VPV - Invesco Pennsylvania Value Municipal Income Trust

What this means for you

Sit Investment owned more than 5% of this fund and has since sold down below that level, so it no longer has to report its holding.

Nothing is required of you. If a large investor buys in again, the notice appears here the day it is filed.

Email me if this changes

What happened, and when

In the fund's last buy-back (results filed Dec 11, 2024), holders offered 33.9% of all shares and the fund bought about 74 of every 100 shares offered, so holders who took part got only part of what they offered. Results of the last buy-back →

1. Sept 9, 2025

   Bank of America Corp. now owns 100% of the fund's preferred shares, not the common shares most holders own.

   Original document →

2. Dec 18, 2024

   Sit Investment sold down below 5% and stopped reporting.

   Original document →

3. Dec 13, 2024

   Bank of America Corp. filed an updated notice; it still owns 100%. It has said it may push for changes.

   Original document →

4. Dec 12, 2024

   Saba sold down below 5% and stopped reporting.

   Original document →

5. Dec 11, 2024

   The buy-back ended; an early count says holders offered 33.9% of all shares.

   Original document →

About this fund

• Run by Invesco Advisers, Inc. As of Feb 28, 2026, from the fund's yearly report. Original document →
• Size: about $186 million of holdings, as of Aug 31, 2026. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 37% on top of its own money, as of Aug 31, 2026. Borrowed money makes gains and losses bigger. About 73% of that is money the fund has borrowed by selling preferred shares. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 0.8% a year in management fees; 3.1% a year in total, including interest on borrowed money. Fiscal year ended Feb 28, 2026. As of Feb 28, 2026, from the fund's yearly report. Original document →
  Among the 76 funds we follow that invest in tax-free municipal bonds, 57 charge a lower management fee and 37 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• Payouts: last fiscal year (ended Feb 28, 2026) the fund paid $0.80 a share. $0.47 of that was income; $0.33 was your own money back, not income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Feb 28, 2026, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Feb 28, 2026): $11.06. The shares traded at $10.78, about 2.5% below that. As of Feb 28, 2026, from the fund's yearly report. Original document →
• How the holdings did: down 2% over the last three months we have (June-Aug 2026), before the share price is taken into account. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 1994.

How this has changed

• Payouts per share: $0.80 in the fiscal year ended Feb 28, 2026; $0.70 in the year ended Feb 28, 2025; $0.37 in the year ended Feb 29, 2024.As of Feb 28, 2026, from the fund's annual report. Original document →
• Of that, your own money back rather than income: $0.33 in the year ended Feb 28, 2026; $0.32 in the year ended Feb 28, 2025; $0.03 in the year ended Feb 29, 2024.As of Feb 28, 2026, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 3.1% a year in the fiscal year ended Feb 28, 2026; 3.34% a year in the year ended Feb 28, 2025; 3.68% a year in the year ended Feb 29, 2024.As of Feb 28, 2026, from the fund's annual report. Original document →
• Size of the holdings: about $198 million at Feb 28, 2026; $207 million at Feb 28, 2025; $279 million at Feb 29, 2024. From the fund's quarterly holdings reports. Original documents: Feb 28, 2026 →, Feb 28, 2025 →, Feb 29, 2024 →.
• Borrowing: about 37% on top of its own money at Feb 28, 2026; 35% at Feb 28, 2025; 36% at Feb 29, 2024. From the fund's quarterly holdings reports. Original documents: Feb 28, 2026 →, Feb 28, 2025 →, Feb 29, 2024 →.
• The fund had about 17.9 million shares at Feb 28, 2026, down 25% from Feb 29, 2024.As of Feb 28, 2026, from the fund's annual report. Original document →
  In between, the fund bought back shares. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Feb 28, 2026: the shares returned +9.4%, counting payouts; the holdings +3.2%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of Feb 28, 2026, from the fund's annual report. Original document →
• The year ended Feb 28, 2025: the shares returned +12.4%, counting payouts; the holdings +5.5%. As of Feb 28, 2025, from the fund's annual report. Original document →
• The year ended Feb 29, 2024: the shares returned +5.6%, counting payouts; the holdings +6%. As of Feb 29, 2024, from the fund's annual report. Original document →
• The year ended Feb 28, 2023: the shares returned -15.5%, counting payouts; the holdings -11.5%. As of Feb 28, 2023, from the fund's annual report. Original document →
• The year ended Feb 28, 2022: the shares returned +2.3%, counting payouts; the holdings +1.1%. As of Feb 28, 2022, from the fund's annual report. Original document →
• Those five years together: the shares returned +12.2%. $10,000 of shares bought at the start (March 1, 2021) would have become about $11,200 by Feb 28, 2026, with every payout counted, before tax. As of Feb 28, 2026, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to Aug 31, 2026: +6.9%. The quarterly reports carry no share price, so this is the holdings alone. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Of the 65 funds that invest in tax-free municipal bonds with a fiscal year ending within six months of this one, 18 reported a higher share return for that year and 46 a lower one. As of Feb 28, 2026, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

All tax-free municipal bonds (100%). All of it issued in the U.S.

1. Philadelphia (City of), PA - 9.1%
2. Pennsylvania (Commonwealth of) Turnpike Commission - 5.2%
3. Pennsylvania Higher Educational Facilities Authority, Series 2024, RB - 4.9%
4. Puerto Rico (Commonwealth of), Series 2021 A, GO Bonds - 4.7%
5. Pennsylvania (Commonwealth of) Economic Development Financing Authority (Pennsylvania Rapid Bridge Replacement) - 4.5%
6. Lancaster (County of), PA Hospital Authority (Penn State Health) - 4.3%
7. Pennsylvania Economic Development Financing Authority, Series 2026, RB - 4.3%
8. Allegheny (County of), PA Airport Authority (Pittsburgh International Airport) - 4.2%
9. Pennsylvania (Commonwealth of) Economic Development Financing Authority (Penndot Major Bridges), Series 2022, RB - 4.1%
10. Allegheny County Sanitary Authority, Series 2025, RB - 3.9%

As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →