N-Q - IIM
  OMB APPROVAL  
 

OMB Number: 3235-0578    

Expires: January 31, 2016

Estimated average burden

hours per response: 10.5

 

    

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

 

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)

 

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

 

Date of fiscal year end:

     2/28                    

 

Date of reporting period:      11/30/14          


Item 1. Schedule of Investments.


  

 

Invesco Value Municipal Income Trust

Quarterly Schedule of Portfolio Holdings

November 30, 2014

  

 

 

 

  

LOGO

     
  

invesco.com/us

   MS-CE-VMINC-QTR-1      11/14    Invesco Advisers, Inc.


Schedule of Investments

November 30, 2014

(Unaudited)

 

      Interest
Rate
     Maturity
Date
   Principal
Amount
(000)
     Value  

Municipal Obligations–122.05%(a)

           

Alabama–2.02%

           

Alabaster (City of) Board of Education;
Series 2014 A, Ltd. Special Tax GO Wts. (INS-AGM) (b)

     5.00%       09/01/39    $ 1,095       $ 1,237,952   

Series 2014 A, Ltd. Special Tax GO Wts. (INS-AGM) (b)

     5.00%       09/01/44      1,095         1,224,451   

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

     5.25%       07/01/30      3,600         4,016,592   

Birmingham (City of) Water Works Board; Series 2011, Water RB (INS-AGM) (b)(c)

     5.00%       01/01/36      8,575         9,748,575   

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

     5.00%       08/01/37      2,000         2,222,660   
                              18,450,230   

Alaska–0.63%

           

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

     5.50%       10/01/41      3,825         4,325,157   

Alaska (State of) Industrial Development & Export Authority (Snettisham Hydroelectric);
Series 1998, Power RB (INS-AMBAC) (b)(d)

     5.00%       01/01/27      1,400         1,401,428   
                              5,726,585   

Arizona–2.90%

           

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

     5.00%       03/01/41      2,065         2,218,409   

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

     5.00%       02/01/42      1,950         2,094,376   

Arizona (State of);
Series 2008 A, COP (INS-AGM) (b)

     5.00%       09/01/26      1,995         2,130,999   

Series 2008 A, COP (INS-AGM) (b)

     5.00%       09/01/27      1,605         1,709,951   

Glendale (City of) Industrial Development Authority (Midwestern University);
Series 2010, RB

     5.00%       05/15/35      1,000         1,098,820   

Series 2010, RB

     5.13%       05/15/40      1,000         1,108,420   

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

     5.00%       07/01/32      7,600         8,567,176   

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

     6.50%       07/01/34      435         488,444   

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

     5.00%       06/01/42      2,665         2,846,167   

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

     6.00%       07/01/33      1,000         1,009,620   

Yuma (City of) Industrial Development Authority (Regional Medical Center);
Series 2014 A, Hospital RB

     5.00%       08/01/32      850         957,559   

Series 2014 A, Hospital RB

     5.25%       08/01/32      2,000         2,299,220   
                              26,529,161   

California–17.83%

           

Alameda (County of) Joint Powers Authority (Juvenile Justice Refunding);
Series 2008 A, Lease RB (INS-AGM) (b)

     5.00%       12/01/24      3,145         3,509,443   

Alhambra Unified School District (Election of 2004);
Series 2009 B, Unlimited Tax CAB GO Bonds (INS-AGC) (b)(f)

     0.00%       08/01/35      3,010         1,226,455   

Series 2009 B, Unlimited Tax CAB GO Bonds (INS-AGC) (b)(f)

     0.00%       08/01/36      2,675         1,041,431   

Beverly Hills Unified School District (Election of 2008);
Series 2009, Unlimited Tax CAB GO Bonds (f)

     0.00%       08/01/26      2,720         1,975,264   

Series 2009, Unlimited Tax CAB GO Bonds (f)

     0.00%       08/01/31      5,270         2,964,586   

California (State of) Department of Water Resources;
Series 2008 H, Power Supply RB (INS-AGM) (b)

     5.00%       05/01/22      6,100         6,953,756   

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

     5.00%       11/15/36      4,750         5,334,107   

California (State of) Pollution Control Finance Authority;
Series 2012, Water Furnishing RB (d)(e)

     5.00%       07/01/27      1,190         1,299,766   

Series 2012, Water Furnishing RB (d)(e)

     5.00%       07/01/30      1,400         1,514,646   

Series 2012, Water Furnishing RB (d)(e)

     5.00%       07/01/37      3,075         3,303,688   

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

     5.00%       11/01/40      3,000         3,225,540   

 

See accompanying notes which are an integral part of this schedule.

Invesco Value Municipal Income Trust


      Interest
Rate
     Maturity
Date
     Principal
Amount
(000)
     Value  

California–(continued)

           

California (State of);
Series 2010, Various Purpose Unlimited Tax GO Bonds

     5.50%         03/01/40       $ 2,410       $ 2,772,416   

Series 2012, Various Purpose Unlimited Tax GO Bonds

     5.25%         04/01/35         4,135         4,819,342   

Series 2013, Various Purpose Unlimited Tax GO Bonds

     5.00%         04/01/37         1,800         2,042,172   

California Infrastructure & Economic Development Bank;
Series 2003 A, First Lien Bay Area Toll Bridges Seismic Retrofit RB (g)(h)

     5.00%         01/01/28         4,500         5,869,620   

Series 2003 A, First Lien Bay Area Toll Bridges Seismic Retrofit RB (c)(g)(h)

     5.00%         01/01/28         10,100         13,174,036   

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

     0.00%         08/01/29         1,360         790,690   

Dry Creek Joint Elementary School District (Election of 2008-Measure E);
Series 2009, Unlimited Tax CAB GO Bonds (f)

     0.00%         08/01/43         2,120         579,438   

Series 2009, Unlimited Tax CAB GO Bonds (f)

     0.00%         08/01/44         1,090         275,803   

Series 2009, Unlimited Tax CAB GO Bonds (f)

     0.00%         08/01/45         6,270         1,510,192   

Series 2009, Unlimited Tax CAB GO Bonds (f)

     0.00%         08/01/48         4,610         924,904   

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

     5.00%         06/01/36         4,440         5,110,440   

Eastern Municipal Water District; Series 2006 A, Water & Sewer Revenue COP (INS-NATL) (b)

     5.00%         07/01/32         5,000         5,283,500   

El Segundo Unified School District (Election of 2008);
Series 2009 A, Unlimited Tax CAB GO Bonds (f)

