N-CSR - IIM

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-CSR

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-06590

 

 

Invesco Value Municipal Income Trust

(Exact name of registrant as specified in charter)

 

 

1555 Peachtree Street, N.E., Suite 1800 Atlanta, Georgia 30309

(Address of principal executive offices) (Zip code)

 

 

Sheri Morris 1555 Peachtree Street, N.E., Suite 1800 Atlanta, Georgia 30309

(Name and address of agent for service)

 

 

Registrant’s telephone number, including area code: (713) 626-1919

Date of fiscal year end: 2/28

Date of reporting period: 2/28/18

 

 

 


Item 1. Report to Stockholders.


   

 

  LOGO  

Annual Report to Shareholders

 

  February 28, 2018
   

 

   

Invesco Value Municipal Income Trust

 

    NYSE: IIM

 

 

 

LOGO


 

Letters to Shareholders

 

LOGO

         Philip Taylor

  

Dear Shareholders:

This annual report includes information about your Trust, including performance data and a complete list of its investments as of the close of the reporting period. Inside is a discussion of how your Trust was managed and the factors that affected its performance during the reporting period.

    For much of the reporting period, major US stock market indexes rose to record highs – but in early 2018, volatility returned to the US stock and bond markets. Investors worried about how rising interest rates might affect economic growth; those concerns caused the US stock market, which many investors believed had risen too far, too fast, to pull back. Throughout the reporting period, economic data remained generally positive, corporate earnings remained strong and consumer sentiment remained positive, particularly after passage of legislation cutting personal and corporate tax rates in December. The US economy expanded throughout the reporting period,

and the first signs of rising inflation appeared. In response, the US Federal Reserve raised interest rates three times, and the tone of its statements grew more hawkish regarding potential rate increases in 2018.

    Short-term market volatility can prompt some investors to abandon their investment plans – and can cause others to settle for whatever returns the market has to offer. The investment professionals at Invesco, in contrast, invest with high conviction. This means that, no matter the asset class or the strategy, each investment team has a passion to exceed. We want to help investors achieve better outcomes, such as seeking higher returns, helping mitigate risk and generating income. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.

    You, too, can invest with high conviction by maintaining a long-term investment perspective and by working with your financial adviser on a regular basis. During periods of short-term market volatility or uncertainty, your financial adviser can keep you focused on your long-term investment goals – a new home, a child’s college education or a secure retirement. He or she also can share research about the economy, the markets and individual investment options.

Visit our website for more information on your investments

Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about your Trust’s performance and portfolio holdings. In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets and the economy by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

    Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

Have questions?

For questions about your account, contact an Invesco client services representative at 800 341 2929. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

    All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

 

LOGO

Philip Taylor

Senior Managing Director, Invesco Ltd.

 

2                         Invesco Value Municipal Income Trust


 

 

 

LOGO

Bruce Crockett

    

Dear Fellow Shareholders:

Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate.

    As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment, including but not limited to:

 Monitoring how the portfolio management teams of the Invesco funds are performing in light   of changing economic and market conditions.

 Assessing each portfolio management team’s investment performance within the context of   the fund’s investment strategy.

  Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

    We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper, Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

    I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

    As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

 

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

 

3                         Invesco Value Municipal Income Trust


 

Management’s Discussion of Trust Performance

 

Performance summary

For the fiscal year ended February 28, 2018, Invesco Value Municipal Income Trust (the Trust), at net asset value (NAV), outperformed its style-specific benchmark, the S&P Municipal Bond 5+ Year Investment Grade Index. The Trust’s return can be calculated based on either the market price or the NAV of its shares. NAV per share is determined by dividing the value of the Trust’s portfolio securities, cash and other assets, less all liabilities and preferred shares, by the total number of common shares outstanding. Market price reflects the supply and demand for Trust shares. As a result, the two returns can differ, as they did during the fiscal year.

 

         

Performance

   

Total returns, 2/28/17 to 2/28/18

   

Trust at NAV

      4.27 %  

Trust at Market Value

      3.27

S&P Municipal Bond Index (Broad Market Index)

      2.32

S&P Municipal Bond 5+ Year Investment Grade Index (Style-Specific Index)

      3.14

Lipper Closed-End General and Insured Municipal Leveraged Debt Funds Index (Peer Group Index)

      4.08
           

Market Price Discount to NAV as of 2/28/18

      –8.29

Source(s): FactSet Research Systems Inc.; Lipper Inc.

   

 

The performance data quoted represent past performance and cannot guarantee comparable future results; current performance may be lower or higher. Investment return, NAV and common share market price will fluctuate so that you may have a gain or loss when you sell shares. Please visit invesco.com/us for the most recent month-end performance. Performance figures reflect Trust expenses, the reinvestment of distributions (if any) and changes in NAV for performance based on NAV and changes in market price for performance based on market price.

    Since the Trust is a closed-end management investment company, shares of the Trust may trade at a discount or premium from the NAV. This characteristic is separate and distinct from the risk that NAV could decrease as a result of investment activities and may be a greater risk to investors expecting to sell their shares after a short time. The Trust cannot predict whether shares will trade at, above or below NAV. The Trust should not be viewed as a vehicle for trading purposes. It is designed primarily for risk-tolerant long-term investors.

         

 

 

How we invest

The Trust seeks to provide investors with current income exempt from federal income tax.

    We seek to achieve the Trust’s investment objective by investing primarily in municipal securities that are rated investment grade at the time of investment. Municipal securities include municipal bonds, municipal notes, municipal commercial paper and lease obligations. The Trust may also invest up to 20% of its net assets in municipal securities rated below investment grade or that are unrated but determined to be of comparable quality

 

Portfolio Composition

         

By credit sector, based on total investments

   

Revenue Bonds

      70.3 %  

Pre-Refunded

      19.8

General Obligation Bonds

      9.9
           

Total Net Assets

   

Applicable to Common Shares

    $ 743.4 million

Total Number of Holdings

      446
The Trust’s holdings are subject to change, and there is no assurance that the Trust will continue to hold any particular security.    

at the time of purchase. From time to time, we may invest in municipal securities that pay interest that is subject to federal alternative minimum tax.

    We employ a bottom-up, research-driven approach to identify securities that we believe have attractive risk-reward characteristics for the sectors in which invest. We also integrate macroeconomic analysis and forecasting into our evaluation and ranking of various sectors and individual securities. Finally, we employ leverage in an effort to enhance the Trust’s income and total return. Sell decisions generally are based on:

 

  Top Five Debt Holdings

 

          
    1.   Massachusetts (State of) Development Finance Agency (Harvard University); Series 2009 A        2.2 %  
    2.   Illinois (State of) Toll Highway Authority; Series 2013 A        1.8
    3.   Nevada (State of); Series 2008 C        1.8
    4.   North Texas Tollway Authority; Series 2008 D        1.6
    5.   New York (City of) Municipal Water Finance Authority; Series 2012 FF        1.6
 
  A deterioration or likely deterioration of an individual issuer’s capacity to meet its debt obligations on a timely basis.
  A deterioration or likely deterioration of the broader fundamentals of a particular industry or sector.
  Opportunities in the secondary or primary market to exchange into a security with better relative value.

 

 

Market conditions and your Trust

Although shifting expectations about potential federal tax reform unsettled fixed income investors during the fourth quarter of 2017, municipal bonds enjoyed another year of positive performance in calendar year 2017, with investment grade municipals returning 5.45% and high yield municipals returning 9.69%.1 For the first two months of 2018 however, performance weakened, with investment grade municipals returning -1.47% and high yield municipals returning -0.87%.1

    Flows into the municipal bond asset class were positive for 10 of the 12 months covered in this report. The first negative month of flows was in December 2017. Flows were positive in January 2018, but turned negative again in February 2018.2

    The broad municipal bond market held up well in the aftermath of hurricanes Harvey, Irma and Maria – which caused Texas, Florida, the commonwealth of Puerto Rico and the US Virgin Islands to suffer staggering financial losses. The credit quality of each issuer before the storm was the most significant factor in the performance of its municipal debt. Puerto Rico and the US Virgin Islands have been struggling with deteriorating economic conditions for some time. In contrast, Texas and Florida are in relatively stronger economic and financial positions.

    Long standing budget standoffs in Illinois and New Jersey ended in 2017, with both states passing budgets within days of each other. This served to stabilize the states’ fiscal conditions and, therefore, their credit ratings, which in turn enhanced the performance of their municipal bonds.

    The most significant event impacting the municipal bond market during the reporting period was passage of the Tax Cuts and Jobs Act (TCJA), which President Donald Trump signed into law in December 2017. As of January 1, 2018, individual tax rates are lower and the corporate tax rate was cut from 35% to 21%.3 In our opinion, the changes in individual income tax rates are not sufficient to negatively impact individual investors’

 

 

4                 Invesco Value Municipal Income Trust


demand for municipal securities. Historically, lowering individual tax rates has had minimal impact on individual demand for municipal bonds but may reduce corporate demand. The TCJA eliminated the tax exemption for advance refunding bonds; we believe this may decrease municipal supply by 10% to 20% per year going forward.

    Municipal supply was strong through 2017, with $436 billion in new issuance – just 2% less than seen in 2016.4 Many issuers rushed to market with advance refundings previously planned for 2018. There was also a surge in private activity bond issuance until it became clear that the tax exemption for such securities would be preserved. New issuance totaled $62.5 billion in December 2017, making it a record month for issuance.4 This rush to market explains the extremely low volume in new issuance seen in January and February 2018.

    During the fiscal year, security selection among non-rated municipal bonds contributed to the Trust’s performance relative to its style-specific benchmark. Security selection in higher coupon (5.00 %+) bonds also contributed to the Trust’s relative performance. On a sector level, security selection in and overweight allocation to tobacco bonds also contributed to the Trust’s relative return. On a state level, security selection in Texas issues was beneficial to relative performance.

    Holdings in the pre-refunded sector detracted from the Trust’s performance relative to its style-specific benchmark during the fiscal year. The Trust’s allocation in shorter-duration holdings (3.99 years and less) also detracted from the Trust’s relative performance. On the state level, security selection in Pennsylvania and Florida holdings marginally detracted from relative performance.

    One important factor affecting the Trust’s performance relative to its style-specific benchmark was the use of leverage. The Trust uses leverage because we believe that, over time, leveraging can provide opportunities for additional income and total return for common shareholders. However, the use of leverage also can expose common shareholders to additional volatility. For example, if the prices of securities held by a trust decline, the negative effect of these valuation changes on common-share NAV and total return is magnified by the use of leverage. Conversely, leverage may enhance common-share returns during periods when the prices of securities held by a trust generally are rising.

    Over the fiscal year, leverage contributed to the Trust’s performance relative to its style-specific benchmark. The Trust achieved a leveraged position through the use of inverse floating rate securities and variable rate muni term preferred (VMTP) shares. Inverse floating rate securities or tender option bonds (TOBs) are instruments that have an inverse relationship to a referenced interest rate. VMTPs are a variable rate form of preferred stock with a mandatory redemption date. Inverse floating rate securities and VMTPs can be an efficient way to manage duration, yield curve exposure and credit exposure, potentially enhancing yield. At the close of the fiscal year, leverage accounted for 39% of the Trust’s total assets and it contributed to returns. For more information about the Trust’s use of leverage, see the Notes to Financial Statements later in this report.

    We wish to remind you that the Trust is subject to interest rate risk, meaning when interest rates rise, the value of fixed income securities tends to fall. This risk may be greater in the current market environment because interest rates are at or near historic lows. The degree to which the value of fixed income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates, as well as individual security characteristics such as price, maturity, duration and coupon and market forces such as supply and demand for similar securities. We are monitoring interest rates, and the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the US Federal Reserve and certain foreign central banks. If interest rates rise faster than expected, markets may experience increased volatility, which may affect the value and/or liquidity of certain of the Trust’s investments and/or the market price of the Trust’s common shares.

    Thank you for investing in Invesco Value Municipal Income Trust and for sharing our long-term investment horizon.

 

1 Source: FactSet Research Systems Inc.
2 Source: Strategic Insight
3 Source: The Bond Buyer
4 Source: Internal Revenue Service

The views and opinions expressed in management’s discussion of Trust performance are those of Invesco Advisers, Inc. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Trust. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

See important Trust and, if applicable, index disclosures later in this report.

