Invesco Pennsylvania Value Municipal

Income Trust

invesco.com/us                        VK-CE-PAVMI-QTR-1       07/18                                                 Invesco Advisers, Inc.

Municipal Obligations–174.32%^(a)

Pennsylvania–167.02%

Allegheny (County of) Higher Education Building Authority (Chatham University);
Series 2012 A, University RB

Allegheny (County of) Higher Education Building Authority (Duquesne University);
Series 2011 A, University RB^(b)(c)

Series 2013 A, University RB

Allegheny (County of) Higher Education Building Authority (Robert Morris University); Series 2008 A, University RB ^(b)(c)

Allegheny (County of) Hospital Development Authority (University of Pittsburgh Medical Center); Series 2009, RB

Allegheny (County of) Industrial Development Authority (Propel Charter School-McKeesport); Series 2010 B, Charter School RB

Allegheny (County of) Industrial Development Authority (Residential Resources, Inc.); Series 2006, Lease RB

Allegheny (County of) Sanitary Authority; Series 2015, Ref. RB ^(d)

Allegheny (County of);
Series 2016 C-76, Unlimited Tax GO Bonds^(d)

Series 2016 C-76, Unlimited Tax GO Bonds

Allentown Neighborhood Improvement Zone Development Authority (City Center);
Series 2017, Tax RB^(e)

Series 2018, Tax RB^(e)

Berks (County of) Industrial Development Authority (Highlands at Wyomissing);
Series 2017 A, Ref. Healthcare Facilities RB

Series 2017 A, Ref. Healthcare Facilities RB

Series 2017 C, Healthcare Facilities RB

Berks (County of) Municipal Authority (Reading Hospital Medical Center); Series 2012 A, RB

Bethlehem (City of);
Series 2014, Ref. Gtd. Water RB(INS-BAM)^(f)

Series 2014, Ref. Gtd. Water RB(INS-BAM)^(f)

Bethlehem Area School District; Series 2010, Unlimited Tax GO Bonds ^(b)(c)

Central Bradford Progress Authority (Guthrie Healthcare System); Series 2011, RB

Centre (County of) Hospital Authority (Mt. Nittany Medical Center);
Series 2011, RB^(b)(c)

Series 2012 B, RB

Series 2016 A, Ref. RB

Chester (County of) Industrial Development Authority (Avon Grove Charter School); Series 2017 A, Ref. RB

Chester (County of) Industrial Development Authority (Colleguim Charter School); Series 2017 A, RB

Chester (County of) Industrial Development Authority (University Student Housing, LLC at West Chester University of Pennsylvania); Series 2013, Student Housing RB

Clairton (City of) Municipal Authority; Series 2012 B, RB

Coatesville School District; Series 2010, Limited Tax GO Bonds (INS-AGM)^(f)

Commonwealth Financing Authority;
Series 2010 B, RB

Series 2018, Tobacco Master Settlement Payment RB^(d)

Series 2018, Tobacco Master Settlement Payment RB^(d)

Series 2018, Tobacco Master Settlement Payment RB^(d)

Series 2018, Tobacco Master Settlement Payment RB^(d)

Cumberland (County of) Municipal Authority (Asbury Pennsylvania Obligated Group);
Series 2010, RB

Series 2010, RB

Cumberland (County of) Municipal Authority (Association of Independent Colleges & Universities of Pennsylvania Financing Program-Dickinson College); Series 2009, RB ^(b)(c)

Cumberland (County of) Municipal Authority (Diakon Lutheran Ministries); Series 2015, Ref. RB

Cumberland (County of) Municipal Authority (Messiah Village); Series 2008 A, RB

Pennsylvania–(continued)

Daniel Boone Area School District;
Series 2008, Limited Tax GO Notes^(b)(c)

Series 2008, Limited Tax GO Notes^(b)(c)

Series 2008, Limited Tax GO Notes^(b)(c)

Series 2008, Limited Tax GO Notes^(b)(c)

Dauphin (County of) General Authority (Pinnacle Health System);
Series 2009, Health System RB

Series 2009, Ref. Health System RB^(b)(c)

Series 2016 A, Ref. Health System RB

Deer Lakes School District; Series 2009, Limited Tax GO Bonds ^(b)(c)

Delaware (County of) Authority (Neumann College); Series 2008, College RB ^(b)(c)

Delaware (County of) Authority (Villanova University); Series 2015, RB

Delaware (County of) Industrial Development Authority (Covanta); Series 2015, Ref. RB