     0.00%         08/01/31         4,155         2,098,067   

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

     0.00%         08/01/32         3,165         1,502,457   

Golden State Tobacco Securitization Corp.;
Series 2007 A-1, Sr. Tobacco Settlement Asset-Backed RB

     4.50%         06/01/27         4,250         4,014,805   

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

     5.00%         06/01/33         4,825         3,997,947   

Series 2013 A, Enhanced Tobacco Settlement Asset-Backed RB

     5.00%         06/01/30         3,200         3,655,488   

Kern (County of) Board of Education; Series 2006 A, Ref. COP (INS-NATL) (b)

     5.00%         06/01/31         2,000         2,040,900   

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

     6.00%         05/15/18         9,000         10,498,590   

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

     5.00%         05/15/40         2,000         2,264,200   

Los Angeles (City of) Department of Water & Power;
Series 2012 A, Water System RB (c)

     5.00%         07/01/43         6,240         7,002,715   

Series 2012-B, Waterworks RB (c)

     5.00%         07/01/43         9,805         11,003,465   

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

     6.13%         11/01/29         1,000         1,272,180   

Menifee Union School District (Election of 2008);
Series 2009 C, Unlimited Tax CAB GO Bonds (INS-AGC) (b)(f)

     0.00%         08/01/34         1,665         694,355   

Series 2009 C, Unlimited Tax CAB GO Bonds (INS-AGC) (b)(f)

     0.00%         08/01/35         300         119,427   

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

     0.00%         08/01/29         3,350         1,851,947   

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

     0.00%         08/01/28         2,400         1,457,616   

Patterson Joint Unified School District (Election of 2008);
Series 2009 B, Unlimited Tax CAB GO Bonds (INS-AGM) (b)(f)

     0.00%         08/01/34         3,825         1,595,140   

Series 2009 B, Unlimited Tax CAB GO Bonds (INS-AGM) (b)(f)

     0.00%         08/01/35         4,120         1,640,131   

Series 2009 B, Unlimited Tax CAB GO Bonds (INS-AGM) (b)(f)

     0.00%         08/01/36         300         113,739   

Series 2009 B, Unlimited Tax CAB GO Bonds (INS-AGM) (b)(f)

     0.00%         08/01/37         1,785         647,134   

Poway Unified School District (Election of 2008 - School Facilities Improvement District
No. 2007-1);
Series 2009 A, Unlimited Tax CAB GO Bonds (f)

     0.00%         08/01/28         7,840         4,710,664   

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

     0.00%         08/01/31         8,475         4,371,320   

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

     5.00%         05/15/33         6,000         6,946,920   

Sacramento (County of) Sanitation Districts Financing Authority (Sacramento Regional County Sanitation District); Series 2006, RB (g)(h)

     5.00%         06/01/16         2,000         2,140,100   

Series 2006, RB (INS-NATL) (b)

     5.00%         12/01/36         655         693,252   

Series 2006, Ref. RB (g)(h)

     5.00%         06/01/16         2,345         2,509,267   

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

     0.00%         09/01/30         1,600         886,832   

San Juan Unified School District (Election of 2002); Series 2010, Unlimited Tax GO Bonds (INS-AGM) (b)

     5.00%         08/01/30         1,525         1,711,340   

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

     5.50%         09/01/32         595         671,291   

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

     0.00%         08/01/33         11,350         4,971,073   

 

See accompanying notes which are an integral part of this schedule.

Invesco Value Municipal Income Trust


      Interest
Rate
     Maturity
Date
     Principal
Amount
(000)
     Value  

California–(continued)

           

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

     0.00%         08/01/22       $ 525       $ 426,473   
                                  163,010,070   

Colorado–2.96%

           

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

     5.50%         01/01/35         8,100         9,604,980   

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

     6.00%         01/15/41         3,000         3,363,840   

Denver (City of) Convention Center Hotel Authority;
Series 2006, Ref. Sr. RB (INS-SGI) (b)

     5.00%         12/01/30         4,000         4,111,040   

Series 2006, Ref. Sr. RB (INS-SGI) (b)

     5.00%         12/01/35         1,500         1,535,160   

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

     5.00%         06/01/43         7,500         8,459,850   
                                  27,074,870   

Connecticut–0.43%

           

Connecticut (State of) Health & Educational Facilities Authority (Quinnipiac University);
Series 2007 K-1, RB (INS-NATL) (b)

     5.00%         07/01/24         275         308,418   

Series 2007 K-1, RB (INS-NATL) (b)

     5.00%         07/01/27         1,225         1,364,307   

Series 2007 K-2, RB (INS-NATL) (b)

     5.00%         07/01/25         2,000         2,238,560   
                                  3,911,285   

District of Columbia–5.73%

           

District of Columbia,
Series 2014 C, Unlimited Tax GO Bonds (c)

     5.00%         06/01/34         3,030         3,537,646   

Series 2014 C, Unlimited Tax GO Bonds (c)

     5.00%         06/01/35         6,060         7,042,568   

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

     5.00%         10/01/45         1,000         1,029,770   

District of Columbia Water & Sewer Authority;
Series 2008 A, Ref. Public Utility Sub. Lien RB (g)(h)

     5.00%         10/01/18         2,520         2,913,347   

Series 2008 A, Ref. Public Utility Sub. Lien RB (INS-AGC) (b)

     5.00%         10/01/29         625         695,456   

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

     5.00%         10/01/44         6,000         6,778,860   

District of Columbia;
Series 2006 B-1, Ballpark RB (INS-NATL) (b)

     5.00%         02/01/31         7,000         7,238,560   

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

     5.00%         06/01/26         3,260         3,673,759   

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

     5.00%         06/01/27         3,260         3,646,343   

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

     5.00%         06/01/28         6,520         7,241,177   

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

     5.25%         12/01/27         5,100         5,951,037   

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

     5.00%         10/01/53         2,510         2,653,773   
                                  52,402,296   

Florida–8.54%

           

Alachua (County of) Health Facilities Authority (Shands Teaching Hospital and Clinics);
Series 2014, RB

     5.00%         12/01/44         755         820,013   

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

     8.13%         11/15/41         1,000         1,159,860   

Broward (County of) Educational Facilities Authority (Nova Southeastern University);
Series 2006, RB (INS-AGC) (b)

     5.00%         04/01/31         3,000         3,078,000   

Cape Coral (City of);
Series 2011, Ref. Water & Sewer RB (INS-AGM) (b)

     5.00%         10/01/41         4,130         4,497,281   

Series 2011 A, Ref. Water & Sewer RB (INS-AGM) (b)

     5.00%         10/01/31         1,500         1,666,125   

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

     5.00%         06/01/21         4,890         5,762,131   

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

     7.75%         05/15/35         2,250         2,501,910   

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

     6.00%         04/01/42         1,250         1,450,275   

Florida (State of) Mid-Bay Bridge Authority; Series 2008 A, Ref. RB (INS-AGC) (b)

     5.00%         10/01/27         3,580         3,845,564   

Martin (County of) Health Facilities Authority (Martin Memorial Medical Center);
Series 2012, RB

     5.13%         11/15/32         4,000         4,331,720   

Series 2012, RB

     5.50%         11/15/32         1,100         1,217,007   

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

     5.00%         11/15/44         820         887,527   

 

See accompanying notes which are an integral part of this schedule.

