NPORT-EX 2 edgar.htm HTML

Schedule of Investments

May 31, 2022

(Unaudited)

 

                   Principal         
     Interest      Maturity      Amount         
      Rate      Date      (000)      Value  

Municipal Obligations–158.44%(a)

           

Pennsylvania–148.80%

            

Allegheny (County of), PA;

            

Series 2016 C-76, GO Bonds

      5.00%        11/01/2041      $ 10,410      $      11,438,812  

Series 2020 C-78, GO Bonds

      4.00%        11/01/2049        2,000        2,041,792  

Allegheny (County of), PA Airport Authority; Series 2021 A, RB(b)

     4.00%        01/01/2056        3,000        2,888,897  

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

      5.00%        09/01/2035        3,000        3,006,451  

Allegheny (County of), PA Higher Education Building Authority (Duquesne University); Series 2013 A, RB

      5.00%        03/01/2033        1,600        1,640,911  

Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue);

            

Series 2018 A, RB(c)(d)

     5.00%        04/01/2047            7,885        8,335,481  

Series 2018 A, Ref. RB

      5.00%        04/01/2047        1,000        1,057,131  

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)

     1.68%        02/01/2037        1,670        1,669,358  

Series 2019 A, Ref. RB

      4.00%        07/15/2038        3,915        3,974,827  

Allegheny (County of), PA Sanitary Authority;

            

Series 2015, RB(d)

     5.00%        12/01/2045        7,880        8,364,846  

Series 2020 B, RB

      4.00%        06/01/2050        2,100        2,145,371  

Allentown (City of), PA Neighborhood Improvement Zone Development Authority; Series 2022, Ref. RB

      5.00%        05/01/2042        1,000        1,095,853  

Allentown (City of), PA Neighborhood Improvement Zone Development Authority (City Center); Series 2018, RB(f)

     5.00%        05/01/2042        500        528,372  

Berks (County of), PA Industrial Development Authority (Highlands at Wyomissing (The));

            

Series 2017 A, Ref. RB

      5.00%        05/15/2042        500        512,762  

Series 2017 A, Ref. RB

      5.00%        05/15/2047        600        611,572  

Series 2017 C, RB

      5.00%        05/15/2047        1,175        1,205,517  

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

      5.00%        11/01/2044        3,500        3,373,303  

Bethlehem (City of), PA;

            

Series 2014, Ref. RB (INS - BAM)(g)

     5.00%        11/15/2030        1,575        1,599,704  

Series 2014, Ref. RB (INS - BAM)(g)

     5.00%        11/15/2031        1,575        1,599,632  

Bucks (County of), PA Industrial Development Authority (Pennswood Village); Series 2018, Ref. RB

      5.00%        10/01/2037        980        1,036,959  

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

            

Series 2012 B, RB(h)(i)

     5.00%        11/15/2022        1,000        1,016,805  

Series 2016 A, Ref. RB(h)(i)

     5.00%        11/15/2025        900        987,295  

Chester (County of), PA Health & Education Facilities Authority (Simpson Senior Services); Series 2019, Ref. RB

      5.00%        12/01/2051        3,625        3,371,922  

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

      5.00%        12/15/2047        1,160        1,190,742  

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

      5.25%        10/15/2047        2,555        2,619,851  

Chester (County of), PA Industrial Development Authority (Sustainability Bonds); Series 2021, RB

      4.00%        12/01/2051        2,500        2,525,658  

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        2,431,079  

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

      5.00%        12/01/2037        2,000        2,020,010  

Coatesville School District;

            

Series 2020 A, GO Bonds (INS - BAM)(g)(j)

     0.00%        10/01/2034        150        92,736  

Series 2020 A, GO Bonds (INS - BAM)(g)(j)

     0.00%        10/01/2038        1,450        745,447  

Series 2020 B, Ref. GO Bonds (INS - BAM)(g)(j)

     0.00%        10/01/2033        275        177,833  

Series 2020 B, Ref. GO Bonds (INS - BAM)(g)(j)

