Regulatory Filings • Jan 27, 2012
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-07398
Invesco Van Kampen Pennsylvania Value Municipal Income Trust
(Exact name of registrant as specified in charter)
1555 Peachtree Street, N.E., Atlanta, Georgia 30309
(Address of principal executive offices) (Zip code)
Colin Meadows 1555 Peachtree Street, N.E., Atlanta, Georgia 30309 (Name and address of agent for service)
Registrants telephone number, including area code: ( 713) 626-1919
Date of fiscal year end: 2/28
Date of reporting period: 11/30/11
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link2 "Item 1. Schedule of Investments"
Item 1. Schedule of Investments.
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Invesco Van Kampen Pennsylvania Value Municipal Income Trust Quarterly Schedule of Portfolio Holdings November 30, 2011
VK-CE-PAVMI-QTR-1 11/11 Invesco Advisers, Inc.
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Schedule of Investments November 30, 2011 (Unaudited)
| Interest | Maturity | Principal — Amount | ||
|---|---|---|---|---|
| Rate | Date | (000) | Value | |
| Municipal Obligations160.08% | ||||
| Pennsylvania150.17% | ||||
| Allegheny (County of) Higher Education Building Authority (Carnegie Mellon University); | ||||
| Series 2002, University RB | 5.25 % | 03/01/32 | $ 2,750 | $ 2,772,578 |
| Allegheny (County of) Higher Education Building Authority (Duquesne University); | ||||
| Series 2008, University RB | 5.00 % | 03/01/21 | 1,165 | 1,266,402 |
| Series 2011 A, University RB | 5.50 % | 03/01/29 | 1,600 | 1,723,024 |
| Allegheny (County of) Higher Education Building Authority (Robert Morris University); Series 2008 | ||||
| A, University RB | 6.00 % | 10/15/38 | 1,000 | 1,008,870 |
| Allegheny (County of) Hospital Development Authority (Ohio Valley General Hospital); | ||||
| Series 2005 A, RB | 5.00 % | 04/01/25 | 735 | 631,703 |
| Series 2005 A, RB | 5.13 % | 04/01/35 | 3,145 | 2,366,455 |
| Allegheny (County of) Hospital Development Authority (University of Pittsburgh Medical); Series | ||||
| 2009, RB | 5.63 % | 08/15/39 | 2,750 | 2,879,195 |
| Allegheny (County of) Industrial Development Authority (AFCO Cargo PIT, LLC); Series 1999, Cargo | ||||
| Facilities Lease RB (a) | 6.63 % | 09/01/24 | 1,880 | 1,631,445 |
| Allegheny (County of) Industrial Development Authority (Propel Charter School-McKeesport); Series | ||||
| 2010 B, Charter School RB | 6.38 % | 08/15/35 | 1,215 | 1,159,268 |
| Allegheny (County of) Industrial Development Authority (Residential Resource, Inc); Series 2006, | ||||
| Lease RB | 5.13 % | 09/01/31 | 1,075 | 957,771 |
| Allegheny (County of) Redevelopment Authority (Robinson Mall); Series 2000 A, Tax Increment | ||||
| Allocation RB | 7.00 % | 11/01/17 | 840 | 841,201 |
| Beaver (County of); Series 2009, Unlimited Tax GO Notes (INS-AGM) (b) | 5.55 % | 11/15/31 | 4,935 | 5,285,286 |
| Berks (County of) Industrial Development Authority (One Douglassville); Series 2007 A, Ref. First | ||||
| Mortgage RB (a) | 6.13 % | 11/01/34 | 1,425 | 1,197,029 |
| Berks (County of) Municipal Authority (Albright College); | ||||
| Series 2004, RB | 5.50 % | 10/01/16 | 1,695 | 1,711,221 |
| Series 2004, RB | 5.50 % | 10/01/17 | 1,800 | 1,805,940 |
| Bethlehem Area School District; Series 2010, Unlimited Tax GO Bonds (INS-AGM) (b) | 5.25 % | 01/15/25 | 3,000 | 3,276,300 |
| Bradford (County of) Industrial Development Authority (International Paper); Series 2005 B, Ref. | ||||
| Solid Waste Disposal RB (a) | 5.20 % | 12/01/19 | 1,000 | 1,019,910 |
| Bucks (County of) Industrial Development Authority (Anns Choice, Inc. Facility); Series 2005 A, | ||||
| Retirement Community RB | 6.25 % | 01/01/35 | 2,300 | 2,157,331 |
| Bucks (County of) Industrial Development Authority (Lutheran Community Telford Center); Series | ||||
| 2007, RB | 5.75 % | 01/01/37 | 2,200 | 1,782,176 |
| Central Bradford Progress Authority (Guthrie Healthcare System); Series 2011, RB | 5.38 % | 12/01/41 | 3,000 | 3,084,120 |
| Centre (County of) Hospital Authority (Mt. Nittany Medical Center); | ||||
| Series 2009, RB (INS-AGC) (b) | 6.13 % | 11/15/39 | 2,185 | 2,255,750 |
| Series 2011, RB | 6.25 % | 11/15/41 | 1,000 | 1,051,800 |
| Chartiers Valley Industrial & Commercial Development Authority (Asbury Health Center); | ||||
| Series 1999, Ref. RB | 6.38 % | 12/01/19 | 1,000 | 1,000,150 |
| Series 1999, Ref. RB | 6.38 % | 12/01/24 | 1,000 | 999,950 |
| Coatesville School District; Series 2010, Limited Tax GO Bonds (INS-AGM) (b) | 5.00 % | 08/15/30 | 2,650 | 2,882,723 |
| Commonwealth Financing Authority; Series 2010 B, RB | 5.00 % | 06/01/23 | 1,775 | 2,005,839 |
| Connellsville Area School District; Series 2008 B, Limited Tax GO Notes (INS-AGM) (b) | 5.00 % | 11/15/37 | 1,000 | 1,009,160 |
| Cumberland (County of) Municipal Authority (Asbury Pennsylvania Obligated Group); | ||||
| Series 2010, RB | 6.00 % | 01/01/30 | 1,600 | 1,515,520 |
| Series 2010, RB | 6.00 % | 01/01/40 | 2,650 | 2,438,318 |
| Cumberland (County of) Municipal Authority (Association of Independent Colleges & Universities of | ||||
| Pennsylvania Financing Program-Dickinson College); Series 2009, RB | 5.00 % | 11/01/39 | 1,850 | 1,929,143 |
| Cumberland (County of) Municipal Authority (Diakon Lutheran Ministries); | ||||
| Series 2007, RB | 5.00 % | 01/01/27 | 2,000 | 1,924,060 |
| Series 2007, RB | 5.00 % | 01/01/36 | 3,000 | 2,715,660 |
| Cumberland (County of) Municipal Authority (Messiah Village); Series 2008 A, RB | 6.00 % | 07/01/35 | 2,000 | 1,882,340 |
| Daniel Boone Area School District; Series 2008, Limited Tax GO Notes | 5.00 % | 08/15/32 | 2,000 | 2,083,660 |
| Dauphin (County of) General Authority (Hapsco Western Hospital); Series 1992 B, Ref. RB | ||||
| (c) | 6.25 % | 07/01/16 | 3,410 | 3,867,997 |
See accompanying notes which are an integral part of this schedule.
Invesco Van Kampen Pennsylvania Value Municipal Income Trust
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xbrl,n
| Interest | Maturity | Principal — Amount | ||
|---|---|---|---|---|
| Rate | Date | (000) | Value | |
| Pennsylvania(continued) | ||||
| Dauphin (County of) General Authority (Pinnacle Health System); Series 2009 A, Health System RB | 5.75 % | 06/01/20 | $ 5,475 | $ 6,067,559 |
| Deer Lakes School District; Series 2009, Limited Tax GO Bonds (INS-AGC) (b) | 5.38 % | 04/01/34 | 1,000 | 1,065,990 |
| Delaware (County of) Authority (Cabrini College); Series 1999, College RB (INS-Radian) (b) | 5.75 % | 07/01/23 | 360 | 360,101 |
| Delaware (County of) Authority (Elwyn); | ||||
| Series 2010, RB | 5.00 % | 06/01/19 | 1,875 | 1,934,081 |
| Series 2010, RB | 5.00 % | 06/01/23 | 975 | 946,784 |
| Series 2010, RB | 5.00 % | 06/01/24 | 1,755 | 1,681,009 |
| Series 2010, RB | 5.00 % | 06/01/25 | 750 | 711,848 |
| Delaware (County of) Authority (Neumann College); Series 2008, College RB | 6.25 % | 10/01/38 | 675 | 695,331 |
| Delaware (County of) Industrial Development Authority (Aqua Pennsylvania, Inc.); | ||||
| Series 2005 A, Water Facilities RB (INS-NATL) (a)(b) | 5.00 % | 11/01/37 | 2,750 | 2,761,055 |
| Series 2005 B, Water Facilities RB (INS-NATL) (a)(b) | 5.00 % | 11/01/36 | 4,000 | 4,018,880 |
| Series 2005 C, Water Facilities RB (INS-NATL) (a)(b) | 5.00 % | 02/01/35 | 3,000 | 2,997,750 |
| Delaware (County of) Industrial Development Authority (Philadelphia Suburban Water); Series 2001, Water Facilities | ||||
| RB (INS-AMBAC) (a)(b) | 5.35 % | 10/01/31 | 2,500 | 2,516,575 |
| Delaware River Port Authority; Series 2010 D, RB | 5.00 % | 01/01/40 | 2,000 | 2,054,120 |
| Delaware Valley Regional Financial Authority; | ||||
| Series 2002, RB | 5.75 % | 07/01/17 | 8,000 | 9,079,520 |
| Series 2002, RB | 5.75 % | 07/01/32 | 2,500 | 2,641,425 |
| Erie (City of) Higher Education Building Authority (Mercyhurst College); Series 2008, College RB | 5.50 % | 03/15/38 | 1,000 | 1,012,050 |
| Exeter Township School District; Series 2003, Unlimited Tax GO Bonds (INS-NATL) (b) | 5.00 % | 05/15/25 | 2,000 | 2,134,780 |
| Franklin (County of) Industrial Development Authority (Chambersburg Hospital); Series 2010, RB | 5.38 % | 07/01/42 | 2,980 | 2,994,095 |
| Fulton (County of) Industrial Development Authority (The Fulton County Medical Center); Series 2006, Hospital RB | 5.90 % | 07/01/40 | 2,000 | 1,733,060 |
| Geisinger Authority; | ||||
| Series 2005 C, VRD Health System RB (d) | 0.07 % | 08/01/28 | 1,500 | 1,500,000 |
| Series 2011 A 1, Health System RB | 5.13 % | 06/01/41 | 1,500 | 1,558,320 |
| Harrisburg (City of) Authority; Series 2004, Ref. RB (INS-AGM) (b) | 5.00 % | 07/15/21 | 6,575 | 6,510,302 |
| Lancaster (County of) Higher Education Authority (Franklin & Marshall College); Series 2008, RB | 5.00 % | 04/15/37 | 3,430 | 3,557,630 |
| Lancaster (County of) Hospital Authority (Brethren Village); Series 2008 A, RB | 6.50 % | 07/01/40 | 2,990 | 2,998,073 |
| Lehigh & Northampton (Counties of) Airport Authority (Lehigh Valley Airport System); | ||||
| Series 2005 A, Ref. RB (INS-NATL) (a)(b) | 5.00 % | 01/01/20 | 1,240 | 1,264,614 |
| Series 2005 A, Ref. RB (INS-NATL) (a)(b) | 5.00 % | 01/01/22 | 1,360 | 1,372,512 |
| Series 2005 A, Ref. RB (INS-NATL) (a)(b) | 5.00 % | 01/01/23 | 675 | 677,552 |
| Lehigh (County of) General Purpose Authority (Cedar Crest College); Series 2006, College RB (INS-Radian) (b) | 5.00 % | 04/01/26 | 1,510 | 1,451,608 |
| Lehigh (County of) General Purpose Authority; Series 2005 B, Hospital RB (INS-AGM) (b) | 5.00 % | 07/01/35 | 1,000 | 1,012,230 |
| Lycoming (County of) Authority (Pennsylvania College of Technology); Series 2011, RB | 5.00 % | 07/01/30 | 4,250 | 4,365,472 |
| Lycoming (County of) Authority (Susquehanna Health System); Series 2009 A, Heath System RB | 5.75 % | 07/01/39 | 3,750 | 3,766,912 |
| Monroe (County of) Hospital Authority (Pocono Medical Center); | ||||
| Series 2003, RB (c)(e) | 6.00 % | 01/01/14 | 3,000 | 3,339,660 |
| Series 2007, RB | 5.25 % | 01/01/43 | 3,000 | 2,934,630 |
| Montgomery (County of) Higher Education & Health Authority (Abington Memorial Hospital); Series 2002 A, Hospital RB | 5.13 % | 06/01/32 | 4,500 | 4,501,260 |
| Montgomery (County of) Higher Education & Health Authority (Dickinson College); Series 2006 FF1, RB (INS-CIFG) (b) | 5.00 % | 05/01/31 | 550 | 562,991 |
| Montgomery (County of) Industrial Development Authority (ACTS Retirement-Life Community); Series 2006 A, RB | 4.50 % | 11/15/36 | 3,000 | 2,436,390 |
| Montgomery (County of) Industrial Development Authority (Philadelphia Presbytery Homes, Inc.); Series 2010, RB | 6.63 % | 12/01/30 | 3,905 | 4,077,640 |
| Montgomery (County of) Industrial Development Authority (Whitemarsh Community); Series 2008, Mortgage RB | 7.00 % | 02/01/36 | 1,500 | 1,377,720 |
| Montgomery (County of) Industrial Development Authority (Whitemarsh Continuing Care); Series 2005, Mortgage RB | 6.25 % | 02/01/35 | 750 | 633,195 |
See accompanying notes which are an integral part of this schedule.
Invesco Van Kampen Pennsylvania Value Municipal Income Trust
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| Interest | Maturity | Principal — Amount | ||
|---|---|---|---|---|
| Rate | Date | (000) | Value | |
| Pennsylvania(continued) | ||||
| Mt. Lebanon Hospital Authority (St. Clair Memorial Hospital); Series 2002 A, RB | 5.63 % | 07/01/32 | $ 1,500 | $ 1,504,110 |
| Northampton (County of) General Purpose Authority (Lehigh University); | ||||
| Series 2009, Higher Education RB | 5.00 % | 11/15/39 | 2,000 | 2,077,480 |
| Series 2009, Higher Education RB | 5.50 % | 11/15/33 | 4,000 | 4,355,320 |
| Northampton (County of) General Purpose Authority (St. Lukes Hospital); | ||||
| Series 2008 A, Hospital RB | 5.50 % | 08/15/35 | 2,000 | 1,995,880 |
| Series 2010 C, Hospital RB (e)(f) | 4.50 % | 08/15/16 | 2,000 | 2,141,360 |
| Northeastern York School District; | ||||
| Series 2007 B, Limited Tax GO Bonds (INS-NATL) (b) | 5.00 % | 04/01/30 | 1,000 | 1,048,310 |
| Series 2007 B, Limited Tax GO Bonds (INS-NATL) (b) | 5.00 % | 04/01/31 | 2,000 | 2,088,780 |
| Owen J. Robert School District; Series 2006, Unlimited Tax GO Notes (INS-AGM) (b)(g) | 5.00 % | 05/15/35 | 16,695 | 17,188,170 |
| Pennsylvania (Commonwealth of); | ||||
| First Series 2006, Unlimited Tax GO Bonds | 5.00 % | 10/01/23 | 3,000 | 3,411,630 |
| First Series 2011, Unlimited Tax GO Bonds | 5.00 % | 11/15/30 | 15,000 | 16,657,950 |
| Pennsylvania (State of) Economic Development Financing Authority (Allegheny Energy Supply Co.); Series 2009, RB | 7.00 % | 07/15/39 | 4,220 | 4,569,711 |
| Pennsylvania (State of) Economic Development Financing Authority (Aqua Pennsylvania, Inc.); Series 2010 A, Ref. | ||||
| Water Facility RB (a) | 5.00 % | 12/01/34 | 2,000 | 2,044,360 |
| Pennsylvania (State of) Economic Development Financing Authority (Philadelphia Biosolids Facility); | ||||
| Series 2009, Sewage Sludge Disposal RB | 5.50 % | 01/01/18 | 1,000 | 1,060,870 |
| Series 2009, Sewage Sludge Disposal RB | 6.25 % | 01/01/32 | 2,000 | 2,107,400 |
| Pennsylvania (State of) Economic Development Financing Authority (Waste Management, Inc.); Series 2005 A, Solid | ||||
| Waste Disposal RB (a) | 5.10 % | 10/01/27 | 3,690 | 3,720,295 |
| Pennsylvania (State of) Higher Educational Facilities Authority (Clarion University Foundation Inc.); | ||||
| Series 2003 A, RB (INS-SGI) (b) | 5.00 % | 07/01/28 | 1,000 | 908,510 |
| Series 2003 A, RB (INS-SGI) (b) | 5.00 % | 07/01/33 | 1,500 | 1,311,495 |
| Series 2003 A, RB (INS-SGI) (b) | 5.25 % | 07/01/18 | 1,500 | 1,511,715 |
| Pennsylvania (State of) Higher Educational Facilities Authority (Edinboro University Foundation); Series 2010, RB | 6.00 % | 07/01/43 | 1,000 | 999,940 |
| Pennsylvania (State of) Higher Educational Facilities Authority (Geneva College); Series 2002, College & | ||||
| University RB (c)(e) | 6.13 % | 04/01/12 | 1,000 | 1,019,910 |
| Pennsylvania (State of) Higher Educational Facilities Authority (La Salle University); Series 2003, RB | 5.50 % | 05/01/34 | 4,000 | 4,027,160 |
| Pennsylvania (State of) Higher Educational Facilities Authority (Messiah College); Series 2003 AA3, RB | ||||
| (INS-Radian) (b) | 5.50 % | 11/01/22 | 3,000 | 3,051,150 |
| Pennsylvania (State of) Higher Educational Facilities Authority (Philadelphia University of Sciences); Series 2005 | ||||
| A, RB (INS-SGI) (b) | 5.00 % | 11/01/36 | 2,320 | 2,358,883 |
| Pennsylvania (State of) Higher Educational Facilities Authority (St. Josephs University); Series 2010 A, RB | 5.00 % | 11/01/40 | 5,000 | 5,048,150 |
| Pennsylvania (State of) Higher Educational Facilities Authority (State System Higher Education); Series 2010 AL, RB | 5.00 % | 06/15/21 | 1,450 | 1,713,059 |
| Pennsylvania (State of) Higher Educational Facilities Authority (Thomas Jefferson University); | ||||
| Series 2002, RB | 5.38 % | 01/01/25 | 1,540 | 1,567,905 |
| Series 2010, RB | 5.00 % | 03/01/40 | 1,000 | 1,036,530 |
| Pennsylvania (State of) Higher Educational Facilities Authority (Trustees of the University of Pennsylvania); | ||||
| Series 2005 C, RB (g) | 5.00 % | 07/15/38 | 15,925 | 16,432,211 |
| Pennsylvania (State of) Higher Educational Facilities Authority (University Properties, Inc.); Series 2010, | ||||
| Student Housing RB | 5.00 % | 07/01/42 | 2,320 | 2,008,192 |
| Pennsylvania (State of) Higher Educational Facilities Authority (UPMC Health System); Series 1999 A, RB (INS-AGM) (b) | 5.00 % | 08/01/29 | 3,600 | 3,601,692 |
| Pennsylvania (State of) Housing Finance Agency; Series 2007 100A, Single Family Mortgage RB (a) | 5.10 % | 10/01/22 | 360 | 369,522 |
| Pennsylvania (State of) Intergovernmental Cooperation Authority (City of Philadelphia Funding Program); Series | ||||
| 2009, Ref. Special Tax RB (g) | 5.00 % | 06/15/21 | 12,135 | 14,108,636 |
See accompanying notes which are an integral part of this schedule.
Invesco Van Kampen Pennsylvania Value Municipal Income Trust
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| Interest | Maturity | Principal — Amount | ||
|---|---|---|---|---|
| Rate | Date | (000) | Value | |
| Pennsylvania(continued) | ||||
| Pennsylvania (State of) Turnpike Commission; | ||||
| Series 2004 A, RB (INS-AMBAC) (b) | 5.25 % | 12/01/21 | $ 1,200 | $ 1,316,244 |
| Series 2005 D, Ref. VRD Registration Fee RB (INS-AGM) (b)(d) | 0.14 % | 07/15/41 | 875 | 875,000 |
| Series 2008 A-1, RB (INS-AGC) (b)(g) | 5.00 % | 06/01/38 | 12,995 | 13,185,767 |
| Series 2009 C, Sub. Conv. CAB RB (INS-AGM) (b)(h) | 0.00 % | 06/01/33 | 5,840 | 4,963,066 |
| Series 2009 E, Sub. Conv. CAB RB (h) | 0.00 % | 12/01/38 | 720 | 573,948 |
| Series 2010 A 1, Motor License Fund Special RB | 5.00 % | 12/01/38 | 1,000 | 1,044,560 |
| Series 2010 A 2, Motor License Fund Special Conv. CAB RB (h) | 0.00 % | 12/01/34 | 2,065 | 1,694,271 |
| Series 2010 B 2, Conv. CAB RB (h) | 0.00 % | 12/01/30 | 1,875 | 1,557,225 |
| Series 2010 B 2, Conv. CAB RB (h) | 0.00 % | 12/01/35 | 1,500 | 1,219,485 |
| Series 2011 B, Sub. Motor License Fund Special RB | 5.00 % | 12/01/41 | 11,000 | 11,407,660 |
| Pennsylvania State University; | ||||
| Series 2005, RB | 5.00 % | 09/01/29 | 2,000 | 2,179,540 |
| Series 2005, RB | 5.00 % | 09/01/35 | 4,000 | 4,203,320 |
| Philadelphia (City of) Hospitals & Higher Education Facilities Authority (Childrens Hospital of Philadelphia); | ||||
| Series 2002 A, VRD RB (d) | 0.09 % | 07/01/22 | 1,625 | 1,625,000 |
| Series 2005 A, VRD RB (d) | 0.09 % | 02/15/21 | 4,500 | 4,500,000 |
| Series 2011, RB | 5.00 % | 07/01/41 | 1,930 | 1,974,950 |
| Philadelphia (City of) Hospitals & Higher Education Facilities Authority (Jefferson Health System); Series 2010 B, RB | 5.00 % | 05/15/40 | 4,995 | 5,086,259 |
| Philadelphia (City of) Industrial Development Authority (First Philadelphia Charter); Series 2007 A, RB | 5.85 % | 08/15/37 | 2,500 | 2,183,075 |
| Philadelphia (City of) Industrial Development Authority (Global Leadership Academy Charter School); Series 2010, RB | 6.38 % | 11/15/40 | 1,000 | 937,500 |
| Philadelphia (City of) Industrial Development Authority (Independence Charter School); Series 2007 A, RB | 5.50 % | 09/15/37 | 2,815 | 2,339,884 |
| Philadelphia (City of) Industrial Development Authority (MaST Charter School); Series 2010, RB | 6.00 % | 08/01/35 | 1,660 | 1,738,037 |
| Philadelphia (City of) Industrial Development Authority (Philadelphia Airport System); Series 2001 A, Airport RB (INS-NATL) (a)(b) | 5.13 % | 07/01/19 | 2,250 | 2,276,775 |
| Philadelphia (City of) Industrial Development Authority (Please Touch Museum); | ||||
| Series 2006, RB | 5.25 % | 09/01/21 | 2,610 | 2,333,288 |
| Series 2006, RB | 5.25 % | 09/01/26 | 3,230 | 2,662,941 |
| Series 2006, RB | 5.25 % | 09/01/31 | 1,000 | 778,500 |
| Series 2006, RB | 5.25 % | 09/01/36 | 2,950 | 2,207,692 |
| Philadelphia (City of) Industrial Development Authority; Series 1990, Commercial Development RB (a) | 7.75 % | 12/01/17 | 2,000 | 2,001,760 |
| Philadelphia (City of) Parking Authority; Series 1999 A, RB (INS-AMBAC) (b) | 5.25 % | 02/15/29 | 1,645 | 1,646,036 |
| Philadelphia (City of) Redevelopment Authority (Neighborhood Transformation); Series 2002 A, RB (INS-NATL) (b) | 5.50 % | 04/15/16 | 1,905 | 1,936,223 |
| Philadelphia (City of); | ||||
| Ninth Series 2010, Gas Works RB | 5.00 % | 08/01/30 | 1,500 | 1,507,755 |
| Ninth Series 2010, Gas Works RB | 5.25 % | 08/01/40 | 3,610 | 3,544,117 |
| Series 2008 A, Ref. Unlimited Tax GO Bonds (INS-AGM) (b) | 5.25 % | 12/15/25 | 3,500 | 3,705,555 |
| Series 2009 A, Ref. Unlimited Tax GO Bonds (INS-AGC) (b) | 5.50 % | 08/01/24 | 1,500 | 1,659,150 |
| Series 2009 A, Water & Wastewater RB | 5.25 % | 01/01/36 | 1,500 | 1,559,715 |
| Series 2009 B, Limited Tax GO Bonds (INS-AGC) (b) | 7.13 % | 07/15/38 | 1,040 | 1,167,296 |
| Series 2010 A, Airport RB | 5.00 % | 06/15/40 | 2,500 | 2,483,025 |
| Series 2010 C, Water & Wastewater RB (INS-AGM) (b) | 5.00 % | 08/01/35 | 2,750 | 2,876,775 |
| Series 2011, Unlimited Tax GO Bonds | 6.00 % | 08/01/36 | 2,000 | 2,195,940 |
| Twelfth Series 1990 B, Gas Works RB (c) | 7.00 % | 05/15/20 | 3,045 | 3,799,399 |
| Philadelphia School District; Series 2008 E, Limited Tax GO Bonds (INS-BHAC) (b) | 5.13 % | 09/01/23 | 2,500 | 2,761,600 |
| Pittsburgh (City of) & Allegheny (County of) Sports & Exhibition Authority (Regional Asset District); Series 2010, Ref. | ||||
| Sales Tax RB (INS-AGM) (b) | 5.00 % | 02/01/31 | 3,235 | 3,386,527 |
| Pittsburgh (City of) & Allegheny (County of) Sports & Exhibition Authority; Series 2010, Ref. Hotel Room Excise Tax RB | ||||
| (INS-AGM) (b) | 5.00 % | 02/01/35 | 2,000 | 2,006,140 |
| Pittsburgh (City of) Public Parking Authority; Series 2005 A, Ref. RB (INS-NATL) (b) | 5.00 % | 12/01/25 | 2,215 | 2,259,632 |
| Pittsburgh (City of) Urban Redevelopment Authority; Series 1999 C, RB (CEP-GNMA) (a) | 5.70 % | 04/01/30 | 460 | 460,253 |
| Pittsburgh (City of) Water & Sewer Authority; | ||||
| Series 2008 D1, First Lien RB (INS-AGM) (b) | 5.00 % | 09/01/24 | 2,000 | 2,163,300 |
| Series 2008 D1, First Lien RB (INS-AGM) (b) | 5.00 % | 09/01/25 | 3,000 | 3,219,480 |
See accompanying notes which are an integral part of this schedule.
Invesco Van Kampen Pennsylvania Value Municipal Income Trust
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| Interest | Maturity | Principal — Amount | ||
|---|---|---|---|---|
| Rate | Date | (000) | Value | |
| Pennsylvania(continued) | ||||
| Pittsburgh (City of); | ||||
| Series 2001 A, Unlimited Tax GO Bonds (c)(e) | 5.50 % | 03/01/12 | $ 3,000 | $ 3,040,350 |
| Series 2001 A, Unlimited Tax GO Bonds (INS-AMBAC) (b) | 5.50 % | 09/01/17 | 2,640 | 2,663,100 |
| Radnor Township School District; | ||||
| Series 2005 B, Unlimited Tax GO Bonds (INS-AGM) (b) | 5.00 % | 02/15/28 | 1,500 | 1,577,265 |
| Series 2005 B, Unlimited Tax GO Bonds (INS-AGM) (b) | 5.00 % | 02/15/35 | 1,500 | 1,546,695 |
| Southeastern Pennsylvania Transportation Authority; Series 2011, Capital Grant Receipts RB | 5.00 % | 06/01/29 | 2,480 | 2,613,275 |
| State Public School Building Authority (Harrisburg School District); Series 2009 A, School RB (INS-AGC) (b) | 5.00 % | 11/15/33 | 2,500 | 2,569,625 |
| State Public School Building Authority (Jefferson County Dubois Technology School); Series 2004, School RB | ||||
| (INS-NATL) (b) | 5.38 % | 02/01/23 | 2,360 | 2,536,858 |
| Susquehanna Area Regional Airport Authority; | ||||
| Series 2003 A, Airport System RB (INS-AMBAC) (a)(b) | 5.38 % | 01/01/21 | 2,140 | 2,130,028 |
| Series 2003 A, Airport System RB (INS-AMBAC) (a)(b) | 5.38 % | 01/01/23 | 5,205 | 5,083,776 |
| Series 2003 A, Airport System RB (INS-AMBAC) (a)(b) | 5.50 % | 01/01/18 | 2,545 | 2,560,041 |
| Series 2003 D, Sub. Airport System RB | 5.38 % | 01/01/18 | 5,500 | 5,075,895 |
| Trinity Area School District; Series 2003, Unlimited Tax GO Bonds (INS-NATL) (b) | 5.25 % | 11/01/20 | 2,850 | 3,041,406 |
| Twin Valley School District; Series 2006, Unlimited Tax GO Bonds (c)(e) | 5.25 % | 10/01/15 | 1,820 | 2,119,718 |
| Union (County of) Higher Educational Facilities Financing Authority (Bucknell University); Series 2002 A, | ||||
| University RB | 5.25 % | 04/01/19 | 1,000 | 1,056,460 |
| Union (County of) Hospital Authority (Evangelical Community Hospital); | ||||
| Series 2004, RB (INS-Radian) (b) | 5.25 % | 08/01/24 | 2,300 | 2,265,569 |
| Series 2011, Ref. & Improvement RB | 7.00 % | 08/01/41 | 3,000 | 3,175,590 |
| Unity Township Municipal Authority; Series 2004, RB (INS-AGM) (b) | 5.00 % | 12/01/24 | 1,285 | 1,343,596 |
| University of Pittsburgh (University Capital); | ||||
| Series 2000 B, Ref. RB (g) | 5.25 % | 09/15/34 | 10,000 | 10,846,500 |
| Series 2005 A, RB (g)(i) | 5.25 % | 09/15/30 | 10,000 | 11,086,800 |
| Washington (County of) Industrial Development Authority (Washington Jefferson College); | ||||
| Series 2010, College RB | 5.00 % | 11/01/36 | 1,700 | 1,726,197 |
| Series 2010, College RB | 5.25 % | 11/01/30 | 1,500 | 1,585,065 |
| Washington (County of) Redevelopment Authority (Victory Centre Tanger Outlet Development); Series 2006 A, Tax | ||||
| Allocation RB (e)(f) | 5.45 % | 07/01/17 | 490 | 441,382 |
| Washington (County of); | ||||
| Series 2002 A, Unlimited Tax GO Bonds (c)(e) | 5.13 % | 09/01/12 | 825 | 855,302 |
| Series 2002 A, Unlimited Tax GO Bonds (INS-AMBAC) (b) | 5.13 % | 09/01/27 | 5,025 | 5,066,004 |
| West Mifflin Area School District; | ||||
| Series 2009, Limited Tax GO Bonds (INS-AGM) (b) | 5.13 % | 04/01/31 | 1,500 | 1,569,375 |
| Series 2009, Limited Tax GO Bonds (INS-AGM) (b) | 5.50 % | 04/01/24 | 500 | 565,170 |
| West Shore Area Authority (Holy Spirit Hospital); Series 2001, Hospital RB | 6.25 % | 01/01/32 | 4,000 | 4,000,960 |
| Westmoreland (County of) Industrial Development Authority (Redstone Presbyterian Senior Care Obligated Group); | ||||
| Series 2005 A, Retirement Community RB | 5.75 % | 01/01/26 | 2,350 | 2,155,350 |
| Wilkes Barre Finance Authority (University of Scranton); Series 2010, RB | 5.00 % | 11/01/40 | 2,650 | 2,719,907 |
| 500,691,229 | ||||
| Puerto Rico5.23% | ||||
| Puerto Rico (Commonwealth of) Electric Power Authority; | ||||
| Series 2008 WW, RB | 5.00 % | 07/01/28 | 2,000 | 2,030,740 |
| Series 2008 WW, RB | 5.25 % | 07/01/33 | 1,500 | 1,513,635 |
| Series 2008 WW, RB | 5.50 % | 07/01/21 | 1,000 | 1,092,110 |
| Series 2010 XX, RB | 5.75 % | 07/01/36 | 2,000 | 2,095,760 |
| Puerto Rico (Commonwealth of) Infrastructure Financing Authority; Series 2005 C, Ref. Special Tax RB (INS-AMBAC) (b) | 5.50 % | 07/01/27 | 1,930 | 2,019,648 |
| Puerto Rico Sales Tax Financing Corp.; | ||||
| First Subseries 2010, Conv. CAB RB (h) | 0.00 % | 08/01/33 | 2,260 | 1,617,437 |
| First Subseries 2010 A, CAB RB (h) | 0.00 % | 08/01/34 | 5,000 | 1,234,900 |
| First Subseries 2010 A, RB | 5.38 % | 08/01/39 | 1,500 | 1,546,875 |
| First Subseries 2010 C, RB | 5.25 % | 08/01/41 | 2,000 | 2,042,440 |
| Series 2010 A, CAB RB (h) | 0.00 % | 08/01/35 | 2,500 | 575,200 |
| Series 2010 A, CAB RB (h) | 0.00 % | 08/01/36 | 7,800 | 1,678,560 |
| 17,447,305 |
See accompanying notes which are an integral part of this schedule.
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| Interest | Maturity | Principal — Amount | |||
|---|---|---|---|---|---|
| Rate | Date | (000) | Value | ||
| Guam2.78% | |||||
| Guam (Government of) (Section 30); | |||||
| Series 2009 A, Limited Obligation RB | 5.63 % | 12/01/29 | $ 1,250 | $ 1,273,363 | |
| Series 2009 A, Limited Obligation RB | 5.75 % | 12/01/34 | 500 | 507,840 | |
| Guam (Government of) Power Authority; Series 2010 A, RB | 5.50 % | 10/01/40 | 1,285 | 1,250,138 | |
| Guam (Government of) Waterworks Authority; Series 2010, Water & Wastewater System RB | 5.63 % | 07/01/40 | 3,000 | 2,862,660 | |
| Guam (Government of); Series 2011 A, Business Privilege Tax RB | 5.25 % | 01/01/36 | 1,700 | 1,766,725 | |
| Guam (Government of) International Airport Authority; Series 2003 B, General RB (INS-NATL) (b) | 5.25 % | 10/01/21 | 1,585 | 1,619,141 | |
| 9,279,867 | |||||
| Virgin Islands1.90% | |||||
| University of Virgin Islands; Series 2004 A, Improvement RB (c)(e) | 5.38 % | 12/01/14 | 1,500 | 1,702,005 | |
| Virgin Islands (Government of) Public Finance Authority (Gross Receipts Taxes Loan Note); | |||||
| Series 1999 A, RB | 6.38 % | 10/01/19 | 915 | 916,931 | |
| Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note Diageo); | |||||
| Series 2009 A, Sub. RB | 6.63 % | 10/01/29 | 2,425 | 2,585,753 | |
| Virgin Islands (Government of) Water & Power Authority; Series 2007 A, Electric System RB | 5.00 % | 07/01/25 | 1,090 | 1,111,222 | |
| 6,315,911 | |||||
| TOTAL INVESTMENTS (j) 160.08% (Cost $524,435,899) | 533,734,312 | ||||
| Floating Rate Note Obligations(15.55)% | |||||
| Notes with interest rates ranging from 0.14% to 0.24% at 11/30/11 and contractual maturities | |||||
| of collateral ranging from 06/15/21 to | |||||
| 07/15/38 (See Note 1E) (k) | (51,860,000 | ) | |||
| OTHER ASSETS LESS LIABILITIES1.66% | 5,540,913 | ||||
| PREFERRED SHARES(46.19)% | (154,000,000 | ) | |||
| NET ASSETS APPLICABLE TO COMMON SHARES100.00% | $ 333,415,225 |
| Investment Abbreviations: | |
|---|---|
| AGC | Assured Guaranty Corp. |
| AGM | Assured Guaranty Municipal Corp. |
| AMBAC | American Municipal Bond Assurance Corp. |
| BHAC | Berkshire Hathaway Assurance Corp. |
| CAB | Capital Appreciation Bonds |
| CEP | Credit Enhancement Provider |
| CIFG | CIFG Assurance North America, Inc. |
| Conv. | Convertible |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| INS | Insurer |
| NATL | National Public Finance Guarantee Corp. |
| Radian | Radian Asset Assurance, Inc. |
| RB | Revenue Bonds |
| Ref. | Refunding |
| SGI | Syncora Guarantee, Inc. |
| Sub. | Subordinated |
| VRD | Variable Rate Demand |
See accompanying notes which are an integral part of this schedule.
Invesco Van Kampen Pennsylvania Value Municipal Income Trust
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| Notes to Schedule of Investments: | |
|---|---|
| (a) | Security subject to the alternative minimum tax. |
| (b) | Principal and/or interest payments are secured by the bond insurance company listed. |
| (c) | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
| (d) | Demand security payable upon demand by the Trust at specified time intervals no greater than thirteen months. Interest |
| rate is redetermined periodically. Rate shown is the rate in effect on November 30, 2011. | |
| (e) | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. |
| (f) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on November 30, 2011. |
| (g) | Underlying security related to Dealer Trusts entered into by the Trust. See Note 1E. |
| (h) | Zero coupon bond issued at a discount. |
| (i) | Security is subject to a shortfall agreement which may require the Trust to pay amounts to a counterparty in the event |
| of a significant decline in the market value of the security underlying the Dealer Trusts. In case of a shortfall, the | |
| maximum potential amount of payments the Trust could ultimately be required to make under the agreement is $6,665,000. | |
| However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the Dealer | |
| Trusts. | |
| (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 issuers | |
| obligations but may be called upon to satisfy the issuers obligations. |
| Entities | |
|---|---|
| Assured Guaranty Municipal Corp. | 13.2 % |
| National Public Finance Guarantee Corp. | 6.0 |
(k) Floating rate note obligations related to securities held. The interest rates shown reflect the rates in effect at November 30, 2011. At November 30, 2011, the Trusts investments with a value of $82,848,084 are held by Dealer Trusts and serve as collateral for the $51,860,000 in the floating rate note obligations outstanding at that date.
See accompanying notes which are an integral part of this schedule.
Invesco Van Kampen Pennsylvania Value Municipal Income Trust
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Notes to Quarterly Schedule of Portfolio Holdings November 30, 2011 (Unaudited)
NOTE 1 Significant Accounting Policies
| A. | Security Valuations Securities, including restricted securities, are valued according to
the following policy. |
| --- | --- |
| | Securities are fair valued using an evaluated quote provided by an independent pricing
service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may
be determined without exclusive reliance on quoted prices and may reflect appropriate factors
such as institution-size trading in similar groups of securities, yield, quality, coupon rate,
maturity, type of issue, individual trading characteristics and other market data. Securities
with a demand feature exercisable within one to seven days are valued at par. Debt securities
are subject to interest rate and credit risks. In addition, all debt securities involve some
risk of default with respect to interest and principal payments. |
| | Securities for which market quotations either are not readily available or are unreliable
are valued at fair value as determined in good faith by or under the supervision of the 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. |
| | Valuations change in response to many factors including the historical and prospective
earnings of the issuer, the value of the issuers assets, general economic conditions, interest
rates, investor perceptions and market liquidity. Because of the inherent uncertainties of
valuation, the values reflected in the financial statements may materially differ from the value
received upon actual sale of those investments. |
| B. | Securities Transactions and Investment Income Securities transactions are accounted for on
a trade date basis. Realized gains or losses on sales are computed on the basis of specific
identification of the securities sold. Interest income is recorded on the accrual basis from
settlement date. Dividend income (net of withholding tax, if any) is recorded on the
ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial
reporting purposes. |
| | The Trust may periodically participate in litigation related to Trust investments. As
such, the Trust may receive proceeds from litigation settlements. Any proceeds received are
included in the Statement of Operations as realized gain (loss) for investments no longer held
and as unrealized gain (loss) for investments still held. |
| | Brokerage commissions and mark ups are considered transaction costs and are recorded as an
increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of
securities. Such transaction costs are included in the determination of net realized and
unrealized gain (loss) from investment securities reported in the Statement of Operations and
the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on
securities per share in the Financial Highlights. Transaction costs are included in the
calculation of the 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 Statement of Changes in Net
Assets, or the net investment income per share and ratios of expenses and net investment income
reported in the Financial Highlights, nor are they limited by any expense limitation
arrangements between the Trust and the investment adviser. |
| C. | Country Determination For the purposes of making investment selection decisions and
presentation in the Schedule of Investments, the investment adviser may determine the country
in which an issuer is located and/or credit risk exposure based on various factors. These
factors include the laws of the country under which the issuer is organized, where the issuer
maintains a principal office, the country in which the issuer derives 50% or more of its total
revenues and the country that has the primary market for the 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. |
Invesco Van Kampen Pennsylvania Value Municipal Income Trust
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| D. | Securities Purchased on a When-Issued and Delayed Delivery Basis The Trust may purchase
and sell interests in portfolio securities on a when-issued and delayed delivery basis, with
payment and delivery scheduled for a future date. No income accrues to the Trust on such
interests or securities in connection with such transactions prior to the date the Trust
actually takes delivery of such interests or securities. These transactions are subject to
market fluctuations and are subject to the risk that the value at delivery may be more or less
than the trade date purchase price. Although the Trust will generally purchase these
securities with the intention of acquiring such securities, they may sell such securities
prior to the settlement date. |
| --- | --- |
| E. | Floating Rate Note Obligations The Trust invests in
inverse floating rate securities, such as Residual Interest Bonds
(RIBs) or Tender Option Bonds (TOBs) for investment purposes
and to enhance the yield of the Trust. Inverse floating rate
investments tend to underperform the market for fixed rate bonds
in a rising interest rate environment, but tend to outperform the
market for fixed rate bonds when interest rates decline or remain
relatively stable. Such transactions may be purchased in the
secondary market without first owning the underlying bond or by
the sale of fixed rate bonds by the Trust to special purpose
trusts established by a broker dealer (Dealer Trusts) in
exchange for cash and residual interests in the Dealer Trusts
assets and cash flows, which are in the form of inverse floating
rate securities. The Dealer Trusts finance the purchases of the
fixed rate bonds by issuing floating rate notes to third parties
and allowing the Trust to retain residual interest in the bonds.
The floating rate notes issued by the Dealer Trusts have interest
rates that reset weekly and the floating rate note holders have
the option to tender their notes to the Dealer Trusts for
redemption at par at each reset date. The residual interests held
by the Trust (inverse floating rate investments) include the right
of the Trust (1) to cause the holders of the floating rate notes
to tender their notes at par at the next interest rate reset date,
and (2) to transfer the municipal bond from the Dealer Trusts to
the Trust, thereby collapsing the Dealer Trusts. |
| | TOBs are presently classified as private placement securities.
Private placement securities are subject to restrictions on resale
because they have not been registered under the Securities Act of
1933, as amended or are otherwise not readily marketable. As a
result of the absence of a public trading market for these
securities, they may be less liquid than publicly traded
securities. Although these securities may be resold in privately
negotiated transactions, the prices realized from these sales
could be less than those originally paid by the Trust or less than
what may be considered the fair value of such securities. |
| | The Trust accounts for the transfer of bonds to the Dealer Trusts as secured borrowings,
with the securities transferred remaining in the 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 Trust records the interest income
from the fixed rate bonds under the caption Interest and records the expenses related to
floating rate obligations and any administrative expenses of the Dealer Trusts a component of Interest, facilities and maintenance fees on the Statement of Operations. |
| | The Trust generally invests in inverse floating rate securities that include embedded
leverage, thus exposing the Trust to greater risks and increased costs. The primary risks
associated with inverse floating rate securities are varying degrees of liquidity and the
changes in the value of such securities in response to changes in market rates of interest to a
greater extent than the value of an equal principal amount of a fixed rate security having
similar credit quality, redemption provisions and maturity which may cause the 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 interests created by the special purpose trust
may not be able to be sold to third parties or, in the case of holders tendering (or putting)
such interests for repayment of principal, may not be able to be remarketed to third parties. In
such cases, the special purpose trust holding the long-term fixed rate bonds may be collapsed.
In the case of RIBs or TOBs created by the contribution of long-term fixed income bonds by the
Trust, the Trust will then be required to repay the principal amount of the tendered securities.
During times of market volatility, illiquidity or uncertainty, the Trust could be required to
sell other portfolio holdings at a disadvantageous time to raise cash to meet that obligation. |
| F. | Other Risks The value of, payment of interest on, repayment of principal for and
the ability to sell a municipal security may be affected by constitutional amendments,
legislative enactments, executive orders, administrative regulations, voter initiatives and
the economics of the regions in which the issuers are located. |
| | Since, many municipal securities are issued to finance similar projects, especially those
relating to education, health care, transportation and utilities, conditions in those sectors
can affect the overall municipal securities market and a 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. |
Invesco Van Kampen Pennsylvania Value Municipal Income Trust
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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 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. |
The following is a summary of the tiered valuation input levels, as of November 30, 2011. 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.
During the nine months ended November 30, 2011, there were no significant transfers between investment levels.
| Level 1 | Level 2 | Level 3 | Total | |
|---|---|---|---|---|
| Municipal Obligations | $ | $ 533,734,312 | $ | $ 533,734,312 |
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, 2011 was $60,854,808 and $64,812,382, 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 | $ 19,096,527 | |
|---|---|---|
| Aggregate unrealized (depreciation) of investment securities | (9,466,221 | ) |
| Net unrealized appreciation of investment securities | $ 9,630,306 | |
| Cost of investments for tax purposes is $524,104,006. |
Invesco Van Kampen Pennsylvania Value Municipal Income Trust
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Item 2. Controls and Procedures.
| (a) | As of December 15, 2011, 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
Registrants 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 Registrants officers, including the PEO and PFO, concluded that, as of December 15,
2011, the Registrants 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 Registrants internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrants
last fiscal quarter that have materially affected, or are reasonably likely to materially
affect, the Registrants 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.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: Invesco Van Kampen Pennsylvania Value Municipal Income Trust
| By: | /s/ Colin Meadows Colin Meadows |
|---|---|
| Principal Executive Officer | |
| Date: | January 27, 2012 |
Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
| By: | /s/ Colin Meadows Colin Meadows |
|---|---|
| Principal Executive Officer | |
| Date: | January 27, 2012 |
| By: | /s/ Sheri Morris Sheri Morris |
| Principal Financial Officer | |
| Date: | January 27, 2012 |
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link1 "EXHIBIT INDEX"
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.
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