Invesco Value Municipal Income Trust


      Interest
Rate
     Maturity
Date
     Principal
Amount
(000)
     Value  

Florida–(continued)

           

Miami Beach (City of); Series 2000, Water & Sewer RB (INS-AMBAC) (b)

     5.75%         09/01/25       $ 865       $ 868,988   

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

     6.00%         07/01/38         2,000         2,296,520   

Miami-Dade (County of) Educational Facilities Authority (University of Miami); Series 2008 A, RB (INS-BHAC) (b)

     5.50%         04/01/38         1,900         2,006,419   

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

     5.00%         07/01/35         3,415         3,803,729   

Miami-Dade (County of);
Series 2005 A, Sub. Special Obligation RB (INS-NATL) (b)

     5.00%         10/01/30         1,000         1,081,800   

Series 2010, Water & Sewer System RB (INS-AGM) (b)

     5.00%         10/01/39         4,500         5,088,195   

Series 2012 A, Ref. Aviation RB (d)

     5.00%         10/01/28         2,000         2,242,680   

Series 2012 B, Ref. Sub. Special Obligation RB

     5.00%         10/01/32         1,000         1,116,210   

Series 2012 B, Ref. Sub. Special Obligation RB

     5.00%         10/01/35         1,575         1,744,250   

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

     5.00%         01/01/31         7,500         8,577,750   

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

     5.00%         11/01/43         2,030         2,144,045   

Palm Beach (County of) Health Facilities Authority (Sinai Residences of Boca Raton);
Series 2014 C, Principal Redemption RB

     6.00%         06/01/21         325         353,961   

Palm Beach (County of) Solid Waste Authority;
Series 2009, Improvement RB (INS-BHAC) (b)

     5.50%         10/01/23         3,050         3,596,408   

Series 2011, Ref. RB (c)

     5.00%         10/01/31         2,790         3,234,782   

Port St. Lucie (City of); Series 2009, Ref. Utility System RB (INS-AGC) (b)

     5.00%         09/01/29         3,000         3,341,280   

Tampa (City of) Sports Authority; Series 2005, Ref. Sales Tax RB (INS-AGM) (b)

     5.00%         01/01/26         5,335         5,364,609   
                                  78,079,039   

Georgia–1.50%

           

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

     5.00%         01/01/35         5,390         6,050,922   

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

     5.00%         10/01/42         510         557,104   

Metropolitan Atlanta Rapid Transit Authority; Series 2007 B, Ref. Third Indenture Sales Tax RB (INS-AGM) (b)

     5.00%         07/01/34         3,100         3,374,784   

Private Colleges & Universities Authority (Mercer University);
Series 2012 A, RB

     5.00%         10/01/32         1,220         1,314,647   

Series 2012 A, RB

     5.25%         10/01/27         2,170         2,412,758   
                                  13,710,215   

Hawaii–1.88%

           

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

     5.50%         07/01/43         3,000         3,428,640   

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

     5.00%         08/01/28         1,775         2,020,323   

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

     5.00%         11/01/29         10,000         11,783,100   
                                  17,232,063   

Idaho–1.30%

           

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

     5.00%         07/01/35         5,000         5,390,900   

Idaho (State of) Housing & Finance Association (Federal Highway Trust Fund);
Series 2008 A, Grant & RAB (INS-AGC) (b)

     5.25%         07/15/24         2,500         2,808,625   

Series 2008 A, Grant & RAB (INS-AGC) (b)

     5.25%         07/15/25         3,310         3,703,725   
                                  11,903,250   

Illinois–13.08%

           

Bourbonnais (Village of) (Olivet Nazarene University);
Series 2013, Industrial Project RB

     5.00%         11/01/44         1,030         1,085,311   

Series 2013, Industrial Project RB

     5.50%         11/01/42         1,000         1,104,480   

Chicago (City of) (Midway Airport);
Series 2013 A, Ref. Second Lien RB (d)

     5.50%         01/01/31         2,280         2,599,702   

Series 2013 B, Ref. Second Lien RB

     5.00%         01/01/25         1,550         1,802,030   

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

     5.00%         01/01/41         1,100         1,185,283   

 

See accompanying notes which are an integral part of this schedule.

Invesco Value Municipal Income Trust


      Interest
Rate
    Maturity
Date
     Principal
Amount
(000)
     Value  

Illinois–(continued)

          

Chicago (City of) (O’Hare International Airport); Series 2005 A, Third Lien General Airport RB (INS-NATL) (b)

     5.25     01/01/25       $ 8,000       $ 8,389,280   

Chicago (City of) Transit Authority (FTA Section 5309 Fixed Guideway Modernization Formula Funds);
Series 2008, Capital Grant Receipts RB (INS-AGC) (b)

     5.25     06/01/25         775         856,088   

Series 2008, Capital Grant Receipts RB (INS-AGC) (b)

     5.25     06/01/26         3,105         3,416,618   

Chicago (City of) Transit Authority;
Series 2011, Sales Tax Receipts RB (c)

     5.25     12/01/36         7,490         8,474,710   

Series 2014, Sales Tax Receipts RB

     5.00     12/01/44         3,270         3,679,665   

Chicago (City of);
Series 2001 A, Ref. Project Unlimited Tax GO Bonds (INS-NATL) (b)

     5.56     01/01/21         2,000         2,105,780   

Series 2001 A, Ref. Project Unlimited Tax GO Bonds (INS-NATL) (b)

     5.58     01/01/22         2,000         2,096,360   

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

     5.00     01/01/37         5,705         5,927,096   

Series 2008, Ref. Second Lien Water RB (INS-AGM) (b)

     5.00     11/01/27         940         1,042,836   

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

     5.00     01/01/30         1,000         1,112,210   

Series 2014, Second Lien Waterworks RB

     5.00     11/01/44         765         839,962   

Cook (County of) Forest Preserve District;
Series 2012 B, Ref. Limited Tax GO Bonds (c)

     5.00     12/15/32         2,460         2,729,542   

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

     5.00     12/15/37         2,460         2,712,273   

DeKalb County Community Unit School District No. 428;
Series 2008, Unlimited Tax GO Bonds (INS-AGM) (b)

     5.00     01/01/24         210         232,021   

Series 2008, Unlimited Tax GO Bonds (INS-AGM) (b)

     5.00     01/01/27         1,845         2,026,124   

Series 2008, Unlimited Tax GO Bonds (INS-AGM) (b)

     5.00     01/01/28         305         334,073   

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

     5.00     09/01/39         1,250         1,324,175   

Illinois (State of) Finance Authority (Lutheran Home & Services); Series 2012, Ref. RB

     5.50     05/15/27         2,000         2,136,020   

Illinois (State of) Finance Authority (Northwestern Memorial Hospital);
Series 2009 B, RB

     5.38     08/15/24         2,100         2,402,673   

Series 2009 B, RB

     5.75     08/15/30         2,000         2,318,620   

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

     6.75     08/15/33         1,430         1,567,309   

Illinois (State of) Finance Authority (Swedish American Hospital); Series 2004, RB (INS-AMBAC) (b)

     5.00     11/15/31         3,000         3,005,100   

Illinois (State of) Finance Authority (Swedish Covenant Hospital);
Series 2010 A, Ref. RB

     5.75     08/15/29         2,000         2,232,840   

Series 2010 A, Ref. RB

     6.00     08/15/38         1,165         1,313,281   

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

     5.25     10/01/52         3,720         4,177,485   

Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion);
Series 2002 B, Ref. RB (INS-NATL) (b)

     5.30     06/15/18         3,000         3,337,260   

Series 2012 B, RB (c)

     5.00     12/15/28         8,625         9,810,247   

Illinois (State of) Sports Facilities Authority;
Series 2014, Ref. RB (INS-AGM) (b)

     5.25     06/15/31         1,060         1,195,214   

Series 2014, Ref. RB (INS-AGM) (b)

     5.25     06/15/32         965         1,085,606   

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

     5.00     01/01/38         12,300         13,750,785   

Illinois (State of);
Series 2013, Unlimited Tax GO Bonds (INS-AGM) (b)

     5.25     07/01/29         1,880         2,081,799   

Series 2014, Unlimited Tax GO Bonds

     5.00     04/01/30         985         1,065,494   

Series 2014, Unlimited Tax GO Bonds

     5.00     05/01/33         1,000         1,069,340   

Series 2014, Unlimited Tax GO Bonds

     5.00     05/01/36         1,000         1,058,910   

Series 2014, Unlimited Tax GO Bonds

     5.25     02/01/33         1,100         1,195,414   

Railsplitter Tobacco Settlement Authority; Series 2010, RB

     5.50     06/01/23         4,090         4,811,844   

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

     5.75     06/01/21         4,000         4,904,600   
                                 119,595,460   

Indiana–2.58%

          

Indiana (State of) Finance Authority (I-69 Section 5);
Series 2014, Tax-Exempt RB (d)

     5.00     09/01/46         1,310         1,401,241   

Series 2014, Tax-Exempt RB (d)

     5.25     09/01/34         765         848,110   

Series 2014, Tax-Exempt RB (d)

     5.25     09/01/40         1,090         1,196,809   

Indiana (State of) Finance Authority (Ohio River Bridges East End Crossing);
Series 2013, Private Activity RB (d)

     5.00     07/01/40         3,365         3,572,318   

 

See accompanying notes which are an integral part of this schedule.

Invesco Value Municipal Income Trust


      Interest
Rate
     Maturity
Date
   Principal
Amount
(000)
     Value  

Indiana–(continued)

           

Series 2013 A, Private Activity RB (d)

     5.00%       07/01/35    $ 500       $ 533,040   

Series 2013 A, Private Activity RB (d)

     5.00%       07/01/48      510         539,529   

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

     5.00%       06/01/39      3,325         3,488,656   

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

     5.00%       02/01/30      9,000         10,348,830   

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

     6.75%       01/01/34      1,500         1,715,160   
                              23,643,693   

Iowa–2.03%

           

Iowa (State of) (IJOBS Program);
Series 2009 A, Special Obligation RB (c)(i)

     5.00%       06/01/25      5,140         5,912,336   

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

     5.00%       06/01/26      3,850         4,428,501   

Iowa (State of) Finance Authority (Western Home); Series 2012, Ref. Health Care Facilities RB

     5.00%       12/01/27      905         947,191   

Iowa (State of);
Series 2001, Vision Special Fund RB (INS-NATL) (b)

     5.50%       02/15/19      3,600         4,238,244   

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

     5.50%       02/15/20      2,500         3,001,625   
                              18,527,897   

Kansas–0.74%

           

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

     5.50%       11/15/29      1,510         1,735,050   

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

     6.38%       05/15/43      1,500         1,625,280   

Wyandotte (County of) & Kansas City (City of) Unified Government; Series 2009 A, Utility System Improvement RB (INS-BHAC) (b)

     5.25%       09/01/34      3,000         3,383,640   
                              6,743,970   

Kentucky–1.91%

           

Kentucky (State of) Economic Development Finance Authority (Owensboro Medical Health System, Inc.);
Series 2010 A, Hospital RB

     6.00%       06/01/30      2,500         2,879,550   

Series 2010 B, Ref. Hospital RB

     6.38%       03/01/40      1,585         1,830,374   

Kentucky (State of) Property & Buildings Commission (No. 93); Series 2009, Ref. RB (INS-AGC) (b)

     5.25%       02/01/28      4,000         4,541,000   

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

     5.75%       07/01/49      1,000         1,140,680   

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

     5.00%       07/01/28      3,140         3,699,893   

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

     5.50%       10/01/33      3,000         3,423,330   
                              17,514,827   

Louisiana–1.25%

           

Lafayette (City of) Public Trust Financing Authority (Ragin’ Cajun Facilities, Inc. - Housing & Parking); Series 2010, RB (INS-AGM) (b)

