Edgar Filing: Invesco Pennsylvania Value Municipal Income Trust

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY


Investment Company Act file number		811-07398

Invesco Pennsylvania Value Municipal Income Trust
(Exact name of registrant as specified in charter)

1555 Peachtree Street, N.E., Atlanta, Georgia 30309
(Address of principal executive offices) (Zip code)

Philip A. Taylor 1555 Peachtree Street, N.E., Atlanta, Georgia 30309
(Name and address of agent for service)


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


Date of fiscal year end:		2/28

Date of reporting period:		11/30/15

Item 1. Schedule of Investments.


		Invesco Pennsylvania Value Municipal Income Trust
		Quarterly Schedule of Portfolio Holdings
		November 30, 2015

		invesco.com/us VK-CE-PAVMI-QTR-1 11/15		Invesco Advisers, Inc.

Schedule of Investments

November 30, 2015

(Unaudited)


	Interest Rate	Maturity Date	Principal Amount (000)		Value

Municipal Obligations–148.95%^(a)

Pennsylvania–141.65%

Allegheny (County of) Higher Education Building Authority (Chatham University); Series 2012 A, University RB	5.00%	09/01/2035	$	3,000	$	3,205,110

Allegheny (County of) Higher Education Building Authority (Duquesne University);
Series 2008, University RB	5.00%	03/01/2021		1,165		1,247,843

Series 2011 A, University RB	5.50%	03/01/2029		1,600		1,810,416

Series 2013 A, University RB	5.00%	03/01/2033		1,600		1,786,112

Allegheny (County of) Higher Education Building Authority (Robert Morris University); Series 2008 A, University RB	6.00%	10/15/2038		1,000		1,081,040

Allegheny (County of) Hospital Development Authority (Ohio Valley General Hospital);
Series 2005 A, RB	5.00%	04/01/2025		735		735,074

Series 2005 A, RB	5.13%	04/01/2035		3,145		3,144,906

Allegheny (County of) Hospital Development Authority (University of Pittsburgh Medical Center); Series 2009, RB	5.63%	08/15/2039		2,750		3,066,910

Allegheny (County of) Industrial Development Authority (Propel Charter School-McKeesport); Series 2010 B, Charter School RB	6.38%	08/15/2035		1,215		1,313,002

Allegheny (County of) Industrial Development Authority (Residential Resources, Inc.); Series 2006, Lease RB	5.13%	09/01/2031		725		727,762

Allegheny (County of) Sanitary Authority; Series 2015, Ref. RB ^(b)	5.00%	12/01/2045		7,880		8,806,846

Beaver (County of) Industrial Development Authority (FirstEnergy Generation Corp.); Series 2008 A, Ref. PCR	2.15%	03/01/2017		2,300		2,301,541

Beaver (County of) Industrial Development Authority; Series 2008 A, Ref. PCR ^(c)	2.70%	04/02/2018		770		769,553

Beaver (County of);
Series 2009, Unlimited Tax GO Notes ^(c)(d)	5.55%	11/15/2017		240		262,514

Series 2009, Unlimited Tax GO Notes (INS-AGM) ^(e)	5.55%	11/15/2031		4,695		5,065,201

Berks (County of) Industrial Development Authority (One Douglassville); Series 2007 A, Ref. RB ^(f)	6.13%	11/01/2034		1,290		1,306,202

Berks (County of) Municipal Authority (Reading Hospital Medical Center); Series 2012 A, RB	5.00%	11/01/2044		3,500		3,786,860

Bethlehem (City of);
Series 2014, Gtd. Ref. Water RB	5.00%	11/15/2030		1,575		1,787,342

Series 2014, Gtd. Ref. Water RB	5.00%	11/15/2031		1,575		1,782,034

Bethlehem Area School District; Series 2010, Unlimited Tax GO Bonds (INS-AGM) ^(e)	5.25%	01/15/2025		3,000		3,388,380

Bucks (County of) Industrial Development Authority (Lutheran Community Telford Center); Series 2007, RB	5.75%	01/01/2037		2,200		2,219,316

Central Bradford Progress Authority (Guthrie Healthcare System); Series 2011, RB	5.38%	12/01/2041		3,600		4,062,276