 

LOGO

 

Mark Paris

Portfolio Manager and Chief Investment Officer and Head of Municipal Strategies for Invesco Fixed Income, is

manager of Invesco Value Municipal Income Trust. He joined Invesco in 2010. Mr. Paris was associated with the Trust’s previous investment adviser or its investment advisory affiliates in an investment management capacity from 2002 to 2010 and began managing the Trust in 2015. He earned a BBA in finance from Baruch College – The City University of New York.

 

LOGO  

Jack Connelly

 

Portfolio Manager, is manager of Invesco Value Municipal Income Trust. He joined Invesco in 2016 and began

managing the Trust in 2016. Mr. Connelly was employed at Raymond James & Associates in an investment management capacity from 1994 to 2015. Prior to 2012, he served as director of the municipal high yield trading group. He earned a BA in philosophy from Wheaton College and masters degrees from the University of Rhode Island and Yale University.

 

LOGO  

Tim O’Reilly

Portfolio Manager, is manager of Invesco Value Municipal Income Trust. He joined Invesco in 2010.

Mr. O’Reilly was associated with the Trust’s previous investment adviser or its investment advisory affiliates in an investment management capacity from 2001 to 2010 and began managing the Trust in 2016. Mr. O’Reilly earned a BS in finance from Eastern Illinois University and an MBA in finance from the University of Illinois at Chicago.
 

 

5                Invesco Value Municipal Income Trust


LOGO  

James Phillips

 

Portfolio Manager, is manager of Invesco Value Municipal Income Trust. He joined Invesco

in 2010. Mr. Phillips was associated with the Trust’s previous investment adviser or its investment advisory affiliates in an investment management capacity from 1991 to 2010 and began managing the Trust in 2015. He earned a BA in American literature from Empire State College, the independent study division of the State University of New York, and an MBA in finance from the University at Albany, State University of New York.

 

LOGO  

Robert Stryker

 

Chartered Financial Analyst, Portfolio Manager, is manager of Invesco Value Municipal

Income Trust. He joined Invesco in 2010. Mr. Stryker was associated with the Trust’s previous investment adviser or its investment advisory affiliates in an investment management capacity from 1994 to 2010 and began managing the Trust in 2009. He earned a BS in finance from the University of Illinois, Chicago.

 

LOGO  

Julius Williams

 

Portfolio Manager, is manager of Invesco Value Municipal Income Trust. He joined Invesco

in 2010. Mr. Williams was associated with the Trust’s previous investment adviser or its investment advisory affiliates in an investment management capacity from 2000 to 2010 and began managing the Trust in 2015. He earned a BA in economics and sociology and a Master of Education degree in educational psychology from the University of Virginia.
 

 

6                Invesco Value Municipal Income Trust


 

Supplemental Information

Invesco Value Municipal Income Trust’s investment objective is to provide common shareholders with current income which is exempt from federal income tax.

  Unless otherwise stated, information presented in this report is as of February 28, 2018, and is based on total net assets applicable to common shares.
  Unless otherwise noted, all data provided by Invesco.
  To access your Trust’s reports, visit invesco.com/fundreports.

 

 

About indexes used in this report

  The S&P Municipal Bond Index is a broad, market value-weighted index that seeks to measure the performance of the US municipal bond market.
  The S&P Municipal Bond 5+ Year Investment Grade Index seeks to measure the performance of investment grade US municipal bonds with maturities equal to or greater than five years.
  The Lipper Closed-End General and Insured Municipal Leveraged Debt Funds Index is an unmanaged index considered representative of closed-end general and insured leverage municipal debt funds tracked by Lipper. These funds either invest primarily in municipal debt issues rated in the top four credit ratings or invest primarily in municipal debt issues insured as to timely payment. These funds can be leveraged via use of debt, preferred equity, and/or reverse repurchase agreements.
  The Trust is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Trust may deviate significantly from the performance of the index(es).
  A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

 

Other information

  The returns shown in management’s discussion of Trust performance are based on net asset values (NAVs) calculated for shareholder transactions. Generally accepted accounting principles require adjustments to be made to the net assets of the Trust at period end for financial reporting purposes, and as such, the NAVs for shareholder transactions and the returns based on those NAVs may differ from the NAVs and returns reported in the Financial Highlights.
 

 

                                                                                                                                                                        

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

 

7                Invesco Value Municipal Income Trust


 

Dividend Reinvestment Plan

The dividend reinvestment plan (the Plan) offers you a prompt and simple way to reinvest your dividends and capital gains distributions (Distributions) into additional shares of your Invesco closed-end Trust (the Trust). Under the Plan, the money you earn from Distributions will be reinvested automatically in more shares of the Trust, allowing you to potentially increase your investment over time. All shareholders in the Trust are automatically enrolled in the Plan when shares are purchased.

 

 

Plan benefits

  Add to your account:

You may increase your shares in your Trust easily and automatically with the Plan.

  Low transaction costs:

Shareholders who participate in the Plan may be able to buy shares at below-market prices when the Trust is trading at a premium to its net asset value (NAV). In addition, transaction costs are low because when new shares are issued by the Trust, there is no brokerage fee, and when shares are bought in blocks on the open market, the per share fee is shared among all participants.

  Convenience:

You will receive a detailed account statement from Computershare Trust Company, N.A. (the Agent), which administers the Plan. The statement shows your total Distributions, date of investment, shares acquired, and price per share, as well as the total number of shares in your reinvestment account. You can also access your account at invesco.com/closed-end.

  Safekeeping:

The Agent will hold the shares it has acquired for you in safekeeping.

 

 

Who can participate in the Plan

If you own shares in your own name, your purchase will automatically enroll you in the Plan. If your shares are held in “street name” — in the name of your brokerage firm, bank, or other financial institution — you must instruct that entity to participate on your behalf. If they are unable to participate on your behalf, you may request that they reregister your shares in your own name so that you may enroll in the Plan.

 

 

How to enroll

If you haven’t participated in the Plan in the past or chose to opt out, you are still eligible to participate. Enroll by visiting invesco.com/closed-end, by calling toll-free 800 341 2929 or by notifying us in writing at Invesco Closed-End Funds, Computershare Trust Company, N.A., P.O. Box 505000, Louisville, KY 40233-5000. If you are writing to us, please include the Trust name and account number and ensure that all shareholders listed on the account sign these written instructions. Your participation in the Plan will begin with the next Distribution payable after the Agent receives your authorization, as long as they receive it before the “record date,” which is generally 10 business days before the Distribution is paid. If your authorization arrives after such record date, your participation in the Plan will begin with the following Distribution.

 

How the Plan works

If you choose to participate in the Plan, your Distributions will be promptly reinvested for you, automatically increasing your shares. If the Trust is trading at a share price that is equal to its NAV, you’ll pay that amount for your reinvested shares. However, if the Trust is trading above or below NAV, the price is determined by one of two ways:

  1. Premium: If the Trust is trading at a premium — a market price that is higher than its NAV — you’ll pay either the NAV or 95 percent of the market price, whichever is greater. When the Trust trades at a premium, you may pay less for your reinvested shares than an investor purchasing shares on the stock exchange. Keep in mind, a portion of your price reduction may be taxable because you are receiving shares at less than market price.
  2. Discount: If the Trust is trading at a discount — a market price that is lower than its NAV — you’ll pay the market price for your reinvested shares.

 

 

 

Costs of the Plan

There is no direct charge to you for reinvesting Distributions because the Plan’s fees are paid by the Trust. If the Trust is trading at or above its NAV, your new shares are issued directly by the Trust and there are no brokerage charges or fees. However, if the Trust is trading at a discount, the shares are purchased on the open market, and you will pay your portion of any per share fees. These per share fees are typically less than the standard brokerage charges for individual transactions because shares are purchased for all participants in blocks, resulting in lower fees for each individual participant. Any service or per share fees are added to the purchase price. Per share fees include any applicable brokerage commissions the Agent is required to pay.

 

 

Tax implications

The automatic reinvestment of Distributions does not relieve you of any income tax that may be due on Distributions. You will receive tax information annually to help you prepare your federal income tax return.

    Invesco does not offer tax advice. The tax information contained herein is general and is not exhaustive by nature. It was not intended or written to be used, and it cannot be used, by any taxpayer for avoiding penalties that may be imposed on the taxpayer under US federal tax laws. Federal and state tax laws are complex and constantly changing. Shareholders should always consult a legal or tax adviser for information concerning their individual situation.

 

How to withdraw from the Plan

You may withdraw from the Plan at any time by calling 800 341 2929, by visiting invesco.com/closed-end or by writing to Invesco Closed-End Funds, Computershare Trust Company, N.A., P.O. Box 505000, Louisville, KY 40233-5000. Simply indicate that you would like to withdraw from the Plan, and be sure to include your Trust name and account number. Also, ensure that all shareholders listed on the account sign these written instructions. If you withdraw, you have three options with regard to the shares held in the Plan:

  1. If you opt to continue to hold your non-certificated whole shares (Investment Plan Book Shares), they will be held by the Agent electronically as Direct Registration Book-Shares (Book-Entry Shares) and fractional shares will be sold at the then-current market price. Proceeds will be sent via check to your address of record after deducting applicable fees, including per share fees such as any applicable brokerage commissions the Agent is required to pay.
  2. If you opt to sell your shares through the Agent, we will sell all full and fractional shares and send the proceeds via check to your address of record after deducting a $2.50 service fee and per share fees. Per share fees include any applicable brokerage commissions the Agent is required to pay.
  3. You may sell your shares through your financial adviser through the Direct Registration System (DRS). DRS is a service within the securities industry that allows Trust shares to be held in your name in electronic format. You retain full ownership of your shares, without having to hold a share certificate. You should contact your financial adviser to learn more about any restrictions or fees that may apply.

The Trust and Computershare Trust Company, N.A. may amend or terminate the Plan at any time. Participants will receive at least 30 days written notice before the effective date of any amendment. In the case of termination, Participants will receive at least 30 days written notice before the record date for the payment of any such Distributions by the Trust. In the case of amendment or termination necessary or appropriate to comply with applicable law or the rules and policies of the Securities and Exchange Commission or any other regulatory authority, such written notice will not be required.

    To obtain a complete copy of the current Dividend Reinvestment Plan, please call our Client Services department at 800 341 2929 or visit invesco.com/closed-end.