     0.00%        10/01/2034        550        340,031  

Series 2020 C, Ref. GO Bonds (INS - BAM)(g)(j)

     0.00%        10/01/2033        360        232,799  

Commonwealth Financing Authority;

            

Series 2018, RB(c)(d)

     5.00%        06/01/2031        3,500        3,870,606  

Series 2018, RB(c)(d)

     5.00%        06/01/2032        2,000        2,208,958  

Series 2018, RB(c)(d)

     5.00%        06/01/2033        2,000        2,202,953  

Series 2018, RB(c)(d)

     5.00%        06/01/2035        3,045        3,345,145  

 

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

Invesco Pennsylvania Value Municipal Income Trust

                   Principal         
     Interest      Maturity      Amount         
      Rate      Date      (000)      Value  

Pennsylvania–(continued)

            

Cumberland (County of), PA Municipal Authority (Diakon Lutheran);

            

Series 2015, Ref. RB(h)(i)

     5.00%        01/01/2025      $ 465      $           498,648  

Series 2015, Ref. RB(h)(i)

     5.00%        01/01/2025        1,920        2,058,935  

Series 2015, Ref. RB

      5.00%        01/01/2038        2,345        2,430,419  

Cumberland (County of), PA Municipal Authority (Penn State Health); Series 2019, RB

      4.00%        11/01/2044        2,000        2,009,263  

Dauphin (County of), PA General Authority (Pinnacle Health System); Series 2016 A, Ref. RB

      5.00%        06/01/2035        1,145        1,203,678  

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

      5.00%        08/01/2045        785        824,746  

Delaware River Port Authority; Series 2013, RB(h)(i)

     5.00%        01/01/2024        1,000        1,048,979  

Delaware River Port Authority (Port District);

            

Series 2012, Ref. RB

      5.00%        01/01/2025        2,175        2,214,683  

Series 2012, Ref. RB

      5.00%        01/01/2027        1,290        1,311,792  

Delaware Valley Regional Finance Authority; Series 2002, RB

      5.75%        07/01/2032        3,500        4,290,337  

Doylestown (City of), PA Hospital Authority; Series 2019 A, RB

      4.00%        07/01/2045        500        441,107  

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

      5.00%        07/15/2048            2,350        2,478,520  

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        776,580  

Series 2013, RB(h)(i)

     5.00%        07/01/2023        3,770        3,903,609  

Series 2014, RB(h)(i)

     5.00%        07/01/2024        750        795,820  

East Hempfield (Township of), PA Industrial Development Authority (Willow Valley Communities);

            

Series 2016, Ref. RB

      5.00%        12/01/2030        790        841,616  

Series 2016, Ref. RB

      5.00%        12/01/2039        2,780        2,929,424  

Erie (City of), PA Higher Education Building Authority (AICUP Financing Program);

            

Series 2021, RB

      4.00%        05/01/2036        100        99,712  

Series 2021, RB

      4.00%        05/01/2041        400        392,117  

Series 2021, RB

      5.00%        05/01/2047        150        159,942  

Franklin (County of), PA Industrial Development Authority (Menno-Haven, Inc.);

            

Series 2018, Ref. RB

      5.00%        12/01/2053        3,380        3,255,541  

Series 2019, RB

      5.00%        12/01/2049        510        495,165  

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

      5.00%        07/01/2040        4,375        4,508,070  

Geisinger Authority (Geisinger Health System);

            

Series 2017 A-1, Ref. RB

      5.00%        02/15/2045        6,060        6,449,408  

Series 2017 A-1, Ref. RB

      4.00%        02/15/2047        2,000        2,005,508  

Haverford Township School District; Series 2009, VRD GO Bonds (LOC - TD Bank N.A.)(k)(l)

     0.65%        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        838,555  

Lancaster (City of), PA Industrial Development Authority (Willow Valley Communities); Series 2019, RB

      5.00%        12/01/2049        1,545        1,657,018  

Lancaster (County of), PA Hospital Authority (Brethren Village);

            

Series 2017, Ref. RB

      5.13%        07/01/2037        700        706,666  

Series 2017, Ref. RB

      5.25%        07/01/2041        1,500        1,517,918  

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

      5.00%        07/01/2045        3,800        3,826,778  

Lancaster (County of), PA Hospital Authority (Masonic Villages);

            

Series 2008 D, VRD RB (LOC - JP Morgan Chase Bank N.A.)(k)(l)

     0.48%        07/01/2034        4,605        4,605,000  

Series 2015, Ref. RB

      5.00%        11/01/2035        790        828,150  

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

      5.25%        12/15/2030        1,000        1,053,963  

Latrobe (City of), PA Industrial Development Authority (Seton Hill University);

            

Series 2021, Ref. RB

      4.00%        03/01/2046        265        233,398  

Series 2021, Ref. RB

      4.00%        03/01/2051        265        227,544  

Lehigh (County of), PA (Lehigh Valley Health Network);

            

Series 2019 A, Ref. RB

      5.00%        07/01/2044        3,000        3,253,153  

Series 2019, Ref. RB

      4.00%        07/01/2049        3,500        3,504,563  

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

     5.25%        07/01/2022        2,675        2,683,762  

Lehigh (County of), PA General Purpose Authority (Lehigh Valley Academy); Series 2022, RB

      4.00%        06/01/2052        2,000        1,855,899  

Mechanicsburg Area School District; Series 2020 AA, GO Bonds

      4.00%        05/15/2050        2,000        2,038,586  

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

      5.00%        10/01/2027        1,460        1,498,325  

 

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

Invesco Pennsylvania Value Municipal Income Trust

                   Principal         
     Interest      Maturity      Amount         
      Rate      Date      (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      $        5,130,742  

Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University);

            

Series 2018 A, Ref. RB

      5.00%        09/01/2048        980        1,042,231  

Series 2019, Ref. RB

      4.00%        09/01/2049        2,500        2,475,997  

Series 2022 B, Ref. RB

      4.00%        05/01/2052        2,000        1,966,745  

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

            

Series 2020 C, RB

      4.00%        11/15/2043        200        196,880  

Series 2020 C, RB

      5.00%        11/15/2045        380        410,170  

Montgomery (County of), PA Industrial Development Authority (Albert Einstein Healthcare); Series 2015, Ref. RB(h)(i)

     5.25%        01/15/2025        3,150        3,388,693  

Montgomery (County of), PA Industrial Development Authority (Haverford School); Series 2019, Ref. RB

      4.00%        03/01/2049        1,750        1,744,706  

Montgomery (County of), PA Industrial Development Authority (Meadwood Senior Living); Series 2018 A, Ref. RB

      5.00%        12/01/2048            1,270        1,323,208  

Montgomery (County of), PA Industrial Development Authority (Waverly Heights Ltd.); Series 2019, Ref. RB

      5.00%        12/01/2044        1,000        1,074,959  

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

      5.00%        11/01/2047        3,865        4,239,584  

Northampton (County of), PA General Purpose Authority (St. Luke’s University Health Network);

            

Series 2016, Ref. RB

      5.00%        08/15/2036        1,170        1,231,784  

Series 2018 A, Ref. RB

      4.00%        08/15/2048        2,355        2,274,748  

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

            

Series 2012, RB

      5.00%        07/01/2032        740        740,071  

Series 2012, RB

      5.00%        07/01/2036        1,000        999,981  

Series 2019, Ref. RB

      5.00%        11/01/2039        500        499,978  

Series 2019, Ref. RB

      5.00%        11/01/2044        950        931,139  

Series 2019, Ref. RB

      5.00%        11/01/2049        1,050        1,012,029  

Northeastern Pennsylvania (Commonwealth of) Hospital & Education Authority (Kings College); Series 2019, RB

      5.00%        05/01/2049        3,200        3,298,211  

Pennsylvania (Commonwealth of);

            