Centre (County of) Hospital Authority (Mt. Nittany Medical Center);
Series 2011, RB	6.25%	11/15/2041		1,670		1,938,887

Series 2012 B, RB	5.00%	11/15/2036		1,000		1,087,080

Chester (County of) Industrial Development Authority (University Student Housing, LLC at West Chester University of Pennsylvania); Series 2013, Student Housing RB	5.00%	08/01/2045		2,425		2,524,619

Clairton (City of) Municipal Authority; Series 2012 B, RB	5.00%	12/01/2037		2,000		2,154,000

Coatesville School District; Series 2010, Limited Tax GO Bonds (INS-AGM) ^(e)	5.00%	08/15/2030		2,650		3,014,454

Commonwealth Financing Authority; Series 2010 B, RB	5.00%	06/01/2023		1,775		2,021,548

Cumberland (County of) Municipal Authority (Asbury Pennsylvania Obligated Group);
Series 2010, RB	6.00%	01/01/2030		1,600		1,713,856

Series 2010, RB	6.00%	01/01/2040		2,885		3,071,313

Cumberland (County of) Municipal Authority (Association of Independent Colleges & Universities of Pennsylvania Financing Program-Dickinson College); Series 2009, RB	5.00%	11/01/2039		1,850		1,986,530

Cumberland (County of) Municipal Authority (Diakon Lutheran Ministries);
Series 2007, RB ^(c)(d)	5.00%	01/01/2017		2,000		2,092,100

Series 2007, RB ^(c)(d)	5.00%	01/01/2017		3,000		3,138,150

Series 2015, Ref. RB	5.00%	01/01/2038		3,150		3,374,248

Cumberland (County of) Municipal Authority (Messiah Village); Series 2008 A, RB	6.00%	07/01/2035		2,000		2,141,720

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

Invesco Pennsylvania Value Municipal Income Trust


	Interest Rate	Maturity Date	Principal Amount (000)		Value

Pennsylvania–(continued)

Daniel Boone Area School District;
Series 2008, Limited Tax GO Notes ^(c)(d)	5.00%	08/15/2018	$	635	$	703,053

Series 2008, Limited Tax GO Notes ^(c)(d)	5.00%	08/15/2018		445		492,691

Series 2008, Limited Tax GO Notes	5.00%	08/15/2032		920		999,479

Dauphin (County of) General Authority (Hapsco Western Hospital); Series 1992 B, Ref. RB ^(d)	6.25%	07/01/2016		770		793,092

Dauphin (County of) General Authority (Pinnacle Health System); Series 2009 A, Health System RB	5.75%	06/01/2020		5,475		6,277,087

Deer Lakes School District; Series 2009, Limited Tax GO Bonds (INS-AGC) ^(e)	5.38%	04/01/2034		1,000		1,118,090

Delaware (County of) Authority (Cabrini College); Series 1999, College RB (INS-AGC) ^(e)	5.75%	07/01/2023		360		360,882

Delaware (County of) Authority (Elwyn);
Series 2010, RB	5.00%	06/01/2019		1,875		1,964,888

Series 2010, RB	5.00%	06/01/2023		975		1,001,783

Series 2010, RB	5.00%	06/01/2024		1,755		1,798,875

Series 2010, RB	5.00%	06/01/2025		750		767,048

Delaware (County of) Authority (Neumann College); Series 2008, College RB	6.25%	10/01/2038		325		328,650

Delaware (County of) Authority (Villanova University); Series 2015, RB	5.00%	08/01/2045		785		876,076

Delaware (County of) Industrial Development Authority (Covanta); Series 2015, Ref. RB	5.00%	07/01/2043		1,575		1,586,151

Delaware River Port Authority (Port District);
Series 2012, Ref. RB	5.00%	01/01/2025		2,175		2,470,082

Series 2012, Ref. RB	5.00%	01/01/2027		1,290		1,450,063

Delaware River Port Authority;
Series 2010 D, RB	5.00%	01/01/2040		2,000		2,225,100

Series 2013, RB	5.00%	01/01/2031		1,000		1,149,600

Delaware Valley Regional Financial Authority;
Series 2002, RB	5.75%	07/01/2017		4,375		4,700,456

Series 2002, RB	5.75%	07/01/2032		2,500		3,088,675

Doylestown (City of) Hospital Authority; Series 2013 A, RB (INS-AGM) ^(e)	5.00%	07/01/2024		3,025		3,447,018

East Hempfield (Township of) Industrial Development Authority (Student Services Inc. Student Housing);
Series 2013, RB	5.00%	07/01/2035		750		783,518

Series 2013, RB	5.00%	07/01/2045		2,020		2,090,437

Series 2014, RB	5.00%	07/01/2039		750		781,005

Erie (City of) Higher Education Building Authority (Mercyhurst College); Series 2008, College RB	5.50%	03/15/2038		1,000		1,045,950

Franklin (County of) Industrial Development Authority (Chambersburg Hospital); Series 2010, RB	5.38%	07/01/2042		2,980		3,252,342

Fulton (County of) Industrial Development Authority (The Fulton County Medical Center); Series 2006, Hospital RB	5.90%	07/01/2040		2,000		2,015,100

Geisinger Authority (Geisinger Health System); Series 2011 A-1, Health System RB	5.13%	06/01/2041		1,500		1,650,195

Lancaster (County of) Higher Education Authority (Franklin & Marshall College); Series 2008, RB	5.00%	04/15/2037		3,430		3,692,566

Lancaster (County of) Hospital Authority (Brethren Village); Series 2008 A, RB	6.50%	07/01/2040		1,390		1,435,050

Lancaster (County of) Hospital Authority (Lancaster General Hospital); Series 2012, Health System RB	5.00%	07/01/2042		2,000		2,172,240

Lancaster (County of) Hospital Authority (Landis Homes Retirement Community); Series 2015, Ref. Health Center RB	5.00%	07/01/2045		1,575		1,606,799

Lancaster (County of) Hospital Authority (Masonic Villages); Series 2015, Ref. RB	5.00%	11/01/2035		790		883,362

Lancaster (County of) Solid Waste Management Authority; Series 2013 A, Solid Waste Disposal System RB	5.25%	12/15/2030		1,000		1,151,980

Lehigh (County of) Authority; Series 2013 A, Water & Sewer RB	5.00%	12/01/2038		3,070		3,452,829

Lehigh (County of) General Purpose Authority (Bible Fellowship Church Homes, Inc.); Series 2013, RB	5.25%	07/01/2042		2,675		2,768,893

Lehigh (County of) General Purpose Authority (Cedar Crest);
Series 2006, General RB ^(c)(d)	5.00%	04/01/2016		1,030		1,045,481

Series 2006, General RB ^(c)(d)	5.00%	04/01/2016		480		487,214

Lehigh (County of) General Purpose Authority (Lehigh Valley Health); Series 2005 B, Hospital RB (INS-AGM) ^(e)	5.00%	07/01/2035		1,000		1,068,200

Lycoming (County of) Authority (Pennsylvania College of Technology); Series 2011, RB	5.00%	07/01/2030		4,250		4,677,167

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

Invesco Pennsylvania Value Municipal Income Trust


	Interest Rate	Maturity Date	Principal Amount (000)		Value

Pennsylvania–(continued)

Lycoming (County of) Authority (Susquehanna Health System); Series 2009 A, Heath System RB	5.75%	07/01/2039	$	3,750	$	4,047,000

Monroe (County of) Hospital Authority (Pocono Medical Center); Series 2007, RB	5.25%	01/01/2043		3,000		3,101,220

Montgomery (County of) Higher Education & Health Authority (Abington Memorial Hospital Obligated Group); Series 2012, RB	5.00%	06/01/2031		3,600		3,974,364

Montgomery (County of) Higher Education & Health Authority (Dickinson College); Series 2006 FF1, RB (INS-AGC) ^(e)	5.00%	05/01/2031		550		558,872

Montgomery (County of) Higher Education & Health Authority (Holy Redeemer Health System); Series 2014, Ref. RB	5.00%	10/01/2027		1,460		1,598,423

Montgomery (County of) Industrial Development Authority (ACTS Retirement-Life Communities, Inc.);
Series 2006 A, RB	4.50%	11/15/2036		1,100		1,103,718

Series 2012, Ref. RB	5.00%	11/15/2027		2,400		2,591,160

Series 2012, Ref. RB	5.00%	11/15/2028		500		537,810

Montgomery (County of) Industrial Development Authority (Albert Einstein Healthcare); Series 2015, Ref. Health System RB	5.25%	01/15/2045		3,150		3,379,887

Montgomery (County of) Industrial Development Authority (Philadelphia Presbytery Homes, Inc.); Series 2010, RB	6.63%	12/01/2030		3,905		4,466,266

Montgomery (County of) Industrial Development Authority (Whitemarsh Community); Series 2008, Mortgage RB ^(c)(d)	7.00%	02/01/2018		1,500		1,696,740

Northampton (County of) General Purpose Authority (Lehigh University);
Series 2009, Higher Education RB	5.00%	11/15/2039		2,000		2,203,360

Series 2009, Higher Education RB	5.50%	11/15/2033		4,000		4,477,600

Northampton (County of) General Purpose Authority (St. Luke’s Hospital);
Series 2008 A, Hospital RB	5.50%	08/15/2035		2,000		2,174,740

Series 2010 C, Hospital RB ^(c)	4.50%	08/15/2016		2,000		2,046,060

Northampton (County of) Industrial Development Authority (Morningstar Senior Living, Inc.);
Series 2012, RB	5.00%	07/01/2032		740		763,835

Series 2012, RB	5.00%	07/01/2036		1,000		1,031,060

Northeastern York School District;
Series 2007 B, Limited Tax GO Bonds ^(c)(d)	5.00%	04/01/2017		1,000		1,058,390

Series 2007 B, Limited Tax GO Bonds ^(c)(d)	5.00%	04/01/2017		2,000		2,116,780

Owen J. Roberts School District; Series 2006, Unlimited Tax GO Notes ^(c)(d)	5.00%	05/15/2016		5,000		5,108,350

Pennsylvania (Commonwealth of);
First Series 2006, Unlimited Tax GO Bonds ^(c)(d)	5.00%	10/01/2016		3,000		3,116,340

First Series 2013, Unlimited Tax GO Bonds ^(b)	5.00%	04/01/2028		15,000		17,408,850

Pennsylvania (State of) Economic Development Financing Agency (Forum Place); Series 2012, Governmental Lease RB	5.00%	03/01/2034		1,750		1,909,530

Pennsylvania (State of) Economic Development Financing Authority (Amtrak); Series 2012 A, Ref. Exempt Facilities RB ^(f)	5.00%	11/01/2041		3,830		4,114,454

Pennsylvania (State of) Economic Development Financing Authority (Aqua Pennsylvania, Inc.); Series 2010 A, Ref. Water Facility RB ^(f)	5.00%	12/01/2034		2,000		2,171,940

Pennsylvania (State of) Economic Development Financing Authority (National Gypson Co.); Series 2014, Ref. Exempt Facilities RB ^(f)(g)	5.50%	11/01/2044		2,365		2,445,717

Pennsylvania (State of) Economic Development Financing Authority (PA Bridges Finco L.P.); Series 2015, RB ^(f)	5.00%	06/30/2042		5,915		6,334,078

Pennsylvania (State of) Economic Development Financing Authority (Philadelphia Biosolids Facility);
Series 2009, Sewage Sludge Disposal RB	5.50%	01/01/2018		1,000		1,039,870

Series 2009, Sewage Sludge Disposal RB	6.25%	01/01/2032		2,000		2,212,460

Pennsylvania (State of) Economic Development Financing Authority (PPL Energy Supply); Series 2009 A, Ref. Exempt Facilities RB	6.40%	12/01/2038		2,000		2,091,540

Pennsylvania (State of) Economic Development Financing Authority (Waste Management, Inc.); Series 2005 A, Solid Waste Disposal RB ^(f)	5.10%	10/01/2027		3,690		3,740,922

Pennsylvania (State of) Higher Educational Facilities Authority (AICUP Financing Program-Del Valley College); Series 2012, RB	5.00%	11/01/2027		1,650		1,777,677

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

Invesco Pennsylvania Value Municipal Income Trust


	Interest Rate	Maturity Date	Principal Amount (000)		Value

Pennsylvania–(continued)

Pennsylvania (State of) Higher Educational Facilities Authority (Edinboro University Foundation);
Series 2008, RB	5.88%	07/01/2038	$	2,750	$	2,854,198
Series 2010, RB	6.00%	07/01/2043		1,000		1,067,220
Pennsylvania (State of) Higher Educational Facilities Authority (La Salle University); Series 2012, RB	5.00%	05/01/2042		3,320		3,485,402
Pennsylvania (State of) Higher Educational Facilities Authority (Shippensburg University Student Services);
Series 2012, RB	5.00%	10/01/2035		2,150		2,236,839
Series 2012, RB	5.00%	10/01/2044		1,000		1,031,430
Pennsylvania (State of) Higher Educational Facilities Authority (St. Joseph’s University); Series 2010 A, RB	5.00%	11/01/2040		5,000		5,577,700
Pennsylvania (State of) Higher Educational Facilities Authority (State System Higher Education); Series 2010 AL, RB	5.00%	06/15/2021		1,450		1,668,689
Pennsylvania (State of) Higher Educational Facilities Authority (Temple University); First Series 2012, RB	5.00%	04/01/2042		2,430		2,696,595
Pennsylvania (State of) Higher Educational Facilities Authority (Thomas Jefferson University);
Series 2010, RB	5.00%	03/01/2040		1,000		1,068,940
Series 2015, Ref. RB	5.25%	09/01/2050		3,155		3,501,103
Pennsylvania (State of) Higher Educational Facilities Authority (University Properties, Inc.); Series 2010, Student Housing RB	5.00%	07/01/2042		2,320		2,381,457
Pennsylvania (State of) Intergovernmental Cooperation Authority (City of Philadelphia Funding Program); Series 2009, Ref. Special Tax RB ^(b)	5.00%	06/15/2021		12,135		13,585,861
Pennsylvania (State of) Turnpike Commission;
Series 2008 A-1, RB (INS-AGC) ^(b)(e)	5.00%	06/01/2038		12,995		13,957,280
Series 2009 C, Sub. Conv. CAB RB (INS-AGM) ^(e)(h)	6.25%	06/01/2033		5,840		7,198,326
Series 2009 E, Sub. Conv. CAB RB ^(h)	6.38%	12/01/2038		720		819,547
Series 2010 A 1, Motor License Fund Special RB	5.00%	12/01/2038		1,000		1,109,250
Series 2010 A-2, Motor License Fund Special Conv. CAB RB ^(h)	5.50%	12/01/2034		2,065		2,270,137
Series 2010 B 2, Conv. CAB RB ^(h)	5.00%	12/01/2030		1,875		2,027,700
Series 2010 B 2, Conv. CAB RB ^(h)	5.13%	12/01/2035		1,500		1,612,590
Series 2011 B, Sub. Motor License Fund Special RB ^(b)	5.00%	12/01/2041		11,000		12,073,600
Series 2014, Ref. RB	5.00%	12/01/2034		1,500		1,709,745
Philadelphia (City of) Authority for Industrial Development (The Children’s Hospital of Philadelphia); Series 2014 A, Hospital RB ^(b)	5.00%	07/01/2042		6,000		6,728,460
Philadelphia (City of) Hospitals & Higher Education Facilities Authority (Children’s Hospital of Philadelphia); Series 2011, RB	5.00%	07/01/2041		2,000		2,210,760
Philadelphia (City of) Hospitals & Higher Education Facilities Authority (Jefferson Health System); Series 2010 B, RB ^(c)(d)	5.00%	05/15/2020		4,995		5,803,191
Philadelphia (City of) Industrial Development Authority (Architecture & Design Charter High School); Series 2013, RB	6.13%	03/15/2043		1,915		2,069,387
Philadelphia (City of) Industrial Development Authority (Discovery Charter School);
Series 2012, RB	5.88%	04/01/2032		450		445,536
Series 2012, RB	6.25%	04/01/2037		500		502,305
Philadelphia (City of) Industrial Development Authority (First Philadelphia Preparatory Charter School); Series 2014 A, RB	7.00%	06/15/2033		3,125		3,495,187
Philadelphia (City of) Industrial Development Authority (Global Leadership Academy Charter School); Series 2010, RB	6.38%	11/15/2040		1,000		1,068,510
Philadelphia (City of) Industrial Development Authority (Independence Charter School); Series 2007 A, RB	5.50%	09/15/2037		2,815		2,858,858
Philadelphia (City of) Industrial Development Authority (MaST Charter School); Series 2010, RB	6.00%	08/01/2035		1,660		1,835,744
Philadelphia (City of) Industrial Development Authority (New Foundations Charter School); Series 2012, RB	6.63%	12/15/2041		1,250		1,377,275
Philadelphia (City of) Industrial Development Authority (Performing Arts Charter School); Series 2013, RB ^(g)	6.50%	06/15/2033		3,055		3,199,196
Philadelphia (City of) Parking Authority; Series 1999 A, RB (INS-AMBAC) ^(e)	5.25%	02/15/2029		1,645		1,650,708

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

Invesco Pennsylvania Value Municipal Income Trust


	Interest Rate	Maturity Date	Principal Amount (000)		Value

Pennsylvania–(continued)

Philadelphia (City of);
Ninth Series 2010, Gas Works RB	5.00%	08/01/2030	$	1,500	$	1,647,585
Ninth Series 2010, Gas Works RB	5.25%	08/01/2040		3,610		4,029,771
Series 2007 A, Airport RB (INS-AGM) ^(e)(f)	5.00%	06/15/2037		3,000		3,107,610
Series 2008 A, Ref. Unlimited Tax GO Bonds (INS-AGM) ^(e)	5.25%	12/15/2025		3,500		3,854,900
Series 2009 A, Ref. Unlimited Tax GO Bonds (INS-AGC) ^(e)	5.50%	08/01/2024		1,500		1,706,445
Series 2009 A, Water & Wastewater RB	5.25%	01/01/2036		1,500		1,644,690
Series 2009 B, Limited Tax GO Bonds ^(c)(d)	7.13%	07/15/2016		1,040		1,084,179
Series 2010 C, Water & Wastewater RB (INS-AGM) ^(e)	5.00%	08/01/2035		2,750		3,087,122
Series 2011, Unlimited Tax GO Bonds	6.00%	08/01/2036		2,000		2,310,520
Series 2014 A, Ref. Unlimited Tax GO Bonds	5.25%	07/15/2034		1,000		1,146,380
Twelfth Series 1990 B, Gas Works RB ^(d)	7.00%	05/15/2020		1,910		2,177,954
Philadelphia (State of) Authority for Industrial Development (Temple University); First Series 2015, Ref. RB	5.00%	04/01/2045		1,970		2,188,591
Philadelphia School District; Series 2008 E, Limited Tax GO Bonds (INS-BHAC) ^(e)	5.13%	09/01/2023		2,500		2,748,025
Pittsburgh (City of) & Allegheny (County of) Sports & Exhibition Authority (Regional Asset District); Series 2010, Ref. Sales Tax RB (INS-AGM) ^(e)	5.00%	02/01/2031		3,235		3,652,671
Pittsburgh (City of) & Allegheny (County of) Sports & Exhibition Authority; Series 2010, Ref. Hotel Room Excise Tax RB (INS-AGM) ^(e)	5.00%	02/01/2035		1,000		1,119,760
Pittsburgh (City of) Water & Sewer Authority;
Series 2008 D1, First Lien RB (INS-AGM) ^(e)	5.00%	09/01/2024		2,000		2,188,860
Series 2008 D1, First Lien RB (INS-AGM) ^(e)	5.00%	09/01/2025		3,000		3,278,190
Series 2013 A, Ref. First Lien RB	5.00%	09/01/2031		1,250		1,424,513
Southcentral (Region of) General Authority (Wellspan Health Obligated Group); Series 2014, Ref. RB ^(b)	5.00%	06/01/2044		11,820		13,095,851
Southeastern Pennsylvania Transportation Authority; Series 2011, Capital Grant Receipts RB	5.00%	06/01/2029		2,480		2,796,894
State Public School Building Authority (Harrisburg School District); Series 2009 A, RB (INS-AGC) ^(e)	5.00%	11/15/2033		2,500		2,723,550
State Public School Building Authority (Philadelphia School District); Series 2012, Lease RB	5.00%	04/01/2032		1,500		1,625,025
Susquehanna Area Regional Airport Authority; Series 2012 A, Airport System RB ^(f)	5.00%	01/01/2027		4,415		4,811,953
Union (County of) Hospital Authority (Evangelical Community Hospital); Series 2011, Ref. & Improvement RB	7.00%	08/01/2041		3,000		3,541,440
University of Pittsburgh - of the Commonwealth System of Higher Education (University Capital);
Series 2000 B, Ref. RB ^(b)	5.25%	09/15/2034		10,000		11,327,200
Series 2005 A, RB ^(b)(i)	5.25%	09/15/2030		10,000		11,348,300
Washington (County of) Industrial Development Authority (Washington Jefferson College);
Series 2010, College RB	5.00%	11/01/2036		1,700		1,896,877
Series 2010, College RB	5.25%	11/01/2030		1,500		1,692,105
Washington (County of) Redevelopment Authority (Victory Centre Tanger Outlet Development); Series 2006 A, Tax Allocation RB	5.45%	07/01/2035		455		461,097
West Mifflin Area School District;
Series 2009, Limited Tax GO Bonds (INS-AGM) ^(e)	5.13%	04/01/2031		1,500		1,634,325
Series 2009, Limited Tax GO Bonds (INS-AGM) ^(e)	5.50%	04/01/2024		500		553,500
Westmoreland (County of) Industrial Development Authority (Redstone Presbyterian Senior Care Obligated Group); Series 2005 A, Retirement Community RB ^(c)(d)	5.75%	01/01/2016		2,350		2,361,257
Westmoreland (County of) Municipal Authority;
Series 2013, RB	5.00%	08/15/2031		2,250		2,562,525
Series 2013, RB	5.00%	08/15/2037		2,000		2,245,560
Wilkes-Barre (City of) Finance Authority (University of Scranton); Series 2010, RB	5.00%	11/01/2040		2,650		2,956,181
Wilkes-Barre (City of) Finance Authority (Wilkes University); Series 2007, Ref. RB	5.00%	03/01/2037		3,000		3,064,530
						484,247,587

Guam–4.60%

Guam (Territory of) (Section 30);
Series 2009 A, Limited Obligation RB	5.63%	12/01/2029		1,250		1,383,837
Series 2009 A, Limited Obligation RB	5.75%	12/01/2034		1,065		1,181,905

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

Invesco Pennsylvania Value Municipal Income Trust


	Interest Rate	Maturity Date	Principal Amount (000)		Value

Guam–(continued)

Guam (Territory of) International Airport Authority;
Series 2013 C, General RB ^(f)	6.25%	10/01/2034	$	1,500	$	1,746,405
Series 2013 C, General RB (INS-AGM) ^(e)(f)	6.00%	10/01/2034		1,550		1,822,769
Guam (Territory of) Power Authority;
Series 2010 A, RB	5.50%	10/01/2040		1,285		1,414,579
Series 2012 A, Ref. RB	5.00%	10/01/2034		1,700		1,837,666
Guam (Territory of) Waterworks Authority;
Series 2010, Water & Wastewater System RB	5.63%	07/01/2040		3,000		3,289,170
Series 2014 A, Ref. Water & Wastewater System RB	5.00%	07/01/2029		1,055		1,177,675
Guam (Territory of); Series 2011 A, Business Privilege Tax RB	5.25%	01/01/2036		1,700		1,873,502
						15,727,508

Virgin Islands–2.19%

Virgin Islands (Government of) Port Authority; Series 2014 B, Ref. Marine RB	5.00%	09/01/2044		970		1,052,169
Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note - Diageo); Series 2009 A, Sub. RB	6.63%	10/01/2029		2,425		2,714,545
Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note);
Series 2010 A, Sr. Lien RB	5.00%	10/01/2029		2,500		2,725,775
Series 2012 A, RB ^(g)	4.00%	10/01/2022		930		991,064
						7,483,553

Puerto Rico–0.51%

Puerto Rico (Commonwealth of); Series 2014 A, Unlimited Tax GO Bonds	8.00%	07/01/2035		2,400		1,749,768
TOTAL INVESTMENTS^(j)–148.95% (Cost $473,962,283)						509,208,416
FLOATING RATE NOTE OBLIGATIONS–(18.25)%
Notes with interest and fee rates ranging from 0.54% to 0.73% at 11/30/2015 and contractual maturities of collateral ranging from 06/15/2021 to 12/01/2045 (See Note 1D)^(k)						(62,380,000)
VARIABLE RATE MUNI TERM PREFERRED SHARES–(38.06)%						(130,100,000)
OTHER ASSETS LESS LIABILITIES–7.36%						25,138,878
NET ASSETS APPLICABLE TO COMMON SHARES–100.00%					$	341,867,294


Investment Abbreviations:

AGC		—Assured Guaranty Corp.

AGM		—Assured Guaranty Municipal Corp.

AMBAC		—American Municipal Bond Assurance Corp.

BHAC		—Berkshire Hathaway Assurance Corp.

CAB		—Capital Appreciation Bonds

Conv.		—Convertible

GO		—General Obligation


Gtd.		—Guaranteed

INS		—Insurer

PCR		—Pollution Control Revenue Bonds

RB		—Revenue Bonds

Ref.		—Refunding

Sr.		—Senior.

Sub.		—Subordinated

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

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

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

^(e)	Principal and/or interest payments are secured by the bond insurance company listed.

^(f)	Security subject to the alternative minimum tax.

^(g)

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 November 30, 2015 was $6,635,977, which represented 1.94% of the Trust’s Net Assets.

^(h)	Convertible CAB. The interest rate shown represents the coupon rate at which the bond will accrue at a specified future date.

⁽ⁱ⁾

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 $6,665,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the TOB Trusts.

^(j)

This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations.


Entity		Percentage

Assured Guaranty Municipal Corp.		9.3%

^(k)

Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at November 30, 2015. At November 30, 2015, the Trust’s investments with a value of $108,332,248 are held by TOB Trusts and serve as collateral for the $62,380,000 in the floating rate note obligations outstanding at that date.

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

Invesco Pennsylvania Value Municipal Income Trust

Notes to Quarterly Schedule of Portfolio Holdings

November 30, 2015

(Unaudited)

NOTE 1 — Significant Accounting Policies

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

Securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

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

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

Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes.

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Trust’s net asset value and, accordingly, they reduce the Trust’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and 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.

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

D.	Floating Rate Note Obligations – The Trust invests in inverse floating rate securities, such as Tender Option Bonds (“TOBs”), for investment purposes and to enhance the yield of the Trust. Such securities may be purchased in the secondary market without

Invesco Pennsylvania Value Municipal Income Trust

D.	Floating Rate Note Obligations – (continued)

first owning an underlying bond but generally are created through the sale of fixed rate bonds by the Trust to special purpose trusts established by a broker dealer or by the Trust (“TOB Trusts”) in exchange for cash and residual interests in the TOB Trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The TOB Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Trust to retain residual interests in the bonds. The floating rate notes issued by the TOB Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the TOB Trusts for redemption at par at each reset date. The residual interests held by the Trust (inverse floating rate securities) include the right of the Trust (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the TOB Trust to the Trust, thereby collapsing the TOB Trust. Inverse floating rate securities tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable.

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

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

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

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

TOBs are presently classified as private placement securities. Private placement securities are subject to restrictions on resale because they have not been registered under the Securities Act of 1933, as amended (the “1933 Act”), or are otherwise not readily

Invesco Pennsylvania Value Municipal Income Trust

D.	Floating Rate Note Obligations – (continued)

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.

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

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

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

NOTE 2 — Additional Valuation Information

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


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

As of November 30, 2015, all of the securities in this Trust were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

NOTE 3 — Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Trust during the nine months ended November 30, 2015 was $27,158,777 and $52,898,730, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis

Aggregate unrealized appreciation of investment securities	$	36,370,576

Aggregate unrealized (depreciation) of investment securities		(925,821)

Net unrealized appreciation of investment securities	$	35,444,755

Cost of investments for tax purposes is $473,763,661.

Invesco Pennsylvania Value Municipal Income Trust

Item 2. Controls and Procedures.

(a)

As of November 20, 2015, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (“Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of November 20, 2015, the Registrant’s disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

(b)

There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3. Exhibits.

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

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: Invesco Pennsylvania Value Municipal Income Trust


By:		/s/ Philip A. Taylor
		Philip A. Taylor
		Principal Executive Officer

Date:		January 29, 2016

Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.


By:		/s/ Philip A. Taylor
		Philip A. Taylor
		Principal Executive Officer

Date:		January 29, 2016


By:		/s/ Sheri Morris
		Sheri Morris
		Principal Financial Officer

Date:		January 29, 2016

EXHIBIT INDEX

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