N-CSR 1 d138563dncsr.htm N-CSR - IIM N-CSR - IIM

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-CSR

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-06590

 

 

Invesco Value Municipal Income Trust

(Exact name of registrant as specified in charter)

 

 

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

(Address of principal executive offices) (Zip code)

 

 

Sheri Morris

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

(Name and address of agent for service)

 

 

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

Date of fiscal year end: 2/28

Date of reporting period: 2/28/21

 

 

 


ITEM 1.

Report to Stockholders.


LOGO

 

Annual Report to Shareholders   

February 28, 2021

 

 

Invesco Value Municipal Income Trust

 

NYSE: IIM

  

 

 

 

LOGO


 

Management’s Discussion of Trust Performance

 

   

Performance summary

For the year ended February 28, 2021, Invesco Value Municipal Income Trust (the Trust), at net asset value (NAV), outperformed its style-specific benchmark, the S&P Municipal Bond 5+ Year Investment Grade Index. The Trust’s return can be calculated based on either the market price or the NAV of its shares. NAV per share is determined by dividing the value of the Trust’s portfolio securities, cash and other assets, less all liabilities and preferred shares, by the total number of common shares outstanding. Market price reflects the supply and demand for Trust shares. As a result, the two returns can differ, as they did during the year.

 

 

 
   

Performance

        
 

Total returns, 2/29/20 to 2/28/21

  
   

Trust at NAV

     1.11
   

Trust at Market Value

     5.45  
   

S&P Municipal Bond Indexq (Broad Market Index)

     1.22  
   

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

     0.95  
   

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

     0.51  
   

Market Price Discount to NAV as of 2/28/21

     -5.93  
 

Source(s): qRIMES Technologies Corp.; Lipper Inc.

  
   

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

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

 

 

 

 

 

Market conditions and your Trust

The broad municipal bond market experienced positive returns for the seventh consecutive year in 2020, even despite the unexpected twist of the coronavirus (COVID-19) global pandemic that pierced the markets and forced society to navigate unchartered waters in March 2020.

Investment-grade municipal bonds returned 1.06%, high-yield municipal bonds returned 1.27%, and taxable municipal bonds returned 0.43% during 2020.1

The year 2020 began with an unexpected major market shift as the global spread of COVID-19 ignited macroeconomic concerns. Significant equity market sell-offs incited a flight to quality that caused a strong municipal rally in February 2020. In March, however, a flight to cash caused extreme volatility and price declines across the municipal market.

Municipal funds averaged about $10 billion per week in outflows during March.2 Total fund outflows were $21 billion for the first quarter of 2020, with the majority in the high-yield segment.2 High-yield municipal funds generally hold anywhere from 30% to 60% of their portfolios in investment-grade securities. As a result, funds sold both high-yield and investment-grade securities into a distressed market to meet shareholder

redemptions. This led to price declines across the municipal universe.

Continued uncertainty regarding COVID-19 and its economic effects caused other major dislocations in the marketplace, including with respect to US Treasuries. Near the end of March, 10-year AAA-rated† municipals traded at yields that were roughly 370% of the yield on comparable maturity US Treasuries – well above the historical norm of approximately 90%.3

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted at the end of March, gave the US Federal Reserve (the Fed) the ability to invest in programs or facilities established by the Fed which included the Municipal Liquidity Facility (MLF). The CARES Act also provided $150 billion for state and local governments and established the Disaster Relief Fund.

The Fed cut the federal funds rate twice in 2020 during unscheduled emergency meetings in March in response to COVID-19, consisting of a half of a percentage and a whole percentage point leaving the target range from 0.00% to 0.25%.4

Investors continued to sell municipal bonds in April amid disruption from the COVID-19 pandemic. However, May and June saw municipal bond performance improve despite ongoing market turmoil. As April began, many states maintained quarantines with

 

indeterminate timelines for closures of non-essential businesses.

  Throughout the summer months, the municipal market began to rebound with gains that erased the earlier 2020 losses. The municipal market continued to benefit from federal support from the MLF which enabled two issuers per state, city, or county to use proceeds from the sale of notes to service their debt payments. While only two issuers accessed the MLF, the State of Illinois and the Metropolitan Transportation Authority, we believe the availability of the program provided a psychological safety net for the market.

  As the COVID-19 pandemic continued into fall and winter, most states saw cases rise amid colder weather and holiday gatherings, which led to renewed restrictions on non-essential businesses and had a negative effect on the economy. Attention moved to the US Presidential election and medical advancements toward a vaccine.

  We believe the election of Joe Biden and Kamala Harris, aligned with a Democrat-controlled Congress, could benefit municipal bonds given their stated support for numerous initiatives, including a larger stimulus bill and an infrastructure package, as well as health care and tax reform.

  A highly demanded second stimulus package was signed at the end of 2020. The $900 billion Omnibus Spending and COVID Relief Deal included funding for small businesses, the unemployed, and health care workers.

  In December, several pharmaceutical companies reported long-awaited breakthroughs and a vaccine with 95% effectiveness was approved for widespread distribution, significantly improving both investor and public sentiment.

  New municipal issuance totaled $465 billion for the year, up 3% from the previous year’s $449 billion. Taxable municipals played a significant role in this increase in 2020, having 43% of new issuance.5 This uptick can be attributed to recent changes in tax laws. Municipalities are no longer able to refinance existing debt with new tax-exempt debt, thus causing an uptrend in taxable municipal issuance.

  Municipal credits have a long history of low default rates as many provide essential services to all Americans. Most municipal issuers were in strong financial shape heading into the COVID-19 pandemic. Despite speculation, a flurry of downgrades has not yet occurred, mainly because most issuers have a rainy-day fund or cash on hand for difficult times. Though there could be small, isolated pockets of defaults in the future, we believe the vast majority of municipal bonds will stay current on principal and interest, as history has shown.

  At the close of the year, the House passed the $1.9 trillion American Rescue Plan Act of 2021. Subsequent to the year end, on

 

 

2                    Invesco Value Municipal Income Trust


March 11, 2021, this bill was signed into law. The US Food and Drug Administration issued an emergency use authorization for a third vaccine. February also brought $34 billion in supply, higher than the average supply for the last 5 years for the month.

  During the year, security selection in AA-rated and non-rated bonds contributed to the Trust’s performance relative to its style-specific benchmark. Security selection in intermediate and longer maturity bonds (6.00 years and greater) also contributed to the Trust’s relative performance compared to its style-specific index. At the sector level, security selection in industrial development revenue/pollution control revenue contributed to the Trust’s relative return. On a state level, security selection in Illinois issues benefited the Trust’s relative performance.

  Conversely, security selection in B-rated bonds detracted from the Trust’s performance relative to its style-specific benchmark during the year. The Trust’s allocation to lower and intermediate coupon bonds (3.99% and less) also detracted from its relative performance. On a state level, security selection in Connecticut, Nevada, and Texas holdings detracted from the Trust’s relative performance, as well.

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

  Over the year, leverage contributed to the Trust’s performance relative to its style-specific benchmark. The Trust achieved a leveraged position through the use of inverse floating rate securities and variable rate muni term preferred (VMTP) shares. Inverse floating rate securities or tender option bonds are instruments that have an inverse relationship to a referenced interest rate. VMTPs are a variable rate form of preferred stock with a mandatory redemption date. Inverse floating rate securities and VMTPs can be an efficient way to manage duration, yield curve exposure and credit exposure, potentially enhancing yield. At the close of the year, leverage accounted for 37% of the Trust’s total assets and it contributed to returns. For more information about the Trust’s use of leverage, see the Notes to Financial Statements later in this report.

  We wish to remind you that the Trust is subject to interest rate risk, meaning when interest rates rise, the value of fixed-income securities tends to fall. The risk may be greater in the current market environment because interest rates are near historic lows.

The degree to which the value of fixed-income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates, as well as individual security characteristics, such as price, maturity, duration and coupon and market forces, such as supply and demand for similar securities. We are monitoring interest rates, as well as the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise or fall faster than expected, markets may experience increased volatility, which may affect the value and/or liquidity of certain of the Trust’s investments.

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

1 Source: Bloomberg Barclays

2 Source: Strategic Insight

3 Source: US Department of the Treasury

4 Source: US Federal Reserve

5 Source: The Bond Buyer

† A credit rating is an assessment provided by a NRSRO of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. For more information on rating methodology, please visit www.standardandpoors.com and select “Understanding Ratings” under Rating Resources on the homepage; www.fitchratings.com and select “Understanding Credit Ratings” from the drop-down menu on the homepage; and www.moodys.com and select “Methodology,” then “Rating Methodologies” under Research Type on the left-hand side.

 

 

Portfolio manager(s):

Jack Connelly

Tim O’Reilly

Mark Paris

Jim Phillips

John Schorle

Julius Williams

On March 12, 2021, Josh Cooney and Rebecca Setcavage were added to the Trust’s portfolio management team.

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

these insights may help you understand our investment management philosophy.

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

 

 

3                    Invesco Value Municipal Income Trust


 

Your Trust’s Long-Term Performance

Results of a $10,000 Investment

Trust and index data from 2/28/11

 

LOGO

1 Source: Lipper Inc.

2 Source: RIMES Technologies Corp.

 

Past performance cannot guarantee future results.

Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Trust distributions or sale of Trust shares.

    

    

 

 

4                    Invesco Value Municipal Income Trust


 

 Average Annual Total Returns

 

 As of 2/28/21

                 
       NAV            Market      

 10 Years

     7.15%         7.25%   

   5 Years

     4.77            3.00      

   1 Year

     1.11            5.45      

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance.

    Performance figures do not reflect deduction of taxes a shareholder would pay on Trust distributions or sale of Trust shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

 

 

5                    Invesco Value Municipal Income Trust


 

Supplemental Information

 

Unless otherwise stated, information presented in this report is as of February 28, 2021, and is based on total net assets applicable to common shares.

 

Unless otherwise noted, all data provided by Invesco.

 

To access your Trust’s reports, visit invesco.com/fundreports.

 

 

About indexes used in this report

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

 

 

Changes to the Trust’s Governing Documents

On August 13, 2020, the Trust’s Board of Trustees (the “Board”) approved changes to the Trust’s Amended and Restated Agreement and Declaration of Trust (the “Declaration of Trust”) and the Trust’s Amended and Restated Bylaws (the “Bylaws”). The following is a summary of certain of these changes.

 

 

Declaration of Trust

The Trust’s Declaration of Trust was amended to provide as follows:

 

A Majority Trustee Vote is required on all Board actions, including amendments to the Declaration of Trust. “Majority Trustee Vote” means (a) with respect to a vote of the Board, a vote of the majority of the Trustees then in office, and a separate vote of a majority of the Continuing Trustees; and (b) with respect to a vote of a committee or sub-committee of the Board, a vote of the majority of the members of such committee or sub-committee, and a separate vote of a majority of the Continuing Trustees that are members of such committee or sub-committee. “Continuing Trustee” means a Trustee who either (a) has been a member of the Board for a period of at least thirty-six months (or since the commencement of the Trust’s operations, if less than thirty-six months) or (b) was nominated to serve as a member of the Board by a majority of the Continuing Trustees then members of the Board.

 

Any Trustee may only be removed for cause, including but not limited to (i) willful misconduct, dishonesty, or fraud on the part of the Trustee in the conduct of his or her office; (ii) failing to meet, on a continuous basis, the Trustee Qualifications (as defined below); or (iii) being indicted for, pleading guilty to or being convicted of a felony, in each case only by a written instrument signed by at least 75% of the number of Trustees prior to such removal (not including the Trustee(s) for which removal is being sought), specifying the date when such removal shall become effective.

 

In the event of a vacancy on the Board, the size of the Board is automatically reduced by the number of vacancies (but not to less than two) until the Board maintains or increases the size of the Board.

 

The following Trustee Qualifications are imposed on all nominees and current Trustees, whether or not nominated by a third party:

(a) An individual who is an Affiliated Person of any:

(1) Investment Adviser (other than the Trust’s Investment Adviser or any Investment Adviser affiliated with the Trust’s Investment Adviser);

(2) Pooled Vehicle (as defined below) (other than a Pooled Vehicle advised or managed by the Trust’s Investment Adviser or any Investment Adviser affiliated with the Trust’s Investment Adviser); or

 

6                    Invesco Value Municipal Income Trust


(3) Entity Controlling, Controlled by, or under common Control with, any Investment Adviser (other than the Trust’s Investment Adviser or any Investment Adviser affiliated with the Trust’s Investment Adviser) or Pooled Vehicle (other than a Pooled Vehicle advised or managed by the Trust’s Investment Adviser or any Investment Adviser affiliated with the Trust’s Investment Adviser);

shall be disqualified from being nominated or serving as a Trustee, if the Board determines by Majority Trustee Vote (excluding the vote of any Trustee subject to such vote) that such relationship is reasonably likely to:

(1) Present undue conflicts of interest between (i) the Trust and its Shareholders, and (ii) such other Investment Adviser or Pooled Vehicle;

(2) Impede the ability of the individual to discharge the duties of a Trustee; and/or

(3) Impede the free flow of information (including proprietary, non-public or confidential information) between the Trust’s Investment Adviser and the Board.

(b) An individual who:

(1) Is a 12(d) Control Person (as defined below);

(2) Is an Affiliated Person of a 12(d) Holder (as defined below) or 12(d) Control Person; or

(3) Has accepted directly or indirectly any consulting, advisory, or other compensatory fee from any 12(d) Holder or 12(d) Control Person;

shall be disqualified from being nominated or serving as a Trustee.

(c) An individual who serves as a trustee or director of 5 or more issuers (including the Trust) having securities registered under the Securities Exchange Act of 1934 (the “Exchange Act”) (for these purposes, investment companies or individual series thereof having the same Investment Adviser as the Trust or any Investment Adviser affiliated with the Trust’s Investment Adviser shall be counted as a single issuer) shall be disqualified from being nominated or serving as a Trustee.