     5.50%       10/01/35      4,500         5,018,085   

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

     5.00%       12/01/44      650         712,445   

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

     5.00%       12/01/30      1,000         1,125,180   

Tobacco Settlement Financing Corp.;
Series 2013 A, Ref. Asset-Backed RB

     5.25%       05/15/31      745         821,184   

Series 2013 A, Ref. Asset-Backed RB

     5.25%       05/15/32      1,410         1,568,879   

Series 2013 A, Ref. Asset-Backed RB

     5.25%       05/15/33      1,190         1,318,318   

Series 2013 A, Ref. Asset-Backed RB

     5.50%       05/15/30      745         827,345   
                              11,391,436   

Massachusetts–2.95%

           

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

     5.50%       11/15/36      15,820         18,405,621   

Massachusetts (State of) Development Finance Agency (Massachusetts Institute of Technology); Series 2009 O, RB (c)(g)(h)

     5.50%       07/01/18      5,120         5,979,187   

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

     5.25%       08/01/31      2,000         2,558,040   
                              26,942,848   

 

See accompanying notes which are an integral part of this schedule.

Invesco Value Municipal Income Trust


      Interest
Rate
     Maturity
Date
     Principal
Amount
(000)
     Value  

Michigan–1.05%

           

Detroit (City of); Series 2006 C, Ref. Second Lien Water Supply System RB (INS-AGM) (b)

     5.00%         07/01/26       $ 1,475       $ 1,504,662   

Michigan (State of) Finance Authority (Detroit Water & Sewerage Department);
Series 2014-C-1, Sewer Disposal Ref. Senior Lien RB

     5.00%         07/01/44         1,095         1,151,031   

Series 2014-D-4, Water Supply Ref. RB

     5.00%         07/01/29         550         607,041   

Series 2014-D-6, Water Supply Ref. RB

     5.00%         07/01/33         550         598,235   

Wayne State University Board of Governors;
Series 2008, Ref. General RB (INS-AGM) (b)

     5.00%         11/15/25         760         855,175   

Series 2008, Ref. General RB (INS-AGM) (b)

     5.00%         11/15/29         2,835         3,166,440   

Western Michigan University Board of Trustees; Series 2008, General RB (INS-AGM) (b)

     5.00%         11/15/23         1,575         1,764,283   
                                  9,646,867   

Minnesota–0.56%

           

Minneapolis (City of) (Fairview Health Services);
Series 2005 D, Health Care System RB (INS-AMBAC) (b)

     5.00%         11/15/30         1,000         1,022,060   

Series 2005 D, Health Care System RB (INS-AMBAC) (b)

     5.00%         11/15/34         4,000         4,080,560   
                                  5,102,620   

Missouri–1.33%

           

Kansas City (City of) Industrial Development Authority (Downtown Redevelopment District);
Series 2011 A, Ref. RB

     5.50%         09/01/24         825         979,201   

Series 2011 A, Ref. RB

     5.50%         09/01/25         1,445         1,703,611   

Series 2011 A, Ref. RB

     5.50%         09/01/27         980         1,142,827   

Missouri (State of) Joint Municipal Electric Utility Commission (Plum Point);
Series 2006, Power Project RB (g)(h)

     5.00%         01/01/16         2,000         2,102,700   

Series 2006, Power Project RB (g)(h)

     5.00%         01/01/16         2,500         2,628,375   

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         2,111,660   

Series 2013 A, Senior Living Facilities RB

     5.50%         09/01/33         1,375         1,518,550   
                                  12,186,924   

Montana–0.25%

           

Montana (State of) Facility Finance Authority (Benefit Health System Obligated Group);
Series 2011 A, Hospital RB (INS-AGC) (b)

     5.75%         01/01/31         2,000         2,276,620   

Nebraska–0.98%

           

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

     5.00%         09/01/32         4,690         5,147,416   

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

     5.00%         05/15/44         1,000         1,082,230   

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

     5.00%         11/01/32         2,500         2,722,375   
                                  8,952,021   

Nevada–2.34%

           

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

     5.25%         07/01/39         2,000         2,255,760   

Clark (County of); Series 1992 B, Limited Tax GO Bonds (INS-AMBAC) (b)

     6.50%         06/01/17         4,000         4,579,800   

Nevada (State of); Series 2008 C, Capital Improvement & Cultural Affairs Limited Tax GO Bonds (INS-AGM) (b)(c)

     5.00%         06/01/26         13,000         14,550,120   
                                  21,385,680   

New Jersey–3.32%

           

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

     5.88%         06/01/42         1,975         2,184,172   

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

     5.38%         01/01/43         1,000         1,091,950   

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

     5.50%         09/01/24         3,390         4,033,117   

New Jersey (State of) Educational Facilities Authority (Rowan University); Series 2008 B, Ref. RB (INS-AGC) (b)

     5.00%         07/01/26         510         567,620   

 

See accompanying notes which are an integral part of this schedule.

Invesco Value Municipal Income Trust


      Interest
Rate
     Maturity
Date
     Principal
Amount
(000)
     Value  

New Jersey–(continued)

           

New Jersey (State of) Transportation Trust Fund Authority;
Series 2005 C, Transportation System RB (g)(h)

     5.25%         06/15/15       $ 4,000       $ 4,112,160   

Series 2006 C, Transportation System CAB RB (INS-AGC) (b)(f)

     0.00%         12/15/26         14,305         9,059,643   

Tobacco Settlement Financing Corp.;
Series 2007 1A, Asset-Backed RB

     4.50%         06/01/23         2,175         2,175,044   

Series 2007 1A, Asset-Backed RB

     4.63%         06/01/26         4,445         4,098,690   

Series 2007 1A, Asset-Backed RB

     5.00%         06/01/29         3,525         3,039,043   
                                  30,361,439   

New York–11.05%

           

Long Island Power Authority;
Series 2004-A, RB (INS-AMBAC) (b)

     5.00%         09/01/34         250         250,813   

Series 2011 A, Electric System General RB (INS-AGM) (b)

     5.00%         05/01/36         4,955         5,485,829   

Metropolitan Transportation Authority;
Series 2010 D, RB

     5.00%         11/15/34         3,000         3,321,060   

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

     5.00%         11/15/27         10,000         11,935,500   

New York (City of) Municipal Water Finance Authority;
Series 2005 C, Water & Sewer System RB (INS-NATL) (b)

     5.00%         06/15/27         1,000         1,025,640   

Series 2012 FF, Water & Sewer System RB (c)

     5.00%         06/15/45         10,545         11,685,547   

New York (City of) Transitional Finance Authority;
Series 2013, Sub. Future Tax Sec. RB (c)

     5.00%         11/01/38         4,500         5,152,635   

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

     5.00%         02/01/37         6,845         7,767,501   

Subseries 2013 I, Future Tax Sec. RB

     5.00%         05/01/38         1,465         1,667,053   

New York (State of) Dormitory Authority (City of New York);
Series 2005 A, Court Facilities Lease RB (INS-AMBAC) (b)

     5.50%         05/15/28         2,900         3,737,346   

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

     5.50%         05/15/29         2,455         3,192,801   

New York (State of) Dormitory Authority (Montefiore Medical Center); Series 2004, Hospital RB (INS-NATL) (b)

     5.00%         08/01/29         2,000         2,013,400   

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

     5.50%         07/01/31         1,040         1,342,130   

New York (State of) Dormitory Authority;
Series 2004 A, Hospital Insured Mortgage RB (INS-AGM) (b)

     5.25%         08/15/19         1,100         1,108,470   

Series 2007 A, Mental Health Services Facilities Improvement RB (INS-AGM) (b)

     5.00%         02/15/27         500         541,915   

Series 2013 A, General Purpose Personal Income Tax RB

     5.00%         02/15/37         1,000         1,131,770   

Series 2014 C, Personal Income Tax RB (c)

     5.00%         03/15/40         4,840         5,512,615   

New York (State of) Energy Research & Development Authority (Brooklyn Union Gas Co.); Series 1996, Gas Facilities RB (INS-NATL) (b)

     5.50%         01/01/21         5,000         5,021,400   

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

     5.00%         03/15/25         1,725         1,983,854   

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         5,259,928   

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

     5.00%         12/15/31         10,000         11,857,200   

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

     5.00%         11/15/44         4,385         4,474,629   

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

     5.00%         09/15/40         4,900         5,566,988   
                                  101,036,024   

North Carolina–0.87%

           

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         5,499,392   

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

     5.00%         06/01/36         2,250         2,478,960   
                                  7,978,352   

Ohio–2.87%

           

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

     5.00%         05/01/42         3,300         3,604,194   

American Municipal Power, Inc. (Prairie State Energy Campus);
Series 2008 A, RB (INS-AGC) (b)(c)

     5.25%         02/15/33         2,500         2,751,625   

Cleveland (City of);
Series 2008 B-1, Public Power System CAB RB (INS-NATL) (b)(f)

     0.00%         11/15/26         3,545         2,336,864   

Series 2008 B-1, Public Power System CAB RB (INS-NATL) (b)(f)

     0.00%         11/15/28         3,845         2,285,545   

Series 2008 B-1, Public Power System CAB RB (INS-NATL) (b)(f)

     0.00%         11/15/38         2,800         954,884   

 

See accompanying notes which are an integral part of this schedule.

Invesco Value Municipal Income Trust


      Interest
Rate
     Maturity
Date
     Principal
Amount
(000)
     Value  

Ohio–(continued)

           

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

     6.50%         01/01/34       $ 1,000       $ 1,065,580   

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

     5.25%         07/01/33         2,000         1,797,000   

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

     5.50%         06/01/42         3,000         3,311,880   

Ohio (State of) Air Quality Development Authority (FirstEnergy Generation Corp.);
Series 2009 A, RB

     5.70%         08/01/20         1,350         1,557,104   

Series 2009 C, Ref. PCR

     5.63%         06/01/18         2,000         2,225,400   

Ohio (State of) Higher Educational Facility Commission (Summa Health System); Series 2010, Hospital Facilities RB

     5.75%         11/15/35         2,000         2,220,960   

Ohio (State of) Water Development Authority (FirstEnergy Nuclear Generation Corp.);
Series 2009 A, Ref. PCR (h)

     5.88%         06/01/16         1,980         2,122,639   
                                  26,233,675   

Oregon–0.51%

           

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

     5.00%         05/01/40         1,570         1,731,946   

Oregon (State of) Department of Administrative Services;
Series 2005 B, COP (g)(h)

     5.00%         11/01/15         1,120         1,169,952   

Series 2005 B, COP (g)(h)

     5.00%         11/01/15         1,685         1,760,151   
                                  4,662,049   

Pennsylvania–2.00%

           

Delaware (County of) Industrial Development Authority (Aqua Pennsylvania, Inc.); Series 2005 A, Water Facilities RB (INS-NATL) (b)(d)

     5.00%         11/01/37         3,500         3,605,840   

Pennsylvania (State of) Economic Development Financing Authority (Waste Management, Inc.); Series 2004 A, Solid Waste Disposal RB (h)

     3.70%         05/01/15         4,000         4,061,760   

Pennsylvania (State of) Turnpike Commission; Subseries 2014 A-2, Sub. Conv. CAB RB (j)

     5.13%         12/01/39         1,500         1,023,075   

Philadelphia (City of);
Series 1998, Ref. Water & Wastewater RB (INS-AMBAC) (b)

     5.25%         12/15/14         2,565         2,570,310   

Series 2009 B, Limited Tax GO Bonds (g)(h)

     7.13%         07/15/16         1,750         1,943,515   

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

     5.13%         09/01/23         4,500         5,106,780   
                                  18,311,280   

Puerto Rico–0.21%

           

Puerto Rico Sales Tax Financing Corp.; First Subseries 2010 C, RB

     5.25%         08/01/41         2,585         1,885,266   

South Carolina–2.06%

           

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

     5.75%         01/01/34         7,410         8,503,345   

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

     5.25%         08/01/30         4,450         5,056,624   

South Carolina (State of) Public Service Authority (Santee Cooper); Series 2006 A, RB (g)(h)

     5.00%         01/01/16         5,000         5,261,300   
                                  18,821,269   

Tennessee–0.43%

           

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

     5.00%         08/15/42         1,000         1,078,140   

Memphis Center City Revenue Finance Corp. (Pyramid & Pinch District Redevelopment);
Series 2011 B, Sub. RB (INS-AGM) (b)

     5.25%         11/01/30         2,475         2,841,671   
                                  3,919,811   

Texas–11.56%

           

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

     5.00%         08/15/34         4,895         5,591,656   

Amarillo Health Facilities Corp. (Baptist St. Anthony’s Hospital Corp.);
Series 1998, RB (g)

     5.50%         01/01/16         3,020         3,190,147   

Series 1998, RB (g)

     5.50%         01/01/17         5,075         5,597,268   

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

     5.00%         11/15/42         1,490         1,678,887   

Series 2013 A, Ref. Water & Wastewater System RB

     5.00%         11/15/43         1,000         1,124,240   

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

     6.13%         04/01/45         2,000         2,306,000   

 

See accompanying notes which are an integral part of this schedule.

Invesco Value Municipal Income Trust


      Interest
Rate
     Maturity
Date
   Principal
Amount
(000)
     Value  

Texas–(continued)

           

Friendswood Independent School District; Series 2008, Schoolhouse Unlimited Tax GO Bonds (CEP-Texas Permanent School Fund)

     5.00%       02/15/27    $ 2,285       $ 2,535,436   

Harris (County of) Metropolitan Transit Authority;
Series 2011 A, Sales & Use Tax RB (c)

     5.00%       11/01/36      3,305         3,769,121   

Series 2011 A, Sales & Use Tax RB (c)

     5.00%       11/01/41      3,000         3,389,820   

Harris County Health Facilities Development Corp. (TECO); Series 2008, Thermal Utility RB (INS-AGC) (b)

     5.25%       11/15/24      2,160         2,447,539   

Harris County Health Facilities Development Corp. (Texas Medical Center Central Heating and Cooling Services Corp.); Series 2008, Thermal Utility RB (INS-AGC) (b)

     5.00%       11/15/27      1,840         2,058,408   

Houston (City of) Convention & Entertainment Facilities Department;
Series 2001 B, Hotel Occupancy Tax & Special CAB RB (INS-AGM) (b)(f)

     0.00%       09/01/26      3,975         2,611,972   

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

     0.00%       09/01/27      5,015         3,099,771   

Houston Community College System;
Series 2008, Sr. Lien Student Fee RB (INS-AGM) (b)

     4.50%       04/15/27      225         243,036   

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

     5.00%       04/15/25      1,910         2,145,083   

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

     5.00%       04/15/26      1,330         1,480,130   

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

     5.00%       02/15/42      2,700         2,888,244   

Humble Independent School District; Series 2008 A, School Building Unlimited Tax GO Bonds (INS-AGC) (b)

     5.00%       02/15/26      285         318,619   

Lower Colorado River Authority;
Series 2001, Ref. RB (INS-AGM) (b)

     5.00%       05/15/26      965         968,320   

Series 2002, Ref. & Improvement RB (INS-NATL) (b)

     5.00%       05/15/31      6,515         6,536,239   

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

     6.25%       02/15/19      1,450         1,654,581   

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

     6.50%       01/01/43      1,000         1,095,280   

North Texas Tollway Authority;
Series 2008 D, Ref. First Tier System CAB RB (INS-AGC) (b)(f)

     0.00%       01/01/28      16,400         9,929,216   

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

     0.00%       01/01/29      2,725         1,572,489   

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

     0.00%       01/01/31      3,550         1,865,099   

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

     5.00%       02/01/38      2,405         2,709,521   

San Jacinto River Authority (Groundwater Reduction Plan Division);
Series 2011, Special Project RB (INS-AGM) (b)

     5.00%       10/01/32      2,265         2,499,541   

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

     5.00%       10/01/37      2,475         2,701,685   

Texas (State of) Transportation Commission; Series 2012 A, Ref. First Tier Turnpike System RB

     5.00%       08/15/41      1,000         1,079,870   

Texas (State of) Turnpike Authority (Central Texas Turnpike System); Series 2002, First Tier CAB RB (INS-BHAC) (b)(f)

     0.00%       08/15/27      7,000         4,539,920   

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

     6.25%       12/15/26      5,370         6,608,752   

Texas Municipal Gas Acquisition & Supply Corp. III;
Series 2012, Gas Supply RB

     5.00%       12/15/28      3,025         3,345,257   

Series 2012, Gas Supply RB

     5.00%       12/15/29      2,000         2,204,360   

Series 2012, Gas Supply RB

     5.00%       12/15/31      1,200         1,312,944   

Series 2012, Gas Supply RB

     5.00%       12/15/32      1,125         1,220,265   

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

     7.00%       12/31/38      1,250         1,552,388   

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

     5.00%       02/15/33      2,500         2,743,750   

Victoria Independent School District;
Series 2008, School Building Unlimited Tax GO Bonds (CEP-Texas Permanent School Fund)

     5.00%       02/15/24      1,920         2,146,483   

Series 2008, School Building Unlimited Tax GO Bonds (CEP-Texas Permanent School Fund)

     5.00%       02/15/25      815         910,045   
                              105,671,382   

Utah–1.25%

           

Utah (State of) Transit Authority; Series 2008 A, Sales Tax RB (INS-AGM) (b)(c)

     5.00%       06/15/36      10,325         11,478,199   

Virgin Islands–0.30%

           

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

     5.00%       10/01/29      2,500         2,747,025   

Virginia–2.12%

           

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

     5.25%       07/15/22      3,000         3,390,810   

 

See accompanying notes which are an integral part of this schedule.

Invesco Value Municipal Income Trust


      Interest
Rate
     Maturity
Date
   Principal
Amount
(000)
     Value  

Virginia–(continued)

           

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

     5.00%       07/01/33    $ 2,500       $ 2,763,700   

Roanoke (City of) Industrial Development Authority (Carilion Health System);
Series 2005, Hospital RB (g)(h)

     5.00%       07/01/20      35         41,733   

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

     5.00%       07/01/38      2,365         2,569,951   

Virginia (State of) Small Business Financing Authority (Elizabeth River Crossings Opco, LLC);
Series 2012, Sr. Lien RB (d)

     5.50%       01/01/42      3,355         3,651,549   

Series 2012, Sr. Lien RB (d)

     6.00%       01/01/37      855         972,870   

Virginia (State of) Small Business Financing Authority (Express Lanes, LLC);
Series 2012, Sr. Lien RB (d)

     5.00%       07/01/34      3,855         4,078,667   

Series 2012, Sr. Lien RB (d)

     5.00%       01/01/40      1,810         1,892,301   
                              19,361,581   

Washington–4.74%

           

Cowlitz (County of) Public Utility District No. 1; Series 2006, Production System RB (INS-NATL) (b)

     5.00%       09/01/31      10,000         10,596,800   

Grant (County of) Public Utility District No. 2;
Series 2005 A, Ref. Wanapum Hydro Electric RB (g)(h)

     5.00%       01/01/15      950         954,256   

Seattle (Port of); Series 2012 A, Ref. Intermediate Lien RB

     5.00%       08/01/32      2,500         2,867,150   

Spokane County School District No. 81; Series 2005, Unlimited Tax GO Bonds (g)(h)

     5.13%       06/01/15      2,500         2,563,550   

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

     5.25%       06/01/31      1,900         2,086,713   

Washington (State of); Series 2004 F, Motor Vehicle Fuel Unlimited Tax CAB GO Bonds (INS-AMBAC) (b)(f)

     0.00%       12/01/29      5,100         3,276,495   

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

     5.00%       08/01/29      8,995         10,242,337   

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

     5.00%       08/01/30      9,460         10,771,818   
                              43,359,119   

West Virginia–0.48%

           

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         4,410,040   

Wisconsin–1.51%

           

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

     5.00%       06/01/39      5,000         5,474,150   

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

     5.50%       05/01/34      2,000         2,095,780   

Wisconsin (State of) Public Finance Authority (Roseman University of Health Sciences);
Series 2012, RB

     5.50%       04/01/32      1,155         1,242,907   

Wisconsin (State of); Series 2009 A, General Fund Annual Appropriation RB

     5.63%       05/01/28      4,235         4,995,860   
                              13,808,697   

TOTAL INVESTMENTS(k)–122.05% (Cost $1,013,640,569)

                            1,115,985,135   

FLOATING RATE NOTE OBLIGATIONS–(23.49)%

           

Notes with interest and fee rates ranging from 0.53% to 0.82% at 11/30/14 and contractual maturities of collateral ranging from 06/01/25 to 10/01/52 (See Note 1D)(l)

                            (214,785,000)   

VARIABLE RATE MUNI TERM PREFERRED SHARES–(15.64)%

                            (143,022,900)   

OTHER ASSETS LESS LIABILITIES–17.08%

              156,170,632   

NET ASSETS APPLICABLE TO COMMON SHARES–100.00%

                          $ 914,347,867   

 

See accompanying notes which are an integral part of this schedule.

Invesco Value Municipal Income Trust


Investment Abbreviations:

AGC

  

—Assured Guaranty Corp.

  

Ltd.

 

—Limited

AGM

  

—Assured Guaranty Municipal Corp.

  

NATL

 

—National Public Finance Guarantee Corp.

AMBAC

  

—American Municipal Bond Assurance Corp.

  

PCR

 

— Pollution Control Revenue Bonds

BHAC

  

—Berkshire Hathaway Assurance Corp.

  

RAB

 

—Revenue Anticipation Bonds

CAB

  

—Capital Appreciation Bonds

  

RB

 

—Revenue Bonds

CEP

  

—Credit Enhancement Provider

  

Ref.

 

—Refunding

Conv.

  

—Convertible

  

Sec.

 

—Secured

COP

  

—Certificates of Participation

  

SGI

 

—Syncora Guarantee, Inc.

FTA

  

—Federal Transit Administration

  

Sr.

 

—Senior

GO

  

—General Obligation

  

Sub.

 

—Subordinated

INS

  

—Insurer

  

Wts.

 

—Warrants

Jr.

  

—Junior

    

Notes to Schedule of Investments:

 

(a) 

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

(b) 

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

(c) 

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

(d) 

Security subject to the alternative minimum tax.

(e) 

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 November 30, 2014 was $14,648,663, which represented 1.60% of the Trust’s Net Assets.

(f) 

Zero coupon bond issued at a discount.

(g) 

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

(h) 

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

(i) 

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 $6,050,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the Dealer Trusts.

(j) 

Convertible CAB. The interest rate shown represents the coupon rate at which the bond will accrue at a specified future date.

(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 issuer’s obligations but may be called upon to satisfy the issuer’s obligations.

 

Entities    Percentage

Assured Guaranty Municipal Corp.

   16.0%

National Public Finance Guarantee Corp.

   8.3

Assured Guaranty Corp.

   6.5
(l) 

Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at November 30, 2014. At November 30, 2014, the Trust’s investments with a value of $372,999,715 are held by Dealer Trusts and serve as collateral for the $214,785,000 in the floating rate note obligations outstanding at that date.

 

See accompanying notes which are an integral part of this schedule.

Invesco Value Municipal Income Trust


Notes to Quarterly Schedule of Portfolio Holdings

November 30, 2014

(Unaudited)

NOTE 1 — Significant Accounting Policies

 

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 Trust’s 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.

The Trust may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain of the Trust’s investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s 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 (net of withholding tax, if any) 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.

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 Trust’s net asset value and, accordingly, they reduce the Trust’s 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 issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees 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.

 

Invesco Value Municipal Income Trust


D.

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.

Recently published final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”) prohibit banking entities from engaging in proprietary trading of certain instruments and limit such entities’ investments in, and relationships with, “covered funds.” These rules may preclude banking entities from sponsoring and/or providing services for existing TOB trust programs. There can be no assurances that TOB trusts can be restructured substantially similar to their present form, that new sponsors of TOB trusts would begin providing these services, or that alternative forms of leverage will be available to the Trust in order to maintain current levels of leverage. Any alternative forms of leverage may be less advantageous to the Trust, and may adversely affect the Trust’s net asset value, distribution rate and ability to achieve its investment objective. The ultimate impact of these rules on the TOBs market and the municipal market generally is not yet certain.

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 Trust’s 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 expenses related to floating rate obligations and any administrative expenses of the Dealer Trusts 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 Trust’s 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.

E.

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 Trust’s 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.

 

Invesco Value Municipal Income Trust


NOTE 2 — Additional Valuation Information

Generally Accepted Accounting Principles (“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 investment’s 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 Trust’s 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 November 30, 2014, 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.

NOTE 3 — Investment 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 nine months ended November 30, 2014 was $128,136,166 and $109,494,659, 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

   $ 102,323,723   

Aggregate unrealized (depreciation) of investment securities

     (941,581

Net unrealized appreciation of investment securities

   $     101,382,142   

Cost of investments for tax purposes is $1,014,602,993.

  

 

Invesco Value Municipal Income Trust


Item 2. Controls and Procedures.

 

  (a) As of November 21, 2014, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (“Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of November 21, 2014, the Registrant’s disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

 

  (b) There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

 

Item 3. Exhibits.

Certifications of PEO and PFO as required by Rule 30a-2(a) 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:       January 29, 2015

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:     January 29, 2015
By:  

  /s/ Sheri Morris

    Sheri Morris
    Principal Financial Officer
Date:       January 29, 2015


EXHIBIT INDEX

Certifications of Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”) as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended.