0000885601falseN-CSRS 0000885601 2025-03-01 2025-08-31 0000885601 cik0000885601:OtherRisksMember 2025-03-01 2025-08-31
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)
Glenn Brightman 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:
  February 28    
Date of reporting period:
  August 31, 2025    
Item 1. Reports to Stockholders.
(a) The Registrant’s semi-annual report transmitted to shareholders pursuant to Rule
30e-1
under the Investment Company Act of 1940, as amended (the “Act”) is as follows:
LOGO
 
 
Semi-Annual Report to Shareholders
   
August 31, 2025
Invesco Value Municipal Income Trust
NYSE:
IIM
   
 
 
   
 
2
   
2
   
3
   
4
   
20
   
24
   
25
   
30
   
32
   
 
Unless otherwise noted, all data is provided by Invesco.
 
 
NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE
 
Trust Performance
 
 
Performance summary
 
Cumulative total returns, 2/28/25 to 8/31/25
 
Trust at NAV
   
 
-4.99% 
 
Trust at Market Value
   
 
-1.82    
 
S&P Municipal Bond Index
▼
(Broad Market Index)
   
 
-0.96    
 
S&P Municipal Bond 5+ Year Investment Grade Index
▼
(Style-Specific Index)
   
 
-1.73    
 
Market Price Discount to NAV as of 8/31/25
   
 
-2.08    
 
Source(s):
▼
RIMES Technologies Corp.
 
 
 The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Investment return, net asset value (NAV) and common share market price will fluctuate so that you may have a gain or loss when you sell shares. Please visit invesco.com/us for the most recent
month-end
performance. Performance figures reflect Trust expenses, the reinvestment of distributions (if any) and changes in NAV for performance based on NAV and changes in market price for performance based on market price.
 Since the Trust is a
closed-end
management investment company, shares of the Trust may trade at a discount or premium from the NAV. This characteristic is separate and distinct from the risk that NAV could decrease as a result of investment activities and may be a greater risk to investors expecting to sell their shares after a short time. The Trust cannot predict whether shares will trade at, above or below NAV. The Trust should not be viewed as a vehicle for trading purposes. It is designed primarily for risk-tolerant long-term investors.
 The
S&P Municipal Bond Index
is a broad, market value-weighted index that seeks to measure the performance of the US municipal bond market.
 The
S&P Municipal Bond 5+ Year Investment Grade Index
seeks to measure the performance of investment-grade US municipal bonds with maturities equal to or greater than five years.
 The 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.
 
 
 
 
 
 
 
 
Important Notice Regarding Share Repurchase Program
 
In September 2025, the Board of Trustees of the Trust approved a share repurchase program that allows the Trust to repurchase up to 25% of the
20-day
average trading volume
of the Trust’s common shares when the Trust is trading at a 10% or greater discount to its net asset value. The Trust will repurchase
shares pursuant to this program if the Ad- viser reasonably believes that such repurchases may enhance shareholder value.
 
2
  
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, Computer-share Trust Company, N.A., P.O. Box 43078, Providence, RI 02940-3078. 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 43078, Providence, RI 02940-3078. 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
  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 $2.50 per account and a brokerage charge.
  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.
 
3
  
Invesco Value Municipal Income Trust
Schedule of Investments
August 31, 2025
(Unaudited)
 
     
Interest
Rate
    
Maturity
Date
     
Principal
Amount
(000)
     
Value
  
Municipal Obligations–152.58%
(a)
          
Alabama–1.81%
           
Birmingham (City of), AL Special Care Facilities Financing Authority (Methodist Home for the Aging); Series 2016, RB
   
 
5.75
% 
  
 
06/01/2045
 
   
$
20
 
   
$
17,586
 
 
  
Black Belt Energy Gas District (The); Series 2023 B, RB
(b)
  
 
5.25
% 
  
 
12/01/2030
 
   
 
 1,420
 
   
 
  1,532,927
 
 
  
Energy Southeast, A Cooperative District; Series 2024 B, RB
(b)
  
 
5.25
% 
  
 
06/01/2032
 
   
 
1,010
 
   
 
1,084,912
 
 
  
Lower Alabama Gas District (The); Series 2016 A, RB
   
 
5.00
% 
  
 
09/01/2046
 
   
 
920
 
   
 
933,705
 
 
  
Southeast Energy Authority, A Cooperative District (No. 2);
           
Series 2021 B, RB
(b)
  
 
4.00
% 
  
 
12/01/2031
 
   
 
1,480
 
   
 
1,474,548
 
 
  
Series 2024 A, RB
   
 
5.00
% 
  
 
11/01/2035
 
   
 
1,675
 
   
 
1,733,570
 
 
  
Series 2025 A, RB
(b)
  
 
5.00
% 
  
 
06/01/2035
 
   
 
1,105
 
   
 
1,135,834
 
 
  
Southeast Energy Authority, A Cooperative District (No. 3); Series 2022
A-1,
RB
(b)
  
 
5.50
% 
  
 
12/01/2029
 
   
 
1,405
 
   
 
1,505,947
 
 
  
Tuscaloosa (County of), AL Industrial Development Authority (Hunt Refining); Series 2019 A, Ref. IDR
(c)
  
 
5.25
% 
  
 
05/01/2044
 
   
 
860
 
   
 
841,512
 
 
  
          
 
10,260,541
 
 
  
Alaska–0.51%
           
Municipality of Anchorage AK; Series 2025, RB (INS - AGI)
(d)(e)(f)
  
 
5.25
% 
  
 
02/01/2050
 
   
 
2,500
 
   
 
2,533,862
 
 
  
Northern Tobacco Securitization Corp.; Series 2021
A-1,
Ref. RB
   
 
4.00
% 
  
 
06/01/2050
 
   
 
420
 
   
 
338,739
 
 
  
          
 
2,872,601
 
 
  
Arizona–2.26%
           
Arizona (State of) Industrial Development Authority (Leman Academy of Excellence); Series 2019 A, RB
(c)
  
 
5.00
% 
  
 
07/01/2039
 
   
 
1,195
 
   
 
1,134,853
 
 
  
Arizona (State of) Industrial Development Authority (Master Academy of Nevada - Bonanza Campus);Series 2020 A, RB
(c)
  
 
5.00
% 
  
 
12/15/2040
 
   
 
250
 
   
 
233,628
 
 
  
City of Mesa AZ Utility System Revenue; Series 2025, RB
(INS-BAM)
(e)(f)
  
 
5.00
% 
  
 
07/01/2046
 
   
 
3,025
 
   
 
3,060,547
 
 
  
Glendale (City of), AZ Industrial Development Authority (The Beatitudes Campus);
           
Series 2017, Ref. RB
   
 
5.00
% 
  
 
11/15/2032
 
   
 
1,280
 
   
 
1,110,818
 
 
  
Series 2017, Ref. RB
   
 
5.00
% 
  
 
11/15/2045
 
   
 
980
 
   
 
678,635
 
 
  
La Paz (County of), AZ Industrial Development Authority (Charter School Solutions- Harmony PublicSchools); Series 2018 A, RB
   
 
5.00
% 
  
 
02/15/2048
 
   
 
700
 
   
 
625,727
 
 
  
Maricopa (County of), AZ Industrial Development Authority (Legacy Traditional Schools);
           
Series 2019, Ref. RB
(c)
  
 
5.00
% 
  
 
07/01/2054
 
   
 
550
 
   
 
491,543
 
 
  
Series 2021, RB
(c)
  
 
4.00
% 
  
 
07/01/2051
 
   
 
875
 
   
 
670,564
 
 
  
Pima (County of), AZ Industrial Development Authority (The) (American Leadership Academy); Series 2019, Ref. RB
(c)
  
 
5.00
% 
  
 
06/15/2052
 
   
 
360
 
   
 
310,764
 
 
  
Pima (County of), AZ Industrial Development Authority (The) (Grande Innovations Academy); Series 2018, RB
(c)
  
 
5.25
% 
  
 
07/01/2048
 
   
 
1,175
 
   
 
1,051,270
 
 
  
Salt River Project Agricultural Improvement & Power District; Series 2025, RB
(f)
  
 
5.00
% 
  
 
01/01/2048
 
   
 
3,370
 
   
 
3,453,493
 
 
  
          
 
12,821,842
 
 
  
California–22.10%
           
Alhambra Unified School District (Election of 2004);
           
Series 2009 B, GO Bonds (INS - AGI)
(e)(g)
  
 
0.00
% 
  
 
08/01/2035
 
   
 
3,010
 
   
 
2,090,559
 
 
  
Series 2009 B, GO Bonds (INS - AGI)
(e)(g)
  
 
0.00
% 
  
 
08/01/2036
 
   
 
2,675
 
   
 
1,756,827
 
 
  
Beverly Hills Unified School District (Election of 2008);
           
Series 2009, GO Bonds
(g)
  
 
0.00
% 
  
 
08/01/2026
 
   
 
2,720
 
   
 
2,669,744
 
 
  
Series 2009, GO Bonds
(g)
  
 
0.00
% 
  
 
08/01/2031
 
   
 
5,270
 
   
 
4,510,383
 
 
  
California (State of); Series 2020, GO Bonds (INS
-BAM)
(e)
  
 
3.00
% 
  
 
11/01/2050
 
   
 
1,680
 
   
 
1,207,163
 
 
  
California (State of) Community Choice Financing Authority (Clean Energy) (Green Bonds); Series 2024, RB
(b)
  
 
5.00
% 
  
 
04/01/2032
 
   
 
1,475
 
   
 
1,576,141
 
 
  
California (State of) County Tobacco Securitization Agency (Alameda County Tobacco Asset Securitization Corp.); Series 2006 C, RB
(g)
  
 
0.00
% 
  
 
06/01/2055
 
   
 
10,335
 
   
 
927,691
 
 
  
California (State of) County Tobacco Securitization Agency (Los Angeles County Securitization Corp.);
           
Series 2020
B-1,
Ref. RB
   
 
5.00
% 
  
 
06/01/2049
 
   
 
15
 
   
 
14,491
 
 
  
Series 2020
B-2,
Ref. RB
(g)
  
 
0.00
% 
  
 
06/01/2055
 
   
 
1,680
 
   
 
295,357
 
 
  
California (State of) Health Facilities Financing Authority (PIH Health); Series 2020 A, RB
   
 
4.00
% 
  
 
06/01/2050
 
   
 
4,175
 
   
 
3,452,659
 
 
  
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
 
4
  
Invesco Value Municipal Income Trust
    
Interest
Rate
    
Maturity
Date
     
Principal
Amount
(000)
     
Value
  
 
  
California–(continued)
           
California (State of) Housing Finance Agency (Social Certificates);
           
Series 2021 A, RB
   
 
3.25
% 
  
 
08/20/2036
 
   
$
5
 
   
$
4,416
 
 
  
Series
2021-2A,
Revenue Ctfs. (CEP - FHLMC)
   
 
3.75
% 
  
 
03/25/2035
 
   
 
 3,976
 
   
 
  3,975,795
 
 
  
Series
2023-1,
RB
   
 
4.38
% 
  
 
09/20/2036
 
   
 
823
 
   
 
826,610
 
 
  
California (State of) Infrastructure & Economic Development Bank; Series 2003 A, RB
(b)(f)(h)
  
 
5.00
% 
  
 
01/01/2028
 
   
 
6,700
 
   
 
7,159,401
 
 
  
California (State of) Infrastructure & Economic Development Bank (Bay Area Toll Bridges); Series 2003 A, RB
(b)(f)(h)
  
 
5.00
% 
  
 
01/01/2028
 
   
 
3,300
 
   
 
3,526,272
 
 
  
California (State of) Municipal Finance Authority (Bella Mente Montessori Academy); Series 2018 A, RB
(c)
  
 
5.00
% 
  
 
06/01/2048
 
   
 
170
 
   
 
154,149
 
 
  
California (State of) Municipal Finance Authority
(CHF-Davis
I, LLC - West Village Student Housing);Series 2018, RB
   
 
5.00
% 
  
 
05/15/2037
 
   
 
1,330
 
   
 
1,355,601
 
 
  
California (State of) Municipal Finance Authority (Linxs APM); Series 2018 A, RB
(d)
  
 
5.00
% 
  
 
12/31/2043
 
   
 
2,000
 
   
 
1,948,814
 
 
  
California (State of) Municipal Finance Authority (William Jessup University); Series 2019, Ref. RB (Acquired 06/09/2020; Cost $251,757)
(c)(i)
  
 
5.00
% 
  
 
08/01/2039
 
   
 
250
 
   
 
202,808
 
 
  
California (State of) Pollution Control Financing Authority (Plant Bonds);
           
Series 2012, RB
(c)(d)
  
 
5.00
% 
  
 
07/01/2027
 
   
 
470
 
   
 
472,288
 
 
  
Series 2012, RB
(c)(d)
  
 
5.00
% 
  
 
07/01/2030
 
   
 
190
 
   
 
190,798
 
 
  
Series 2012, RB
(c)(d)
  
 
5.00
% 
  
 
07/01/2037
 
   
 
1,990
 
   
 
1,990,546
 
 
  
Series 2012, RB
(c)(d)
  
 
5.00
% 
  
 
11/21/2045
 
   
 
2,325
 
   
 
2,207,814
 
 
  
California (State of) Statewide Communities Development Authority (Loma Linda University Medical Center); Series 2016 A, RB
(c)
  
 
5.25
% 
  
 
12/01/2056
 
   
 
995
 
   
 
908,378
 
 
  
California Community Choice Financing Authority (Clean Energy) (Green Bonds);
           
Series 2024 E, RB
(b)
  
 
5.00
% 
  
 
09/01/2032
 
   
 
1,050
 
   
 
1,125,843
 
 
  
Series 2024, RB
(b)
  
 
5.00
% 
  
 
10/01/2032
 
   
 
1,260
 
   
 
1,339,388
 
 
  
California Health Facilities Financing Authority; Series 2025, RB
(f)(j)
  
 
5.00
% 
  
 
08/15/2051
 
   
 
4,375
 
   
 
4,459,302
 
 
  
California State University; Series 2019 A, RB
(f)
  
 
5.00
% 
  
 
11/01/2049
 
   
 
2,130
 
   
 
2,141,774
 
 
  
Clovis Unified School District (Election of 2004); Series 2004 A, GO Bonds (INS -NATL)
(e)(g)
  
 
0.00
% 
  
 
08/01/2029
 
   
 
1,360
 
   
 
1,231,190
 
 
  
CSCDA Community Improvement Authority (Jefferson-Anaheim Social Bonds); Series 2021 A, RB
(c)
  
 
3.13
% 
  
 
08/01/2056
 
   
 
840
 
   
 
595,480
 
 
  
Dry Creek Joint Elementary School District (Election of 2008-Measure E);
           
Series 2009, GO Bonds
(g)
  
 
0.00
% 
  
 
08/01/2043
 
   
 
2,120
 
   
 
901,143
 
 
  
Series 2009, GO Bonds
(g)
  
 
0.00
% 
  
 
08/01/2044
 
   
 
1,090
 
   
 
435,872
 
 
  
Series 2009, GO Bonds
(g)
  
 
0.00
% 
  
 
08/01/2045
 
   
 
6,270
 
   
 
2,363,568
 
 
  
Series 2009, GO Bonds
(g)
  
 
0.00
% 
  
 
08/01/2048
 
   
 
4,610
 
   
 
1,480,844
 
 
  
El Segundo Unified School District (Election of 2008);
           
Series 2009 A, GO Bonds
(g)
  
 
0.00
% 
  
 
08/01/2031
 
   
 
4,155
 
   
 
3,504,619
 
 
  
Series 2009 A, GO Bonds
(g)
  
 
0.00
% 
  
 
08/01/2032
 
   
 
3,165
 
   
 
2,562,830
 
 
  
Golden State Tobacco Securitization Corp.; Series 2021
B-2,
Ref. RB
(g)
  
 
0.00
% 
  
 
06/01/2066
 
   
 
2,245
 
   
 
209,160
 
 
  
Los Angeles (City of), CA Department of Airports (Green Bonds); Series 2022, RB
(d)
  
 
4.00
% 
  
 
05/15/2042
 
   
 
705
 
   
 
642,949
 
 
  
Los Angeles County Public Works Financing Authority;
           
Series 2025, RB
(f)
  
 
5.25
% 
  
 
12/01/2050
 
   
 
2,095
 
   
 
2,183,566
 
 
  
Series 2025, RB
(f)
  
 
5.25
% 
  
 
12/01/2054
 
   
 
780
 
   
 
811,277
 
 
  
Menifee Union School District (Election of 2008);
           
Series 2009 C, GO Bonds (INS - AGI)
(e)(g)
  
 
0.00
% 
  
 
08/01/2034
 
   
 
1,665
 
   
 
1,218,786
 
 
  
Series 2009 C, GO Bonds (INS - AGI)
(e)(g)
  
 
0.00
% 
  
 
08/01/2035
 
   
 
300
 
   
 
208,361
 
 
  
Moreland School District (Crossover Series 14); Series 2006 C, Ref. GO Bonds (INS -AMBAC)
(e)(g)
  
 
0.00
% 
  
 
08/01/2029
 
   
 
3,350
 
   
 
2,997,780
 
 
  
M-S-R
Energy Authority;
           
Series 2009 B, RB
   
 
6.13
% 
  
 
11/01/2029
 
   
 
750
 
   
 
794,656
 
 
  
Series 2009 B, RB
   
 
6.50
% 
  
 
11/01/2039
 
   
 
585
 
   
 
695,350
 
 
  
Oak Grove School District (Election of 2008); Series 2009 A, GO Bonds
(g)
  
 
0.00
% 
  
 
08/01/2028
 
   
 
2,400
 
   
 
2,241,201
 
 
  
Patterson Joint Unified School District (Election of 2008);
           
Series 2009 B, GO Bonds (INS - AGI)
(e)(g)
  
 
0.00
% 
  
 
08/01/2034
 
   
 
3,825
 
   
 
2,799,915
 
 
  
Series 2009 B, GO Bonds (INS - AGI)
(e)(g)
  
 
0.00
% 
  
 
08/01/2035
 
   
 
4,120
 
   
 
2,861,495
 
 
  
Series 2009 B, GO Bonds (INS - AGI)
(e)(g)
  
 
0.00
% 
  
 
08/01/2036
 
   
 
300
 
   
 
197,027
 
 
  
Series 2009 B, GO Bonds (INS - AGI)
(e)(g)
  
