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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.,
Atlanta, Georgia 30309
(Address of principal executive offices) (Zip code)
Philip A. Taylor
1555 Peachtree Street, N.E.,
Atlanta, Georgia 30309
(Name and address of agent for service)
Registrants telephone number, including area code: (713) 626-1919
Date of fiscal year end: 2/28
Date of reporting period: 08/31/13
Item 1. Report to Stockholders.
| ||||
Semiannual Report to Shareholders | August 31, 2013 | |||
Invesco Value Municipal Income Trust
NYSE: IIM |
| ||||||
2 |
Letters to Shareholders |
|||||
3 |
Trust Performance |
|||||
4 |
Dividend Reinvestment Plan |
|||||
5 |
Schedule of Investments |
|||||
17 |
Financial Statements |
|||||
20 |
Notes to Financial Statements |
|||||
25 |
Financial Highlights | |||||
27 |
Approval of Investment Advisory and Sub-Advisory Contracts | |||||
29 |
Proxy Results |
Unless otherwise noted, all data provided by Invesco. | ||||||
| ||||||
NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE |
Letters to Shareholders
Bruce Crockett |
Dear Fellow Shareholders: The Invesco Funds Board has worked on a variety of issues over the last several months, and Id like to take this opportunity to discuss one that affects you and our fellow trust shareholders. Your Board has been working on our annual review of the trusts advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This annual review focuses on the nature and quality of the services Invesco provides as adviser to the Invesco Funds and the reasonableness of the fees that it charges for those services. Each year, we spend months reviewing detailed information, including information from many independent sources. Im pleased to report that the Board determined in June that renewing the investment advisory agreement and the sub-advisory contracts with Invesco Advisers and its affiliates would serve the best interests of each trust and its shareholders. Be assured that your Board will continue working on behalf of trust shareholders, keeping |
your needs and interests uppermost in our minds.
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,
Bruce L. Crockett
Independent Chair
Invesco Funds Board of Trustees
Philip Taylor |
Dear Shareholders: Enclosed in this semiannual report, youll find performance data for your Trust, a complete list of your Trusts investments as of the close of the reporting period and other important information. I hope you find this report of interest. Our website, invesco.com/us, provides trust-specific as well as more general information from many of Invescos investment professionals. Youll find in-depth articles, video clips and audio commentaries and, of course, you also can access information about your Invesco account whenever its convenient for you. At Invesco, all of our people and all of our resources are dedicated to helping investors achieve their financial objectives. Its a philosophy we call Intentional Investing, and it guides the way we: |
n | Manage investments Our dedicated investment professionals search the world for the best opportunities, and each investment team follows a clear, disciplined process to build portfolios and mitigate risk. |
n | Provide choices We offer multiple investment strategies, allowing you and your financial adviser to build a portfolio thats purpose-built for your needs. |
n | Connect with you Were committed to giving you the expert insights you need to make informed investing decisions, and we are well-equipped to provide high-quality support for investors and advisers. |
For questions about your account, feel free to 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 for many years to come. Thank you for investing with us.
Sincerely,
Philip Taylor
Senior Managing Director, Invesco Ltd.
2 Invesco Value Municipal Income Trust
Trust Performance
NYSE Symbol |
IIM |
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.
4 Invesco Value Municipal Income Trust
Schedule of Investments
August 31, 2013
(Unaudited)
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
Municipal Obligations150.13%(a) |
||||||||||||||||
Alabama2.12% | ||||||||||||||||
Birmingham (City of) Airport Authority; Series 2010, RB (INSAGM)(b) |
5.25 | % | 07/01/30 | $ | 3,600 | $ | 3,682,692 | |||||||||
Birmingham (City of) Water Works Board; Series 2011, Water RB (INSAGM)(b)(c) |
5.00 | % | 01/01/36 | 8,575 | 8,600,554 | |||||||||||
Chatom (Town of) Industrial Development Board (PowerSouth Energy Cooperative); Series 2010 A, Ref. Gulf Opportunity Zone RB (INSAGC)(b) |
5.00 | % | 08/01/37 | 2,000 | 2,019,720 | |||||||||||
14,302,966 | ||||||||||||||||
Alaska0.99% | ||||||||||||||||
Alaska (State of) Industrial Development & Export Authority (Lake Dorothy Hydroelectric); Series 2006, RB (INSAMBAC)(b)(d) |
5.25 | % | 12/01/26 | 1,350 | 1,354,441 | |||||||||||
Alaska (State of) Industrial Development & Export Authority (Providence Health Services); Series 2011 A, RB(c) |
5.50 | % | 10/01/41 | 3,825 | 3,943,040 | |||||||||||
Alaska (State of) Industrial Development & Export Authority (Snettisham Hydroelectric); Series 1998, Power RB (INSAMBAC)(b)(d) |
5.00 | % | 01/01/27 | 1,400 | 1,365,980 | |||||||||||
6,663,461 | ||||||||||||||||
Arizona2.42% | ||||||||||||||||
Arizona (State of) Health Facilities Authority (Catholic Healthcare West); Series 2011 B-2, RB (INSAGM)(b) |
5.00 | % | 03/01/41 | 2,065 | 1,960,098 | |||||||||||
Arizona (State of) Health Facilities Authority (Phoenix Childrens Hospital); Series 2012, Ref. Hospital System RB |
5.00 | % | 02/01/42 | 1,950 | 1,732,673 | |||||||||||
Arizona (State of); |
||||||||||||||||
Series 2008 A, COP (INSAGM)(b) |
5.00 | % | 09/01/26 | 1,995 | 2,041,503 | |||||||||||
Series 2008 A, COP (INSAGM)(b) |
5.00 | % | 09/01/27 | 1,605 | 1,632,574 | |||||||||||
Arizona State University (Research Infrastructure); |
||||||||||||||||
Series 2004, COP(e)(f) |
5.00 | % | 09/01/14 | 600 | 628,512 | |||||||||||
Series 2004, COP (INSAGM)(b) |
5.00 | % | 09/01/30 | 1,400 | 1,427,734 | |||||||||||
Glendale (City of) Industrial Development Authority (Midwestern University); |
||||||||||||||||
Series 2010, RB |
5.00 | % | 05/15/35 | 1,000 | 950,370 | |||||||||||
Series 2010, RB |
5.13 | % | 05/15/40 | 1,000 | 946,400 | |||||||||||
Maricopa County Pollution Control Corp. (Arizona Public Service Co.Palo Verde); Series 2009 A, Ref. PCR(e) |
6.00 | % | 05/01/14 | 550 | 567,369 | |||||||||||
Phoenix (City of) Industrial Development Authority (Rowan University); Series 2012, Lease RB |
5.00 | % | 06/01/42 | 2,665 | 2,466,191 | |||||||||||
Phoenix Civic Improvement Corp.; Series 2004, Jr. Lien Wastewater System RB (INSNATL)(b) |
5.00 | % | 07/01/27 | 1,000 | 1,025,440 | |||||||||||
Pima (County of) Industrial Development Authority (Edkey Charter Schools); Series 2013, Ref. Education Facility RB |
6.00 | % | 07/01/33 | 1,000 | 927,440 | |||||||||||
16,306,304 | ||||||||||||||||
California28.30% | ||||||||||||||||
Alameda (County of) Joint Powers Authority (Juvenile Justice Refunding); Series 2008 A, Lease RB (INSAGM)(b) |
5.00 | % | 12/01/24 | 3,145 | 3,379,806 | |||||||||||
Alhambra Unified School District (Election of 2004); |
||||||||||||||||
Series 2009 B, Unlimited Tax CAB GO Bonds (INSAGC)(b)(g) |
0.00 | % | 08/01/35 | 3,010 | 830,790 | |||||||||||
Series 2009 B, Unlimited Tax CAB GO Bonds (INSAGC)(b)(g) |
0.00 | % | 08/01/36 | 2,675 | 685,469 | |||||||||||
Anaheim (City of) Public Financing Authority (Electric System Distribution Facilities); |
||||||||||||||||
Series 2007 A, RB (INSNATL)(b)(c) |
4.50 | % | 10/01/37 | 29,000 | 27,019,880 | |||||||||||
Series 2007 A, RB (INSNATL)(b) |
4.50 | % | 10/01/37 | 3,000 | 2,795,160 | |||||||||||
Beverly Hills Unified School District (Election of 2008); |
||||||||||||||||
Series 2009, Unlimited Tax CAB GO Bonds(g) |
0.00 | % | 08/01/26 | 2,720 | 1,555,051 | |||||||||||
Series 2009, Unlimited Tax CAB GO Bonds(g) |
0.00 | % | 08/01/31 | 5,270 | 2,096,722 | |||||||||||
California (State of) Department of Water Resources; Series 2008 H, Power Supply RB |
5.00 | % | 05/01/22 | 6,100 | 6,845,786 |
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) | ||||||||||||||||
California (State of) Health Facilities Financing Authority (Scripps Health); Series 2010 A, RB(c) |
5.00 | % | 11/15/36 | $ | 4,750 | $ | 4,634,955 | |||||||||
California (State of) Pollution Control Finance Authority; |
||||||||||||||||
Series 2012, Water Furnishing RB(d)(h) |
5.00 | % | 07/01/30 | 1,400 | 1,203,538 | |||||||||||
Series 2012, Water Furnishing RB(d)(h) |
5.00 | % | 07/01/37 | 3,075 | 2,497,300 | |||||||||||
California (State of) Statewide Communities Development Authority (Cottage Health System Obligated Group); Series 2010, RB |
5.00 | % | 11/01/40 | 3,000 | 2,923,650 | |||||||||||
California (State of) Statewide Communities Development Authority (Kaiser Permanente); Series 2012 A, RB |
5.00 | % | 04/01/42 | 3,035 | 2,921,005 | |||||||||||
California (State of); |
||||||||||||||||
Series 2010, Various Purpose Unlimited Tax GO Bonds |
5.50 | % | 03/01/40 | 2,410 | 2,493,747 | |||||||||||
Series 2012, Various Purpose Unlimited Tax GO Bonds |
5.25 | % | 04/01/35 | 4,135 | 4,243,999 | |||||||||||
Series 2012, Various Purpose Unlimited Tax GO Bonds |
5.00 | % | 04/01/42 | 2,360 | 2,352,778 | |||||||||||
Series 2013, Ref. Unlimited Tax GO Bonds |
5.00 | % | 10/01/24 | 2,250 | 2,422,418 | |||||||||||
Series 2013, Various Purpose Unlimited Tax GO Bonds |
5.00 | % | 04/01/37 | 1,800 | 1,799,928 | |||||||||||
California Infrastructure & Economic Development Bank; |
||||||||||||||||
Series 2003 A, First Lien Bay Area Toll Bridges Seismic Retrofit RB(e)(f) |
5.00 | % | 01/01/28 | 4,500 | 5,192,280 | |||||||||||
Series 2003 A, First Lien Bay Area Toll Bridges Seismic Retrofit RB(c)(e)(f) |
5.00 | % | 01/01/28 | 10,000 | 11,538,400 | |||||||||||
Clovis Unified School District (Election of 2004); Series 2004 A, Unlimited Tax CAB GO Bonds (INSNATL)(b)(g) |
0.00 | % | 08/01/29 | 1,360 | 576,014 | |||||||||||
Dry Creek Joint Elementary School District (Election of 2008Measure E); |
||||||||||||||||
Series 2009, Unlimited Tax CAB GO Bonds(g) |
0.00 | % | 08/01/43 | 2,120 | 308,227 | |||||||||||
Series 2009, Unlimited Tax CAB GO Bonds(g) |
0.00 | % | 08/01/44 | 1,090 | 147,259 | |||||||||||
Series 2009, Unlimited Tax CAB GO Bonds(g) |
0.00 | % | 08/01/45 | 6,270 | 784,189 | |||||||||||
Series 2009, Unlimited Tax CAB GO Bonds(g) |
0.00 | % | 08/01/48 | 4,610 | 470,128 | |||||||||||
East Bay Municipal Utility District; Series 2010 A, Ref. Sub. Water System RB(c) |
