Cynthia Hostetler
About Cynthia Hostetler
Cynthia Hostetler (born 1962) is an Independent Trustee of Invesco Pennsylvania Value Municipal Income Trust (VPV), serving since 2017 and currently standing in Class I for election to a new three-year term through the 2028 annual meeting . She is a career investment professional and corporate director, with prior leadership roles in private equity and investment funds as well as legal training .
Past Roles
| Organization | Role | Tenure/Notes |
|---|---|---|
| Overseas Private Investment Corporation (OPIC) | Head of Investment Funds and Private Equity | Former role |
| First Manhattan Bancorporation, Inc. | President | Former role |
| Simpson Thacher & Bartlett LLP | Attorney | Former role |
| Aberdeen Investment Funds (4 portfolios) | Director | Former role |
| Artio Global Investment LLC (mutual fund complex) | Director | Former role |
| Edgen Group, Inc. | Director | Former role |
| Genesee & Wyoming, Inc. | Director | Former role |
External Roles
| Organization | Role | Committees/Impact |
|---|---|---|
| Resideo Technologies, Inc. | Director | Public company; smart home security products |
| Vulcan Materials Company | Director | Public company; construction materials |
| Trilinc Global Impact Fund LLC | Director | Publicly registered non-traded fund; private debt portfolio |
| Investment Company Institute (ICI) | Board of Governors | Professional organization in investment management |
| Independent Directors Council (IDC) | Governing Council Member | Professional organization in investment management |
Board Governance
- Independence: Hostetler is one of 12 Independent Trustees (not an “interested person” under the 1940 Act), with two Interested Trustees identified separately .
- Board and Committee activity:
- Board met 14 times in FY ended Feb 28, 2025; each independent trustee attended at least 75% of Board and applicable committee meetings .
- Audit Committee member; Audit Committee held six meetings in FY 2025 .
- Governance Committee member; Governance Committee held six meetings in FY 2025 .
- Investments Committee Chair; committee membership includes Trustees and Sub-Committees (Deckbar is Sub-Committee Chair) .
- Compliance Committee is chaired by Krentzman; Hostetler is not listed as a member; Compliance Committee held four meetings in FY 2025 .
- Election and term structure:
- Class I Trustee up for election in 2025; if elected, serves until the 2028 Annual Meeting or until successor qualifies .
- VPV shareholders vote with common and preferred together for Proposal 1(a) nominees including Hostetler .
Fixed Compensation
| Metric | Amount | Period/Notes |
|---|---|---|
| VPV – Aggregate compensation paid to Hostetler | $1,644.98 | Most recent fiscal year end amounts by fund (FY ended Feb 28, 2025) |
| Invesco Fund Complex – Total compensation to Hostetler | $465,000 | Calendar year ended Dec 31, 2024 |
| Compensation structure | Annual retainer + meeting fees; additional pay for Board/Committee Chairs | Trustees’ fee schedule across Funds |
| Retirement benefits (Hostetler) | None shown | Annex B line shows no accrued/estimated retirement benefits for Hostetler |
| Deferred compensation program availability | Available to Trustees via deferral agreements; elections up to 100% of fees | Program terms (general; not trustee-specific election amounts) |
Performance Compensation
- No equity-based director awards or performance-linked pay are disclosed for Trustees of VPV; compensation is cash retainer/meeting fees with chair premiums per the proxy . No trustee-specific performance metrics (TSR, revenue/EBITDA targets) tied to pay are disclosed in the proxy .
Other Directorships & Interlocks
| Company | Relationship to VPV | Notes |
|---|---|---|
| Resideo Technologies, Inc. | No disclosed transactions with VPV | External public board; distinct industry from municipal bond fund |
| Vulcan Materials Company | No disclosed transactions with VPV | External public board; distinct industry |
| Trilinc Global Impact Fund LLC | No disclosed transactions with VPV | External fund board |
| ICI / IDC | Industry governance bodies | Professional roles, not commercial relationships with VPV |
Expertise & Qualifications
- Investment governance: Experience leading investment funds/private equity at OPIC and serving on multiple fund and corporate boards .
- Legal and fiduciary background: Former attorney at Simpson Thacher; broad oversight experience across fund governance bodies (ICI/IDC) .
Equity Ownership
| Fund | Ownership (Dollar Range as of Dec 31, 2024) |
|---|---|
| VPV | None |
| Aggregate across Invesco Fund Complex | Over $100,000 (includes deferred compensation invested in complex funds) |
Governance Assessment
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Strengths:
- Independent status with meaningful leadership as Chair of the Investments Committee; engagement evidenced by committee meeting cadence (Investments Committee chartered and active; Audit and Governance committees each met six times in FY 2025) .
- Board-wide attendance threshold achieved (≥75% for each independent trustee), indicating consistent engagement; Board met 14 times in FY 2025 .
- No retirement accruals shown for Hostetler; compensation mix is primarily cash retainer/meeting fees, with chair premium—aligns with typical closed-end fund governance pay structures .
-
Potential conflict review:
- External public board seats (Resideo, Vulcan) are in industries distinct from VPV’s municipal bond focus; the proxy discloses Compliance Committee oversight of conflicts and risk management processes (Hostetler is not listed on Compliance Committee) .
- Section 16(a)/30(f) compliance reported as timely for FY 2025, reducing regulatory risk signals .
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Signals for investors:
- Chair role on Investments Committee suggests active oversight of portfolio and adviser fair valuation processes alongside Audit oversight of reporting integrity .
- Clear governance structures and documented committee activities/meeting frequency support board effectiveness and investor confidence .
-
RED FLAGS:
- None specifically flagged in the proxy for Hostetler (no delinquent filings; no trustee-related party transactions disclosed; PwC independence affirmed) .