0001214659-17-003853.txt : 20170605 0001214659-17-003853.hdr.sgml : 20170605 20170605163741 ACCESSION NUMBER: 0001214659-17-003853 CONFORMED SUBMISSION TYPE: SC 13G PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20170605 DATE AS OF CHANGE: 20170605 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: Invesco Pennsylvania Value Municipal Income Trust CENTRAL INDEX KEY: 0000895528 IRS NUMBER: 367017427 STATE OF INCORPORATION: PA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: SC 13G SEC ACT: 1934 Act SEC FILE NUMBER: 005-84427 FILM NUMBER: 17891684 BUSINESS ADDRESS: STREET 1: 1555 PEACHTREE STREET, N.E. STREET 2: SUITE 1800 CITY: ATLANTA STATE: GA ZIP: 30309 BUSINESS PHONE: 404-439-3217 MAIL ADDRESS: STREET 1: 1555 PEACHTREE STREET, N.E. STREET 2: SUITE 1800 CITY: ATLANTA STATE: GA ZIP: 30309 FORMER COMPANY: FORMER CONFORMED NAME: Invesco Van Kampen Pennsylvania Value Municipal Income Trust DATE OF NAME CHANGE: 20100601 FORMER COMPANY: FORMER CONFORMED NAME: VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST DATE OF NAME CHANGE: 19981006 FORMER COMPANY: FORMER CONFORMED NAME: VAN KAMPEN AMERICAN CAPITAL PENNSYLVANIA VALUE MUNIC INCO TR DATE OF NAME CHANGE: 19971007 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: RBC Capital Markets, LLC CENTRAL INDEX KEY: 0000050916 STANDARD INDUSTRIAL CLASSIFICATION: SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211] IRS NUMBER: 411228350 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: SC 13G BUSINESS ADDRESS: STREET 1: RBC DAIN RAUSCHER PLAZA STREET 2: 60 SOUTH SIXTH STREET CITY: MINNEAPOLIS STATE: MN ZIP: 55402 BUSINESS PHONE: 612 371-2711 MAIL ADDRESS: STREET 1: 60 SOUTH 6TH STREET CITY: MINNEAPOLIS STATE: MN ZIP: 55402 FORMER COMPANY: FORMER CONFORMED NAME: RBC Capital Markets CORP DATE OF NAME CHANGE: 20080325 FORMER COMPANY: FORMER CONFORMED NAME: RBC DAIN RAUSCHER INC DATE OF NAME CHANGE: 20060110 FORMER COMPANY: FORMER CONFORMED NAME: RBC DAIN RAUSCHER CORP DATE OF NAME CHANGE: 20011228 SC 13G 1 j61171sc13g.htm
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 
Washington, D.C. 20549
 
SCHEDULE 13G
 
 
Under the Securities Exchange Act of 1934

 

Invesco Pennsylvania Value Municipal Income Trust
(Name of Issuer)
 
 
Variable Rate Muni Term Preferred Shares
(Title of Class of Securities)
 
 
46132K 604
(CUSIP Number)
 
 
June 1, 2017
(Date of Event Which Requires Filing of this Statement)
 
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
 
     ☒ Rule 13d-1(b)
 
     ☐ Rule 13d-1(c)
 
     ☐ Rule 13d-1(d)
 
* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.
 
The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
 
 
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CUSIP No.
46132K 604 
 
              


 
 
 
 
 
 
1
 
NAMES OF REPORTING PERSONS
 
 
 
 RBC Capital Markets, LLC
 
 
 
2
 
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
 
(a)   ☐
 
(b)   ☒
 
 
 
3
 
SEC USE ONLY
 
 
 
 
 
 
 
4
 
CITIZENSHIP OR PLACE OF ORGANIZATION
 
 
 
Minnesota
 
 
 
 
 
5
 
SOLE VOTING POWER
 
 
 
NUMBER OF
 
0
 
 
 
 
SHARES
6
 
SHARED VOTING POWER
BENEFICIALLY
 
 
OWNED BY
 
75
 
 
 
 
EACH
7
 
SOLE DISPOSITIVE POWER
REPORTING
 
 
PERSON
 
75
 
 
 
 
WITH:
8
 
SHARED DISPOSITIVE POWER
 
 
 
 
 
0
 
 
 
9
 
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
 
 
75
 
 
 
10
 
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
 
 
 
☐
 
 
 
11
 
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
 
 
 
5.45%
 
 
 
12
 
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
 
 
 
BD
 

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Item 1(a) Name of issuer:
 
Invesco Pennsylvania Value Municipal Income Trust
 
Item 1(b) Address of issuer's principal executive offices:
 
1555 Peachtree Street, N.E.
 Atlanta, Georgia  30309
 
2(a) Name of person filing:
 
RBC Capital Markets, LLC ("RBCCM")
 
2(b) Address or principal business office or, if none, residence:
 
Brookfield Place
200 Vesey Street
New York, New York 10281
 
2(c) Citizenship or Place of Organization:
 
Minnesota
 
2(d) Title of class of securities:
 
Variable Rate Muni Term Preferred Shares ("VMTP")
 
2(e) CUSIP No.:
 
46132K 604
 
Item 3. If this statement is filed pursuant to §§240.13d–1(b) or 240.13d–2(b) or (c), check whether the person filing is a:
 
(a) ☒ Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
 
(b) ☐ Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
 
(c) ☐  Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
 
(d) ☐  Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C 80a–8);
 
(e) ☐  An investment adviser in accordance with §240.13d–1(b)(1)(ii)(E);
 
(f)  ☐  An employee benefit plan or endowment fund in accordance with §240.13d–1(b)(1)(ii)(F);
 
(g) ☐  A parent holding company or control person in accordance with §240.13d–1(b)(1)(ii)(G);
 
(h) ☐  A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
 
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(i) ☐  A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a–3);
 
(j) ☐  A non-U.S. institution in accordance with §240.13d–1(b)(1)(ii)(J);
 
(k) ☐  Group, in accordance with §240.13d–1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with §240.13d–1(b)(1)(ii)(J), please specify the type of institution: ____
 
Item 4. Ownership
 
Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1.
 
(a) Amount beneficially owned:  75*
 
(b) Percent of class:  5.45%
 
(c) Number of shares as to which the person has:
 
(i) Sole power to vote or to direct the vote:   0
 
(ii) Shared power to vote or to direct the vote:  75**
 
(iii) Sole power to dispose or to direct the disposition of:  75
 
(iv) Shared power to dispose or to direct the disposition of:  0
 
*  In addition to the 75 shares of VMTP acquired by RBCCM on June 1, 2017, RBC Municipal Products, LLC ("RBCMP"), an affiliate of RBCCM, is the beneficial owner of 1,301 shares of VMTP which are separately reported by RBCMP in a Schedule 13D filing.
 
**  On May 15, 2012 RBC Municipal Products, Inc. as succeeded by conversion by RBC Municipal Products, LLC ("RBCMP") assigned certain preferred class voting rights on the VMTP to a voting trust (the "Voting Trust") created pursuant to the Voting Trust Agreement, dated May 15, 2012 among RBCMP, Lord Securities Corporation, as trustee (the "Voting Trustee") and Institutional Shareholder Services Inc. (the "Voting Consultant"), as amended.  The Voting Trust provides that with respect to voting or consent matters relating to the voting rights assigned to the Voting Trust, the Voting Consultant analyzes such voting or consent matters and makes a recommendation to the Voting Trustee on voting or consenting.  The Voting Trustee is obligated to follow any such recommendations of the Voting Consultant when providing a vote or consent.  The 75 shares of VMTP acquired by RBCCM on June 1, 2017, together with the 1,301 shares of VMTP previously acquired by RBCMP, are subject to the foregoing voting arrangement.  Voting and consent rights on the VMTP not assigned to the Voting Trust have been retained by RBCCM.
 
Item 5. Ownership of 5 Percent or Less of a Class.
 
If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than 5 percent of the class of securities, check the following ☐ .
 
Item 6. Ownership of More than 5 Percent on Behalf of Another Person.
 
Not Applicable
 
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Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
 
Not Applicable
 
Item 8. Identification and Classification of Members of the Group
 
Not Applicable
 
Item 9. Notice of Dissolution of Group.
 
Not Applicable
 
Item 10. Certifications
 
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.
 
SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.


 
June 2, 2017
   
 
RBC CAPITAL MARKETS, LLC
   
   
   
 
By: /s/ John Penn*
 
Name: John Penn
 
Title:  Authorized Signatory



 

*This Schedule 13G/A was executed by John Penn pursuant to the power of attorney filed with the Securities and Exchange Commission on November 12, 2010 in connection with a Schedule 13G/A for RMR Real Estate Income Fund, which power of attorney is incorporated herein by reference.
 
 
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