5.00 | % | 06/01/36 | 4,440 | 4,619,909 | |||||||||||
Eastern Municipal Water District; Series 2006 A, Water & Sewer Revenue COP (INSNATL)(b) |
5.00 | % | 07/01/32 | 5,000 | 5,046,200 | |||||||||||
El Segundo Unified School District (Election of 2008); |
||||||||||||||||
Series 2009 A, Unlimited Tax CAB GO Bonds(g) |
0.00 | % | 08/01/31 | 4,155 | 1,483,709 | |||||||||||
Series 2009 A, Unlimited Tax CAB GO Bonds(g) |
0.00 | % | 08/01/32 | 3,165 | 1,057,300 | |||||||||||
Fontana Unified School District (Election of 2006); Series 2008 B, Unlimited Tax CAB GO Bonds (INSAGM)(b)(g) |
0.00 | % | 08/01/29 | 1,605 | 662,127 | |||||||||||
Golden State Tobacco Securitization Corp.; Series 2013 A, Enhanced Tobacco Settlement Asset |
5.00 | % | 06/01/30 | 3,200 | 3,181,792 | |||||||||||
Huntington Beach Union High School District (Election of 2004); Series 2004, Unlimited Tax GO Bonds(e)(f) |
5.00 | % | 08/01/14 | 2,000 | 2,086,620 | |||||||||||
Kern (County of) Board of Education; Series 2006 A, Ref. COP (INSNATL)(b) |
5.00 | % | 06/01/31 | 2,000 | 1,870,200 | |||||||||||
Long Beach (City of); Series 1998 A, Ref. Harbor RB (INSNATL)(b)(d) |
6.00 | % | 05/15/18 | 9,000 | 10,622,070 | |||||||||||
Los Angeles (City of) Department of Airports (Los Angeles International Airport); Series 2010 B, Sub. RB |
5.00 | % | 05/15/40 | 2,000 | 2,006,640 | |||||||||||
Los Angeles (City of) Department of Water & Power; Series 2012 A, Water System RB(c) |
5.00 | % | 07/01/43 | 6,240 | 6,342,086 | |||||||||||
Los Angeles (City of); Series 2004 A, Unlimited Tax GO Bonds(e)(f) |
5.00 | % | 09/01/14 | 6,000 | 6,289,080 | |||||||||||
Los Angeles Unified School District (Election of 2004); Series 2006 F, Unlimited Tax GO Bonds (INSFGIC)(b) |
5.00 | % | 07/01/30 | 1,000 | 1,055,730 | |||||||||||
Menifee Union School District (Election of 2008); |
||||||||||||||||
Series 2009 C, Unlimited Tax CAB GO Bonds (INSAGC)(b)(g) |
0.00 | % | 08/01/34 | 1,665 | 463,236 | |||||||||||
Series 2009 C, Unlimited Tax CAB GO Bonds (INSAGC)(b)(g) |
0.00 | % | 08/01/35 | 300 | 78,015 | |||||||||||
Moreland School District (Crossover); Series 2006 C, Ref. Unlimited Tax CAB GO Bonds (INSAMBAC)(b)(g) |
0.00 | % | 08/01/29 | 3,350 | 1,382,009 | |||||||||||
Oak Grove School District (Election of 2008); Series 2009 A, Unlimited Tax CAB GO Bonds(g) |
0.00 | % | 08/01/28 | 2,400 | 1,096,512 | |||||||||||
Patterson Joint Unified School District (Election of 2008); |
||||||||||||||||
Series 2009 B, Unlimited Tax CAB GO Bonds (INSAGM)(b)(g) |
0.00 | % | 08/01/34 | 3,825 | 1,064,192 | |||||||||||
Series 2009 B, Unlimited Tax CAB GO Bonds (INSAGM)(b)(g) |
0.00 | % | 08/01/35 | 4,120 | 1,071,406 | |||||||||||
Series 2009 B, Unlimited Tax CAB GO Bonds (INSAGM)(b)(g) |
0.00 | % | 08/01/36 | 300 | 72,717 | |||||||||||
Series 2009 B, Unlimited Tax CAB GO Bonds (INSAGM)(b)(g) |
0.00 | % | 08/01/37 | 1,785 | 406,730 |
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) | ||||||||||||||||
Poway Unified School District (Election of 2008School Facilities Improvement District No. 2007-1); |
||||||||||||||||
Series 2009 A, Unlimited Tax CAB GO Bonds(g) |
0.00 | % | 08/01/28 | $ | 7,840 | $ | 3,581,939 | |||||||||
Series 2009 A, Unlimited Tax CAB GO Bonds(g) |
0.00 | % | 08/01/31 | 8,475 | 3,068,797 | |||||||||||
Regents of the University of California; |
||||||||||||||||
Series 2007 J, General RB (INSAGM)(b)(c) |
4.50 | % | 05/15/31 | 8,825 | 8,771,168 | |||||||||||
Series 2007 J, General RB (INSAGM)(b)(c) |
4.50 | % | 05/15/35 | 7,175 | 6,839,712 | |||||||||||
Sacramento (County of) Sanitation Districts Financing Authority (Sacramento Regional County Sanitation District); |
||||||||||||||||
Series 2006, RB (INSNATL)(b) |
5.00 | % | 12/01/28 | 2,000 | 2,113,260 | |||||||||||
Series 2006, RB (INSNATL)(b) |
5.00 | % | 12/01/36 | 3,000 | 3,012,000 | |||||||||||
San Diego (County of) Water Authority; |
||||||||||||||||
Series 2004 A, COP(c)(e)(f) |
5.00 | % | 05/01/15 | 8,970 | 9,663,919 | |||||||||||
Series 2004 A, COP (INSAGM)(b)(c) |
5.00 | % | 05/01/29 | 1,030 | 1,043,771 | |||||||||||
San Francisco (City & County of) (Laguna Honda Hospital); Series 2008 R3, Ref. Unlimited Tax GO Bonds (INSAGC)(b)(c) |
5.00 | % | 06/15/28 | 2,000 | 2,072,840 | |||||||||||
San Jose Evergreen Community College District (Election of 2004); Series 2008 B, Unlimited Tax CAB GO Bonds (INSAGM)(b)(g) |
0.00 | % | 09/01/30 | 1,600 | 646,640 | |||||||||||
San Juan Unified School District (Election of 2002); Series 2010, Unlimited Tax GO Bonds |
5.00 | % | 08/01/30 | 1,525 | 1,583,621 | |||||||||||
Santa Margarita Water District (Community Facilities District No. 2013-1); Series 2013, Special |
5.50 | % | 09/01/32 | 595 | 585,361 | |||||||||||
Twin Rivers Unified School District; Series 2009, Unlimited Tax CAB GO BAN(g) |
0.00 | % | 04/01/14 | 450 | 448,254 | |||||||||||
William S. Hart Union High School District (Election of 2008); Series 2009 A, Unlimited Tax CAB GO Bonds(g) |
0.00 | % | 08/01/33 | 11,350 | 3,482,520 | |||||||||||
Yosemite Community College District (Election of 2004); Series 2008 C, Unlimited Tax CAB GO Bonds (INSAGM)(b)(g) |
0.00 | % | 08/01/22 | 525 | 363,190 | |||||||||||
190,953,751 | ||||||||||||||||
Colorado1.26% | ||||||||||||||||
Colorado (State of) Regional Transportation District (Denver Transit Partners Eagle P3); Series 2010, Private Activity RB |
6.00 | % | 01/15/41 | 3,000 | 3,035,070 | |||||||||||
Denver (City of) Convention Center Hotel Authority; |
||||||||||||||||
Series 2006, Ref. Sr. RB (INSSGI)(b) |
5.00 | % | 12/01/30 | 4,000 | 4,012,520 | |||||||||||
Series 2006, Ref. Sr. RB (INSSGI)(b) |
5.00 | % | 12/01/35 | 1,500 | 1,458,675 | |||||||||||
8,506,265 | ||||||||||||||||
Connecticut0.55% | ||||||||||||||||
Connecticut (State of) Health & Educational Facilities Authority (Quinnipiac University); |
||||||||||||||||
Series 2007 K-1, RB (INSNATL)(b) |
5.00 | % | 07/01/24 | 275 | 299,370 | |||||||||||
Series 2007 K-1, RB (INSNATL)(b) |
5.00 | % | 07/01/27 | 1,225 | 1,295,646 | |||||||||||
Series 2007 K-2, RB (INSNATL)(b) |
5.00 | % | 07/01/25 | 2,000 | 2,130,480 | |||||||||||
3,725,496 | ||||||||||||||||
District of Columbia4.62% | ||||||||||||||||
District of Columbia (Provident GroupHoward Properties LLC); Series 2013, Student |
5.00 | % | 10/01/45 | 1,000 | 840,950 | |||||||||||
District of Columbia Water & Sewer Authority; |
||||||||||||||||
Series 2008 A, Ref. Public Utility Sub. Lien RB (INSAGC)(b) |
5.00 | % | 10/01/28 | 2,520 | 2,668,857 | |||||||||||
Series 2008 A, Ref. Public Utility Sub. Lien RB (INSAGC)(b) |
5.00 | % | 10/01/29 | 625 | 655,506 | |||||||||||
District of Columbia; |
||||||||||||||||
Series 2006 B-1, Ballpark RB (INSNATL)(b) |
5.00 | % | 02/01/31 | 7,000 | 6,824,930 | |||||||||||
Series 2008 E, Unlimited Tax GO Bonds (INSBHAC)(b)(c) |
5.00 | % | 06/01/26 | 3,260 | 3,366,993 | |||||||||||
Series 2008 E, Unlimited Tax GO Bonds (INSBHAC)(b)(c) |
5.00 | % | 06/01/27 | 3,260 | 3,426,423 | |||||||||||
Series 2008 E, Unlimited Tax GO Bonds (INSBHAC)(b)(c) |
5.00 | % | 06/01/28 | 6,520 | 6,776,953 | |||||||||||
Series 2009 A, Sec. Income Tax RB(c) |
5.25 | % | 12/01/27 | 5,100 | 5,603,931 | |||||||||||
Metropolitan Washington Airports Authority; Series 2004 C-1, Ref. Airport System
RB |
5.00 | % | 10/01/20 | 1,000 | 1,040,370 | |||||||||||
31,204,913 |
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 | |||||||||||||
Florida12.15% | ||||||||||||||||
Alachua (County of) Health Facilities Authority (Terraces at Bonita Springs); Series 2011, |
7.13 | % | 11/15/16 | $ | 1,250 | $ | 1,257,988 | |||||||||
Broward (County of) Educational Facilities Authority (Nova Southeastern University); Series 2006, RB (INSAGC)(b) |
5.00 | % | 04/01/31 | 3,000 | 3,031,020 | |||||||||||
Cape Coral (City of); |
||||||||||||||||
Series 2011, Ref. Water & Sewer RB (INSAGM)(b) |
5.00 | % | 10/01/41 | 4,130 | 4,070,032 | |||||||||||
Series 2011 A, Ref. Water & Sewer RB (INSAGM)(b) |
5.00 | % | 10/01/31 | 1,500 | 1,511,850 | |||||||||||
Citizens Property Insurance Corp. (High Risk Account); Series 2010 A-1, Sr. Sec. RB |
5.00 | % | 06/01/14 | 6,000 | 6,207,000 | |||||||||||
Citizens Property Insurance Corp.; Series 2012 A-1, Sr. Sec. RB |
5.00 | % | 06/01/21 | 4,890 | 5,286,383 | |||||||||||
Florida (State of) Mid-Bay Bridge Authority; Series 2008 A, Ref. RB (INSAGC)(b) |
5.00 | % | 10/01/27 | 3,580 | 3,591,778 | |||||||||||
Jacksonville (City of); Series 2003 C, Ref. Excise Taxes RB(d)(e)(f) |
5.25 | % | 10/01/13 | 1,700 | 1,707,378 | |||||||||||
Martin (County of) Health Facilities Authority (Martin Memorial Medical Center); |
||||||||||||||||
Series 2012, RB |
5.13 | % | 11/15/32 | 4,000 | 3,762,120 | |||||||||||
Series 2012, RB |
5.50 | % | 11/15/32 | 1,100 | 1,083,720 | |||||||||||
Miami Beach (City of); Series 2000, Water & Sewer RB (INSAMBAC)(b) |
5.75 | % | 09/01/25 | 865 | 868,823 | |||||||||||
Miami-Dade (County of) (Building Better Communities Program); Series 2009 B-1, Unlimited Tax GO Bonds |
6.00 | % | 07/01/38 | 2,000 | 2,219,180 | |||||||||||
Miami-Dade (County of) (Miami International Airport); |
||||||||||||||||
Series 2003 B, Ref. Aviation RB (INSNATL)(b)(d) |
5.25 | % | 10/01/18 | 2,155 | 2,163,943 | |||||||||||
Series 2003 B, Ref. Aviation RB (INSNATL)(b)(d) |
5.25 | % | 10/01/19 | 2,270 | 2,279,375 | |||||||||||
Miami-Dade (County of) Educational Facilities Authority (University of Miami); Series 2008 A, RB (INSBHAC)(b) |
5.50 | % | 04/01/38 | 1,900 | 1,982,631 | |||||||||||
Miami-Dade (County of) Expressway Authority; Series 2010 A, Ref. Toll System RB (INSAGM)(b) |
5.00 | % | 07/01/35 | 3,415 | 3,422,616 | |||||||||||
Miami-Dade (County of); |
||||||||||||||||
Series 2005 A, Sub. Special Obligation Conv. CAB RB (INSNATL)(b)(i) |
5.00 | % | 10/01/30 | 1,000 | 1,016,440 | |||||||||||
Series 2010, Water & Sewer System RB (INSAGM)(b) |
5.00 | % | 10/01/39 | 4,500 | 4,454,505 | |||||||||||
Series 2012, Transit System Sales Surtax RB |
5.00 | % | 07/01/31 | 2,000 | 2,025,520 | |||||||||||
Series 2012, Transit System Sales Surtax RB |
5.00 | % | 07/01/32 | 1,615 | 1,627,516 | |||||||||||
Series 2012, Transit System Sales Surtax RB |
5.00 | % | 07/01/37 | 1,300 | 1,271,569 | |||||||||||
Series 2012 B, Ref. Sub. Special Obligation RB |
5.00 | % | 10/01/32 | 1,000 | 992,670 | |||||||||||
Series 2012 B, Ref. Sub. Special Obligation RB |
5.00 | % | 10/01/35 | 1,575 | 1,531,829 | |||||||||||
Orange (County of); Series 2012 B, Ref. Sales Tax RB(c) |
5.00 | % | 01/01/31 | 7,500 | 7,742,025 | |||||||||||
Palm Beach (County of) Health Facilities Authority (Jupiter Medical Center, Inc.); Series 2013 A, Hospital RB |
5.00 | % | 11/01/43 | 2,030 | 1,868,635 | |||||||||||
Palm Beach (County of) Solid Waste Authority; |
||||||||||||||||
Series 2009, Improvement RB (INSBHAC)(b) |
5.50 | % | 10/01/23 | 3,050 | 3,568,348 | |||||||||||
Series 2011, Ref. RB(c) |
5.00 | % | 10/01/31 | 2,790 | 2,823,173 | |||||||||||
Port St. Lucie (City of); Series 2009, Ref. Utility System RB (INSAGC)(b) |
5.00 | % | 09/01/29 | 3,000 | 3,094,290 | |||||||||||
Tampa (City of) Sports Authority; Series 2005, Ref. Sales Tax RB (INSAGM)(b) |
5.00 | % | 01/01/26 | 5,335 | 5,505,187 | |||||||||||
81,967,544 | ||||||||||||||||
Georgia3.19% | ||||||||||||||||
Atlanta (City of); |
||||||||||||||||
Series 1999 A, Water & Wastewater RB (INSNATL)(b) |
5.00 | % | 11/01/29 | 2,000 | 2,005,200 | |||||||||||
Series 2004 C, Airport Passenger Facility Charge & Sub. Lien General RB (INSAGM)(b) |
5.00 | % | 01/01/33 | 5,000 | 5,062,750 | |||||||||||
Series 2010 A, General Airport RB (INSAGM)(b) |
5.00 | % | 01/01/35 | 5,390 | 5,392,533 | |||||||||||
Augusta (City of); Series 2004, Water & Sewerage RB (INSAGM)(b) |
5.25 | % | 10/01/39 | 2,000 | 2,066,500 | |||||||||||
Fulton (County of) Development Authority (Georgia Tech Athletic Association); Series 2012, Ref. RB |
5.00 | % | 10/01/42 | 510 | 492,543 | |||||||||||
Metropolitan Atlanta Rapid Transit Authority; Series 2007 B, Ref. Third Indenture Sales Tax RB (INSAGM)(b) |
5.00 | % | 07/01/34 | 3,100 | 3,163,612 | |||||||||||
Private Colleges & Universities Authority (Mercer University); |
||||||||||||||||
Series 2012 A, RB |
5.25 | % | 10/01/27 | 2,170 | 2,199,143 | |||||||||||
Series 2012 A, RB |
5.00 | % | 10/01/32 | 1,220 | 1,122,693 | |||||||||||
21,504,974 |
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 | |||||||||||||
Hawaii2.04% | ||||||||||||||||
Hawaii (State of) Department of Budget & Finance (Hawaiian Electric Co., Inc. & Subsidiary); Series 2003 B, Ref. Special Purpose RB (INSSGI)(b)(d) |
5.00 | % | 12/01/22 | $ | 3,000 | $ | 2,999,760 | |||||||||
Honolulu (City & County of); Series 2012 A, Unlimited Tax GO Bonds(c) |
5.00 | % | 11/01/29 | 10,000 | 10,744,900 | |||||||||||
13,744,660 | ||||||||||||||||
Idaho1.66% | ||||||||||||||||
Idaho (State of) Health Facilities Authority (St. Lukes Regional Medical Center); Series 2010, RB (INSAGM)(b) |
5.00 | % | 07/01/35 | 5,000 | 4,937,500 | |||||||||||
Idaho (State of) Housing & Finance Association (Federal Highway Trust Fund); |
||||||||||||||||
Series 2008 A, Grant & RAB (INSAGC)(b) |
5.25 | % | 07/15/24 | 2,500 | 2,716,475 | |||||||||||
Series 2008 A, Grant & RAB (INSAGC)(b) |
5.25 | % | 07/15/25 | 3,310 | 3,538,787 | |||||||||||
11,192,762 | ||||||||||||||||
Illinois16.93% | ||||||||||||||||
Bourbonnais (Village of) (Olivet Nazarene University); |
||||||||||||||||
Series 2013, Industrial Project RB |
5.50 | % | 11/01/42 | 1,000 | 927,760 | |||||||||||
Series 2013, Industrial Project RB |
5.00 | % | 11/01/44 | 750 | 630,922 | |||||||||||
Chicago (City of) (OHare International Airport); |
||||||||||||||||
Series 2003 B-2, Third Lien General Airport RB (INSAGM)(b)(d) |
5.75 | % | 01/01/23 | 2,000 | 2,031,800 | |||||||||||
Series 2005 A, Third Lien General Airport RB (INSNATL)(b) |
5.25 | % | 01/01/25 | 8,000 | 8,345,440 | |||||||||||
Chicago (City of) Board of Education; Series 2012 A, Unlimited Tax GO Bonds |
5.00 | % | 12/01/42 | 2,680 | 2,338,863 | |||||||||||
Chicago (City of) Park District (Harbor Facilities Revenues Alternate Revenue Source); Series 2003 C, Ref. Unlimited Tax GO Bonds (INSAMBAC)(b) |
5.00 | % | 01/01/24 | 1,500 | 1,503,210 | |||||||||||
Chicago (City of) Transit Authority (FTA Section 5309 Fixed Guideway Modernization Formula Funds); |
||||||||||||||||
Series 2008, Capital Grant Receipts RB (INSAGC)(b) |
5.25 | % | 06/01/25 | 775 | 798,847 | |||||||||||
Series 2008, Capital Grant Receipts RB (INSAGC)(b) |
5.25 | % | 06/01/26 | 3,105 | 3,176,322 | |||||||||||
Chicago (City of) Transit Authority; Series 2011, Sales Tax Receipts RB(c) |
5.25 | % | 12/01/36 | 7,490 | 7,534,191 | |||||||||||
Chicago (City of); |
||||||||||||||||
Series 2001 A, Ref. Project Unlimited Tax GO Bonds (INSNATL)(b) |
5.56 | % | 01/01/21 | 2,000 | 2,101,700 | |||||||||||
Series 2001 A, Ref. Project Unlimited Tax GO Bonds (INSNATL)(b) |
5.58 | % | 01/01/22 | 2,000 | 2,087,020 | |||||||||||
Series 2007 A, Ref. Project Unlimited Tax GO Bonds (INSAGM)(b)(c)(j) |
5.00 | % | 01/01/37 | 7,680 | 7,235,789 | |||||||||||
Series 2007 A, Ref. Project Unlimited Tax GO Bonds (INSAGM)(b) |
5.00 | % | 01/01/37 | 6,750 | 6,359,580 | |||||||||||
Series 2008, Ref. Second Lien Water RB (INSAGM)(b) |
5.00 | % | 11/01/27 | 940 | 985,111 | |||||||||||
Cook (County of) Forest Preserve District; |
||||||||||||||||
Series 2012 B, Ref. Limited Tax GO Bonds(c) |
5.00 | % | 12/15/32 | 2,460 | 2,493,013 | |||||||||||
Series 2012 B, Ref. Limited Tax GO Bonds(c) |
5.00 | % | 12/15/37 | 2,460 | 2,466,765 | |||||||||||
DeKalb County Community Unit School District No. 428; |
||||||||||||||||
Series 2008, Unlimited Tax GO Bonds (INSAGM)(b) |
5.00 | % | 01/01/24 | 210 | 226,594 | |||||||||||
Series 2008, Unlimited Tax GO Bonds (INSAGM)(b) |
5.00 | % | 01/01/27 | 1,845 | 1,933,246 | |||||||||||
Series 2008, Unlimited Tax GO Bonds (INSAGM)(b) |
5.00 | % | 01/01/28 | 305 | 315,455 | |||||||||||
Illinois (State of) (Illinois Fund for Infrastructure, Roads, Schools & Transit); Series 2001, Unlimited Tax GO Bonds (INSNATL)(b)(c) |
5.38 | % | 04/01/15 | 10,000 | 10,684,300 | |||||||||||
Illinois (State of) Finance Authority (Lutheran Home & Services); Series 2012, Ref. RB |
5.50 | % | 05/15/27 | 2,000 | 1,910,840 | |||||||||||
Illinois (State of) Finance Authority (Northwestern Memorial Hospital); |
||||||||||||||||
Series 2009 B, RB |
5.38 | % | 08/15/24 | 2,100 | 2,286,165 | |||||||||||
Series 2009 B, RB |
5.75 | % | 08/15/30 | 2,000 | 2,183,000 | |||||||||||
Illinois (State of) Finance Authority (Swedish American Hospital); Series 2004, RB (INSAMBAC)(b) |
5.00 | % | 11/15/31 | 3,000 | 2,830,230 | |||||||||||
Illinois (State of) Finance Authority (Swedish Covenant Hospital); Series 2010 A, Ref. RB |
5.75 | % | 08/15/29 | 2,000 | 2,067,940 | |||||||||||
Illinois (State of) Finance Authority (University of Chicago); Series 2013 A, RB(c) |
5.25 | % | 10/01/52 | 3,720 | 3,665,130 | |||||||||||
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion); |
||||||||||||||||
Series 2002 B, Ref. Conv. CAB RB (INSNATL)(b)(i) |
5.30 | % | 06/15/18 | 3,000 | 3,360,600 | |||||||||||
Series 2012 B, RB(c) |
5.00 | % | 12/15/28 | 8,625 | 8,827,688 | |||||||||||
Illinois (State of) Toll Highway Authority; Series 2013 A, RB(c) |
5.00 | % | 01/01/38 | 12,300 | 11,895,699 | |||||||||||
Illinois (State of); Series 2013, Unlimited Tax GO Bonds |
5.25 | % | 07/01/29 | 1,880 | 1,842,250 |
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) | ||||||||||||||||
Railsplitter Tobacco Settlement Authority; Series 2010, RB |
5.50 | % | 06/01/23 | $ | 4,090 | $ | 4,475,319 | |||||||||
Regional Transportation Authority; Series 1999, Ref. RB (INSAGM)(b) |
5.75 | % | 06/01/21 | 4,000 | 4,685,320 | |||||||||||
114,206,109 | ||||||||||||||||
Indiana1.70% | ||||||||||||||||
Indiana (State of) Finance Authority (Ohio River Bridges East End Crossing); |
||||||||||||||||
Series 2013, Private Activity RB(d) |
5.00 | % | 07/01/40 | 1,870 | 1,591,146 | |||||||||||
Series 2013, Private Activity RB(d) |
5.00 | % | 07/01/44 | 750 | 627,757 | |||||||||||
Indianapolis Local Public Improvement Bond Bank; Series 2013 F, RB(c) |
5.00 | % | 02/01/30 | 9,000 | 9,230,850 | |||||||||||
11,449,753 | ||||||||||||||||
Iowa2.86% | ||||||||||||||||
Iowa (State of) (IJOBS Program); |
||||||||||||||||
Series 2009 A, Special Obligation RB(c)(j) |
5.00 | % | 06/01/25 | 5,140 | 5,702,470 | |||||||||||
Series 2009 A, Special Obligation RB(c)(j) |
5.00 | % | 06/01/26 | 3,850 | 4,206,241 | |||||||||||
Iowa (State of) Finance Authority (Alcoa Inc.); Series 2012, Midwestern Disaster Area RB |
4.75 | % | 08/01/42 | 1,700 | 1,367,072 | |||||||||||
Iowa (State of) Finance Authority (Western Home); Series 2012, Ref. Health Care Facilities RB |
5.00 | % | 12/01/27 | 980 | 874,797 | |||||||||||
Iowa (State of); |
||||||||||||||||
Series 2001, Vision Special Fund RB (INSNATL)(b) |
5.50 | % | 02/15/19 | 3,600 | 4,233,996 | |||||||||||
Series 2001, Vision Special Fund RB (INSNATL)(b) |
5.50 | % | 02/15/20 | 2,500 | 2,948,650 | |||||||||||
19,333,226 | ||||||||||||||||
Kansas0.92% | ||||||||||||||||
Kansas (State of) Development Finance Authority (Adventist Health System/Sunbelt Obligated Group); Series 2009 C, Hospital RB |
5.50 | % | 11/15/29 | 1,510 | 1,602,639 | |||||||||||
Wichita (City of) (Presbyterian Manors, Inc.); Series 2013 IV-A, Health Care Facilities RB |
6.38 | % | 05/15/43 | 1,500 | 1,435,920 | |||||||||||
Wyandotte (County of) & Kansas City (City of) Unified Government; Series 2009 A, Utility System Improvement RB (INSBHAC)(b) |
5.25 | % | 09/01/34 | 3,000 | 3,160,860 | |||||||||||
6,199,419 | ||||||||||||||||
Kentucky1.37% | ||||||||||||||||
Kentucky (State of) Economic Development Finance Authority (Owensboro Medical Health System, Inc.) Series 2010 B, Ref. Hospital RB |
6.38 | % | 03/01/40 | 1,585 | 1,638,129 | |||||||||||
Kentucky (State of) Property & Buildings Commission (No. 93); Series 2009, Ref. RB (INSAGC)(b) |
5.25 | % | 02/01/28 | 4,000 | 4,264,600 | |||||||||||
Kentucky (State of) Turnpike Authority (Revitalization); Series 2012 A, Economic Development Road RB |
5.00 | % | 07/01/28 | 3,140 | 3,354,745 | |||||||||||
9,257,474 | ||||||||||||||||
Louisiana2.06% | ||||||||||||||||
Lafayette (City of) Public Trust Financing Authority (Ragin Cajun Facilities, Inc.Housing & Parking); Series 2010, RB (INSAGM)(b) |
5.50 | % | 10/01/35 | 4,500 | 4,651,650 | |||||||||||
Lafayette (City of); Series 2004, Utilities RB(e)(f) |
5.25 | % | 11/01/14 | 4,000 | 4,234,440 | |||||||||||
Regional Transit Authority; Series 2010, Sales Tax RB (INSAGM)(b) |
5.00 | % | 12/01/30 | 1,000 | 1,026,840 | |||||||||||
Tobacco Settlement Financing Corp.; |
||||||||||||||||
Series 2013 A, Ref. Asset-Backed RB |
5.50 | % | 05/15/30 | 745 | 754,931 | |||||||||||
Series 2013 A, Ref. Asset-Backed RB |
5.25 | % | 05/15/31 | 745 | 723,208 | |||||||||||
Series 2013 A, Ref. Asset-Backed RB |
5.25 | % | 05/15/32 | 1,410 | 1,362,624 | |||||||||||
Series 2013 A, Ref. Asset-Backed RB |
5.25 | % | 05/15/33 | 1,190 | 1,141,936 | |||||||||||
13,895,629 | ||||||||||||||||
Maine0.40% | ||||||||||||||||