 

 

 

8                Invesco Value Municipal Income Trust


Schedule of Investments

February 28, 2018

 

     Interest
Rate
    Maturity
Date
     Principal
Amount
(000)
     Value  

Municipal Obligations–162.98%(a)

 

Alabama–3.64%  

Alabama (State of) Special Care Facilities Financing Authority (Ascension Health Senior Credit Group); Series 2016 B, Ref. RB

    5.00     11/15/2046      $ 4,500      $ 5,038,740  

Alabaster (City of) Board of Education;

         

Series 2014 A, Limited Special Tax GO Wts.(INS–AGM)(b)

    5.00     09/01/2039        1,095        1,232,357  

Series 2014 A, Limited Special Tax GO Wts.(INS–AGM)(b)

    5.00     09/01/2044        1,095        1,230,977  

Birmingham (City of) Airport Authority; Series 2010, RB (INS–AGM)(b)

    5.25     07/01/2030        3,600        3,863,304  

Birmingham (City of) Special Care Facilities Financing Authority (Methodist Home for the Aging);

         

Series 2016, RB

    5.25     06/01/2025        700        769,783  

Series 2016, RB

    5.75     06/01/2045        515        564,852  

Birmingham (City of) Water Works Board; Series 2011, Water RB(c)(d)(e)

    5.00     01/01/2021        8,575        9,361,070  

Chatom (Town of) Industrial Development Board (PowerSouth Energy Cooperative); Series 2010 A, Ref. Gulf Opportunity Zone RB (INS–AGC)(b)

    5.00     08/01/2037        2,000        2,127,500  

Lower Alabama Gas District (The); Series 2016 A, Gas Project RB(c)

    5.00     09/01/2046        2,400        2,889,168  
                                27,077,751  
Alaska–0.56%  

Alaska (State of) Industrial Development & Export Authority (Providence Health Services); Series 2011 A, RB(c)

    5.50     10/01/2041        3,825        4,158,005  
Arizona–4.08%  

Arizona (State of) Health Facilities Authority (Catholic Healthcare West); Series 2011 B-2, RB (INS–AGM)(b)

    5.00     03/01/2041        2,065        2,176,985  

Arizona (State of) Health Facilities Authority (Phoenix Children’s Hospital); Series 2012, Ref. Hospital System RB

    5.00     02/01/2042        4,450        4,682,023  

Arizona (State of) Health Facilities Authority (Scottsdale Lincoln Hospital); Series 2014, Ref. RB

    5.00     12/01/2042        1,905        2,101,786  

Arizona (State of) Industrial Development Authority (Leman Academy of Excellence); Series 2017 A, Ref. Education RB(f)

    5.00     07/01/2037        680        656,261  

Glendale (City of) Industrial Development Authority (Midwestern University);

         

Series 2010, RB

    5.00     05/15/2035        1,000        1,060,080  

Series 2010, RB

    5.13     05/15/2040        1,000        1,061,420  

Glendale (City of) Industrial Development Authority (The Beatitudes Campus); Series 2017, Ref. RB

    5.00     11/15/2031        1,220        1,275,266  

Mesa (City of); Series 2013, Excise Tax RB(c)

    5.00     07/01/2032        7,600        8,414,492  

Phoenix (City of) Industrial Development Authority (Legacy Traditional Schools); Series 2014 A, Education Facility RB(f)

    6.50     07/01/2034        435        486,748  

Phoenix (City of) Industrial Development Authority (Rowan University); Series 2012, Lease RB

    5.00     06/01/2042        2,665        2,890,352  

Pima (County of) Industrial Development Authority (Edkey Charter Schools); Series 2013, Ref. Education Facility RB

    6.00     07/01/2033        1,000        937,620  

Pima (County of) Industrial Development Authority (Grande Innovations Academy); Series 2018, Education Facility RB(f)

    5.25     07/01/2048        1,175        1,134,322  

Yuma (City of) Industrial Development Authority (Regional Medical Center);

         

Series 2014 A, Hospital RB

    5.00     08/01/2032        1,050        1,180,148  

Series 2014 A, Hospital RB

    5.25     08/01/2032        2,000        2,279,500  
                                30,337,003  
California–22.52%  

Alameda (County of) Corridor Transportation Authority; Series 2016 B, Ref. Second Sub. Lien RB

    5.00     10/01/2037        2,110        2,352,713  

Alhambra Unified School District (Election of 2004);

         

Series 2009 B, Unlimited Tax CAB GO Bonds(INS–AGC)(b)(g)

    0.00     08/01/2035        3,010        1,565,381  

Series 2009 B, Unlimited Tax CAB GO Bonds(INS–AGC)(b)(g)

    0.00     08/01/2036        2,675        1,330,251  

Bay Area Toll Authority (San Francisco Bay Area); Series 2017 F-1, Toll Bridge RB(c)

    5.00     04/01/2056        2,325        2,607,674  

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

9                         Invesco Value Municipal Income Trust


     Interest
Rate
    Maturity
Date
     Principal
Amount
(000)
     Value  
California–(continued)          

Beverly Hills Unified School District (Election of 2008);

         

Series 2009, Unlimited Tax CAB GO Bonds(g)

    0.00     08/01/2026      $ 2,720      $ 2,159,762  

Series 2009, Unlimited Tax CAB GO Bonds(g)

    0.00     08/01/2031        5,270        3,383,867  

California (County of) Tobacco Securitization Agency (Alameda County Tobacco Asset Securitization Corp.); Series 2006 C, Tobacco Settlement Sub. CAB RB(g)

    0.00     06/01/2055        10,335        457,117  

California (State of) Department of Water Resources;

         

Series 2008 H, Power Supply RB(d)(e)

    5.00     05/01/2018        4,360        4,387,773  

Series 2008 H, Power Supply RB(d)(e)

    5.00     05/01/2018        1,740        1,751,084  

California (State of) Health Facilities Financing Authority (Scripps Health); Series 2010 A, RB(c)

    5.00     11/15/2036        4,750        5,003,745  

California (State of) Pollution Control Finance Authority;

         

Series 2012, Water Furnishing RB(f)(h)

    5.00     07/01/2027        1,190        1,297,552  

Series 2012, Water Furnishing RB(f)(h)

    5.00     07/01/2030        1,400        1,512,266  

Series 2012, Water Furnishing RB(f)(h)

    5.00     07/01/2037        3,075        3,285,484  

California (State of) Statewide Communities Development Authority (Cottage Health System Obligated Group); Series 2010, RB

    5.00     11/01/2040        3,000        3,159,480  

California (State of) Statewide Communities Development Authority (Loma Linda University Medical Center);

         

Series 2014, RB

    5.25     12/01/2044        755        810,742  

Series 2016 A, RB(f)

    5.00     12/01/2041        1,275        1,350,875  

California (State of);

         

Series 2010, Various Purpose Unlimited Tax GO Bonds

    5.50     03/01/2040        2,410        2,586,629  

Series 2012, Various Purpose Unlimited Tax GO Bonds

    5.25     04/01/2035        4,135        4,650,386  

Series 2013, Various Purpose Unlimited Tax GO Bonds

    5.00     04/01/2037        1,800        2,010,690  

California Infrastructure & Economic Development Bank;

         

Series 2003 A, First Lien Bay Area Toll Bridges RB(c)(d)(e)

    5.00     01/01/2028        3,300        4,060,254  

Series 2003 A, First Lien Bay Area Toll Bridges RB(c)(d)(e)

    5.00     01/01/2028        6,800        8,366,584  

Series 2003 A, First Lien Bay Area Toll Bridges Seismic Retrofit RB(d)(e)

    5.00     01/01/2028        4,500        5,495,715  

Clovis Unified School District (Election of 2004); Series 2004 A, Unlimited Tax CAB GO Bonds (INS–NATL)(b)(g)

    0.00     08/01/2029        1,360        930,798  

Dry Creek Joint Elementary School District (Election of 2008-Measure E);

         

Series 2009, Unlimited Tax CAB GO Bonds(g)

    0.00     08/01/2043        2,120        763,327  

Series 2009, Unlimited Tax CAB GO Bonds(g)

    0.00     08/01/2044        1,090        374,088  

Series 2009, Unlimited Tax CAB GO Bonds(g)

    0.00     08/01/2045        6,270        2,049,914  

Series 2009, Unlimited Tax CAB GO Bonds(g)

    0.00     08/01/2048        4,610        1,313,896  

East Bay Municipal Utility District; Series 2010 A, Ref. Sub. Water System RB(c)(d)(e)

    5.00     06/01/2020        4,440        4,788,185  

El Segundo Unified School District (Election of 2008);

         

Series 2009 A, Unlimited Tax CAB GO Bonds(g)

    0.00     08/01/2031        4,155        2,601,903  

Series 2009 A, Unlimited Tax CAB GO Bonds(g)

    0.00     08/01/2032        3,165        1,900,488  

Golden State Tobacco Securitization Corp.;

         

Series 2007 A-1, Sr. Tobacco Settlement Asset-Backed RB

    5.00     06/01/2033        4,735        4,740,871  

Series 2007 A-1, Sr. Tobacco Settlement Asset-Backed RB

    5.13     06/01/2047        5,980        5,965,050  

Series 2013 A, Enhanced Tobacco Settlement Asset-Backed RB

    5.00     06/01/2030        3,200        3,562,688  

Long Beach (City of); Series 1998 A, Ref. Harbor RB (INS–NATL)(b)(h)

    6.00     05/15/2018        9,000        9,085,680  

Los Angeles (City of) Department of Airports (Los Angeles International Airport); Series 2010 B, Sub. RB

    5.00     05/15/2040        2,000        2,125,940  

Los Angeles (City of) Department of Water & Power;

         

Series 2012 A, Water System RB(c)

    5.00     07/01/2043        6,240        6,887,088  

Series 2012 B, Waterworks RB(c)

    5.00     07/01/2043        9,805        10,821,779  

M-S-R Energy Authority; Series 2009 B, Gas RB

    6.13     11/01/2029        1,000        1,232,260  

Menifee Union School District (Election of 2008);

         

Series 2009 C, Unlimited Tax CAB GO Bonds(INS–AGC)(b)(g)

    0.00     08/01/2034        1,665        901,930  

Series 2009 C, Unlimited Tax CAB GO Bonds(INS–AGC)(b)(g)

    0.00     08/01/2035        300        154,956  

Moreland School District (Crossover Series 14); Series 2006 C, Ref. Unlimited Tax CAB GO Bonds (INS–AMBAC)(b)(g)

    0.00     08/01/2029        3,350        2,279,943  

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

10                         Invesco Value Municipal Income Trust


     Interest
Rate
    Maturity
Date
     Principal
Amount
(000)
     Value  
California–(continued)          

Oak Grove School District (Election of 2008); Series 2009 A, Unlimited Tax CAB GO Bonds(g)

    0.00     08/01/2028      $ 2,400      $ 1,710,288  

Patterson Joint Unified School District (Election of 2008);

         

Series 2009 B, Unlimited Tax CAB GO Bonds(INS–AGM)(b)(g)

    0.00     08/01/2034        3,825        2,048,785  

Series 2009 B, Unlimited Tax CAB GO Bonds(INS–AGM)(b)(g)

    0.00     08/01/2035        4,120        2,102,766  

Series 2009 B, Unlimited Tax CAB GO Bonds(INS–AGM)(b)(g)

    0.00     08/01/2036        300        145,989  

Series 2009 B, Unlimited Tax CAB GO Bonds(INS–AGM)(b)(g)

    0.00     08/01/2037        1,785        827,401  

Poway Unified School District (Election of 2008-School Facilities Improvement District No. 2007-1);

         

Series 2009 A, Unlimited Tax CAB GO Bonds(g)

    0.00     08/01/2028        7,840        5,632,962  

Series 2009 A, Unlimited Tax CAB GO Bonds(g)

    0.00     08/01/2031        8,475        5,279,247  

Regents of the University of California; Series 2013 AI, General RB(c)

    5.00     05/15/2033        6,000        6,805,620  

Sacramento (County of) Sanitation Districts Financing Authority (Sacramento Regional County Sanitation District); Series 2006, RB (INS–NATL)(b)

    5.00     12/01/2036        655        656,768  

San Buenaventura (City of) (Community Memorial Health System); Series 2011, RB

    7.50     12/01/2041        2,180        2,441,251  

San Jose Evergreen Community College District (Election of 2004); Series 2008 B, Unlimited Tax CAB GO Bonds (INS–AGM)(b)(g)

    0.00     09/01/2030        1,600        1,064,160  

San Juan Unified School District (Election of 2002); Series 2010, Unlimited Tax GO Bonds(d)(e)

    5.00     08/01/2020        1,525        1,652,947  

Santa Margarita Water District (Community Facilities District No. 2013-1); Series 2013, Special Tax RB

    5.50     09/01/2032        595        651,424  

Silicon Valley Tobacco Securitization Authority (Santa Clara); Series 2007 A, Tobacco Settlement CAB Turbo RB(g)

    0.00     06/01/2041        3,445        873,583  

Tustin Unified School District (Community Facilities District No. 97-1); Series 2015, Ref. Special Tax RB

    5.00     09/01/2031        2,450        2,714,330  

William S. Hart Union High School District (Election of 2008); Series 2009 A, Unlimited Tax CAB GO Bonds(g)

    0.00     08/01/2033        11,350        6,295,958  

Yosemite Community College District (Election of 2004); Series 2008 C, Unlimited Tax CAB GO Bonds (INS–AGM)(b)(g)

    0.00     08/01/2022        525        476,669  
                                167,446,956  
Colorado–3.22%  

Colorado (State of) Health Facilities Authority (SCL Health System); Series 2013 A, RB(c)

    5.50     01/01/2035        8,100        9,224,361  

Colorado (State of) Health Facilities Authority (The Evangelical Lutheran Good Samaritan Society); Series 2017, Ref. Hospital RB