Delaware River Port Authority (Port District);
Series 2012, Ref. RB

Series 2012, Ref. RB

Delaware River Port Authority;
Series 2010 D, RB

Series 2013, RB

Delaware Valley Regional Financial Authority; Series 2002, RB

Doylestown (City of) Hospital Authority; Series 2013 A, RB (INS-AGM)^(f)

DuBois (City of) Hospital Authority (Penn Highlands Healthcare);
Series 2018, Ref. Hospital RB

Series 2018, Ref. Hospital RB

East Hempfield (Township of) Industrial Development Authority (Student Services Inc. Student Housing);
Series 2013, RB

Series 2013, RB

Series 2014, RB

East Hempfield (Township of) Industrial Development Authority (Willow Valley Communities);
Series 2016, Ref. RB

Series 2016, Ref. RB

Erie (City of) Higher Education Building Authority (Mercyhurst College); Series 2008, College RB ^(b)(c)

Franklin (County of) Industrial Development Authority (Chambersburg Hospital); Series 2010, RB

Fulton (County of) Industrial Development Authority (The Fulton County Medical Center); Series 2016, Ref. Hospital RB

Geisinger Authority (Geisinger Health System Foundation); Series 2013 A, VRD Health System RB ^(g)

Geisinger Authority (Geisinger Health System);
Series 2011 A-1, Health System RB

Series 2017 A-1, Ref. Health System RB^(d)

Lancaster (County of) Hospital Authority (Brethren Village);
Series 2017, Ref. RB

Series 2017, Ref. RB

Lancaster (County of) Hospital Authority (Lancaster General Hospital); Series 2012, Health System RB ^(b)(c)

Lancaster (County of) Hospital Authority (Landis Homes Retirement Community); Series 2015, Ref. Health Center RB

Lancaster (County of) Hospital Authority (Masonic Villages); Series 2015, Ref. RB

Lancaster (County of) Solid Waste Management Authority; Series 2013 A, Solid Waste Disposal System RB

Lehigh (County of) General Purpose Authority (Bible Fellowship Church Homes, Inc.); Series 2013, RB

Lehigh (County of) General Purpose Authority (Lehigh Valley Health); Series 2005 B, Hospital RB ^(b)(c)

Luzerne (County of) Convention Center Authority; Series 1998 A, VRD Hotel Room Rental Tax RB (LOC-PNC Bank, N.A.)^(g)(h)

Pennsylvania–(continued)

Lycoming (County of) Authority (Pennsylvania College of Technology); Series 2011, RB

Lycoming (County of) Authority (Susquehanna Health System); Series 2009 A, Health System RB

Montgomery (County of) Higher Education & Health Authority (Abington Memorial Hospital Obligated Group); Series 2012, RB ^(b)(c)

Montgomery (County of) Higher Education & Health Authority (Holy Redeemer Health System); Series 2014, Ref. RB

Montgomery (County of) Higher Education & Health Authority (Philadelphia Presbytery Homes, Inc.); Series 2017, Ref. RB

Montgomery (County of) Higher Education & Health Authority (Thomas Jefferson University); Series 2018 A, Ref. RB

Montgomery (County of) Industrial Development Authority (ACTS Retirement-Life Communities, Inc.);
Series 2012, Ref. RB

Series 2012, Ref. RB

Montgomery (County of) Industrial Development Authority (Albert Einstein Healthcare); Series 2015, Ref. Health System RB

Montgomery (County of) Industrial Development Authority (Philadelphia Presbytery Homes, Inc.); Series 2010, RB ^(b)(c)

Northampton (County of) General Purpose Authority (LaFayette College); Series 2017, Ref. Hospital Facilities RB ^(d)

Northampton (County of) General Purpose Authority (Lehigh University);
Series 2009, Higher Education RB^(b)(c)

Series 2009, Higher Education RB^(b)(c)

Northampton (County of) General Purpose Authority (St. Luke’s Hospital); Series 2008 A, Hospital RB ^(b)(c)

Northampton (County of) General Purpose Authority (St. Luke’s University Health Network);
Series 2016, Ref. Hospital RB

Series 2018 A, Ref. Hospital RB

Northampton (County of) Industrial Development Authority (Morningstar Senior Living, Inc.);
Series 2012, RB

Series 2012, RB

Pennsylvania (Commonwealth of);
First Series 2013, Unlimited Tax GO Bonds^(b)(c)(d)