First Series 2001, GO Bonds

      4.00%        05/15/2033        1,750        1,829,123  

First Series 2013, GO Bonds(c)(d)(h)(i)

     5.00%        04/01/2023        15,000        15,434,268  

First Series 2016, GO Bonds

      5.00%        02/01/2029        3,500        3,804,628  

First Series 2020, GO Bonds

      2.13%        05/01/2040        2,500        1,941,223  

Series 2018 A, Ref. COP

      4.00%        07/01/2046        1,960        1,950,711  

Pennsylvania (Commonwealth of) (Municipal Real Estate Funding, LLC); Series 2018 A, Ref. COP

      5.00%        07/01/2043        2,160        2,383,181  

Pennsylvania (Commonwealth of) Economic Development Financing Authority (Amtrak); Series 2012 A, Ref. RB(b)

     5.00%        11/01/2041        3,830        3,845,936  

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

      6.00%        07/01/2053        3,280        3,426,521  

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        2,211,356  

Pennsylvania (Commonwealth of) Economic Development Financing Authority (National Gypson Co.); Series 2014, Ref. RB(b)

     5.50%        11/01/2044        2,365        2,401,127  

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

     5.00%        12/31/2034        2,760        2,878,306  

Pennsylvania (Commonwealth of) Economic Development Financing Authority (Pennsylvania Rapid Bridge Replacement); Series 2015, RB(b)

     5.00%        12/31/2038        1,640        1,702,163  

Pennsylvania (Commonwealth of) Economic Development Financing Authority (Philadelphia Biosolids Facilities); Series 2020, Ref. RB

      4.00%        01/01/2032        400        410,428  

Pennsylvania (Commonwealth of) Economic Development Financing Authority (Presbyterian Senior Living);

            

Series 2021, Ref. RB

      4.00%        07/01/2041        350        354,736  

Series 2021, Ref. RB

      4.00%        07/01/2046        1,000        1,005,494  

Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC);

            

Series 2021 A, Ref. RB

      4.00%        10/15/2051        1,500        1,486,147  

Series 2022 A, Ref. RB

      4.00%        02/15/2052        500        490,863  

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

     5.00%        11/01/2027        1,650        1,674,304  

 

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

Invesco Pennsylvania Value Municipal Income Trust

                   Principal         
     Interest      Maturity      Amount         
      Rate      Date      (000)      Value  

Pennsylvania–(continued)

            

Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Drexel University);

            

Series 2016, Ref. RB

      5.00%        05/01/2035      $ 3,590      $        3,793,349  

Series 2020 A, Ref. RB (INS - AGM)(g)

     4.00%        05/01/2041        3,000        3,104,681  

Series 2020 A, Ref. RB (INS - AGM)(g)

     4.00%        05/01/2050        1,750        1,775,918  

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

      5.00%        05/01/2042        3,320        3,274,549  

Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson University); Series 2015, Ref. RB

      5.25%        09/01/2050        3,155        3,270,470  

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

     5.00%        08/15/2046        7,800        8,547,009  

Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System);

            

Series 2017 A, RB

      5.00%        08/15/2042        3,925        4,230,012  

Series 2019, RB

      4.00%        08/15/2049        5,000        5,022,081  

Pennsylvania (Commonwealth of) Housing Finance Agency; Series 2019-131 A, RB

      3.10%        10/01/2044        2,500        2,246,141  

Pennsylvania (Commonwealth of) Public School Building Authority (Harrisburg School);

            

Series 2016 A, Ref. RB(h)(i)

     5.00%        12/01/2026        510        571,070  

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

     5.00%        12/01/2030            3,235        3,579,964  

Pennsylvania (Commonwealth of) Public School Building Authority (Philadelphia School District); Series 2016 A, Ref. RB (INS - AGM)(g)

     5.00%        06/01/2032        725        798,739  

Pennsylvania (Commonwealth of) Turnpike Commission;

            

Second Series 2017, Ref. RB

      5.00%        12/01/2038        2,710        2,949,426  

Second Series 2017, Ref. RB

      5.00%        12/01/2041        700        759,336  

Series 2009 C, RB (INS - AGM)(g)

     6.25%        06/01/2033        5,840        6,672,717  

Series 2009 E, RB

      6.38%        12/01/2038        720        845,780  

Series 2014 A-3, RB(j)

     0.00%        12/01/2041        3,000        1,349,102  

Series 2014, Ref. RB

      5.00%        12/01/2034        1,500        1,585,698  

Series 2017 A, RB(c)(d)

     5.50%        12/01/2042        10,000        10,774,427  

Series 2017 B-1, RB

      5.25%        06/01/2047        3,000        3,181,694  

Series 2018 A-2, RB

      5.00%        12/01/2043        1,965        2,151,580  

Series 2018 B, RB

      5.25%        12/01/2048        2,370        2,571,068  

Series 2019 A, RB

      5.00%        12/01/2044        1,000        1,105,316  

Series 2019 A, RB (INS - AGM)(g)

     4.00%        12/01/2049        1,305        1,334,011  

Series 2019 A, RB

      5.00%        12/01/2049        5,000        5,498,342  

Series 2021 A, RB

      4.00%        12/01/2050        4,500        4,372,168  

Pennsylvania Higher Education Assistance Agency;

            

Series 2021 A, Tax Exempt RB(b)

     5.00%        06/01/2030        140        156,189  

Series 2021 A, Tax Exempt RB(b)

     2.63%        06/01/2042        1,100        974,298  

Pennsylvania State University (The); Series 2016 A, RB

      5.00%        09/01/2041        3,245        3,518,927  

Philadelphia (City of), PA;

            

Series 2014 A, Ref. GO Bonds(h)(i)

     5.25%        01/15/2024        1,000        1,055,779  

Series 2017 A, RB(c)(d)

     5.25%        10/01/2052        7,405        8,255,824  

Series 2017 A, Ref. GO Bonds

      5.00%        08/01/2036        2,550        2,797,101  

Series 2017 B, Ref. RB(b)

     5.00%        07/01/2047        3,000        3,165,642  

Series 2017, Ref. GO Bonds

      5.00%        08/01/2041        3,250        3,545,481  

Series 2019 A, Ref. GO Bonds

      5.00%        08/01/2031        100        117,052  

Series 2019 B, GO Bonds

      5.00%        02/01/2039        1,000        1,126,780  

Series 2020 A, RB

      5.00%        11/01/2045        3,700        4,145,807  

Series 2020 A, RB

      5.00%        11/01/2050        1,000        1,115,320  

Series 2020 C, Ref. RB(b)

     4.00%        07/01/2045        1,000        993,296  

Series 2020 C, Ref. RB(b)

     4.00%        07/01/2050        1,000        979,898  

Series 2021 A, GO Bonds

      4.00%        05/01/2042        1,000        1,009,052  

Series 2021, Ref. RB (INS - AGM)(b)(g)

     4.00%        07/01/2037        1,000        1,019,233  

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

      5.00%        12/01/2031        3,160        3,389,102  

Philadelphia (City of), PA Authority for Industrial Development (Independence Charter School - West); Series 2019, RB

      5.00%        06/15/2050        1,025        1,035,327  

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

      5.00%        04/01/2046        2,360        2,382,756  

 

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

Invesco Pennsylvania Value Municipal Income Trust

                   Principal         
     Interest      Maturity      Amount         
      Rate      Date      (000)      Value  

Pennsylvania–(continued)

            

Philadelphia (City of), PA Authority for Industrial Development (MaST Community Charter School II);

            

Series 2020, RB

      5.00%        08/01/2030      $ 460      $           481,485  

Series 2020, RB

      5.00%        08/01/2040        620        649,121  

Series 2020, RB

      5.00%        08/01/2050        1,400        1,446,206  

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

      5.00%        04/01/2045        1,970        2,059,604  

Philadelphia (City of), PA Authority for Industrial Development (The Childrens Hospital of Philadelphia); Series 2014 A, RB(d)(h)(i)

     5.00%        07/01/2024        6,000        6,366,556  

Philadelphia (City of), PA Authority for Industrial Development (University Square Apartments); Series 2017, RB

      4.00%        12/01/2047        600        608,782  

Philadelphia (City of), PA Authority for Industrial Development (Wesley Enhanced Living Obligated Group);

            

Series 2017, Ref. RB

      5.00%        07/01/2042        1,525        1,440,008  

Series 2017, Ref. RB

      5.00%        07/01/2049            3,500        3,204,327  

Philadelphia (City of), PA Hospitals & Higher Education Facilities Authority (Temple University Health System);

            

Series 2017, Ref. RB

      5.00%        07/01/2032        1,980        2,114,100  

Series 2017, Ref. RB

      5.00%        07/01/2034        1,000        1,064,778  

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

     6.13%        03/15/2023        1,915        1,982,953  

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

      7.00%        06/15/2033        3,125        3,359,790  

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

      5.25%        08/01/2046        1,500        1,555,401  

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

     6.63%        12/15/2022        1,250        1,284,597  

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

     5.00%        03/15/2045        1,960        1,951,883  

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

     5.25%        02/15/2029        1,645        1,650,687  

Philadelphia Gas Works Co.; Sixteenth Series 2020 A, RB (INS - AGM)(g)

     4.00%        08/01/2045        2,000        2,022,892  

Philadelphia School District (The);

            

Series 2007 A, Ref. GO Bonds (INS - NATL)(g)

     5.00%        06/01/2025        1,965        2,117,185  

Series 2019 A, GO Bonds

      5.00%        09/01/2044        1,000        1,113,714  

Pittsburgh (City of), PA; Series 2022, GO Bonds

      5.00%        09/01/2042        450        510,080  

Pittsburgh (City of), PA Water & Sewer Authority;

            

Series 2013 A, Ref. RB

      5.00%        09/01/2031        1,250        1,299,231  

Series 2019 A, RB (INS - AGM)(g)

     5.00%        09/01/2044        2,255        2,551,884  

Series 2020 B, RB (INS - AGM)(g)

     4.00%        09/01/2045        1,350        1,379,968  

Series 2020 B, RB (INS - AGM)(g)

     4.00%        09/01/2050        1,250        1,279,846  

Southcentral Pennsylvania General Authority (WellSpan Health Obligated Group); Series 2019 A, Ref. RB

      5.00%        06/01/2049        2,750        2,947,906  

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

     5.00%        01/01/2027        4,415        4,449,941  

Swarthmore (Borough of), PA Authority (Swarthmore College); Series 2021 B, Ref. RB

      4.00%        09/15/2041        1,690        1,745,422  

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

      5.00%        07/01/2035        1,000        1,019,453  

Washington (County of), PA Redevelopment Authority (Victory Centre); Series 2018, Ref. RB

      5.00%        07/01/2028        750        769,236  

West Cornwall Township Municipal Authority (Pleasant View Retirement Community); Series 2018 C, Ref. RB

      5.00%        12/15/2048        3,670        3,729,210  

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

      5.00%        07/01/2035        1,500        1,536,028  

West Shore School District; Series 2020, GO Bonds

      4.00%        11/15/2048        2,000        2,041,535  

Westmoreland (County of), PA Municipal Authority;

            

Series 2013, RB(h)(i)

     5.00%        08/15/2023        2,000        2,080,568  

Series 2013, RB(h)(i)

     5.00%        08/15/2023        2,250        2,340,639  
                                  442,575,217  

Puerto Rico–6.06%

            

Children’s Trust Fund;

            

Series 2002, RB

      5.63%        05/15/2043        1,265        1,288,079  

Series 2005 A, RB(j)

     0.00%        05/15/2050        17,475        2,934,844  

Series 2005 B, RB(j)

     0.00%        05/15/2055        7,700        737,059  

Series 2008 A, RB(j)

     0.00%        05/15/2057        7,170        482,808  

Series 2008 B, RB(j)   

      0.00%        05/15/2057        28,400        1,504,814  

 

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

Invesco Pennsylvania Value Municipal Income Trust

                   Principal         
     Interest      Maturity      Amount         
     Rate      Date      (000)      Value  

 

  

Puerto Rico–(continued)

            

Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority;

            

Series 2012 A, RB(h)

     5.00%        07/01/2033      $ 3,000      $ 3,008,731  

 

  

Series 2012 A, RB(h)

     5.75%        07/01/2037        2,500        2,508,777  

 

  

Puerto Rico (Commonwealth of) Electric Power Authority; Series 2007 VV, Ref. RB (INS - NATL)(g)

     5.25%        07/01/2030        2,660        2,743,418  

 

  

Puerto Rico (Commonwealth of) Highway & Transportation Authority;

            

Series 2007 N, Ref. RB (INS - AGC)(g)

     5.25%        07/01/2034        450        477,815  

 

  

Series 2007, Ref. RB (INS - AGM)(g)

     5.25%        07/01/2036            2,200        2,339,376  

 

  
              18,025,721  

 

  

Guam–2.47%

            

Guam (Territory of) (Section 30); Series 2016 A, Ref. RB

      5.00%        12/01/2046        1,250        1,327,891  

 

  

Guam (Territory of) International Airport Authority;

            

Series 2013 C, RB(b)(h)(i)

     6.00%        10/01/2023        1,110        1,169,511  

 

  

Series 2013 C, RB(b)(h)(i)

     6.25%        10/01/2023        595        628,844  

 

  

Series 2013 C, RB (INS - AGM)(b)(g)

     6.00%        10/01/2034        440        460,319  

 

  

Series 2013 C, RB(b)

     6.25%        10/01/2034        905        943,061  

 

  

Guam (Territory of) Power Authority; Series 2012 A, Ref. RB(h)

     5.00%        10/01/2034        1,700        1,719,705  

 

  

Guam (Territory of) Waterworks Authority; Series 2014 A, Ref. RB

      5.00%        07/01/2029        1,055        1,102,251  

 

  
              7,351,582  

 

  

Virgin Islands–1.11%

            

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

      5.00%        09/01/2044        970        923,275  

 

  

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

     5.00%        09/01/2030        2,230        2,379,468  

 

  
              3,302,743  

 

  

TOTAL INVESTMENTS IN SECURITIES(m)–158.44% (Cost $476,730,902)

               471,255,263  

 

  

FLOATING RATE NOTE OBLIGATIONS–(16.28)%

            

Notes with interest and fee rates ranging from 1.34% to 1.35% at 05/31/2022 and contractual maturities of collateral ranging from 04/01/2028 to 10/01/2052(n)

              (48,430,000 ) 

 

  

VARIABLE RATE MUNI TERM PREFERRED SHARES–(46.26)%

               (137,586,701 ) 

 

  

OTHER ASSETS LESS LIABILITIES–4.10%

               12,195,096  

 

  

NET ASSETS APPLICABLE TO COMMON SHARES–100.00%

             $    297,433,658  

 

  

 

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 which are an integral part of this schedule.

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 Trust’s 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.

(e)

Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on May 31, 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 May 31, 2022 was $7,071,079, which represented 2.38% of the Trust’s 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 May 31, 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 issuer’s obligations but may be called upon to satisfy the issuer’s obligations.

Entity    Percent  

Assured Guaranty Municipal Corp.

      6.01%  

 

(n) 

Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at May 31, 2022. At May 31, 2022, the Trust’s investments with a value of $77,706,073 are held by TOB Trusts and serve as collateral for the $48,430,000 in the floating rate note obligations outstanding at that date.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

 

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

Invesco Pennsylvania Value Municipal Income Trust

Notes to Quarterly Schedule of Portfolio Holdings

May 31, 2022

(Unaudited)

NOTE 1–Additional Valuation Information

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

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

    As of May 31, 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.

 

Invesco Pennsylvania Value Municipal Income Trust