Maine (State of) Health & Higher Educational Facilities Authority (Eastern Maine Medical Center Obligated Group); Series 2013, RB |
5.00 | % | 07/01/33 | 2,750 | 2,697,255 |
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 | |||||||||||||
Massachusetts3.75% | ||||||||||||||||
Massachusetts (State of) Development Finance Agency (Harvard University); Series 2009 A, RB(c) |
5.50 | % | 11/15/36 | $ | 15,820 | $ | 17,500,084 | |||||||||
Massachusetts (State of) Development Finance Agency (Massachusetts Institute of Technology); Series 2009 O, RB(c) |
5.50 | % | 07/01/36 | 5,120 | 5,644,749 | |||||||||||
Massachusetts (State of) Water Resources Authority; Series 2007 B, Ref. General RB (INSAGM)(b) |
5.25 | % | 08/01/31 | 2,000 | 2,156,160 | |||||||||||
25,300,993 | ||||||||||||||||
Michigan1.35% | ||||||||||||||||
Detroit (City of); Series 2006 C, Ref. Second Lien Water Supply System RB (INSAGM)(b) |
5.00 | % | 07/01/26 | 1,475 | 1,379,243 | |||||||||||
Michigan (State of) Finance Authority (Sparrow Obligated Group); Series 2012, RB |
5.00 | % | 11/15/36 | 2,500 | 2,335,475 | |||||||||||
Wayne State University Board of Governors; |
||||||||||||||||
Series 2008, Ref. General RB (INSAGM)(b) |
5.00 | % | 11/15/25 | 760 | 800,554 | |||||||||||
Series 2008, Ref. General RB (INSAGM)(b) |
5.00 | % | 11/15/29 | 2,835 | 2,902,076 | |||||||||||
Western Michigan University Board of Trustees; Series 2008, General RB (INSAGM)(b) |
5.00 | % | 11/15/23 | 1,575 | 1,713,159 | |||||||||||
9,130,507 | ||||||||||||||||
Minnesota0.72% | ||||||||||||||||
Minneapolis (City of) (Fairview Health Services); |
||||||||||||||||
Series 2005 D, Health Care System RB (INSAMBAC)(b) |
5.00 | % | 11/15/30 | 1,000 | 985,740 | |||||||||||
Series 2005 D, Health Care System RB (INSAMBAC)(b) |
5.00 | % | 11/15/34 | 4,000 | 3,855,320 | |||||||||||
4,841,060 | ||||||||||||||||
Missouri1.45% | ||||||||||||||||
Kansas City (City of) Industrial Development Authority (Downtown Redevelopment District); |
||||||||||||||||
Series 2011 A, Ref. RB |
5.50 | % | 09/01/24 | 825 | 911,600 | |||||||||||
Series 2011 A, Ref. RB |
5.50 | % | 09/01/25 | 1,445 | 1,577,015 | |||||||||||
Series 2011 A, Ref. RB |
5.50 | % | 09/01/27 | 980 | 1,041,642 | |||||||||||
Missouri (State of) Joint Municipal Electric Utility Commission (Plum Point); |
||||||||||||||||
Series 2006, Power Project RB (INSNATL)(b) |
5.00 | % | 01/01/25 | 2,000 | 2,016,080 | |||||||||||
Series 2006, Power Project RB (INSNATL)(b) |
5.00 | % | 01/01/26 | 2,500 | 2,510,225 | |||||||||||
St. Louis (County of) Industrial Development Authority (Friendship Village of Sunset Hills); Series 2012, Senior Living Facilities RB |
5.00 | % | 09/01/42 | 2,000 | 1,750,160 | |||||||||||
9,806,722 | ||||||||||||||||
Montana0.31% | ||||||||||||||||
Montana (State of) Facility Finance Authority (Benefit Health System Obligated Group); Series 2011 A, Hospital RB (INSAGC)(b) |
5.75 | % | 01/01/31 | 2,000 | 2,089,140 | |||||||||||
Nebraska0.80% | ||||||||||||||||
Central Plains Energy Project (No. 3); Series 2012, Gas RB |
5.00 | % | 09/01/32 | 3,190 | 3,010,435 | |||||||||||
Lincoln (County of) Hospital Authority No. 1 (Great Plains Regional Medical Center); Series 2012, Ref. RB |
5.00 | % | 11/01/32 | 2,500 | 2,394,275 | |||||||||||
5,404,710 | ||||||||||||||||
Nevada3.03% | ||||||||||||||||
Clark (County of) (Las Vegas-McCarran International Airport); Series 2010 A, Passenger Facility Charge RB (INSAGM)(b) |
5.25 | % | 07/01/39 | 2,000 | 2,044,160 | |||||||||||
Clark (County of); Series 1992 B, Limited Tax GO Bonds (INSAMBAC)(b) |
6.50 | % | 06/01/17 | 4,000 | 4,721,520 | |||||||||||
Nevada (State of); Series 2008 C, Capital Improvement & Cultural Affairs Limited Tax GO Bonds (INSAGM)(b)(c) |
5.00 | % | 06/01/26 | 13,000 | 13,696,020 | |||||||||||
20,461,700 | ||||||||||||||||
New Jersey3.09% | ||||||||||||||||
New Jersey (State of) Economic Development Authority (Provident Group-Montclair Properties
LLC- |
5.88 | % | 06/01/42 | 1,975 | 2,041,400 | |||||||||||
New Jersey (State of) Economic Development Authority; Subseries 2005 N-1, Ref. School Facilities Construction RB (INSAMBAC)(b) |
5.50 | % | 09/01/24 | 3,390 | 3,856,261 |
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 | |||||||||||||
New Jersey(continued) | ||||||||||||||||
New Jersey (State of) Educational Facilities Authority (Rowan University); Series 2008 B, Ref. RB (INSAGC)(b) |
5.00 | % | 07/01/26 | $ | 510 | $ | 530,262 | |||||||||
New Jersey (State of) Transportation Trust Fund Authority; |
||||||||||||||||
Series 2005 C, Transportation System RB(e)(f) |
5.25 | % | 06/15/15 | 4,000 | 4,342,920 | |||||||||||
Series 2006 C, Transportation System CAB RB (INSAGC)(b)(g) |
0.00 | % | 12/15/26 | 14,305 | 7,279,671 | |||||||||||
New Jersey (State of) Turnpike Authority; Series 2013 A, RB |
5.00 | % | 01/01/38 | 2,800 | 2,791,992 | |||||||||||
20,842,506 | ||||||||||||||||
New Mexico0.22% | ||||||||||||||||
Albuquerque (City of); Series 2004 A, Ref. Gross Receipts & Lodgers Tax RB (INSAGM)(b) |
5.00 | % | 07/01/37 | 1,500 | 1,500,690 | |||||||||||
New York8.60% | ||||||||||||||||
Long Island Power Authority; |
||||||||||||||||
Series 2003 C, General RB (INSAGM)(b) |
5.00 | % | 09/01/28 | 475 | 476,116 | |||||||||||
Series 2004 A, Electrical System General RB (INSAMBAC)(b) |
5.00 | % | 09/01/34 | 1,000 | 1,000,090 | |||||||||||
Series 2011 A, Electric System General RB (INSAGM)(b) |
5.00 | % | 05/01/36 | 4,955 | 4,921,455 | |||||||||||
Metropolitan Transportation Authority(c) |
5.00 | % | 11/15/27 | 10,000 | 10,638,500 | |||||||||||
Metropolitan Transportation Authority; Series 2010 D, RB |
5.00 | % | 11/15/34 | 3,000 | 2,984,250 | |||||||||||
New York (City of) Municipal Water Finance Authority; Series 2005 C, Water & Sewer System RB (INSNATL)(b) |
5.00 | % | 06/15/27 | 1,000 | 1,056,900 | |||||||||||
New York (City of) Transitional Finance Authority; |
||||||||||||||||
Subseries 2012 E-1, Future Tax Sec. RB(c) |
5.00 | % | 02/01/37 | 6,845 | 6,995,727 | |||||||||||
Subseries 2013 I, Future Tax Sec. RB |
5.00 | % | 05/01/38 | 1,465 | 1,499,882 | |||||||||||
New York (State of) Dormitory Authority (City of New York); |
||||||||||||||||
Series 2005 A, Court Facilities Lease RB (INSAMBAC)(b) |
5.50 | % | 05/15/28 | 2,900 | 3,239,213 | |||||||||||
Series 2005 A, Court Facilities Lease RB (INSAMBAC)(b) |
5.50 | % | 05/15/29 | 2,455 | 2,723,331 | |||||||||||
New York (State of) Dormitory Authority (Montefiore Medical Center); Series 2004, Hospital RB (INSNATL)(b) |
5.00 | % | 08/01/29 | 2,000 | 2,001,400 | |||||||||||
New York (State of) Dormitory Authority (New York University); Series 2001 1, RB (INSBHAC)(b) |
5.50 | % | 07/01/31 | 1,040 | 1,137,136 | |||||||||||
New York (State of) Dormitory Authority; |
||||||||||||||||
Series 2004 A, Hospital Insured Mortgage RB (INSAGM)(b) |
5.25 | % | 08/15/19 | 1,100 | 1,148,807 | |||||||||||
Series 2007 A, Mental Health Services Facilities Improvement RB (INSAGM)(b) |
5.00 | % | 02/15/27 | 500 | 535,450 | |||||||||||
Series 2013 A, General Purpose Personal Income Tax RB |
5.00 | % | 02/15/37 | 1,000 | 1,021,140 | |||||||||||
New York (State of) Energy Research & Development Authority (Brooklyn Union Gas Co.); Series 1996, Gas Facilities RB (INSNATL)(b) |
5.50 | % | 01/01/21 | 5,000 | 5,019,400 | |||||||||||
New York (State of) Thruway Authority (Transportation); Series 2009 A, Personal Income Tax RB |
5.00 | % | 03/15/25 | 1,725 | 1,889,306 | |||||||||||
New York (State of) Thruway Authority; Series 2011 A-1, Second General Highway & Bridge Trust Fund RB(c) |
5.00 | % | 04/01/29 | 4,545 | 4,766,932 | |||||||||||
New York Liberty Development Corp. (7 World Trade Center); Series 2012, Class 1, Ref. Liberty RB(c) |
5.00 | % | 09/15/40 | 4,900 | 4,950,813 | |||||||||||
58,005,848 | ||||||||||||||||
North Carolina1.03% | ||||||||||||||||
North Carolina (State of) Medical Care Commission (Duke University Health System); Series 2012 A, Health Care Facilities RB(c) |
5.00 | % | 06/01/42 | 4,890 | 4,758,752 | |||||||||||
North Carolina (State of) Medical Care Commission (Vidant Health); Series 2012 A, Ref. Heath Care Facilities RB |
5.00 | % | 06/01/36 | 2,250 | 2,171,272 | |||||||||||
6,930,024 | ||||||||||||||||
Ohio3.13% | ||||||||||||||||
Allen (County of) (Catholic Health Partners); Series 2012 A, Ref. Hospital Facilities RB |
5.00 | % | 05/01/42 | 3,300 | 3,085,599 | |||||||||||
American Municipal Power, Inc. (Prairie State Energy Campus); Series 2008 A, RB (INSAGC)(b)(c) |
5.25 | % | 02/15/33 | 2,500 | 2,523,650 | |||||||||||
Cleveland (City of); |
||||||||||||||||
Series 2008 B-1, Public Power System CAB RB (INSNATL)(b)(g) |
0.00 | % | 11/15/26 | 3,545 | 1,850,596 | |||||||||||
Series 2008 B-1, Public Power System CAB RB (INSNATL)(b)(g) |
0.00 | % | 11/15/28 | 3,845 | 1,758,665 | |||||||||||
Series 2008 B-1, Public Power System CAB RB (INSNATL)(b)(g) |
0.00 | % | 11/15/38 | 2,800 | 675,668 |
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 | |||||||||||||
Ohio(continued) | ||||||||||||||||
Franklin (County of) (First Community Village Obligated Group); Series 2013, Ref. Health Care Facilities RB |
5.25 | % | 07/01/33 | $ | 2,000 | $ | 1,624,760 | |||||||||
Hamilton (County of) (Christ Hospital); Series 2012, Health Care Facilities RB |
5.50 | % | 06/01/42 | 3,000 | 2,976,150 | |||||||||||
Muskingum (County of) (Genesis Healthcare System); Series 2013, Hospital Facilities RB |
5.00 | % | 02/15/44 | 2,500 | 1,961,500 | |||||||||||
Ohio (State of) Higher Educational Facility Commission (Summa Health System); Series 2010, Hospital Facilities RB |
5.75 | % | 11/15/35 | 2,000 | 2,048,380 | |||||||||||
Ohio (State of) Water Development Authority (FirstEnergy Nuclear Generation Corp.); |
||||||||||||||||
Series 2009 A, Ref. PCR(e) |
5.88 | % | 06/01/16 | 1,980 | 2,143,964 | |||||||||||
Series 2010, Ref. RB(e) |
2.20 | % | 06/01/16 | 500 | 493,010 | |||||||||||
21,141,942 | ||||||||||||||||
Oregon0.46% | ||||||||||||||||
Oregon (State of) Department of Administrative Services; |
||||||||||||||||
Series 2005 B, COP(e)(f) |
5.00 | % | 11/01/15 | 1,120 | 1,228,808 | |||||||||||
Series 2005 B, COP(e)(f) |
5.00 | % | 11/01/15 | 1,685 | 1,848,698 | |||||||||||
3,077,506 | ||||||||||||||||
Pennsylvania3.65% | ||||||||||||||||
Delaware (County of) Industrial Development Authority (Aqua Pennsylvania, Inc.); Series 2005 A, Water Facilities RB (INSNATL)(b)(d) |
5.00 | % | 11/01/37 | 3,500 | 3,418,170 | |||||||||||
Pennsylvania (State of) Economic Development Financing Authority (Waste Management, Inc.); Series 2004 A, Solid Waste Disposal RB(e) |
3.70 | % | 05/01/15 | 4,000 | 4,107,040 | |||||||||||
Pennsylvania (State of) Turnpike Commission; Series 2004 A, RB (INSAMBAC)(b) |
5.00 | % | 12/01/34 | 5,000 | 5,001,700 | |||||||||||
Philadelphia (City of); |
||||||||||||||||
Series 1998, Ref. Water & Wastewater RB (INSAMBAC)(b) |
5.25 | % | 12/15/14 | 5,000 | 5,171,250 | |||||||||||
Series 2009 B, Limited Tax GO Bonds (INSAGC)(b) |
7.13 | % | 07/15/38 | 1,750 | 1,942,902 | |||||||||||
Philadelphia School District; Series 2008 E, Limited Tax GO Bonds (INSBHAC)(b) |
5.13 | % | 09/01/23 | 4,500 | 4,987,035 | |||||||||||
24,628,097 | ||||||||||||||||
Puerto Rico1.25% | ||||||||||||||||
Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority; Series 2012 A, Sr. Lien RB |
5.00 | % | 07/01/33 | 2,280 | 1,558,882 | |||||||||||
Puerto Rico (Commonwealth of) Electric Power Authority; Series 2012 A, RB |
5.00 | % | 07/01/42 | 4,895 | 3,257,965 | |||||||||||
Puerto Rico Sales Tax Financing Corp.; First Subseries 2010 C, RB |
5.25 | % | 08/01/41 | 4,600 | 3,627,514 | |||||||||||
8,444,361 | ||||||||||||||||
Rhode Island1.57% | ||||||||||||||||
Rhode Island Depositors Economic Protection Corp.; Series 1993 B, Ref. Special Obligation RB(e)(f) |
6.00 | % | 08/01/17 | 10,000 | 10,575,300 | |||||||||||
South Carolina2.60% | ||||||||||||||||
Piedmont Municipal Power Agency; Series 2011 C, Ref. Electric RB (INSAGC)(b) |
5.75 | % | 01/01/34 | 7,410 | 7,884,610 | |||||||||||
South Carolina (State of) Jobs-Economic Development Authority (Palmetto Health Alliance); Series 2013 A, Ref. Hospital RB |
5.25 | % | 08/01/30 | 1,350 | 1,319,612 | |||||||||||
South Carolina (State of) Medical University Hospital Authority; Series 2004 A, Ref. FHA Insured Mortgage Hospital Facilities RB(e)(f) |
5.25 | % | 08/15/14 | 2,500 | 2,617,850 | |||||||||||
South Carolina (State of) Public Service Authority (Santee Cooper); Series 2006 A, RB (INSNATL)(b) |
5.00 | % | 01/01/36 | 5,000 | 4,999,650 | |||||||||||
South Carolina (State of) Public Service Authority; Series 2003 A, Ref. RB (INSAMBAC)(b) |
5.00 | % | 01/01/21 | 740 | 740,881 | |||||||||||
17,562,603 | ||||||||||||||||
Tennessee0.52% | ||||||||||||||||
Johnson City (City of) Health & Educational Facilities Board (Mountain States Health Alliance); Series 2012, Hospital RB |
5.00 | % | 08/15/42 | 1,000 | 921,850 | |||||||||||
Memphis Center City Revenue Finance Corp. (Pyramid & Pinch District Redevelopment); Series 2011 B, Sub. RB (INSAGM)(b) |
5.25 | % | 11/01/30 | 2,475 | 2,576,525 | |||||||||||
3,498,375 |
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 | |||||||||||||
Texas15.28% | ||||||||||||||||
Alamo Community College District; Series 2012, Ref. Limited Tax GO Bonds(c) |
5.00 | % | 08/15/34 | $ | 4,895 | $ | 5,073,716 | |||||||||
Amarillo Health Facilities Corp. (Baptist St. Anthonys Hospital Corp.); |
||||||||||||||||
Series 1998, RB(e)(f) |
5.50 | % | 01/01/16 | 3,020 | 3,275,522 | |||||||||||
Series 1998, RB(e)(f) |
5.50 | % | 01/01/17 | 5,075 | 5,604,678 | |||||||||||
Capital Area Cultural Education Facilities Finance Corp. (The Roman Catholic Diocese of Austin); Series 2005 B, RB |
6.13 | % | 04/01/45 | 2,000 | 2,077,120 | |||||||||||
Central Texas Regional Mobility Authority; Series 2013 A, Ref. Sr. Lien RB |
5.00 | % | 01/01/43 | 1,500 | 1,284,855 | |||||||||||
Dallas-Fort Worth (Cities of) International Airport; Series 2012 G, Ref. RB |
5.00 | % | 11/01/34 | 1,500 | 1,474,890 | |||||||||||
Friendswood Independent School District; Series 2008, Schoolhouse Unlimited Tax GO Bonds (CEP |
5.00 | % | 02/15/27 | 2,285 | 2,457,358 | |||||||||||
Harris (County of) Metropolitan Transit Authority; |
||||||||||||||||
Series 2011 A, Sales & Use Tax RB(c) |
5.00 | % | 11/01/36 | 3,305 | 3,355,732 | |||||||||||
Series 2011 A, Sales & Use Tax RB(c) |
5.00 | % | 11/01/41 | 3,000 | 3,021,810 | |||||||||||
Harris County Health Facilities Development Corp. (TECO); Series 2008, Thermal Utility RB (INSAGC)(b) |
5.25 | % | 11/15/24 | 2,160 | 2,337,574 | |||||||||||
Harris County Health Facilities Development Corp. (Texas Medical Center Central Heating and Cooling Services Corp.); Series 2008, Thermal Utility RB (INSAGC)(b) |
5.00 | % | 11/15/27 | 1,840 | 1,920,610 | |||||||||||
Houston (City of) Convention & Entertainment Facilities Department; |
||||||||||||||||
Series 2001 B, Hotel Occupancy Tax & Special CAB RB (INSAGM)(b)(g) |
0.00 | % | 09/01/26 | 3,975 | 2,078,249 | |||||||||||
Series 2001 B, Hotel Occupancy Tax & Special CAB RB (INSAGM)(b)(g) |
0.00 | % | 09/01/27 | 5,015 | 2,419,537 | |||||||||||
Houston (City of); Series 2004 A, Ref. First Lien Combined Utility System RB (INSNATL)(b) |
5.25 | % | 05/15/23 | 12,130 | 12,526,287 | |||||||||||
Houston Community College System; |
||||||||||||||||
Series 2008, Sr. Lien Student Fee RB (INSAGM)(b) |
5.00 | % | 04/15/25 | 1,910 | 2,087,916 | |||||||||||
Series 2008, Sr. Lien Student Fee RB (INSAGM)(b) |
5.00 | % | 04/15/26 | 1,330 | 1,385,301 | |||||||||||
Series 2008, Sr. Lien Student Fee RB (INSAGM)(b) |
4.50 | % | 04/15/27 | 225 | 225,736 | |||||||||||
Houston Higher Education Finance Corp. (Cosmos Foundation, Inc.); Series 2012 A, RB |
5.00 | % | 02/15/42 | 2,000 | 1,748,220 | |||||||||||
Humble Independent School District; Series 2008 A, School Building Unlimited Tax GO Bonds (INSAGC)(b) |
5.00 | % | 02/15/26 | 285 | 308,678 | |||||||||||
Lower Colorado River Authority; |
||||||||||||||||
Series 2001, Ref. RB (INSAGM)(b) |
5.00 | % | 05/15/26 | 965 | 965,048 | |||||||||||
Series 2002, Ref. & Improvement RB (INSNATL)(b) |
5.00 | % | 05/15/31 | 450 | 450,239 | |||||||||||
Series 2002, Ref. & Improvement RB (INSNATL)(b) |
5.00 | % | 05/15/31 | 7,535 | 7,553,913 | |||||||||||
North Texas Tollway Authority; |
||||||||||||||||
Series 2008 D, Ref. First Tier System CAB RB (INSAGC)(b)(g) |
0.00 | % | 01/01/28 | 16,400 | 7,597,464 | |||||||||||
Series 2008 D, Ref. First Tier System CAB RB (INSAGC)(b)(g) |
0.00 | % | 01/01/29 | 2,725 | 1,185,757 | |||||||||||
Series 2008 D, Ref. First Tier System CAB RB (INSAGC)(b)(g) |
0.00 | % | 01/01/31 | 3,550 | 1,362,703 | |||||||||||
San Antonio (City of); Series 2013, Jr. Lien Electric & Gas Systems RB |
5.00 | % | 02/01/38 | 2,405 | 2,442,831 | |||||||||||
San Jacinto River Authority (Groundwater Reduction Plan Division); |
||||||||||||||||
Series 2011, Special Project RB (INSAGM)(b) |
5.00 | % | 10/01/32 | 2,265 | 2,294,536 | |||||||||||
Series 2011, Special Project RB (INSAGM)(b) |
5.00 | % | 10/01/37 | 2,475 | 2,487,771 | |||||||||||
Texas (State of) Transportation Commission; Series 2012 A, Ref. First Tier Turnpike System RB |
5.00 | % | 08/15/41 | 4,750 | 4,438,447 | |||||||||||
Texas (State of) Turnpike Authority (Central Texas Turnpike System); Series 2002, First Tier CAB RB (INSBHAC)(b)(g) |
0.00 | % | 08/15/27 | 7,000 | 3,536,190 | |||||||||||
Texas Municipal Gas Acquisition & Supply Corp. III; |
||||||||||||||||
Series 2012, Gas Supply RB |
5.00 | % | 12/15/28 | 3,025 | 2,876,503 | |||||||||||
Series 2012, Gas Supply RB |
5.00 | % | 12/15/29 | 2,000 | 1,869,040 | |||||||||||
Series 2012, Gas Supply RB |
5.00 | % | 12/15/31 | 2,325 | 2,121,981 | |||||||||||
University of Houston; Series 2008, Ref. Consolidated RB (INSAGM)(b)(c) |
5.00 | % | 02/15/33 | 2,500 | 2,546,700 | |||||||||||
Victoria Independent School District; |
||||||||||||||||
Series 2008, School Building Unlimited Tax GO Bonds (CEPTexas Permanent School Fund) |
5.00 | % | 02/15/24 | 1,920 | 2,118,566 | |||||||||||
Series 2008, School Building Unlimited Tax GO Bonds (CEPTexas Permanent School Fund) |
5.00 | % | 02/15/25 | 815 | 885,196 | |||||||||||
Waco Educational Finance Corp. (Baylor University); Series 2012, RB |
5.00 | % | 03/01/43 | 1,750 | 1,736,647 | |||||||||||
103,133,321 |
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 | |||||||||||||
Utah1.56% | ||||||||||||||||
Utah (State of) Transit Authority; Series 2008 A, Sales Tax RB (INSAGM)(b)(c) |
5.00 | % | 06/15/36 | $ | 10,325 | $ | 10,506,720 | |||||||||
Virginia1.88% | ||||||||||||||||
Richmond (City of) Metropolitan Authority; Series 2002, Ref. Expressway RB (INSNATL)(b) |
5.25 | % | 07/15/22 | 3,000 | 3,329,280 | |||||||||||
Roanoke (City of) Economic Development Authority (Carilion Clinic Obligated Group); Series 2010, Ref. Hospital RB |
5.00 | % | 07/01/33 | 2,500 | 2,482,725 | |||||||||||
Roanoke (City of) Industrial Development Authority (Carilion Health System); |
||||||||||||||||
Series 2005, Hospital RB(e)(f) |
5.00 | % | 07/01/20 | 35 | 41,224 | |||||||||||
Series 2005 B, Hospital RB (INSAGM)(b) |
5.00 | % | 07/01/38 | 2,365 | 2,297,692 | |||||||||||
Route 460 Funding Corp.; Series 2012 A, Sr. Lien Toll Road RB |
5.13 | % | 07/01/49 | 1,125 | 908,348 | |||||||||||
Virginia (State of) Small Business Financing Authority (Elizabeth River Crossings Opco, LLC); Series 2012, Sr. Lien RB(d) |
5.50 | % | 01/01/42 | 1,740 | 1,509,815 | |||||||||||
Virginia (State of) Small Business Financing Authority (Express Lanes, LLC); Series 2012, Sr. Lien RB(d) |
5.00 | % | 01/01/40 | 2,700 | 2,149,443 | |||||||||||
12,718,527 | ||||||||||||||||
Washington5.77% | ||||||||||||||||
Cowlitz (County of) Public Utility District No. 1; Series 2006, Production System RB (INSNATL)(b) |
5.00 | % | 09/01/31 | 10,000 | 10,163,100 | |||||||||||
Grant (County of) Public Utility District No. 2; Series 2005 A, Ref. Wanapum Hydro Electric RB (INSNATL)(b) |
5.00 | % | 01/01/34 | 950 | 1,008,235 | |||||||||||
Seattle (Port of); Series 2012 A, Ref. Intermediate Lien RB |
5.00 | % | 08/01/32 | 2,500 | 2,505,250 | |||||||||||
Spokane County School District No. 81; Series 2005, Unlimited Tax GO Bonds(e)(f) |
5.13 | % | 06/01/15 | 2,500 | 2,705,800 | |||||||||||
Washington (State of); |
||||||||||||||||
Series 2004 F, Motor Vehicle Fuel Unlimited Tax CAB GO Bonds (INSAMBAC)(b)(g) |
0.00 | % | 12/01/29 | 5,100 | 2,550,255 | |||||||||||
Series 2010 A, Various Purpose Unlimited Tax GO Bonds(c) |
5.00 | % | 08/01/29 | 8,995 | 9,828,117 | |||||||||||
Series 2010 A, Various Purpose Unlimited Tax GO Bonds(c) |
5.00 | % | 08/01/30 | 9,460 | 10,159,094 | |||||||||||
38,919,851 | ||||||||||||||||
West Virginia1.03% | ||||||||||||||||
West Virginia (State of) Economic Development Authority (Appalachian Power Co.Amos); Series 2010 A, Ref. Solid Waste Disposal Facilities RB |
5.38 | % | 12/01/38 | 4,000 | 4,016,320 | |||||||||||
West Virginia (State of) Water Development Authority (Loan Program II); Series 2003 B, Ref. RB (INSAMBAC)(b) |
5.25 | % | 11/01/23 | 2,900 | 2,952,374 | |||||||||||
6,968,694 | ||||||||||||||||
Wisconsin1.54% | ||||||||||||||||
Wisconsin (State of) Health & Educational Facilities Authority (Mercy Alliance); Series 2012, RB |
5.00 | % | 06/01/39 | 5,000 | 4,673,750 | |||||||||||
Wisconsin (State of) Public Finance Authority (Roseman University of Health Sciences); Series 2012, RB |
5.50 | % | 04/01/32 | 1,155 | 1,055,751 | |||||||||||
Wisconsin (State of); Series 2009 A, General Fund Annual Appropriation RB |
5.63 | % | 05/01/28 | 4,235 | 4,686,578 | |||||||||||
10,416,079 | ||||||||||||||||
TOTAL INVESTMENTS(k)150.13% (Cost $1,015,369,159) |
1,013,017,237 | |||||||||||||||
FLOATING RATE NOTE OBLIGATIONS(30.26)% |
||||||||||||||||
Notes with interest rates ranging from 0.06% to 0.62% at 08/31/2013 and contractual maturities of collateral ranging from 04/01/15 to 10/01/52 (See Note 1J)(l) |
(204,150,000 | ) | ||||||||||||||
VARIABLE RATE MUNI TERM PREFERRED SHARES(21.21)% |
(143,100,000 | ) | ||||||||||||||
OTHER ASSETS LESS LIABILITIES1.34% |
9,004,901 | |||||||||||||||
NET ASSETS APPLICABLE TO COMMON SHARES100.00% |
$ | 674,772,138 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
15 Invesco Value Municipal Income Trust
Investment Abbreviations:
AGC | Assured Guaranty Corp. | |
AGM | Assured Guaranty Municipal Corp. | |
AMBAC | American Municipal Bond Assurance Corp. | |
BAN | Bond Anticipation Notes | |
BHAC | Berkshire Hathaway Assurance Corp. | |
CAB | Capital Appreciation Bonds | |
CEP | Credit Enhancement Provider | |
Conv. | Convertible | |
COP | Certificates of Participation | |
FGIC | Financial Guaranty Insurance Co. | |
FHA | Federal Housing Administration | |
FTA | Federal Transit Administration | |
GO | General Obligation | |
INS | Insurer | |
Jr. | Junior | |
NATL | National Public Finance Guarantee Corp. | |
PCR | Pollution Control Revenue Bonds | |
RAB | Revenue Anticipation Bonds | |
RB | Revenue Bonds | |
Ref. | Refunding | |
Sec. | Secured | |
SGI | Syncora Guarantee, Inc. | |
Sr. | Senior | |
Sub. | Subordinated | |
TEMPS | Tax-Exempt Mandatory Paydown Securities |
Notes to Schedule of Investments:
(a) | Calculated as a percentage of net assets. Amounts in excess of 100% are due to the Trusts use of leverage. |
(b) | Principal and/or interest payments are secured by the bond insurance company listed. |
(c) | Underlying security related to Dealer Trusts entered into by the Trust. See Note 1J. |
(d) | Security subject to the alternative minimum tax. |
(e) | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. |
(f) | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
(g) | Zero coupon bond issued at a discount. |
(h) | 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 August 31, 2013 was $3,700,838, which represented less than 1% of the Trusts Net Assets. |
(i) | Convertible CAB. The interest rate shown represents the coupon rate at which the bond will accrue at a specified future date. |
(j) | Security is subject to a shortfall 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 Dealer Trusts. In case of a shortfall, the maximum potential amount of payments the Trust could ultimately be required to make under the agreement is $11,165,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the Dealer Trusts. |
(k) | 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 issuers obligations but may be called upon to satisfy the issuers obligations. |
Entities | Percentage | |||
Assured Guaranty Municipal Corp. |
20.3 | % | ||
National Public Finance Guarantee Corp. |
19.9 | |||
Assured Guaranty Corp. |
7.0 | |||
American Municipal Bond Assurance Corp. |
5.9 |
(l) | Floating rate note obligations related to securities held. The interest rates shown reflect the rates in effect at August 31, 2013. At August 31, 2013, the Trusts investments with a value of $325,483,884 are held by Dealer Trusts and serve as collateral for the $204,150,000 in the floating rate note obligations outstanding at that date. |
Portfolio Composition
By credit sector, based on total investments
as of August 31, 2013
Revenue Bonds |
75.5 | % | ||
General Obligation Bonds |
17.1 | |||
Pre-refunded Bonds |
7.3 | |||
Other |
0.1 |
16 Invesco Value Municipal Income Trust
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
17 Invesco Value Municipal Income Trust
Statement of Operations
For the six months ended August 31, 2013
(Unaudited)
Investment income: |
| |||
Interest |
$ | 23,853,631 | ||
Expenses: |
||||
Advisory fees |
3,029,473 | |||
Administrative services fees |
88,840 | |||
Custodian fees |
10,394 | |||
Interest, facilities and maintenance fees |
2,117,653 | |||
Transfer agent fees |
9,242 | |||
Trustees and officers fees and benefits |
35,277 | |||
Other |
285,002 | |||
Total expenses |
5,575,881 | |||
Less: Fees waived |
(1,647,029 | ) | ||
Net expenses |
3,928,852 | |||
Net investment income |
19,924,779 | |||
Realized and unrealized gain (loss) from: |
||||
Net realized gain (loss) from investment securities |
(4,288,619 | ) | ||
Change in net unrealized appreciation (depreciation) of investment securities |
(108,280,090 | ) | ||
Net realized and unrealized gain (loss) |
(112,568,709 | ) | ||
Net increase (decrease) in net assets resulting from operations |
$ | (92,643,930 | ) |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
18 Invesco Value Municipal Income Trust
Statement of Changes in Net Assets
For the six months ended August 31, 2013 and the year ended February 28, 2013
(Unaudited)
August 31, 2013 |
February 28, 2013 |
|||||||
Operations: |
| |||||||
Net investment income |
$ | 19,924,779 | $ | 25,914,794 | ||||
Net realized gain (loss) |
(4,288,619 | ) | 3,465,822 | |||||
Change in net unrealized appreciation (depreciation) |
(108,280,090 | ) | 9,496,139 | |||||
Net increase (decrease) in net assets resulting from operations |
(92,643,930 | ) | 38,876,755 | |||||
Distributions to auction rate preferred shareholders from net investment income |
| (57,741 | ) | |||||
Net increase (decrease) in net assets from operations applicable to common shares |
(92,643,930 | ) | 38,819,014 | |||||
Distributions to shareholders from net investment income |
(21,162,579 | ) | (26,525,190 | ) | ||||
Increase from transactions in common shares of beneficial interest |
| 439,430,823 | ||||||
Net increase (decrease) in net assets applicable to common shares |
(113,806,509 | ) | 451,724,647 | |||||
Net assets applicable to common shares: |
| |||||||
Beginning of period |
788,578,647 | 336,854,000 | ||||||
End of period (includes undistributed net investment income of $2,375,652 and $3,613,452, respectively) |
$ | 674,772,138 | $ | 788,578,647 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
19 Invesco Value Municipal Income Trust
Statement of Cash Flows
For the six months ended August 31, 2013
(Unaudited)
Cash provided by operating activities: |
||||
Net decrease in net assets resulting from operations applicable to common shares |
$ | (92,643,930 | ) | |
Adjustments to reconcile the change in net assets applicable to common shares from operations to net cash provided by operating activities: |
| |||
Purchases of investments |
(104,992,782 | ) | ||
Proceeds from sales of investments |
94,331,151 | |||
Amortization of premium and deferred offering costs |
2,250,640 | |||
Accretion of discount |
(1,700,656 | ) | ||
Decrease in receivables and other assets |
(526,908 | ) | ||
Decrease in accrued expenses and other payables |
(88,656 | ) | ||
Net realized loss from investment securities |
4,288,619 | |||
Net change in unrealized depreciation on investment securities |
108,280,090 | |||
Net cash provided by operating activities |
9,197,568 | |||
Cash provided by (used in) financing activities: |
||||
Dividends paid to common shareholders from net investment income |
(21,162,579 | ) | ||
Decrease in payable for amount due custodian |
(2,674,989 | ) | ||
Net proceeds from floating rate note obligations |
14,640,000 | |||
Net cash provided by (used in) financing activities |
(9,197,568 | ) | ||
Net increase in cash and cash equivalents |
| |||
Cash at beginning of period |
| |||
Cash at end of period |
$ | | ||
Supplemental disclosure of cash flow information: |
||||
Cash paid during the period for interest, facilities and maintenance fees |
$ | 2,082,856 |
Notes to Financial Statements
August 31, 2013
(Unaudited)
NOTE 1Significant Accounting Policies
Invesco Value Municipal Income Trust (the Trust), is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, closed-end management investment company.
The Trusts investment objective is to provide current income which is exempt from federal income tax.
The following is a summary of the significant accounting policies followed by the Trust in the preparation of its financial statements.
A. | Security Valuations Securities, including restricted securities, are valued according to the following policy. |
Securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Securities for which market quotations either are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trusts officers following procedures approved by the Board of Trustees. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuers assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B. | Securities Transactions and Investment Income Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes. |
20 Invesco Value Municipal Income Trust
The Trust may periodically participate in litigation related to Trust investments. As such, the Trust may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Trusts net asset value and, accordingly, they reduce the Trusts total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Trust and the investment adviser.
C. | Country Determination For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuers securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Distributions The Trust declares and pays monthly dividends from net investment income to common shareholders. Distributions from net realized capital gain, if any, are generally declared and paid annually and are distributed on a pro rata basis to common and preferred shareholders. |
E. | Federal Income Taxes The Trust intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the Internal Revenue Code), necessary to qualify as a regulated investment company and to distribute substantially all of the Trusts taxable earnings to shareholders. As such, the Trust will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
In addition, the Trust intends to invest in such municipal securities to allow it to qualify to pay shareholders exempt dividends, as defined in the Internal Revenue Code.
The Trust files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Trust is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F. | Interest, Facilities and Maintenance Fees Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees, rating and bank agent fees and other expenses associated with lines of credit and Variable Rate Muni Term Preferred Shares (VMTP Shares), and interest and administrative expenses related to establishing and maintaining Auction Rate Preferred Shares (ARPS) and floating rate note obligations, if any. |
G. | Accounting Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Trust monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
H. | Indemnifications Under the Trusts organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts, including the Trusts servicing agreements, that contain a variety of indemnification clauses. The Trusts maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
I. | Cash and Cash Equivalents For the purposes of the Statement of Cash Flows the Trust defines Cash and Cash Equivalents as cash (including foreign currency), money market funds and other investments held in lieu of cash and excludes investments made with cash collateral received. |
J. | Floating Rate Note Obligations The Trust invests in inverse floating rate securities, such as Residual Interest Bonds (RIBs) or Tender Option Bonds (TOBs) for investment purposes and to enhance the yield of the Trust. Inverse floating rate investments tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable. Such transactions may be purchased in the secondary market without first owning the underlying bond or by the sale of fixed rate bonds by the Trust to special purpose trusts established by a broker dealer (Dealer Trusts) in exchange for cash and residual interests in the Dealer Trusts assets and cash flows, which are in the form of inverse floating rate securities. The Dealer Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Trust to retain residual interests in the bonds. The floating rate notes issued by the Dealer Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the Dealer Trusts for redemption at par at each reset date. The residual interests held by the Trust (inverse floating rate investments) include the right of the Trust (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the Dealer Trusts to the Trust, thereby collapsing the Dealer Trusts. |
TOBs are presently classified as private placement securities. Private placement securities are subject to restrictions on resale because they have not been registered under the Securities Act of 1933, as amended (the 1933 Act), or are otherwise not readily marketable. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Trust or less than what may be considered the fair value of such securities.
The Trust accounts for the transfer of bonds to the Dealer Trusts as secured borrowings, with the securities transferred remaining in the Trusts investment assets, and the related floating rate notes reflected as Trust liabilities under the caption Floating rate note obligations on the Statement of Assets and Liabilities. The Trust records the interest income from the fixed rate bonds under the caption Interest and records the
21 Invesco Value Municipal Income Trust
expenses related to floating rate obligations and any administrative expenses of the Dealer Trusts as a component of Interest, facilities and maintenance fees on the Statement of Operations.
The Trust generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Trust to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and the changes in the value of such securities in response to changes in market rates of interest to a greater extent than the value of an equal principal amount of a fixed rate security having similar credit quality, redemption provisions and maturity which may cause the Trusts net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain instances, the short-term floating rate interests created by the special purpose trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such interests for repayment of principal, may not be able to be remarketed to third parties. In such cases, the special purpose trust holding the long-term fixed rate bonds may be collapsed. In the case of RIBs or TOBs created by the contribution of long-term fixed income bonds by the Trust, the Trust will then be required to repay the principal amount of the tendered securities. During times of market volatility, illiquidity or uncertainty, the Trust could be required to sell other portfolio holdings at a disadvantageous time to raise cash to meet that obligation.
K. | Other Risks The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located. |
Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and a Trusts investments in municipal securities.
There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.
NOTE 2Advisory Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the Adviser or Invesco). Under the terms of the investment advisory agreement, the Trust pays an advisory fee to the Adviser based on the annual rate of 0.55% of the Trusts average weekly managed assets. Managed assets for this purpose means the Trusts net assets, plus assets attributable to outstanding preferred shares and the amount of any borrowings incurred for the purpose of leverage (whether or not such borrowed amounts are reflected in the Trusts financial statements for purposes of GAAP).
Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Australia Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers) the Adviser, not the Trust, may pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Trust based on the percentage of assets allocated to such Sub-Adviser(s).
The Adviser has contractually agreed, through at least October 31, 2014, to waive advisory fees and/or reimburse expenses to the extent necessary to limit the Trusts expenses (excluding certain items discussed below) to 0.46%. In determining the Advisers obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the Trusts expenses to exceed the limit reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Trust has incurred but did not actually pay because of an expense offset arrangement. Unless the Board of Trustees and Invesco mutually agree to amend or continue the fee waiver agreement, it will terminate on October 31, 2014. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limitation.
For the six months ended August 31, 2013, the Adviser waived advisory fees of $1,647,029.
The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Trust has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Trust. For the six months ended August 31, 2013, expenses incurred under these agreement are shown in the Statement of Operations as Administrative services fees.
Certain officers and trustees of the Trust are officers and directors of Invesco.
NOTE 3Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investments assigned level:
Level 1 | Prices are determined using quoted prices in an active market for identical assets. |
Level 2 | Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. |
Level 3 | Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Trusts own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
As of August 31, 2013, all of the securities in this Trust were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
22 Invesco Value Municipal Income Trust
NOTE 4Trustees and Officers Fees and Benefits
Trustees and Officers Fees and Benefits include amounts accrued by the Trust to pay remuneration to certain Trustees and Officers of the Trust. Trustees have the option to defer compensation payable by the Trust, and Trustees and Officers Fees and Benefits also include amounts accrued by the Trust to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Trusts in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees are eligible to participate in a retirement plan that provides for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Trust may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees and Officers Fees and Benefits include amounts accrued by the Trust to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Trust.
NOTE 5Cash Balances and Borrowings
The Trust is permitted to temporarily carry a negative or overdrawn balance in its account with State Street Bank and Trust Company, the custodian bank. Such balances, if any at period end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Trust may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.
Inverse floating rate obligations resulting from the transfer of bonds to Dealer Trusts are accounted for as secured borrowings. The average floating rate notes outstanding and average annual interest and fee rate related to inverse floating rate note obligations during the six months ended August 31, 2013 were $200,914,286 and 1.18%, respectively.
NOTE 6Tax Information
The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Trusts capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Trusts fiscal year-end.
Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Trust to utilize. The Regulated Investment Company Modernization Act of 2010 eliminated the eight-year carryover period for capital losses that arise in taxable years beginning after its enactment date of December 22, 2010. Consequently, these capital losses can be carried forward for an unlimited period. However, capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Additionally, post-enactment capital loss carryovers will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Trust had a capital loss carryforward as of February 28, 2013 which expires as follows:
Capital Loss Carryforward* | ||||||||||||
Expiration | Short-Term | Long-Term | Total | |||||||||
February 29, 2016 |
$ | 6,203,518 | $ | | $ | 6,203,518 | ||||||
February 28, 2017 |
3,917,528 | | 3,917,528 | |||||||||
February 28, 2018 |
1,626,164 | | 1,626,164 | |||||||||
$ | 11,747,210 | $ | | $ | 11,747,210 |
* | Capital loss carryforward as of the date listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code. To the extent that unrealized gains as of October 15, 2012, the date of reorganization of Invesco Value Municipal Bond Trust, Invesco Value Municipal Securities and Invesco Value Municipal Trust into the Trust, are realized on securities held in each Trust at such date of reorganization, the capital loss carryforward may be further limited for up to five years from the date of the reorganization. |
NOTE 7Investment Securities
The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Trust during the six months ended August 31, 2013 was $109,651,874 and $99,657,322, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.
Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis | ||||
Aggregate unrealized appreciation of investment securities |
$ | 33,026,696 | ||
Aggregate unrealized (depreciation) of investment securities |
(36,533,291 | ) | ||
Net unrealized appreciation (depreciation) of investment securities |
$ | (3,506,595 | ) |
Cost of investments for tax purposes is $1,016,523,832.
NOTE 8Variable Rate Muni Term Preferred Shares
On May 9, 2012, the Trust issued 712 Series 2015/6-IIM VMTP Shares, with a liquidation preference of $100,000 per share pursuant to an offering exempt from registration under the 1933 Act. Proceeds from the issuance of VMTP Shares on May 9, 2012 were used to redeem all of the Trusts outstanding ARPS. In addition, the Trust issued 719 Series 2015/6-IIM VMTP Shares in connection with the reorganization of the Target Trust into the
23 Invesco Value Municipal Income Trust
Trust with a liquidation preference of $100,000 per share. VMTP Shares are a floating-rate form of preferred shares with a mandatory redemption date. The Trust is required to redeem all outstanding VMTP Shares on June 1, 2015, unless earlier redeemed, repurchased or extended. VMTP Shares are subject to optional and mandatory redemption in certain circumstances. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends and a redemption premium, if any. On or prior to the redemption date, the Trust will be required to segregate assets having a value equal to 110% of the redemption amount.
The Trust incurred costs in connection with the issuance of the VMTP Shares. These costs were recorded as a deferred charge and are being amortized over the 3 year life of the VMTP Shares. Amortization of these costs is included in Interest, facilities and maintenance fees on the Statement of Operations and the unamortized balance is included in Deferred offering costs on the Statement of Assets and Liabilities.
Dividends paid on the VMTP Shares (which are treated as interest expense for financial reporting purposes) are declared daily and paid monthly. The initial rate for dividends was equal to the sum of 1.10% per annum plus the Securities Industry and Financial Markets Association Municipal Swap Index (the SIFMA Index). Subsequent rates are determined based upon changes in the SIFMA Index and take into account a ratings spread of 1.10% to 4.00% which is based on the long term preferred share ratings assigned to the VMTP Shares by a ratings agency. The average aggregate liquidation preference outstanding and the average annualized dividend rate of the VMTP Shares during the six months ended August 31, 2013 were $143,100,000 and 1.23%, respectively.
The Trust is subject to certain restrictions relating to the VMTP Shares, such as maintaining certain asset coverage and leverage ratio requirements. Failure to comply with these restrictions could preclude the Trust from declaring any distributions to common shareholders or purchasing common shares and/or could trigger the mandatory redemption of VMTP Shares at liquidation preference.
The liquidation preference of VMTP Shares, which are considered debt of the Trust for financial reporting purposes, is recorded as a liability under the caption Variable rate muni term preferred shares on the Statement of Assets and Liabilities. Unpaid dividends on VMTP Shares are recognized as Accrued interest expense on the Statement of Assets and Liabilities. Dividends paid on VMTP Shares are recognized as a component of Interest, facilities and maintenance fees on the Statement of Operations.
NOTE 9Common Shares of Beneficial Interest
Transactions in common shares of beneficial interest were as follows:
August 31, 2013 |
February 28, 2013 |
|||||||
Beginning shares |
47,027,949 | 20,694,675 | ||||||
Shares issued in connection with reorganization(a) |
| 26,333,274 | ||||||
Ending shares |
47,027,949 | 47,027,949 |
(a) | As of the open of business on October 15, 2012, Invesco Value Municipal Bond Trust, Invesco Value Municipal Securities and Invesco Value Municipal Trust (the Target Trusts) merged with and into the Trust pursuant to a plan of reorganization approved by the Trustees of the Trust on August 14, 2012 and by the shareholders of the Target Trusts on November 30, 2012. The reorganization was accomplished by a tax-free exchange of 26,333,274 shares of the Trust for 3,942,543 shares outstanding of Invesco Value Municipal Bond Trust, 6,591,385 shares outstanding of Invesco Value Municipal Securities and 17,484,370 shares outstanding of Invesco Value Municipal Trust as of the close of business on October 12, 2012. Common shares of the Target Trusts were exchanged common shares of the Trust, based on the relative net asset value of the Target Trusts to the net asset value of the Trust on the close of business, October 12, 2012. Invesco Value Municipal Bond Trusts net assets as of the close of business on October 12, 2012 of $62,290,564, including $8,356,834 of unrealized appreciation, Invesco Value Municipal Securitiess net assets as of the close of business on October 12, 2012 of $100,751,548, including $8,353,093 of unrealized appreciation and Invesco Value Municipal Trusts net assets as of the close of business on October 12, 2012 of $276,388,711, including $38,458,911 of unrealized appreciation, were combined with those of the Trust. The net assets of the Trust immediately before the acquisition were $345,390,651 and $784,821,474 immediately after the acquisition. |
The pro forma results of operations for the year ended February 28, 2013 assuming the reorganization had been completed on March 1, 2012, the beginning of the annual reporting period are as follows: |
Net investment income |
$ | 39,646,463 | ||
Net realized/unrealized gains |
24,573,200 | |||
Change in net assets resulting from operations |
$ | 64,219,663 |
The combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Trusts that have been included in the Trusts Statement of Operations since October 15, 2012. |
The Trust may, when appropriate, purchase shares in the open market or in privately negotiated transaction at a price not above market value or net asset value, whichever is lower at the time of purchase.
NOTE 10Dividends
The Trust declared the following dividends to common shareholders from net investment income subsequent to August 31, 2013:
Declaration Date | Amount per Share | Record Date | Payable Date | |||||||||
September 3, 2013 |
$ | 0.075 | September 3, 2013 | September 30, 2013 | ||||||||
October 1, 2013 |
$ | 0.075 | October 11, 2013 | October 31,2013 |
24 Invesco Value Municipal Income Trust
NOTE 11Financial Highlights
The following schedule presents financial highlights for a share of the Trust outstanding throughout the periods indicated.
Six months ended August 31, |
Year ended February 28, |
Year ended February 29, |
Four months ended February 28, |
Years ended October 31, | ||||||||||||||||||||||||
2013 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||||||||
Net asset value per common share, beginning of period |
$ | 16.77 | $ | 16.28 | $ | 14.10 | $ | 15.46 | $ | 14.65 | $ | 12.76 | $ | 15.32 | ||||||||||||||
Net investment income(a) |
0.42 | 0.85 | 0.89 | 0.27 | 0.93 | 0.94 | 0.95 | |||||||||||||||||||||
Net gains (losses) on securities (both realized and unrealized) |
(2.39 | ) | 0.54 | 2.19 | (1.33 | ) | 0.77 | 1.88 | (2.57 | ) | ||||||||||||||||||
Distributions paid to preferred shareholders from net investment income |
(0.00 | ) | (0.01 | ) | (0.01 | ) | (0.02 | ) | (0.05 | ) | (0.26 | ) | ||||||||||||||||
Total income (loss) from investment operations |
(1.97 | ) | 1.39 | 3.07 | (1.07 | ) | 1.68 | 2.77 | (1.88 | ) | ||||||||||||||||||
Less dividends and distributions paid to common shareholders from: |
||||||||||||||||||||||||||||
Net investment income |
(0.45 | ) | (0.90 | ) | (0.89 | ) | (0.29 | ) | (0.87 | ) | (0.77 | ) | (0.68 | ) | ||||||||||||||
Net realized gains |
| | | | | (0.11 | ) | (0.02 | ) | |||||||||||||||||||
Total dividends and distributions paid to common shareholders |
(0.45 | ) | (0.90 | ) | (0.89 | ) | (0.29 | ) | (0.87 | ) | (0.88 | ) | (0.70 | ) | ||||||||||||||
Anti-dilutive effect of shares repurchased(a) |
| | | | | | 0.02 | |||||||||||||||||||||
Net asset value per common share, end of period |
$ | 14.35 | $ | 16.77 | $ | 16.28 | $ | 14.10 | $ | 15.46 | $ | 14.65 | $ | 12.76 | ||||||||||||||
Market value, end of period |
$ | 13.34 | $ | 16.03 | $ | 17.16 | $ | 13.15 | $ | 15.32 | $ | 13.40 | $ | 10.76 | ||||||||||||||
Total return at net asset value(b) |
(11.77 | )% | 8.78 | % | 22.44 | % | (6.82 | )% | 12.05 | % | ||||||||||||||||||
Total return at market value(c) |
(14.19 | )% | (1.35 | )% | 38.39 | % | (12.30 | )% | 21.39 | % | 33.83 | % | (17.80 | )% | ||||||||||||||
Net assets applicable to common shares, end of period (000s omitted) |
$ | 674,772 | $ | 788,579 | $ | 336,854 | $ | 291,856 | $ | 320,035 | $ | 303,157 | $ | 264,145 | ||||||||||||||
Portfolio turnover rate(d) |
9 | % | 22 | % | 13 | % | 3 | % | 7 | % | 16 | % | 12 | % | ||||||||||||||
Ratios/supplemental data based on average net assets applicable to common shares: |
|
|||||||||||||||||||||||||||
Ratio of expenses with fee waivers and/or expense reimbursements |
1.05 | %(e) | 0.98 | % | 1.03 | %(f) | 1.38 | %(f)(g)(h) | 0.88 | %(f) | 1.02 | %(f)(i) | 1.15 | %(f)(i) | ||||||||||||||
Ratio of expenses excluding interest, facilities and maintenance fees(j) |
0.49 | %(e) | 0.57 | % | 0.78 | %(f) | 1.14 | %(f)(g)(h) | 0.68 | %(f) | 0.74 | %(f)(i) | 0.75 | %(f)(i) | ||||||||||||||
Ratio of expenses without fee waivers and/or expense reimbursements |
1.49 | %(e) | 1.20 | % | 1.03 | %(f) | 1.38 | %(f)(h) | | | | |||||||||||||||||
Ratio of net investment income before preferred share dividends |
5.31 | (e) | 5.09 | % | 5.85 | % | 5.81 | %(h) | 6.15 | % | 6.86 | %(i) | 6.43 | %(i) | ||||||||||||||
Preferred share dividends |
0.01 | % | 0.06 | % | 0.12 | %(h) | 0.11 | % | 0.37 | % | 1.76 | % | ||||||||||||||||
Ratio of net investment income after preferred share dividends |
5.31 | (e) | 5.08 | % | 5.79 | % | 5.69 | %(h) | 6.04 | % | 6.49 | %(i) | 4.67 | %(i) | ||||||||||||||
Rebate from Morgan Stanley affiliate |
| | | | | 0.00 | %(k) | 0.00 | %(k) | |||||||||||||||||||
Senior securities: |
||||||||||||||||||||||||||||
Total amount of preferred shares outstanding (000s omitted)(l) |
$ | 143,100 | $ | 143,100 | $ | 71,200 | $ | 82,050 | ||||||||||||||||||||
Asset coverage per preferred share(l)(m) |
$ | 571,391 | $ | 650,892 | $ | 286,555 | $ | 227,853 | 490 | % | 469 | % | 343 | % | ||||||||||||||
Liquidating preference per preferred share(l) |
$ | 100,000 | $ | 100,000 | $ | 50,000 | $ | 50,000 |
(a) | Calculated using average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Not annualized for periods less than one year, if applicable. |
(c) | Total return assumes an investment at the common share market price at the beginning of the period indicated, reinvestment of all distributions for the period in accordance with the Trusts dividend reinvestment plan, and sale of all of the shares at the closing common share market price at the end of the period indicated. Not annualized for periods less than one year, if applicable. |
(d) | Portfolio turnover is not annualized for periods less than one year, if applicable. For the year ending February 28, 2013, the portfolio turnover calculation excludes the value of securities purchased of $447,993,039 and sold of $32,622,675 in effort to realign the Trusts portfolio holdings after the reorganization of Invesco Value Municipal Bond Trust, Invesco Value Municipal Securities and Invesco Value Municipal Trust into the Trust. |
(e) | Ratios are annualized and based on average daily net assets applicable to common shares (000s omitted) of $744,488. |
(f) | Ratios do not reflect the effect of dividend payments to preferred shareholders. |
(g) | Ratio includes an adjustment for a change in accounting estimate for professional services fees during the period. Ratios excluding this adjustment would have been lower by 0.14%. |
(h) | Annualized. |
(i) | The ratios reflect the rebate of certain Trust expenses in connection with investments in a Morgan Stanley affiliate during the period. The effect of the rebate on the ratios is disclosed in the above table as Rebate from Morgan Stanley affiliate. |
(j) | For the years ended October 31, 2010 and prior, ratio does not exclude facilities and maintenance fees. |
(k) | Amount is less than 0.005%. |
(l) | For the years ended February 29, 2012 and prior, amounts are based on ARPS outstanding. |
(m) | Calculated by subtracting the Trusts total liabilities (not including the preferred shares) from the Trusts total assets and dividing this by preferred shares outstanding. For periods prior to February 28, 2011, calculated by subtracting the Trusts total liabilities (not including the preferred shares) from the Trusts total assets and dividing this by preferred shares at liquidation value. |
25 Invesco Value Municipal Income Trust
NOTE 12Legal Proceedings
Terms used in the Legal Proceedings Note are defined terms solely for the purpose of this note.
Pending Litigation and Regulatory Inquiries
On January 17, 2011, a Consolidated Amended Shareholder Derivative Complaint (Complaint) was filed by common shareholders on behalf of Invesco Value Municipal Income Trust and Invesco Municipal Opportunity Trust (the Trusts) against Morgan Stanley Investment Advisers, Inc. and its parent as well as certain individuals (collectively, the Defendants) in Curbow Family LLC v. Morgan Stanley Investment Advisors, Inc. The Plaintiffs alleged that Defendants breached their fiduciary duties primarily by causing the Trusts to redeem Auction Rate Preferred Securities (ARPS) at their liquidation value, which was allegedly higher than market value at the time, and by not having adequate procedures to deal with potential conflicts of interest. The Plaintiffs alleged that the redemption of the ARPS wasted Trust assets, occurred at the expense of the Trusts and the common shareholders, and was improperly motivated to benefit preferred shareholders and Defendants. Additionally, the Plaintiffs claimed that the ARPS were replaced with less favorable financing. Plaintiffs seek a judgment that: 1) prohibits the Trusts from redeeming any ARPS at their liquidation value using the Trusts assets; 2) awards monetary damages against all Defendants, individually, jointly or severally, in favor of the Trusts, for all losses and damages allegedly suffered as a result of the redemptions of ARPS at their liquidation value; 3) grants appropriate equitable relief to remedy the Defendants breaches of fiduciary duties; and 4) awards to Plaintiffs the costs and disbursements of the action. On June 24, 2010, the Board of Trustees formed a Special Litigation Committee (SLC) to investigate the claims made in the April 2010 demand letters underlying the Complaint, with the assistance of independent counsel. After reviewing the findings of the SLC, the Independent Trustees of the Board announced on July 12, 2011 that it had voted to adopt the SLCs recommendation to reject the demands and seek dismissal of the lawsuit. The Trusts filed a motion to dismiss on October 4, 2011, which remains pending. The Trust has accrued $16,987 in expenses relating to these matters during the six months ending August 31, 2013.
Management of Invesco and the Trust believe that the outcome of the proceedings described above will not have a material adverse effect on the Trust or on the ability of Invesco to provide ongoing services to the Trust.
26 Invesco Value Municipal Income Trust
Approval of Investment Advisory and Sub-Advisory Contracts
27 Invesco Value Municipal Income Trust
28 Invesco Value Municipal Income Trust
Proxy Results
An Annual Meeting (Meeting) of Shareholders of Invesco Value Municipal Income Trust (the Fund) was held on August 8, 2013. The Meeting was held for the following purpose:
(1) | Elect three Trustees, by the holders of Common Shares and Preferred Shares voting together as a single class, and elect one Trustee by the holders of Preferred Shares voting separately, each of whom will serve for a three-year term or until his or her successor has been duly elected and qualified. |
The results of the voting on the above matter were as follows:
Matter | Votes For | Votes Against |
||||||||
(1) | Albert R. Dowden | 41,343,097 | 2,629,137 | |||||||
Hugo F. Sonnenschein | 41,360,768 | 2,611,466 | ||||||||
Raymond Stickel, Jr. | 41,441,655 | 2,530,579 | ||||||||
Prema Mathai-Davis(P) | 1,431 | 0 |
(P) | Election of Trustee by preferred shareholders only. |
29 Invesco Value Municipal Income Trust
Correspondence information
Send general correspondence to Computershare, P.O. Box 43078, Providence, RI 02940-3078.
Invesco privacy policy
You share personal and financial information with us that is necessary for your transactions and your account records. We take very seriously the obligation to keep that information confidential and private.
Invesco collects nonpublic personal information about you from account applications or other forms you complete and from your transactions with us or our affiliates. We do not disclose information about you or our former customers to service providers or other third parties except to the extent necessary to service your account and in other limited circumstances as permitted by law. For example, we use this information to facilitate the delivery of transaction confirmations, financial reports, prospectuses and tax forms.
Even within Invesco, only people involved in the servicing of your accounts and compliance monitoring have access to your information. To ensure the highest level of confidentiality and security, Invesco maintains physical, electronic and procedural safeguards that meet or exceed federal standards. Special measures, such as data encryption and authentication, apply to your communications with us on our website. More detail is available to you at invesco.com/privacy.
Trust holdings and proxy voting information
The Trust provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Trusts semiannual and annual reports to shareholders. For the first and third quarters, the Trust files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Trusts Forms N-Q on the SEC website at sec.gov. Copies of the Trusts Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@sec.gov. The SEC file number for the Trust is shown below.
A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 341 2929 or at invesco.com/proxyguidelines. The information is also available on the SEC website, sec.gov. Information regarding how the Trust voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. In addition, this information is available on the SEC website at sec.gov. |
SEC file number: 811-06590 MS-CE-VMINC-SAR-1
ITEM 2. | CODE OF ETHICS. |
There were no amendments to the Code of Ethics (the Code) that applies to the Registrants Principal Executive Officer (PEO) and Principal Financial Officer (PFO) during the period covered by the report. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the PEO or PFO during the period covered by this report.
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
Not applicable.
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
Not applicable.
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable.
ITEM 6. | SCHEDULE OF INVESTMENTS. |
Investments in securities of unaffiliated issuers is included as part of the reports to stockholders filed under Item 1 of this Form.
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable.
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
None.
ITEM 11. | CONTROLS AND PROCEDURES. |
(a) | As of August 13, 2013, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (PEO) and Principal Financial Officer (PFO), to assess the effectiveness of the Registrants disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the Act), as amended. Based on that evaluation, the Registrants officers, including the PEO and PFO, concluded that, as of August 13, 2013, the Registrants disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is |
recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure. |
(b) | There have been no changes in the Registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by the report that has materially affected, or is reasonably likely to materially affect, the Registrants internal control over financial reporting. |
ITEM 12. | EXHIBITS. |
12(a) (1) | Not applicable. | |
12(a) (2) | Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940. | |
12(a) (3) | Not applicable. | |
12(b) | Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: Invesco Value Municipal Income Trust
By: | /s/ Philip A. Taylor | |
Philip A. Taylor | ||
Principal Executive Officer | ||
Date: | November 8, 2013 |
Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: | /s/ Philip A. Taylor | |
Philip A. Taylor | ||
Principal Executive Officer | ||
Date: | November 8, 2013 |
By: | /s/ Sheri Morris | |
Sheri Morris | ||
Principal Financial Officer | ||
Date: | November 8, 2013 |
EXHIBIT INDEX
12(a) (1) | Not applicable. | |
12(a) (2) | Certifications of principal executive officer and Principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940. | |
12(a) (3) | Not applicable. | |
12(b) | Certifications of principal executive officer and Principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940. |