Series 2018 A, Ref. COP

Series 2018 A, Ref. COP

Pennsylvania (State of) Economic Development Financing Agency (Forum Place); Series 2012, Governmental Lease RB

Pennsylvania (State of) Economic Development Financing Authority (Amtrak); Series 2012 A, Ref. Exempt Facilities RB ⁽ⁱ⁾

Pennsylvania (State of) Economic Development Financing Authority (Aqua Pennsylvania, Inc.); Series 2010 A, Ref. Water Facility RB ⁽ⁱ⁾

Pennsylvania (State of) Economic Development Financing Authority (Capital Region Parking System); Series 2013, Jr. Parking System RB

Pennsylvania (State of) Economic Development Financing Authority (National Gypson Co.); Series 2014, Ref. Exempt Facilities RB ⁽ⁱ⁾

Pennsylvania (State of) Economic Development Financing Authority (PA Bridges Finco L.P.); Series 2015, RB ⁽ⁱ⁾

Pennsylvania (State of) Economic Development Financing Authority (Philadelphia Biosolids Facility); Series 2009, Sewage Sludge Disposal RB

Pennsylvania (State of) Higher Educational Facilities Authority (AICUP Financing Program-Del Valley College); Series 2012, RB

Pennsylvania (State of) Higher Educational Facilities Authority (Drexel University); Series 2016, Ref. RB

Pennsylvania (State of) Higher Educational Facilities Authority (Edinboro University Foundation); Series 2010, RB ^(b)(c)

Pennsylvania (State of) Higher Educational Facilities Authority (La Salle University); Series 2012, RB

Pennsylvania–(continued)

Pennsylvania (State of) Higher Educational Facilities Authority (Shippensburg University Student Services);
Series 2012, RB

Series 2012, RB

Pennsylvania (State of) Higher Educational Facilities Authority (St. Joseph’s University); Series 2010 A, RB

Pennsylvania (State of) Higher Educational Facilities Authority (State System Higher Education); Series 2010 AL, RB

Pennsylvania (State of) Higher Educational Facilities Authority (Temple University); First Series 2012, RB

Pennsylvania (State of) Higher Educational Facilities Authority (Thomas Jefferson University);
Series 2010, RB^(b)(c)

Series 2015, Ref. RB

Pennsylvania (State of) Higher Educational Facilities Authority (Trustees of the University of Pennsylvania); Series 2017, RB ^(d)

Pennsylvania (State of) Higher Educational Facilities Authority (University Properties, Inc.); Series 2010, Student Housing RB

Pennsylvania (State of) Intergovernmental Cooperation Authority (City of Philadelphia Funding Program); Series 2009, Ref. Special Tax RB ^(d)

Pennsylvania (State of) Turnpike Commission;
Second Series 2017, Ref. Sub. Motor License Fund Special RB

Second Series 2017, Ref. Sub. Motor License Fund Special RB

Series 2008 A-1, RB^(b)(c)(d)

Series 2009 C, Sub. RB(INS-AGM)^(f)

Series 2009 E, Sub. RB

Series 2010 A-1, Motor License Fund Special RB^(b)(c)

Series 2011 B, Sub. Motor License Fund Special RB^(d)

Series 2014, Ref. RB

Series 2017 A, Sub. RB^(d)

Series 2018 B, Sub. Oil Franchise Tax RB

Subseries 2010 A-2, Ref. Motor License Fund Special RB^(b)(c)

Subseries 2010 A-2, Sub. Motor License Fund Special RB^(b)(c)

Subseries 2010 B-2, Motor License Fund Special RB^(b)(c)

Subseries 2010 B-2, Ref. Sub. Special Turnpike RB^(b)(c)

Subseries 2010 B-2, Sub. RB^(b)(c)

Subseries 2010 B-2, Sub. Special Turnpike RB^(b)(c)

Subseries 2017 B-1, Sub. Turnpike RB

Pennsylvania State University; Series 2016 A, RB

Philadelphia (City of) Authority for Industrial Development (The Children’s Hospital of Philadelphia); Series 2014 A, Hospital RB ^(d)

Philadelphia (City of) Authority for Industrial Development (Wesley Enhanced Living Obligated Group);
Series 2017, Ref. Sr. Living Facilities RB

Series 2017, Ref. Sr. Living Facilities RB

Philadelphia (City of) Hospitals & Higher Education Facilities Authority (Children’s Hospital of Philadelphia); Series 2011, RB

Philadelphia (City of) Hospitals & Higher Education Facilities Authority (Jefferson Health System); Series 2010 B, RB ^(b)(c)

Philadelphia (City of) Hospitals & Higher Education Facilities Authority (Temple University Health System);
Series 2017, Ref. RB

Series 2017, Ref. RB

Philadelphia (City of) Industrial Development Authority (Architecture & Design Charter High School); Series 2013, RB

Philadelphia (City of) Industrial Development Authority (Discovery Charter School);
Series 2012, RB

Series 2012, RB

Philadelphia (City of) Industrial Development Authority (First Philadelphia Preparatory Charter School); Series 2014 A, RB

Pennsylvania–(continued)

Philadelphia (City of) Industrial Development Authority (Global Leadership Academy Charter School); Series 2010, RB

Philadelphia (City of) Industrial Development Authority (Independence Charter School); Series 2007 A, RB

Philadelphia (City of) Industrial Development Authority (Kipp Philadelphia Charter School); Series 2016 B, RB

Philadelphia (City of) Industrial Development Authority (MaST Charter School); Series 2010, RB ^(b)(c)

Philadelphia (City of) Industrial Development Authority (MaST I Charter School); Series 2016 A, Ref. RB

Philadelphia (City of) Industrial Development Authority (New Foundations Charter School); Series 2012, RB

Philadelphia (City of) Industrial Development Authority (Performing Arts Charter School); Series 2013, RB ^(e)

Philadelphia (City of) Industrial Development Authority (University of the Arts); Series 2017, Ref. RB ^(e)

Philadelphia (City of) Parking Authority; Series 1999 A, RB (INS-AMBAC)^(f)

Philadelphia (City of);
Ninth Series 2010, Gas Works RB^(b)(c)

Ninth Series 2010, Gas Works RB^(b)(c)

Ninth Series 2010, Gas Works RB

Series 2008 A, Ref. Unlimited Tax GO Bonds^(b)(c)

Series 2009 A, Ref. Unlimited Tax GO Bonds^(b)(c)

Series 2009 A, Ref. Unlimited Tax GO Bonds(INS-AGC)^(f)

Series 2009 A, Water & Wastewater RB^(b)(c)

Series 2010 C, Water & Wastewater RB^(b)(c)

Series 2010 C, Water & Wastewater RB(INS-AGM)^(f)

Series 2011, Unlimited Tax GO Bonds^(b)(c)

Series 2014 A, Ref. Unlimited Tax GO Bonds

Series 2017, Ref. Unlimited Tax GO Bonds

Series 2017 A, Ref. Unlimited Tax GO Bonds

Series 2017 A, Water & Wastewater RB^(d)

Series 2017 B, Ref. Airport RB⁽ⁱ⁾

Twelfth Series 1990 B, Gas Works RB^(c)

Philadelphia (State of) Authority for Industrial Development (Cultural and Commercials Corridors); Series 2016, Ref. City Agreement RB

Philadelphia (State of) Authority for Industrial Development (Temple University); First Series 2015, Ref. RB

Philadelphia School District;
Series 2007 A, Ref. Unlimited Tax GO Bonds(INS-NATL)^(f)

Series 2008 E, Limited Tax GO Bonds^(b)(c)

Series 2008 E, Limited Tax GO Bonds^(b)(c)

Series 2008 E, Limited Tax GO Bonds(INS-BHAC)^(f)

Pittsburgh (City of) & Allegheny (County of) Sports & Exhibition Authority (Regional Asset District); Series 2010, Ref. Sales Tax RB (INS-AGM)^(f)

Pittsburgh (City of) & Allegheny (County of) Sports & Exhibition Authority; Series 2010, Ref. Hotel Room Excise Tax RB (INS-AGM)^(f)

Pittsburgh (City of) Water & Sewer Authority;
Series 2008 D1, First Lien RB^(b)(c)

Series 2008 D1, First Lien RB^(b)(c)

Series 2013 A, Ref. First Lien RB

Southeastern Pennsylvania Transportation Authority; Series 2011, Capital Grant Receipts RB ^(b)(c)

State Public School Building Authority (Harrisburg School District);
Series 2009, RB^(b)(c)

Series 2009, RB^(b)(c)

Series 2009, RB^(b)(c)

Series 2016 A, Ref. RB(INS-AGM)^(f)

State Public School Building Authority (Philadelphia School District); Series 2012, Lease RB

Susquehanna Area Regional Airport Authority; Series 2012 A, Airport System RB ⁽ⁱ⁾

Pennsylvania–(continued)

Union (County of) Hospital Authority (Evangelical Community Hospital); Series 2011, Ref. & Improvement RB

University of Pittsburgh - of the Commonwealth System of Higher Education (University Capital);
Series 2000 B, Ref. RB^(b)(c)(d)

Series 2005 A, RB^(b)(c)(d)

Washington (County of) Industrial Development Authority (Washington Jefferson College);
Series 2010, College RB^(b)(c)

Series 2010, College RB^(b)(c)

Washington (County of) Redevelopment Authority;
Series 2018, Ref. Tax Allocation RB

Series 2018, Ref. Tax Allocation RB

West Mifflin Area School District;
Series 2009, Limited Tax GO Bonds^(b)(c)

Series 2009, Limited Tax GO Bonds^(b)(c)

West Shore Area Authority (Massiah Village); Series 2015 A, Ref. RB

Westmoreland (County of) Municipal Authority;
Series 2013, RB^(b)(c)

Series 2013, RB^(b)(c)

Wilkes-Barre (City of) Finance Authority (University of Scranton); Series 2010, RB ^(b)(c)

Guam–5.09%

Guam (Territory of) (Section 30);
Series 2009 A, Limited Obligation RB^(b)(c)

Series 2009 A, Limited Obligation RB^(b)(c)

Series 2016 A, Ref. Limited Obligation RB

Guam (Territory of) International Airport Authority;
Series 2013 C, General RB⁽ⁱ⁾

Series 2013 C, General RB(INS-AGM)^(f)(i)

Guam (Territory of) Power Authority;
Series 2010 A, RB^(b)(c)

Series 2012 A, Ref. RB

Guam (Territory of) Waterworks Authority;
Series 2010, Water & Wastewater System RB^(b)(c)

Series 2014 A, Ref. Water & Wastewater System RB

Guam (Territory of); Series 2011 A, Business Privilege Tax RB

Virgin Islands–1.74%

Virgin Islands (Government of) Port Authority; Series 2014 B, Ref. Marine RB

Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note - Diageo); Series 2009 A, Sub. RB

Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note); Series 2009 B, Ref. Sr. Lien RB

Virgin Islands (Government of) Public Finance Authority; Series 2015, RB ^(e)

Puerto Rico–0.47%

Children’s Trust Fund; Series 2005 A, Tobacco Settlement Asset-Backed RB ^(j)

TOTAL INVESTMENTS IN SECURITIES^(k)–174.32% (Cost $546,161,136)

FLOATING RATE NOTE OBLIGATIONS–(30.72)%

Notes with interest rates and fee ranging from 1.60% to 1.68% at 05/31/2018 and contractual maturities of collateral ranging from 06/15/2021 to 10/01/2052 (See Note 1D)^(l)

VARIABLE RATE MUNI TERM PREFERRED SHARES–(42.14)%

OTHER ASSETS LESS LIABILITIES–(1.46)%

NET ASSETS APPLICABLE TO COMMON SHARES–100.00%

AGM

AMBAC

BAM

BHAC

COP

GO

INS

LOC

NATL

RB

Ref.

Sub.

VRD

Calculated as a percentage of net assets. Amounts in excess of 100% are due to the Trust’s use of leverage.

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

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

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

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 May 31, 2018 was $11,291,726, which represented 3.46% of the Trust’s Net Assets.

Principal and/or interest payments are secured by the bond insurance company listed.

Demand security payable upon demand by the Trust at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically based on current market interest rates. Rate shown is the rate in effect on May 31, 2018.

Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.

Security subject to the alternative minimum tax.

Zero coupon bond issued at a discount.

Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuers obligations. No concentration of any single entity was greater than 5% each.

Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at May 31, 2018. At May 31, 2018, the Trust’s investments with a value of $157,496,940 are held by TOB Trusts and serve as collateral for the $100,265,000 in the floating rate note obligations outstanding at that date.

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

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. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

Country Determination – (continued)

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 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.

Floating Rate Note Obligations – (continued)

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.

Controls and Procedures.

As of May 18, 2018, 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 May 18, 2018, 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.

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.

Exhibits.

/s/ Sheri Morris

/s/ Sheri Morris

/s/ Kelli Gallegos