coronavirus has
resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business
operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across
many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing
effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Trusts
performance.
Market Disruption Risks Related to Russia-Ukraine Conflict. Following Russias invasion of Ukraine in late
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February 2022, various countries, including the United States, as well as NATO and the European Union, issued broad-ranging
economic sanctions against Russia and Belarus. The resulting responses to the military actions (and potential further sanctions in response to continued military activity), the potential for military escalation and other corresponding events, have
had, and could continue to have, severe negative effects on regional and global economic and financial markets, including increased volatility, reduced liquidity and overall uncertainty. The negative impacts may be particularly acute in certain
sectors including, but not limited to, energy, financials, commodities, engineering, and defense.
Russia may take additional counter measures or
retaliatory actions (including cyberattacks), which could exacerbate negative consequences on global financial markets. The duration of ongoing hostilities and corresponding sanctions and related events cannot be predicted. The foregoing may result
in a negative impact on Fund performance and the value of an investment in the Fund, even beyond any direct investment exposure the Fund may have to Russian issuers or the adjoining geographic regions.
Municipal Securities Risk. Under normal market conditions, longer-term municipal securities generally provide a higher yield than shorter-term
municipal securities. The yields of municipal securities may move differently and adversely compared to the yields of the overall debt securities markets. The risk of a municipal obligation generally depends on the financial and credit status of the
issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuers regional economic conditions may affect the municipal securitys value, interest payments,
repayment of principal and the Trusts ability to sell the security. Municipal obligations may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. Municipal securities structured as revenue
bonds are generally not backed by the taxing power of the issuing municipality but rather the revenue from the particular project or entity for which the bonds were issued. If the Internal Revenue Service determines that an issuer of a municipal
security has not complied with applicable tax requirements, interest from the security could be treated as taxable, which could result in a decline in the securitys value. In addition, there could be changes in applicable tax laws or tax
treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.
Special Risk Considerations Regarding Pennsylvania Municipal Securities. The Trust invests substantially all of its assets in a portfolio of
Pennsylvania municipal securities. Because the Trust invests substantially all of its assets in a portfolio of Pennsylvania municipal securities, the Trust is more susceptible to political, economic, regulatory or other factors affecting issuers of
Pennsylvania municipal securities than a fund that does not limit its investments to such issuers. These risks include possible legislative, state constitutional or regulatory amendments that may affect the ability of state and local governments or
regional governmental authorities to raise money to pay principal and interest on their municipal securities. Economic, fiscal and budgetary conditions
throughout the state may also influence the Trusts performance.
Changing Fixed Income Market Conditions Risk. The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and
certain foreign central banks keeping the federal funds and equivalent foreign rates near historical lows. Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for
certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer market-making capacity may persist in the future, potentially leading to heightened volatility and reduced liquidity in the
fixed income markets. As a result, the value of the Trusts investments and share price may decline.
Interest Rate Risk. Interest rate
risk is the risk that rising interest rates, or an expectation of rising interest rates in the near future, will cause the values of the Trusts investments to decline. The values of debt securities usually change when prevailing interest rates
change. When interest rates rise, the values of outstanding debt securities generally fall, and those securities may sell at a discount from their face amount. When interest rates rise, the decrease in values of outstanding debt securities may not
be offset by higher income from new investments. When interest rates fall, the values of already-issued debt securities generally rise. However, when interest rates fall, the Trusts investments in new securities may be at lower yields and may
reduce the Trusts income. The values of longer-term debt securities usually change more than the values of shorter-term debt securities when interest rates change; thus, interest rate risk is usually greater for securities with longer
maturities or durations. Zero-coupon or stripped securities may be particularly sensitive to interest rate changes. Risks associated with rising interest rates are heightened given that interest rates in the U.S. are near
historic lows.
Market Discount from Net Asset Value Risk. Shares of closed-end investment companies
like the Trust frequently trade at prices lower than their net asset value. Because the market price of the Trusts common shares is determined by factors such as relative market supply and demand, general market and economic circumstances, and
other factors beyond the control of the Trust, the Trust cannot predict whether its shares of common stock will trade at, below or above net asset value. This characteristic is a risk separate and distinct from the risk that the Trusts net
asset value could decrease as a result of investment activities. Common shareholders bear a risk of loss to the extent that the price at which they sell their shares is lower than at the time of purchase.
High Yield Debt Securities (Junk Bond) Risk. The Trusts investments in high yield debt securities (commonly referred to as junk
bonds) and other lower-rated securities will subject the Trust to substantial risk of loss. These securities are considered to be speculative with respect to the issuers ability to pay interest and principal when due and are more
susceptible to default or decline in market value due to adverse economic, regulatory, political or company developments than higher rated or investment grade securities. Prices of high yield debt securities tend to be very volatile. These
securities are less liquid than investment grade debt securities and may be difficult to sell at a desirable time or price, particularly in times of negative sentiment toward high yield securities.
Medium- and Lower-Grade Municipal Securities Risk. Securities that are in the medium- and
lower-grade categories generally offer higher yields than are offered by higher-grade securities of similar maturity, but they also generally involve more volatility and greater risks, such as greater credit risk, market risk, liquidity risk and
management risk. Furthermore, many issuers of medium- and lower-grade securities choose not to have a rating assigned to their obligations by any nationally recognized statistical rating organization. As such, the Trusts portfolio may consist
of a higher portion of unrated securities as compared with an investment company that invests solely in higher-grade securities. Unrated securities may not be as attractive to as many buyers as are rated securities, a factor that may make unrated
securities less able to be sold at a desirable time or price. These factors may limit the ability of the Trust to sell such securities at their fair value either to raise cash or in response to changes in the economy or the financial markets.
Unrated Securities Risk. Because the Trust purchases securities that are not rated by any nationally recognized statistical rating organization,
the Adviser may internally assign ratings to those securities, after assessing their credit quality and other factors, in categories similar to those of nationally recognized statistical rating organizations. There can be no assurance, nor is it
intended, that the Advisers credit analysis process is consistent or comparable with the credit analysis process used by a nationally recognized statistical rating organization. Unrated securities are considered investment-grade or
below-investment-grade if judged by the Adviser to be comparable to rated investment-grade or below-investment-grade securities. The Advisers rating does not constitute a guarantee of the credit quality. In addition, some unrated
securities may not have an active trading market or may trade less actively than rated securities, which means that the Trust might have difficulty selling them promptly at an acceptable price. In evaluating the credit quality of a particular
security, whether rated or unrated, the Adviser will normally take into consideration a number of factors such as, if applicable, the financial resources of the issuer, the underlying source of funds for debt service on a security, the issuers
sensitivity to economic conditions and trends, any operating history of the facility financed by the obligation, the degree of community support for the financed facility, the capabilities of the issuers management, and regulatory factors
affecting the issuer or the particular facility. A reduction in the rating of a security after the Trust buys it will not require the Trust to dispose of the security. However, the Adviser will evaluate such downgraded securities to determine
whether to keep them in the Trusts portfolio.
Credit Risk. The issuers of instruments in which the Trust invests may be unable to meet
interest and/or principal payments. This risk is increased to the extent the Trust invests in junk bonds, which may cause the Trust to incur higher expenses to protect its interests. The credit risks and market prices of lower-grade securities
generally are more sensitive to negative issuer developments, such as reduced revenues or increased expenditures, or adverse economic conditions, such as a recession, than are higher-grade securities. An issuers securities may decrease in
value if its financial strength weakens, which may reduce its credit rating and possibly its
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ability to meet its contractual obligations. In the event that an issuer of securities held by the Trust experiences
difficulties in the timely payment of principal and interest and such issuer seeks to restructure the terms of its borrowings, the Trust may incur additional expenses and may determine to invest additional assets with respect to such issuer or the
project or projects to which the Trusts securities relate. Further, the Trust may incur additional expenses to the extent that it is required to seek recovery upon a default in the payment of interest or the repayment of principal on its
portfolio holdings and the Trust may be unable to obtain full recovery on such amounts.
Income Risk. The income you receive from the Trust is
based primarily on prevailing interest rates, which can vary widely over the short and long term. If interest rates decrease, your income from the Trust may decrease as well.
Call Risk. If interest rates fall, it is possible that issuers of securities with high interest rates will prepay or call their securities before
their maturity dates. In this event, the proceeds from the called securities would likely be reinvested by the Trust in securities bearing the new, lower interest rates, resulting in a possible decline in the Trusts income and distributions to
shareholders.
Municipal Issuer Focus Risk. The municipal issuers in which the Trust invests may be located in the same geographic area or may
pay their interest obligations from revenue of similar projects, such as hospitals, airports, utility systems and housing finance agencies. This may make the Trusts investments more susceptible to similar social, economic, political or
regulatory occurrences, making the Trust more susceptible to experience a drop in its share price than if the Trust had been more diversified across issuers that did not have similar characteristics. From time to time, the Trusts investments
may include securities that alone or together with securities held by other funds or accounts managed by the Adviser, represents a major portion or all of an issue of municipal securities. Because there may be relatively few potential purchasers for
such investments and, in some cases, there may be contractual restrictions on resales, the Trust may find it more difficult to sell such securities at a desirable time or price.
Insurance Risk. Financial insurance guarantees that interest payments on a bond will be made on time and that principal will be repaid when the
bond matures. Insured municipal obligations would generally be assigned a lower rating if the rating was based primarily on the credit quality of the issuer without regard to the insurance feature. If the claims-paying ability of the insurer were
downgraded, the ratings on the municipal obligations it insures may also be downgraded. Insurance does not protect the Trust against losses caused by declines in a bonds value due to a change in market conditions.
Alternative Minimum Tax Risk. Although the interest received from municipal securities generally is exempt from federal income tax, the Trust may
invest all or a substantial portion of its total assets in municipal securities subject to the federal alternative minimum tax. Accordingly, an investment in the Trust could cause shareholders to be subject to (or result in an increased liability
under) the federal alternative minimum tax.
Taxability Risk. The Trusts investments in municipal securities rely on the opinion of the
issuers bond counsel that the interest paid on those securities will not be subject to federal and
Pennsylvania income tax. Tax opinions are generally provided at the time the municipal security is initially issued.
However, tax opinions are not binding on the Internal Revenue Service or any court and after the Trust buys a security, the Internal Revenue Service or a court may determine that a bond issued as tax-exempt
should in fact be taxable and the Trusts dividends with respect to that bond might be subject to federal and Pennsylvania income tax. As a result, the treatment of dividends previously paid or to be paid by the Trust as exempt-interest
dividends could be adversely affected, subjecting the Trusts shareholders to increased federal and Pennsylvania income tax liabilities. In addition, income from tax-exempt municipal securities
could be declared taxable because of unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service or a court, or the non-compliant conduct of a bond issuer.
The value of the Trusts investments and its net asset value may be adversely affected by changes in tax rates and policies. Because interest income
from municipal securities is normally not subject to regular federal or state income taxation, the attractiveness of municipal securities in relation to other investment alternatives is affected by changes in federal and state income tax rates or
changes in the tax-exempt status of interest income from municipal securities. Any proposed or actual changes in such rates or exempt status, therefore, can significantly affect the demand for and supply,
liquidity and marketability of municipal securities. This could in turn affect the Trusts net asset value and ability to acquire and dispose of municipal securities at desirable yield and price levels.
Inverse Floating Rate Obligations Risk. Inverse floating rate obligations (inverse floaters) represent interests in bonds with interest rates that
vary inversely to changes in short-term rates. As short-term rates rise, inverse floaters produce less income, and as short-term rates decline, inverse floaters produce more income. As a result, the price of inverse floaters is expected to decline
when interest rates rise, and generally will decline further than the price of a bond with a similar maturity. The price of inverse floaters is typically more volatile than the price of bonds with similar maturities. Interest rate risk and price
volatility of inverse floaters can be particularly high if leverage is used in the formula that determines the interest payable by the inverse floater. Leverage may make the Trusts returns more volatile and increase the risk of loss. The Trust
generally invests in inverse floaters that include embedded leverage, thus exposing the Trust to greater risks and increased costs. The market value of a leveraged inverse floater will fluctuate in response to changes in market rates of
interest to a greater extent than the value of an unleveraged investment, and the value of, and income earned on, an inverse floater that has a higher degree of leverage are more likely to be eliminated entirely under adverse market conditions. The
use of short-term floating rate obligations may require the Trust to segregate or earmark cash or liquid assets to cover its obligations. Securities so segregated or earmarked will be unavailable for sale by the Trust (unless replaced by other
securities qualifying for segregation requirements), which may limit the Trusts flexibility and may require that the Trust sell other portfolio investments at a time when it may be disadvantageous to sell such assets. Upon the occurrence of
certain adverse events, the special
purpose trust that created the inverse floater may be collapsed and the underlying security liquidated, and the Trust could
lose the entire amount of its investment in the inverse floater and may, in some cases, be contractually required to pay the negative difference, if any, between the liquidation value of the underlying security and the principal amount of the
short-term floating rate interests. Regulatory changes have prompted changes to the structure of tender option bonds. The Trusts enhanced role under the revised structure may increase the Trusts operational and regulatory risk. For
additional information regarding the risks of Inverse Floating Rate Obligations, see Note 1J in Notes to Financial Statements.
Liquidity Risk. The Trust may be unable to sell illiquid investments at the time or price it desires and, as a result, could lose its entire
investment in such investments. An investment may be illiquid due to a lack of trading volume in the investment or if the investment is privately placed and not traded in any public market or is otherwise restricted from trading. Consequently, the
Trust may have to accept a lower price to sell an investment or continue to hold it or keep the position open, sell other investments to raise cash or abandon an investment opportunity, any of which could have a negative effect on the Trusts
performance. Liquid securities can become illiquid during periods of market stress.
Restricted Securities Risk. Limitations on the resale of
restricted securities may have an adverse effect on their marketability, and may prevent the Trust from disposing of them promptly at reasonable prices. There can be no assurance that a trading market will exist at any time for any particular
restricted security. Transaction costs may be higher for restricted securities. Also, restricted securities may be difficult to value because market quotations may not be readily available, and the securities may have significant volatility. In
addition, the Trust may get only limited information about the issuer of a restricted security and therefore may be less able to predict a loss.
Rule 144A Securities and Other Exempt Securities Risk. The market for Rule 144A and other securities exempt from certain registration requirements
is typically is less active than the market for publicly-traded securities. Rule 144A and other exempt securities, which are also known as privately issued securities, carry the risk that their liquidity may become impaired and the Trust may be
unable to dispose of the securities at a desirable time or price.
Investing in U.S. Territories, Commonwealths and Possessions Risk. The Trust
also invests in obligations of the governments of U.S. territories, commonwealths and possessions such as Puerto Rico, the U.S. Virgin Islands, Guam and the Northern Mariana Islands to the extent such obligations are exempt from regular federal
individual and state income taxes. Accordingly, the Trust may be adversely affected by local political, economic, social and environmental conditions and developments, including natural disasters, within these U.S. territories, commonwealths and
possessions affecting the issuers of such obligations. Certain of the municipalities in which the Trust invests, including Puerto Rico, currently experience significant financial difficulties, which may include default, insolvency or bankruptcy. As
a result, securities issued by certain of these municipalities are currently considered below-investment-grade securities. A credit rating downgrade relating to,
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default by, or insolvency or bankruptcy of, one or several municipal security issuers of a state, territory, commonwealth
or possession in which the Trust invests could affect the payment of principal and interest, the market values and marketability of many or all municipal obligations of such state, territory, commonwealth or possession.
Preferred Shares. The primary risk associated with the Trusts issuance of preferred shares, such as the VMTP Shares, is exposing the net
asset value of the common shares and total return to increased volatility if the value of the Trust decreases while the value of the preferred shares remain unchanged. Fluctuations in the dividend rates on the VMTP Shares can also impact the
Trusts yield or its distributions to common shareholders. The Trust is subject to certain restrictions relating to the VMTP Shares, such as maintaining certain asset coverage and leverage ratio requirements. Failure to comply with these
restrictions could preclude the Trust from declaring any distributions to common shareholders or purchasing common shares and/or could trigger an increased rate which, if not cured, could cause the mandatory redemption of VMTP Shares at the
liquidation preference plus any accumulated but unpaid dividends. For additional information regarding the risks of VMTP Shares, see Note 11 in Notes to Financial Statements.
When-Issued and Delayed Delivery Risks. When-issued and delayed delivery transactions are subject to market risk as the value or yield of a
security at delivery may be more or less than the purchase price or the yield generally available on securities when delivery occurs. In addition, the Trust is subject to counterparty risk because it relies on the buyer or seller, as the case may
be, to consummate the transaction, and failure by the counterparty to complete the transaction may result in the Trust missing the opportunity of obtaining a price or yield considered to be advantageous. These transactions have a leveraging effect
on the Trust because the Trust commits to purchase securities that it does not have to pay for until a later date. These investments therefore increase the Trusts overall investment exposure and, as a result, its volatility. Typically, no
income accrues on securities the Trust has committed to purchase prior to the time delivery of the securities is made, although the Trust may earn income on securities it has set aside to cover these positions.
Zero Coupon or Pay-In-Kind Securities Risk. Zero coupon and pay-in-kind securities may be subject to greater fluctuation in value and less liquidity in the event of adverse market conditions than comparably rated securities paying cash
interest at regular interest payment periods. Prices on non-cash-paying instruments may be more sensitive to changes in the issuers financial condition, fluctuation in interest rates and market
demand/supply imbalances than cash-paying securities with similar credit ratings, and thus may be more speculative. Investors may purchase zero coupon and pay-in-kind
securities at a price below the amount payable at maturity. Because such securities do not entitle the holder to any periodic payments of interest prior to maturity, this prevents any reinvestment of interest payments at prevailing interest rates if
prevailing interest rates rise. The higher yields and interest rates on pay-in-kind securities reflect the payment deferral and increased credit risk associated with
such instruments and that such investments may represent a higher credit risk than coupon loans. Pay-in-kind securities may have a potential variability
in valuations because their continuing accruals require continuing judgments about the collectability of the deferred
payments and the value of any associated collateral. Special tax considerations are associated with investing in certain lower-grade securities, such as zero coupon or
pay-in-kind securities.
Derivatives Risk. The value of a
derivative instrument depends largely on (and is derived from) the value of an underlying security, currency, commodity, interest rate, index or other asset (each referred to as an underlying asset). In addition to risks relating to the underlying
assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage and liquidity risks. Counterparty risk is the risk that the counterparty to the derivative contract will default on its obligation to pay the
Trust the amount owed or otherwise perform under the derivative contract. Derivatives create leverage risk because they do not require payment up front equal to the economic exposure created by holding a position in the derivative. As a result, an
adverse change in the value of the underlying asset could result in the Trust sustaining a loss that is substantially greater than the amount invested in the derivative or the anticipated value of the underlying asset, which may make the
Trusts returns more volatile and increase the risk of loss. Derivative instruments may also be less liquid than more traditional investments and the Trust may be unable to sell or close out its derivative positions at a desirable time or
price. This risk may be more acute under adverse market conditions, during which the Trust may be most in need of liquidating its derivative positions. Derivatives may also be harder to value, less tax efficient and subject to changing government
regulation that could impact the Trusts ability to use certain derivatives or their cost. Derivatives strategies may not always be successful. For example, derivatives used for hedging or to gain or limit exposure to a particular market
segment may not provide the expected benefits, particularly during adverse market conditions.
Variable-Rate Demand Notes Risk. The absence of
an active secondary market for certain variable and floating rate notes could make it difficult to dispose of these instruments, and a portfolio could suffer a loss if the issuer defaults during periods in which a portfolio is not entitled to
exercise its demand rights.
Repurchase Agreement Risk. If the seller of a repurchase agreement defaults or otherwise does not fulfill its
obligations, the Trust may incur delays and losses arising from selling the underlying securities, enforcing its rights, or declining collateral value. These risks are magnified to the extent that a repurchase agreement is secured by securities
other than cash or U.S. Government securities.
Management Risk. The Trust is actively managed and depends heavily on the Advisers
judgment about markets, interest rates or the attractiveness, relative values, liquidity, or potential appreciation of particular investments made for the Trusts portfolio. The Trust could experience losses if these judgments prove to be
incorrect. There can be no guarantee that the Advisers investment techniques or investment decisions will produce the desired results. Additionally, legislative, regulatory, or tax developments may affect the investments or investment
strategies available to the Adviser in connection with managing the Trust, which may also adversely affect the ability of the Trust to achieve its investment objective.
1 |
A credit rating is an assessment provided by a NRSRO of the creditworthiness of an issuer with respect to debt
obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. For more information on rating
methodology, please visit www.standardandpoors.com and select Understanding Ratings under Rating Resources on the homepage; www.fitchratings.com and select Understanding Credit Ratings from the drop-down menu on the homepage;
and www.moodys.com and select Methodology, then Rating Methodologies under Research Type on the left-hand side.
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32 |
|
Invesco Pennsylvania Value Municipal Income Trust |
Trustees and Officers
The address of each trustee and officer is 1555 Peachtree Street, N.E., Atlanta, Georgia 30309. Generally, each trustee serves for a three year term or until his or her
successor has been duly elected and qualified, and each officer serves for a one year term or until his or her successor has been duly elected and qualified. Column two below includes length of time served with predecessor entities, if any.
|
|
|
|
|
|
|
|
|
Name, Year of Birth and
Position(s) Held with the
Trust |
|
Trustee
and/or Officer
Since |
|
Principal Occupation(s)
During Past 5 Years |
|
Number of
Funds in Fund Complex
Overseen by Trustee |
|
Other
Directorship(s) Held by Trustee
During Past 5 Years |
Interested Trustee |
|
|
|
|
|
|
|
|
Martin L. Flanagan1 1960 Trustee and Vice
Chair |
|
2014 |
|
Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global
investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business
Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers,
Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American
Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and
President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management
organization) |
|
188 |
|
None |
1 |
Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the
Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser. |
|
|
|
T-1 |
|
Invesco Pennsylvania Value Municipal Income Trust |
Trustees and Officers(continued)
|
|
|
|
|
|
|
|
|
Name, Year of Birth and
Position(s) Held with the
Trust |
|
Trustee
and/or Officer
Since |
|
Principal Occupation(s)
During Past 5 Years |
|
Number of
Funds in Fund Complex
Overseen by Trustee |
|
Other
Directorship(s) Held by Trustee
During Past 5 Years |
Independent Trustees |
Christopher L. Wilson 1957
Trustee and Chair |
|
2017 |
|
Retired
Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief
Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.;
Assistant Vice President, Fidelity Investments |
|
188 |
|
Formerly: enaible, Inc. (artificial intelligence technology) Director, ISO New England, Inc.
(non-profit organization managing regional electricity market) |
Beth Ann Brown 1968
Trustee |
|
2019 |
|
Independent Consultant
Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account
Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds |
|
188 |
|
Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton
Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director of Grahamtastic Connection (non-profit) |
Cynthia Hostetler 1962
Trustee |
|
2017 |
|
Non-Executive Director and Trustee of a number of public and private
business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director,
Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas
Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP |
|
188 |
|
Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund;
Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); Independent Directors Council (professional organization) |
Eli Jones 1961
Trustee |
|
2016 |
|
Professor and Dean Emeritus, Mays Business School - Texas A&M University
Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College
of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank |
|
188 |
|
Insperity, Inc. (formerly known as Administaff) (human resources provider); Member of Regional Board of Directors and Board of Directors,
First Financial Bancorp (regional bank) |
Elizabeth Krentzman 1959
Trustee |
|
2019 |
|
Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company
Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management -
Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management Office of Regulatory Policy of the U.S. Securities and Exchange Commission;
Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds |
|
188 |
|
Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds)
Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee |
Anthony J. LaCava, Jr. 1956
Trustee |
|
2019 |
|
Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP |
|
188 |
|
Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP |
Prema Mathai-Davis 1950
Trustee |
|
2014 |
|
Retired
Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the
Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute |
|
188 |
|
Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit) |
|
|
|
T-2 |
|
Invesco Pennsylvania Value Municipal Income Trust |
Trustees and Officers(continued)
|
|
|
|
|
|
|
|
|
Name, Year of Birth and
Position(s) Held with the
Trust |
|
Trustee
and/or Officer
Since |
|
Principal Occupation(s)
During Past 5 Years |
|
Number of
Funds in Fund Complex
Overseen by Trustee |
|
Other
Directorship(s) Held by Trustee
During Past 5 Years |
Independent Trustees(continued) |
Joel W. Motley 1952
Trustee |
|
2019 |
|
Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc.
(privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of
Historic Hudson Valley (non-profit cultural organization); and Member of the Board, Blue Ocean Acquisition Corp.
Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held
financial advisor); Trustee of certain Oppenheimer Funds; Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street |
|
188 |
|
Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment);
Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee
Member of Pulitzer Center for Crisis Reporting (non-profit journalism)Positive Planet US |
Teresa M. Ressel 1962
Trustee |
|
2017 |
|
Non-executive director and trustee of a number of public and private
business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment
banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief
Financial Officer, U.S. Department of Treasury; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing) |
|
188 |
|
None |
Ann Barnett Stern 1957
Trustee |
|
2017 |
|
President, Chief Executive Officer and Board Member, Houston Endowment, Inc. a private philanthropic
institution Formerly: Executive Vice President, Texas Childrens Hospital; Vice President,
General Counsel and Corporate Compliance Officer, Texas Childrens Hospital; Attorney at Beck, Redden and Secrest, LLP and Andrews and Kurth LLP |
|
188 |
|
Trustee and Board Vice Chair of Holdsworth Center Trustee and Chair of Nomination/Governance Committee, Good Reason Houston, (non-profit); Trustee and Investment Committee member of University of Texas Law School Foundation (non-profit); Board Member of Greater Houston Partnership (non-profit); Advisory Board member, Baker Institute for Public Policy at Rice University (non-profit) Formerly: Director and Audit Committee Member of Federal Reserve Bank of
Dallas |
Robert C. Troccoli 1949
Trustee |
|
2016 |
|
Retired
Formerly: Adjunct Professor, University of Denver Daniels College of Business; and Managing Partner, KPMG LLP |
|
188 |
|
None |
Daniel S. Vandivort 1954
Trustee |
|
2019 |
|
President, Flyway Advisory Services LLC (consulting and property management) |
|
188 |
|
Formerly: Trustee, Board of Trustees, Treasurer and Chairman of the Audit and Committee, Huntington Disease Foundation of America; Trustee
and Governance Chair, of certain Oppenheimer Funds |
|
|
|
T-3 |
|
Invesco Pennsylvania Value Municipal Income Trust |
Trustees and Officers(continued)
|
|
|
|
|
|
|
|
|
Name, Year of Birth and
Position(s) Held with the
Trust |
|
Trustee
and/or Officer
Since |
|
Principal Occupation(s)
During Past 5 Years |
|
Number of
Funds in Fund Complex
Overseen by Trustee |
|
Other
Directorship(s) Held by Trustee
During Past 5 Years |
Officers |
Sheri Morris 1964
President and Principal Executive Officer |
|
2010 |
|
Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice
President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and
Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc.
Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc.
and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc.
and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust and Senior Vice
President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) |
|
N/A |
|
N/A |
Jeffrey H. Kupor 1968
Senior Vice President, Chief Legal Officer and Secretary |
|
2018 |
|
Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc.
(formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco
Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van
Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India
Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset
Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and
Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation
Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional,
Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary,
INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary,
Sovereign G./P. Holdings Inc.; and Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC |
|
N/A |
|
N/A |
Andrew R. Schlossberg 1974 Senior Vice President |
|
2019 |
|
Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco
Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent);
Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management)
Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited
and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive,
Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed
Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC |
|
N/A |
|
N/A |
|
|
|
T-4 |
|
Invesco Pennsylvania Value Municipal Income Trust |
Trustees and Officers(continued)
|
|
|
|
|
|
|
|
|
Name, Year of Birth and
Position(s) Held with the
Trust |
|
Trustee
and/or Officer
Since |
|
Principal Occupation(s)
During Past 5 Years |
|
Number of
Funds in Fund Complex
Overseen by Trustee |
|
Other
Directorship(s) Held by Trustee
During Past 5 Years |
Officers(continued) |
John M. Zerr 1962
Senior Vice President |
|
2010 |
|
Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as
Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known
as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President,
Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco
Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and
registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial
Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company
Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior
Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco
Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset
Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund
Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and
Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van
Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President,
General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM
Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser) |
|
N/A |
|
N/A |
Gregory G. McGreevey 1962
Senior Vice President |
|
2012 |
|
Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco
Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW
Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice
President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management
Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds |
|
N/A |
|
N/A |
Adrien Deberghes 1967
Principal Financial Officer, Treasurer and Vice President |
|
2020 |
|
Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal
Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund
Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust
Formerly: Senior Vice President and Treasurer, Fidelity Investments |
|
N/A |
|
N/A |
Crissie M. Wisdom 1969
Anti-Money Laundering Compliance Officer |
|
2013 |
|
Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc.,
Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc. |
|
N/A |
|
N/A |
|
|
|
T-5 |
|
Invesco Pennsylvania Value Municipal Income Trust |
Trustees and Officers(continued)
|
|
|
|
|
|
|
|
|
Name, Year of Birth and
Position(s) Held with the
Trust |
|
Trustee
and/or Officer
Since |
|
Principal Occupation(s)
During Past 5 Years |
|
Number of
Funds in Fund Complex
Overseen by Trustee |
|
Other
Directorship(s) Held by Trustee
During Past 5 Years |
Officers(continued) |
Todd F. Kuehl 1969
Chief Compliance Officer and Senior Vice President |
|
2020 |
|
Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer,
The Invesco Funds and Senior Vice President Formerly: Managing Director and Chief Compliance
Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) |
|
N/A |
|
N/A |
Michael McMaster 1962
Chief Tax Officer, Vice President and Assistant Treasurer |
|
2020 |
|
Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds;
Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund
Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC
Formerly: Senior Vice President Managing Director of Tax Services, U.S. Bank Global Fund
Services (GFS) |
|
N/A |
|
N/A |
|
|
|
|
|
|
|
Office of the Fund 1555 Peachtree Street, N.E.
Atlanta, GA 30309 |
|
Investment Adviser Invesco Advisers, Inc.
1555 Peachtree Street, N.E. Atlanta, GA 30309 |
|
Auditors PricewaterhouseCoopers LLP
1000 Louisiana Street, Suite 5800 Houston, TX 77002-5021 |
|
Custodian
State Street Bank and Trust Company 225 Franklin Street
Boston, MA 02110-2801 |
|
|
|
|
Counsel to the Fund Stradley Ronon Stevens & Young,
LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018 |
|
Counsel to the Independent Trustees
Goodwin Procter LLP 901 New York Avenue, N.W.
Washington, D.C. 20001 |
|
Transfer Agent Computershare Trust Company, N.A
250 Royall Street Canton, MA 02021 |
|
|
|
|
|
T-6 |
|
Invesco Pennsylvania Value Municipal Income Trust |
(This page intentionally left blank)
Correspondence information
Send general correspondence to Computershare
Trust Company, N.A., P.O. Box 505000, Louisville, KY 40233-5000.
Trust holdings and proxy voting information
The Trust provides a complete
list of its portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Trusts semiannual and annual reports to shareholders. For the first and
third quarters, the Trust files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at
invesco.com/us. Shareholders can also look up the Trusts Form N-PORT filings on the SEC website at sec.gov. The SEC file number for the Trust is shown below.
A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities is available
without charge, upon request, from our Client Services department at 800 341 2929 or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.
Information regarding how the Trust voted proxies related to its portfolio securities during the most recent
12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.
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SEC file number(s): 811-07398
|
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VK-CE-PAVMI-AR-1
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