    5.00     06/01/2042        580        630,506  

Colorado (State of) Regional Transportation District (Denver Transit Partners Eagle P3); Series 2010, Private Activity RB

    6.00     01/15/2041        3,000        3,251,550  

Denver (City & County of); Series 2016 A, Ref. Dedicated Tax and Improvement RB

    5.00     08/01/2044        1,135        1,282,834  

Prairie Center Metropolitan District No. 3; Series 2017 A, Ref. Limited Property Tax Supported RB(f)

    5.00     12/15/2041        950        968,858  

University of Colorado; Series 2013 A, Enterprise RB(c)(d)(e)

    5.00     06/01/2023        7,500        8,595,150  
                                23,953,259  
Connecticut–0.48%  

Connecticut (State of) Health & Educational Facility Authority (Quinnipiac University);

         

Series 2007, RB(d)(e)

    5.00     07/01/2018        265        268,262  

Series 2007, RB(d)(e)

    5.00     07/01/2018        1,195        1,209,710  

Series 2007, RB(d)(e)

    5.00     07/01/2018        895        906,017  

Series 2007, RB(INS–NATL)(b)

    5.00     07/01/2024        10        10,116  

Series 2007, RB(INS–NATL)(b)

    5.00     07/01/2025        1,105        1,117,310  

Series 2007, RB(INS–NATL)(b)

    5.00     07/01/2027        30        30,330  
                                3,541,745  
District of Columbia–7.14%  

District of Columbia (Provident Group — Howard Properties LLC); Series 2013, Student Dormitory RB

    5.00     10/01/2045        1,000        994,030  

District of Columbia Water & Sewer Authority;

         

Series 2008 A, Ref. Public Utility Sub. Lien RB(d)(e)

    5.00     10/01/2018        625        638,325  

Series 2008 A, Ref. Public Utility Sub. Lien RB(d)(e)

    5.00     10/01/2018        2,520        2,573,726  

Series 2013 A, Sub. Lien Public Utility RB(c)

    5.00     10/01/2044        6,000        6,621,960  

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

11                         Invesco Value Municipal Income Trust


     Interest
Rate
    Maturity
Date
     Principal
Amount
(000)
     Value  
District of Columbia–(continued)  

District of Columbia;

         

Series 2006 B-1, Ballpark RB(INS–NATL)(b)

    5.00     02/01/2031      $ 6,860      $ 6,875,504  

Series 2008 E, Unlimited Tax GO Bonds(INS–BHAC)(b)(c)

    5.00     06/01/2026        3,260        3,289,503  

Series 2008 E, Unlimited Tax GO Bonds(INS–BHAC)(b)(c)

    5.00     06/01/2027        3,260        3,289,014  

Series 2008 E, Unlimited Tax GO Bonds(INS–BHAC)(b)(c)

    5.00     06/01/2028        6,520        6,577,050  

Series 2009 A, Sec. Income Tax RB(c)

    5.25     12/01/2027        5,100        5,422,065  

Series 2014 C, Unlimited Tax GO Bonds(c)

    5.00     06/01/2034        3,030        3,424,324  

Series 2014 C, Unlimited Tax GO Bonds(c)

    5.00     06/01/2035        6,060        6,844,952  

Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement); Series 2014 A, Ref. Sr. Lien Dulles Toll Road RB

    5.00     10/01/2053        6,155        6,551,259  
                                53,101,712  
Florida–10.27%  

Alachua (County of) Health Facilities Authority (Terraces at Bonita Springs); Series 2011 A, RB

    8.13     11/15/2041        1,000        1,128,450  

Broward (County of); Series 2015 A, Airport System RB(h)

    5.00     10/01/2045        2,070        2,282,361  

Cape Coral (City of);

         

Series 2011, Ref. Water & Sewer RB(d)(e)

    5.00     10/01/2021        4,130        4,596,855  

Series 2011 A, Ref. Water & Sewer RB(d)(e)

    5.00     10/01/2021        1,500        1,669,560  

Capital Trust Agency Inc. (Sarasota-Manatee Jewish Housing Council, Inc.); Series 2017, Ref. Retirement Facility RB

    5.00     07/01/2046        1,250        1,261,988  

Citizens Property Insurance Corp.; Series 2012 A-1, Sr. Sec. RB

    5.00     06/01/2021        4,890        5,369,905  

Collier (County of) Industrial Development Authority (The Arlington of Naples); Series 2014 A, Continuing Care Community RB(f)

    7.75     05/15/2035        2,250        2,466,990  

Davie (Town of) (Nova Southeastern University); Series 2013 A, Educational Facilities RB

    6.00     04/01/2042        1,250        1,407,888  

Florida (State of) Mid-Bay Bridge Authority; Series 2008 A, Ref. RB(d)(e)

    5.00     10/01/2018        3,580        3,654,213  

Florida (State of) North Broward Hospital District; Series 2017 B, Ref. RB

    5.00     01/01/2048        3,310        3,496,651  

Martin (County of) Health Facilities Authority (Martin Memorial Medical Center);

         

Series 2012, RB

    5.13     11/15/2032        4,000        4,260,920  

Series 2012, RB

    5.50     11/15/2032        1,100        1,208,603  

Miami Beach (City of) Health Facilities Authority (Mount Sinai Medical Center); Series 2014, Ref. RB

    5.00     11/15/2044        820        866,756  

Miami-Dade (County of) (Building Better Communities Program); Series 2009 B-1, Unlimited Tax GO Bonds(d)(e)

    6.00     07/01/2018        2,000        2,031,180  

Miami-Dade (County of) Expressway Authority; Series 2010 A, Ref. Toll System RB (INS–AGM)(b)

    5.00     07/01/2035        3,415        3,651,899  

Miami-Dade (County of);

         

Series 2010, Water & Sewer System RB(d)(e)

    5.00     10/01/2020        4,500        4,888,800  

Series 2012 A, Ref. Aviation RB(h)

    5.00     10/01/2028        2,000        2,196,900  

Series 2012 B, Ref. Sub. Special Obligation RB

    5.00     10/01/2032        1,000        1,108,920  

Series 2012 B, Ref. Sub. Special Obligation RB

    5.00     10/01/2035        1,575        1,735,067  

Series 2016 A, Ref. Aviation RB

    5.00     10/01/2041        1,195        1,341,901  

Orange (County of); Series 2012 B, Ref. Sales Tax RB(c)

    5.00     01/01/2031        7,500        8,275,875  

Orlando (City of) Greater Orlando Aviation Authority;

         

Series 2017 A, Priority Sub. Airport Facilities RB(c)(h)

    5.00     10/01/2047        3,310        3,671,253  

Series 2017 A, Priority Sub. Airport Facilities RB(h)

    5.00     10/01/2047        2,030        2,251,554  

Palm Beach (County of) Health Facilities Authority (Jupiter Medical Center, Inc.); Series 2013 A, Hospital RB

    5.00     11/01/2043        2,030        2,122,507  

Palm Beach (County of) Solid Waste Authority;

         

Series 2009, Improvement RB(d)(e)

    5.50     10/01/2019        695        738,250  

Series 2009, Improvement RB(d)(e)

    5.50     10/01/2019        2,355        2,501,552  

Series 2011, Ref. RB(c)

    5.00     10/01/2031        2,790        3,077,789  

Port St. Lucie (City of);

         

Series 2009, Ref. Utility System RB(d)(e)

    5.00     09/01/2018        2,715        2,764,630  

Series 2009, Ref. Utility System RB(INS–AGC)(b)

    5.00     09/01/2029        285        289,836  
                                76,319,053  

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

12                         Invesco Value Municipal Income Trust


     Interest
Rate
    Maturity
Date
     Principal
Amount
(000)
     Value  
Georgia–1.33%  

Atlanta (City of); Series 2010 A, General Airport RB (INS–AGM)(b)

    5.00     01/01/2035      $ 5,390      $ 5,692,056  

Fulton (County of) Development Authority (Georgia Tech Athletic Association); Series 2012, Ref. RB

    5.00     10/01/2042        510        559,286  

Private Colleges & Universities Authority (Mercer University);

         

Series 2012 A, RB

    5.25     10/01/2027        2,170        2,373,069  

Series 2012 A, RB

    5.00     10/01/2032        1,220        1,282,305  
                                9,906,716  
Hawaii–2.47%          

Hawaii (State of) Department of Budget & Finance (Hawaii Pacific Health Obligated Group); Series 2013 A, Ref. Special Purpose RB

    5.50     07/01/2043        3,000        3,323,940  

Hawaii (State of) Department of Transportation (Airports Division); Series 2013, Lease Revenue
COP(h)

    5.00     08/01/2028        1,775        1,951,133  

Hawaii (State of); Series 2015 A, Airport System RB(h)

    5.00     07/01/2045        1,575        1,739,367  

Honolulu (City & County of); Series 2012 A, Unlimited Tax GO Bonds(c)(d)(e)

    5.00     11/01/2022        10,000        11,377,100  
                                18,391,540  
Idaho–1.75%  

Idaho (State of) Health Facilities Authority (St. Luke’s Regional Medical Center); Series 2010, RB (INS–AGM)(b)

    5.00     07/01/2035        5,000        5,269,850  

Idaho (State of) Health Facilities Authority (Valley Vista Care Corp.);

         

Series 2017 A, Ref. RB

    5.00     11/15/2032        730        763,653  

Series 2017 A, Ref. RB

    5.25     11/15/2037        1,020        1,066,471  

Idaho (State of) Housing & Finance Association (Federal Highway Trust Fund);

         

Series 2008 A, Grant & RAB(d)(e)

    5.25     07/15/2018        3,310        3,357,962  

Series 2008 A, Grant & RAB(d)(e)

    5.25     07/15/2018        2,500        2,536,225  
                                12,994,161  
Illinois–15.77%  

Chicago (City of) (Midway Airport);

         

Series 2013 A, Ref. Second Lien RB(h)

    5.50     01/01/2031        2,280        2,545,324  

Series 2013 B, Ref. Second Lien RB

    5.00     01/01/2025        1,550        1,726,731  

Series 2014 A, Ref. Second Lien RB(h)

    5.00     01/01/2041        1,100        1,199,011  

Chicago (City of) (O’Hare International Airport);

         

Series 2015 C, RB(h)

    5.00     01/01/2046        790        860,903  

Series 2015 D, RB

    5.00     01/01/2046        555        614,041  

Series 2016 C, Ref. Sr. Lien General Airport RB

    5.00     01/01/2037        1,595        1,787,708  

Series 2017 D, Sr. Lien General Airport RB

    5.25     01/01/2042        1,265        1,454,661  

Series 2017 D, Sr. Lien General Airport RB(c)(h)

    5.00     01/01/2052        5,000        5,426,750  

Chicago (City of) Board of Education;

         

Series 2006 B, Dedicated Unlimited Tax GO Bonds(INS–AGM)(b)

    5.00     12/01/2035        1,000        1,011,490  

Series 2017 H, Dedicated Unlimited Tax GO Bonds

    5.00     12/01/2046        1,910        1,911,318  

Chicago (City of) Metropolitan Water Reclamation District (Green Bonds); Series 2016 E, Unlimited Tax GO Bonds

    5.00     12/01/2045        1,650        1,811,535  

Chicago (City of) Transit Authority (FTA Section 5309 Fixed Guideway Modernization Formula Funds);

         

Series 2008, Capital Grant Receipts RB(d)(e)

    5.25     06/01/2018        775        782,649  

Series 2008, Capital Grant Receipts RB(d)(e)

    5.25     06/01/2018        3,105        3,135,646  

Chicago (City of) Transit Authority;

         

Series 2011, Sales Tax Receipts RB(c)(i)

    5.25     12/01/2036        7,490        8,135,338  

Series 2014, Sales Tax Receipts RB

    5.00     12/01/2044        3,270        3,566,426  

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

13                         Invesco Value Municipal Income Trust


     Interest
Rate
    Maturity
Date
     Principal
Amount
(000)
     Value  
Illinois–(continued)  

Chicago (City of);

         

Series 2002 B, Unlimited Tax GO Bonds

    5.50     01/01/2037      $ 630      $ 667,031  

Series 2005 D, Ref. Unlimited Tax GO Bonds

    5.50     01/01/2040        395        417,029  

Series 2007 A, Ref. Project Unlimited Tax GO Bonds(INS–AGM)(b)

    5.00     01/01/2037        5,475        5,516,117  

Series 2007 E, Ref. Unlimited Tax GO Bonds

    5.50     01/01/2042        315        332,190  

Series 2008, Ref. Second Lien Waterworks RB(d)(e)

    5.00     11/01/2018        660        675,853  

Series 2008, Ref. Second Lien Waterworks RB(INS–AGM)(b)

    5.00     11/01/2027        280        286,502  

Series 2014, Ref. Motor Fuel Tax RB(INS–AGM)(b)

    5.00     01/01/2030        1,000        1,084,660  

Series 2014, Second Lien Waterworks RB

    5.00     11/01/2044        765        826,973  

Series 2015 A, Unlimited Tax GO Bonds

    5.50     01/01/2033        3,145        3,360,370  

Series 2017 A, Second Lien Wastewater Transmission RB

    5.00     01/01/2047        2,500        2,686,250  

Cook (County of) Forest Preserve District;

         

Series 2012 B, Ref. Limited Tax GO Bonds(c)

    5.00     12/15/2032        2,460        2,613,602  

Series 2012 B, Ref. Limited Tax GO Bonds(c)

    5.00     12/15/2037        2,460        2,612,594  

Illinois (State of) Finance Authority (Centegra Health System); Series 2014 A, RB

    5.00     09/01/2039        1,250        1,304,175  

Illinois (State of) Finance Authority (Lutheran Home & Services);

         

Series 2012, Ref. RB

    5.50     05/15/2027        2,000        2,138,820  

Series 2012, Ref. RB

    5.50     05/15/2030        1,045        1,109,173  

Illinois (State of) Finance Authority (Northwestern Memorial Healthcare); Series 2017 A, Ref. RB

    4.00     07/15/2047        3,095        3,167,206  

Illinois (State of) Finance Authority (Northwestern Memorial Hospital);

         

Series 2009 B, RB(d)(e)

    5.38     08/15/2019        2,100        2,217,432  

Series 2009 B, RB(d)(e)

    5.75     08/15/2019        2,000        2,122,580  

Illinois (State of) Finance Authority (OSF Healthcare System); Series 2015 A, Ref. RB

    5.00     11/15/2045        2,205        2,387,795  

Illinois (State of) Finance Authority (Peace Village); Series 2013, RB

    6.75     08/15/2033        1,430        1,518,017  

Illinois (State of) Finance Authority (Rush University Medical Center); Series 2015 A, Ref. RB

    5.00     11/15/2038        1,940        2,136,735  

Illinois (State of) Finance Authority (Swedish Covenant Hospital);

         

Series 2010 A, Ref. RB(d)(e)

    5.75     02/15/2020        2,000        2,157,320  

Series 2010 A, Ref. RB(d)(e)

    6.00     02/15/2020        1,165        1,262,219  

Illinois (State of) Finance Authority (University of Chicago); Series 2013 A, RB(c)

    5.25     10/01/2052        3,720        4,130,130  

Illinois (State of) Metropolitan Pier & Exposition Authority; Series 2002, Dedicated State Tax CAB RB (INS–AGM)(b)(g)

    0.00     12/15/2029        2,500        1,556,700  

Illinois (State of) Sports Facilities Authority;

         

Series 2014, Ref. RB(INS–AGM)(b)

    5.25     06/15/2031        1,060        1,160,043  

Series 2014, Ref. RB(INS–AGM)(b)

    5.25     06/15/2032        965        1,053,240  

Illinois (State of) Toll Highway Authority; Series 2013 A, RB(c)

    5.00     01/01/2038        12,300        13,602,078  

Illinois (State of);

         

Series 2012 A, Unlimited Tax GO Bonds

    5.00     01/01/2031        1,135        1,157,098  

Series 2013, Unlimited Tax GO Bonds(INS–AGM)(b)

    5.25     07/01/2029        1,880        2,055,836  

Series 2014, Unlimited Tax GO Bonds

    5.25     02/01/2033        1,100        1,134,881  

Series 2014, Unlimited Tax GO Bonds

    5.00     05/01/2035        1,000        1,016,900  

Series 2014, Unlimited Tax GO Bonds

    5.00     05/01/2036        1,000        1,016,360  

Series 2016, Unlimited Tax GO Bonds

    5.00     01/01/2041        1,750        1,778,210  

Railsplitter Tobacco Settlement Authority; Series 2010, RB(d)(e)

    5.50     06/01/2021        4,090        4,565,135  

Regional Transportation Authority; Series 1999, Ref. RB (INS–AGM)(b)

    5.75     06/01/2021        4,000        4,463,840  
                                117,260,625  
Indiana–2.66%  

Indiana (State of) Finance Authority (Ohio River Bridges East End Crossing);

         

Series 2013, Private Activity RB(h)

    5.00     07/01/2040        3,365        3,613,438  

Series 2013 A, Private Activity RB(h)

    5.00     07/01/2035        500        540,455  

Series 2013 A, Private Activity RB(h)

    5.00     07/01/2048        510        544,838  

Indiana (State of) Finance Authority (Ohio Valley Electric Corp.); Series 2012 A, Midwestern Disaster Relief RB

    5.00     06/01/2039        3,325        3,362,772  

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

14                         Invesco Value Municipal Income Trust


     Interest
Rate
    Maturity
Date
     Principal
Amount
(000)
     Value  
Indiana–(continued)  

Indianapolis Local Public Improvement Bond Bank; Series 2013 F, RB(c)

    5.00     02/01/2030      $ 9,000      $ 9,968,220  

Valparaiso (City of) (Pratt Paper, LLC); Series 2013, Exempt Facilities RB(h)

    6.75     01/01/2034        1,500        1,765,395  
                                19,795,118  
Iowa–2.99%  

Iowa (State of) (IJOBS Program);

         

Series 2009 A, Special Obligation RB(c)(d)(e)(i)

    5.00     06/01/2019        5,140        5,362,665  

Series 2009 A, Special Obligation RB(c)(d)(e)(i)

    5.00     06/01/2019        3,850        4,016,782  

Iowa (State of) Finance Authority (Iowa Fertilizer Co.);

         

Series 2013, Midwestern Disaster Area RB(f)

    5.88     12/01/2027        1,025        1,093,839  

Series 2013, Ref. Midwestern Disaster Area RB(e)

    5.25     12/01/2037        1,190        1,239,052  

Iowa (State of) Tobacco Settlement Authority;

         

Series 2005 C, Asset-Backed RB

    5.50     06/01/2042        1,695        1,701,695  

Series 2005 C, Asset-Backed RB

    5.63     06/01/2046        1,055        1,054,979  

Series 2005 E, Asset-Backed CAB RB(g)

    0.00     06/01/2046        12,020        1,318,233  

Iowa (State of);

         

Series 2001, Vision Special Fund RB(INS–NATL)(b)

    5.50     02/15/2019        3,600        3,739,176  

Series 2001, Vision Special Fund RB(INS–NATL)(b)

    5.50     02/15/2020        2,500        2,689,200  
                                22,215,621  
Kansas–0.85%  

Kansas (State of) Development Finance Authority (Adventist Health System/Sunbelt Obligated Group); Series 2009 C, Hospital RB

    5.50     11/15/2029        1,510        1,607,184  

Wichita (City of) (Presbyterian Manors, Inc.); Series 2013 IV-A, Health Care Facilities RB

    6.38     05/15/2043        1,500        1,584,195  

Wyandotte (County of) & Kansas City (City of) Unified Government; Series 2009 A, Utility System Improvement RB(d)(e)

    5.25     03/01/2019        3,000        3,114,600  
                                6,305,979  
Kentucky–2.93%  

Kentucky (State of) Economic Development Finance Authority (Next Generation Kentucky Information Highway);

         

Series 2015 A, Sr. RB

    5.00     07/01/2040        1,245        1,343,492  

Series 2015 A, Sr. RB

    5.00     01/01/2045        2,570        2,757,944  

Kentucky (State of) Economic Development Finance Authority (Owensboro Health Inc.); Series 2017 A, Ref. Hospital RB

    5.00     06/01/2045        955        1,010,734  

Kentucky (State of) Economic Development Finance Authority (Owensboro Medical Health System, Inc.);

         

Series 2010 A, Hospital RB(d)(e)

    6.00     06/01/2020        2,500        2,733,625  

Series 2010 B, Ref. Hospital RB(d)(e)

    6.38     06/01/2020        1,585        1,746,163  

Kentucky (State of) Property & Building Commission (No. 93);

         

Series 2009, Ref. RB(d)(e)

    5.25     02/01/2019        3,545        3,666,487  

Series 2009, Ref. RB(INS–AGC)(b)

    5.25     02/01/2028        455        470,210  

Kentucky (State of) Public Transportation Infrastructure Authority (Downtown Crossing); Series 2013 A, First Tier Toll RB

    5.75     07/01/2049        1,000        1,107,470  

Kentucky (State of) Turnpike Authority (Revitalization); Series 2012 A, Economic Development Road RB(d)(e)

    5.00     07/01/2022        3,140        3,541,355  

Louisville (City of) & Jefferson (County of) Metropolitan Government (Norton Healthcare, Inc.); Series 2013 A, Health System RB

    5.50     10/01/2033        3,000        3,378,660  
                                21,756,140  
Louisiana–1.77%  

Lafayette (City of) Public Trust Financing Authority (Ragin’ Cajun Facilities, Inc.–Housing & Parking); Series 2010, RB(d)(e)

    5.50     10/01/2020        4,500        4,939,470  

New Orleans (City of); Series 2014, Ref. Water System RB

    5.00     12/01/2044        650        717,561  

Regional Transit Authority; Series 2010, Sales Tax RB (INS–AGM)(b)

    5.00     12/01/2030        1,000        1,076,160  

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

15                         Invesco Value Municipal Income Trust


     Interest
Rate
    Maturity
Date
     Principal
Amount
(000)
     Value  
Louisiana–(continued)  

St. Tammany (Parish of) Public Trust Financing Authority (Christwood); Series 2015, Ref. RB

    5.25     11/15/2037      $ 1,850      $ 1,975,708  

Tobacco Settlement Financing Corp.;

         

Series 2013 A, Ref. Asset-Backed RB

    5.50     05/15/2030        745        798,558  

Series 2013 A, Ref. Asset-Backed RB

    5.25     05/15/2031        745        804,071  

Series 2013 A, Ref. Asset-Backed RB

    5.25     05/15/2032        1,410        1,537,238  

Series 2013 A, Ref. Asset-Backed RB

    5.25     05/15/2033        1,190        1,287,104  
                                13,135,870  
Maryland–1.33%  

Howard (County of) (Downtown Columbia); Series 2017 A, Special Obligation Tax Allocation RB(f)

    4.50     02/15/2047        1,500        1,516,965  

Maryland (State of) Health & Higher Educational Facilities Authority (Lifebridge Health); Series 2015, Ref. RB

    5.00     07/01/2040        4,250        4,696,462  

Maryland (State of) Health & Higher Educational Facilities Authority (LifeBridge Health); Series 2016, Ref. RB

    5.00     07/01/2047        720        797,422  

Maryland (State of) Health & Higher Educational Facilities Authority (Peninsula Regional Medical Center); Series 2015, Ref. RB

    5.00     07/01/2045        1,465        1,574,098  

Prince Georges (County of), Maryland (Collington Episcopal Life Care Community, Inc.);

         

Series 2017, Ref. RB

    5.00     04/01/2028        690        745,359  

Series 2017, Ref. RB

    5.00     04/01/2032        505        534,048  
                                9,864,354  
Massachusetts–3.69%  

Massachusetts (State of) Development Finance Agency (Emerson College); Series 2016 A, RB

    5.00     01/01/2047        3,125        3,443,344  

Massachusetts (State of) Development Finance Agency (Harvard University); Series 2009 A, RB(c)(d)(e)

    5.50     11/15/2018        15,820        16,288,588  

Massachusetts (State of) Health & Educational Facilities Authority (Massachusetts Institute of Technology); Series 2009 O, RB(c)(d)(e)

