N-CSRS

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:  

  8/31/18        

  


Item 1. Report to Stockholders.


 

 

LOGO  

 

Semiannual Report to Shareholders

 

  

 

August 31, 2018

 

 

  Invesco Value Municipal Income Trust
    
  NYSE: IIM   

 

LOGO

 

 

 

  2    Letters to Shareholders
  3    Trust Performance
  3    Portfolio Management Update
  3    Share Repurchase Program Notice
  4    Dividend Reinvestment Plan
  5    Schedule of Investments
  21    Financial Statements
  24    Notes to Financial Statements
  30    Financial Highlights
  31    Approval of Investment Advisory and Sub-Advisory Contracts
  33    Proxy Results
         
  Unless otherwise noted, all data provided by Invesco.
 

 

 

 

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE


 

Letters to Shareholders

 

 

  

LOGO

Dear Fellow Shareholders:

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. This includes but is 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; and 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.

    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

 

 

 

LOGO

  

Dear Shareholders:

This semiannual report includes information about your Trust, including performance data and a complete list of its investments as of the close of the reporting period.

    The investment professionals at Invesco 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.

    Our website, invesco.com/us, offers timely information about your Trust. Also, you can obtain updates to help you stay informed about the markets and the economy by connecting with Invesco on Twitter, LinkedIn or Facebook. Additionally, 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.

    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


 

Trust Performance

 

 

 

Performance summary

Cumulative total returns, 2/28/18 to 8/31/18

 

Trust at NAV

      2.24 %  

Trust at Market Value

      2.28

S&P Municipal Bond Index (Broad Market Index)

      1.78

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

      1.82

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

      2.26

    

         

Market Price Discount to NAV as of 8/31/18

      -8.26

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, net asset value (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.

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 leveraged municipal debt funds tracked by Lipper.

    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.

 

 

 

Portfolio Management Update

 

Effective June 28, 2018, the following individuals are jointly and primarily responsible for the day-to-day management of the Trust:

    Mark Paris began managing the Trust in 2015 and has been associated with Invesco and/or its affiliates since 2010.

    John Connelly began managing the Trust in 2016 and has been associated with Invesco and/or its affiliates since 2016. Mr. Connelly was employed at

Raymond James & Associates in an investment management capacity from 1994 to 2015.

    Tim O’Reilly began managing the Trust in 2016 and has been associated with Invesco and/or its affiliates since 2010.

    James Phillips began managing the Trust in 2015 and has been associated with Invesco and/or its affiliates since 2010.

    John Schorle began managing the Trust in 2018 and has been associated with Invesco and/or its affiliates since 2010.

    Julius Williams began managing the Trust in 2015 and has been associated with Invesco and/or its affiliates since 2010.

    Effective July 13, 2018, Robert Stryker is no longer a portfolio manager of the Trust.

 

 

 

Important Notice Regarding Share Repurchase Program

 

In September 2018, the Trustees of the Trust approved a share repurchase program that allows the Trust to repurchase up to 25% of the 20-day

average trading volume of the Trust’s common shares when the Trust is trading at a 10% or greater discount to its net asset value. The Trust will repurchase

shares pursuant to this program if the Adviser reasonably believes that such repurchases may enhance shareholder value.

 

 

3                         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.

 

 

4                         Invesco Value Municipal Income Trust


Schedule of Investments

August 31, 2018

(Unaudited)

 

    

Interest

Rate

   

Maturity

Date

    

Principal

Amount

(000)

     Value  

Municipal Obligations–164.47%(a)

 

     
Alabama–3.62%

 

     

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      $ 5,045,130  

Alabaster (City of) Board of Education;

         

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

    5.00     09/01/2039        1,095        1,225,053  

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

    5.00     09/01/2044        1,095        1,225,053  

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

    5.25     07/01/2030        3,600        3,798,936  

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

         

Series 2016, RB

    5.25     06/01/2025        700        765,898  

Series 2016, RB

    5.75     06/01/2045        515        564,033  

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

    5.00     01/01/2021        8,575        9,208,350  

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        2,096,640  

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

    5.00     09/01/2046        2,400        2,884,272  
                                26,813,365  
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        4,143,355  
Arizona–4.18%

 

     

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

    5.00     03/01/2041        2,065        2,172,979  

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

    5.00     02/01/2042        4,450        4,672,634  

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

    5.00     12/01/2042        1,905        2,095,176  

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

    5.00     07/01/2037        680        675,036  

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

         

Series 2010, RB

    5.00     05/15/2035        1,000        1,046,800  

Series 2010, RB

    5.13     05/15/2040        1,000        1,046,820  

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

    5.00     11/15/2031        1,220        1,271,033  

La Paz (County of) Industrial Development Authority (Charter School Solutions- Harmony Public Schools); Series 2018 A, Education Facility Lease RB

    5.00     02/15/2048        700        744,954  

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

    5.00     07/01/2032        7,600        8,311,512  

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

    6.50     07/01/2034        435        481,671  

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

    5.00     06/01/2042        2,665        2,856,933  

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

    6.00     07/01/2033        1,000        988,320  

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

    5.25     07/01/2048        1,175        1,144,685  

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

         

Series 2014 A, Hospital RB

    5.00     08/01/2032        1,050        1,173,690  

Series 2014 A, Hospital RB

    5.25     08/01/2032        2,000        2,264,960  
                                30,947,203  
California–20.83%

 

     

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        1,635,754  

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

    0.00     08/01/2036        2,675        1,387,496  

 

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

 

5                         Invesco  Value Municipal Income Trust


    

Interest

Rate

   

Maturity

Date

    

Principal

Amount

(000)

     Value  
California–(continued)

 

     

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

    5.00     04/01/2056      $ 2,325      $ 2,617,973  

Beverly Hills Unified School District (Election of 2008);

         

Series 2009, Unlimited Tax CAB GO Bonds(g)

    0.00     08/01/2026        2,720        2,229,720  

Series 2009, Unlimited Tax CAB GO Bonds(g)

    0.00     08/01/2031        5,270        3,556,723  

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        532,046  

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

    5.00     11/15/2036        4,750        4,943,088  

California (State of) Municipal Finance Authority (Linxs APM); Series 2018 A, Sr. Lien RB(h)

    5.00     12/31/2043        1,985        2,220,024  

California (State of) Pollution Control Finance Authority;

         

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

    5.00     07/01/2027        1,190        1,281,987  

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

    5.00     07/01/2030        1,400        1,495,648  

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

    5.00     07/01/2037        3,075        3,250,952  

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

    5.00     11/01/2040        3,000        3,149,250  

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

         

Series 2014, RB

    5.25     12/01/2044        755        819,183  

Series 2016 A, RB(f)

    5.00     12/01/2041        1,275        1,378,454  

Series 2018 A, RB(f)

    5.50     12/01/2058        995        1,098,291  

California (State of);

         

Series 2010, Various Purpose Unlimited Tax GO Bonds

    5.50     03/01/2040        2,410        2,539,321  

Series 2012, Various Purpose Unlimited Tax GO Bonds

    5.25     04/01/2035        4,135        4,583,937  

Series 2013, Various Purpose Unlimited Tax GO Bonds

    5.00     04/01/2037        1,800        2,003,958  

California Infrastructure & Economic Development Bank;

         

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

    5.00     01/01/2028        6,800        8,306,880  

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

    5.00     01/01/2028        3,300        4,031,280  

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

    5.00     01/01/2028        4,500        5,469,570  

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        980,791  

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        762,161  

Series 2009, Unlimited Tax CAB GO Bonds(g)

    0.00     08/01/2044        1,090        375,145  

Series 2009, Unlimited Tax CAB GO Bonds(g)

    0.00     08/01/2045        6,270        2,065,463  

Series 2009, Unlimited Tax CAB GO Bonds(g)

    0.00     08/01/2048        4,610        1,330,031  

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

    5.00     06/01/2020        4,440        4,710,396  

El Segundo Unified School District (Election of 2008);

         

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

    0.00     08/01/2031        4,155        2,699,379  

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

    0.00     08/01/2032        3,165        1,964,294  

Golden State Tobacco Securitization Corp.;

         

Series 2013 A, Enhanced Tobacco Settlement Asset-Backed RB

    5.00     06/01/2030        3,200        3,550,784  

Series 2018 A-1, Ref. Tobacco Settlement Asset-Backed RB

    5.00     06/01/2047        665        683,653  

Series 2018 A-1, Ref. Tobacco Settlement Asset-Backed RB

    5.25     06/01/2047        3,310        3,453,323  

Series 2018 A-2, Ref. Tobacco Settlement Asset-Backed RB

    5.00     06/01/2047        5,040        5,181,372  

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

    5.00     05/15/2040        2,000        2,106,280  

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

         

Series 2012 A, Waterworks RB(c)

    5.00     07/01/2043        6,240        6,872,112  

Series 2012 B, Waterworks RB(c)

    5.00     07/01/2043        9,805        10,798,247  

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

    6.13     11/01/2029        1,000        1,244,850  

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        930,768  

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

    0.00     08/01/2035        300        160,350  

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        2,336,826  

 

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

 

6                         Invesco  Value Municipal Income Trust


    

Interest

Rate

   

Maturity

Date

    

Principal

Amount

(000)

     Value  
California–(continued)

 

     

Mt. San Antonio (City of) Community College District (Election 2008); Series 2013 A, Unlimited Tax Conv. CAB GO Bonds(i)

    6.25     08/01/2043      $ 1,985      $ 1,646,141  

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

    0.00     08/01/2028        2,400        1,762,704  

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        2,134,924  

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

    0.00     08/01/2035        4,120        2,198,473  

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

    0.00     08/01/2036        300        152,895  

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

    0.00     08/01/2037        1,785        869,634  

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        5,911,909  

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

    0.00     08/01/2031        8,475        5,519,937  

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

    5.00     05/15/2033        6,000        6,742,380  

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

    7.50     12/01/2041        2,180        2,420,650  

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        1,118,320  

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

    5.00     08/01/2020        1,525        1,625,467  

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

    5.50     09/01/2032        595        646,372  

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

    0.00     06/01/2041        3,445        959,777  

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

    5.00     09/01/2031        2,450        2,703,232  

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        6,476,083  

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        485,179  
                                154,111,837  
Colorado–4.36%

 

     

Colorado (State of) Health Facilities Authority (Adventist Health System/Sunbelt Obligated Group); Series 2018 A, Hospital RB

    5.00     11/15/2048        1,155        1,305,462  

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

    5.50     01/01/2035        8,100        9,161,262  

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

    5.00     06/01/2042        580        638,104  

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

    6.00     01/15/2041        3,000        3,133,860  

Denver (City & County of);

         

Series 2016 A, Ref. Dedicated Tax and Improvement RB

    5.00     08/01/2044        1,135        1,273,300  

Series 2018 A, Ref. Sub. Airport System RB(c)(h)

    5.25     12/01/2048        5,740        6,581,886  

Neu Towne Metropolitan District; Series 2018 A, Ref. & Improvement Limited Tax GO Bonds

    5.38     12/01/2046        700        709,940  

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

    5.00     12/15/2041        950        972,562  

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

    5.00     06/01/2023        7,500        8,486,850  
                                32,263,226  
District of Columbia–5.36%

 

     

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

    5.00     10/01/2045        1,000        1,000,690  

District of Columbia Water & Sewer Authority;

         

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

    5.00     10/01/2018        2,520        2,526,376  

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

    5.00     10/01/2018        625        626,581  

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

    5.00     10/01/2044        6,000        6,619,980  

District of Columbia;

         

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

    5.00     02/01/2031        6,860        6,872,211  

Series 2009 A, Sec. Income Tax RB(c)

    5.25     12/01/2027        5,100        5,315,118  

Series 2014 C, Unlimited Tax GO Bonds(c)

    5.00     06/01/2034        3,030        3,403,205  

Series 2014 C, Unlimited Tax GO Bonds(c)

    5.00     06/01/2035        6,060        6,796,169  

 

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

 

7                         Invesco  Value Municipal Income Trust


    

Interest

Rate

   

Maturity

Date

    

Principal

Amount

(000)

     Value  
District of Columbia–(continued)

 

     

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      $ 6,504,727  
                                39,665,057  
Florida–10.34%

 

     

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

    8.13     11/15/2041        1,000        1,111,990  

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

    5.00     10/01/2045        2,070        2,277,952  

Cape Coral (City of);

         

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

    5.00     10/01/2021        4,130        4,518,055  

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

    5.00     10/01/2021        1,500        1,640,940  

Capital Trust Agency Inc. (H-Bay Ministries, Inc. — Superior Residences); Series 2018 A-1, Sr. Living RB

    5.00     07/01/2048        430        458,913  

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

    5.00     07/01/2046        1,250        1,274,938  

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

    5.00     06/01/2021        4,890        5,283,009  

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        2,253,060  

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

    6.00     04/01/2042        1,250        1,407,937  

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

    5.00     10/01/2018        3,580        3,588,914  

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

    5.00     01/01/2048        2,980        3,188,272  

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

         

Series 2012, RB

    5.13     11/15/2032        4,000        4,233,120  

Series 2012, RB

    5.50     11/15/2032        1,100        1,196,074  

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

    5.00     11/15/2044        820        866,396  

Miami-Dade (County of) Educational Facilities Authority (University of Miami); Series 2018 A, RB(c)

    5.00     04/01/2053        3,820        4,239,894  

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

    5.00     07/01/2035        3,415        3,594,185  

Miami-Dade (County of);

         

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

    5.00     10/01/2020        4,500        4,799,160  

Series 2012 A, Ref. Aviation RB(h)

    5.00     10/01/2028        2,000        2,181,880  

Series 2012 B, Ref. Sub. Special Obligation RB

    5.00     10/01/2032        1,000        1,093,370  

Series 2012 B, Ref. Sub. Special Obligation RB

    5.00     10/01/2035        1,575        1,716,325  

Series 2016 A, Ref. Aviation RB

    5.00     10/01/2041        1,195        1,344,220  

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

    5.00     01/01/2031        7,500        8,151,450  

Orlando (City of) Greater Orlando Aviation Authority; Series 2017 A, Priority Sub. Airport Facilities
RB(c)(h)

    5.00     10/01/2047        5,340        5,927,187  

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

    5.00     11/01/2043        2,030        2,117,960  

Palm Beach (County of) Solid Waste Authority;

         

Series 2009, Improvement RB(d)(e)

    5.50     10/01/2019        695        723,467  

Series 2009, Improvement RB(d)(e)

    5.50     10/01/2019        2,355        2,451,461  

Series 2011, Ref. RB(c)

    5.00     10/01/2031        2,790        3,031,196  

Pinellas (County of) Health Facilities Authority (Baycare Health System); Series 2009 A-2, VRD Health System RB (LOC–Northern Trust Co. (The))(j)(k)

    1.56     11/01/2038        900        900,000  

Putnam (County of) Development Authority (Seminole Electric Cooperative); Series 2018 B, Ref. PCR

    5.00     03/15/2042        825        924,899  
                                76,496,224  
Georgia–1.32%

 

     

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

    5.00     01/01/2035        5,390        5,601,989  

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

    5.00     10/01/2042        510        553,503  

Private Colleges & Universities Authority (Mercer University);

         

Series 2012 A, RB

    5.25     10/01/2027        2,170        2,322,117  

Series 2012 A, RB

    5.00     10/01/2032        1,220        1,272,838  
                                9,750,447  

 

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

 

8                         Invesco  Value Municipal Income Trust


    

Interest

Rate

   

Maturity

Date

    

Principal

Amount

(000)

     Value  
Hawaii–2.79%

 

     

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      $ 3,334,260  

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

    5.00     08/01/2028        1,775        1,936,614  

Hawaii (State of);

         

Series 2015 A, Airport System RB(h)

    5.00     07/01/2045        1,575        1,735,272  

Series 2018 A, Airport System RB(h)

    5.00     07/01/2048        2,155        2,412,113  

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

    5.00     11/01/2022        10,000        11,211,500  
                                20,629,759  
Idaho–0.96%

 

     

Idaho (State of) Health Facilities Authority (St. Luke’s Regional Medical Center); Series 2010, RB(d)(e)

    5.00     07/01/2020        5,000        5,285,450  

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

         

Series 2017 A, Ref. RB

    5.00     11/15/2032        730        761,660  

Series 2017 A, Ref. RB

    5.25     11/15/2037        1,020        1,067,624  
                                7,114,734  
Illinois–17.07%

 

     

Chicago (City of) (Midway Airport);

         

Series 2013 A, Ref. Second Lien RB(h)

    5.50     01/01/2031        2,280        2,530,823  

Series 2013 B, Ref. Second Lien RB

    5.00     01/01/2025        1,550        1,715,137  

Series 2014 A, Ref. Second Lien RB(h)

    5.00     01/01/2041        1,100        1,186,636  

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

         

Series 2015 C, RB(h)

    5.00     01/01/2046        790        850,151  

Series 2015 D, RB

    5.00     01/01/2046        555        603,790  

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

    5.00     01/01/2037        1,595        1,768,935  

Series 2017 D, Sr. Lien General Airport RB

    5.25     01/01/2042        1,265        1,436,281  

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

    5.00     01/01/2052        5,000        5,420,700  

Chicago (City of) Board of Education;

         

Series 2017 H, Dedicated Unlimited Tax GO Bonds

    5.00     12/01/2046        1,910        1,958,170  

Series 2018 A, Ref. Unlimited Tax GO Bonds(INS–AGM)(b)

    5.00     12/01/2029        1,000        1,133,620  

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

    5.00     12/01/2045        1,650        1,810,875  

Chicago (City of) Transit Authority;

         

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

    5.25     12/01/2036        7,490        7,977,449  

Series 2014, Sales Tax Receipts RB

    5.00     12/01/2044        3,270        3,579,048  

Chicago (City of);

         

Series 2002 B, Unlimited Tax GO Bonds

    5.50     01/01/2037        630        675,385  

Series 2005 D, Ref. Unlimited Tax GO Bonds

    5.50     01/01/2040        395        422,322  

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

    5.00     01/01/2037        5,475        5,511,628  

Series 2007 E, Ref. Unlimited Tax GO Bonds

    5.50     01/01/2042        315        336,429  

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

    5.00     11/01/2018        660        663,551  

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

    5.00     11/01/2027        280        281,453  

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

    5.00     01/01/2030        1,000        1,074,730  

Series 2014, Second Lien Waterworks RB

    5.00     11/01/2044        765        818,825  

Series 2015 A, Unlimited Tax GO Bonds

    5.50     01/01/2033        3,145        3,400,563  

Series 2017 A, Second Lien Wastewater Transmission RB

    5.00     01/01/2047        2,500        2,688,175  

Cook (County of) Forest Preserve District;

         

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

    5.00     12/15/2032        2,460        2,593,849  

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

    5.00     12/15/2037        2,460        2,592,963  

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

    5.00     09/01/2039        1,250        1,327,600  

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

         

Series 2012, Ref. RB

    5.50     05/15/2027        2,000        2,123,120  

Series 2012, Ref. RB

    5.50     05/15/2030        1,045        1,100,845  

 

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  
Illinois–(continued)

 

     

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

    5.00     07/15/2042      $ 3,305      $ 3,742,813  

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

         

Series 2009 B, RB(d)(e)

    5.38     08/15/2019        2,100        2,171,568  

Series 2009 B, RB(d)(e)

    5.75     08/15/2019        2,000        2,075,160  

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

    5.00     11/15/2045        2,205        2,384,487  

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

    6.75     08/15/2033        1,430        1,510,838  

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

    5.00     11/15/2038        1,940        2,130,450  

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

         

Series 2010 A, Ref. RB(d)(e)

    5.75     02/15/2020        2,000        2,109,180  

Series 2010 A, Ref. RB(d)(e)

    6.00     02/15/2020        1,165        1,232,721  

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

    5.25     10/01/2052        3,720        4,100,110  

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

    0.00     12/15/2029        3,520        2,188,173  

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        1,597,625  

Illinois (State of) Sports Facilities Authority;

         

Series 2014, Ref. RB(INS–AGM)(b)

    5.25     06/15/2031        1,060        1,164,940  

Series 2014, Ref. RB(INS–AGM)(b)

    5.25     06/15/2032        965        1,057,881  

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

    5.00     01/01/2038        12,300        13,430,616  

Illinois (State of);

         

Series 2012 A, Unlimited Tax GO Bonds

    5.00     01/01/2031        1,135        1,172,773  

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

    5.25     07/01/2029        1,880        2,044,726  

Series 2014, Unlimited Tax GO Bonds

    5.25     02/01/2033        1,100        1,149,346  

Series 2014, Unlimited Tax GO Bonds

    5.00     05/01/2035        1,000        1,035,260  

Series 2014, Unlimited Tax GO Bonds

    5.00     05/01/2036        1,000        1,033,230  

Series 2016, Unlimited Tax GO Bonds

    5.00     01/01/2041        1,750        1,810,585  

Series 2017 D, Unlimited Tax GO Bonds

    5.00     11/01/2024        1,955        2,078,184  

Series 2018 A, Ref. Unlimited Tax GO Bonds

    5.00     10/01/2021        830        873,118  

Series 2018 A, Ref. Unlimited Tax GO Bonds

    5.00     10/01/2022        580        613,414  

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

    5.50     06/01/2021        4,090        4,486,771  

Regional Transportation Authority;

         

Series 1999, Ref. RB(INS–AGM)(b)

    5.75     06/01/2021        4,000        4,395,440  

Series 2018 B, RB

    5.00     06/01/2040        2,285        2,575,743  

Sales Tax Securitization Corp.; Series 2018 A, Ref. RB(c)

    5.00     01/01/2048        4,150        4,565,000  
                                126,313,205  
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        3,591,633  

Series 2013 A, Private Activity RB(h)

    5.00     07/01/2035        500        536,430  

Series 2013 A, Private Activity RB(h)

    5.00     07/01/2048        510        541,324  

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

    5.00     06/01/2039        3,325        3,337,070  

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

    5.00     02/01/2030        9,000        9,893,430  

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

    6.75     01/01/2034        1,500        1,745,835  
                                19,645,722  
Iowa–3.11%

 

     

Iowa (State of) (IJOBS Program);

         

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

    5.00     06/01/2019        5,140        5,266,958  

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

    5.00     06/01/2019        3,850        3,945,095  

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

         

Series 2013, Midwestern Disaster Area RB(f)

    5.88     12/01/2027        1,025        1,087,064  

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

    5.25     12/01/2037        1,190        1,265,101  

 

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  
Iowa–(continued)

 

     

Iowa (State of) Finance Authority (Lifespace Communities Inc.); Series 2018 A, RB

    5.00     05/15/2043      $ 830      $ 889,768  

Iowa (State of) Tobacco Settlement Authority;

         

Series 2005 C, Asset-Backed RB

    5.50     06/01/2042        1,695        1,711,425  

Series 2005 C, Asset-Backed RB

    5.63     06/01/2046        1,055        1,065,909  

Series 2005 E, Asset-Backed CAB RB(g)

    0.00     06/01/2046        12,020        1,446,847  

Iowa (State of);

         

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

    5.50     02/15/2019        3,600        3,662,856  

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

    5.50     02/15/2020        2,500        2,633,125  
                                22,974,148  
Kansas–0.99%

 

     

Kansas (State of) Development Finance Authority (Adventist Health System);

         

Series 2009, Hospital RB(d)(e)

    5.50     11/15/2019        35        36,484  

Series 2009, Hospital RB

    5.50     11/15/2029        1,475        1,546,715  

Wichita (City of) (Presbyterian Manors, Inc.);

         

Series 2013 IV-A, Health Care Facilities RB

    6.38     05/15/2043        1,500        1,630,920  

Series 2018 I, Ref. Health Care Facilities RB

    5.00     05/15/2047        1,000        1,038,070  

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        3,054,150  
                                7,306,339  
Kentucky–3.00%

 

     

Kentucky (State of) Economic Development Finance Authority (Catholic Health Initiatives); Series 2011 B, Floating Rate RB (SIFMA Municipal Swap Index + 1.40%)(e)(m)

    2.96     02/01/2025        700        712,831  

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

         

Series 2015 A, Sr. RB

    5.00     07/01/2040        1,245        1,328,216  

Series 2015 A, Sr. RB

    5.00     01/01/2045        2,570        2,736,998  

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

    5.00     06/01/2045        955        1,018,985  

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        2,677,550  

Series 2010 B, Ref. Hospital RB(d)(e)

    6.38     06/01/2020        1,585        1,707,679  

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

         

Series 2009, Ref. RB(d)(e)

    5.25     02/01/2019        3,545        3,598,175  

Series 2009, Ref. RB(INS–AGC)(b)

    5.25     02/01/2028        455        461,529  

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

    5.75     07/01/2049        1,000        1,090,640  

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

    5.00     07/01/2022        3,140        3,487,347  

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

    5.50     10/01/2033        3,000        3,354,870  
                                22,174,820  
Louisiana–1.75%

 

     

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        4,839,975  

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

    5.00     12/01/2044        650        713,739  

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

    5.00     12/01/2030        1,000        1,063,070  

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

    5.25     11/15/2037        1,850        1,971,490  

Tobacco Settlement Financing Corp.;

         

Series 2013 A, Ref. Asset-Backed RB

    5.50     05/15/2030        745        781,319  

Series 2013 A, Ref. Asset-Backed RB

    5.25     05/15/2031        745        794,222  

Series 2013 A, Ref. Asset-Backed RB

    5.25     05/15/2032        1,410        1,525,747  

Series 2013 A, Ref. Asset-Backed RB

    5.25     05/15/2033        1,190        1,278,607  
                                12,968,169  

 

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  
Maryland–1.33%

 

     

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

    4.50     02/15/2047      $ 1,500      $ 1,519,860  

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

    5.00     07/01/2040        4,250        4,682,480  

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

    5.00     07/01/2047        720        796,428  

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

    5.00     07/01/2045        1,465        1,594,257  

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

         

Series 2017, Ref. RB

    5.00     04/01/2028        690        739,121  

Series 2017, Ref. RB

    5.00     04/01/2032        505        534,189  
                                9,866,335  
Massachusetts–3.35%

 

     

Massachusetts (Commonwealth of); Series 2018 D, Limited Tax GO Bonds(c)

    4.00     05/01/2040        2,825        2,935,090  

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

    5.00     01/01/2047        3,125        3,390,250  

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

    5.50     11/15/2018        15,820        15,943,238  

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

    5.25     08/01/2031        2,000        2,527,600  
                                24,796,178  
Michigan–3.27%

 

     

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

    5.00     11/01/2047        1,390        1,452,216  

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

    5.00     04/15/2041        2,715        3,047,180  

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

    5.00     11/01/2044        1,745        1,925,607  

Michigan (State of) Finance Authority (Charter County of Wayne Criminal Justice Center); Series 2018, RB

    5.00     11/01/2038        750        855,060  

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        1,176,359  

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

    5.00     07/01/2033        550        602,492  

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

    5.00     07/01/2029        550        608,652  

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

    5.00     07/01/2035        1,190        1,300,456  

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

    5.00     06/01/2039        2,005        2,198,262  

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

    5.00     12/01/2046        3,655        4,099,594  

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

    6.00     06/01/2048        3,285        3,300,472  

Wayne State University Board of Governors;

         

Series 2008, Ref. General RB(d)(e)

    5.00     11/15/2018        335        337,285  

Series 2008, Ref. General RB(d)(e)

    5.00     11/15/2018        425        427,899  

Series 2008, Ref. General RB(d)(e)

    5.00     11/15/2018        1,255        1,263,559  

Series 2008, Ref. General RB(d)(e)

    5.00     11/15/2018        1,580        1,590,776  
                                24,185,869  
Minnesota–0.06%

 

     

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

    4.25     07/01/2047        425        424,158  
Mississippi–0.37%

 

     

Mississippi Business Finance Corp. (Chevron U.S.A. Inc.); Series 2010 C, VRD Gulf Opportunity Zone IDR(j)

    1.57     12/01/2030        2,720        2,720,000  
Missouri–1.04%

 

     

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

         

Series 2011 A, Ref. RB

    5.50     09/01/2024        825        903,086  

Series 2011 A, Ref. RB

    5.50     09/01/2025        1,445        1,581,770  

Series 2011 A, Ref. RB

    5.50     09/01/2027        980        1,072,757  

 

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  
Missouri–(continued)

 

     

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

    5.25     05/15/2050      $ 475      $ 503,172  

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        2,076,800  

Series 2013 A, Senior Living Facilities RB

    5.50     09/01/2033        1,375        1,530,485  
                                7,668,070  
Montana–0.29%

 

     

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        2,176,920  
Nebraska–1.19%

 

     

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

    5.00     09/01/2032        4,690        5,113,882  

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

    5.00     05/15/2044        1,000        1,058,250  

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

    5.00     11/01/2032        2,500        2,667,250  
                                8,839,382  
Nevada–0.28%

 

     

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        2,088,100  
New Jersey–5.04%

 

     

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        1,020,761  

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        2,116,331  

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

    5.38     01/01/2043        2,000        2,185,640  

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        3,867,346  

Series 2005 N-1, Ref. School Facilities Construction RB(INS–NATL)(b)(c)(l)

    5.50     09/01/2022        3,720        4,129,237  

Series 2017 DDD, RB

    5.00     06/15/2032        1,030        1,136,018  

New Jersey (State of) Higher Education Student Assistance Authority; Series 2018 B, Ref. Sr. Student Loan RB(h)

    5.00     12/01/2024        1,100        1,232,253  

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        10,707,578  

Series 2018 A, Ref. Federal Highway Reimbursement RN(c)(l)

    5.00     06/15/2029        1,575        1,758,425  

Series 2018 A, Ref. Federal Highway Reimbursement RN(c)(l)

    5.00     06/15/2030        535        594,979  

Series 2018 A, Ref. Federal Highway Reimbursement RN

    5.00     06/15/2031        995        1,102,231  

Subseries 2016 A-1, Federal Highway Reimbursement RN

    5.00     06/15/2028        960        1,076,698  

Tobacco Settlement Financing Corp.;

         

Series 2018 A, Ref. RB

    5.00     06/01/2031        1,290        1,466,717  

Series 2018 A, Ref. RB

    5.00     06/01/2046        1,905        2,081,403  

Series 2018 A, Ref. RB

    5.25     06/01/2046        2,485        2,780,168  
                                37,255,785  
New Mexico–0.14%

 

     

New Mexico (State of) Municipal Energy Acquisition Authority; Subseries 2014 B, Gas Supply Floating Rate RB (1 mo. USD LIBOR + 0.75%)(e)(m)

    2.15     08/01/2019        1,000        1,001,060  
New York–17.31%

 

     

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

    5.00     01/01/2035        1,600        1,717,152  

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

    5.00     06/01/2045        2,815        2,799,039  

 

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  
New York–(continued)

 

     

Long Island Power Authority;

         

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

    5.00     05/01/2021      $ 4,955      $ 5,372,310  

Series 2014 A, Ref. RB

    5.00     09/01/2044        2,870        3,177,520  

Metropolitan Transportation Authority;

         

Series 2010 D, RB(d)(e)

    5.00     11/15/2020        3,000        3,216,990  

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

    5.00     11/15/2027        10,000        11,115,700  

Series 2017 D, Ref. Transportation RB(c)

    4.00     11/15/2042        2,815        2,880,843  

New York & New Jersey (States of) Port Authority; Two Hundred Seventh Series 2018, Ref. Consolidated RB(c)(h)

    5.00     09/15/2028        3,255        3,817,497  

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        2,755,253  

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

    5.00     06/15/2045        10,545        11,461,466  

New York (City of) Transitional Finance Authority;

         

Series 2013 I, Sub. Future Tax Sec. RB

    5.00     05/01/2038        1,465        1,618,180  

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

    5.00     02/01/2037        6,845        7,418,816  

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

    5.00     11/01/2038        4,500        5,017,815  

New York (Counties of) Tobacco Trust V; Series 2005 S-2, Sub. Pass Through CAB RB(g)

    0.00     06/01/2050        10,140        1,415,950  

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

    5.75     06/01/2043        3,135        3,448,625  

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        3,582,834  

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

    5.50     05/15/2029        2,455        3,056,107  

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

    5.00     02/15/2037        1,000        1,100,990  

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        50,130  

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

    5.50     07/01/2031        1,040        1,260,854  

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

    5.00     03/15/2040        4,840        5,397,520  

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

    5.00     03/15/2019        1,725        1,757,171  

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        4,883,966  

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

    5.00     12/15/2031        10,000        11,334,300  

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

    5.00     11/15/2044        5,685        5,984,315  

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

    5.00     09/15/2040        4,900        5,349,281  

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

    5.00     08/01/2031        1,580        1,649,773  

New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminal C&D Redevelopment); Series 2018, Special Facilities RB(h)

    5.00     01/01/2031        3,310        3,724,280  

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

         

Series 2016 A, Special Facilities RB(h)

    5.00     07/01/2046        1,660        1,772,017  

Series 2016 A, Special Facilities RB(h)

    5.25     01/01/2050        3,055        3,297,506  

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

    5.75     08/15/2043        1,500        1,536,900  

TSASC, Inc.;

         

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

    5.00     06/01/2045        3,990        4,094,817  

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

    5.00     06/01/2048        1,000        1,023,390  
                                128,089,307  
North Carolina–3.49%

 

     

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

         

Series 2017 A, Airport RB(c)

    5.00     07/01/2042        1,915        2,192,292  

Series 2017 A, Airport RB(c)

    5.00     07/01/2047        4,000        4,562,640  

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

    5.00     10/01/2055        9,050        10,140,344  

 

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  
North Carolina–(continued)

 

     

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

    5.00     06/30/2054      $ 1,135      $ 1,212,566  

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        5,314,501  

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

    5.00     06/01/2036        2,250        2,415,352  
                                25,837,695  
North Dakota–0.63%

 

     

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

    5.00     06/01/2053        4,305        4,670,882  
Ohio–5.71%

 

     

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

    5.25     11/15/2046        790        859,520  

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

    5.00     05/01/2042        3,300        3,538,590  

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

    5.00     02/15/2046        500        552,215  

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

    5.00     02/15/2039        1,230        1,345,583  

Buckeye Tobacco Settlement Financing Authority;

         

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

    5.75     06/01/2034        460        462,916  

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

    5.88     06/01/2047        7,115        7,160,109  

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

    5.00     12/01/2047        3,000        3,290,370  

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        1,041,300  

Cleveland (City of);

         

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

    0.00     11/15/2026        3,545        2,715,399  

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

    0.00     11/15/2028        3,845        2,696,768  

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

    0.00     11/15/2038        2,800        1,224,944  

Cuyahoga (County of) (Metrohealth System);

         

Series 2017, Ref. Hospital RB

    5.50     02/15/2052        1,590        1,746,297  

Series 2017, Ref. Hospital RB

    5.00     02/15/2057        2,530        2,661,560  

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

    5.25     07/01/2033        2,000        1,991,700  

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

    8.00     07/01/2042        1,040        1,182,043  

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

    5.50     06/01/2042        3,000        3,307,950  

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

    5.00     01/01/2046        1,395        1,496,444  

Montgomery (County of) (Trousdale Foundation Properties); Series 2018 A, Sr. Living RB(f)

    6.00     04/01/2038        1,490        1,468,067  

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

    5.00     12/31/2039        750        816,743  

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

    4.25     01/15/2038        575        587,915  

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

         

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

    5.75     05/15/2020        325        346,489  

Series 2010, Hospital Facilities RB

    5.75     11/15/2035        1,675        1,762,117  
                                42,255,039  
Oklahoma–0.89%

 

     

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

    5.00     07/01/2022        1,000        1,061,640  

Oklahoma (State of) Development Finance Authority (OU Medicine); Series 2018 B, Health System RB

    5.50     08/15/2057        2,150        2,436,960  

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        1,797,862  

Oklahoma (State of) Water Resources Board; Series 2018 C, Loan Program RB

    4.00     10/01/2048        1,245        1,281,205  
                                6,577,667  

 

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  
Oregon–0.22%

 

     

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

    5.00     05/01/2040      $ 1,570      $ 1,660,024  
Pennsylvania–2.47%

 

     

Allegheny (County of) Hospital Development Authority (Allegheny Health Network Obligated Group Issue); Series 2018 A, Ref. RB

    5.00     04/01/2047        1,000        1,094,670  

Luzerne (County of) Convention Center Authority; Series 1998 A, VRD Hotel Room Rental Tax RB (LOC–PNC Bank, N.A.)(j)(k)

    1.57     09/01/2028        565        565,000  

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

    2.70     04/01/2020        3,000        3,000,420  

Pennsylvania (State of) Turnpike Commission;

         

Series 2018 A-2, Turnpike RB

    5.00     12/01/2048        1,180        1,319,299  

Series 2018 B, Sub. Oil Franchise Tax RB

    5.25     12/01/2048        1,160        1,329,058  

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

    5.13     12/01/2039        1,500        1,274,445  

Subseries 2017 B-1, Sub. Turnpike RB

    5.25     06/01/2047        1,250        1,398,425  

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

    5.00     09/01/2047        795        878,237  

Philadelphia (City of);

         

Series 2017 A, Water & Wastewater RB

    5.00     10/01/2052        1,035        1,156,468  

Series 2017 B, Ref. Airport RB(c)(h)

    5.00     07/01/2042        4,920        5,475,763  

Philadelphia School District; Series 2008 E, Limited Tax GO Bonds (INS–BHAC)(b)

    5.13     09/01/2023        750        752,280  
                                18,244,065  
Puerto Rico–1.19%

 

     

Children’s Trust Fund;

         

Series 2002, Tobacco Settlement Asset-Backed RB

    5.50     05/15/2039        2,590        2,621,909  

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

    0.00     05/15/2050        5,570        693,521  

Puerto Rico (Commonwealth of) Electric Power Authority;

         

Series 2007 VV, Ref. RB (INS–NATL)(b)

    5.25     07/01/2033        725        780,245  

Series 2007 VV, Ref. RB (INS–NATL)(b)

    5.25     07/01/2035        640        685,267  

Puerto Rico (Commonwealth of) Highway & Transportation Authority; Series 2007 N, Ref. Transportation RB (INS–NATL)(b)

    5.25     07/01/2032        760        819,227  

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        2,068,000  

Puerto Rico (Commonwealth of);

         

Series 2004 A, Public Improvement Unlimited Tax GO Bonds (INS–NATL)(b)

    5.25     07/01/2021        485        490,669  

Series 2006 A, Public Improvement Unlimited Tax GO Bonds (INS–AGC) (CPI Rate + 1.00%)(b)(m)

    3.46     07/01/2019        640        642,592  
                                8,801,430  
South Carolina–3.39%

 

     

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

    5.75     01/01/2034        7,410        8,100,168  

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

    5.25     08/01/2023        4,450        5,100,056  

South Carolina (State of) Ports Authority;

         

Series 2015, RB(h)

    5.25     07/01/2050        3,240        3,597,890  

Series 2015, RB(h)

    5.25     07/01/2055        1,260        1,396,760  

Series 2018, RB(h)

    5.00     07/01/2043        745        835,197  

Series 2018, RB(h)

    5.00     07/01/2055        580        642,095  

South Carolina (State of) Public Service Authority (Santee Cooper Revenue Obligations);

         

Series 2013 E, RB

    5.50     12/01/2053        3,830        4,145,860  

Series 2014 A, RB

    5.50     12/01/2054        1,175        1,280,210  
                                25,098,236  

 

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  
South Dakota–0.57%

 

     

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

         

Series 2014 B, RB

    5.00     11/01/2044      $ 2,500      $ 2,718,925  

Series 2015, Ref. RB

    5.00     11/01/2045        1,345        1,473,447  
                                4,192,372  
Tennessee–0.77%

 

     

Greeneville (Town of) Health & Educational Facilities Board (Ballad Health); Series 2018 A, Ref. Hospital RB

    5.00     07/01/2036        1,715        1,925,670  

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

    5.00     08/15/2042        1,000        1,053,290  

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

    5.25     11/01/2021        2,475        2,732,524  
                                5,711,484  
Texas–15.23%

 

     

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

    5.00     08/15/2034        4,895        5,400,311  

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

    5.00     11/15/2042        1,490        1,634,917  

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

    6.13     04/01/2045        2,000        2,106,920  

Harris (County of) Metropolitan Transit Authority;

         

Series 2011 A, Sales & Use Tax RB(c)

    5.00     11/01/2036        3,305        3,579,216  

Series 2011 A, Sales & Use Tax RB(c)

    5.00     11/01/2041        3,000        3,242,250  

Harris County Health Facilities Development Corp. (TECO);

         

Series 2008, Thermal Utility RB(d)(e)

    5.00     11/15/2018        1,840        1,852,549  

Series 2008, Thermal Utility RB(d)(e)

    5.25     11/15/2018        2,160        2,175,768  

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

    4.75     07/01/2024        1,000        1,076,570  

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        3,094,259  

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

    0.00     09/01/2027        5,015        3,726,847  

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

    5.00     07/15/2020        790        828,473  

Houston Community College System;

         

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

    5.00     04/15/2025        1,295        1,298,043  

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

    5.00     04/15/2026        900        902,088  

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

    4.50     04/15/2027        155        155,304  

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

    5.00     02/15/2042        2,700        2,806,272  

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

    5.50     08/15/2045        1,230        1,272,103  

Lower Colorado River Authority (LCRA Transmission Services Corp.);

         

Series 2018, Ref. Transmission Contract RB

    5.00     05/15/2043        1,940        2,201,299  

Series 2018, Ref. Transmission Contract RB

    5.00     05/15/2048        1,860        2,102,302  

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        1,479,595  

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        752,100  

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        2,147,036  

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

    6.50     01/01/2043        1,000        1,105,780  

North Texas Tollway Authority;

         

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

    0.00     01/01/2028        16,400        12,254,900  

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

    0.00     01/01/2029        2,725        1,957,613  

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

    0.00     01/01/2031        3,550        2,351,733  

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

    5.00     02/01/2038        2,405        2,635,351  

San Jacinto River Authority (Groundwater Reduction Plan Division);

         

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

    5.00     10/01/2032        2,265        2,335,962  

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

    5.00     10/01/2037        2,475        2,548,804  

 

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  
Texas–(continued)

 

     

Tarrant County Cultural Education Facilities Finance Corp. (Air Force Village Obligated Group);

         

Series 2016, Ref. Retirement Facilities RB

    5.00     05/15/2037      $ 740      $ 774,573  

Series 2016, Ref. Retirement Facilities RB

    5.00     05/15/2045        985        1,026,429  

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

    6.38     02/15/2048        1,785        1,954,896  

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

    5.00     02/15/2041        4,000        4,465,800  

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

         

Series 2012 A, Ref. First Tier RB

    5.00     08/15/2041        1,000        1,074,630  

Series 2015 B, Ref. CAB RB(g)

    0.00     08/15/2036        3,075        1,440,576  

Series 2015 B, Ref. CAB RB(g)

    0.00     08/15/2037        705        315,170  

Series 2015 C, Ref. Sub. RB

    5.00     08/15/2033        5,000        5,446,850  

Series 2015 C, Ref. Sub. RB

    5.00     08/15/2042        1,585        1,708,044  

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

    5.00     04/01/2044        1,585        1,790,257  

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

         

Series 2002, First Tier CAB RB(d)(g)

    0.00     08/15/2027        200        156,652  

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

    0.00     08/15/2027        6,800        5,246,880  

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

    6.25     12/15/2026        5,370        6,222,863  

Texas Municipal Gas Acquisition & Supply Corp. III;

         

Series 2012, Gas Supply RB

    5.00     12/15/2028        3,025        3,283,789  

Series 2012, Gas Supply RB

    5.00     12/15/2029        3,000        3,249,090  

Series 2012, Gas Supply RB

    5.00     12/15/2031        1,200        1,294,128  

Series 2012, Gas Supply RB

    5.00     12/15/2032        1,125        1,211,839  

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        1,148,517  

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

    7.00     12/31/2038        1,250        1,473,725  

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

    5.00     02/15/2033        363        363,842  
                                112,672,915  
Utah–0.85%

 

     

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

    5.00     07/01/2047        5,615        6,262,803  
Virgin Islands–0.33%

 

     

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

    5.00     10/01/2029        2,500        2,478,750  
Virginia–2.94%

 

     

Richmond (City of) Metropolitan Authority; Series 2002, Ref. Expressway RB (INS–NATL)(b)

    5.25     07/15/2022        2,460        2,614,168  

Roanoke (City of) Economic Development Authority (Carilion Clinic Obligated Group); Series 2010, Ref. Hospital RB

    5.00     07/01/2033        2,500        2,630,250  

Roanoke (City of) Industrial Development Authority (Carilion Health System);

         

Series 2005, Hospital RB(d)(e)

    5.00     07/01/2020        35        37,030  

Series 2005 B, Hospital RB(INS–AGM)(b)

    5.00     07/01/2038        2,365        2,467,452  

Virginia (State of) Small Business Financing Authority (Elizabeth River Crossings Opco, LLC);

         

Series 2012, Sr. Lien RB(h)

    6.00     01/01/2037        700        773,136  

Series 2012, Sr. Lien RB(h)

    5.50     01/01/2042        3,355        3,630,144  

Virginia (State of) Small Business Financing Authority (Express Lanes, LLC);

         

Series 2012, Sr. Lien RB(h)

    5.00     07/01/2034        3,855        4,088,998  

Series 2012, Sr. Lien RB(h)

    5.00     01/01/2040        1,810        1,909,496  

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        3,594,792  
                                21,745,466  

 

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  
Washington–4.70%

 

     

Kalispel Tribe of Indians; Series 2018 A, RB(f)

    5.00     01/01/2032      $ 1,350      $ 1,407,118  

Seattle (Port of);

         

Series 2012 A, Ref. Intermediate Lien RB

    5.00     08/01/2032        2,500        2,732,100  

Series 2017 C, Intermediate Lien RB(h)

    5.25     05/01/2042        1,155        1,319,588  

Washington (State of) Convention Center Public Facilities District; Series 2018, RB(c)

    5.00     07/01/2048        4,140        4,670,582  

Washington (State of) Tobacco Settlement Authority; Series 2013, Ref. RB

    5.25     06/01/2031        1,900        1,990,288  

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        3,649,458  

Series 2010 A, Various Purpose Unlimited Tax GO Bonds(c)(d)(e)

    5.00     08/01/2019        8,995        9,267,099  

Series 2010 A, Various Purpose Unlimited Tax GO Bonds(c)(d)(e)

    5.00     08/01/2019        9,460        9,746,165  
                                34,782,398  
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        4,257,720  
Wisconsin–3.63%

 

     

Public Finance Authority (American Dream at Meadowlands);

         

Series 2017, Limited Obligation Grant RB(f)

    6.75     08/01/2031        900        995,013  

Series 2017, Limited Obligation PILOT RB(f)

    6.75     12/01/2042        2,100        2,414,559  

Wisconsin (State of) Health & Educational Facilities Authority (Mercy Alliance); Series 2012, RB

    5.00     06/01/2039        5,000        5,291,000  

Wisconsin (State of) Health & Educational Facilities Authority (Mile Bluff Medical Center, Inc.); Series 2014, RB

    5.50     05/01/2034        2,000        2,076,500  

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        6,126,119  

Wisconsin (State of) Public Finance Authority (Prime Healthcare Foundation, Inc.);

         

Series 2018 A, RB

    5.20     12/01/2037        1,655        1,745,512  

Series 2018 A, RB

    5.35     12/01/2045        1,655        1,758,967  

Wisconsin (State of) Public Finance Authority (Roseman University of Health Sciences);

         

Series 2012, RB

    5.50     04/01/2032        1,155        1,237,259  

Series 2015, Ref. RB

    5.75     04/01/2035        815        883,329  

Wisconsin (State of);

         

Series 2009 A, General Fund Annual Appropriation RB(d)(e)

    5.63     05/01/2019        400        410,556  

Series 2009 A, General Fund Annual Appropriation RB

    5.63     05/01/2028        3,835        3,933,366  
                                26,872,180  
Wyoming–0.31%

 

     

Wyoming (State of) Municipal Power Agency; Series 2017 A, Ref. Power Supply RB
(INS–BAM)(b)(c)

    5.00     01/01/2047        2,060        2,282,892  

TOTAL INVESTMENTS IN SECURITIES(o)–164.47% (Cost $1,145,420,773)

                              1,216,832,792  

FLOATING RATE NOTE OBLIGATIONS–(34.75)%

         

Notes with interest and fee rates ranging from 2.03% to 2.48% at 08/31/2018 and contractual maturities of collateral ranging from 09/01/2022 to 04/01/2056 (See Note 1J)(p)

                              (257,085,000

VARIABLE RATE MUNI TERM PREFERRED SHARES–(31.50)%

                              (233,046,039

OTHER ASSETS LESS LIABILITIES–1.78%

 

                      13,147,7