 
0.00
% 
  
 
08/01/2037
 
   
 
1,785
 
   
 
1,104,988
 
 
  
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
 
   
 
7,307,314
 
 
  
Series 2009 A, GO Bonds
(g)
  
 
0.00
% 
  
 
08/01/2031
 
   
 
8,475
 
   
 
7,141,264
 
 
  
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
 
5
  
Invesco Value Municipal Income Trust
     
Interest
Rate
    
Maturity
Date
     
Principal
Amount
(000)
     
Value
  
California–(continued)
           
Regents of the University of California Medical Center;
           
Series 2022 P, RB
(f)(j)
  
 
4.00
% 
  
 
05/15/2053
 
   
$
 5,430
 
   
$
  4,608,984
 
Series 2022 P, RB
   
 
3.50
% 
  
 
05/15/2054
 
   
 
2,015
 
   
 
1,547,662
 
Sacramento (City of), CA Unified School District; Series 2024 B, GO Bonds (INS
-BAM)
(e)
  
 
4.00
% 
  
 
08/01/2048
 
   
 
1,230
 
   
 
1,095,294
 
Sacramento (County of), CA; Series 2024, RB
   
 
5.25
% 
  
 
07/01/2054
 
   
 
1,000
 
   
 
1,034,236
 
San Diego (County of), CA Regional Airport Authority; Series 2021 A, RB
   
 
4.00
% 
  
 
07/01/2051
 
   
 
2,060
 
   
 
1,807,295
 
San Diego County Regional Airport Authority; Series 2025, RB
(d)(f)
  
 
5.00
% 
  
 
07/01/2048
 
   
 
2,525
 
   
 
2,499,357
 
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport);
           
Series 2019 E, RB
(d)
  
 
5.00
% 
  
 
05/01/2038
 
   
 
675
 
   
 
685,117
 
Series 2021 A, Ref. RB
(d)
  
 
5.00
% 
  
 
05/01/2036
 
   
 
610
 
   
 
637,035
 
San Jose Evergreen Community College District (Election of 2004); Series 2008 B, GO Bonds (INS - AGI)
(e)(g)
  
 
0.00
% 
  
 
09/01/2030
 
   
 
1,600
 
   
 
1,412,354
 
Silicon Valley Tobacco Securitization Authority (Santa Clara); Series 2007 A, RB
(g)
  
 
0.00
% 
  
 
06/01/2041
 
   
 
3,445
 
   
 
1,196,434
 
Tender Option Bond Trust Receipts/Certificates; Series 2025, GO Bonds
(c)(k)
  
 
10.31
% 
  
 
03/01/2055
 
   
 
840
 
   
 
952,248
 
William S. Hart Union High School District (Election of 2008); Series 2009 A, GO Bonds
(g)
  
 
0.00
% 
  
 
08/01/2033
 
   
 
11,350
 
   
 
8,771,568
 
 
   
 
 
 
  
 
 
 
   
 
 
 
   
 
125,229,231
 
Colorado–6.96%
           
Arista Metropolitan District; Series 2023 A, Ref. GO Bonds (INS
-BAM)
(e)
  
 
4.50
% 
  
 
12/01/2058
 
   
 
2,390
 
   
 
2,143,828
 
Aurora Crossroads Metropolitan District No. 2; Series 2020 B, GO Bonds
   
 
7.75
% 
  
 
12/15/2050
 
   
 
500
 
   
 
496,437
 
Aurora Highlands Community Authority Board; Series 2021 A, Ref. RB
   
 
5.75
% 
  
 
12/01/2051
 
   
 
840
 
   
 
762,387
 
Belford North Metropolitan District; Series 2020 A, GO Bonds
   
 
5.50
% 
  
 
12/01/2050
 
   
 
1,045
 
   
 
891,036
 
Centerra Metropolitan District No. 1 (In the City of Loveland);
           
Series 2017, RB
(c)
  
 
5.00
% 
  
 
12/01/2047
 
   
 
1,680
 
   
 
1,563,665
 
Series 2020 A, Ref. GO Bonds
   
 
5.00
% 
  
 
12/01/2051
 
   
 
670
 
   
 
616,782
 
Colorado (State of) Health Facilities Authority (Adventist Health System/Sunbelt Obligated Group); Series 2018 A, RB
   
 
5.00
% 
  
 
11/15/2048
 
   
 
1,705
 
   
 
1,705,707
 
Colorado (State of) Health Facilities Authority (CommonSpirit Health); Series 2019
A-2,
Ref. RB
   
 
4.00
% 
  
 
08/01/2049
 
   
 
1,675
 
   
 
1,384,047
 
Colorado (State of) Southern Ute Indian Tribe of the Southern Ute Reservation; Series 2025 A, GO Bonds
(c)
  
 
5.00
% 
  
 
04/01/2035
 
   
 
1,260
 
   
 
1,339,196
 
Colorado Crossing Metropolitan District No. 2; Series 2020
A-1,
Ref. GO Bonds
   
 
5.00
% 
  
 
12/01/2047
 
   
 
500
 
   
 
453,514
 
Colorado Springs (City of), CO; Series 2024, RB
(f)
  
 
5.25
% 
  
 
11/15/2053
 
   
 
5,000
 
   
 
5,154,550
 
Denver (City & County of), CO; Series 2018 A, Ref. RB
(d)
  
 
5.00
% 
  
 
12/01/2048
 
   
 
5,740
 
   
 
5,604,542
 
Series 2018 A, Ref. RB
(d)
  
 
5.25
% 
  
 
12/01/2048
 
   
 
1,710
 
   
 
1,711,112
 
Series 2025, RB
(d)(f)
  
 
5.00
% 
  
 
11/15/2047
 
   
 
1,985
 
   
 
1,961,789
 
Great Western Metropolitan District; Series 2020, Ref. GO Bonds
   
 
4.75
% 
  
 
12/01/2050
 
   
 
460
 
   
 
381,567
 
Hogback Metropolitan District; Series 2021 A, GO Bonds
   
 
5.00
% 
  
 
12/01/2041
 
   
 
725
 
   
 
671,000
 
Jefferson (County of), CO Center Metropolitan District No. 1; Series 2020 B, Ref. RB
   
 
5.75
% 
  
 
12/15/2050
 
   
 
1,995
 
   
 
1,965,769
 
Johnstown Plaza Metropolitan District; Series 2022, Ref. GO Bonds
   
 
4.25
% 
  
 
12/01/2046
 
   
 
753
 
   
 
624,573
 
Mulberry Metropolitan District No. 2; Series 2022, RB
   
 
7.00
% 
  
 
12/01/2034
 
   
 
750
 
   
 
766,436
 
North Range Metropolitan District No. 3; Series 2020 A, GO Bonds
   
 
5.00
% 
  
 
12/01/2040
 
   
 
500
 
   
 
487,054
 
Parkdale Community Authority; Series 2025, Ref. RB (INS - AGI)
(e)
  
 
5.50
% 
  
 
12/01/2055
 
   
 
1,000
 
   
 
1,016,297
 
Rampart Range Metropolitan District No. 5; Series 2021, RB
   
 
4.00
% 
  
 
12/01/2051
 
   
 
500
 
   
 
387,813
 
Ritoro Metropolitan District; Series 2025 A, Ref. GO Bonds (INS - AGI)
(e)
  
 
4.38
% 
  
 
12/01/2045
 
   
 
890
 
   
 
829,143
 
Sky Ranch Community Authority Board; Series 2022 A, RB
   
 
5.75
% 
  
 
12/01/2052
 
   
 
500
 
   
 
490,470
 
South Aurora Regional Improvement Authority; Series 2025, RB
   
 
6.75
% 
  
 
12/01/2055
 
   
 
845
 
   
 
840,360
 
Spring Valley Metropolitan District No. 3; Series 2025 A, Ref. GO Bonds (INS - AGI)
(e)
  
 
5.25
% 
  
 
12/01/2045
 
   
 
500
 
   
 
495,415
 
Village Metropolitan District (The); Series 2020, Ref. GO Bonds
   
 
4.15
% 
  
 
12/01/2030
 
   
 
380
 
   
 
380,971
 
Water stone Metropolitan District No. 1; Series 2025 A, Ref. GO Bonds (INS - AGI)
(e)
  
 
4.75
% 
  
 
12/01/2054
 
   
 
840
 
   
 
771,394
 
White Buffalo Metropolitan District No. 3;
           
Series 2020, GO Bonds
   
 
5.50
% 
  
 
12/01/2050
 
   
 
500
 
   
 
473,924
 
Series 2025, Ref. GO Bonds
   
 
9.00
% 
  
 
12/15/2055
 
   
 
1,240
 
   
 
1,235,197
 
Windler Public Improvement Authority; Series 2021
A-1,
RB
   
 
4.13
% 
  
 
12/01/2051
 
   
 
500
 
   
 
365,326
 
Series 2021
A-2,
RB
(l)
  
 
4.50
% 
  
 
12/01/2041
 
   
 
2,070
 
   
 
1,464,734
 
 
   
 
 
 
  
 
 
 
   
 
 
 
   
 
39,436,035
 
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
 
6
  
Invesco Value Municipal Income Trust
     
Interest
Rate
    
Maturity
Date
     
Principal
Amount
(000)
     
Value
  
District of Columbia–3.77%
           
District of Columbia (Provident Group - Howard Properties LLC); Series 2013, RB
   
 
5.00
% 
  
 
10/01/2045
 
   
$
310
 
   
$
278,604
 
District of Columbia Water & Sewer Authority;
           
Series 2022, RB
(f)
  
 
5.00
% 
  
 
10/01/2044
 
   
 
5,805
 
   
 
5,852,340
 
Series 2025 C, VRD RB
(k)
  
 
2.45
% 
  
 
10/01/2060
 
   
 
1,350
 
   
 
1,350,000
 
District of Columbia Water & Sewer Authority (Green Bonds); Series 2022
C-1,
RB
   
 
4.00
% 
  
 
10/01/2051
 
   
 
3,335
 
   
 
2,839,030
 
Metropolitan Washington Airports Authority; Series 2019 B, Ref. RB
   
 
4.00
% 
  
 
10/01/2049
 
   
 
1,675
 
   
 
1,388,625
 
Washington Metropolitan Area Transit Authority Dedicated Revenue;
           
Series 2025, RB
(f)(j)
  
 
5.25
% 
  
 
07/15/2053
 
   
 
7,185
 
   
 
7,371,436
 
 Series 2025, RB
(f)(j)
  
 
5.25
% 
  
 
07/15/2055
 
   
 
2,200
 
   
 
2,261,299
 
 
   
 
 
 
  
 
 
 
   
 
 
 
   
 
21,341,334
 
Florida–10.23%
           
Alachua (County of), FL Health Facilities Authority (Terraces at Bonita Springs); Series 2022 A, Ref. RB (Acquired 01/25/2022; Cost $1,075,000)
(c)(i)
  
 
5.00
% 
  
 
11/15/2061
 
   
 
1,075
 
   
 
764,526
 
Brevard (County of), FL Health Facilities Authority (Health First Obligated Group); Series 2022 A, Ref. RB
   
 
4.00
% 
  
 
04/01/2052
 
   
 
500
 
   
 
404,989
 
Broward (County of), FL;
           
Series 2019 A, RB
(d)
  
 
4.00
% 
  
 
10/01/2049
 
   
 
755
 
   
 
625,018
 
Series 2022 A, RB
(f)(j)
  
 
4.00
% 
  
 
10/01/2047
 
   
 
4,110
 
   
 
3,697,130
 
Broward (County of), FL (Convention Center Expansion); Series 2021, RB
   
 
4.00
% 
  
 
09/01/2051
 
   
 
2,525
 
   
 
2,090,531
 
Cape Coral (City of), FL; Series 2023, Ref. RB (INS
-BAM)
(e)
  
 
5.50
% 
  
 
03/01/2043
 
   
 
1,595
 
   
 
1,675,418
 
Capital Trust Agency, Inc. (Sarasota-Manatee Jewish Housing Council, Inc.); Series 2017, Ref. RB
(c)
  
 
5.00
% 
  
 
07/01/2037
 
   
 
1,380
 
   
 
1,161,827
 
Davie (Town of), FL (Nova Southeastern University); Series 2018, Ref. RB
   
 
5.00
% 
  
 
04/01/2048
 
   
 
2,500
 
   
 
2,475,807
 
Florida (State of) North Broward Hospital District; Series 2017 B, Ref. RB
   
 
5.00
% 
  
 
01/01/2042
 
   
 
1,190
 
   
 
1,182,060
 
Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion);
           
Series 2024, Ref. RB
(b)(c)(d)
  
 
12.00
% 
  
 
07/15/2028
 
   
 
750
 
   
 
465,000
 
Series 2024, Ref. RB (INS - AGI)
(d)(e)
  
 
5.00
% 
  
 
07/01/2044
 
   
 
1,830
 
   
 
1,754,147
 
Series 2024, Ref. RB (INS - AGI)
(d)(e)
  
 
5.25
% 
  
 
07/01/2053
 
   
 
3,655
 
   
 
3,476,071
 
Series 2024, Ref. RB
(d)
  
 
5.50
% 
  
 
07/01/2053
 
   
 
850
 
   
 
701,878
 
Fort Lauderdale (City of), FL; Series 2024, RB
(f)
  
 
5.50
% 
  
 
09/01/2053
 
   
 
2,525
 
   
 
2,672,403
 
Greater Orlando Aviation Authority;
           
Series 2017 A, RB
(d)
  
 
5.00
% 
  
 
10/01/2052
 
   
 
510
 
   
 
498,305
 
Series 2019 A, RB
(d)
  
 
4.00
% 
  
 
10/01/2044
 
   
 
1,000
 
   
 
864,431
 
Series 2024, RB
(d)
  
 
5.25
% 
  
 
10/01/2048
 
   
 
1,675
 
   
 
1,703,345
 
Hillsborough (County of), FL Aviation Authority (Tampa International Airport); Series 2018 E, RB
(d)
  
 
5.00
% 
  
 
10/01/2048
 
   
 
2,525
 
   
 
2,482,425
 
Hillsborough County Industrial Development Authority; Series 2025, RB
(f)
  
 
5.50
% 
  
 
11/15/2054
 
   
 
3,355
 
   
 
3,489,952
 
JEA Water & Sewer System Revenue; Series 2025, RB
(f)
  
 
5.25
% 
  
 
10/01/2055
 
   
 
1,675
 
   
 
1,723,208
 
Lake (County of), FL (Lakeside at Waterman Village);
           
Series 2020 A, Ref. RB
   
 
5.50
% 
  
 
08/15/2040
 
   
 
705
 
   
 
679,672
 
Series 2020 A, Ref. RB
   
 
5.75
% 
  
 
08/15/2050
 
   
 
285
 
   
 
261,983
 
Series 2020 A, Ref. RB
   
 
5.75
% 
  
 
08/15/2055
 
   
 
1,055
 
   
 
952,486
 
Miami-Dade (County of), FL;
           
Series 2021, RB
   
 
4.00
% 
  
 
10/01/2051
 
   
 
3,150
 
   
 
2,678,394
 
Series 2022 A, Ref. RB
(d)
  
 
5.25
% 
  
 
10/01/2052
 
   
 
1,300
 
   
 
1,290,881
 
Series 2023 A, Ref. RB
(d)
  
 
5.00
% 
  
 
10/01/2047
 
   
 
840
 
   
 
816,944
 
Series 2025 A, RB
(d)
  
 
5.50
% 
  
 
10/01/2055
 
   
 
445
 
   
 
456,814
 
Series 2025, RB
(f)
  
 
5.00
% 
  
 
07/01/2052
 
   
 
2,320
 
   
 
2,357,732
 
Subseries 2021
A-2,
Ref. RB (INS - AGI)
(e)
  
 
4.00
% 
  
 
10/01/2049
 
   
 
2,525
 
   
 
2,197,975
 
Subseries 2021
B-1,
Ref. RB
(d)
  
 
4.00
% 
  
 
10/01/2050
 
   
 
985
 
   
 
815,287
 
Miami-Dade (County of), FL Expressway Authority; Series 2010 A, RB (INS - AGI)
(e)
  
 
5.00
% 
  
 
07/01/2035
 
   
 
3,415
 
   
 
3,418,618
 
Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group); Series 2025, Ref. RB
   
 
5.25
% 
  
 
10/01/2056
 
   
 
1,675
 
   
 
1,692,523
 
Osceola (County of), FL;
           
Series 2020
A-2,
Ref. RB
(g)
  
 
0.00
% 
  
 
10/01/2044
 
   
 
1,000
 
   
 
345,932
 
Series 2020
A-2,
Ref. RB
(g)
  
 
0.00
% 
  
 
10/01/2048
 
   
 
1,500
 
   
 
398,601
 
Series 2020
A-2,
Ref. RB
(g)
  
 
0.00
% 
  
 
10/01/2051
 
   
 
600
 
   
 
131,473
 
Series 2020
A-2,
Ref. RB
(g)
  
 
0.00
% 
  
 
10/01/2052
 
   
 
455
 
   
 
94,030
 
Series 2020
A-2,
Ref. RB
(g)
  
 
0.00
% 
  
 
10/01/2054
 
   
 
390
 
   
 
71,300
 
Palm Beach (County of), FL Health Facilities Authority (Jupiter Medical Center); Series 2025, RB
   
 
5.25
% 
  
 
11/01/2055
 
   
 
835
 
   
 
809,151
 
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
 
7
  
Invesco Value Municipal Income Trust
     
Interest
Rate
    
Maturity
Date
     
Principal
Amount
(000)
     
Value
  
Florida–(continued)
           
Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital); Series 2022, RB
   
 
4.00
% 
  
 
07/01/2052
 
   
$
 1,345
 
   
$
1,094,831
 
South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group); Series 2017, Ref. RB
   
 
4.00
% 
  
 
08/15/2047
 
   
 
840
 
   
 
700,566
 
Tallahassee (City of), FL (Tallahassee Memorial Health Care, Inc.); Series 2016, RB
   
 
5.00
% 
  
 
12/01/2055
 
   
 
1,335
 
   
 
1,271,000
 
Tampa (City of), FL; Series 2020 A, RB
(g)
  
 
0.00
% 
  
 
09/01/2049
 
   
 
5,669
 
   
 
1,506,264
 
 
   
 
 
 
  
 
 
 
   
 
 
 
   
 
57,950,928
 
Georgia–2.20%
           
Brookhaven (City of), GA Development Authority (Children’s Healthcare of Atlanta, Inc.); Series 2019 A, RB
   
 
4.00
% 
  
 
07/01/2044
 
   
 
3,380
 
   
 
3,046,622
 
Columbia (City of), GA (Wellstar Health System, Inc.); Series 2023, RAC
   
 
5.13
% 
  
 
04/01/2048
 
   
 
1,095
 
   
 
1,100,488
 
DeKalb (County of), GA Housing Authority (Park at 500); Series 2024, RB
   
 
4.00
% 
  
 
03/01/2034
 
   
 
650
 
   
 
644,636
 
Main Street Natural Gas, Inc.;
           
Series 2021 C, RB
(b)
  
 
4.00
% 
  
 
12/01/2028
 
   
 
1,235
 
   
 
1,253,071
 
Series 2022 C, RB
(b)(c)
  
 
4.00
% 
  
 
11/01/2027
 
   
 
1,260
 
   
 
1,259,226
 
Series 2023 B, RB
(b)
  
 
5.00
% 
  
 
03/01/2030
 
   
 
1,760
 
   
 
1,864,542
 
Series 2024 B, RB
(b)
  
 
5.00
% 
  
 
03/01/2032
 
   
 
1,685
 
   
 
1,809,322
 
Series 2024 E, RB
(b)
  
 
5.00
% 
  
 
12/01/2032
 
   
 
1,400
 
   
 
1,498,900
 
 
   
 
 
 
  
 
 
 
   
 
 
 
   
 
12,476,807
 
Hawaii–1.37%
           
Hawaii (State of);
           
Series 2013, COP
(d)
  
 
5.00
% 
  
 
08/01/2028
 
   
 
1,775
 
   
 
1,776,635
 
Series 2025, RB
(d)(f)
  
 
5.50
% 
  
 
07/01/2054
 
   
 
1,890
 
   
 
1,955,207
 
State of Hawaii Department of Budget & Finance; Series 2025, RB
(f)
  
 
5.50
% 
  
 
07/01/2052
 
   
 
3,830
 
   
 
4,008,715
 
 
   
 
 
 
  
 
 
 
   
 
 
 
   
 
7,740,557
 
Idaho–0.86%
           
Idaho (State of) Health Facilities Authority (Valley Vista Care Corp.); Series 2017 A, Ref. RB
   
 
5.25
% 
  
 
11/15/2047
 
   
 
1,800
 
   
 
1,319,880
 
Idaho Housing & Finance Association; Series 2025, RB
(f)
  
 
5.00
% 
  
 
08/15/2049
 
   
 
3,480
 
   
 
3,537,224
 
 
   
 
 
 
  
 
 
 
   
 
 
 
   
 
4,857,104
 
Illinois–4.27%
           
Chicago (City of), IL; Series 2025 A, GO Bonds
   
 
6.00
% 
  
 
01/01/2050
 
   
 
360
 
   
 
366,863
 
Chicago (City of), IL (O’Hare International Airport);
           
Series 2017 D, RB
(d)
  
 
5.00
% 
  
 
01/01/2052
 
   
 
5,000
 
   
 
4,857,103
 
Series 2017 D, RB
   
 
5.00
% 
  
 
01/01/2052
 
   
 
1,465
 
   
 
1,458,991
 
Series 2024 A, RB
(d)
  
 
5.50
% 
  
 
01/01/2059
 
   
 
2,115
 
   
 
2,154,436
 
Chicago (City of), IL Metropolitan Water Reclamation District (Green Bonds); Series 2021 A, GO Bonds
   
 
4.00
% 
  
 
12/01/2051
 
   
 
1,000
 
   
 
840,744
 
Illinois (State of);
           
Series 2016, GO Bonds
   
 
5.00
% 
  
 
11/01/2036
 
   
 
715
 
   
 
720,537
 
Series 2016, GO Bonds
   
 
5.00
% 
  
 
01/01/2041
 
   
 
1,750
 
   
 
1,734,260
 
Series 2017 D, GO Bonds
   
 
5.00
% 
  
 
11/01/2026
 
   
 
1,840
 
   
 
1,890,024
 
Series 2018 A, GO Bonds
   
 
5.00
% 
  
 
05/01/2030
 
   
 
1,135
 
   
 
1,197,587
 
Series 2020, GO Bonds
   
 
5.50
% 
  
 
05/01/2039
 
   
 
1,040
 
   
 
1,084,171
 
Illinois (State of) Development Finance Authority (CITGO Petroleum Corp.); Series 2002, RB
(d)
  
 
8.00
% 
  
 
06/01/2032
 
   
 
360
 
   
 
360,420
 
Illinois (State of) Finance Authority (DePaul College Prep Foundation); Series 2023, Ref. RB
(c)
  
 
5.50
% 
  
 
08/01/2043
 
   
 
580
 
   
 
591,507
 
Illinois (State of) Finance Authority (Lutheran Communities Obligated Group); Series 2019 A, Ref. RB (Acquired 10/05/2022; Cost $549,300)
(i)
  
 
5.00
% 
  
 
11/01/2049
 
   
 
670
 
   
 
463,975
 
Illinois (State of) Finance Authority (Mercy Health Corp.); Series 2016, Ref. RB
   
 
5.00
% 
  
 
12/01/2046
 
   
 
2,440
 
   
 
2,370,165
 
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion); Series 2002 A, RB (INS -NATL)
(e)(g)
  
 
0.00
% 
  
 
12/15/2029
 
   
 
3,520
 
   
 
3,065,611
 
Illinois (State of) Sports Facilities Authority (The); Series 2014, Ref. RB (INS - AGI)
(e)
  
 
5.25
% 
  
 
06/15/2031
 
   
 
1,060
 
   
 
1,062,007
 
 
   
 
 
 
  
 
 
 
   
 
 
 
   
 
24,218,401
 
Indiana–0.56%
           
Indiana (State of) Finance Authority (Indiana University Health Obligated Group); Series 2019 A, RB
   
 
4.00
% 
  
 
12/01/2049
 
   
 
1,010
 
   
 
855,601
 
Indiana (State of) Finance Authority (KIPP Indianapolis, Inc.); Series 2020 A, RB
   
 
5.00
% 
  
 
07/01/2055
 
   
 
460
 
   
 
395,406
 
Indiana (State of) Finance Authority (U.S. Steel Corp.); Series 2012, RB
(d)
  
 
5.75
% 
  
 
08/01/2042
 
   
 
240
 
   
 
240,024
 
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
 
8
  
Invesco Value Municipal Income Trust
     
Interest
Rate
    
Maturity
Date
     
Principal
Amount
(000)
     
Value
  
Indiana–(continued)
           
Northern Indiana Commuter Transportation District; Series 2024, RB
   
 
5.25
% 
  
 
01/01/2049
 
   
$
 1,655
 
   
$
1,704,373
 
 
   
 
 
 
  
 
 
 
   
 
 
 
   
 
3,195,404
 
Iowa–0.33%
           
Iowa (State of) Board of Regents (University of Iowa Hospital & Clinics); Series 2022 B, RB
   
 
3.00
% 
  
 
09/01/2056
 
   
 
615
 
   
 
411,343
 
Iowa (State of) Finance Authority (Alcoa, Inc.); Series 2012, RB
   
 
4.75
% 
  
 
08/01/2042
 
   
 
1,265
 
   
 
1,208,363
 
Iowa (State of) Tobacco Settlement Authority; Series 2021
A-2,
Ref. RB
   
 
4.00
% 
  
 
06/01/2049
 
   
 
300
 
   
 
241,467
 
 
   
 
 
 
  
 
 
 
   
 
 
 
   
 
1,861,173
 
Kansas–0.31%
           
Wichita (City of), KS (Presbyterian Manors, Inc.);
           
Series 2018 I, Ref. RB
   
 
5.00
% 
  
 
05/15/2047
 
   
 
1,000
 
   
 
821,110
 
Series 2024 VIII, Ref. RB
   
 
5.75
% 
  
 
05/15/2045
 
   
 
1,000
 
   
 
927,389
 
 
   
 
 
 
  
 
 
 
   
 
 
 
   
 
1,748,499
 
Kentucky–1.32%
           
Henderson (City of), KY (Pratt Paper LLC); Series 2022 A, RB
(c)(d)
  
 
4.70
% 
  
 
01/01/2052
 
   
 
665
 
   
 
589,152
 
Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation Kentucky Information Highway);
           
Series 2015 A, RB
   
 
5.00
% 
  
 
07/01/2037
 
   
 
1,110
 
   
 
1,110,362
 
Series 2015 A, RB
   
 
5.00
% 
  
 
07/01/2040
 
   
 
1,915
 
   
 
1,915,012
 
Series 2015 A, RB
   
 
5.00
% 
  
 
01/01/2045
 
   
 
1,245
 
   
 
1,225,042
 
Kentucky (Commonwealth of) Municipal Power Agency (Prairie State); Series 2019 A, Ref. RB
   
 
4.00
% 
  
 
09/01/2045
 
   
 
1,000
 
   
 
817,404
 
Kentucky (Commonwealth of) Public Energy Authority; Series 2023
A-1,
Ref. RB
(b)
  
 
5.25
% 
  
 
02/01/2032
 
   
 
1,685
 
   
 
1,815,681
 
 
   
 
 
 
  
 
 
 
   
 
 
 
   
 
7,472,653
 
Louisiana–0.87%
           
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (St. John the Baptist); Series 2019, RB
(c)
  
 
3.90
% 
  
 
11/01/2044
 
   
 
775
 
   
 
644,428
 
Louisiana (State of) Public Facilities Authority
(I-10
Calcasieu River Bridge); Series 2024, RB
(d)
  
 
5.50
% 
  
 
09/01/2059
 
   
 
2,615
 
   
 
2,544,491
 
Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation); Series 2025, Ref. RB
   
 
5.50
% 
  
 
05/15/2050
 
   
 
1,675
 
   
 
1,739,544
 
 
   
 
 
 
  
 
 
 
   
 
 
 
   
 
4,928,463
 
Maryland–0.80%
           
Howard (County of), MD (Downtown Columbia); Series 2017 A, RB
(c)
  
 
4.50
% 
  
 
02/15/2047
 
   
 
1,500
 
   
 
1,314,888
 
Maryland (State of) Health & Higher Educational Facilities Authority (Stevenson University); Series 2021, Ref. RB
   
 
4.00
% 
  
 
06/01/2055
 
   
 
1,000
 
   
 
780,294
 
Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland Medical System); Series 2025, Ref. RB
   
 
5.25
% 
  
 
07/01/2052
 
   
 
1,015
 
   
 
1,029,123
 
Prince George’s (County of), MD (Collington Episcopal Life Care Community, Inc.); Series 2017, Ref. RB
   
 
5.00
% 
  
 
04/01/2028
 
   
 
690
 
   
 
696,484
 
Rockville (City of), MD (Ingleside at King Farm); Series 2017 B, RB
   
 
4.25
% 
  
 
11/01/2037
 
   
 
175
 
   
 
158,056
 
Washington (State of) Suburban Sanitary Commission; Series 2015 B, VRD RB
(k)
  
 
2.25
% 
  
 
06/01/2027
 
   
 
570
 
   
 
570,000
 
 
   
 
 
 
  
 
 
 
   
 
 
 
   
 
4,548,845
 
Massachusetts–2.44%
           
Massachusetts (Commonwealth of);
           
Series 2024, RB
(f)
  
 
5.00
% 
  
 
11/01/2052
 
   
 
7,550
 
   
 
7,555,811
 
Series 2024, RB
(f)
  
 
5.00
% 
  
 
06/01/2053
 
   
 
5,155
 
   
 
5,201,207
 
Massachusetts (Commonwealth of) Port Authority; Series 2021 E, RB
(d)
  
 
5.00
% 
  
 
07/01/2046
 
   
 
1,055
 
   
 
1,046,064
 
 
   
 
 
 
  
 
 
 
   
 
 
 
   
 
13,803,082
 
Michigan–3.28%
           
Academy of Warren; Series 2020 A, RB
(c)
  
 
5.00
% 
  
 
05/01/2035
 
   
 
270
 
   
 
262,496
 
Detroit (City of), MI; Series 2018, GO Bonds
   
 
5.00
% 
  
 
04/01/2035
 
   
 
250
 
   
 
256,706
 
Grand Rapids Economic Development Corp. (Beacon Hill at Eastgate); Series 2017 A, Ref. RB
   
 
5.00
% 
  
 
11/01/2052
 
   
 
2,360
 
   
 
1,856,129
 
Lansing (City of), MI; Series 2024, RB
(f)
  
 
5.25
% 
  
 
07/01/2054
 
   
 
3,645
 
   
 
3,783,132
 
Michigan (State of); Series 2024, RB
(f)
  
 
5.50
% 
  
 
11/15/2049
 
   
 
4,560
 
   
 
4,823,105
 
Michigan (State of) Finance Authority (Landmark Academy);
           
Series 2020, Ref. RB
   
 
5.00
% 
  
 
06/01/2035
 
   
 
295
 
   
 
293,028
 
Series 2020, Ref. RB
   
 
5.00
% 
  
 
06/01/2045
 
   
 
490
 
   
 
435,502
 
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
 
9
  
Invesco Value Municipal Income Trust
     
Interest
Rate
    
Maturity
Date
     
Principal
Amount
(000)
     
Value
  
Michigan–(continued)
           
Michigan (State of) Finance Authority (Trinity Health Credit Group); Series 2017, Ref. RB
   
 
5.00
% 
  
 
12/01/2046
 
   
$
 1,705
 
   
$
1,672,261
 
Michigan (State of) Strategic Fund (Green Bonds); Series 2021, RB
(b)(d)
  
 
4.00
% 
  
 
10/01/2026
 
   
 
2,025
 
   
 
2,014,377
 
Michigan State Housing Development Authority; Series 2025, RB
(f)
  
 
5.10
% 
  
 
10/01/2053
 
   
 
1,950
 
   
 
1,955,812
 
Michigan Strategic Fund; Series 2016, RB
   
 
5.00
% 
  
 
07/01/2026
 
   
 
385
 
   
 
85,855
 
Wayne (County of), MI Airport Authority (Detroit Metropolitan Airport); Series 2025, RB
(d)
  
 
5.75
% 
  
 
12/01/2050
 
   
 
1,065
 
   
 
1,121,970
 
 
   
 
 
 
  
 
 
 
   
 
 
 
   
 
18,560,373
 
Minnesota–0.49%
           
Bethel (City of), MN (Spectrum High School); Series 2017 A, Ref. RB
   
 
4.25
% 
  
 
07/01/2047
 
   
 
425
 
   
 
345,757
 
Duluth (City of), MN Economic Development Authority (Essentia Health Obligated Group); Series 2018, Ref. RB
   
 
5.00
% 
  
 
02/15/2048
 
   
 
590
 
   
 
582,828
 
Minnesota Agricultural & Economic Development Board (Healthpartners Obligated Group); Series 2024, RB
   
 
5.25
% 
  
 
01/01/2054
 
   
 
1,560
 
   
 
1,557,078
 
St. Paul (City of), MN Housing & Redevelopment Authority (Hope Community Academy); Series 2020, RB
   
 
5.00
% 
  
 
12/01/2055
 
   
 
430
 
   
 
299,394
 
 
   
 
 
 
  
 
 
 
   
 
 
 
   
 
2,785,057
 
Mississippi–0.27%
           
Mississippi (State of) Development Bank (Greenwood Leflore); Series 2025, RB (INS
-BAM)
(e)
  
 
5.25
% 
  
 
03/01/2055
 
   
 
840
 
   
 
846,874
 
Mississippi Business Finance Corp. (System Energy Resources, Inc.); Series 2021, RB
   
 
2.38
% 
  
 
06/01/2044
 
   
 
1,115
 
   
 
667,202
 
 
   
 
 
 
  
 
 
 
   
 
 
 
   
 
1,514,076
 
Missouri–2.27%
           
Kansas City (City of), MO Industrial Development Authority (Downtown Redevelopment District); Series 2011 A, Ref. RB
   
 
5.50
% 
  
 
09/01/2027
 
   
 
980
 
   
 
983,944
 
Kansas City (City of), MO Industrial Development Authority (Kansas City International Airport);
           
Series 2019 B, RB
(d)
  
 
5.00
% 
  
 
03/01/2046
 
   
 
4,700
 
   
 
4,590,594
 
Series 2019 B, RB (INS—AGI)
(d)(e)
  
 
5.00
% 
  
 
03/01/2049
 
   
 
1,005
 
   
 
988,621
 
Kirkwood (City of), MO Industrial Development Authority (Aberdeen Heights); Series 2017 A, Ref. RB
   
 
5.25
% 
  
 
05/15/2050
 
   
 
475
 
   
 
398,015
 
Missouri (State of) Health & Educational Facilities Authority (Lutheran Senior Services); Series 2019, Ref. RB
   
 
5.00
% 
  
 
02/01/2048
 
   
 
340
 
   
 
312,922
 
St. Louis (County of), MO Industrial Development Authority (Friendship Village of Sunset Hills);
           
Series 2012, RB
   
 
5.00
% 
  
 
09/01/2042
 
   
 
2,000
 
   
 
1,859,068
 
Series 2013 A, RB
   
 
5.50
% 
  
 
09/01/2033
 
   
 
1,160
 
   
 
1,160,018
 
St. Louis (County of), MO Industrial Development Authority (Friendship Village West County); Series 2018 A, RB
   
 
5.00
% 
  
 
09/01/2038
 
   
 
1,820
 
   
 
1,818,527
 
Taney (County of), MO Industrial Development Authority (Big Cedar Infrastructure); Series 2023, RB
(c)
  
 
6.00
% 
  
 
10/01/2049
 
   
 
770
 
   
 
726,796
 
 
   
 
 
 
  
 
 
 
   
 
 
 
   
 
12,838,505
 
Nebraska–1.28%
           
Central Plains Energy Project (No. 3); Series 2017 A, Ref. RB
   
 
5.00
% 
  
 
09/01/2042
 
   
 
3,740
 
   
 
3,808,835
 
Central Plains Energy Project (No. 5); Series
2022-1,
RB
(b)
  
 
5.00
% 
  
 
10/01/2029
 
   
 
840
 
   
 
884,567
 
Omaha Public Power District; Series 2025, RB
(f)(j)
  
 
5.25
% 
  
 
02/01/2053
 
   
 
2,495
 
   
 
2,562,965
 
 
   
 
 
 
  
 
 
 
   
 
 
 
   
 
7,256,367
 
Nevada–1.32%
           
Clark (County of), NV Water Reclamation District; Series 2024, GO Bonds
(f)
  
 
5.00
% 
  
 
07/01/2053
 
   
 
5,295
 
   
 
5,357,285
 
Las Vegas Valley Water District; Series 2025, GO Bonds
(f)
  
 
5.25
% 
  
 
06/01/2055
 
   
 
1,185
 
   
 
1,228,843
 
Nevada (State of) Department of Business & Industry (Brightline West Passenger Rail) (Green Bonds); Series 2025, RB
(b)(c)(d)
  
 
9.50
% 
  
 
01/01/2033
 
   
 
1,005
 
   
 
924,063
 
 
   
 
 
 
  
 
 
 
   
 
 
 
   
 
7,510,191
 
New Hampshire–0.51%
           
New Hampshire (State of) Business Finance Authority; Series
2020-1A,
RB
   
 
4.13
% 
  
 
01/20/2034
 
   
 
292
 
   
 
290,198
 
New Hampshire (State of) Business Finance Authority (Social Bonds); Series
2022-1A,
RB
   
 
4.38
% 
  
 
09/20/2036
 
   
 
1,600
 
   
 
1,554,106
 
New Hampshire (State of) Housing Finance Authority (Social Bonds); Series 2023 D, RB (CEP -GNMA)
   
 
5.13
% 
  
 
07/01/2053
 
   
 
1,025
 
   
 
1,031,176
 
 
   
 
 
 
  
 
 
 
   
 
 
 
   
 
2,875,480
 
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
 
10
  
Invesco Value Municipal Income Trust
     
Interest
Rate
    
Maturity
Date
     
Principal
Amount
(000)
     
Value
New Jersey–4.56%
           
New Jersey (State of) Economic Development Authority (Continental Airlines, Inc.); Series 1999, RB
(d)
  
 
5.25
% 
  
 
09/15/2029
 
   
$
150
 
   
$  150,157
New Jersey (State of) Economic Development Authority (The Goethals Bridge Replacement); Series 2013, RB
(d)
  
 
5.38
% 
  
 
01/01/2043
 
   
 
2,250
 
   
2,251,096
New Jersey (State of) Health Care Facilities Financing Authority (Inspira Health Obligated Group); Series 2017, RB
   
 
4.00
% 
  
 
07/01/2047
 
   
 
2,590
 
   
2,231,779
New Jersey (State of) Transportation Trust Fund Authority; Series 2006 C, RB (INS - AGI)
(e)(g)
  
 
0.00
% 
  
 
12/15/2026
 
   
 
14,305
 
   
13,841,960
New Jersey (State of) Turnpike Authority; Series 2025 A, RB
   
 
5.25
% 
  
 
01/01/2050
 
   
 
1,300
 
   
1,353,294
Tobacco Settlement Financing Corp.;
           
Series 2018 A, Ref. RB
   
 
5.00
% 
  
 
06/01/2046
 
   
 
2,895
 
   
2,793,313
Series 2018 A, Ref. RB
   
 
5.25
% 
  
 
06/01/2046
 
   
 
1,675
 
   
1,660,231
Series 2018 B, Ref. RB
   
 
5.00
% 
  
 
06/01/2046
 
   
 
1,630
 
   
1,569,137
 
   
 
 
 
  
 
 
 
   
 
 
 
   
25,850,967
New York–18.16%
           
Build NYC Resource Corp. (Brooklyn Navy Yard); Series 2019, Ref. RB (LOC - Santander Bank
N.A.)
(c)(d)(m)
  
 
5.25
% 
  
 
12/31/2033
 
   
 
500
 
   
501,294
Build NYC Resource Corp. (Pratt Paper, Inc.); Series 2014, Ref. RB
(c)(d)
  
 
5.00
% 
  
 
01/01/2035
 
   
 
1,540
 
   
1,540,836
Empire State Development Corp; Series 2025, RB
(f)
  
 
5.00
% 
  
 
03/15/2050
 
   
 
3,780
 
   
3,806,090
Erie Tobacco Asset Securitization Corp.; Series 2005 A, RB
   
 
5.00
% 
  
 
06/01/2045
 
   
 
2,500
 
   
2,021,644
Metropolitan Transportation Authority (Green Bonds);
           
Series 2020
A-1,
RB (INS - AGI)
(e)
  
 
4.00
% 
  
 
11/15/2041
 
   
 
1,175
 
   
1,067,932
Series 2020
C-1,
RB
   
 
5.25
% 
  
 
11/15/2055
 
   
 
1,340
 
   
1,335,873
New York & New Jersey (States of) Port Authority; Series 2020 221, RB
(d)
  
 
4.00
% 
  
 
07/15/2060
 
   
 
2,340
 
   
1,858,851
New York (City of), NY;
           
Series 2025, RB
(f)
  
 
5.25
% 
  
 
04/01/2047
 
   
 
1,500
 
   
1,534,951
Subseries 2022
D-1,
GO Bonds
(f)
  
 
5.25
% 
  
 
05/01/2038
 
   
 
1,355
 
   
1,457,300
Subseries 2022
D-1,
GO Bonds
(f)
  
 
5.25
% 
  
 
05/01/2042
 
   
 
2,305
 
   
2,400,758
New York (City of), NY Municipal Water Finance Authority; Series 2020
BB-1,
RB
   
 
4.00
% 
  
 
06/15/2050
 
   
 
1,670
 
   
1,444,926
New York (City of), NY Transitional Finance Authority;
           
Series 2019
B-1,
RB
   
 
4.00
% 
  
 
11/01/2045
 
   
 
860
 
   
753,667
Series 2023
F-1,
RB
   
 
4.00
% 
  
 
02/01/2051
 
   
 
2,535
 
   
2,194,449
Series 2024 B, RB
   
 
4.38
% 
  
 
05/01/2053
 
   
 
2,190
 
   
2,012,041
New York (State of) Dormitory Authority; Series 2020 A, Ref. RB
   
 
4.00
% 
  
 
03/15/2046
 
   
 
5,000
 
   
4,378,789
New York (State of) Dormitory Authority (City of New York);
           
Series 2005 A, RB (INS -AMBAC)
(e)
  
 
5.50
% 
  
 
05/15/2028
 
   
 
2,900
 
   
3,145,107
Series 2005 A, RB (INS -AMBAC)
(e)
  
 
5.50
% 
  
 
05/15/2029
 
   
 
2,455
 
   
2,731,740
New York (State of) Dormitory Authority (Memorial Sloan Kettering Cancer); Series 2022
1-B,
RB
   
 
4.00
% 
  
 
07/01/2051
 
   
 
3,635
 
   
3,108,799
New York (State of) Dormitory Authority (New York University); Series
2001-1,
RB (INS -BHAC)
(e)
  
 
5.50
% 
  
 
07/01/2031
 
   
 
1,040
 
   
1,136,573
New York (State of) Dormitory Authority (White Plains Hospital Obligated Group); Series 2024, RB (INS - AGI)
(e)
  
 
5.50
% 
  
 
10/01/2054
 
   
 
340
 
   
347,306
New York (State of) Power Authority (Green Bonds); Series 2020, RB
(f)
  
 
4.00
% 
  
 
11/15/2055
 
   
 
4,175
 
   
3,527,406
New York (State of) Thruway Authority;
           
Series 2019 B, RB
   
 
4.00
% 
  
 
01/01/2050
 
   
 
4,790
 
   
4,095,344
Series 2019 B, RB (INS - AGI)
(e)
  
 
4.00
% 
  
 
01/01/2050
 
   
 
2,625
 
   
2,262,754
New York (State of) Thruway Authority (Group 3); Series 2021
A-1,
Ref. RB
   
 
4.00
% 
  
 
03/15/2046
 
   
 
2,495
 
   
2,208,669
New York (State of), NY Health and Hospitals Corp.; Series 2018, VRD RB
(k)
  
 
2.60
% 
  
 
05/01/2050
 
   
 
2,475
 
   
2,475,000
New York Counties Tobacco Trust IV;
           
Series 2005 A, RB
   
 
5.00
% 
  
 
06/01/2045
 
   
 
285
 
   
220,423
Series 2010 A, RB
(c)
  
 
6.25
% 
  
 
06/01/2041
 
   
 
1,277
 
   
1,200,200
New York Counties Tobacco Trust V; Series 2005
S-2,
RB
(g)
  
 
0.00
% 
  
 
06/01/2050
 
   
 
10,140
 
   
1,425,125
New York Counties Tobacco Trust VI; Series 2016
A-1,
Ref. RB
   
 
5.75
% 
  
 
06/01/2043
 
   
 
3,135
 
   
2,961,575
New York Liberty Development Corp. (3 World Trade Center); Series
2014-1,
Ref. RB
(c)
  
 
5.00
% 
  
 
11/15/2044
 
   
 
6,095
 
   
5,923,185
New York State Urban Development Corp. (Bidding Group 3); Series 2021 A, Ref. RB
   
 
4.00
% 
  
 
03/15/2045
 
   
 
1,675
 
   
1,483,160
New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International Airport);
           
Series 2016, Ref. RB
(d)
  
 
5.00
% 
  
 
08/01/2026
 
   
 
350
 
   
350,010
Series 2016, Ref. RB
(d)
  
 
5.00
% 
  
 
08/01/2031
 
   
 
1,340
 
   
1,340,012
Series 2020, Ref. RB
(d)
  
 
5.25
% 
  
 
08/01/2031
 
   
 
410
 
   
420,312
Series 2020, Ref. RB
(d)
  
 
5.38
% 
  
 
08/01/2036
 
   
 
960
 
   
980,917
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
 
11
  
Invesco Value Municipal Income Trust
     
Interest
Rate
    
Maturity
Date
     
Principal
Amount
(000)
     
Value
New York–(continued)
           
New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminals C&D Redevelopment);
           
Series 2018, RB
(d)
  
 
5.00
% 
  
 
01/01/2033
 
   
$
 2,075
 
   
$  2,107,638
 
Series 2018, RB
(d)
  
 
5.00
% 
  
 
01/01/2034
 
   
 
1,295
 
   
1,312,368
 
Series 2018, RB
(d)
  
 
5.00
% 
  
 
01/01/2036
 
   
 
1,240
 
   
1,249,988
 
Series 2020, RB
(d)
  
 
4.38
% 
  
 
10/01/2045
 
   
 
1,160
 
   
1,007,589
 
New York Transportation Development Corp. (John F. Kennedy International Airport New Terminal One) (Green Bonds);
           
Series 2023, RB
(d)
  
 
5.38
% 
  
 
06/30/2060
 
   
 
2,160
 
   
2,050,945
 
Series 2024, RB
(d)
  
 
5.50
% 
  
 
06/30/2054
 
   
 
1,560
 
   
1,513,931
 
Series 2024, RB
(d)
  
 
5.50
% 
  
 
06/30/2060
 
   
 
1,610
 
   
1,549,592
 
New York Transportation Development Corp. (John F. Kennedy International Airport) (Green Bonds);
           
Series 2025, RB
(d)
  
 
5.50
% 
  
 
06/30/2059
 
   
 
1,690
 
   
1,694,551
 
Series 2025, RB
(d)
  
 
6.00
% 
  
 
06/30/2059
 
   
 
1,690
 
   
1,730,521
 
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment);
           
Series 2016 A, RB
(d)
  
 
5.00
% 
  
 
07/01/2046
 
   
 
3,055
 
   
2,893,649
 
Series 2016 A, RB
(d)
  
 
5.25
% 
  
 
01/01/2050
 
   
 
1,660
 
   
1,580,428
 
New York Transportation Development Corp. (Terminal 4 JFK International Airport) (Green Bonds); Series 2024, Ref. RB
(d)
  
 
5.50
% 
  
 
12/31/2060
 
   
 
65
 
   
62,931
New York Transportation Development Corp. (Terminal 4 John F. Kennedy International Airport); Series 2022, RB
(d)
  
 
5.00
% 
  
 
12/01/2038
 
   
 
1,265
 
   
1,286,610
Rockland Tobacco Asset Securitization Corp.; Series 2001, RB
   
 
5.75
% 
  
 
08/15/2043
 
   
 
1,435
 
   
1,453,077
Triborough Bridge & Tunnel Authority; Series 2025, RB
(f)
  
 
5.50
% 
  
 
11/15/2053
 
   
 
2,730
 
   
2,873,834
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels); Series 2020 A, RB
   
 
5.00
% 
  
 
11/15/2054
 
   
 
750
 
   
747,466
Triborough Bridge & Tunnel Authority (TBTA Capital Lockbox Fund); Series 2025, RB
   
 
5.50
% 
  
 
12/01/2059
 
   
 
505
 
   
525,836
Triborough Bridge & Tunnel Authority Sales Tax Revenue; Series 2025, RB
(f)
  
 
5.25
% 
  
 
05/15/2062
 
   
 
5,270
 
   
5,390,058
TSASC, Inc.; Series 2016 B, Ref. RB
   
 
5.00
% 
  
 
06/01/2045
 
   
 
2,575
 
   
2,212,511
                              
102,896,541
North Carolina–0.16%
           
North Carolina (State of) Turnpike Authority (Triangle Expressway System); Series 2024, RB (INS -AGI)
(e)(g)
  
 
0.00
% 
  
 
01/01/2052
 
   
 
3,500
 
   
915,673
North Dakota–0.33%
           
Ward (County of), ND (Trinity Obligated Group);
           
Series 2017 C, RB
   
 
5.00
% 
  
 
06/01/2048
 
   
 
1,155
 
   
1,049,123
 
Series 2017 C, RB
   
 
5.00
% 
  
 
06/01/2053
 
   
 
895
 
   
800,284
                              
1,849,407
Ohio–6.01%
           
Akron, Bath & Copley Joint Township Hospital District (Summa Health Obligated Group); Series 2016, Ref. RB
   
 
5.25
% 
  
 
11/15/2046
 
   
 
790
 
   
797,768
 
Buckeye Tobacco Settlement Financing Authority;
           
Series 2020
A-2,
Ref. RB
   
 
4.00
% 
  
 
06/01/2048
 
   
 
4,140
 
   
3,339,269
 
Series 2020
B-2,
Ref. RB
   
 
5.00
% 
  
 
06/01/2055
 
   
 
9,155
 
   
7,407,387
 
Cleveland (City of), OH;
           
Series 2008
B-2,
RB (INS -NATL)
(e)(g)
  
 
0.00
% 
  
 
11/15/2026
 
   
 
3,545
 
   
3,422,761
 
Series 2008
B-2,
RB (INS -NATL)
(e)(g)
  
 
0.00
% 
  
 
11/15/2028
 
   
 
3,845
 
   
3,487,131
 
Series 2008
B-2,
RB (INS -NATL)
(e)(g)
  
 
0.00
% 
  
 
11/15/2038
 
   
 
2,800
 
   
1,459,326
 
Columbus (City of) & Franklin (County of), OH Finance Authority (Easton); Series 2020, RB
(c)
  
 
5.00
% 
  
 
06/01/2028
 
   
 
480
 
   
486,307
 
Columbus Regional Airport Authority (John Glenn Columbus International Airport); Series 2025, Ref. RB
(d)
  
 
5.50
% 
  
 
01/01/2050
 
   
 
2,820
 
   
2,887,350
 
Cuyahoga (County of), OH (MetroHealth System);
           
Series 2017, Ref. RB
   
 
5.25
% 
  
 
02/15/2047
 
   
 
1,805
 
   
1,714,124
 
Series 2017, Ref. RB
   
 
5.00
% 
  
 
02/15/2057
 
   
 
1,915
 
   
1,692,048
 
Series 2017, Ref. RB
   
 
5.50
% 
  
 
02/15/2057
 
   
 
795
 
   
748,657
 
Fayette (County of), OH (Adena Health System Obligated Group); Series 2025, RB (INS - AGI)
(e)
  
 
5.25
% 
  
 
12/01/2054
 
   
 
980
 
   
987,622
 
Franklin (County of), OH (Nationwide Children’s Hospital); Series 2019, RB
   
 
5.00
% 
  
 
11/01/2048
 
   
 
1,360
 
   
1,393,932
 
Hamilton (County of), OH (Life Enriching Communities); Series 2016, Ref. RB
   
 
5.00
% 
  
 
01/01/2046
 
   
 
1,395
 
   
1,312,023
 
Montgomery (County of), OH (Trousdale Foundation Properties); Series 2018 A, RB (Acquired 08/29/2018; Cost $1,159,380)
(c)(i)(n)
  
 
6.00
% 
  
 
04/01/2038
 
   
 
1,183
 
   
14,784
 
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
 
12
  
Invesco Value Municipal Income Trust
     
Interest
Rate
    
Maturity
Date
     
Principal
Amount
(000)
     
Value
Ohio–(continued)
           
Muskingum (County of), OH (Genesis Healthcare System); Series 2013, RB
   
 
5.00
% 
  
 
02/15/2044
 
   
$
920
 
   
$  847,887
 
Ohio (State of) (University Hospitals Health System, Inc.); Series 2020 A, Ref. RB
   
 
4.00
% 
  
 
01/15/2050
 
   
 
 2,515
 
   
2,064,812
 
          
34,063,188
 
Oklahoma–1.45%
           
Oklahoma (State of) Development Finance Authority (OU Medicine); Series 2018 B, RB
   
 
5.50
% 
  
 
08/15/2052
 
   
 
3,775
 
   
3,602,759
 
Oklahoma (State of) Turnpike Authority;
           
Series 2023, RB
   
 
5.50
% 
  
 
01/01/2053
 
   
 
1,180
 
   
1,229,251
 
Series 2025 A, RB
   
 
5.25
% 
  
 
01/01/2050
 
   
 
840
 
   
866,637
 
Oklahoma Turnpike Authority; Series 2025, RB
(f)
  
 
5.25
% 
  
 
01/01/2050
 
   
 
1,500
 
   
1,547,566
 
Tulsa (City of), OK Airports Improvement Trust;
           
Series 2000 A, Ref. RB
(d)
  
 
5.50
% 
  
 
06/01/2035
 
   
 
335
 
   
334,988
 
Series 2001 C, Ref. RB
(d)
  
 
5.50
% 
  
 
12/01/2035
 
   
 
635
 
   
634,978
 
          
8,216,179
 
Ontario–0.14%
           
Affordable Housing
Tax-Exempt
Bond Pass-Thru Trust; Series
2023-1,
RB
(c)
  
 
6.00
% 
  
 
10/05/2040
 
   
 
812
 
   
798,077
 
Oregon–0.94%
           
Clackamas (County of), OR Hospital Facility Authority (Rose Villa); Series 2020 A, Ref. RB
   
 
5.38
% 
  
 
11/15/2055
 
   
 
505
 
   
450,898
 
Oregon (State of); Series 2019, GO Bonds
(f)(j)
  
 
5.00
% 
  
 
08/01/2044
 
   
 
3,360
 
   
3,392,351
 
Portland (Port of), OR (Green Bonds); Twenty Ninth Series 2023, RB
(d)
  
 
5.50
% 
  
 
07/01/2053
 
   
 
1,430
 
   
1,463,788
 
          
5,307,037
 
Pennsylvania–2.35%
           
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue); Series 2018 A, Ref. RB
   
 
4.00
% 
  
 
04/01/2044
 
   
 
835
 
   
721,583
 
Allegheny (County of), PA Industrial Development Authority (United States Steel Corp.); Series 2019, Ref. RB
   
 
5.13
% 
  
 
05/01/2030
 
   
 
1,320
 
   
1,406,519
 
Lancaster (County of), PA Hospital Authority (Penn State Health);
           
Series 2021, RB
   
 
5.00
% 
  
 
11/01/2046
 
   
 
510
 
   
502,140
 
Series 2021, RB
   
 
5.00
% 
  
 
11/01/2051
 
   
 
680
 
   
660,939
 
Pennsylvania (Commonwealth of) Economic Development Financing Authority (Penndot Major
           
Bridges);
           
Series 2022, RB
(d)
  
 
5.25
% 
  
 
06/30/2053
 
   
 
2,015
 
   
1,938,323
 
Series 2022, RB (INS - AGI)
(d)(e)
  
 
5.00
% 
  
 
12/31/2057
 
   
 
1,005
 
   
960,027
 
Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC); Series 2023
A-2,
RB
   
 
4.00
% 
  
 
05/15/2048
 
   
 
545
 
   
461,436
 
Pennsylvania (Commonwealth of) Turnpike Commission;
           
Series 2014
A-2,
RB
   
 
5.13
% 
  
 
12/01/2039
 
   
 
1,500
 
   
1,554,836
 
Series 2021 A, RB
   
 
4.00
% 
  
 
12/01/2050
 
   
 
925
 
   
769,150
 
Philadelphia (City of), PA Authority for Industrial Development (St. Joseph’s University); Series 2022, RB
   
 
5.50
% 
  
 
11/01/2060
 
   
 
1,670
 
   
1,692,548
 
Philadelphia (City of), PA Authority for Industrial Development (String Theory Charter School); Series 2020, Ref. RB
(c)
  
 
5.00
% 
  
 
06/15/2050
 
   
 
400
 
   
351,578
 
Philadelphia (City of), PA Authority for Industrial Development (University of the Sciences); Series 2017, RB
   
 
5.00
% 
  
 
11/01/2047
 
   
 
1,205
 
   
1,135,937
 
Tender Option Bond Trust Receipts/Certificates; Series 2025, RB
(c)(k)
  
 
11.43
% 
  
 
12/01/2055
 
   
 
1,060
 
   
1,191,155
 
          
13,346,171
 
Puerto Rico–4.95%
           
Children’s Trust Fund;
           
Series 2002, RB
   
 
5.50
% 
  
 
05/15/2039
 
   
 
2,080
 
   
2,107,100
 
Series 2002, RB
   
 
5.63
% 
  
 
05/15/2043
 
   
 
1,825
 
   
1,853,623
 
Series 2005 A, RB
(g)
  
 
0.00
% 
  
 
05/15/2050
 
   
 
5,570
 
   
1,075,389
 
Series 2005 B, RB
(g)
  
 
0.00
% 
  
 
05/15/2055
 
   
 
2,530
 
   
282,391
 
Series 2008 A, RB
(g)
  
 
0.00
% 
  
 
05/15/2057
 
   
 
18,845
 
   
924,138
 
Series 2008 B, RB
(g)
  
 
0.00
% 
  
 
05/15/2057
 
   
 
37,725
 
   
1,013,652
 
 
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
Puerto Rico–(continued)
           
Puerto Rico (Commonwealth of);
           
Series 2021
A-1,
GO Bonds
   
 
5.63
% 
  
 
07/01/2027
 
   
$
 1,170
 
   
$  1,210,061
 
Series 2021
A-1,
GO Bonds
   
 
4.00
% 
  
 
07/01/2035
 
   
 
1,260
 
   
1,208,182
 
Series 2021
A-1,
GO Bonds
   
 
4.00
% 
  
 
07/01/2037
 
   
 
980
 
   
910,277
 
Series 2021
A-1,
GO Bonds
   
 
4.00
% 
  
 
07/01/2041
 
   
 
605
 
   
526,769
 
Subseries 2022, RN
(g)
  
 
0.00
% 
  
 
11/01/2043
 
   
 
119
 
   
75,019
 
Puerto Rico (Commonwealth of) Electric Power Authority;
           
Series 2003 NN, RB (INS -NATL)
(e)
  
 
4.75
% 
  
 
07/01/2033
 
   
 
850
 
   
820,433
 
Series 2007 VV, Ref. RB (INS -NATL)
(e)
  
 
5.25
% 
  
 
07/01/2029
 
   
 
1,900
 
   
1,918,632
 
Series 2007 VV, Ref. RB (INS - AGI)
(e)
  
 
5.25
% 
  
 
07/01/2031
 
   
 
1,365
 
   
1,378,777
 
Puerto Rico Sales Tax Financing Corp.;
           
Series 2018
A-1,
RB
(g)
  
 
0.00
% 
  
 
07/01/2029
 
   
 
1,405
 
   
1,233,681
 
Series 2018
A-1,
RB
(g)
  
 
0.00
% 
  
 
07/01/2033
 
   
 
2,116
 
   
1,549,701
 
Series 2018
A-1,
RB
(g)
  
 
0.00
% 
  
 
07/01/2046
 
   
 
8,320
 
   
2,629,598
 
Series 2018
A-1,
RB
(g)
  
 
0.00
% 
  
 
07/01/2051
 
   
 
10,905
 
   
2,545,398
 
Series 2018
A-1,
RB
   
 
4.75
% 
  
 
07/01/2053
 
   
 
1,454
 
   
1,305,733
 
Series 2018
A-1,
RB
   
 
5.00
% 
  
 
07/01/2058
 
   
 
1,946
 
   
1,784,984
 
Series 2019
A-2,
RB
   
 
4.33
% 
  
 
07/01/2040
 
   
 
1,055
 
   
978,452
 
Series 2019
A-2,
RB
   
 
4.78
% 
  
 
07/01/2058
 
   
 
840
 
   
742,078
 
          
28,074,068
 
Rhode Island–0.49%
           
Tobacco Settlement Financing Corp.;
           
Series 2015 A, Ref. RB
   
 
5.00
% 
  
 
06/01/2035
 
   
 
700
 
   
700,238
 
Series 2015 B, Ref. RB
   
 
5.00
% 
  
 
06/01/2050
 
   
 
2,180
 
   
2,096,049
 
          
2,796,287
 
South Carolina–1.61%
           
Dorchester (County of), SC; Series 2023, RB
   
 
5.50
% 
  
 
10/01/2051
 
   
 
1,110
 
   
1,023,882
 
Patriots Energy Group Financing Agency; Series 2023
A-1,
RB
(b)
  
 
5.25
% 
  
 
08/01/2031
 
   
 
1,975
 
   
2,105,173
 
South Carolina (State of) Jobs-Economic Development Authority (Novant Health Obligated Group); Series 2024, RB
   
 
5.50
% 
  
 
11/01/2054
 
   
 
505
 
   
518,922
 
South Carolina (State of) Public Service Authority; Series 2015 E, Ref. RB
   
 
5.25
% 
  
 
12/01/2055
 
   
 
3,800
 
   
3,799,918
 
South Carolina (State of) Public Service Authority (Santee Cooper); Series 2024 B, Ref. RB
   
 
5.25
% 
  
 
12/01/2054
 
   
 
1,685
 
   
1,702,143
 
          
9,150,038
 
South Dakota–0.76%
           
South Dakota (State of) Health & Educational Facilities Authority (Avera Health); Series 2017, Ref. RB
   
 
5.00
% 
  
 
07/01/2046
 
   
 
2,020
 
   
1,989,875
 
South Dakota (State of) Health & Educational Facilities Authority (Sanford Obligated Group); Series 2014 B, RB
   
 
5.00
% 
  
 
11/01/2044
 
   
 
1,265
 
   
1,261,604
 
South Dakota (State of) Housing Development Authority; Series 2023 G, RB (CEP -GNMA)
   
 
4.90
% 
  
 
11/01/2043
 
   
 
1,075
 
   
1,067,187
 
          
4,318,666
 
Tennessee–3.08%
           
Chattanooga (City of), TN Health, Educational & Housing Facility Board (CommonSpirit Health); Series 2019
A-2,
Ref. RB
   
 
5.00
% 
  
 
08/01/2049
 
   
 
1,260
 
   
1,229,107
 
Chattanooga (City of), TN Health, Educational & Housing Facility Board (Erlanger Health System); Series 2024, Ref. RB
   
 
5.25
% 
  
 
12/01/2054
 
   
 
1,880
 
   
1,889,124
 
Greeneville (Town of), TN Health & Educational Facilities Board (Ballad Health Obligated Group); Series 2018 A, Ref. RB
   
 
5.00
% 
  
 
07/01/2037
 
   
 
1,780
 
   
1,821,617
 
Kingsport (City of), TN; Series 2023, GO Bonds
   
 
4.13
% 
  
 
03/01/2053
 
   
 
2,080
 
   
1,804,413
 
Knox (County of) & Knoxville (City of), TN City Sports Authority; Series 2024, RB
(f)
  
 
6.00
% 
  
 
12/01/2054
 
   
 
2,925
 
   
3,159,530
 
Knoxville (City of), TN; Series 2022 OO, RB
   
 
4.00
% 
  
 
07/01/2052
 
   
 
3,175
 
   
2,701,196
 
Memphis (City of) & Shelby (County of), TN Airport Authority; Series 2018, RB
(d)
  
 
5.00
% 
  
 
07/01/2043
 
   
 
1,275
 
   
1,257,458
 
Metropolitan Nashville Airport Authority (The); Series 2019 B, RB
(d)
  
 
5.00
% 
  
 
07/01/2054
 
   
 
950
 
   
921,711
 
Tennessee Energy Acquisition Corp.; Series 2021 A, RB
(b)
  
 
5.00
% 
  
 
11/01/2031
 
   
 
2,505
 
   
2,656,273
 
          
17,440,429
 
Texas–20.82%
           
Alamo Community College District; Series 2012, GO Bonds
(b)(f)(h)
  
 
5.00
% 
  
 
08/15/2034
 
   
 
4,895
 
   
4,904,637
 
 
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
Texas–(continued)
           
Aubrey Independent School District; Series 2022, GO Bonds (CEP -Texas Permanent School Fund)
   
 
4.00
% 
  
 
02/15/2052
 
   
$
 1,430
 
   
$  1,224,839
 
Austin (City of), TX; Series 2022, RB
(d)
  
 
5.25
% 
  
 
11/15/2047
 
   
 
1,170
 
   
1,176,319
 
Austin Community College District; Series 2025, GO Bonds
(f)
  
 
5.25
% 
  
 
08/01/2055
 
   
 
2,490
 
   
2,552,233
 
Caddo Mills Independent School District; Series 2023, GO Bonds (CEP -Texas Permanent SchoolFund)
   
 
4.25
% 
  
 
02/15/2053
 
   
 
1,130
 
   
1,002,185
 
Clifton Higher Education Finance Corp. (Idea Public Schools); Series 2021 T, RB (CEP -TexasPermanent School Fund)
   
 
4.00
% 
  
 
08/15/2050
 
   
 
1,360
 
   
1,160,014
 
Clifton Higher Education Finance Corp. (International Leadership of Texas); Series 2025, Ref. RB (CEP -Texas Permanent School Fund)
   
 
5.25
% 
  
 
02/15/2049
 
   
 
510
 
   
521,272
 
Coppell Independent School District; Series 2023, GO Bonds (CEP -Texas Permanent School Fund)
   
 
4.13
% 
  
 
08/15/2048
 
   
 
1,010
 
   
904,915
 
County of Harris TX Toll Road Revenue; Series 2025, RB
(f)(j)
  
 
5.25
% 
  
 
08/15/2054
 
   
 
3,740
 
   
3,869,630
 
Crowley Independent School District; Series 2023, GO Bonds (CEP -Texas Permanent School Fund)
   
 
4.25
% 
  
 
02/01/2053
 
   
 
1,685
 
   
1,501,524
 
Denton (County of), TX; Series 2023, Ref. GO Bonds
   
 
4.00
% 
  
 
07/15/2048
 
   
 
4,250
 
   
3,749,088
 
El Paso (City of), TX; Series 2022 A, RB
   
 
4.00
% 
  
 
03/01/2048
 
   
 
3,050
 
   
2,638,327
 
Grand Parkway Transportation Corp.; Series 2020, Ref. RB (INS - AGI)
(e)
  
 
4.00
% 
  
 
10/01/2049
 
   
 
1,790
 
   
1,538,226
 
Greater Texoma Utility Authority (City of Sherman); Series 2023, RB (INS - AGI)
(e)
  
 
4.25
% 
  
 
10/01/2053
 
   
 
1,430
 
   
1,239,186
 
Houston (City of), TX; Series 2023 A, Ref. RB (INS - AGI)
(d)(e)
  
 
5.25
% 
  
 
07/01/2048
 
   
 
1,725
 
   
1,749,735
 
Houston (City of), TX (United Airlines, Inc.); Series 2024 B, RB
(d)
  
 
5.50
% 
  
 
07/15/2038
 
   
 
1,420
 
   
1,483,094
 
Houston (City of), TX Airport System (United Airlines, Inc. Terminal E); Series 2021 A, RB
(d)
  
 
4.00
% 
  
 
07/01/2041
 
   
 
585
 
   
502,470
 
Houston (City of), TX Airport System (United Airlines, Inc.); Series 2018, RB
(d)
  
 
5.00
% 
  
 
07/15/2028
 
   
 
500
 
   
510,513
 
Houston (City of), TX Convention & Entertainment Facilities Department;
           
Series 2001 B, RB (INS - AGI)
(e)(g)
  
 
0.00
% 
  
 
09/01/2026
 
   
 
3,975
 
   
3,860,258
 
Series 2001 B, RB (INS - AGI)
(e)(g)
  
 
0.00
% 
  
 
09/01/2027
 
   
 
5,015
 
   
4,724,429
 
Jarrell Independent School District; Series 2023, GO Bonds (CEP -Texas Permanent School Fund)
   
 
4.25
% 
  
 
02/15/2053
 
   
 
1,390
 
   
1,261,637
 
Lower Colorado River Authority (LCRA Transmission Services Corp.); Series 2022, Ref. RB
   
 
5.50
% 
  
 
05/15/2047
 
   
 
1,170
 
   
1,212,592
 
Mansfield Independent School District; Series 2025, GO Bonds (CEP -Texas Permanent School Fund)
(f)
  
 
5.25
% 
  
 
02/15/2055
 
   
 
1,860
 
   
1,922,967
 
Mission Economic Development Corp. (Natgasoline); Series 2018, Ref. RB
(c)(d)
  
 
4.63
% 
  
 
10/01/2031
 
   
 
2,100
 
   
2,097,811
 
New Hope Cultural Education Facilities Finance Corp; Series 2025, RB
(f)
  
 
5.50
% 
  
 
08/15/2049
 
   
 
3,370
 
   
3,524,889
 
New Hope Cultural Education Facilities Finance Corp.
(4-K
Housing, Inc.-Stoney Brook); Series 2017
A-1,
RB
   
 
4.75
% 
  
 
07/01/2052
 
   
 
750
 
   
514,107
 
New Hope Cultural Education Facilities Finance Corp. (Carillon Lifecare Community); Series 2016, Ref. RB
   
 
5.00
% 
  
 
07/01/2046
 
   
 
1,455
 
   
1,274,278
 
New Hope Cultural Education Facilities Finance Corp.
(CHF-Collegiate
Housing College Station I, LLC -Texas A&M University); Series 2014 A, RB (INS - AGI)
(e)
  
 
5.00
% 
  
 
04/01/2046
 
   
 
510
 
   
501,968
 
New Hope Cultural Education Facilities Finance Corp. (Children’s Health System of Texas); Series 2017 A, Ref. RB
   
 
5.00
% 
  
 
08/15/2047
 
   
 
1,420
 
   
1,420,070
 
New Hope Cultural Education Facilities Finance Corp. (Jubilee Academic Center); Series 2021, Ref. RB
(c)
  
 
4.00
% 
  
 
08/15/2051
 
   
 
1,235
 
   
916,559
 
New Hope Cultural Education Facilities Finance Corp. (Presbyterian Village North);
           
Series 2018, Ref. RB
   
 
5.00
% 
  
 
10/01/2026
 
   
 
1,550
 
   
1,554,794
 
Series 2020, RB
   
 
5.25
% 
  
 
10/01/2055
 
   
 
2,270
 
   
1,939,321
 
North East Texas Regional Mobility Authority; Series 2016 A, RB
   
 
5.00
% 
  
 
01/01/2041
 
   
 
2,450
 
   
2,425,548
 
North Texas Tollway Authority;
           
Series 2008 D, Ref. RB (INS - AGI)
(e)(g)
  
 
0.00
% 
  
 
01/01/2028
 
   
 
16,400
 
   
15,348,343
 
Series 2008 D, Ref. RB (INS - AGI)
(e)(g)
  
 
0.00
% 
  
 
01/01/2029
 
   
 
2,725
 
   
2,474,075
 
Series 2008 D, Ref. RB (INS - AGI)
(e)(g)
  
 
0.00
% 
  
 
01/01/2031
 
   
 
3,550
 
   
2,995,610
 
Northwest Independent School District; Series 2024, GO Bonds (CEP -Texas Permanent School Fund)
   
 
5.00
% 
  
 
02/15/2049
 
   
 
645
 
   
650,704
 
San Antonio (City of), TX;
           
Series 2024 C, RB
   
 
5.50
% 
  
 
02/01/2049
 
   
 
845
 
   
888,074
 
Series 2025, RB
(f)
  
 
5.25
% 
  
 
02/01/2046
 
   
 
1,300
 
   
1,343,642
 
San Jacinto River Authority (Groundwater Reduction Plan Division);
           
Series 2011, RB (INS - AGI)
(e)
  
 
5.00
% 
  
 
10/01/2032
 
   
 
2,265
 
   
2,267,798
 
Series 2011, RB (INS - AGI)
(e)
  
 
5.00
% 
  
 
10/01/2037
 
   
 
2,475
 
   
2,477,603
 
Spring Independent School District; Series 2023, GO Bonds
   
 
4.00
% 
  
 
08/15/2052
 
   
 
5,000
 
   
4,226,259
 
Tarrant (County of), TX Hospital District; Series 2023, GO Bonds
   
 
4.25
% 
  
 
08/15/2053
 
   
 
3,270
 
   
2,863,486
 
Tarrant County Cultural Education Facilities Finance Corp. (Air Force Village Obligated Group);
           
Series 2016, Ref. RB
   
 
5.00
% 
  
 
05/15/2037
 
   
 
1,880
 
   
1,817,670
 
Series 2016, Ref. RB
   
 
5.00
% 
  
 
05/15/2045
 
   
 
1,030
 
   
901,791
 
 
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
  
 
  
Texas–(continued)
           
Tarrant County Cultural Education Facilities Finance Corp. (C.C. Young Memorial Home); Series 2017 A, RB (Acquired 12/15/2016; Cost $1,801,783)
(i)(n)
  
 
6.38
% 
  
 
02/15/2048
 
   
$
1,785
 
   
$
1,160,250
 
 
  
Tarrant County Cultural Education Facilities Finance Corp. (MRC Stevenson Oaks);
           
Series 2020, Ref. RB
   
 
6.63
% 
  
 
11/15/2041
 
   
 
85
 
   
 
76,011
 
 
  
Series 2020, Ref. RB
   
 
6.75
% 
  
 
11/15/2051
 
   
 
85
 
   
 
71,084
 
 
  
Series 2020, Ref. RB
   
 
6.88
% 
  
 
11/15/2055
 
   
 
85
 
   
 
71,240
 
 
  
Texas (State of) Transportation Commission;
           
Series 2019, RB
(g)
  
 
0.00
% 
  
 
08/01/2037
 
   
 
1,250
 
   
 
729,255
 
 
  
Series 2019, RB
(g)
  
 
0.00
% 
  
 
08/01/2039
 
   
 
1,400
 
   
 
716,191
 
 
  
Texas (State of) Transportation Commission (Central Texas Turnpike System);
           
Series 2002 A, RB (INS -BHAC)
(e)(g)
  
 
0.00
% 
  
 
08/15/2027
 
   
 
6,800
 
   
 
6,461,391
 
 
  
Series 2002, RB
(g)(h)
  
 
0.00
% 
  
 
08/15/2027
 
   
 
200
 
   
 
189,888
 
 
  
Texas (State of) Water Development Board; Series 2022, RB
(f)
  
 
5.00
% 
  
 
10/15/2047
 
   
 
3,340
 
   
 
3,395,527
 
 
  
Texas Municipal Gas Acquisition & Supply Corp. I; Series 2008 D, RB
   
 
6.25
% 
  
 
12/15/2026
 
   
 
1,600
 
   
 
1,638,993
 
 
  
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North TarrantExpress Managed Lanes); Series 2023, RB
(d)
  
 
5.50
% 
  
 
12/31/2058
 
   
 
1,000
 
   
 
1,007,892
 
 
  
Travis County Cultural Education Facilities Finance Corp. (Wayside Schools); Series 2012 A, RB
   
 
5.25
% 
  
 
08/15/2042
 
   
 
5
 
   
 
4,734
 
 
  
Waller Consolidated Independent School District; Series 2023, GO Bonds (INS - BAM)
(e)
  
 
4.00
% 
  
 
02/15/2053
 
   
 
3,365
 
   
 
2,797,882
 
 
  
          
 
117,954,828
 
 
  
Utah–2.46%
           
Black Desert Public Infrastructure District; Series 2021 A, GO Bonds
(c)
  
 
4.00
% 
  
 
03/01/2051
 
   
 
500
 
   
 
383,969
 
 
  
Downtown Revitalization Public Infrastructure District; Series 2025, RB (INS - AGI)
(f)(j)
  
 
5.50
% 
  
 
06/01/2050
 
   
 
1,900
 
   
 
1,990,750
 
 
  
Military Installation Development Authority; Series 2021
A-2,
RB
   
 
4.00
% 
  
 
06/01/2052
 
   
 
500
 
   
 
384,289
 
 
  
Salt Lake City (City of), UT;
           
Series 2021 A, RB
(d)
  
 
5.00
% 
  
 
07/01/2046
 
   
 
840
 
   
 
829,691
 
 
  
Series 2023 A, RB
(d)
  
 
5.25
% 
  
 
07/01/2048
 
   
 
1,000
 
   
 
1,007,257
 
 
  
Series 2023 A, RB
(d)
  
 
5.50
% 
  
 
07/01/2053
 
   
 
2,900
 
   
 
2,974,161
 
 
  
Utah (County of), UT (IHC Health Services, Inc.); Series 2016 B, RB
   
 
4.00
% 
  
 
05/15/2047
 
   
 
2,025
 
   
 
1,754,723
 
 
  
Utah Housing Corp; Series 2025, RB (CEP -GNMA)
(f)
  
 
5.00
% 
  
 
01/01/2054
 
   
 
4,660
 
   
 
4,597,880
 
 
  
          
 
13,922,720
 
 
  
Virginia–2.34%
           
Hampton (City of), VA Roads Transportation Accountability Commission; Series 2022 A, RB
   
 
4.00
% 
  
 
07/01/2052
 
   
 
2,090
 
   
 
1,791,426
 
 
  
Isle Wight (County of), VA Economic Development Authority (Riverside Health System); Series 2023, RB (INS - AGI)
(e)
  
 
5.25
% 
  
 
07/01/2048
 
   
 
1,305
 
   
 
1,324,926
 
 
  
Peninsula Town Center Community Development Authority; Series 2018, Ref. RB
(c)
  
 
5.00
% 
  
 
09/01/2045
 
   
 
505
 
   
 
472,291
 
 
  
Virginia (Commonwealth of) Small Business Financing Authority (95 Express Lanes LLC); Series 2022, Ref. RB
(d)
  
 
5.00
% 
  
 
01/01/2037
 
   
 
4,145
 
   
 
4,254,860
 
 
  
Virginia (Commonwealth of) Small Business Financing Authority
(I-495
Hot Lanes);
           
Series 2022, Ref. RB
(d)
  
 
5.00
% 
  
 
12/31/2047
 
   
 
1,400
 
   
 
1,342,128
 
 
  
Series 2022, Ref. RB
(d)
  
 
5.00
% 
  
 
12/31/2057
 
   
 
790
 
   
 
741,881
 
 
  
Virginia (Commonwealth of) Small Business Financing Authority (Transform 66 P3);
           
Series 2017, RB
(d)
  
 
5.00
% 
  
 
12/31/2049
 
   
 
1,155
 
   
 
1,091,265
 
 
  
Series 2017, RB
(d)
  
 
5.00
% 
  
 
12/31/2056
 
   
 
2,420
 
   
 
2,240,035
 
 
  
          
 
13,258,812
 
 
  
Washington–3.60%
           
Grant (County of), WA; Series 2025, GO Bonds (INS
-BAM)
(e)
  
 
5.50
% 
  
 
12/01/2060
 
   
 
910
 
   
 
950,828
 
 
  
Seattle (City of), WA; Series 2023, RB
(f)
  
 
5.00
% 
  
 
07/01/2052
 
   
 
5,000
 
   
 
5,046,429
 
 
  
Tacoma (City of), WA; Series 2022, RB
   
 
4.00
% 
  
 
12/01/2047
 
   
 
2,785
 
   
 
2,436,453
 
 
  
Washington (State of); Series 2004 F, GO Bonds (INS -AMBAC)
(e)(g)
  
 
0.00
% 
  
 
12/01/2029
 
   
 
5,100
 
   
 
4,565,120
 
 
  
Washington (State of) (Bid Group 2); Series 2024 A, GO Bonds
   
 
5.00
% 
  
 
08/01/2046
 
   
 
840
 
   
 
859,171
 
 
  
Washington (State of) Convention Center Public Facilities District; Series 2018, RB
   
 
5.00
% 
  
 
07/01/2048
 
   
 
3,440
 
   
 
3,312,513
 
 
  
Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance); Series 2020, Ref. RB
   
 
5.00
% 
  
 
09/01/2055
 
   
 
645
 
   
 
630,305
 
 
  
Washington (State of) Housing Finance Commission (Bayview Manor Homes);
           
Series 2016 A, Ref. RB
(c)
  
 
5.00
% 
  
 
07/01/2046
 
   
 
435
 
   
 
376,348
 
 
  
Series 2016 A, Ref. RB
(c)
  
 
5.00
% 
  
 
07/01/2051
 
   
 
360
 
   
 
302,952
 
 
  
 
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
  
 
  
Washington–(continued)
           
Washington (State of) Housing Finance Commission (Social Certificates); Series
2021-1A,
Revenue Ctfs.
   
 
3.50
% 
  
 
12/20/2035
 
   
$
1,164
 
   
$
1,099,157
 
 
  
Washington State Housing Finance Commission; Series 2025, RB (INS
-BAM)
(c)(e)
  
 
5.25
% 
  
 
07/01/2064
 
   
 
840
 
   
 
805,106
 
 
  
          
 
20,384,382
 
 
  
West Virginia–0.43%
           
Monongalia (County of), WV Commission Special District (University Town Centre Economic Opportunity Development District); Series 2020, Ref. RB
(c)
  
 
7.50
% 
  
 
06/01/2043
 
   
 
825
 
   
 
864,551
 
 
  
West Virginia (State of) Hospital Finance Authority (West Virginia University Health System Obligated Group); Series 2023, RB
   
 
4.25
% 
  
 
06/01/2047
 
   
 
1,790
 
   
 
1,586,484
 
 
  
          
 
2,451,035
 
 
  
Wisconsin–5.55%
           
Public Finance Authority;
           
Series 2025, RB
(d)
  
 
5.75
% 
  
 
12/31/2065
 
   
 
855
 
   
 
836,560
 
 
  
Series 2025, RB
(d)
  
 
6.50
% 
  
 
12/31/2065
 
   
 
2,530
 
   
 
2,662,943
 
 
  
Wisconsin (State of) Center District;
           
Series 2020 D, RB (INS - AGI)
(e)(g)
  
 
0.00
% 
  
 
12/15/2050
 
   
 
6,520
 
   
 
1,774,634
 
 
  
Series 2020, RB (INS - AGI)
(e)(g)
  
 
0.00
% 
  
 
12/15/2060
 
   
 
19,890
 
   
 
3,129,853
 
 
  
Series 2022, RB
(c)
  
 
5.25
% 
  
 
12/15/2061
 
   
 
1,705
 
   
 
1,573,125
 
 
  
Wisconsin (State of) Health & Educational Facilities Authority (Aspirus, Inc. Obligated Group); Series 2021, RB
   
 
4.00
% 
  
 
08/15/2051
 
   
 
2,805
 
   
 
2,329,851
 
 
  
Wisconsin (State of) Health & Educational Facilities Authority (Froedtert Health); Series 2022 A, Ref. RB
   
 
4.00
% 
  
 
04/01/2042
 
   
 
2,505
 
   
 
2,278,079
 
 
  
Wisconsin (State of) Health & Educational Facilities Authority (Medical College of Wisconsin); Series 2022, Ref. RB
   
 
4.00
% 
  
 
12/01/2051
 
   
 
1,540
 
   
 
1,226,572
 
 
  
Wisconsin (State of) Health & Educational Facilities Authority (Mercy Alliance); Series 2012, RB
   
 
5.00
% 
  
 
06/01/2039
 
   
 
5,000
 
   
 
5,004,983
 
 
  
Wisconsin (State of) Public Finance Authority; Series 2022, RB
(c)
  
 
6.00
% 
  
 
06/01/2062
 
   
 
780
 
   
 
705,651
 
 
  
Wisconsin (State of) Public Finance Authority (American Dream at Meadowlands); Series 2017, RB
(c)
  
 
6.75
% 
  
 
08/01/2031
 
   
 
900
 
   
 
693,000
 
 
  
Wisconsin (State of) Public Finance Authority (Explore Academy);
           
Series 2020 A, RB
(c)
  
 
6.13
% 
  
 
02/01/2050
 
   
 
420
 
   
 
395,949
 
 
  
Series 2022 A, RB
(c)
  
 
6.13
% 
  
 
02/01/2050
 
   
 
455
 
   
 
428,421
 
 
  
Wisconsin (State of) Public Finance Authority (Mallard Creek STEM Academy); Series 2019 A, RB
(c)
  
 
5.13
% 
  
 
06/15/2039
 
   
 
650
 
   
 
618,809
 
 
  
Wisconsin (State of) Public Finance Authority (Maryland Proton Treatment Center); Series 2018
A-1,
RB
(c)
  
 
6.38
% 
  
 
01/01/2048
 
   
 
640
 
   
 
288,000
 
 
  
Wisconsin (State of) Public Finance Authority (Prime Healthcare Foundation, Inc.);
           
Series 2018 A, RB
   
 
5.20
% 
  
 
12/01/2037
 
   
 
1,655
 
   
 
1,681,677
 
 
  
Series 2018 A, RB
   
 
5.35
% 
  
 
12/01/2045
 
   
 
1,655
 
   
 
1,659,383
 
 
  
Wisconsin (State of) Public Finance Authority (Rans-Bridgewater); Series 2024, RB
(c)
  
 
5.63
% 
  
 
12/15/2030
 
   
 
964
 
   
 
965,547
 
 
  
Wisconsin (State of) Public Finance Authority (Roseman University of Health Sciences); Series 2015, Ref. RB
   
 
5.75
% 
  
 
04/01/2035
 
   
 
815
 
   
 
815,397
 
 
  
Wisconsin (State of) Public Finance Authority (Wakemed Hospital); Series 2019 A, Ref. RB
   
 
5.00
% 
  
 
10/01/2044
 
   
 
2,420
 
   
 
2,371,351
 
 
  
          
 
31,439,785
 
 
  
 Total Municipal Obligations (Cost $880,405,639)
           
 
864,537,839
 
 
  
                 
Shares
         
Exchange-Traded Funds–0.14%
           
Invesco Rochester High Yield Municipal ETF
(Cost $792,662)
(o)
       
 
15,560
 
   
 
773,080
 
 
  
TOTAL INVESTMENTS IN SECURITIES
(p)
–152.72% (Cost $881,198,301)
           
 
865,310,919
 
 
  
FLOATING RATE NOTE OBLIGATIONS–(22.86)%
           
Notes with interest and fee rates ranging from 3.25% to 4.14% at 08/31/2025 and contractual maturities of collateral ranging from 07/01/2033 to 05/15/2062 (See Note 1K)
(q)
          
 
(129,515,000
) 
 
  
VARIABLE RATE MUNI TERM PREFERRED SHARES–(34.96)%
           
 
(198,064,577
) 
 
  
OTHER ASSETS LESS LIABILITIES–5.10%
           
 
28,877,484
 
 
  
NET ASSETS APPLICABLE TO COMMON SHARES–100.00%
           
$
 566,608,826
 
 
  
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
 
17
  
Invesco Value Municipal Income Trust
Investment Abbreviations:
AGI
  
- Assured Guaranty, Inc.
AMBAC
  
- American Municipal Bond Assurance Corp.
BAM
  
- Build America Mutual Assurance Co.
BHAC
  
- Berkshire Hathaway Assurance Corp.
CEP
  
- Credit Enhancement Provider
COP
  
- Certificates of Participation
Ctfs.
  
- Certificates
ETF
  
- Exchange-Traded Fund
FHLMC
  
- Federal Home Loan Mortgage Corp.
GNMA
  
- Government National Mortgage Association
GO
  
- General Obligation
IDR
  
- Industrial Development Revenue Bonds
INS
  
- Insurer
LOC
  
- Letter of Credit
NATL
  
- National Public Finance Guarantee Corp.
RAC
  
- Revenue Anticipation Certificates
RB
  
- Revenue Bonds
Ref.
  
- Refunding
RN
  
- Revenue Notes
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)
 
Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
(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 August 31, 2025 was $47,910,918, which represented 8.46% of the Trust’s Net Assets.
(d)
 
Security subject to the alternative minimum tax.
(e)
 
Principal and/or interest payments are secured by the bond insurance company listed.
(f)
 
Underlying security related to TOB Trusts entered into by the Trust. See Note 1K.
(g)
 
Zero coupon bond issued at a discount.
(h)
 
Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.
(i)
 
Restricted security. The aggregate value of these securities at August 31, 2025 was $2,606,343, which represented less than 1% of the Trust’s Net Assets.
(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 $25,298,740. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the TOB Trusts.
(k)
 
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 August 31, 2025.
(l)
 
Convertible capital appreciation bond. The interest rate shown represents the coupon rate at which the bond will accrue at a specified future date.
(m)
 
Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.
(n)
 
Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at August 31, 2025 was $1,175,034, which represented less than 1% of the Trust’s Net Assets.
(o)
 
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Trust owns 5% or more of the outstanding voting securities. The table below shows the Trust’s transactions in, and earnings from, its investments in affiliates for the six months ended August 31, 2025.
 
   
Value
February 28, 2025
  
Purchases
at Cost
  
Proceeds
from
Sales
  
Change in
Unrealized
Appreciation
(Depreciation)
  
Realized
Gain
  
Value
August 31, 2025
   
Dividend Income
 
Invesco Rochester High Yield Municipal ETF
  
$802,865
  
$- 
  
$- 
  
$(29,785)
  
$- 
  
$773,080
   
$18,963
 
 
(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 Inc.
   
11.48%
 
 
(q)
 
Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at August 31, 2025. At August 31, 2025, the Trust’s investments with a value of $177,187,408 are held by TOB Trusts and serve as collateral for the $129,515,000 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.
 
18
  
Invesco Value Municipal Income Trust
Portfolio Composition
By credit sector, based on total investments
As of August 31, 2025
 
Revenue Bonds
   
 
81.74%
 
General Obligation Bonds
   
 
15.93   
 
Pre-Refunded
Bonds
   
 
1.82   
 
Other
   
 
0.51   
 
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
 
19
  
Invesco Value Municipal Income Trust
Statement of Assets and Liabilities
August 31, 2025
(Unaudited)
 
 
 
Assets:
   
Investments in unaffiliated securities, at value
(Cost $880,405,639)
   
$
864,537,839
 
 
  
Investments in affiliates, at value
(Cost $792,662)
   
 
773,080
 
 
  
Deposit with paying agent for VMTP Shares
   
 
30,009,764
 
 
  
Receivable for:
   
Investments sold
   
 
18,970,733
 
 
  
Interest
   
 
8,382,887
 
 
  
Investment for trustee deferred compensation and retirement plans
   
 
102,163
 
 
  
Total assets
   
 
922,776,466
 
 
  
Liabilities:
   
Floating rate note obligations
   
 
129,515,000
 
 
  
Variable rate muni term preferred shares ($0.01 par value, 1,981 shares issued with liquidation preference of $100,000 per share)
   
 
198,064,577
 
 
  
Payable for:
   
Investments purchased
   
 
21,732,999
 
 
  
Dividends
   
 
106,726
 
 
  
Amount due custodian
   
 
5,704,445
 
 
  
Accrued fees to affiliates
   
 
64,753
 
 
  
Accrued interest expense
   
 
588,235
 
 
  
Accrued trustees’ and officers’ fees and benefits
   
 
1,245
 
 
  
Accrued other operating expenses
   
 
136,433
 
 
  
Trustee deferred compensation and retirement plans
   
 
253,227
 
 
  
Total liabilities
   
 
356,167,640
 
 
  
Net assets applicable to common shares
   
$
566,608,826
 
 
  
Net assets applicable to common shares consist of:
   
Shares of beneficial interest – common shares
   
$
663,306,855
 
 
  
Distributable earnings (loss)
   
 
(96,698,029
) 
 
  
  
$
566,608,826
 
 
  
Common shares outstanding, no par value, with an unlimited number of common shares authorized:
   
Common shares outstanding
   
 
47,068,439
 
 
  
Net asset value per common share
   
$
12.04
 
 
  
Market value per common share
   
$
11.79
 
 
  
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
 
20
  
Invesco Value Municipal Income Trust
Statement of Operations
For the six months ended August 31, 2025
(Unaudited)
 
 
Investment income:
   
Interest
   
$
22,690,927
 
 
  
Dividends from affiliates
   
 
18,963
 
 
  
Total investment income
   
 
22,709,890
 
 
  
Expenses:
   
Advisory fees
   
 
2,433,795
 
 
  
Administrative services fees
   
 
42,728
 
 
  
Custodian fees
   
 
3,529
 
 
  
Interest, facilities and maintenance fees
   
 
6,584,436
 
 
  
Transfer agent fees
   
 
10,509
 
 
  
Trustees’ and officers’ fees and benefits
   
 
18,684
 
 
  
Registration and filing fees
   
 
23,091
 
 
  
Reports to shareholders
   
 
32,831
 
 
  
Professional services fees
   
 
53,562
 
 
  
Other
   
 
4,461
 
 
  
Total expenses
   
 
9,207,626
 
 
  
Less: Fees waived
   
 
(1,536
) 
 
  
Net expenses
   
 
9,206,090
 
 
  
Net investment income
   
 
13,503,800
 
 
  
Realized and unrealized gain (loss) from:
   
Net realized gain (loss) from unaffiliated investment securities (includes net gains (losses) from securities sold to affiliates of $ (1,912,179))
   
 
(6,821,927
) 
 
  
Change in net unrealized appreciation (depreciation) of:
   
Unaffiliated investment securities
   
 
(38,629,550
) 
 
  
Affiliated investment securities
   
 
(29,785
) 
 
  
  
 
(38,659,335
) 
 
  
Net realized and unrealized gain (loss)
   
 
(45,481,262
) 
 
  
Net increase (decrease) in net assets resulting from operations applicable to common shares
   
$
(31,977,462
) 
 
  
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
 
21
  
Invesco Value Municipal Income Trust
Statement of Changes in Net Assets
For the six months ended August 31, 2025 and the year ended February 28, 2025
(Unaudited)
 
 
 
    
August 31,
2025
    
February 28,
2025
  
 
  
Operations:
     
Net investment income
   
$
13,503,800
 
  
$
25,431,386
 
 
  
Net realized gain (loss)
   
 
(6,821,927
) 
  
 
(2,258,938
) 
 
  
Change in net unrealized appreciation (depreciation)
   
 
(38,659,335
) 
  
 
(1,752,157
) 
 
  
Net increase (decrease) in net assets resulting from operations applicable to common shares
   
 
(31,977,462
) 
  
 
21,420,291
 
 
  
Distributions to common shareholders from distributable earnings
   
 
(21,773,860
) 
  
 
(24,873,414
) 
 
  
Return of capital applicable to common shares
   
 
–
 
  
 
(14,791,160
) 
 
  
Total distributions
   
 
(21,773,860
) 
  
 
(39,664,574
) 
 
  
Net increase (decrease) in net assets applicable to common shares
   
 
(53,751,322
) 
  
 
(18,244,283
) 
 
  
Net assets applicable to common shares:
     
Beginning of period
   
 
620,360,148
 
  
 
638,604,431
 
 
  
End of period
   
$
566,608,826
 
  
$
620,360,148
 
 
  
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
 
22
  
Invesco Value Municipal Income Trust
Statement of Cash Flows
For the six months ended August 31, 2025
(Unaudited)
 
 
 
Cash provided by operating activities:
   
Net increase (decrease) in net assets resulting from operations applicable to common shares
   
$
(31,977,462
) 
 
  
Adjustments to reconcile the change in net assets applicable to common shares from operations to net cash provided by operating activities:
   
Purchases of investments
   
 
(112,809,144
) 
 
  
Proceeds from sales of investments
   
 
123,070,003
 
 
  
Purchases of short-term investments, net
   
 
(14,509,932
) 
 
  
Amortization (accretion) of premiums and discounts, net
   
 
(3,618,160
) 
 
  
Net realized loss from investment securities
   
 
6,821,927
 
 
  
Net change in unrealized depreciation on investment securities
   
 
38,659,335
 
 
  
Change in operating assets and liabilities:
   
 
  
Decrease in receivables and other assets
   
 
48,503
 
 
  
Increase in accrued expenses and other payables
   
 
40,384
 
 
  
Net cash provided by operating activities
   
 
5,725,454
 
 
  
Cash provided by financing activities:
   
Increase in payable for amount due custodian
   
 
3,464,123
 
 
  
Dividends paid to common shareholders from distributable earnings
   
 
(21,794,813
) 
 
  
Proceeds from TOB Trusts
   
 
65,535,000
 
 
  
Repayment of TOB Trusts
   
 
(22,920,000
) 
 
  
Net cash provided by financing activities
   
 
24,284,310
 
 
  
Net increase in cash and cash equivalents
   
 
30,009,764
 
 
  
Cash and cash equivalents at beginning of period
   
 
–
 
 
  
Cash and cash equivalents at end of period
   
$
30,009,764
 
 
  
Supplemental disclosure of cash flow information:
         
Cash paid during the period for interest, facilities and maintenance fees
   
$
6,552,469
 
 
  
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
 
23
  
Invesco Value Municipal Income Trust
Financial Highlights
(Unaudited)
The following schedule presents financial highlights for a share of the Trust outstanding throughout the periods indicated.
 
 
 
    
Six Months Ended
August 31,
    
Year Ended
February 28,
    
Year Ended
February 29,
    
Years Ended

February 28,
  
    
2025
    
2025
    
2024
    
2023
    
2022
    
2021
  
  
 
 
  
Net asset value per common share, beginning of period
   
 
$  13.18
 
  
 
$  13.57
 
  
 
$  13.13
 
  
 
$  15.68
 
  
 
$  16.53
 
  
 
$  17.15
 
 
  
Net investment income
(a)
  
 
0.29
 
  
 
0.54
 
  
 
0.53
 
  
 
0.62
 
  
 
0.75
 
  
 
0.75
 
 
  
Net gains (losses) on securities (both realized and unrealized)
   
 
(0.97
) 
  
 
(0.09
) 
  
 
0.46
 
  
 
(2.49
) 
  
 
(0.83
) 
  
 
(0.66
) 
 
  
Total from investment operations
   
 
(0.68
) 
  
 
0.45
 
  
 
0.99
 
  
 
(1.87
) 
  
 
(0.08
) 
  
 
0.09
 
 
  
Less:
             
Dividends paid to common shareholders from net investment income
   
 
(0.46
) 
  
 
(0.53
) 
  
 
(0.54
) 
  
 
(0.66
) 
  
 
(0.77
) 
  
 
(0.71
) 
 
  
Return of capital
   
 
–
 
  
 
(0.31
) 
  
 
(0.01
) 
  
 
(0.02
) 
  
 
–
 
  
 
–
 
 
  
Total distributions
   
 
(0.46
) 
  
 
(0.84
) 
  
 
(0.55
) 
  
 
(0.68
) 
  
 
(0.77
) 
  
 
(0.71
) 
 
  
Net asset value per common share, end of period
   
 
$  12.04
 
  
 
$  13.18
 
  
 
$  13.57
 
  
 
$  13.13
 
  
 
$  15.68
 
  
 
$  16.53
 
 
  
Market value per common share, end of period
   
 
$  11.79
 
  
 
$  12.49
 
  
 
$  11.80
 
  
 
$  12.18
 
  
 
$  15.12
 
  
 
$  15.55
 
 
  
Total return at net asset value
(b)
  
 
(4.99
)% 
  
 
3.98
% 
  
 
8.36
%
(c)
 
  
 
(11.72
)% 
  
 
(0.56
)% 
  
 
1.11
% 
 
  
Total return at market value
(d)
  
 
(1.82
)% 
  
 
13.31
% 
  
 
1.58
% 
  
 
(15.08
)% 
  
 
1.94
% 
  
 
5.45
% 
 
  
Net assets applicable to common shares, end of period (000’s omitted)
   
 
$566,609
 
  
 
$620,360
 
  
 
$638,604
 
  
 
$618,054
 
  
 
$737,845
 
  
 
$777,695
 
 
  
Portfolio turnover rate
(e)
  
 
15
% 
  
 
8
% 
  
 
26
% 
  
 
31
% 
  
 
10
% 
  
 
16
% 
 
  
Ratios/supplemental data based on average net assets applicable to common shares outstanding:
             
Ratio of expenses:
             
 
  
With fee waivers and/or expense reimbursements
   
 
3.15
%
(f)
 
  
 
2.97
% 
  
 
3.18
% 
  
 
2.57
% 
  
 
1.44
% 
  
 
1.70
% 
 
  
With fee waivers and/or expense reimbursements excluding interest, facilities and maintenance fees
   
 
0.90
%
(f)
 
  
 
0.90
% 
  
 
0.89
% 
  
 
0.95
% 
  
 
0.92
% 
  
 
0.93
% 
 
  
Without fee waivers and/or expense reimbursements
   
 
3.15
%
(f)
 
  
 
2.97
% 
  
 
3.18
% 
  
 
2.57
% 
  
 
1.44
% 
  
 
1.70
% 
 
  
Ratio of net investment income to average net assets
   
 
4.61
%
(f)
 
  
 
4.04
% 
  
 
4.02
% 
  
 
4.51
% 
  
 
4.52
% 
  
 
4.59
% 
 
  
Senior securities:
 
Total amount of preferred shares outstanding (000’s omitted)
   
 
$198,100
 
  
 
$198,100
 
  
 
$233,100
 
  
 
$233,100
 
  
 
$233,100
 
  
 
$233,100
 
 
  
Asset coverage per preferred share
(g)
  
 
$386,022
 
  
 
$413,155
 
  
 
$373,962
 
  
 
$365,146
 
  
 
$416,536
 
  
 
$433,631
 
 
  
Liquidating preference per preferred share
   
 
$100,000
 
  
 
$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. Not annualized for periods less than one year, if applicable.
(c)
 
Amount includes the effect of the Adviser
pay-in
for an economic loss that occurred on October 4, 2023. Had the
pay-in
not been made the total return would have been 8.28%.
(d)
 
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.
(e)
Portfolio turnover is not annualized for periods less than one year, if applicable.
(f)
 
Annualized.
(g)
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.
 
24
  
Invesco Value Municipal Income Trust
Notes to Financial Statements
August 31, 2025
(Unaudited)
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
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.
The Trust is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board (“FASB”) 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 generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 are not readily available are fair valued by Invesco Advisers, Inc. (the “Adviser” or “Invesco”) in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). If a fair value price provided by a pricing service is not representative of market value in the Adviser’s judgment (“unreliable”), the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
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, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions 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.
The price the Trust could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Trust securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Trust could realize a greater or lesser than expected gain or loss upon the sale of the investment.
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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D.
Distributions
– The Trust declares and pays monthly dividends from net investment income to common shareholders. Distributions from net realized capital gain, if any, are generally declared and paid annually and are distributed on a pro rata basis to common and preferred shareholders.
E.
Federal Income Taxes –
The Trust intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Trust’s taxable earnings to shareholders. As such, the Trust will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
The Trust recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Trust’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
In addition, the Trust intends to invest in such municipal securities to allow it to qualify to pay shareholders “exempt dividends”, as defined in the Internal Revenue Code.
 
25
  
Invesco Value Municipal Income Trust
The Trust files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Trust is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F.
Interest, Facilities and Maintenance Fees
– Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees, rating and bank agent fees, administrative expenses and other expenses associated with establishing and maintaining the line of credit and Variable Rate Muni Term Preferred Shares (“VMTP Shares”). In addition, interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any, are included.
G.
Accounting Estimates
– The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Trust monitors for material events or transactions that may occur or become known after the
period-end
date and before the date the financial statements are released to print.
H.
Indemnifications
– Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts, including the Trust’s servicing agreements, that contain a variety of indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
I.
Segment Reporting
– The Trust represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Trust’s chief operating decision maker (“CODM”), assessing performance and making decisions about resource allocation within the Trust. The CODM monitors the operating results as a whole, and the Trust’s long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Trust’s financial statements.
J.
Cash and Cash Equivalents –
For the purposes of the Statement of Cash Flows, the Trust defines Cash and Cash Equivalents as cash (including foreign currency), restricted cash, money market funds and other investments held in lieu of cash and excludes investments made with cash collateral received.
K.
Floating Rate Note Obligations
– The Trust invests in inverse floating rate securities, such as Tender Option Bonds (“TOBs”), for investment purposes and to enhance the yield of the Trust. Such securities may be purchased in the secondary market without first owning an underlying bond but generally are created through the sale of fixed rate bonds by the Trust to special purpose trusts established by a broker dealer or by the Trust (“TOB Trusts”) in exchange for cash and residual interests in the TOB Trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The TOB Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Trust to retain residual interests in the bonds. The floating rate notes issued by the TOB Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the TOB Trusts for redemption at par at each reset date. The residual interests held by the Trust (inverse floating rate securities) include the right of the Trust (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the TOB Trust to the Trust, thereby collapsing the TOB Trust. Inverse floating rate securities tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable.
The Trust generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Trust to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and decreases in the value of such securities in response to changes in interest rates to a greater extent than fixed rate securities having similar credit quality, redemption provisions and maturity, which may cause the Trust’s net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain instances, the short-term floating rate notes created by the TOB Trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such notes for repayment of principal, may not be able to be remarketed to third parties. In such cases, the TOB Trust holding the fixed rate bonds may be collapsed with the entity that contributed the fixed rate bonds to the TOB Trust. In the case where a TOB Trust is collapsed with the Trust, the Trust will be required to repay the principal amount of the tendered securities, which may require the Trust to sell other portfolio holdings to raise cash to meet that obligation. The Trust could therefore be required to sell other portfolio holdings at a disadvantageous time or price to raise cash to meet this obligation, which risk will be heightened during times of market volatility, illiquidity or uncertainty. The embedded leverage in the TOB Trust could cause the Trust to lose more money than the value of the asset it has contributed to the TOB Trust and greater levels of leverage create the potential for greater losses. In addition, a Trust may enter into reimbursement agreements with the liquidity provider of certain TOB transactions in connection with certain residuals held by the Trust. These agreements commit a Trust to reimburse the liquidity provider to the extent that the liquidity provider must provide cash to a TOB Trust, including following the termination of a TOB Trust resulting from a mandatory tender event (“liquidity shortfall”). The reimbursement agreement will effectively make the Trust liable for the amount of the negative difference, if any, between the liquidation value of the underlying security and the purchase price of the floating rate notes issued by the TOB Trust.
The Trust accounts for the transfer of fixed rate bonds to the TOB Trusts as secured borrowings, with the securities transferred remaining in the Trust’s investment assets, and the related floating rate notes reflected as Trust liabilities under the caption
Floating rate note obligations
on the Statement of Assets and Liabilities. The carrying amount of the Trust’s floating rate note obligations as reported on the Statement of Assets and Liabilities approximates its fair value. The Trust records the interest income from the fixed rate bonds under the caption Interest and records the expenses related to floating rate obligations and any administrative expenses of the TOB Trusts as a component of
Interest, facilities and maintenance fees
on the Statement of Operations.
Final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”) prohibit banking entities and their affiliates from sponsoring and/or providing certain services for existing TOB Trusts, which constitute “covered funds” under the Volcker Rule. As a result of the Volcker Rule, the Trust, as holder of inverse floating rate securities, is required to perform certain duties in connection with TOB financing transactions previously performed by banking entities. These duties may alternatively be performed by a
non-bank
third-party service provider. The Trust’s expanded role may increase its operational and regulatory risk.
Further, the SEC and various banking agencies have adopted rules implementing credit risk retention requirements for asset-backed securities (the “Risk Retention Rules”), which apply to TOB financing transactions and TOB Trusts. The Risk Retention Rules require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying security held by the TOB Trust. The Trust has adopted policies intended to comply with the Risk Retention Rules. The Risk Retention Rules may adversely affect the Trust’s ability to engage in TOB financing transactions or increase the costs of such transactions in certain circumstances.
There can be no assurances that TOB financing transactions will continue to be a viable or cost-effective form of leverage. The unavailability of TOB financing transactions or an increase in the cost of financing provided by TOB transactions may adversely affect the Trust’s net asset value, distribution rate and ability to achieve its investment objective.
TOBs are presently classified as private placement securities. Private placement securities are subject to restrictions on resale because they have not been registered under the Securities Act of 1933, as amended (the “1933 Act”), or are otherwise not readily marketable. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although atypical, these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Trust or less than what may be considered the fair value of such securities.
L.
Other Risks
- The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer’s regional economic conditions may affect the municipal security’s
 
26
  
Invesco Value Municipal Income Trust
value, interest payments, repayment of principal and the Trust’s ability to sell the security. Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.
There is a possibility that the credit rating of a municipal security may be downgraded after purchase, which may occur quickly and without advanced warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security.
Fluctuations in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed income investments, particularly those with longer maturities. Such changes and resulting increased volatility may adversely impact the Trust, including its operations, universe of potential investment options, and return potential. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Trust’s investments and share price may decline. Changes in central bank policies and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by shareholders, which could potentially increase the Trust’s portfolio turnover rate and transaction costs.
The municipal issuers in which the Trust invests may be located in the same geographic area or may pay their interest obligations from revenue of similar projects, such as hospitals, airports, utility systems and housing finance agencies. This may make the Trust’s investments more susceptible to similar social, economic, political or regulatory occurrences, making the Trust more susceptible to experience a drop in its share price than if the Trust had been more diversified across issuers that did not have similar characteristics.
NOTE 2–Advisory Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Trust accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of 0.55% of the Trust’s average weekly managed assets. Managed assets for this purpose means the Trust’s net assets, plus assets attributable to any outstanding preferred shares and the amount of any borrowings incurred for the purpose of leverage (whether or not such borrowed amounts are reflected in the Trust’s financial statements for purposes of GAAP).
Under the terms of a master
sub-advisory
agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated
Sub-Advisers”)
the Adviser, not the Trust, will pay 40% of the fees paid to the Adviser to any such Affiliated
Sub-Adviser(s)
that provide(s) discretionary investment management services to the Trust based on the percentage of assets allocated to such Affiliated
Sub-Adviser(s).
For the six months ended August 31, 2025, the Adviser waived advisory fees of $1,536.
The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Trust has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Trust. For the six months ended August 31, 2025, expenses incurred under this agreement are shown in the Statement of Operations as
Administrative services fees
. Invesco has entered into a
sub-administration
agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Trust. Pursuant to a custody agreement with the Trust, SSB also serves as the Trust’s custodian.
Certain officers and trustees of the Trust are officers and directors of Invesco.
NOTE 3–Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
  Level 1 –
Prices are determined using quoted prices in an active market for identical assets.
  Level 2 –
Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.
  Level 3 –
Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is a summary of the tiered valuation input levels, as of August 31, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
 
     
Level 1
     
Level 2
     
Level 3
     
Total
  
Investments in Securities
   
 
        
 
   
 
        
 
   
 
        
 
   
 
       
 
Municipal Obligations
   
 
$    –
 
   
 
$864,537,839
 
   
 
$–
 
   
 
$864,537,839
 
Exchange-Traded Funds
   
 
 773,080
 
   
 
      – 
 
   
 
 –
 
   
 
   773,080
 
 Total Investments
   
 
$773,080
 
   
 
$864,537,839
 
   
 
$–
 
   
 
$865,310,919
 
NOTE 4—Security Transactions with Affiliated Funds
The Trust is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Trust from or to another fund that is or could be considered an “affiliated person” by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule
17a-7
of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s “current market price”, as provided for in these procedures and Rule
17a-7.
Pursuant to these procedures, for the six months ended August 31, 2025, the Trust engaged in securities purchases of $60,801,220 and securities sales of $62,445,405, which resulted in net realized gains (losses) of $(1,912,179).
 
27
  
Invesco Value Municipal Income Trust
NOTE 5–Trustees’ and Officers’ Fees and Benefits
Trustees’ and Officers
’ Fees and Benefits include amounts accrued by the Trust to pay remuneration to certain Trustees and Officers of the Trust. Trustees have the option to defer compensation payable by the Trust, and
Trustees’ and Officers’ Fees
and Benefits also include amounts accrued by the Trust to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Trusts in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Trust may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan.
Trustees’ and Officers’ Fees
and Benefits include amounts accrued by the Trust to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Trust.
NOTE 6–Cash Balances and Borrowings
The Trust is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at
period-end,
are shown in the Statement of Assets and Liabilities under the payable caption
Amount due custodian
. To compensate the custodian bank for such overdrafts, the overdrawn Trust may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.
Inverse floating rate obligations resulting from the transfer of bonds to TOB Trusts are accounted for as secured borrowings. The average floating rate notes outstanding and average annual interest and fee rate related to inverse floating rate note obligations during the six months ended August 31, 2025 were $100,874,286 and 5.28%, respectively.
NOTE 7–Tax Information
The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Trust’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Trust’s fiscal
year-end.
Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Trust to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Trust had a capital loss carryforward as of February 28, 2025, as follows:
 
Capital Loss Carryforward*
 
Expiration
        
Short-Term
     
Long-Term
     
Total
 
Not subject to expiration
      
$37,454,529
     
$27,874,545
     
$65,329,074
 
 
*
Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.
NOTE 8–Investment Transactions
The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Trust during the six months ended August 31, 2025 was $132,937,558 and $142,039,673, respectively. As of August 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting
period-end:
 
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
 
 
  
Aggregate unrealized appreciation of investments
   
$
24,596,838
 
 
  
Aggregate unrealized (depreciation) of investments
   
 
(40,664,637
) 
 
  
Net unrealized appreciation of investments
   
$
(16,067,799
) 
 
  
Cost of investments for tax purposes is $881,378,718.
NOTE 9–Common Shares of Beneficial Interest
Transactions in common shares of beneficial interest were as follows:
 
    
Six Months Ended
August 31,
     
Year Ended
February 29,
  
    
2025
     
2025
  
 
  
Beginning shares
   
 
47,068,439
 
   
 
47,068,439
 
 
  
Shares issued through dividend reinvestment
   
 
–
 
   
 
–
 
 
  
Ending shares
   
 
47,068,439
 
   
 
47,068,439
 
 
  
The Trust may, when appropriate, purchase shares in the open market or in privately negotiated transactions at a price not above market value or net asset value, whichever is lower at the time of purchase.
NOTE 10–Variable Rate Muni Term Preferred Shares
The Trust issued Series
2015/6-IIM
VMTP Shares, with a liquidation preference of $100,000 per share, pursuant to an offering exempt from registration under the 1933 Act. As of August 31, 2025, the VMTP Shares outstanding were as follows:
 
Issue Date
   
Shares Issued
     
Term Redemption Date
   
Extension Date
 
05/09/2012
   
 
1,081
 
   
12/01/2027
   
06/01/2024
 
02/02/2015
   
 
  500
 
   
12/01/2027
   
06/01/2024
 
06/01/2017
   
 
  400
 
   
12/01/2027
   
06/01/2024
 
28
  
Invesco Value Municipal Income Trust
VMTP Shares are a variable-rate form of preferred shares with a mandatory redemption date, unless earlier redeemed, repurchased or extended, and are considered debt for financial reporting purposes. VMTP Shares are subject to optional and mandatory redemption in certain circumstances. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends and a redemption premium, if any. Starting six months prior to the term redemption date, the Trust will be required to earmark assets having a value equal to 110% of the redemption amount.
The Trust incurs costs in connection with the issuance and/or the extension of the VMTP Shares. These costs are recorded as a deferred charge and are amortized over the term life of the VMTP Shares. Amortization of these costs is included in
Interest, facilities and maintenance fees
on the Statement of Operations, and the unamortized balance is included in the value of
Variable rate muni term preferred shares
on the Statement of Assets and Liabilities.
Dividends paid on the VMTP Shares (which are treated as interest expense for financial reporting purposes) are declared daily and paid monthly. The initial rate for dividends was equal to the sum of 1.10% per annum plus the Securities Industry and Financial Markets Association Municipal Swap Index (the “SIFMA” Index). As of August 31, 2025, the dividend rate is equal to the SIFMA Index plus a spread of 1.23%, which is based on the long term preferred share ratings assigned to the VMTP Shares by a ratings agency. The average aggregate liquidation preference outstanding and the average annualized dividend rate of the VMTP Shares during the six months ended August 31, 2025 were $198,100,000 and 3.90%, respectively.
The Trust utilizes the VMTP Shares as leverage in order to enhance the yield of its common shares. The primary risk associated with VMTP Shares is exposing the net asset value of the common shares and total return to increased volatility if the value of the Trust decreases while the value of the VMTP Shares remains unchanged. Fluctuations in the dividend rates on the VMTP Shares can also impact the Trust’s yield or its distributions to common shareholders. The Trust is subject to certain restrictions relating to the VMTP Shares, such as maintaining certain asset coverage and leverage ratio requirements. Failure to comply with these restrictions could preclude the Trust from declaring any distributions to common shareholders or purchasing common shares and/or could trigger an increased rate which, if not cured, could cause the mandatory redemption of VMTP Shares at the liquidation preference plus any accumulated but unpaid dividends.
The liquidation preference of VMTP Shares, which approximates fair value, is recorded as a liability under the caption Variable rate muni term preferred shares on the Statement of Assets and Liabilities. The fair value of VMTP Shares is expected to be approximately their liquidation preference so long as the credit rating on the VMTP Shares, and therefore the “spread” on the VMTP Shares (determined in accordance with the VMTP Shares’ governing document) remains unchanged. At
period-end,
the Trust’s Adviser has determined that fair value of VMTP Shares is approximately their liquidation preference. Fair value could vary if market conditions change materially. Unpaid dividends on VMTP Shares are recognized as Accrued interest expense on the Statement of Assets and Liabilities. Dividends paid on VMTP Shares are recognized as a component of
Interest, facilities and maintenance fees
on the Statement of Operations.
NOTE 11–Dividends
The Trust declared the following dividends to common shareholders from net investment income subsequent to August 31, 2025:
 
Declaration Date
     
Amount per Share
     
Record Date
       
Payable Date
  
September 2, 2025
     
$0.0771
     
 
September 16, 2025
 
     
 
September 30, 2025
 
October 1, 2025
     
$0.0771
     
 
October 16, 2025
 
     
 
October 31, 2025
 
NOTE 12–Subsequent Event
On July 28, 2025, the Board of Trustees of the Trust approved the following changes to the VMTP Shares.
On September 4, 2025, the Trust redeemed 300 Series
2015/6-IIM
VMTP Shares, with a liquidation preference of $100,000 per share, and paid holders of the VMTP shares of record as of September 3, 2025, the redemption price, including accumulated but unpaid dividends, on such date, in connection with the partial redemption.
 
29
  
Invesco Value Municipal Income Trust
Approval of Investment Advisory and
Sub-Advisory
Contracts
 
At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of Invesco Value Municipal Income Trust (the Fund) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Fund’s Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup
Sub-Advisory
Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH*, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated
Sub-Advisers
and the
sub-advisory
contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the
sub-advisory
contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated
Sub-Advisers
is fair and reasonable.
The Board’s Evaluation Process
The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board’s annual review process for the Invesco Funds’ investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.
As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual review process to
ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.
The discussion below includes summary information drawn in part from the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.
Factors and Conclusions and Summary of Independent Written Fee Evaluation
A.
Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated
Sub-Advisers
The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board considered the additional services provided to the Fund due to the fact that the Fund is a closed-end fund, including, but not limited to, leverage management and monitoring, evaluating, and, where appropriate, making recommendations with respect to the Fund’s trading discount, share repurchase program, and distribution rates, as well as shareholder relations activities including with respect to investors focused on short-term profits. The Board received a description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of
its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers’ systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.
The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.
B.
Fund Investment Performance
The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the S&P Municipal Bond 5+ Year Investment Grade Index (Index). The Board noted that the Fund’s performance was in the third quintile of its performance universe for the one year period and the second quintile for the three and five year periods (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that the Fund’s performance was above the performance of the Index for the one year period and below the performance of the index for the three and five year
 
30
  
Invesco Value Municipal Income Trust
periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions. The Board also reviewed supplementally historic premium and discount levels of the Fund as provided to the Board at meetings throughout the year.
C.
Advisory and
Sub-Advisory
Fees and Fund Expenses
The Board received information regarding Invesco Advisers’ approach with respect to contractual management fee schedules and compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management and actual management fee rates for shares of the Fund were each reasonably comparable to the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the term “contractual management fee” and “actual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent audited annual reports for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.
The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.
The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.
D.
Economies of Scale and Breakpoints
The Board noted that most closed-end funds do not have fund level breakpoints because closed-end funds generally do not experience substantial asset growth after the initial public offering. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board noted that the Fund does not benefit from economies of scale through contractual breakpoints, but does share in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, as well as Invesco Advisers’ management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.
E.
Profitability and Financial Resources
The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates
provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers’ support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.
F.
Collateral Benefits to Invesco Advisers and its Affiliates
The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund. The Board considered the organizational structure employed to provide these services.
The Board considered that the Fund’s uninvested cash may be invested in registered money market funds advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash.
*Effective as of August 29, 2025, Invesco Asset Management Deutschland GmbH merged into Invesco Management S.A.
 
31
  
Invesco Value Municipal Income Trust
Proxy Results
A Joint Annual Meeting (“Meeting”) of Shareholders of Invesco Value Municipal Income Trust (the “Fund”) was held on August 12, 2025. The Meeting was held for the following purpose:
(1). Election of Trustees by Common Shareholders and Preferred Shareholders voting together as a single class.
(2). Election of Trustees by Preferred Shareholders voting as a separate class.
The results of the voting on the above matters were as follows:
 
                
Votes
  
     
Matter
   
Votes For
     
Against/Withheld
  
(1).
   
Cynthia Hostetler
   
 
37,069,978.38
 
   
 
870,061.00
 
  
Eli Jones
   
 
37,023,982.38
 
   
 
916,057.00
 
  
Daniel S. Vandivort
   
 
36,995,239.38
 
   
 
944,800.00
 
  
James “Jim” Liddy
   
 
37,032,036.38
 
   
 
908,003.00
 
(2).
   
Prema Mathai-Davis
   
 
1,981.00
 
   
 
0.00
 
 
32
  
Invesco Value Municipal Income Trust
 
 
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Correspondence information
Send general correspondence to Computershare Trust Company, N.A., P.O. Box 43078, Providence, RI 02940-3078
 
 
Trust holdings and proxy voting information
The Trust provides a complete list of its portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Trust’s semiannual and annual reports to shareholders. For the first and third quarters, the Trust files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form
N-PORT.
The most recent list of portfolio holdings is available at invesco.com/us. Shareholders can also look up the Trust’s Form
N-PORT
filings on the SEC website at sec.gov. The SEC file number for the Trust is shown below.
 A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 341 2929 or at invesco.com/
corporate/about-us/esg.
The information is also available on the SEC website, sec.gov.
 Information regarding how the Trust voted proxies related to its portfolio securities during the most recent
12-month
period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.
 
LOGO
 
SEC file number(s):
811-06590
   
              MS-CE-VMINC-SAR-1

(b) Not applicable.

Item 2. Code of Ethics.

Not applicable for a semi-annual report.

Item 3. Audit Committee Financial Expert.

Not applicable for a semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable for a semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable for a semi-annual report.

Item 6. Investments.

(a) Investments in securities of unaffiliated issuers is filed under Item 1 of this Form N-CSR.

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Not applicable.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others for Open-End Management Investment Companies.

Not applicable.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Not applicable.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

None.

Item 16. Controls and Procedures.

 

  (a)

As of a date within 90 days of the filing date of this report, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Act. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that the Registrant’s disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

 

  (b)

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

Item 17. Disclosure of Securities Lending Activity for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

19(a)(1) Not applicable.

19(a)(2) Not applicable.

19(a)(3) Certifications of the Registrant’s PEO and PFO pursuant to Rule 30a-2(a) under the Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.CERT.

19(a)(4) Not applicable.

19(a)(5) Not applicable.

19(b) Certifications of Registrant’s PEO and PFO pursuant to Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Invesco Value Municipal Income Trust

 

By:    /s/ Glenn Brightman           

Name:  Glenn Brightman

Title:   Principal Executive Officer

Date: November 7, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

 

By:    /s/ Glenn Brightman           

Name:  Glenn Brightman

Title:   Principal Executive Officer

Date: November 7, 2025

 

By:    /s/ Adrien Deberghes            

Name:  Adrien Deberghes

Title:   Principal Financial Officer

Date: November 7, 2025

 

Exhibit 99.CERT

EXHIBIT (a)(3)

CERTIFICATIONS PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Glenn Brightman, certify that:

 

1.

I have reviewed this report on Form N-CSR of Invesco Value Municipal Income Trust;

 

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

 

4.

The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

 

  (a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  (b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  (c)

Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation;

 

  (d)

Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

 

5.

The Registrant’s other certifying officer and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

 

  (a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

 

  (b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

 

 Date: November 7, 2025     /s/ Glenn Brightman                        
  

 Glenn Brightman

 Principal Executive Officer

   

Exhibit 99.CERT

EXHIBIT (a)(3)

CERTIFICATIONS PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Adrien Deberghes, certify that:

 

1.

I have reviewed this report on Form N-CSR of Invesco Value Municipal Income Trust;

 

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

 

4.

The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

 

  (a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  (b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  (c)

Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation;

 

  (d)

Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

 

5.

The Registrant’s other certifying officer and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

 

  (a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

 

  (b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

 

 Date: November 7, 2025     /s/ Adrien Deberghes                         
  

 Adrien Deberghes

 Principal Financial Officer

   

Exhibit 99.906CERT

EXHIBIT (b)

CERTIFICATIONS PURSUANT TO RULE 30A-2(B) UNDER THE 1940 ACT AND SECTION 906 OF THE

SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of Invesco Value Municipal Income Trust (the “Company”) on Form N-CSR for the period ended August 31, 2025, as filed with the Securities and Exchange Commission (the “Report”), I, Glenn Brightman, Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1)   The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)   The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

 Date: November 7, 2025

  

  

   

 /s/ Glenn  Brightman           

   
    

  Glenn Brightman

  Principal Executive Officer

   

Exhibit 99.906CERT

EXHIBIT (b)

CERTIFICATIONS PURSUANT TO RULE 30A-2(B) UNDER THE 1940 ACT AND SECTION 906 OF THE

SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of Invesco Value Municipal Income Trust (the “Company”) on Form N-CSR for the period ended August 31, 2025, as filed with the Securities and Exchange Commission (the “Report”), I, Adrien Deberghes, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1)   The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)   The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

 Date: November 7, 2025

   

 /s/ Adrien Deberghes                 

   
  

  Adrien Deberghes

  Principal Financial Officer