(d) An individual who has been subject to any censure, order, consent decree or adverse final action of any federal, state, or foreign governmental or regulatory authority barring or suspending such individual from participation in or association with any investment-related business or restricting such individual’s activities with respect to any investment-related business, been the subject of any investigation or proceeding that could reasonably be expected to result in an individual nominated or serving as a Trustee failing to satisfy the requirements of this paragraph, or is or has been engaged in any conduct which has resulted in, or could have reasonably been expected or would reasonably be expected to result in, the Securities and Exchange Commission (“SEC”) censuring, placing limitations on the activities, functions, or operation of, suspending, or revoking the registration of any Investment Adviser under Section 203(e) or (f) of the Investment Advisers Act of 1940 shall be disqualified from being nominated or serving as a Trustee.

(e) An individual who is or has been the subject of any of the ineligibility provisions contained in Section 9(b) of the Investment Company Act of 1940 (the “1940 Act”) that would permit, or could reasonably have been expected or would reasonably be expected to permit the SEC by order to prohibit, conditionally or unconditionally, either permanently or for a period of time, such individual from servicing or acting as an employee, officer, trustee, director, member of an advisory board, Investment Adviser or depositor of, or principal underwriter for, a registered investment company or Affiliated Person of such Investment Adviser, depositor, or principal underwriter shall be disqualified from being nominated or serving as a Trustee.

For purposes of the foregoing, the following definitions apply:

“12(d) Control Person” means any person who Controls, is Controlled by, or under common Control with, a 12(d) Holder (solely for purposes of this definition, an Investment Adviser shall be deemed to Control any investment company that it advises, including any collective investment vehicle that would be an investment company but for the exception provided by Section 3(c)(1) or (7) of the 1940 Act);

“12(d) Holder” is defined as an investment company (including, for purposes of (1) below, any collective investment vehicle that would be an investment company but for the exception provided by Section 3(c)(1) or (7) of the 1940 Act) that in the aggregate owns, directly or indirectly through any companies Controlled by the 12(d) Holder, of record or beneficially as defined in Rule 13d-3 and 13d-5 of the Securities Act of 1934:

(1) More than three percent (3%) of the outstanding voting Shares of the Trust;

(2) Securities issued by the Trust having an aggregate value in excess of five percent (5%) of the total assets of such investment company or of any company or companies Controlled by such investment company;

(3) Securities issued by the Trust and by all other investment companies having an aggregate value in excess of ten percent (10%) of the total assets of the investment company making such investment or any company or companies Controlled by the investment company making such investment;

(4) Together with other investment companies having the same Investment Adviser and companies Controlled by such investment companies, more than ten percent (10%) of the total outstanding Shares of the Trust; or

(5) For an investment company operating as a “fund of funds” pursuant to Section 12(d)(1)(F) of the 1940 Act, together with all Affiliated Persons of such investment company, more than three percent (3%) of the outstanding voting Shares of the Trust (solely for purposes of determining an “Affiliated Person” for purposes of this definition, an Investment Adviser shall be deemed to Control any investment company that it advises, including any collective investment vehicle that would be an investment company but for the exception provided by Section 3(c)(1) or 3(c)(7) of the 1940 Act).

“Pooled Vehicle” means (i) any issuer meeting the definition of an “investment company” in Section 3(a) of the 1940 Act, or (ii) any person that would meet the definition of an investment company but for the exceptions in Section 3(c) of the 1940 Act.

 

7                    Invesco Value Municipal Income Trust


 

Bylaws

The Trust’s Bylaws were amended to provide as follows:

 

At all meetings of the Board, one-half (50%) of the Trustees then in office, including one-half (50%) of the Continuing Trustees (but in no event fewer than two Trustees), shall constitute a quorum for the transaction of business. At all meetings of any committee or sub-committee, one-half (50%) of the committee members or sub-committee members, including one-half (50%) of the committee members or sub-committee members who are Continuing Trustees (but in no event fewer than two Trustees), shall constitute a quorum for the transaction of business. Business transacted at any meeting of Shareholders shall be limited to (a) the purpose stated in the notice, (b) the adjournment of such meeting in accordance with the relevant provisions of the Bylaws, and (c) solely with respect to annual meetings, such other matters as are permitted to be presented at the meeting in accordance with the relevant provisions of the Bylaws.

 

A majority of the outstanding Shares entitled to vote at a Shareholders’ meeting, which are present in person or represented by proxy, shall constitute a quorum at the Shareholders’ meeting, except when a larger quorum is required by applicable law or the requirements of any securities exchange on which Shares are listed for trading, in which case such quorum shall comply with such requirements. Quorum shall be determined with respect to the meeting as a whole regardless of whether particular matters have achieved the requisite vote for approval, but the presence or absence of a quorum shall not prevent any adjournment at the meeting pursuant to the relevant provisions of the Bylaws.

 

When a quorum is present at any meeting, the vote of the shares as set forth in the Declaration of Trust shall decide any question brought before such meeting, unless a different vote is required by the express provision of applicable law, the Declaration of Trust, the Bylaws or other governing instrument of the Trust, in which case such express provision shall govern and control the decision of such question. Notwithstanding the foregoing, and whether or not a quorum is present, the vote of the holders of one-third (1/3) of the shares cast, or the chair of the meeting in his or her discretion, shall have the power to adjourn a meeting of the Shareholders with regard to a particular proposal scheduled to be voted on at such meeting or to adjourn such meeting entirely.

 

The matters to be considered and brought before any annual meeting of Shareholders of the Trust shall be limited to only such matters, including the nomination and election of Trustees, as shall be brought properly before such meeting in compliance with the procedures set forth in the Bylaws. For any matter to be properly brought before any annual meeting of Shareholders, the matter must be (among other requirements specified in the Bylaws), brought before the annual meeting in the manner specified in the Bylaws by a Record Owner at the time of the giving of notice, on the record date for such meeting and at the time of the meeting, or a Shareholder (a “Nominee Holder”) that holds voting securities entitled to vote at meetings of Shareholders through a nominee or “street name” holder of record and can demonstrate to the Trust such indirect ownership and such Nominee Holder’s entitlement to vote such securities, and is a Nominee Holder at the time of the giving of notice provided for in the Bylaws, on the record date for such meeting and at the time of the meeting, with proof of such ownership or holding reasonably satisfactory to the Trust to be provided by such Record Owner or Nominee Holder at each such aforementioned time.

 

Any Shareholder desiring to nominate any person(s) for election as a Trustee shall deliver, as part of such Shareholder Notice, a statement in writing with respect to the person(s) to be nominated, together with any persons to be designated as a proposed substitute nominee in the event that a proposed nominee is unwilling or unable to serve, including by reason of any disqualification (a “Proposed Nominee”) setting forth all information required by the Bylaws, including each Proposed Nominee’s written representation that he or she agrees to complete, execute, and return to the Trust within 5 business days of receipt the Trust’s form of trustee questionnaire and any supplemental information reasonably requested by the Trust.

 

Any Shareholder who gives a Shareholder Notice of any matter proposed to be brought before an annual meeting or to elect Proposed Nominees shall deliver, as part of such Shareholder Notice, all statements and representations required by the Bylaws, including: 1) a statement in writing with respect to the Shareholder and the beneficial owner, if any, on whose behalf the proposal is being made setting forth, among other requirements, the number and class of all Shares which the Shareholder has the right to acquire pursuant to any agreement or upon exercise of conversion rights or warrants, or otherwise (including any derivative or short positions, profit interests, options or similar rights, and borrowed or loaned shares); and 2) an agreement to return to the Trust within 5 business days of receipt such other information as the Board may reasonably request.

 

To be considered a qualified representative of the Shareholder, a Person must be a duly authorized officer, manager or partner of such Shareholder, as evidenced by an incumbency certificate executed by the corporate secretary (or other duly authorized officer) of the Shareholder, or must be authorized by a writing executed by such Shareholder delivered by such Shareholder to act for such Shareholder as proxy at the meeting of Shareholders, and such Person must deliver a copy of such incumbency certificate or writing to the secretary of the meeting.

 

Only such matters shall be conducted at a special meeting of Shareholders as shall have been brought before the meeting pursuant to the Trust’s notice of meeting. Nominations of individuals for election to the Board may be made at a special meeting of Shareholders at which Trustees are to be elected: 1) pursuant to the Trust’s notice of meeting; 2) by or at the direction of the Board; or 3) provided that the Board has determined that Trustees shall be elected at such special meeting, and such special meeting shall meet all of the requirements with respect to annual meetings as if such special meeting were an annual meeting.

 

Provisions in the Bylaws regarding advance notice of Shareholder Nominees for Trustee and other Shareholder proposals shall not apply to Shareholder proposals made pursuant to Rule 14a-8 under the Exchange Act. Notwithstanding the forgoing, no Shareholder proposal may be brought before an annual meeting, whether submitted pursuant to the applicable provisions of the Bylaws or Rule 14a-8 under the Exchange Act, unless Shareholders have power to vote on the Shareholder proposal, or the subject matter of the Shareholder proposal, pursuant to the Declaration of Trust, irrespective of whether such Shareholder proposal is submitted as a precatory recommendation to the Board.

 

No person shall be eligible for election as a Trustee of the Trust unless nominated in accordance with the procedures set forth in the Bylaws.

The Trust’s Declaration of Trust and Bylaws contain other provisions, including all requirements for the conduct of shareholder meetings, and are available in their entirety upon request to the Trust’s Secretary, c/o Invesco Advisers, Inc., 1555 Peachtree Street NE, Atlanta, GA 30309.

 

                                                                                           

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

 

 

8                    Invesco Value Municipal Income Trust


 

Dividend Reinvestment Plan

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

 

 

 

Plan benefits

  Add to your account:

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

  Low transaction costs:

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

  Convenience:

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

  Safekeeping:

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

 

 

Who can participate in the Plan

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

 

 

How to enroll

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

 

 

How the Plan works

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

  1.

Premium: If the Trust is trading at a premium – a market price that is higher than its NAV –you’ll pay either the NAV or 95 percent of

 

the market price, whichever is greater. When the Trust trades at a premium, you may pay less for your reinvested shares than an investor purchasing shares on the stock exchange. Keep in mind, a portion of your price reduction may be taxable because you are receiving shares at less than market price.

  2.

Discount: If the Trust is trading at a discount – a market price that is lower than its NAV – you’ll pay the market price for your reinvested shares.

 

 

Costs of the Plan

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

 

 

Tax implications

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

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

 

 

How to withdraw from the Plan

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

  1.

If you opt to continue to hold your non-certificated whole shares (Investment Plan Book Shares), they will be held by the Agent electronically as Direct Registration Book-Shares (Book-Entry Shares) and fractional shares will be sold at the then-current market price. Proceeds will be sent via check to your address of record after deducting applicable fees, including per share fees such as any applicable brokerage commissions the Agent is required to pay.

  2.

If you opt to sell your shares through the Agent, we will sell all full and fractional shares and send the proceeds via check to your address of record after deducting a $2.50 service fee and per share fees. Per share fees include any applicable brokerage commissions the Agent is required to pay.

  3.

You may sell your shares through your financial adviser through the Direct Registration System (DRS). DRS is a service within the securities industry that allows Trust shares to be held in your name in electronic format. You retain full ownership of your shares, without having to hold a share certificate. You should contact your financial adviser to learn more about any restrictions or fees that may apply.

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

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

 

 

 

9                    Invesco Value Municipal Income Trust


Fund Information

 

Portfolio Composition

 

By credit sector    % of total investments

Revenue Bonds

   76.9%          

General Obligation Bonds

   11.5             

Pre-Refunded Bonds

   11.3             

Other

     0.3             

Top Five Debt Holdings

 

            % of total net assets
1.    North Texas Tollway Authority, Series 2008 D, Ref. RB    1.9%          
2.    New Jersey (State of) Transportation Trust Fund Authority, Series 2006 C, RB    1.7             
3.    Illinois (State of) Toll Highway Authority, Series 2013 A, RB    1.7             
4.    New York (State of) Utility Debt Securitization Authority, Series 2013 TE, RB    1.5             
5.    New York (City of), NY Municipal Water Finance Authority, Series 2012 FF, RB    1.5             

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

Data presented here are as of February 28, 2021.

 

 

 

10                    Invesco Value Municipal Income Trust


Schedule of Investments

February 28, 2021

 

     Interest
Rate
  Maturity
Date
     Principal
Amount
(000)
     Value  

 

 

Municipal Obligations–157.76%(a)

          

Alabama–1.33%

          

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

     5.00 %        11/15/2046      $       4,500      $        5,331,150  

 

 

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

          

Series 2016, RB

     5.25     06/01/2025        630        650,752  

 

 

Series 2016, RB

     5.75     06/01/2045        20        20,618  

 

 

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

     5.00     09/01/2046        2,400        3,373,248  

 

 

Tuscaloosa (County of), AL Industrial Development Authority (Hunt Refining);
Series 2019 A, Ref. IDR(c)

     5.25     05/01/2044        860        979,119  

 

 
             10,354,887  

 

 

Alaska–0.59%

          

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

     5.50     10/01/2041        4,465        4,550,996  

 

 

Arizona–4.16%

          

Arizona (State of) Health Facilities Authority (Catholic Healthcare West);
Series 2011 B-2, RB(d)(e)

     5.00     03/01/2021        0        0  

 

 

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

     5.00     02/01/2042        4,450        4,585,102  

 

 

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

     5.00     12/01/2042        1,905        2,142,249  

 

 

Arizona (State of) Industrial Development Authority; Series 2020 A, RB(c)

     5.00     12/15/2050        405        444,621  

 

 

Arizona (State of) Industrial Development Authority (Great Laked Senior Living Community);

          

Series 2019 A, RB

     5.00     01/01/2036        1,650        1,609,393  

 

 

Series 2019 A, RB

     4.25     01/01/2039        100        86,829  

 

 

Series 2019 B, RB

     5.13     01/01/2054        85        63,997  

 

 

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

     5.00     07/01/2037        680        701,230  

 

 

City of Phoenix Civic Improvement Corp.; Series 2020-XM0924, RB(b)

     5.00     07/01/2044        2,005        2,546,129  

 

 

Glendale (City of), AZ Industrial Development Authority (The Beatitudes Campus);

          

Series 2017, Ref. RB

     5.00     11/15/2031        1,220        1,332,203  

 

 

Series 2017, Ref. RB

     5.00     11/15/2045        980        1,047,199  

 

 

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

     5.00     02/15/2048        700        796,495  

 

 

Maricopa (County of), AZ Industrial Development Authority (Legacy Traditional Schools); Series 2019, Ref. RB(c)

     5.00     07/01/2054        550        615,466  

 

 

Mesa (City of), AZ; Series 2013, RB(b)(d)(e)

     5.00     07/01/2022        7,600        8,085,564  

 

 

Phoenix (City of), AZ Industrial Development Authority (Legacy Traditional Schools); Series 2014 A, RB(c)

     6.50     07/01/2034        435        503,391  

 

 

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

     5.00     06/01/2042        2,665        2,757,929  

 

 

Pima (County of), AZ Industrial Development Authority (American Leadership Academy); Series 2019, Ref. RB(c)

     5.00     06/15/2052        360        377,208  

 

 

Pima (County of), AZ Industrial Development Authority (Grande Innovations Academy); Series 2018, RB(c)

     5.25     07/01/2048        1,175        1,203,364  

 

 

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

          

Series 2014 A, RB

     5.00     08/01/2032        1,050        1,171,296  

 

 

Series 2014 A, RB

     5.25     08/01/2032        2,000        2,254,720  

 

 
             32,324,385  

 

 

California–21.14%

          

Alhambra Unified School District (Election of 2004);

          

Series 2009 B, GO Bonds (INS - AGC)(f)(g)

     0.00     08/01/2035        3,010        2,245,490  

 

 

Series 2009 B, GO Bonds (INS - AGC)(f)(g)

     0.00     08/01/2036        2,675        1,931,671  

 

 

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

     5.00     04/01/2056        2,325        2,719,925  

 

 

Beverly Hills Unified School District (Election of 2008);

          

Series 2009, GO Bonds(g)

     0.00     08/01/2026        2,720        2,592,894  

 

 

Series 2009, GO Bonds(g)

     0.00     08/01/2031        5,270        4,423,585  

 

 

California (County of), CA Tobacco Securitization Agency; Series 2020 A, Ref. RB

     4.00     06/01/2039        250        294,770  

 

 

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  

 

 

California–(continued)

          

California (State of);

          

Series 2012, GO Bonds

     5.25 %        04/01/2035      $       4,135      $        4,351,591  

 

 

Series 2013, GO Bonds

     5.00     04/01/2037        1,800        1,965,744  

 

 

Series 2020-XM0909, GO Bonds(b)

     3.00     11/01/2050        2,350        2,461,437  

 

 

California (State of) Community Housing Agency (Annadel Apartments);
Series 2019 A, RB(c)

     5.00     04/01/2049        835        941,888  

 

 

California (State of) Housing Finance Agency; Series 2019 A-2, RB

     4.00     03/20/2033        496        557,081  

 

 

California (State of) Infrastructure & Economic Development Bank;
Series 2003 A, RB(d)(e)

     5.00     01/01/2028        4,500        5,708,835  

 

 

California (State of) Municipal Finance Authority (Bella Mente Montessori Academy); Series 2018 A, RB(c)

     5.00     06/01/2048        195        214,089  

 

 

California (State of) Municipal Finance Authority (CHF-Davis I, LLC - West Village Student Housing); Series 2018, RB

     5.00     05/15/2035        1,245        1,488,771  

 

 

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

     5.00     12/31/2037        2,000        2,394,020  

 

 

California (State of) Municipal Finance Authority (United Airlines, Inc.);
Series 2019, Ref. RB(h)

     4.00     07/15/2029        1,680        1,883,549  

 

 

California (State of) Municipal Finance Authority (William Jessup University);
Series 2019, Ref. RB

     5.00     08/01/2039        250        273,875  

 

 

California (State of) Pollution Control Finance Authority;

          

Series 2012, RB(c)(h)

     5.00     07/01/2027        1,135        1,216,448  

 

 

Series 2012, RB(c)(h)

     5.00     07/01/2030        1,400        1,497,860  

 

 

Series 2012, RB(c)(h)

     5.00     07/01/2037        3,075        3,264,635  

 

 

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

          

Series 2014, RB

     5.25     12/01/2044        755        829,171  

 

 

Series 2016 A, RB(c)

     5.00     12/01/2041        1,275        1,428,854  

 

 

Series 2016 A, RB(c)

     5.25     12/01/2056        995        1,113,803  

 

 

California (State of), CA Tobacco Securitization Agency (Alameda County Tobacco Asset Securitization Corp.); Series 2006 C, RB(g)

     0.00     06/01/2055        10,335        816,878  

 

 

California (State of), CA Tobacco Securitization Agency (Los Angeles County Securitization Corp.);

          

Series 2020 B-1, Ref. RB

     5.00     06/01/2049        100        120,276  

 

 

Series 2020 B-2, Ref. RB(g)

     0.00     06/01/2055        1,680        321,233  

 

 

California Infrastructure & Economic Development Bank;

          

Series 2003 A, RB(b)(d)(e)

     5.00     01/01/2028        6,700        8,515,834  

 

 

Series 2003 A, RB(b)(d)(e)

     5.00     01/01/2028        3,300        4,194,366  

 

 

California State University; Series 2020-XM0923, RB(b)

     5.00     11/01/2048        2,080        2,574,042  

 

 

Clovis Unified School District (Election of 2004); Series 2004 A, GO Bonds
(INS - NATL)(f)(g)

     0.00     08/01/2029        1,360        1,179,759  

 

 

CSCDA Community Improvement Authority; Series 2021, RB(c)

     4.00     08/01/2056        505        546,582  

 

 

CSCDA Community Improvement Authority (Jefferson-Anaheim Social Bonds);
Series 2021-A, RB(c)

     3.13     08/01/2056        840        772,800  

 

 

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

          

Series 2009, GO Bonds(g)

     0.00     08/01/2043        2,120        1,120,441  

 

 

Series 2009, GO Bonds(g)

     0.00     08/01/2044        1,090        553,884  

 

 

Series 2009, GO Bonds(g)

     0.00     08/01/2045        6,270        3,064,588  

 

 

Series 2009, GO Bonds(g)

     0.00     08/01/2048        4,610        2,027,017  

 

 

El Segundo Unified School District (Election of 2008);

          

Series 2009 A, GO Bonds(g)

     0.00     08/01/2031        4,155        3,423,429  

 

 

Series 2009 A, GO Bonds(g)

     0.00     08/01/2032        3,165        2,531,937  

 

 

Golden State Tobacco Securitization Corp.;

          

Series 2013 A, RB

     5.00     06/01/2030        3,200        3,462,944  

 

 

Series 2018 A-1, Ref. RB

     5.00     06/01/2035        1,375        1,664,341  

 

 

Series 2018 A-1, Ref. RB

     5.00     06/01/2047        1,595        1,649,996  

 

 

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

          

Series 2012 A, RB(b)

     5.00     07/01/2043        6,240        6,621,763  

 

 

Series 2012 B, RB(b)

     5.00     07/01/2043        9,805        10,404,870  

 

 

Menifee Union School District (Election of 2008);

          

Series 2009 C, GO Bonds (INS - AGC)(f)(g)

     0.00     08/01/2034        1,665        1,233,016  

 

 

Series 2009 C, GO Bonds (INS - AGC)(f)(g)

     0.00     08/01/2035        300        214,740  

 

 

Moreland School District (Crossover Series 14); Series 2006 C, Ref. GO Bonds
(INS - AMBAC)(f)(g)

     0.00     08/01/2029        3,350        2,927,933  

 

 

M-S-R Energy Authority;

          

Series 2009 B, RB

     6.13     11/01/2029        990        1,236,748  

 

 

Series 2009 B, RB

     7.00     11/01/2034        585        900,385  

 

 

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

     6.25     08/01/2043        1,985        2,161,447  

 

 

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

     0.00     08/01/2028        2,400        2,171,472  

 

 

 

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  

 

 

California–(continued)

          

Patterson Joint Unified School District (Election of 2008);

          

Series 2009 B, GO Bonds (INS - AGM)(f)(g)

     0.00 %        08/01/2034      $       3,825      $        2,813,861  

 

 

Series 2009 B, GO Bonds (INS - AGM)(f)(g)

     0.00     08/01/2035        4,120        2,932,328  

 

 

Series 2009 B, GO Bonds (INS - AGM)(f)(g)

     0.00     08/01/2036        300        206,325  

 

 

Series 2009 B, GO Bonds (INS - AGM)(f)(g)

     0.00     08/01/2037        1,785        1,185,383  

 

 

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

          

Series 2009 A, GO Bonds(g)

     0.00     08/01/2028        7,840        7,077,874  

 

 

Series 2009 A, GO Bonds(g)

     0.00     08/01/2031        8,475        7,011,706  

 

 

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

     5.00     05/15/2033        6,000        6,592,560  

 

 

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

     7.50     12/01/2041        2,180        2,271,582  

 

 

San Francisco (City & County of), CA Airport Commission (San Francisco International Airport); Series 2019 A, Ref. RB(h)

     5.00     05/01/2036        1,165        1,436,818  

 

 

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

     0.00     09/01/2030        1,600        1,365,584  

 

 

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

     5.50     09/01/2032        570        622,155  

 

 

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

     0.00     06/01/2041        3,445        1,108,842  

 

 

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

     5.00     09/01/2031        2,450        2,811,865  

 

 

University of California;

          

Series 2018 AZ, Ref. RB(b)

     4.00     05/15/2048        2,385        2,715,990  

 

 

Series 2020 BE, Ref. RB

     4.00     05/15/2047        2,350        2,749,524  

 

 

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

     0.00     08/01/2033        11,350        8,796,023  

 

 

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

     0.00     08/01/2022        525        522,034  

 

 
             164,433,161  

 

 

Colorado–4.09%

          

Aurora Crossroads Metropolitan District No. 2; Series 2020 B, GO Bonds

     7.75     12/15/2050        500        524,565  

 

 

Belford North Metropolitan District; Series 2020 A, GO Bonds

     5.50     12/01/2050        1,045        1,108,160  

 

 

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

     5.00     11/15/2048        1,155        1,378,296  

 

 

Colorado (State of) Health Facilities Authority (Commonspirit Health); Series 2019 A-2, Ref. RB

     4.00     08/01/2049        1,675        1,850,590  

 

 

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

     5.00     06/01/2027        580        723,335  

 

 

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

     5.50     01/01/2035        8,100        9,045,513  

 

 

Colorado (State of) Science and Technology Park Metropolitan District No. 1;
Series 2018, Ref. RB

     5.00     12/01/2033        500        537,380  

 

 

Colorado Crossing Metropolitan District No. 2; Series 2020 A-1, Ref. GO Bonds

     5.00     12/01/2047        500        520,815  

 

 

Colorado Health Facilities Authority; Series 2020-XX1130, Ctfs.(b)(j)

     5.00     08/01/2044        1,260        1,525,054  

 

 

Denver (City & County of), CO; Series 2018 A, Ref. RB(b)(h)

     5.25     12/01/2048        5,740        6,906,024  

 

 

Denver City & County School District No. 1; Series 2021, GO Bonds

     4.00     12/01/2045        2,855        3,383,632  

 

 

Great Western Metropolitan District; Series 2020, Ref. GO Bonds

     4.75     12/01/2050        460        476,891  

 

 

Jefferson (County of), CO Center Metropolitan District No. 1; Series 2020 B, Ref. RB

     5.75     12/15/2050        740        783,690  

 

 

Mirabelle Metropolitan District No. 2; Series 2020, GO Bonds

     5.00     12/01/2049        645        684,435  

 

 

Neu Towne Metropolitan District; Series 2018 A, Ref. GO Bonds

     5.38     12/01/2046        700        743,407  

 

 

North Range Metropolitan District No. 3; Series 2020 A, GO Bonds

     5.00     12/01/2040        500        539,610  

 

 

Village Metropolitan District (The); Series 2020, Ref. GO Bonds

     4.15     12/01/2030        500        539,430  

 

 

White Buffalo Metropolitan District No. 3; Series 2020, GO Bonds

     5.50     12/01/2050        500        538,195  

 

 
             31,809,022  

 

 

District of Columbia–2.88%

          

District of Columbia;

          

Series 2006 B-1, RB (INS - NATL)(f)

     5.00     02/01/2031        550        551,089  

 

 

Series 2014 C, GO Bonds(b)

     5.00     06/01/2035        6,060        6,878,827  

 

 

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

     5.00     10/01/2045        310        306,528  

 

 

District of Columbia Water & Sewer Authority; Series 2013 A, RB(b)(d)(e)

     5.00     10/01/2023        6,000        6,732,600  

 

 

Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement);

          

Series 2014 A, Ref. RB

     5.00     10/01/2053        5,905        6,105,357  

 

 

Series 2019 B, Ref. RB

     4.00     10/01/2049        1,675        1,843,890  

 

 
             22,418,291  

 

 

 

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  

 

 

Florida–9.75%

          

Alachua (County of), FL Health Facilities Authority (Shands Teaching Hospital & Clinics); Series 2019, RB

     4.00 %        12/01/2049      $         500      $          558,200  

 

 

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

     8.13     11/15/2041        1,000        1,001,120  

 

 

Broward (County of), FL;

          

Series 2015 A, RB(h)

     5.00     10/01/2045        1,280        1,457,894  

 

 

Series 2017, RB(b)(h)(j)

     5.00     10/01/2047        3,615        4,214,512  

 

 

Series 2019 B, RB(h)

     4.00     09/01/2044        840        929,410  

 

 

Cape Coral (City of), FL;

          

Series 2011 A, Ref. RB(d)(e)

     5.00     10/01/2021        1,500        1,542,465  

 

 

Series 2011, Ref. RB(d)(e)

     5.00     10/01/2021        4,130        4,245,681  

 

 

Cape Coral (City of), FL Health Facilities Authority (Gulf Care, Inc.); Series 2015, Ref. RB(c)

     6.00     07/01/2045        250        264,488  

 

 

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

     5.00     07/01/2046        1,250        1,270,938  

 

 

Central Florida Expressway Authority; Series 2020-XX1136, Ctfs.(b)(j)

     5.00     07/01/2049        2,390        2,924,667  

 

 

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

     5.00     06/01/2021        4,890        4,948,093  

 

 

Collier (County of), FL Industrial Development Authority (The Arlington of Naples); Series 2014 A, RB (Acquired 12/16/2013; Cost $2,198,211)(c)(k)(l)

     7.75     05/15/2035        2,250        1,740,937  

 

 

Davie (Town of), FL (Nova Southeastern University); Series 2013 A, RB(d)(e)

     6.00     04/01/2023        1,250        1,397,387  

 

 

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

     5.00     01/01/2048        2,980        3,440,350  

 

 

Florida Development Finance Corp. (Green Bonds); Series 2019 B, RB(c)(h)

     7.38     01/01/2049        2,015        1,955,960  

 

 

Greater Orlando Aviation Authority; Series 2019 A, RB(h)

     4.00     10/01/2044        1,000        1,111,940  

 

 

Hillsborough (County of), FL Aviation Authority (Tampa International Airport);
Series 2018 E, RB(h)

     5.00     10/01/2048        2,055        2,422,927  

 

 

Lake (County of), FL (Lakeside at Waterman Village);

          

Series 2020 A, Ref. RB

     5.50     08/15/2040        650        695,448  

 

 

Series 2020 A, Ref. RB

     5.75     08/15/2050        285        303,813  

 

 

Series 2020 A, Ref. RB

     5.75     08/15/2055        1,055        1,116,443  

 

 

Series 2020 B-3, Ref. RB

     3.38     08/15/2026        420        422,407  

 

 

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

          

Series 2012, RB(d)(e)

     5.13     11/15/2021        4,000        4,139,120  

 

 

Series 2012, RB(d)(e)

     5.50     11/15/2021        1,100        1,141,162  

 

 

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

     5.00     11/15/2044        820        892,800  

 

 

Miami-Dade (County of), FL;

          

Series 2012 A, Ref. RB(d)(e)(h)

     5.00     10/01/2022        2,000        2,150,100  

 

 

Series 2012 B, Ref. RB(d)(e)

     5.00     10/01/2022        2,575        2,772,502  

 

 

Series 2016 A, Ref. RB

     5.00     10/01/2041        1,195        1,390,884  

 

 

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

     5.00     04/01/2053        3,180        3,704,509  

 

 

Miami-Dade (County of), FL Expressway Authority; Series 2010 A, Ref. RB
(INS - AGM)(f)

     5.00     07/01/2035        3,415        3,424,699  

 

 

Orange (County of), FL; Series 2012 B, Ref. RB(b)(d)(e)

     5.00     01/01/2022        7,500        7,803,075  

 

 

Orlando (City of), FL Greater Orlando Aviation Authority; Series 2017 A, RB(h)

     5.00     10/01/2047        975        1,141,238  

 

 

Osceola (County of), FL;

          

Series 2020 A-2, Ref. RB(g)

     0.00     10/01/2050        1,490        530,172  

 

 

Series 2020 A-2, Ref. RB(g)

     0.00     10/01/2052        455        149,408  

 

 

Series 2020 A-2, Ref. RB(g)

     0.00     10/01/2053        1,700        536,741  

 

 

Series 2020 A-2, Ref. RB(g)

     0.00     10/01/2054        390        118,369  

 

 

Palm Beach (County of), FL Health Facilities Authority; Series 2020, RB

     5.00     06/01/2055        505        534,512  

 

 

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

     5.00     11/01/2043        2,030        2,114,387  

 

 

Palm Beach (County of), FL Solid Waste Authority; Series 2016, RB(b)

     5.00     10/01/2031        2,790        2,866,334  

 

 

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

     5.00     03/15/2042        825        986,816  

 

 

Tallahassee (City of), FL (Tallahassee Memorial Health Care, Inc.); Series 2016, RB

     5.00     12/01/2055        1,335        1,476,857  

 

 
             75,838,765  

 

 

Georgia–1.35%

          

Augusta (City of), GA Development Authority; Series 2018, RB

     4.00     07/01/2037        3,110        3,277,442  

 

 

Brookhaven Development Authority;

          

Series 2020, RB(b)(j)

     4.00     07/01/2044        1,180        1,354,510  

 

 

Series 2020, RB(b)(j)

     4.00     07/01/2049        1,670        1,901,312  

 

 

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

     5.00     10/01/2042        510        538,652  

 

 

 

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  

 

 

Georgia-(continued)

          

Private Colleges & Universities Authority (Mercer University);

          

Series 2012 A, RB

     5.25 %        10/01/2027      $      2,170      $        2,220,062  

 

 

Series 2012 A, RB

     5.00     10/01/2032        1,220        1,242,033  

 

 
             10,534,011  

 

 

Hawaii-1.15%

          

Hawaii (State of);

          

Series 2015 A, RB(h)

     5.00     07/01/2045        1,575        1,787,672  

 

 

Series 2018 A, RB(h)

     5.00     07/01/2043        1,605        1,903,755  

 

 

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

     5.50     07/01/2043        3,000        3,318,780  

 

 

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

     5.00     08/01/2028        1,775        1,951,506  

 

 
             8,961,713  

 

 

Idaho-0.23%

          

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

          

Series 2017 A, Ref. RB

     5.00     11/15/2032        730        756,857  

 

 

Series 2017 A, Ref. RB

     5.25     11/15/2037        1,020        1,049,498  

 

 
             1,806,355  

 

 

Illinois-15.30%

          

Chicago (City of), IL;

          

Series 2002 B, GO Bonds

     5.50     01/01/2037        630        697,782  

 

 

Series 2005 D, Ref. GO Bonds

     5.50     01/01/2040        395        437,103  

 

 

Series 2007 E, Ref. GO Bonds

     5.50     01/01/2042        315        348,173  

 

 

Series 2008, Ref. RB (INS - AGM)(f)

     5.00     11/01/2027        280        280,924  

 

 

Series 2012 A, GO Bonds

     5.00     01/01/2033        830        849,820  

 

 

Series 2014, RB

     5.00     11/01/2044        765        863,501  

 

 

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

     5.00     01/01/2030        1,000        1,081,250  

 

 

Series 2015 A, GO Bonds

     5.50     01/01/2033        3,145        3,498,341  

 

 

Series 2017 A, RB

     5.00     01/01/2047        2,500        2,908,175  

 

 

Chicago (City of), IL (Midway Airport);

          

Series 2013 A, Ref. RB(h)

     5.50     01/01/2031        2,280        2,474,256  

 

 

Series 2013 B, Ref. RB

     5.00     01/01/2025        1,550        1,678,681  

 

 

Series 2014 A, Ref. RB(h)

     5.00     01/01/2041        1,100        1,201,585  

 

 

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

          

Series 2015 C, RB(h)

     5.00     01/01/2046        790        888,971  

 

 

Series 2015 D, RB

     5.00     01/01/2046        555        631,179  

 

 

Series 2016 C, Ref. RB

     5.00     01/01/2037        1,595        1,855,416  

 

 

Series 2017 D, RB

     5.25     01/01/2042        1,265        1,491,435  

 

 

Series 2017 D, RB(b)(h)(j)

     5.00     01/01/2052        5,000        5,701,550  

 

 

Chicago (City of), IL Board of Education;

          

Series 2017 H, GO Bonds

     5.00     12/01/2046        955        1,087,735  

 

 

Series 2018 A, Ref. GO Bonds (INS - AGM)(f)

     5.00     12/01/2029        1,000        1,253,410  

 

 

Series 2018 A, Ref. GO Bonds (INS - AGM)(f)

     5.00     12/01/2031        625        767,888  

 

 

Series 2018 C, Ref. GO Bonds

     5.00     12/01/2022        995        1,064,829  

 

 

Series 2018 C, Ref. GO Bonds

     5.00     12/01/2023        500        552,055  

 

 

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

     5.00     12/01/2045        1,650        1,965,199  

 

 

Chicago (City of), IL Transit Authority;

          

Series 2011, RB(b)(d)(e)(j)

     5.25     12/01/2021        7,490        7,776,268  

 

 

Series 2014, RB

     5.00     12/01/2044        2,970        3,410,243  

 

 

Cook (County of), IL Forest Preserve District;

          

Series 2012 B, Ref. GO Bonds(b)

     5.00     12/15/2032        2,460        2,602,311  

 

 

Series 2012 B, Ref. GO Bonds(b)

     5.00     12/15/2037        2,460        2,597,391  

 

 

 

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

 

15                    Invesco Value Municipal Income Trust


     Interest
Rate
  Maturity
Date
     Principal
Amount
(000)
     Value  

 

 

Illinois–(continued)

          

Illinois (State of);

          

Series 2012, Ref. GO Bonds

     5.00 %        08/01/2021      $       1,035      $        1,052,699  

 

 

Series 2013, GO Bonds (INS - AGM)(f)

     5.25     07/01/2029        1,880        2,026,414  

 

 

Series 2014, GO Bonds

     5.25     02/01/2033        1,100        1,187,846  

 

 

Series 2014, GO Bonds

     5.00     05/01/2035        285        306,498  

 

 

Series 2014, GO Bonds

     5.00     05/01/2036        1,000        1,073,950  

 

 

Series 2016, GO Bonds

     5.00     11/01/2036        715        797,025  

 

 

Series 2016, GO Bonds

     5.00     01/01/2041        1,750        1,910,737  

 

 

Series 2017 A, GO Bonds

     5.00     12/01/2036        750        850,815  

 

 

Series 2017 D, GO Bonds

     5.00     11/01/2024        115        128,625  

 

 

Series 2017 D, GO Bonds

     5.00     11/01/2026        1,840        2,115,227  

 

 

Series 2018 A, GO Bonds

     5.00     05/01/2030        1,135        1,328,563  

 

 

Series 2018 A, Ref. GO Bonds

     5.00     10/01/2021        830        849,804  

 

 

Series 2018 A, Ref. GO Bonds

     5.00     10/01/2022        580        615,386  

 

 

Series 2020, GO Bonds

     5.50     05/01/2039        1,040        1,263,662  

 

 

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

     5.00     09/01/2039        1,250        1,383,763  

 

 

Illinois (State of) Finance Authority (CITGO Petroleum Corp.); Series 2002, RB(h)

     8.00     06/01/2032        360        360,389  

 

 

Illinois (State of) Finance Authority (Navistar International Corp.); Series 2020, Ref. RB(c)(e)

     4.75     08/01/2030        840        897,128  

 

 

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

     5.00     11/15/2045        2,205        2,470,085  

 

 

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

     6.75     08/15/2023        1,430        1,635,491  

 

 

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

     5.00     11/15/2038        1,940        2,196,778  

 

 

Illinois (State of) Finance Authority (Three Crowns Park);

          

Series 2017, Ref. RB

     4.00     02/15/2027        280        273,468  

 

 

Series 2017, Ref. RB

     5.25     02/15/2037        200        202,030  

 

 

Series 2017, Ref. RB

     5.25     02/15/2047        835        823,335  

 

 

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

     5.25     10/01/2052        3,720        3,990,109  

 

 

Illinois (State of) Metropolitan Pier & Exposition Authority; Series 2002, RB (INS - AGM)(f)(g)

     0.00     12/15/2029        2,500        2,096,175  

 

 

Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick PL);
Series 2002 A, RB (INS - NATL)(f)(g)

     0.00     12/15/2029        3,520        2,880,451  

 

 

Illinois (State of) Sports Facilities Authority (The);

          

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

     5.25     06/15/2031        1,060        1,182,515  

 

 

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

     5.25     06/15/2032        965        1,074,238  

 

 

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

     5.00     01/01/2038        12,300        13,255,218  

 

 

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

     5.50     06/01/2021        4,090        4,144,356  

 

 

Regional Transportation Authority;

          

Series 1999, Ref. RB (INS - AGM)(f)

     5.75     06/01/2021        4,000        4,054,840  

 

 

Series 2000, RB (INS - NATL)(f)

     6.50     07/01/2030        2,280        3,022,300  

 

 

Series 2018 B, RB

     5.00     06/01/2040        2,285        2,756,921  

 

 

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

     5.00     01/01/2048        4,150        4,822,176  

 

 
             118,994,488  

 

 

Indiana–2.57%

          

Indiana (State of) Finance Authority (KIPP Indianapolis, Inc.); Series 2020 A, RB

     5.00     07/01/2055        460        506,437  

 

 

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

          

Series 2013 A, RB(h)

     5.00     07/01/2035        500        538,740  

 

 

Series 2013 A, RB(h)

     5.00     07/01/2048        510        544,073  

 

 

Series 2013, RB(h)

     5.00     07/01/2040        3,365        3,608,390  

 

 

Indiana (State of) Finance Authority (Ohio Valley Electrical Corp.); Series 2012 A, RB

     5.00     06/01/2039        3,325        3,426,313  

 

 

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

     5.00     02/01/2030        9,000        9,700,110  

 

 

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

     6.75     01/01/2034        1,500        1,694,190  

 

 
             20,018,253  

 

 

Iowa–1.28%

          

Iowa (State of) Finance Authority (Alcoa, Inc.); Series 2012, RB

     4.75     08/01/2042        420        435,120  

 

 

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

          

Series 2013, RB

     5.25     12/01/2025        1,300        1,428,102  

 

 

Series 2013, Ref. RB(e)

     5.25     12/01/2037        1,190        1,319,710  

 

 

Series 2019, Ref. RB

     3.13     12/01/2022        390        397,761  

 

 

Iowa (State of) Finance Authority (Lifespace Communities, Inc.); Series 2016, RB

     5.00     05/15/2041        895        1,006,284  

 

 

 

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

 

16                    Invesco Value Municipal Income Trust


     Interest
Rate
  Maturity
Date
     Principal
Amount
(000)
     Value  

 

 

Iowa–(continued)

          

Iowa (State of) Tobacco Settlement Authority;

          

Series 2005 B, RB

     5.60 %        06/01/2034      $        280      $          283,956  

 

 

Series 2005 C, RB

     5.50     06/01/2042        1,945        1,972,483  

 

 

Series 2005 C, RB

     5.63     06/01/2046        1,055        1,069,907  

 

 

Series 2005 E, RB(g)

     0.00     06/01/2046        12,020        2,053,737  

 

 
             9,967,060  

 

 

Kansas-0.34%

          

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

          

Series 2013 IV-A, RB

     6.38     05/15/2043        1,500        1,590,885  

 

 

Series 2018 I, Ref. RB

     5.00     05/15/2047        1,000        1,015,030  

 

 
             2,605,915  

 

 

Kentucky-2.67%

          

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

     1.43     02/01/2025        700        704,844  

 

 

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

          

Series 2015 A, RB

     5.00     07/01/2040        2,770        3,073,149  

 

 

Series 2015 A, RB

     5.00     01/01/2045        390        429,718  

 

 

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

     5.00     06/01/2045        955        1,024,113  

 

 

Kentucky (Commonwealth of) Municipal Power Agency (Prairie State); Series 2019 A, Ref. RB

     5.00     09/01/2037        1,000        1,199,210  

 

 

Kentucky (Commonwealth of) Public Energy Authority; Series 2019 C, RB(e)

     4.00     02/01/2028        1,480        1,731,215  

 

 

Kentucky (Commonwealth of) Public Transportation Infrastructure Authority (Downtown Crossing); Series 2013 A, RB

     5.75     07/01/2049        1,000        1,096,710  

 

 

Kentucky (Commonwealth of) Turnpike Authority (Revitalization);
Series 2012 A, RB(d)(e)

     5.00     07/01/2022        3,140        3,341,023  

 

 

Kentucky Bond Development Corp.; Series 2020, RB (INS - BAM)(b)(f)(j)

     5.00     09/01/2044        3,860        4,789,102  

 

 

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

     5.50     10/01/2033        3,000        3,359,100  

 

 
             20,748,184  

 

 

Louisiana-1.11%

          

Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (St. John the Baptist) (Green Bonds); Series 2019, RB(c)

     3.90     11/01/2044        975        990,756  

 

 

Louisiana (State of) Public Facilities Authority (Tulane University of Louisiana);
Series 2020, Ref. RB

     4.00     04/01/2050        670        751,573  

 

 

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

     5.25     11/15/2037        1,850        1,990,729  

 

 

Tobacco Settlement Financing Corp.;

          

Series 2013 A, Ref. RB

     5.50     05/15/2030        590        591,551  

 

 

Series 2013 A, Ref. RB

     5.25     05/15/2031        745        754,953  

 

 

Series 2013 A, Ref. RB

     5.25     05/15/2032        1,410        1,480,754  

 

 

Series 2013 A, Ref. RB

     5.25     05/15/2033        1,190        1,248,536  

 

 

Series 2013 A, Ref. RB

     5.25     05/15/2035        750        814,628  

 

 
             8,623,480  

 

 

Maryland-1.48%

          

Howard (County of), MD (Downtown Columbia); Series 2017 A, RB(c)

     4.50     02/15/2047        1,500        1,558,650  

 

 

Maryland (State of) Health & Higher Educational Facilities Authority (LifeBridge Health);

          

Series 2015, Ref. RB

     5.00     07/01/2040        4,250        4,901,227  

 

 

Series 2016, Ref. RB

     5.00     07/01/2047        720        826,279  

 

 

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

     5.00     07/01/2024        1,465        1,687,197  

 

 

Maryland (State of) Health & Higher Educational Facilities Authority (Stevenson University); Series 2021, Ref. RB

     4.00     06/01/2051        1,000        1,096,880  

 

 

Prince Georges (County of), MD (Collington Episcopal Life Care Community, Inc.); Series 2017, Ref. RB

     5.00     04/01/2028        690        730,330  

 

 

Rockville (City of), MD (Ingleside at King Farm);

          

Series 2017 B, RB

     5.00     07/01/2024        550        568,849  

 

 

Series 2017 B, RB

     4.25     11/01/2037        175        174,164  

 

 
             11,543,576  

 

 

 

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

 

17                    Invesco Value Municipal Income Trust


     Interest
Rate
  Maturity
Date
     Principal
Amount
(000)
     Value  

 

 

Massachusetts–1.33%

          

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

     5.00 %        01/01/2047      $       3,125      $        3,554,094  

 

 

Massachusetts (Commonwealth of) Port Authority; Series 2019 A, Ref. RB(h)

     5.00     07/01/2037        1,000        1,238,980  

 

 

Massachusetts (Commonwealth of) Transportation Fund Revenue; Series 2016 B, RB

     4.00     06/01/2046        2,520        2,787,422  

 

 

Massachusetts (Commonwealth of) Water Resources Authority; Series 2007 B, Ref. RB (INS - AGM)(f)

     5.25     08/01/2031        2,000        2,779,260  

 

 
             10,359,756  

 

 

Michigan–2.98%

          

Academy of Warren; Series 2020 A, Ref. RB(c)

     5.00     05/01/2035        290        299,445  

 

 

Detroit (City of), MI; Series 2018, GO Bonds

     5.00     04/01/2035        250        291,440  

 

 

Detroit (City of), MI Downtown Development Authority (Catalyst Development); Series 2018 A, Ref. RB (INS - AGM)(b)(f)(j)

     5.00     07/01/2036        2,000        2,256,580  

 

 

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

     5.00     11/01/2047        1,390        1,407,973  

 

 

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

     5.00     04/15/2041        2,715        3,223,465  

 

 

Michigan (State of) Finance Authority; Series 2014 C-1, RB(d)(e)

     5.00     07/01/2022        1,095        1,165,868  

 

 

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

     5.00     11/01/2044        1,745        1,982,529  

 

 

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

     5.00     11/01/2038        750        931,418  

 

 

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

          

Series 2014 C-6, Ref. RB

     5.00     07/01/2033        550        626,571  

 

 

Series 2014 D-4, Ref. RB

     5.00     07/01/2029        550        627,550  

 

 

Series 2015, Ref. RB

     5.00     07/01/2035        1,190        1,390,777  

 

 

Michigan (State of) Finance Authority (Landmark Academy);

          

Series 2020, Ref. RB

     5.00     06/01/2035        170        184,078  

 

 

Series 2020, Ref. RB

     5.00     06/01/2045        490        520,140  

 

 

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

     5.00     06/01/2024        2,005        2,291,053  

 

 

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

     5.00     12/01/2046        3,655        4,308,587  

 

 

Michigan (State of) Strategic Fund (Canterbury Health Care, Inc.); Series 2016, RB(c)

     5.00     07/01/2026        715        725,067  

 

 

Michigan (State of) Strategic Fund (I-85 Improvement Project); Series 2018, RB(h)

     5.00     12/31/2032        750        926,385  

 

 
             23,158,926  

 

 

Minnesota–0.31%

          

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

     4.25     07/01/2047        425        448,129  

 

 

St. Cloud (City of), MN (CentraCare Health System); Series 2019, Ref. RB

     5.00     05/01/2048        1,235        1,490,410  

 

 

St. Paul (City of), MN Housing & Redevelopment Authority (Hope Community Academy); Series 2020, RB

     5.00     12/01/2055        430        447,131  

 

 
             2,385,670  

 

 

Missouri–1.64%

          

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

          

Series 2011 A, Ref. RB

     5.50     09/01/2024        825        846,260  

 

 

Series 2011 A, Ref. RB

     5.50     09/01/2025        1,445        1,482,165  

 

 

Series 2011 A, Ref. RB

     5.50     09/01/2027        980        1,005,147  

 

 

Kansas City (City of), MO Industrial Development Authority (Kansas City International Airport);

          

Series 2019 B, RB(h)

     5.00     03/01/2046        1,215        1,432,716  

 

 

Series 2019 B, RB (INS - AGM)(f)(h)

     5.00     03/01/2049        1,005        1,200,724  

 

 

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

     5.25     05/15/2050        475        511,898  

 

 

Missouri (State of) Health & Educational Facilities Authority (Lutheran Senior Services); Series 2019, Ref. RB

     5.00     02/01/2048        340        395,311  

 

 

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

          

Series 2012, RB

     5.00     09/01/2042        2,000        2,056,960  

 

 

Series 2013 A, RB

     5.50     09/01/2033        1,375        1,483,969  

 

 

St. Louis (County of), MO Industrial Development Authority (Friendship Village West County); Series 2018 A, RB

     5.00     09/01/2038        2,070        2,304,738  

 

 
             12,719,888  

 

 

Nebraska–1.28%

          

Central Plains Energy Project (No. 3);

          

Series 2012, RB(n)

     5.00     09/01/2032        4,690        4,991,286  

 

 

Series 2017 A, Ref. RB

     5.00     09/01/2042        920        1,295,636  

 

 

 

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

 

18                    Invesco Value Municipal Income Trust


     Interest
Rate
  Maturity
Date
     Principal
Amount
(000)
     Value  

 

 

Nebraska–(continued)

          

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

     5.00 %        05/15/2044      $       1,000      $        1,088,590  

 

 

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

     5.00     11/01/2021        2,500        2,577,525  

 

 
             9,953,037  

 

 

New Hampshire–0.34%

          

New Hampshire (State of) Health and Education Facilities Authority; Series 2020 A, RB

     5.00     08/01/2059        1,800        2,673,594  

 

 

New Jersey–5.27%

          

Garden State Preservation Trust; Series 2005 A, RB (INS - AGM)(f)

     5.75     11/01/2028        920        1,139,512  

 

 

New Jersey (State of) Economic Development Authority;

          

Series 2005 N-1, Ref. RB (INS - NATL)(b)(f)(j)

     5.50     09/01/2022        3,720        4,004,096  

 

 

Series 2005, Ref. RB (INS - AMBAC)(f)

     5.50     09/01/2024        3,390        3,929,552  

 

 

Series 2017 DDD, RB

     5.00     06/15/2032        1,030        1,210,209  

 

 

Series 2021, RB

     4.00     06/15/2038        1,000        1,113,610  

 

 

New Jersey (State of) Economic Development Authority (Continental Airlines, Inc.); Series 1999, RB(h)

     5.13     09/15/2023        680        722,276  

 

 

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

     5.00     10/01/2037        945        1,070,345  

 

 

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

     5.38     01/01/2043        2,000        2,203,980  

 

 

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

     5.00     12/01/2024        1,100        1,267,002  

 

 

New Jersey (State of) Transportation Trust Fund Authority;

          

Series 2006 C, RB (INS - AGC)(f)(g)

     0.00     12/15/2026        14,305        13,463,008  

 

 

Series 2018 A, Ref. RB

     5.00     12/15/2024        1,000        1,153,170  

 

 

Series 2018 A, Ref. RB

     5.00     12/15/2035        880        1,051,538  

 

 

Series 2018 A, Ref. RN(b)(j)

     5.00     06/15/2029        1,575        1,847,900  

 

 

Series 2018 A, Ref. RN(b)(j)

     5.00     06/15/2030        535        623,264  

 

 

Series 2018 A, Ref. RN

     5.00     06/15/2031        995        1,155,961  

 

 

Subseries 2016 A-1, RN

     5.00     06/15/2028        960        1,136,045  

 

 

Tobacco Settlement Financing Corp.;

          

Series 2018 A, Ref. RB

     5.00     06/01/2046        2,480        2,892,126  

 

 

Series 2018 A, Ref. RB

     5.25     06/01/2046        835        993,625  

 

 
             40,977,219  

 

 

New York–22.30%

          

Build NYC Resource Corp. (Pratt Paper, Inc.); Series 2014, Ref. RB(c)(h)

     5.00     01/01/2035        1,600        1,768,624  

 

 

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

     5.00     06/01/2045        2,500        2,502,450  

 

 

Hudson Yards Infrastructure Corp; Series 2020-XF2859, Ctfs. (INS - AGM)(b)(f)

     4.00     02/15/2047        1,500        1,639,410  

 

 

Long Island (City of), NY Power Authority;

          

Series 2011 A, RB(d)(e)

     5.00     05/01/2021        4,955        4,994,690  

 

 

Series 2014 A, Ref. RB

     5.00     09/01/2044        2,870        3,223,498  

 

 

Metropolitan Transportation Authority;

          

Series 2012 A, Ref. RB(b)

     5.00     11/15/2027        10,000        10,760,200  

 

 

Series 2016 A, Ref. RB

     5.25     11/15/2032        630        764,959  

 

 

Series 2019 A, RB (INS - AGM)(b)(f)

     4.00     11/15/2046        2,685        2,991,412  

 

 

Series 2020 A-2, RB

     4.00     02/01/2022        1,175        1,209,157  

 

 

Metropolitan Transportation Authority (Green Bonds);

          

Series 2017 C-1, Ref. RB

     5.00     11/15/2023        605        670,909  

 

 

Series 2020 C-1, RB

     5.25     11/15/2055        1,340        1,609,474  

 

 

Monroe County Industrial Development Corp. (University of Rochester);
Series 2020 A, RB(b)

     4.00     07/01/2050        4,675        5,278,356  

 

 

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

     5.00     09/15/2028        3,255        4,074,967  

 

 

New York (City of), NY; Series 2020-XM0925, GO Bonds(b)

     5.00     08/01/2043        2,335        2,893,649  

 

 

New York (City of), NY Municipal Water Finance Authority;

          

Series 2012 FF, RB(b)

     5.00     06/15/2045        10,545        11,160,617  

 

 

Subseries 2012 A-1, VRD RB(o)

     0.01     06/15/2044        990        990,000  

 

 

 

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

 

19                    Invesco Value Municipal Income Trust


     Interest
Rate
  Maturity
Date
     Principal
Amount
(000)
     Value  

 

 

New York–(continued)

          

New York (City of), NY Transitional Finance Authority;

          

Series 2013 I, RB

     5.00 %        05/01/2038      $       1,465      $        1,604,614  

 

 

Subseries 2012 E-1, RB(b)

     5.00     02/01/2037        6,845        7,129,341  

 

 

Subseries 2013, RB(b)

     5.00     11/01/2038        4,500        5,018,895  

 

 

New York (City of), NY Water & Sewer System;

          

Series 2019 EE-2, Ref. RB(b)

     4.00     06/15/2040        2,790        3,206,352  

 

 

Series 2020 GG-1, RB(b)

     5.00     06/15/2048        4,395        5,453,360  

 

 

New York (County of), NY Tobacco Trust V; Series 2005 S-2, RB(g)

     0.00     06/01/2050        10,140        1,488,856  

 

 

New York (County of), NY Tobacco Trust VI; Subseries 2016 A-1, Ref. RB

     5.75     06/01/2043        3,135        3,943,422  

 

 

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

          

Series 2005 A, RB (INS - AMBAC)(f)

     5.50     05/15/2028        2,900        3,739,550  

 

 

Series 2005 A, RB (INS - AMBAC)(f)

     5.50     05/15/2029        2,455        3,230,191  

 

 

New York (State of) Dormitory Authority (General Purpose);

          

Series 2013 A, RB(d)(e)

     5.00     02/15/2023        1,000        1,093,710  

 

 

Series 2014 C, RB(b)

     5.00     03/15/2040        4,840        5,445,339  

 

 

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

     5.50     07/01/2031        1,040        1,354,496  

 

 

New York (State of) Thruway Authority; Series 2011 A-1, RB(b)

     5.00     04/01/2029        4,545        4,561,817  

 

 

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

     5.00     12/15/2031        10,000        11,260,800  

 

 

New York City (City of), NY Transitional Finance Authority; Series 2020-XF2864, Ctfs.(b)

     4.00     11/01/2045        3,355        3,792,861  

 

 

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

     5.00     11/15/2044        6,095        6,630,446  

 

 

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

     5.00     09/15/2040        4,900        5,109,622  

 

 

New York Power Authority; Series 2020-XF0956, Ctfs.(b)

     4.00     11/15/2050        3,690        4,245,161  

 

 

New York State Dormitory Authority; Series 2020-XL0149, Ctfs.(b)

     4.00     03/15/2046        5,000        5,649,350  

 

 

New York State Thruway Authority;

          

Series 2020-XM0830, Ctfs.(b)

     4.00     01/01/2050        4,790        5,367,961  

 

 

Series 2020-XX1127, Ctfs. (INS - AGM)(b)(f)(j)

     4.00     01/01/2050        2,625        2,977,380  

 

 

New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International Airport);

          

Series 2016, Ref. RB(h)

     5.00     08/01/2021        2,085        2,121,613  

 

 

Series 2020, Ref. RB(h)

     5.25     08/01/2031        660        792,950  

 

 

Series 2020, Ref. RB(h)

     5.38     08/01/2036        960        1,140,557  

 

 

New York Transportation Development Corp. (American Airlines, Inc.);

          

Series 2016, Ref. RB(h)

     5.00     08/01/2026        1,580        1,607,618  

 

 

Series 2016, Ref. RB(h)

     5.00     08/01/2031        1,340        1,362,244  

 

 

New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminal C&D Redevelopment);

          

Series 2018, RB(h)

     5.00     01/01/2031        235        280,630  

 

 

Series 2018, RB(h)

     5.00     01/01/2033        2,075        2,457,941  

 

 

Series 2018, RB(h)

     5.00     01/01/2034        1,000        1,180,550  

 

 

Series 2018, RB(h)

     4.00     01/01/2036        1,495        1,646,279  

 

 

New York Transportation Development Corp. (Delta Air Lines, Inc.-Laguardia);
Series 2020, RB(h)

     5.00     10/01/2040        2,015        2,449,414  

 

 

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

          

Series 2016 A, RB(h)

     5.00     07/01/2046        3,055        3,401,193  

 

 

Series 2016 A, RB(h)

     5.25     01/01/2050        1,660        1,860,860  

 

 

Rockland Tobacco Asset Securitization Corp.; Series 2001, RB

     5.75     08/15/2043        1,500        1,513,740  

 

 

TSASC, Inc.; Series 2016 B, Ref. RB

     5.00     06/01/2045        2,575        2,795,909  

 

 
             173,447,394  

 

 

North Carolina–3.43%

          

Charlotte (City of), NC (Charlotte Airport); Series 2017 A, RB(b)

     5.00     07/01/2042        1,915        2,284,921  

 

 

Charlotte (City of), NC (Charlotte Douglas International Airport); Series 2017 A,
RB(b)

     5.00     07/01/2047        4,000        4,738,520  

 

 

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

     5.00     06/30/2054        1,135        1,239,897  

 

 

North Carolina (State of) Medical Care Commission (Duke University Health System); Series 2012 A, RB(b)(d)(e)

     5.00     06/01/2022        4,890        5,186,041  

 

 

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

     5.00     06/01/2022        2,250        2,385,045  

 

 

North Carolina Capital Facilities Finance Agency; Series 2015 B, Ref. RB(b)(d)(e)

     5.00     10/01/2025        9,050        10,873,665  

 

 
             26,708,089  

 

 

 

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

 

20                    Invesco Value Municipal Income Trust


    

Interest

Rate

  Maturity
Date
     Principal
Amount
(000)
     Value  

 

 

North Dakota–0.58%

          

Ward (County of), ND (Trinity Obligated Group);

          

Series 2017 C, RB

   5.00%     06/01/2043      $      2,140      $        2,385,822  

 

 

Series 2017 C, RB

   5.00%     06/01/2048        1,900        2,104,345  

 

 
             4,490,167  

 

 

Ohio-6.98%

          

Akron, Bath & Copley Joint Township Hospital District (Summa Health Obligated Group); Series 2016, Ref. RB

   5.25%     11/15/2046        790        912,719  

 

 

Allen (County of), OH (Catholic Healthcare Partners); Series 2012 A, Ref. RB(d)(e)

   5.00%     05/01/2022        3,300        3,486,846  

 

 

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

   5.00%     02/15/2039        1,230        1,369,347  

 

 

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

   5.00%     02/15/2046        500        588,160  

 

 

Buckeye Tobacco Settlement Financing Authority;

          

Series 2020 A-2, Ref. RB

   4.00%     06/01/2039        475        545,376  

 

 

Series 2020 A-2, Ref. RB

   4.00%     06/01/2048        3,190        3,566,005  

 

 

Series 2020 B-2, Ref. RB

   5.00%     06/01/2055        8,660        9,751,073  

 

 

Series 2020 B-3, Ref. RB(g)

   0.00%     06/01/2057        8,650        1,296,981  

 

 

Chillicothe (City of), OH (Adena Health System Obligated Group); Series 2017, Ref. RB

   5.00%     12/01/2037        3,000        3,591,930  

 

 

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

   6.50%     01/01/2034        1,000        1,075,360  

 

 

Cleveland (City of), OH;

          

Series 2008 B-2, RB (INS - NATL)(f)(g)

   0.00%     11/15/2026        3,545        3,299,721  

 

 

Series 2008 B-2, RB (INS - NATL)(f)(g)

   0.00%     11/15/2028        3,845        3,395,981  

 

 

Series 2008 B-2, RB (INS - NATL)(f)(g)

   0.00%     11/15/2038        2,800        1,721,944  

 

 

Columbus-Franklin (County of), OH Finance Authority (Easton); Series 2020, RB(c)

   5.00%     06/01/2028        840        886,738  

 

 

Cuyahoga (County of), OH (Metrohealth System);

          

Series 2017, Ref. RB

   5.25%     02/15/2047        2,555        2,935,363  

 

 

Series 2017, Ref. RB

   5.50%     02/15/2052        1,590        1,844,940  

 

 

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

   5.25%     07/01/2033        2,000        1,981,960  

 

 

Gallia (County of), OH (Holzer Health System Obligated Group); Series 2012, Ref. RB(d)(e)

   8.00%     07/01/2022        1,005        1,099,651  

 

 

Hamilton (County of), OH (Christ Hospital); Series 2012, RB(d)(e)

   5.50%     06/01/2022        3,000        3,198,720  

 

 

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

   5.00%     01/01/2046        1,395        1,503,266  

 

 

Lucas (County of), OH (ProMedica Healthcare System); Series 2018 A, Ref. RB

   5.25%     11/15/2048        1,655        1,888,090  

 

 

Montgomery (County of), OH (Trousdale Foundation Properties);
Series 2018 A, RB(c)

   6.00%     04/01/2038        1,490        702,490  

 

 

Ohio (State of) (Portsmouth Bypass); Series 2015, RB (INS - AGM)(f)(h)

   5.00%     12/31/2039        750        849,870  

 

 

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

   4.25%     01/15/2038        575        636,226  

 

 

Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund); Series 2020 A, RB

   5.00%     12/01/2050        1,675        2,118,875  

 

 
             54,247,632  

 

 

Oklahoma–1.17%

          

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

   5.00%     07/01/2022        1,000        1,048,090  

 

 

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

   5.50%     08/15/2057        5,005        5,901,846  

 

 

Oklahoma (State of) Development Finance Authority (Provident Oklahoma Education Resources, Inc.-Cross Village Student Housing); Series 2017, RB (Acquired 12/24/2018;
Cost $1,703,893)(k)(l)

   5.00%     08/01/2052        1,825        757,375  

 

 

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

   4.00%     10/01/2048        1,245        1,381,950  

 

 
             9,089,261  

 

 

Oregon–0.81%

          

Clackamas (County of), OR Hospital Facility Authority (Rose Villa); Series 2020 A, Ref. RB

   5.38%     11/15/2055        505        541,557  

 

 

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

   5.00%     05/01/2040        1,570        1,612,704  

 

 

University of Oregon; Series 2020, RB(b)(j)

   5.00%     04/01/2050        3,360        4,163,813  

 

 
             6,318,074  

 

 

Pennsylvania–2.24%

          

Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue);

          

Series 2018 A, Ref. RB

   4.00%     04/01/2044        835        912,521  

 

 

Series 2018 A, Ref. RB

   5.00%     04/01/2047        1,000        1,166,220  

 

 

 

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

 

21                    Invesco Value Municipal Income Trust


    

Interest

Rate

  Maturity
Date
     Principal
Amount
(000)
     Value  

 

 

Pennsylvania–(continued)

          

Pennsylvania (Commonwealth of) Turnpike Commission;

          

Series 2018 A-2, RB

   5.00%     12/01/2048      $       1,180      $        1,417,428  

 

 

Series 2018 B, RB

   5.25%     12/01/2048        1,160        1,420,478  

 

 

Subseries 2014 A-2, RB(i)

   5.13%     12/01/2039        1,500        1,536,360  

 

 

Subseries 2017 B-1, RB

   5.25%     06/01/2047        1,250        1,515,150  

 

 

Pennsylvania (State of) Turnpike Commission;

          

Series 2021 A, RB

   4.00%     12/01/2043        460        529,391  

 

 

Series 2021 A, RB

   4.00%     12/01/2044        505        578,765  

 

 

Philadelphia (City of), PA;

          

Series 2017 A, RB

   5.00%     10/01/2052        1,035        1,231,640  

 

 

Series 2017 B, Ref. RB(h)

   5.00%     07/01/2042        4,920        5,710,398  

 

 

Philadelphia (City of), PA Authority for Industrial Development (String Theory Charter School);

          

Series 2020, Ref. RB(c)

   5.00%     06/15/2040        150        172,888  

 

 

Series 2020, Ref. RB(c)

   5.00%     06/15/2050        285        323,877  

 

 

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

   5.00%     09/01/2047        795        930,047  

 

 
             17,445,163  

 

 

Puerto Rico–3.84%

          

Children’s Trust Fund;

          

Series 2002, RB

   5.50%     05/15/2039        3,420        3,503,927  

 

 

Series 2002, RB

   5.63%     05/15/2043        1,825        1,834,362  

 

 

Series 2005 A, RB(g)

   0.00%     05/15/2050        5,570        861,011  

 

 

Series 2005 B, RB(g)

   0.00%     05/15/2055        2,530        221,603  

 

 

Series 2008 A, RB(g)

   0.00%     05/15/2057        14,910        1,045,936  

 

 

Puerto Rico (Commonwealth of);

          

Series 2003 C-7, Ref. GO Bonds (INS - NATL)(f)

   6.00%     07/01/2027        400        412,064  

 

 

Series 2004 A, GO Bonds (INS - NATL)(f)

   5.25%     07/01/2021        485        487,876  

 

 

Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority;

          

Series 2012 A, RB

   5.00%     07/01/2033        180        188,896  

 

 

Series 2012 A, RB

   5.13%     07/01/2037        1,600        1,681,696  

 

 

Puerto Rico (Commonwealth of) Electric Power Authority;

          

Series 2003 NN, RB (INS - NATL)(f)

   4.75%     07/01/2033        575        581,900  

 

 

Series 2007 VV, Ref. RB (INS - NATL)(f)

   5.25%     07/01/2029        1,900        2,094,864  

 

 

Series 2007 VV, Ref. RB (INS - NATL)(f)

   5.25%     07/01/2033        725        817,793  

 

 

Series 2007 VV, Ref. RB (INS - NATL)(f)

   5.25%     07/01/2035        640        727,808  

 

 

Puerto Rico (Commonwealth of) Highway & Transportation Authority;

          

Series 2004 J, RB (INS - NATL)(f)

   5.00%     07/01/2029        370        375,383  

 

 

Series 2007 N, Ref. RB (INS - AGM)(f)

   5.50%     07/01/2029        600        731,520  

 

 

Series 2007 N, Ref. RB (INS - NATL)(f)

   5.25%     07/01/2032        760        853,708  

 

 

Series 2007 N, Ref. RB (INS - AGC)(f)

   5.25%     07/01/2034        1,195        1,469,336  

 

 

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

   6.00%     07/01/2024        2,000        2,054,780  

 

 

Puerto Rico Sales Tax Financing Corp.;

          

Series 2018 A-1, RB(g)

   0.00%     07/01/2029        1,405        1,162,427  

 

 

Series 2018 A-1, RB(g)

   0.00%     07/01/2033        2,116        1,504,539  

 

 

Series 2018 A-1, RB(g)

   0.00%     07/01/2051        6,470        1,424,500  

 

 

Series 2018 A-1, RB

   4.75%     07/01/2053        1,359        1,483,253  

 

 

Series 2018 A-1, RB

   5.00%     07/01/2058        3,131        3,467,708  

 

 

Series 2019 A-2, RB

   4.33%     07/01/2040        820        882,033  

 

 
             29,868,923  

 

 

Rhode Island–0.10%

          

Tobacco Settlement Financing Corp.; Series 2015 A, Ref. RB

   5.00%     06/01/2035        700        791,175  

 

 

South Carolina–3.02%

          

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

   5.75%     01/01/2034        7,410        7,508,553  

 

 

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

   5.25%     08/01/2023        4,450        4,980,529  

 

 

South Carolina (State of) Ports Authority; Series 2015, RB(d)(e)(h)

   5.25%     07/01/2025        4,500        5,386,725  

 

 

 

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

 

22                    Invesco Value Municipal Income Trust


    

Interest

Rate

  Maturity
Date
     Principal
Amount
(000)
     Value  

 

 

South Carolina–(continued)

          

South Carolina (State of) Public Service Authority; Series 2014, Ref. RB

   5.00%     12/01/2046      $       1,175      $        1,327,233  

 

 

South Carolina (State of) Public Service Authority (Santee Cooper); Series 2013 E, RB

   5.50%     12/01/2053        3,830        4,263,211  

 

 
             23,466,251  

 

 

South Dakota–0.56%

          

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

          

Series 2014 B, RB

   5.00%     11/01/2044        2,500        2,795,275  

 

 

Series 2015, Ref. RB

   5.00%     11/01/2045        1,345        1,530,368  

 

 
             4,325,643  

 

 

Tennessee–1.34%

          

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

   5.00%     07/01/2036        1,715        2,062,957  

 

 

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

   5.00%     08/15/2042        1,000        1,034,200  

 

 

Memphis (City of), TN;

          

Series 2020, RB

   4.00%     12/01/2045        1,700        1,993,318  

 

 

Series 2020, RB

   4.00%     12/01/2050        1,700        1,980,670  

 

 

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

   5.25%     11/01/2021        2,475        2,559,224  

 

 

Nashville (City of), TN Metropolitan Airport Authority; Series 2019 B, RB(h)

   5.00%     07/01/2049        655        792,137  

 

 
             10,422,506  

 

 

Texas–15.68%

          

Alamo Community College District; Series 2012, Ref. GO Bonds(b)

   5.00%     08/15/2034        4,895        5,225,706  

 

 

Austin (City of), TX; Series 2012, Ref. RB

   5.00%     11/15/2042        1,490        1,598,189  

 

 

Central Texas Regional Mobility Authority; Series 2020 E, RB

   5.00%     01/01/2045        710        866,796  

 

 

Clifton Higher Education Finance Corp. (International Leadership of Texas); Series 2018 D, RB

   5.75%     08/15/2033        1,660        1,920,089  

 

 

Harris (County of), TX Metropolitan Transit Authority; Series 2011 A, RB(b)(d)(e)

   5.00%     11/01/2021        6,305        6,508,715  

 

 

Houston (City of), TX (United Airlines, Inc.); Series 2018, RB(h)

   5.00%     07/15/2028        500        577,250  

 

 

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

   4.75%     07/01/2024        925        969,659  

 

 

Houston (City of), TX Convention & Entertainment Facilities Department;

          

Series 2001 B, RB (INS - AGM)(f)(g)

   0.00%     09/01/2026        3,975        3,676,318  

 

 

Series 2001 B, RB (INS - AGM)(f)(g)

   0.00%     09/01/2027        5,015        4,519,969  

 

 

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

   5.00%     02/15/2042        2,700        2,765,718  

 

 

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

   5.50%     08/15/2045        1,230        1,320,922  

 

 

Love Field Airport Modernization Corp. (Southwest Airlines Co.); Series 2010, RB

   5.25%     11/01/2040        500        507,590  

 

 

Lower Colorado River Authority; Series 2019, Ref. RB

   5.00%     05/15/2039        1,000        1,195,500  

 

 

Mission Economic Development Corp. (Natgasoline); Series 2018, Ref. RB(c)(h)

   4.63%     10/01/2031        2,100        2,236,836  

New Hope Cultural Education Facilities Corp. (Presbyterian Village North); Series 2018, Ref. RB

   5.00%     10/01/2026        1,550        1,667,707  

 

 

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

   4.75%     07/01/2052        750        623,700  

 

 

New Hope Cultural Education Facilities Finance Corp. (Carillon Lifecare Community); Series 2016, Ref. RB

   5.00%     07/01/2046        1,455        1,495,987  

 

 

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

   5.00%     04/01/2046        1,985        2,145,686  

 

 

New Hope Cultural Education Facilities Finance Corp. (Forefront Living Plano); Series 2020 A, RB(c)

   10.00%     12/01/2025        265        270,652  

 

 

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

   6.50%     01/01/2043        1,000        1,049,050  

 

 

New Hope Cultural Education Facilities Finance Corp. (Presbyterian Village North); Series 2020, RB

   5.25%     10/01/2055        2,520        2,623,849  

 

 

North Texas Tollway Authority;

          

Series 2008 D, Ref. RB (INS - AGC)(f)(g)

   0.00%     01/01/2028        16,400        14,988,124  

 

 

Series 2008 D, Ref. RB (INS - AGC)(f)(g)

   0.00%     01/01/2029        2,725        2,425,332  

 

 

Series 2008 D, Ref. RB (INS - AGC)(f)(g)

   0.00%     01/01/2031        3,550        2,977,349  

 

 

San Antonio (City of), TX; Series 2013, RB(d)(e)

   5.00%     02/01/2023        2,405        2,622,965  

 

 

San Jacinto River Authority (Groundwater Reduction Plan Division);

          

Series 2011, RB (INS - AGM)(f)

   5.00%     10/01/2032        2,265        2,272,407  

 

 

Series 2011, RB (INS - AGM)(f)

   5.00%     10/01/2037        2,475        2,483,465  

 

 

Tarrant County Cultural Education Facilities Finance Corp.; Series 2016 A, Ref.
RB(b)

   5.00%     02/15/2047        3,415        3,974,479  

 

 

 

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

 

23                    Invesco Value Municipal Income Trust


    

Interest

Rate

  Maturity
Date
     Principal
Amount
(000)
     Value  

 

 

Texas–(continued)

          

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

          

Series 2016, Ref. RB

   5.00%     05/15/2037      $      1,645      $        1,762,914  

 

 

Series 2016, Ref. RB

   5.00%     05/15/2045        1,030        1,097,640  

 

 

Tarrant County Cultural Education Facilities Finance Corp. (C.C. Young Memorial Home); Series 2017 A, RB (Acquired 12/15/2016; Cost $1,802,920)(l)

   6.38%     02/15/2048        1,785        1,414,220  

 

 

Tarrant County Cultural Education Facilities Finance Corp. (MRC Stevenson Oaks);

          

Series 2020, Ref. RB

   6.63%     11/15/2041        85        95,023  

 

 

Series 2020, Ref. RB

   6.75%     11/15/2051        85        94,637  

 

 

Series 2020, Ref. RB

   6.88%     11/15/2055        85        95,027  

 

 

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

   5.00%     02/15/2041        4,000        4,700,520  

 

 

Temple (City of), TX; Series 2018 A, RB(c)

   5.00%     08/01/2028        685        769,413  

 

 

Texas (State of) Transportation Commission;

          

Series 2016 A, GO Bonds

   5.00%     04/01/2044        1,585        1,888,274  

 

 

Series 2019, RB(g)

   0.00%     08/01/2037        1,250        686,588  

 

 

Series 2019, RB(g)

   0.00%     08/01/2039        1,400        689,738  

 

 

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

          

Series 2012 A, Ref. RB(d)(e)

   5.00%     08/15/2022        1,000        1,070,660  

 

 

Series 2015 B, Ref. RB(g)

   0.00%     08/15/2036        3,075        1,690,881  

 

 

Series 2015 B, Ref. RB(g)

   0.00%     08/15/2037        705        369,596  

 

 

Series 2015 C, Ref. RB

   5.00%     08/15/2033        5,000        5,619,700  

 

 

Series 2015 C, Ref. RB

   5.00%     08/15/2042        3,805        4,222,218  

 

 

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

          

Series 2002 A, RB (INS - BHAC)(f)(g)

   0.00%     08/15/2027        6,800        6,367,860  

 

 

Series 2002, RB(d)(g)

   0.00%     08/15/2027        200        186,812  

 

 

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

   6.25%     12/15/2026        4,075        4,785,272  

 

 

Texas Municipal Gas Acquisition & Supply Corp. III; Series 2021, Ref. RB

   5.00%     12/15/2031        2,175        2,840,876  

 

 

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

   5.00%     12/31/2055        1,070        1,194,291  

 

 

Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners Segments 3 LLC Segments 3A and 3B Facility); Series 2013, RB(h)

   7.00%     12/31/2038        1,250        1,429,838  

 

 

Texas Private Activity Bond Surface Transportation Corp. (Segment 3C);
Series 2019, RB(h)

   5.00%     06/30/2058        2,390        2,840,491  

 

 

Travis County Cultural Education Facilities Finance Corp. (Wayside Schools);
Series 2012 A, RB

   5.25%     08/15/2042        545        549,109  

 

 
             121,971,607  

 

 

Utah–1.37%

          

Salt Lake (City of), UT;

          

Series 2017 A, RB(b)(h)

   5.00%     07/01/2047        2,540        2,939,974  

 

 

Series 2018 A, RB(h)

   5.00%     07/01/2048        1,275        1,495,766  

 

 

Series 2018 A, RB(h)

   5.25%     07/01/2048        1,710        2,040,988  

 

 

Utah (County of), UT; Series 2016 B, RB(b)

   4.00%     05/15/2047        2,025        2,151,239  

 

 

Weber (County of), UT; Series 2000 C, VRD RB(o)

   0.01%     02/15/2035        2,000        2,000,000  

 

 
             10,627,967  

 

 

Virgin Islands–0.19%

          

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

   5.00%     10/01/2029        1,485        1,488,460  

 

 

Virginia–2.27%

          

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

   5.25%     07/15/2022        1,295        1,344,055  

 

 

Roanoke (City of), VA Economic Development Authority (Carilion Clinic Obligated Group); Series 2020, Ref. RB

   5.00%     07/01/2047        1,255        1,895,125  

 

 

Roanoke (City of), VA Economic Development Authority (Richfield Living); Series 2020, RB

   5.00%     09/01/2050        330        320,585  

 

 

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

          

Series 2012, RB(h)

   6.00%     01/01/2037        785        832,202  

 

 

Series 2012, RB(h)

   5.50%     01/01/2042        3,355        3,501,446  

 

 

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

          

Series 2012, RB(h)

   5.00%     07/01/2034        3,645        3,765,868  

 

 

Series 2012, RB(h)

   5.00%     01/01/2040        1,810        1,869,549  

 

 

 

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

 

24                    Invesco Value Municipal Income Trust


    

Interest

Rate

  Maturity
Date
     Principal
Amount
(000)
     Value  

 

 

Virginia–(continued)

          

Virginia (Commonwealth of) Small Business Financing Authority (Transform 66 P3);

          

Series 2017, RB(h)

   5.00%     12/31/2049      $ 1,155      $ 1,335,422  

 

 

Series 2017, RB(h)

   5.00%     12/31/2052        2,420        2,793,406  

 

 
             17,657,658  

 

 

Washington–3.13%

          

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

   5.00%     01/01/2032        1,350        1,540,647  

 

 

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

   5.00%     08/01/2032        2,500        2,663,400  

 

 

Washington (State of);

          

Series 2004 F, GO Bonds (INS - AMBAC)(f)(g)

   0.00%     12/01/2029        5,100        4,455,666  

 

 

Series 2019 A, GO Bonds(b)

   5.00%     08/01/2042        1,850        2,293,297  

 

 

Washington (State of) Convention Center Public Facilities District;

          

Series 2018, RB

   5.00%     07/01/2043        1,160        1,350,344  

 

 

Series 2018, RB(b)(j)

   5.00%     07/01/2048        4,140        4,784,598  

 

 

Series 2018, RB

   5.00%     07/01/2048        830        956,841  

 

 

Washington (State of) Health Care Facilities Authority; Series 2019 A-2, Ref. RB(b)(j)

   5.00%     08/01/2044        3,635        4,399,659  

 

 

Washington (State of) Housing Finance Commission (Bayview Manor Homes);

          

Series 2016 A, Ref. RB(c)

   5.00%     07/01/2046        435        458,977  

 

 

Series 2016 A, Ref. RB(c)

   5.00%     07/01/2051        360        379,264  

 

 

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

   5.25%     06/01/2031        1,030        1,032,616  

 

 
             24,315,309  

 

 

West Virginia–0.12%

          

Monongalia (County of), WV Commission Special District (University Town Centre Economic Opportunity Development District); Series 2020, Ref. RB(c)

   7.50%     06/01/2043        840        915,306  

 

 

Wisconsin–3.75%

          

Public Finance Authority (American Dream at Meadowlands);

          

Series 2017, RB(c)

   6.75%     08/01/2031        900        1,004,121  

 

 

Series 2017, RB(c)

   6.75%     12/01/2042        2,100        2,303,028  

 

 

Public Finance Authority (KU Campus Development Corp.); Series 2016, RB(b)

   5.00%     03/01/2046        3,420        3,984,779  

 

 

Public Finance Authority (Mallard Creek Stem Academy); Series 2019 A, RB(c)

   5.13%     06/15/2039        650        700,862  

 

 

Wisconsin (State of) Center District;

          

Series 2020 D, RB (INS - AGM)(f)(g)

   0.00%     12/15/2055        6,385        1,768,517  

 

 

Series 2020 D, RB (INS - AGM)(f)(g)

   0.00%     12/15/2060        24,670        5,416,052  

 

 

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

   5.00%     06/01/2039        5,000        5,158,000  

 

 

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

   5.50%     05/01/2034        2,000        2,026,860  

 

 

Wisconsin (State of) Public Finance Authority (Explore Academy); Series 2020 A, RB(c)

   6.13%     02/01/2050        420        450,345  

 

 

Wisconsin (State of) Public Finance Authority (Maryland Proton Treatment Center); Series 2018 A-1, RB(c)

   6.38%     01/01/2048        640        519,533  

 

 

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

          

Series 2018 A, RB

   5.20%     12/01/2037        1,655        1,854,047  

 

 

Series 2018 A, RB

   5.35%     12/01/2045        1,655        1,835,511  

 

 

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

          

Series 2012, RB

   5.50%     04/01/2032        1,155        1,201,396  

 

 

Series 2015, Ref. RB

   5.75%     04/01/2035        815        926,965  

 

 
             29,150,016  

 

 

Wyoming–0.31%

          

Wyoming (State of) Municipal Power Agency; Series 2017 A, Ref. RB (INS - BAM)(b)(f)

   5.00%     01/01/2047        2,060        2,375,510  

 

 

TOTAL INVESTMENTS IN SECURITIES(p)–157.76% (Cost $1,109,760,477)

             1,226,882,743  

 

 

FLOATING RATE NOTE OBLIGATIONS–(29.45)%

          

Notes with interest and fee rates ranging from 0.55% to 0.85% at 02/28/2021 and contractual maturities of collateral ranging from 09/01/2022 to 04/01/2056 (See Note 1J)(q)

             (229,030,000

 

 

VARIABLE RATE MUNI TERM PREFERRED SHARES–(29.97)%

             (233,084,903

 

 

OTHER ASSETS LESS LIABILITIES–1.66%

             12,927,149  

 

 

NET ASSETS APPLICABLE TO COMMON SHARES–100.00%

           $ 777,694,989  

 

 

 

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

 

25                    Invesco Value Municipal Income Trust


Investment Abbreviations:
AGC   – Assured Guaranty Corp.
AGM   – Assured Guaranty Municipal Corp.
AMBAC   – American Municipal Bond Assurance Corp.
BAM   – Build America Mutual Assurance Co.
BHAC   – Berkshire Hathaway Assurance Corp.
COP   – Certificates of Participation
Ctfs.   – Certificates
GO   – General Obligation
IDR   – Industrial Development Revenue Bonds
INS   – Insurer
NATL   – National Public Finance Guarantee Corp.
PCR   – Pollution Control Revenue Bonds
RB   – Revenue Bonds
Ref.   – Refunding
RN   – Revenue Notes
SIFMA   – Securities Industry and Financial Markets Association
VRD   – Variable Rate Demand

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) 

Underlying security related to TOB Trusts entered into by the Trust. See Note 1J.

(c) 

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2021 was $49,515,922, which represented 6.37% of the Trust’s Net Assets.

(d) 

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

(e) 

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

(f) 

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

(g) 

Zero coupon bond issued at a discount.

(h) 

Security subject to the alternative minimum tax.

(i) 

Convertible capital appreciation bond. 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 reimbursement agreement which may require the Trust to pay amounts to a counterparty in the event of a significant decline in the market value of the security underlying the TOB Trusts. In case of a shortfall, the maximum potential amount of payments the Trust could ultimately be required to make under the agreement is $35,366,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the TOB Trusts.

(k) 

Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at February 28, 2021 was $2,498,312, which represented less than 1% of the Trust’s Net Assets.

(l) 

Restricted security. The aggregate value of these securities at February 28, 2021 was $3,912,532, which represented less than 1% of the Trust’s Net Assets.

(m) 

Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2021.

(n) 

Security subject to crossover refunding.

(o) 

Demand security payable upon demand by the Trust at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on February 28, 2021.

(p) 

This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations.

 

Entity    Percent  

 

 

Assured Guaranty Municipal Corp.

     5.31%  

 

 

 

(q) 

Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at February 28, 2021. At February 28, 2021, the Trust’s investments with a value of $366,613,554 are held by TOB Trusts and serve as collateral for the $229,030,000 in the floating rate note obligations outstanding at that date.

 

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

 

26                    Invesco Value Municipal Income Trust


Statement of Assets and Liabilities

February 28, 2021

 

Assets:

  

Investments in securities, at value
(Cost $1,109,760,477)

   $ 1,226,882,743  

 

 

Cash

     3,469,092  

 

 

Receivable for:

  

Interest

     11,498,024  

 

 

Investment for trustee deferred compensation and retirement plans

     120,596  

 

 

Total assets

     1,241,970,455  

 

 

Liabilities:

  

Floating rate note obligations

     229,030,000  

 

 

Variable rate muni term preferred shares ($0.01 par value, 2,331 shares issued with liquidation preference of $100,000 per share)

     233,084,903  

 

 

Payable for:

  

Investments purchased

     1,271,062  

 

 

Dividends

     47,134  

 

 

Accrued fees to affiliates

     105,714  

 

 

Accrued interest expense

     193,377  

 

 

Accrued trustees’ and officers’ fees and benefits

     3,426  

 

 

Accrued other operating expenses

     229,228  

 

 

Trustee deferred compensation and retirement plans

     310,622  

 

 

Total liabilities

     464,275,466  

 

 

Net assets applicable to common shares

   $ 777,694,989  

 

 

Net assets applicable to common shares consist of:

  

Shares of beneficial interest – common shares

   $ 679,364,020  

 

 

Distributable earnings

     98,330,969  

 

 
   $ 777,694,989  

 

 

Common shares outstanding, no par value, with an unlimited number of common shares authorized:

  

Common shares outstanding

     47,056,518  

 

 

Net asset value per common share

   $ 16.53  

 

 

Market value per common share

   $ 15.55  

 

 
 

 

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

 

27                    Invesco Value Municipal Income Trust


Statement of Operations

For the year ended February 28, 2021

 

Investment income:

  

Interest

   $ 48,311,410  

 

 

Expenses:

  

Advisory fees

     6,757,871  

 

 

Administrative services fees

     112,947  

 

 

Custodian fees

     9,260  

 

 

Interest, facilities and maintenance fees

     5,904,492  

 

 

Transfer agent fees

     23,592  

 

 

Trustees’ and officers’ fees and benefits

     33,960  

 

 

Registration and filing fees

     40,868  

 

 

Reports to shareholders

     61,885  

 

 

Professional services fees

     110,132  

 

 

Other

     (8,184

 

 

Total expenses

     13,046,823  

 

 

Net investment income

     35,264,587  

 

 

Realized and unrealized gain (loss) from:

  

Net realized gain (loss) from:

  

Unaffiliated investment securities

     (4,743,965

 

 

Futures contracts

     (263,437

 

 
     (5,007,402

 

 

Change in net unrealized appreciation (depreciation) of unaffiliated investment securities

     (25,817,381

 

 

Net realized and unrealized gain (loss)

     (30,824,783

 

 

Net increase in net assets resulting from operations applicable to common shares

   $ 4,439,804  

 

 

 

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

 

28                    Invesco Value Municipal Income Trust


Statement of Changes in Net Assets

For the years ended February 28, 2021 and February 29, 2020

 

     2021     2020  

 

 

Operations:

    

Net investment income

   $ 35,264,587     $ 31,583,441  

 

 

Net realized gain (loss)

     (5,007,402     725,755  

 

 

Change in net unrealized appreciation (depreciation)

     (25,817,381     69,782,274  

 

 

Net increase in net assets resulting from operations applicable to common shares

     4,439,804       102,091,470  

 

 

Distributions to common shareholders from distributable earnings

     (33,598,354     (31,692,606

 

 

Return of capital applicable to common shares

           (1,378,715

 

 

Total distributions

     (33,598,354     (33,071,321

 

 

Net increase (decrease) in net assets applicable to common shares

     (29,158,550     69,020,149  

 

 

Net assets applicable to common shares:

    

Beginning of year

     806,853,539       737,833,390  

 

 

End of year

   $ 777,694,989     $ 806,853,539  

 

 

 

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

 

29                    Invesco Value Municipal Income Trust


Statement of Cash Flows

For the year ended February 28, 2021

 

Cash provided by operating activities:

  

Net increase in net assets resulting from operations applicable to common shares

   $ 4,439,804  

 

 

Adjustments to reconcile the change in net assets applicable to common shares from operations to net cash provided by operating activities:

  

Purchases of investments

     (207,483,066

 

 

Proceeds from sales of investments

     235,456,678  

 

 

Purchases of short-term investments, net

     (4,009,992

 

 

Amortization of premium on investment securities

     7,221,836  

 

 

Accretion of discount on investment securities

     (6,039,803

 

 

Increase in receivables and other assets

     (84,226

 

 

Decrease in accrued expenses and other payables

     (124,302

 

 

Net realized loss from investment securities

     4,743,965  

 

 

Net change in unrealized depreciation on investment securities

     25,817,381  

 

 

Net cash provided by operating activities

     59,938,275  

 

 

Cash provided by (used in) financing activities:

  

Dividends paid to common shareholders from distributable earnings

     (33,590,808

 

 

Proceeds of TOB Trusts

     33,897,500  

 

 

Repayments of TOB Trusts

     (57,262,500

 

 

Net cash provided by (used in) financing activities

     (56,955,808

 

 

Net increase in cash and cash equivalents

     2,982,467  

 

 

Cash and cash equivalents at beginning of period

     486,625  

 

 

Cash and cash equivalents at end of period

   $ 3,469,092  

 

 

Supplemental disclosure of cash flow information:

  

 

 

Cash paid during the period for interest, facilities and maintenance fees

   $ 6,131,895  

 

 

 

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

 

30                    Invesco Value Municipal Income Trust


Financial Highlights

The following schedule presents financial highlights for a share of the Trust outstanding throughout the periods indicated.

 

     Year Ended     Year Ended                    
     February 28,     February 29,     Years ended February 28,  
      

 

 

 
     2021     2020     2019     2018     2017  

 

 

Net asset value per common share, beginning of period

     $    17.15       $    15.68       $    15.80       $    15.93       $    16.73  

 

 

Net investment income(a)

     0.75       0.67       0.69       0.77       0.79  

 

 

Net gains (losses) on securities (both realized and unrealized)

     (0.66     1.50       (0.08     (0.16     (0.80

 

 

Total from investment operations

     0.09       2.17       0.61       0.61       (0.01

 

 

Less:

          

Dividends paid to common shareholders from net investment income

     (0.71     (0.67     (0.72     (0.74     (0.79

 

 

Return of capital

           (0.03     (0.01            

 

 

Total distributions

     (0.71     (0.70     (0.73     (0.74     (0.79

 

 

Net asset value per common share, end of period

     $    16.53       $    17.15       $    15.68       $    15.80       $    15.93  

 

 

Market value per common share, end of period

     $    15.55       $    15.47       $    14.35       $    14.49       $    14.75  

 

 

Total return at net asset value(b)

     1.11     14.53     4.50     4.27     0.02

 

 

Total return at market value(c)

     5.45     12.88     4.29     3.27     (9.55 )% 

 

 

Net assets applicable to common shares, end of period (000’s omitted)

     $777,695       $806,854       $737,833       $743,442       $749,406  

 

 

Portfolio turnover rate(d)

     16     6     15     7     14

 

 
Ratios/supplemental data based on average net assets
applicable to common shares outstanding:

 

Ratio of expenses:

          

 

 

With fee waivers and/or expense reimbursements

     1.70 %(e)       2.40     2.48     2.05     1.65

 

 

With fee waivers and/or expense reimbursements excluding interest, facilities and maintenance fees

     0.93 %(e)       0.95     0.99     0.95     0.90

 

 

Without fee waivers and/or expense reimbursements

     1.70 %(e)       2.40     2.48     2.05     1.65

 

 

Ratio of net investment income to average net assets

     4.59 %(e)       4.10     4.41     4.73     4.72

 

 

Senior securities:

          

Total amount of preferred shares outstanding (000’s omitted)

     $233,100       $233,100       $233,100       $233,100       $193,100  

 

 

Asset coverage per preferred share(f)

     $433,631       $446,141       $416,531       $418,937       $488,092  

 

 

Liquidating preference per preferred share

     $100,000       $100,000       $100,000       $100,000       $100,000  

 

 

 

(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. Does not include sales charges and is 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 Trust’s dividend reinvestment plan, and sale of all 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.

(e)

Ratios are based on average daily net assets applicable to common shares (000’s omitted) of $767,557.

(f) 

Calculated by subtracting the Trust’s total liabilities (not including preferred shares, at liquidation value) from the Trust’s total assets and dividing this by the total number of preferred shares outstanding.

 

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

 

31                    Invesco Value Municipal Income Trust


Notes to Financial Statements

February 28, 2021

NOTE 1–Significant 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 Trust’s investment objective is to provide common shareholders with current income which is exempt from federal income tax. Under normal market conditions, the Trust will invest at least 80% of its net assets in municipal securities rated investment grade at the time of investment.

The Trust is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

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. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a trust may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. 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 Trust 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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally 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 an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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 the Statement of Changes in Net Assets, or the net investment income per share and the 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.

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.