In plain terms — Invesco Pennsylvania Value Municipal Income Trust
Shares currently cost about 13.9% more than the value of the assets behind them (a premium).
Over the past year it has averaged a 1.1% premium, so today's level is unusually high for this fund (Z-score +2.8). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 7.3% a year of the share price (8.3% of the assets). That is a payout rate, not a return: part of it may be capital being handed back.
Because the shares trade above the value of their assets, each dollar of reinvested distributions buys about $0.88 of assets — a ReinvestCapture™ rate of 6.4%, less than the payout rate itself. That is buying power, not a return.
The assets themselves fell 5.6% over the past year including distributions (NAV total return).
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Price and NAV, past year
Snapshot
Valuation vs. history
| Window | Average prem/disc | Std. dev. | Z-score | Observations |
|---|---|---|---|---|
| 3 months | +7.05% | 3.55% | +2.16 | 55 |
| 6 months | +4.69% | 3.79% | +2.65 | 108 |
| 1 year | +1.11% | 4.81% | +2.83 | 206 |
| 3 years | -6.11% | — | — | — |
| 5 years | -8.74% | — | — | — |
Current contemporaneous premium/discount +14.73% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -5.98% to +14.81%. A negative Z-score means a wider discount than the window average — not that the fund is undervalued.
Performance
| Series | 1M | 3M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) |
|---|---|---|---|---|---|---|
| Market price return | +1.01% | -1.97% | +4.88% | +5.08% | +6.23% | -3.85% |
| Market price total return | +2.24% | +0.43% | +12.12% | +14.49% | +13.88% | +2.07% |
| NAV return | -3.89% | -10.49% | -11.56% | -12.36% | -3.42% | -7.42% |
| NAV total return | -3.89% | -9.33% | -6.46% | -5.61% | +2.81% | -2.35% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
Invesco Pennsylvania Value Municipal Income Trust is a closed-ended fixed income mutual fund launched by Invesco Ltd. The fund is co-managed by Invesco Advisers, Inc., INVESCO Asset Management (Japan) Limited, INVESCO Asset Management Deutschland GmbH, INVESCO Asset Management Limited, Invesco Canada Ltd., Invesco Hong Kong Limited, and INVESCO Senior Secured Management, Inc. It invests in the fixed income markets of the United States. The fund primarily invests in investment grade Pennsylvania municipal securities which include municipal bonds, municipal notes, municipal commercial paper, and lease obligations. It employs fundamental analysis with bottom-up security selection approach to create its portfolio. The fund was formerly known as Invesco Van Kampen Pennsylvania Value Municipal Income Trust. Invesco Pennsylvania Value Municipal Income Trust was formed on April 30, 1993 and is domiciled in the United States.
CEF Explorer research page for Invesco Pennsylvania Value Municipal Income Trust. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.