    5.50     07/01/2018        5,120        5,191,424  

Massachusetts (State of) Water Resources Authority; Series 2007 B, Ref. General RB (INS–AGM)(b)

    5.25     08/01/2031        2,000        2,519,160  
                                27,442,516  
Michigan–3.35%  

Grand Rapids Economic Development Corp. (Beacon Hill at Eastgate); Series 2017 A, Ref. RB

    5.00     11/01/2047        1,390        1,449,436  

Michigan (State of) Building Authority (Facilities Program); Series 2016 I, Ref. RB(c)

    5.00     04/15/2041        2,715        3,043,569  

Michigan (State of) Finance Authority (Beaumont Health Credit Group); Series 2016, RB

    5.00     11/01/2044        1,745        1,912,171  

Michigan (State of) Finance Authority (Detroit Water & Sewerage Department);

         

Series 2014 C-1, Ref. Sr. Lien Local Government Loan Program RB

    5.00     07/01/2044        1,095        1,189,301  

Series 2014 C-6, Ref. Sr. Lien Local Government Loan Program RB

    5.00     07/01/2033        550        605,308  

Series 2014 D-4, Ref. Local Government Loan Program RB

    5.00     07/01/2029        550        611,633  

Series 2015, Ref. Second Lien Local Government Loan Program RB

    5.00     07/01/2035        1,190        1,302,872  

Michigan (State of) Finance Authority (MidMichigan Health Credit Group); Series 2014, Ref. Hospital RB

    5.00     06/01/2039        2,005        2,209,410  

Michigan (State of) Finance Authority (Trinity Health Credit); Series 2017 MI, Ref. Hospital RB(c)

    5.00     12/01/2046        3,655        4,066,407  

Michigan (State of) Tobacco Settlement Finance Authority; Series 2007 A, Sr. Asset-Backed RB

    6.00     06/01/2048        3,285        3,276,787  

Wayne State University Board of Governors;

         

Series 2008, Ref. General RB(d)(e)

    5.00     11/15/2018        335        343,757  

Series 2008, Ref. General RB(d)(e)

    5.00     11/15/2018        1,255        1,287,806  

Series 2008, Ref. General RB(d)(e)

    5.00     11/15/2018        425        436,110  

Series 2008, Ref. General RB(d)(e)

    5.00     11/15/2018        1,580        1,621,301  

Western Michigan University Board of Trustees; Series 2008, General RB(d)(e)

    5.00     05/15/2018        1,575        1,586,923  
                                24,942,791  
Minnesota–0.06%  

Bethel (City of) (Spectrum High School); Series 2017 A, Ref. Charter School Lease RB

    4.25     07/01/2047        425        428,238  

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

16                         Invesco Value Municipal Income Trust


     Interest
Rate
    Maturity
Date
     Principal
Amount
(000)
     Value  
Missouri–1.05%          

Kansas City (City of) Industrial Development Authority (Downtown Redevelopment District);

         

Series 2011 A, Ref. RB

    5.50     09/01/2024      $ 825      $ 918,217  

Series 2011 A, Ref. RB

    5.50     09/01/2025        1,445        1,608,271  

Series 2011 A, Ref. RB

    5.50     09/01/2027        980        1,090,730  

Kirkwood (City of) Industrial Development Authority (Aberdeen Heights); Series 2017 A, Ref. Retirement Community RB

    5.25     05/15/2050        475        500,835  

St. Louis (County of) Industrial Development Authority (Friendship Village of Sunset Hills);

         

Series 2012, Senior Living Facilities RB

    5.00     09/01/2042        2,000        2,130,680  

Series 2013 A, Senior Living Facilities RB

    5.50     09/01/2033        1,375        1,550,986  
                                7,799,719  
Montana–0.30%  

Montana (State of) Facility Finance Authority (Benefit Health System Obligated Group);
Series 2011 A, Hospital RB(d)(e)

    5.75     01/01/2021        2,000        2,218,760  
Nebraska–1.19%          

Central Plains Energy Project (No. 3); Series 2012, Gas RB(j)

    5.00     09/01/2032        4,690        5,085,977  

Douglas (County of) Hospital Authority No. 2 (Madonna Rehabilitation Hospital); Series 2014, RB

    5.00     05/15/2044        1,000        1,059,470  

Lincoln (County of) Hospital Authority No. 1 (Great Plains Regional Medical Center); Series 2012, Ref. RB

    5.00     11/01/2032        2,500        2,669,225  
                                8,814,672  
Nevada–2.05%          

Clark (County of) (Las Vegas-McCarran International Airport); Series 2010 A, Passenger Facility Charge RB (INS–AGM)(b)

    5.25     07/01/2039        2,000        2,122,160  

Nevada (State of); Series 2008 C, Capital Improvement & Cultural Affairs Limited Tax GO
Bonds(c)(d)(e)

    5.00     06/01/2018        13,000        13,120,250  
                                15,242,410  
New Jersey–5.31%  

New Jersey (State of) Economic Development Authority (Port Newark Container Terminal LLC); Series 2017, Ref. Special Facility RB(h)

    5.00     10/01/2037        945        1,024,267  

New Jersey (State of) Economic Development Authority (Provident Group-Montclair Properties LLC–Montclair State University Student Housing); Series 2010 A, RB(d)(e)

    5.88     06/01/2020        1,975        2,161,045  

New Jersey (State of) Economic Development Authority (The Goethals Bridge Replacement); Series 2013, Private Activity RB(h)

    5.38     01/01/2043        2,000        2,211,680  

New Jersey (State of) Economic Development Authority; Series 2005 N-1, Ref. School Facilities Construction RB (INS–AMBAC)(b)

    5.50     09/01/2024        3,390        3,837,751  

New Jersey (State of) Educational Facilities Authority (Rowan University); Series 2008 B, Ref.
RB(d)(e)

    5.00     07/01/2018        510        516,191  

New Jersey (State of) Transportation Trust Fund Authority;

         

Series 2006 C, Transportation System CAB RB(INS–AGC)(b)(g)

    0.00     12/15/2026        14,305        10,223,640  

Subseries 2016 A-1, Federal Highway Reimbursement RN

    5.00     06/15/2028        960        1,061,299  

Subseries 2016 A-1, Federal Highway Reimbursement RN

    5.00     06/15/2029        1,600        1,612,816  

Subseries 2016 A-2, Federal Highway Reimbursement RN

    5.00     06/15/2028        1,600        1,611,984  

Tobacco Settlement Financing Corp.;

         

Series 2007 1-A, Asset-Backed RB

    5.00     06/01/2029        3,525        3,530,323  

Series 2007 1-A, Asset-Backed RB

    5.00     06/01/2041        3,745        3,741,630  

Series 2007 1A, Asset-Backed RB

    4.63     06/01/2026        6,945        6,969,377  

Series 2007 1A, Asset-Backed RB

    4.75     06/01/2034        975        965,260  
                                39,467,263  
New York–15.57%  

Build NYC Resource Corp. (Pratt Paper Inc.); Series 2014, Ref. Solid Waste Disposal RB(f)(h)

    5.00     01/01/2035        1,600        1,720,448  

Erie Tobacco Asset Securitization Corp.; Series 2005 A, Tobacco Settlement Asset-Backed RB

    5.00     06/01/2045        2,815        2,705,497  

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

17                         Invesco Value Municipal Income Trust


     Interest
Rate
    Maturity
Date
     Principal
Amount
(000)
     Value  
New York–(continued)  

Long Island Power Authority;

         

Series 2011 A, Electric System General RB(d)(e)

    5.00     05/01/2021      $ 4,955      $ 5,453,275  

Series 2014 A, Ref. RB

    5.00     09/01/2044        2,870        3,194,023  

Metropolitan Transportation Authority;

         

Series 2010 D, RB(d)(e)

    5.00     11/15/2020        3,000        3,272,010  

Series 2012 A, Ref. Dedicated Tax Fund RB(c)

    5.00     11/15/2027        10,000        11,301,400  

New York (City of) Industrial Development Agency (Brooklyn Navy Yard Cogen Partners); Series 1997, Industrial Development RB(h)

    5.75     10/01/2036        2,730        2,711,381  

New York (City of) Municipal Water Finance Authority; Series 2012 FF, Water & Sewer System RB(c)

    5.00     06/15/2045        10,545        11,641,469  

New York (City of) Transitional Finance Authority;

         

Series 2013, Sub. Future Tax Sec. RB(c)

    5.00     11/01/2038        4,500        5,080,410  

Series 2013 I, Sub. Future Tax Sec. RB

    5.00     05/01/2038        1,465        1,639,086  

Subseries 2012 E-1, Future Tax Sec. RB(c)

    5.00     02/01/2037        6,845        7,516,700  

New York (Counties of) Tobacco Trust VI; Subseries 2016 A-1, Ref. Tobacco Settlement Pass Through RB

    5.75     06/01/2043        3,135        3,443,453  

New York (State of) Dormitory Authority (City of New York);

         

Series 2005 A, Court Facilities Lease RB(INS–AMBAC)(b)

    5.50     05/15/2028        2,900        3,581,877  

Series 2005 A, Court Facilities Lease RB(INS–AMBAC)(b)

    5.50     05/15/2029        2,455        3,061,704  

New York (State of) Dormitory Authority (General Purpose); Series 2013 A, State Personal Income Tax RB

    5.00     02/15/2037        1,000        1,103,020  

New York (State of) Dormitory Authority (Mental Health Services); Series 2007, Mental Health Services Facilities Improvement RB (INS–AGM)(b)

    5.00     02/15/2027        50        50,151  

New York (State of) Dormitory Authority (New York University); Series 2001 1, RB (INS–BHAC)(b)

    5.50     07/01/2031        1,040        1,274,208  

New York (State of) Dormitory Authority; Series 2014 C, State Personal Income Tax RB(c)

    5.00     03/15/2040        4,840        5,453,276  

New York (State of) Thruway Authority (Transportation); Series 2009 A, Personal Income Tax RB(d)(e)

    5.00     03/15/2019        1,725        1,789,187  

New York (State of) Thruway Authority; Series 2011 A-1, Second General Highway & Bridge Trust Fund RB(c)

    5.00     04/01/2029        4,545        4,968,867  

New York (State of) Utility Debt Securitization Authority; Series 2013 TE, Restructuring RB(c)

    5.00     12/15/2031        10,000        11,472,100  

New York Liberty Development Corp. (3 World Trade Center); Series 2014, Class 1, Ref. Liberty RB(f)

    5.00     11/15/2044        5,685        6,016,038  

New York Liberty Development Corp. (7 World Trade Center); Series 2012, Class 1, Ref. Liberty RB(c)

    5.00     09/15/2040        4,900        5,419,057  

New York Transportation Development Corp. (American Airlines, Inc.); Series 2016, Ref. Special Facilities RB(h)

    5.00     08/01/2031        1,580        1,674,389  

New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment);

         

Series 2016 A, Special Facilities RB(h)

    5.00     07/01/2046        1,660        1,803,158  

Series 2016 A, Special Facilities RB(h)

    5.25     01/01/2050        3,055        3,346,936  

Rockland Tobacco Asset Securitization Corp.; Series 2001, Tobacco Settlement Asset-Backed RB

    5.75     08/15/2043        1,500        1,541,130  

TSASC, Inc.;

         

Series 2016 B, Ref. Sub. Tobacco Settlement Turbo RB

    5.00     06/01/2045        2,500        2,496,100  

Series 2016 B, Ref. Sub. Tobacco Settlement Turbo RB

    5.00     06/01/2048        1,000        990,530  
                                115,720,880  
North Carolina–3.14%  

Charlotte (City of) (Charlotte Douglas International Airport);

         

Series 2017 A, Airport RB(c)

    5.00     07/01/2042        1,915        2,196,065  

Series 2017 A, Airport RB(c)

    5.00     07/01/2047        4,000        4,569,720  

North Carolina (State of) Capital Facilities Finance Agency (Duke University); Series 2015, Ref. RB(c)

    5.00     10/01/2055        6,840        7,575,368  

North Carolina (State of) Department of Transportation (I-77 HOT Lanes); Series 2015, Private Activity RB(h)

    5.00     06/30/2054        1,135        1,217,594  

North Carolina (State of) Medical Care Commission (Duke University Health System); Series 2012 A, Health Care Facilities RB(c)

    5.00     06/01/2042        4,890        5,327,997  

North Carolina (State of) Medical Care Commission (Vidant Health); Series 2012 A, Ref. Heath Care Facilities RB

    5.00     06/01/2036        2,250        2,457,878  
                                23,344,622  

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

18                         Invesco Value Municipal Income Trust


     Interest
Rate
    Maturity
Date
     Principal
Amount
(000)
     Value  
North Dakota–0.38%  

Ward (County of) (Trinity Obligated Group); Series 2017 C, Health Care Facilities RB

    5.00     06/01/2053      $ 2,650      $ 2,824,873  
Ohio–5.77%          

Akron, Bath & Copley Joint Township Hospital District; Series 2016, Ref. RB

    5.25     11/15/2046        790        859,504  

Allen (County of) (Catholic Health Partners); Series 2012 A, Ref. Hospital Facilities RB

    5.00     05/01/2042        3,300        3,543,012  

American Municipal Power, Inc. (Greenup Hydroelectric); Series 2016 A, RB

    5.00     02/15/2046        500        552,030  

American Municipal Power, Inc.; Series 2015 A, Ref. RB

    5.00     02/15/2039        1,230        1,354,722  

Buckeye Tobacco Settlement Financing Authority;

         

Series 2007 A-2, Sr. Asset-Backed Turbo RB

    5.75     06/01/2034        235        224,082  

Series 2007 A-2, Sr. Asset-Backed Turbo RB

    5.88     06/01/2047        7,115        6,803,790  

Chillicothe (City of) (Adena Health System Obligated Group); Series 2017, Ref. & Improvement Hospital Facilities RB

    5.00     12/01/2047        3,000        3,288,240  

Cleveland (City of) & Cuyahoga (County of) Port Authority (Constellation Schools); Series 2014 A, Ref. & Improvement Lease RB(f)

    6.50     01/01/2034        1,000        1,040,620  

Cleveland (City of);

         

Series 2008 B-2, Public Power System CAB RB(INS–NATL)(b)(g)

    0.00     11/15/2026        3,545        2,670,874  

Series 2008 B-2, Public Power System CAB RB(INS–NATL)(b)(g)

    0.00     11/15/2028        3,845        2,641,130  

Series 2008 B-2, Public Power System CAB RB(INS–NATL)(b)(g)

    0.00     11/15/2038        2,800        1,189,160  

Cuyahoga (County of) (Metrohealth System);

         

Series 2017, Ref. Hospital RB

    5.50     02/15/2052        1,590        1,732,973  

Series 2017, Ref. Hospital RB

    5.00     02/15/2057        2,530        2,631,782  

Franklin (County of) (First Community Village Obligated Group); Series 2013, Ref. Health Care Facilities RB

    5.25     07/01/2033        2,000        1,991,520  

Gallia (County of) (Holzer Health System Obligated Group); Series 2012, Ref. & Improvement Hospital Facilities RB

    8.00     07/01/2042        1,055        1,217,090  

Hamilton (County of) (Christ Hospital); Series 2012, Health Care Facilities RB

    5.50     06/01/2042        3,000        3,348,840  

Hamilton (County of) (Life Enriching Communities); Series 2016, Ref. Healthcare Improvement RB

    5.00     01/01/2046        1,395        1,498,593  

Ohio (State of) (Portsmouth Bypass); Series 2015, Private Activity RB (INS–AGM)(b)(h)

    5.00     12/31/2039        750        822,630  

Ohio (State of) Air Quality Development Authority (FirstEnergy Nuclear Generation Corp.); Series 2009 A, Ref. PCR(e)

    4.38     06/01/2022        3,030        2,780,025  

Ohio (State of) Air Quality Development Authority (Pratt Paper LLC); Series 2017, Exempt Facility
RB(f)(h)

    4.25     01/15/2038        575        580,520  

Ohio (State of) Higher Educational Facility Commission (Summa Health System);

         

Series 2010, Hospital Facilities RB(d)(e)

    5.75     05/15/2020        325        353,405  

Series 2010, Hospital Facilities RB

    5.75     11/15/2035        1,675        1,785,315  
                                42,909,857  
Oklahoma–0.41%  

Comanche (County of) Hospital Authority; Series 2015, Ref. Hospital RB

    5.00     07/01/2022        1,000        1,070,950  

Oklahoma (State of) Development Finance Authority (Provident Oklahoma Education Resources Inc.– Cross Village Student Housing); Series 2017, RB

    5.25     08/01/2057        1,825        1,990,454  
                                3,061,404  
Oregon–0.22%  

Forest Grove (City of) (Pacific University); Series 2014 A, Ref. Campus Improvement RB

    5.00     05/01/2040        1,570        1,647,401  
Pennsylvania–2.38%          

Montgomery (County of) Industrial Development Authority (Exelon Generation); Series 2001, Ref.
RB(e)(h)

    2.70     04/01/2020        3,000        3,005,400  

Pennsylvania (State of) Turnpike Commission;

         

Subseries 2014 A-2, Sub. Conv. CAB Turnpike RB(k)

    5.13     12/01/2039        1,500        1,231,695  

Subseries 2017 B-1, Sub. Turnpike RB

    5.25     06/01/2047        1,250        1,398,413  

Philadelphia (City of) Industrial Development Authority (Thomas Jefferson University); Series 2017 A, Ref. RB

    5.00     09/01/2047        795        874,762  

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

19                         Invesco Value Municipal Income Trust


     Interest
Rate
    Maturity
Date
     Principal
Amount
(000)
     Value  
Pennsylvania–(continued)          

Philadelphia (City of);

         

Series 2017 A, Water & Wastewater RB

    5.00     10/01/2052      $ 1,035      $ 1,151,510  

Series 2017 B, Ref. Airport RB(c)(h)

    5.00     07/01/2042        4,920        5,440,979  

Philadelphia School District;

         

Series 2008 E, Limited Tax GO Bonds(d)(e)

    5.13     09/01/2018        60        61,149  

Series 2008 E, Limited Tax GO Bonds(d)(e)

    5.13     09/01/2018        3,690        3,760,663  

Series 2008 E, Limited Tax GO Bonds(INS–BHAC)(b)

    5.13     09/01/2023        750        763,793  
                                17,688,364  
Puerto Rico–0.52%  

Children’s Trust Fund;

         

Series 2002, Tobacco Settlement Asset-Backed RB

    5.50     05/15/2039        1,500        1,415,685  

Series 2005 A, Tobacco Settlement Asset-Backed RB(g)

    0.00     05/15/2050        5,570        408,894  

Puerto Rico (Commonwealth of) Public Buildings Authority; Series 2007 M-3, Ref. Government Facilities RB (INS–NATL)(b)

    6.00     07/01/2024        2,000        2,005,600  
                                3,830,179  
South Carolina–2.42%  

Piedmont Municipal Power Agency; Series 2011 C, Ref. Electric RB (INS–AGC)(b)

    5.75     01/01/2034        7,410        8,245,033  

South Carolina (State of) Jobs-Economic Development Authority (Palmetto Health Alliance); Series 2013 A, Ref. Hospital RB

    5.25     08/01/2030        4,450        4,778,677  

South Carolina (State of) Ports Authority;

         

Series 2015, RB(h)

    5.25     07/01/2050        3,240        3,568,439  

Series 2015, RB(h)

    5.25     07/01/2055        1,260        1,386,025  
                                17,978,174  
South Dakota–0.56%  

South Dakota (State of) Health & Educational Facilities Authority (Sanford Obligated Group);

         

Series 2014 B, RB

    5.00     11/01/2044        2,500        2,714,875  

Series 2015, Ref. RB

    5.00     11/01/2045        1,345        1,474,792  
                                4,189,667  
Tennessee–0.52%          

Johnson City (City of) Health & Educational Facilities Board (Mountain States Health Alliance); Series 2012, Hospital RB

    5.00     08/15/2042        1,000        1,051,220  

Memphis Center City Revenue Finance Corp. (Pyramid & Pinch District Redevelopment); Series 2011 B, Sub. RB(d)(e)

    5.25     11/01/2021        2,475        2,781,999  
                                3,833,219  
Texas–14.91%  

Alamo Community College District; Series 2012, Ref. Limited Tax GO Bonds(c)

    5.00     08/15/2034        4,895        5,473,295  

Austin (City of); Series 2012, Ref. Water & Wastewater System RB

    5.00     11/15/2042        1,490        1,662,661  

Capital Area Cultural Education Facilities Finance Corp. (The Roman Catholic Diocese of Austin); Series 2005 B, RB

    6.13     04/01/2045        2,000        2,141,000  

Harris (County of) Metropolitan Transit Authority;

         

Series 2011 A, Sales & Use Tax RB(c)

    5.00     11/01/2036        3,305        3,643,663  

Series 2011 A, Sales & Use Tax RB(c)

    5.00     11/01/2041        3,000        3,300,720  

Harris County Health Facilities Development Corp. (TECO);

         

Series 2008, Thermal Utility RB(d)(e)

    5.00     11/15/2018        1,840        1,888,098  

Series 2008, Thermal Utility RB(d)(e)

    5.25     11/15/2018        2,160        2,220,221  

Houston (City of) (United Airlines, Inc. Terminal E); Series 2014, Ref. Airport System RB(h)

    4.75     07/01/2024        1,000        1,096,920  

Houston (City of) Convention & Entertainment Facilities Department;

         

Series 2001 B, Hotel Occupancy Tax & Special CAB RB(INS–AGM)(b)(g)

    0.00     09/01/2026        3,975        3,032,647  

Series 2001 B, Hotel Occupancy Tax & Special CAB RB(INS–AGM)(b)(g)

    0.00     09/01/2027        5,015        3,647,761  

Houston (City of); Series 2015 C, Ref. Airport System RB(h)

    5.00     07/15/2020        790        835,141  

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

20                         Invesco Value Municipal Income Trust


     Interest
Rate
    Maturity
Date
     Principal
Amount
(000)
     Value  
Texas–(continued)          

Houston Community College System;

         

Series 2008, Sr. Lien Student Fee RB(d)(e)

    4.50     04/15/2018      $ 70      $ 70,282  

Series 2008, Sr. Lien Student Fee RB(d)(e)

    5.00     04/15/2018        615        617,847  

Series 2008, Sr. Lien Student Fee RB(d)(e)

    5.00     04/15/2018        430        431,991  

Series 2008, Sr. Lien Student Fee RB(INS–AGM)(b)

    5.00     04/15/2025        1,295        1,300,659  

Series 2008, Sr. Lien Student Fee RB(INS–AGM)(b)

    5.00     04/15/2026        900        903,798  

Series 2008, Sr. Lien Student Fee RB(INS–AGM)(b)

    4.50     04/15/2027        155        155,546  

Houston Higher Education Finance Corp. (Cosmos Foundation, Inc.); Series 2012 A, RB

    5.00     02/15/2042        2,700        2,821,851  

La Vernia Higher Education Finance Corp. (Meridian World School); Series 2015 A, RB(f)

    5.50     08/15/2045        1,230        1,248,745  

Lufkin Health Facilities Development Corp. (Memorial Health System of East Texas); Series 2009, Ref. & Improvement RB(d)(e)

    6.25     02/15/2019        1,450        1,515,468  

New Hope Cultural Education Facilities Finance Corp. (4-K Housing, Inc.–Stoney Brook); Series 2017 A-1, Sr. Living RB

    4.75     07/01/2052        750        752,198  

New Hope Cultural Education Facilities Finance Corp. (CHF-Collegiate Housing College Station I, LLC–Texas A&M University); Series 2014 A, Student Housing RB (INS–AGM)(b)

    5.00     04/01/2046        1,985        2,141,120  

New Hope Cultural Education Facilities Finance Corp. (Morningside Ministries); Series 2013, First Mortgage RB

    6.50     01/01/2043        1,000        1,114,800  

North Texas Tollway Authority;

         

Series 2008 D, Ref. First Tier System CAB RB(INS–AGC)(b)(g)

    0.00     01/01/2028        16,400        11,991,844  

Series 2008 D, Ref. First Tier System CAB RB(INS–AGC)(b)(g)

    0.00     01/01/2029        2,725        1,934,205  

Series 2008 D, Ref. First Tier System CAB RB(INS–AGC)(b)(g)

    0.00     01/01/2031        3,550        2,294,684  

San Antonio (City of); Series 2013, Jr. Lien Electric & Gas Systems RB

    5.00     02/01/2038        2,405        2,653,244  

San Jacinto River Authority (Groundwater Reduction Plan Division);

         

Series 2011, Special Project RB(INS–AGM)(b)

    5.00     10/01/2032        2,265        2,373,788  

Series 2011, Special Project RB(INS–AGM)(b)

    5.00     10/01/2037        2,475        2,586,350  

Tarrant County Cultural Education Facilities Finance Corp. (Air Force Village Obligated Group); Series 2016, Ref. Retirement Facilities RB

    5.00     05/15/2045        1,600        1,662,048  

Tarrant County Cultural Education Facilities Finance Corp. (C.C. Young Memorial Home); Series 2017A, Retirement Facility RB

    6.38     02/15/2048        2,375        2,525,480  

Tarrant County Cultural Education Facilities Finance Corp. (Texas Health Resources System); Series 2016 A, Ref. RB

    5.00     02/15/2041        4,000        4,476,040  

Texas (State of) Transportation Commission (Central Texas Turnpike System);

         

Series 2012 A, Ref. First Tier RB

    5.00     08/15/2041        1,000        1,093,240  

Series 2015 B, Ref. CAB RB(g)

    0.00     08/15/2036        3,075        1,395,281  

Series 2015 B, Ref. CAB RB(g)

    0.00     08/15/2037        2,355        1,018,938  

Series 2015 C, Ref. Sub. RB

    5.00     08/15/2033        5,000        5,560,950  

Series 2015 C, Ref. Sub. RB

    5.00     08/15/2042        1,585        1,744,293  

Texas (State of) Transportation Commission; Series 2016 A, Highway Improvement Unlimited Tax GO Bonds

    5.00     04/01/2044        1,585        1,804,839  

Texas (State of) Turnpike Authority (Central Texas Turnpike System);

         

Series 2002, First Tier CAB RB(d)(g)

    0.00     08/15/2027        200        153,916  

Series 2002 A, First Tier CAB RB(INS–BHAC)(b)(g)

    0.00     08/15/2027        6,800        5,122,168  

Texas Municipal Gas Acquisition & Supply Corp. I; Series 2008 D, Sr. Lien Gas Supply RB

    6.25     12/15/2026        5,370        6,298,795  

Texas Municipal Gas Acquisition & Supply Corp. III;

         

Series 2012, Gas Supply RB

    5.00     12/15/2028        3,025        3,322,448  

Series 2012, Gas Supply RB

    5.00     12/15/2029        3,000        3,286,530  

Series 2012, Gas Supply RB

    5.00     12/15/2031        1,200        1,309,008  

Series 2012, Gas Supply RB

    5.00     12/15/2032        1,125        1,225,620  

Texas Private Activity Bond Surface Transportation Corp. (Blueridge Transportation Group, LLC SH 288 Toll Lanes); Series 2016, Sr. Lien RB(h)

    5.00     12/31/2055        1,070        1,159,976  

Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC); Series 2013, Sr. Lien RB(h)

    7.00     12/31/2038        1,250        1,470,475  

University of Houston; Series 2008, Ref. Consolidated RB (INS–AGM)(b)(c)

    5.00     02/15/2033        363        364,045  
                                110,844,637  

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

21                         Invesco Value Municipal Income Trust


     Interest
Rate
    Maturity
Date
     Principal
Amount
(000)
     Value  
Utah–1.78%  

Salt Lake City (City of); Series 2017 A, Airport RB(c)(h)

    5.00     07/01/2047      $ 2,540      $ 2,815,336  

Utah (State of) Transit Authority; Series 2008 A, Sales Tax RB(c)(d)(e)

    5.00     06/15/2018        10,325        10,435,581  
                                13,250,917  
Virgin Islands–0.23%  

Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note); Series 2010 A, Sr. Lien RB

    5.00     10/01/2029        2,500        1,743,750  
Virginia–3.02%          

Richmond (City of) Metropolitan Authority; Series 2002, Ref. Expressway RB (INS–NATL)(b)

    5.25     07/15/2022        3,000        3,196,800  

Roanoke (City of) Economic Development Authority (Carilion Clinic Obligated Group); Series 2010, Ref. Hospital RB

    5.00     07/01/2033        2,500        2,648,975  

Roanoke (City of) Industrial Development Authority (Carilion Health System);

         

Series 2005, Hospital RB(d)(e)

    5.00     07/01/2020        35        37,711  

Series 2005 B, Hospital RB(INS–AGM)(b)

    5.00     07/01/2038        2,365        2,478,875  

Virginia (State of) Small Business Financing Authority (Elizabeth River Crossings Opco, LLC);

         

Series 2012, Sr. Lien RB(h)

    6.00     01/01/2037        700        787,682  

Series 2012, Sr. Lien RB(h)

    5.50     01/01/2042        3,355        3,698,821  

Virginia (State of) Small Business Financing Authority (Express Lanes, LLC);

         

Series 2012, Sr. Lien RB(h)

    5.00     07/01/2034        3,855        4,134,757  

Series 2012, Sr. Lien RB(h)

    5.00     01/01/2040        1,810        1,929,858  

Virginia (State of) Small Business Financing Authority (Transform 66 P3); Series 2017, Sr. Lien Private Activity RB(h)

    5.00     12/31/2056        3,310        3,554,741  
                                22,468,220  
Washington–3.90%  

Seattle (Port of);

         

Series 2012 A, Ref. Intermediate Lien RB

    5.00     08/01/2032        2,500        2,756,300  

Series 2017 C, Intermediate Lien RB(h)

    5.25     05/01/2042        1,155        1,328,851  

Washington (State of) Tobacco Settlement Authority; Series 2013, Ref. RB

    5.25     06/01/2031        1,900        2,026,312  

Washington (State of);

         

Series 2004 F, Motor Vehicle Fuel Unlimited Tax CAB GO Bonds(INS–AMBAC)(b)(g)

    0.00     12/01/2029        5,100        3,540,981  

Series 2010 A, Various Purpose Unlimited Tax GO Bonds(c)(d)(e)

    5.00     08/01/2019        9,460        9,925,432  

Series 2010 A, Various Purpose Unlimited Tax GO Bonds(c)(d)(e)

    5.00     08/01/2019        8,995        9,437,554  
                                29,015,430  
West Virginia–0.58%          

West Virginia (State of) Economic Development Authority (Appalachian Power Co.–Amos); Series 2010 A, Ref. Solid Waste Disposal Facilities RB

    5.38     12/01/2038     

 

4,000

 

     4,309,960  
Wisconsin–3.60%          

Public Finance Authority (American Dream at Meadowlands);

 

Series 2017, Limited Obligation Grant RB(f)

    6.75     08/01/2031        900        971,901  

Series 2017, Limited Obligation PILOT RB(f)

    6.75     12/01/2042        2,100        2,424,471  

Wisconsin (State of) Health & Educational Facilities Authority (Mercy Alliance); Series 2012, RB

    5.00     06/01/2039        5,000        5,282,150  

Wisconsin (State of) Health & Educational Facilities Authority (Mile Bluff Medical Center, Inc.); Series 2014, RB

    5.50     05/01/2034        2,000        2,039,580  

Wisconsin (State of) Public Finance Authority (KU Campus Development Corp. Central District Development); Series 2016, Lease Development RB(c)

    5.00     03/01/2046        5,565        6,122,502  

Wisconsin (State of) Public Finance Authority (Prime Healthcare Foundation, Inc.);

         

Series 2018 A, RB

    5.20     12/01/2037        1,655        1,680,156  

Series 2018 A, RB

    5.35     12/01/2045        1,655        1,685,022  

Wisconsin (State of) Public Finance Authority (Roseman University of Health Sciences);

         

Series 2012, RB

    5.50     04/01/2032        1,155        1,244,986  

Series 2015, Ref. RB

    5.75     04/01/2035        815        883,721  

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

22                         Invesco Value Municipal Income Trust


     Interest
Rate
    Maturity
Date
     Principal
Amount
(000)
     Value  
Wisconsin–(continued)          

Wisconsin (State of);

         

Series 2009 A, General Fund Annual Appropriation RB(d)(e)

    5.63     05/01/2019      $ 400      $ 419,340  

Series 2009 A, General Fund Annual Appropriation RB

    5.63     05/01/2028        3,835        4,014,477  
                                26,768,306  
Wyoming–0.31%  

Wyoming (State of) Municipal Power Agency; Series 2017 A, Ref. Power Supply RB (INS–BAM)(b)

    5.00     01/01/2047        2,060        2,284,622  

TOTAL INVESTMENTS IN SECURITIES(l)–162.98% (Cost $1,133,813,164)

                              1,211,632,459  

FLOATING RATE NOTE OBLIGATIONS–(33.27)%

         

Notes with interest and fee rates ranging from 1.61% to 2.01% at 02/28/2018 and contractual maturities of collateral ranging from 06/01/2025 to 04/01/2056 (See Note 1J)(m)

                              (247,375,000

VARIABLE RATE MUNI TERM PREFERRED SHARES–(31.35)%

                              (233,030,864

OTHER ASSETS LESS LIABILITIES–1.64%

                              12,215,440  

NET ASSETS APPLICABLE TO COMMON SHARES–100.00%

                            $ 743,442,035  

Investment Abbreviations:

 

AGC  

– Assured Guaranty Corp.

AGM  

– Assured Guaranty Municipal Corp.

AMBAC  

– American Municipal Bond Assurance Corp.

BAM  

– Build America Mutual Assurance Co.

BHAC  

– Berkshire Hathaway Assurance Corp.

CAB  

– Capital Appreciation Bonds

Conv.  

– Convertible

COP  

– Certificates of Participation

GO  

– General Obligation

INS  

– Insurer

Jr.  

– Junior

NATL  

– National Public Finance Guarantee Corp.

PCR  

– Pollution Control Revenue Bonds

PILOT  

– Payment-in-Lieu-of-Tax

RAB  

– Revenue Anticipation Bonds

RB  

– Revenue Bonds

Ref.  

– Refunding

RN  

– Revenue Notes

Sec.  

– Secured

Sr.  

– Senior

Sub.  

– Subordinated

Wts.  

– Warrants

 

 

Notes to Schedule of Investments:

 

(a)  Calculated as a percentage of net assets. Amounts in excess of 100% are due to the Trust’s use of leverage.
(b)  Principal and/or interest payments are secured by the bond insurance company listed.
(c)  Underlying security related to TOB Trusts entered into by the Trust. See Note 1J.
(d)  Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.
(e)  Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
(f)  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 February 28, 2018 was $29,772,903, which represented 4.00% of the Trust’s Net Assets.
(g)  Zero coupon bond issued at a discount.
(h)  Security subject to the alternative minimum tax.
(i)  Security is subject to a reimbursement agreement which may require the Trust to pay amounts to a counterparty in the event of a significant decline in the market value of the security underlying the TOB Trusts. In case of a shortfall, the maximum potential amount of payments the Trust could ultimately be required to make under the agreement is $11,454,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the TOB Trusts.
(j)  Security subject to crossover refunding.
(k)  Convertible CAB. The interest rate shown represents the coupon rate at which the bond will accrue at a specified future date.
(l)  This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations.

 

Entity    Percentage  

Assured Guaranty Municipal Corp.

     6.1

 

(m)  Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at February 28, 2018. At February 28, 2018, the Trust’s investments with a value of $390,913,993 are held by TOB Trusts and serve as collateral for the $247,375,000 in the floating rate note obligations outstanding at that date.

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

23                         Invesco Value Municipal Income Trust


Statement of Assets and Liabilities

February 28, 2018

 

 

Assets:

 

Investments in securities, at value (Cost $1,133,813,164)

  $ 1,211,632,459  

Receivable for:

 

Investments sold

    944,580  

Interest

    11,920,870  

Investment for trustee deferred compensation and retirement plans

    132,037  

Other assets

    33,503  

Total assets

    1,224,663,449  

Liabilities: