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Semi Annual Report by Investment Company Form N CSRS

N-CSRS

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM

N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number
811-06590
Invesco Value Municipal Income Trust
(Exact name of registrant as specified in charter)
1555 Peachtree Street, N.E., Suite 1800 Atlanta, Georgia 30309
(Address of principal executive offices) (Zip code)
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, 2024
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 is as follows:

Semi-Annual Report to Shareholders
August 31, 2024
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, 2/29/24 to 8/31/24
Trust at NAV
2.92% 
Trust at Market Value
11.37   
S&P Municipal Bond Index

▼

(Broad Market Index)
1.94   
S&P Municipal Bond 5+ Year Investment Grade Index

▼

(Style-Specific Index)
1.61   
Market Price Discount to NAV as of 8/31/24
-5.91   
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 2024, 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 Adviser 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 eafrom 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

∎
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

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 is required to pay.
2.
If you opt to sell your shares through the Agent, we will sell all full and fractional shares and send the proceeds via check to your address of record after deducting $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 leamore 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

3
Invesco Value Municipal Income Trust
Schedule of Investments
August 31, 2024
(Unaudited)
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Municipal Obligations-147.24%

(a)
Alabama-1.21%
Birmingham (City of), AL Special Care Facilities Financing Authority (Methodist Home for the Aging);
Series 2016, RB
5.25
%
06/01/2025
$
140
$    139,377
Series 2016, RB
5.75
%
06/01/2045
20
19,045
Black Belt Energy Gas District (The); Series 2023 B, RB

(b)
5.25
%
12/01/2030
 1,420
1,539,970
Energy Southeast A Cooperative District; Series 2024 B, RB

(b)
5.25
%
06/01/2032
1,010
1,098,405
Lower Alabama Gas District (The); Series 2016 A, RB
5.00
%
09/01/2046
920
1,012,356
Southeast Energy Authority, a Cooperative District (No. 2); Series 2021 B, RB

(b)
4.00
%
12/01/2031
1,480
1,483,329
Southeast Energy Authority, a Cooperative District (No. 3); Series 2022

A-1,

RB

(b)
5.50
%
12/01/2029
1,405
1,522,301
Tuscaloosa (County of), AL Industrial Development Authority (Hunt Refining); Series 2019 A, Ref. IDR

(c)
5.25
%
05/01/2044
860
873,781
7,688,564
Alaska-0.06%
NortheTobacco Securitization Corp.; Series 2021

A-1,

Ref. RB
4.00
%
06/01/2050
420
385,748
Arizona-2.69%
Arizona (State of) Industrial Development Authority (Leman Academy of Excellence); Series 2019 A, RB

(c)
5.00
%
07/01/2039
1,195
1,198,848
Arizona (State of) Industrial Development Authority (Master Academy of Nevada - Bonanza Campus); Series 2020 A, RB

(c)
5.00
%
12/15/2040
250
249,429
Glendale (City of), AZ Industrial Development Authority (The Beatitudes Campus);
Series 2017, Ref. RB
5.00
%
11/15/2032
1,280
1,241,390
Series 2017, Ref. RB
5.00
%
11/15/2045
980
840,153
La Paz (County of), AZ Industrial Development Authority (Charter School Solutions- Harmony Public Schools); Series 2018 A, RB
5.00
%
02/15/2048
700
702,068
Maricopa (County of), AZ Industrial Development Authority (Legacy Traditional Schools);
Series 2019, Ref. RB

(c)
5.00
%
07/01/2054
550
552,230
Series 2021, RB

(c)
4.00
%
07/01/2051
875
764,810
Mesa (City of), AZ; Series 2022 A, RB (INS - BAM)

(d)
5.00
%
07/01/2046
3,025
3,278,489
Pima (County of), AZ Industrial Development Authority (American Leadership Academy); Series 2019, Ref. RB

(c)
5.00
%
06/15/2052
360
352,027
Pima (County of), AZ Industrial Development Authority (Grande Innovations Academy); Series 2018, RB

(c)
5.25
%
07/01/2048
1,175
1,174,906
Salt River Project Agricultural Improvement & Power District; Series 2023 B, RB
5.00
%
01/01/2048
3,370
3,705,785
Yuma (City of), AZ Industrial Development Authority (Regional Medical Center);
Series 2014 A, RB
5.00
%
08/01/2032
1,050
1,050,562
Series 2014 A, RB
5.25
%
08/01/2032
2,000
2,001,583
17,112,280
California-21.19%
Alhambra Unified School District (Election of 2004);
Series 2009 B, GO Bonds (INS - AGC)

(d)(e)
0.00
%
08/01/2035
3,010
2,123,274
Series 2009 B, GO Bonds (INS - AGC)

(d)(e)
0.00
%
08/01/2036
2,675
1,801,548
Beverly Hills Unified School District (Election of 2008);
Series 2009, GO Bonds

(e)
0.00
%
08/01/2026
2,720
2,584,556
Series 2009, GO Bonds

(e)
0.00
%
08/01/2031
5,270
4,316,137
California (State of);
Series 2020, GO Bonds (INS - BAM)

(d)
3.00
%
11/01/2050
1,680
1,377,596
Series 2023, GO Bonds

(f)
5.25
%
09/01/2053
3,370
3,787,502
California (State of) Community Choice Financing Authority (Clean Energy); Series 2024, RB

(b)
5.00
%
04/01/2032
2,525
2,735,669
California (State of) County Tobacco Securitization Agency (Alameda County Tobacco Asset Securitization Corp.); Series 2006 C, RB

(e)
0.00
%
06/01/2055
10,335
1,058,731
California (State of) County Tobacco Securitization Agency (Los Angeles County Securitization Corp.);
Series 2020

B-1,

Ref. RB
5.00
%
06/01/2049
35
35,839
Series 2020

B-2,

Ref. RB

(e)
0.00
%
06/01/2055
1,680
331,452
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) Health Facilities Financing Authority (Cedars-Sinai Health System); Series 2021 A, Ref. RB
5.00
%
08/15/2051
$
 4,375
$  4,711,658
California (State of) Health Facilities Financing Authority (PIH Health); Series 2020 A, RB
4.00
%
06/01/2050
4,175
3,947,810
California (State of) Housing Finance Agency (Social Certificates);
Series 2021 A, RB
3.25
%
08/20/2036
5
4,540
Series

2021-2A,

Revenue Ctfs. (CEP - FHLMC)
3.75
%
03/25/2035
4,043
4,109,757
Series

2023-1,

RB
4.38
%
09/20/2036
832
879,858
California (State of) Infrastructure & Economic Development Bank; Series 2003 A, RB

(b)(f)(g)
5.00
%
01/01/2028
6,700
7,292,235
California (State of) Infrastructure & Economic Development Bank (Bay Area Toll Bridges); Series 2003 A, RB

(b)(f)(g)
5.00
%
01/01/2028
3,300
3,591,698
California (State of) Municipal Finance Authority (Bella Mente Montessori Academy); Series 2018 A, RB

(c)
5.00
%
06/01/2048
170
170,678
California (State of) Municipal Finance Authority

(CHF-Davis

I, LLC - West Village Student Housing); Series 2018, RB
5.00
%
05/15/2037
1,330
1,400,075
California (State of) Municipal Finance Authority (Linxs APM); Series 2018 A, RB

(h)
5.00
%
12/31/2043
2,000
2,037,688
California (State of) Municipal Finance Authority (William Jessup University); Series 2019, Ref. RB

(c)
5.00
%
08/01/2039
250
226,492
California (State of) Pollution Control Financing Authority (Plant Bonds);
Series 2012, RB

(c)(h)
5.00
%
07/01/2027
655
658,917
Series 2012, RB

(c)(h)
5.00
%
07/01/2030
190
191,080
Series 2012, RB

(c)(h)
5.00
%
07/01/2037
1,990
1,995,696
Series 2012, RB

(c)(h)
5.00
%
11/21/2045
2,325
2,329,071
California (State of) Statewide Communities Development Authority (Loma Linda University Medical Center); Series 2016 A, RB

(c)
5.25
%
12/01/2056
995
1,006,430
California State University; Series 2019 A, RB

(f)
5.00
%
11/01/2049
2,130
2,267,537
Clovis Unified School District (Election of 2004); Series 2004 A, GO Bonds (INS - NATL)

(d)(e)
0.00
%
08/01/2029
1,360
1,190,095
CSCDA Community Improvement Authority (Jefferson-Anaheim Social Bonds); Series 2021 A, RB

(c)
3.13
%
08/01/2056
840
650,672
CSCDA Community Improvement Authority (Parallel-Anaheim Social Bonds); Series 2021, RB

(c)
4.00
%
08/01/2056
500
450,044
Dry Creek Joint Elementary School District (Election of 2008-Measure E);
Series 2009, GO Bonds

(e)
0.00
%
08/01/2043
2,120
998,557
Series 2009, GO Bonds

(e)
0.00
%
08/01/2044
1,090
487,641
Series 2009, GO Bonds

(e)
0.00
%
08/01/2045
6,270
2,661,229
Series 2009, GO Bonds

(e)
0.00
%
08/01/2048
4,610
1,689,869
El Segundo Unified School District (Election of 2008);
Series 2009 A, GO Bonds

(e)
0.00
%
08/01/2031
4,155
3,393,692
Series 2009 A, GO Bonds

(e)
0.00
%
08/01/2032
3,165
2,494,858
Golden State Tobacco Securitization Corp.; Series 2021

B-2,

Ref. RB

(e)
0.00
%
06/01/2066
2,245
262,165
Los Angeles (City of), CA Department of Airports (Green Bonds);
Series 2022 G, RB

(h)
5.50
%
05/15/2035
1,750
1,997,085
Series 2022 G, RB

(h)
5.50
%
05/15/2037
1,985
2,248,509
Series 2022, RB

(h)
4.00
%
05/15/2042
705
688,179
Los Angeles (City of), CA Department of Water & Power; Series 2020 B, RB

(f)
5.00
%
07/01/2050
2,350
2,524,859
Menifee Union School District (Election of 2008);
Series 2009 C, GO Bonds (INS - AGC)

(d)(e)
0.00
%
08/01/2034
1,665
1,216,358
Series 2009 C, GO Bonds (INS - AGC)

(d)(e)
0.00
%
08/01/2035
300
210,037
Moreland School District (Crossover Series 14); Series 2006 C, Ref. GO Bonds (INS - AMBAC)

(d)(e)
0.00
%
08/01/2029
3,350
2,910,266
M-S-R

Energy Authority;
Series 2009 B, RB
6.13
%
11/01/2029
830
889,064
Series 2009 B, RB
6.50
%
11/01/2039
585
758,970
Oak Grove School District (Election of 2008); Series 2009 A, GO Bonds

(e)
0.00
%
08/01/2028
2,400
2,145,458
Patterson Joint Unified School District (Election of 2008);
Series 2009 B, GO Bonds (INS - AGM)

(d)(e)
0.00
%
08/01/2034
3,825
2,735,035
Series 2009 B, GO Bonds (INS - AGM)

(d)(e)
0.00
%
08/01/2035
4,120
2,835,416
Series 2009 B, GO Bonds (INS - AGM)

(d)(e)
0.00
%
08/01/2036
300
196,674
Series 2009 B, GO Bonds (INS - AGM)

(d)(e)
0.00
%
08/01/2037
1,785
1,119,710
Poway Unified School District (Election of 2008 - School Facilities Improvement District No.

2007-1);
Series 2009 A, GO Bonds

(e)
0.00
%
08/01/2028
7,840
7,040,942
Series 2009 A, GO Bonds

(e)
0.00
%
08/01/2031
8,475
6,916,920
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)(i)
4.00
%
05/15/2053
$
 5,430
$  5,407,948
Series 2022 P, RB
3.50
%
05/15/2054
2,015
1,860,414
Sacramento (City of), CA Unified School District; Series 2024 B, GO Bonds (INS - BAM)

(d)
4.00
%
08/01/2048
1,230
1,216,206
San Diego (County of), CA Regional Airport Authority;
Series 2021 A, RB
4.00
%
07/01/2051
2,060
2,018,950
Series 2023 B, RB

(h)
5.00
%
07/01/2048
2,525
2,677,351
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport);
Series 2019 E, RB

(h)
5.00
%
05/01/2038
675
710,561
Series 2021 A, Ref. RB

(h)
5.00
%
05/01/2036
610
660,508
San Jose Evergreen Community College District (Election of 2004); Series 2008 B, GO Bonds (INS - AGM)

(d)(e)
0.00
%
09/01/2030
1,600
1,341,989
Silicon Valley Tobacco Securitization Authority (Santa Clara); Series 2007 A, RB

(e)
0.00
%
06/01/2041
3,445
1,348,649
SoutheCalifornia Public Power Authority (Clean Energy); Series 2024 A, RB

(b)
5.00
%
09/01/2030
1,370
1,475,582
William S. Hart Union High School District (Election of 2008); Series 2009 A, GO Bonds

(e)
0.00
%
08/01/2033
11,350
8,623,342
135,027,328
Colorado-6.26%
Arista Metropolitan District; Series 2023 A, Ref. GO Bonds (INS - BAM)

(d)
4.50
%
12/01/2058
2,390
2,388,582
Aurora Crossroads Metropolitan District No. 2; Series 2020 B, GO Bonds
7.75
%
12/15/2050
500
486,181
Aurora Highlands Community Authority Board; Series 2021 A, Ref. RB
5.75
%
12/01/2051
840
794,958
Belford North Metropolitan District; Series 2020 A, GO Bonds
5.50
%
12/01/2050
1,045
984,359
Centerra Metropolitan District No. 1 (In the City of Loveland);
Series 2017, RB

(c)
5.00
%
12/01/2047
1,680
1,620,059
Series 2020 A, Ref. GO Bonds
5.00
%
12/01/2051
670
634,822
Colorado (State of) Health Facilities Authority (Adventist Health System/Sunbelt Obligated Group); Series 2018 A, RB
5.00
%
11/15/2048
1,705
1,760,112
Colorado (State of) Health Facilities Authority (CommonSpirit Health);
Series 2019

A-2,

Ref. RB
5.00
%
08/01/2044
3,680
3,825,331
Series 2019

A-2,

Ref. RB
4.00
%
08/01/2049
1,675
1,561,651
Colorado Crossing Metropolitan District No. 2; Series 2020

A-1,

Ref. GO Bonds
5.00
%
12/01/2047
500
492,037
Colorado Springs (City of), CO; Series 2024, RB

(f)
5.25
%
11/15/2053
5,000
5,536,219
Denver (City & County of), CO;
Series 2018 A, Ref. RB

(h)
5.00
%
12/01/2048
5,740
5,877,213
Series 2018 A, Ref. RB

(h)
5.25
%
12/01/2048
1,710
1,771,289
Series 2022 A, RB

(h)
5.00
%
11/15/2047
1,985
2,083,121
Great WesteMetropolitan District; Series 2020, Ref. GO Bonds
4.75
%
12/01/2050
460
421,985
Hogback Metropolitan District; Series 2021 A, GO Bonds
5.00
%
12/01/2041
725
679,758
Jefferson (County of), CO Center Metropolitan District No. 1; Series 2020 B, Ref. RB
5.75
%
12/15/2050
1,995
2,021,783
Johnstown Plaza Metropolitan District; Series 2022, Ref. GO Bonds
4.25
%
12/01/2046
782
713,571
Mirabelle Metropolitan District No. 2; Series 2020 A, GO Bonds
5.00
%
12/01/2049
645
647,705
Mulberry Metropolitan District No. 2; Series 2022, RB
7.00
%
12/01/2034
750
779,501
North Range Metropolitan District No. 3; Series 2020 A, GO Bonds
5.00
%
12/01/2040
500
504,451
Rampart Range Metropolitan District No. 5; Series 2021, RB
4.00
%
12/01/2051
500
411,913
Sky Ranch Community Authority Board; Series 2022 A, RB
5.75
%
12/01/2052
500
493,834
Village Metropolitan District (The); Series 2020, Ref. GO Bonds
4.15
%
12/01/2030
425
420,503
White Buffalo Metropolitan District No. 3;
Series 2020, GO Bonds
5.50
%
12/01/2050
500
489,862
Series 2023, GO Bonds
8.00
%
12/15/2035
605
605,017
Windler Public Improvement Authority;
Series 2021

A-1,

RB
4.13
%
12/01/2051
500
384,941
Series 2021

A-2,

RB

(j)
4.50
%
12/01/2041
2,070
1,472,094
39,862,852
District of Columbia-3.55%
District of Columbia; Series 2022 A, RB
5.00
%
07/01/2047
1,670
1,819,634
District of Columbia (Provident Group - Howard Properties LLC); Series 2013, RB
5.00
%
10/01/2045
310
309,976
District of Columbia Water & Sewer Authority;
Series 2022, RB

(f)
5.00
%
10/01/2044
5,805
6,165,295
Series 2024 B, Ref. VRD RB

(k)
2.70
%
10/01/2054
1,600
1,600,000
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-(continued)
District of Columbia Water & Sewer Authority (Green Bonds); Series 2022

C-1,

RB
4.00
%
10/01/2051
$
 3,335
$  3,261,988
Metropolitan Washington Airports Authority; Series 2019 B, Ref. RB
4.00
%
10/01/2049
1,675
1,582,878
Washington Metropolitan Area Transit Authority (Green Bonds); Series 2023 A, RB
5.25
%
07/15/2053
7,185
7,881,245
22,621,016
Florida-9.61%
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)(l)(m)
5.00
%
11/15/2061
1,075
758,092
Series 2022 B, RB (Acquired 01/25/2022; Cost $100,000)

(c)(l)(m)
6.50
%
11/15/2033
100
85,750
Brevard (County of), FL Health Facilities Authority (Health First Obligated Group); Series 2022 A, Ref. RB
4.00
%
04/01/2052
500
463,734
Broward (County of), FL;
Series 2019 A, RB

(h)
4.00
%
10/01/2049
755
705,823
Series 2022 A, RB

(f)(i)
4.00
%
10/01/2047
4,110
4,019,231
Broward (County of), FL (Convention Center Expansion); Series 2021, RB
4.00
%
09/01/2051
2,525
2,422,921
Cape Coral (City of), FL; Series 2023, Ref. RB (INS - BAM)

(d)
5.50
%
03/01/2043
1,610
1,805,017
Capital Trust Agency, Inc. (Sarasota-Manatee Jewish Housing Council, Inc.); Series 2017, Ref. RB

(c)
5.00
%
07/01/2037
1,380
1,200,511
Collier (County of), FL Industrial Development Authority (The Arlington of Naples); Series 2014 A, RB (Acquired 12/16/2013; Cost $1,639,192)

(c)(l)(m)
7.75
%
05/15/2035
1,678
45,301
Davie (Town of), FL (Nova SoutheasteUniversity); Series 2018, Ref. RB
5.00
%
04/01/2048
1,390
1,430,082
Florida (State of) North Broward Hospital District; Series 2017 B, Ref. RB
5.00
%
01/01/2042
1,190
1,224,356
Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion);
Series 2024, Ref. RB

(b)(c)(h)
12.00
%
07/15/2028
750
800,629
Series 2024, Ref. RB

(h)
5.00
%
07/01/2041
850
870,873
Series 2024, Ref. RB (INS - AGM)

(d)(h)
5.00
%
07/01/2044
2,500
2,631,041
Series 2024, Ref. RB (INS - AGM)

(d)(h)
5.25
%
07/01/2047
1,810
1,913,540
Series 2024, Ref. RB (INS - AGM)

(d)(h)
5.25
%
07/01/2053
840
886,022
Series 2024, Ref. RB

(h)
5.50
%
07/01/2053
850
882,003
Fort Lauderdale (City of), FL; Series 2024, RB

(f)
5.50
%
09/01/2053
2,525
2,848,695
Greater Orlando Aviation Authority;
Series 2017 A, RB

(h)
5.00
%
10/01/2052
510
517,324
Series 2019 A, RB

(h)
4.00
%
10/01/2044
1,000
962,994
Hillsborough (County of), FL Aviation Authority (Tampa International Airport); Series 2018 E, RB

(h)
5.00
%
10/01/2048
2,525
2,583,267
Hillsborough (County of), FL Industrial Development Authority (Baycare Health System); Series 2024 C, Ref. RB
5.25
%
11/15/2049
3,355
3,740,956
Lake (County of), FL (Lakeside at Waterman Village);
Series 2020 A, Ref. RB
5.50
%
08/15/2040
650
641,832
Series 2020 A, Ref. RB
5.75
%
08/15/2050
285
277,135
Series 2020 A, Ref. RB
5.75
%
08/15/2055
1,055
1,013,761
Lee (County of), FL;
Series 2021 B, RB

(h)
5.00
%
10/01/2034
1,030
1,113,378
Series 2022, RB
5.25
%
08/01/2049
1,670
1,799,502
Miami (City of) & Dade (County of), FL School Board; Series 2022 A, GO Bonds (INS - BAM)

(d)
5.00
%
03/15/2052
1,980
2,115,647
Miami-Dade (County of), FL;
Series 2021, RB
4.00
%
10/01/2051
3,150
3,031,328
Series 2022 A, Ref. RB

(h)
5.25
%
10/01/2052
505
537,231
Series 2023 A, Ref. RB

(h)
5.00
%
10/01/2047
2,140
2,287,886
Subseries 2021

A-2,

Ref. RB (INS - AGM)

(d)
4.00
%
10/01/2049
2,525
2,468,702
Subseries 2021

B-1,

Ref. RB

(h)
4.00
%
10/01/2050
985
906,380
Miami-Dade (County of), FL Expressway Authority; Series 2010 A, RB (INS - AGM)

(d)
5.00
%
07/01/2035
3,415
3,418,000
Miami-Dade (County of), FL Transit System; Series 2022, RB
5.00
%
07/01/2052
2,320
2,498,900
Osceola (County of), FL;
Series 2020

A-2,

Ref. RB

(e)
0.00
%
10/01/2044
1,000
381,294
Series 2020

A-2,

Ref. RB

(e)
0.00
%
10/01/2048
1,500
455,677
Series 2020

A-2,

Ref. RB

(e)
0.00
%
10/01/2051
600
154,247
Series 2020

A-2,

Ref. RB

(e)
0.00
%
10/01/2052
455
111,553
Series 2020

A-2,

Ref. RB

(e)
0.00
%
10/01/2054
390
86,000
Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital); Series 2022, RB
4.00
%
07/01/2052
1,345
1,268,945
South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group); Series 2017, Ref. RB
4.00
%
08/15/2047
840
793,270
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)
Tallahassee (City of), FL (Tallahassee Memorial Health Care, Inc.); Series 2016, RB
5.00
%
12/01/2055
$
 1,335
$  1,323,827
Tampa (City of), FL; Series 2020 A, RB

(e)
0.00
%
09/01/2049
5,669
1,718,526
61,201,183
Georgia-2.08%
Brookhaven (City of), GA Development Authority (Children's Healthcare of Atlanta, Inc.); Series 2019 A, RB

(f)(i)
4.00
%
07/01/2044
3,380
3,379,877
Columbia (City of), GA (Wellstar Health System, Inc.); Series 2023, RAC
5.13
%
04/01/2048
1,095
1,183,353
DeKalb (County of), GA Housing Authority (Park at 500); Series 2024, RB
4.00
%
03/01/2034
1,000
1,001,877
Main Street Natural Gas, Inc.;
Series 2021 C, RB

(b)
4.00
%
12/01/2028
1,235
1,250,153
Series 2022 C, RB

(b)(c)
4.00
%
11/01/2027
1,260
1,242,518
Series 2023 B, RB

(b)
5.00
%
03/01/2030
1,760
1,876,623
Series 2024 A, RB

(b)
5.00
%
09/01/2031
1,685
1,821,420
Series 2024 C, RB

(b)
5.00
%
12/01/2031
1,400
1,498,708
13,254,529
Hawaii-0.70%
Hawaii (State of); Series 2013, COP

(h)
5.00
%
08/01/2028
1,775
1,776,251
Hawaii (State of) Department of Budget & Finance (Hawaii Pacific Obligated Group); Series 2024, RB
5.50
%
07/01/2052
2,430
2,692,896
4,469,147
Idaho-0.52%
Idaho (State of) Health Facilities Authority (Valley Vista Care Corp.); Series 2017 A, Ref. RB
5.25
%
11/15/2047
1,800
1,434,057
Idaho (State of) Housing & Finance Association; Series 2024, RB
5.00
%
08/15/2048
1,715
1,887,886
3,321,943
Illinois-4.96%
Chicago (City of), IL;
Series 2002 B, GO Bonds
5.50
%
01/01/2037
630
632,257
Series 2005 D, Ref. GO Bonds
5.50
%
01/01/2040
395
395,886
Series 2007 E, Ref. GO Bonds
5.50
%
01/01/2042
315
315,535
Series 2014, RB
5.00
%
11/01/2039
750
750,901
Series 2015 A, GO Bonds
5.50
%
01/01/2033
3,145
3,158,639
Chicago (City of), IL (O'Hare International Airport);
Series 2017 D, RB

(h)
5.00
%
01/01/2052
5,000
5,041,827
Series 2017 D, RB
5.00
%
01/01/2052
1,465
1,491,497
Series 2024 A, RB

(h)
5.50
%
01/01/2053
1,360
1,485,803
Chicago (City of), IL Metropolitan Water Reclamation District (Green Bonds); Series 2021 A, GO Bonds
4.00
%
12/01/2051
1,000
961,637
Illinois (State of);
Series 2014, GO Bonds
5.25
%
02/01/2033
1,100
1,101,359
Series 2014, GO Bonds
5.00
%
05/01/2035
285
285,292
Series 2014, GO Bonds
5.00
%
05/01/2036
1,000
1,000,999
Series 2016, GO Bonds
5.00
%
11/01/2036
715
730,090
Series 2016, GO Bonds
5.00
%
01/01/2041
1,750
1,767,957
Series 2017 D, GO Bonds
5.00
%
11/01/2026
1,840
1,919,285
Series 2018 A, GO Bonds
5.00
%
05/01/2030
1,135
1,211,399
Series 2020, GO Bonds
5.50
%
05/01/2039
1,040
1,142,771
Illinois (State of) Development Finance Authority (CITGO Petroleum Corp.); Series 2002, RB

(h)
8.00
%
06/01/2032
360
360,455
Illinois (State of) Finance Authority (DePaul College Prep Foundation); Series 2023, Ref. RB

(c)
5.50
%
08/01/2043
580
626,500
Illinois (State of) Finance Authority (Lutheran Communities Obligated Group); Series 2019 A, Ref. RB (Acquired 10/05/2022; Cost $549,300)

(m)
5.00
%
11/01/2049
670
434,439
Illinois (State of) Finance Authority (Mercy Health Corp.); Series 2016, Ref. RB
5.00
%
12/01/2046
2,440
2,460,598
Illinois (State of) Finance Authority (Three Crowns Park);
Series 2017, Ref. RB
4.00
%
02/15/2027
175
174,593
Series 2017, Ref. RB
5.25
%
02/15/2037
200
203,392
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion); Series 2002 A, RB (INS - NATL)

(d)(e)
0.00
%
12/15/2029
3,520
2,914,934
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
Illinois-(continued)
Illinois (State of) Sports Facilities Authority; Series 2014, Ref. RB (INS - AGM)

(d)
5.25
%
06/15/2031
$
 1,060
$   1,065,335
31,633,380
Indiana-0.55%
Indiana (State of) Finance Authority (Indiana University Health Obligated Group); Series 2019 A, RB
4.00
%
12/01/2049
1,010
982,467
Indiana (State of) Finance Authority (KIPP Indianapolis, Inc.); Series 2020 A, RB
5.00
%
07/01/2055
460
455,682
Indiana (State of) Finance Authority (US Steel Corp.); Series 2012, RB

(h)
5.75
%
08/01/2042
240
240,157
NortheIndiana Commuter Transportation District; Series 2024, RB
5.25
%
01/01/2049
1,665
1,839,403
3,517,709
Iowa-0.66%
Iowa (State of) Board of Regents (University of Iowa Hospital & Clinics); Series 2022 B, RB
3.00
%
09/01/2056
615
475,572
Iowa (State of) Finance Authority (Alcoa, Inc.); Series 2012, RB
4.75
%
08/01/2042
1,265
1,267,945
Iowa (State of) Finance Authority (Iowa Fertilizer Co.); Series 2022, Ref. RB

(b)(g)
5.00
%
12/01/2032
1,735
2,017,852
Iowa (State of) Tobacco Settlement Authority;
Series 2021

A-2,

Ref. RB
4.00
%
06/01/2049
300
283,320
Series 2021

B-1,

Ref. RB
4.00
%
06/01/2049
165
165,573
4,210,262
Kansas-0.36%
Wichita (City of), KS (Presbyterian Manors, Inc.);
Series 2013

IV-A,

RB
6.38
%
05/15/2043
1,500
1,482,887
Series 2018 I, Ref. RB
5.00
%
05/15/2047
1,000
801,038
2,283,925
Kentucky-1.21%
Henderson (City of), KY (Pratt Paper LLC); Series 2022 A, RB

(c)(h)
4.70
%
01/01/2052
665
654,894
Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation Kentucky Information Highway);
Series 2015 A, RB
5.00
%
07/01/2037
1,110
1,116,545
Series 2015 A, RB
5.00
%
07/01/2040
1,915
1,921,399
Series 2015 A, RB
5.00
%
01/01/2045
1,245
1,247,084
Kentucky (Commonwealth of) Municipal Power Agency (Prairie State); Series 2019 A, Ref. RB
4.00
%
09/01/2045
1,000
920,221
Kentucky (Commonwealth of) Public Energy Authority; Series 2023

A-1,

Ref. RB

(b)
5.25
%
02/01/2032
1,685
1,848,757
7,708,900
Louisiana-1.02%
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (St. John the Baptist); Series 2019, RB

(c)
3.90
%
11/01/2044
845
791,018
Louisiana (State of) Public Facilities Authority

(I-10

Calcasieu River Bridge);
Series 2024, RB

(h)
5.50
%
09/01/2054
840
911,940
Series 2024, RB

(h)
5.50
%
09/01/2059
1,680
1,815,435
New Orleans (City of), LA Aviation Board; Series 2015 A, RB
5.00
%
01/01/2045
1,145
1,147,040
St. Tammany (Parish of), LA Public Trust Financing Authority (Christwood); Series 2015, Ref. RB
5.25
%
11/15/2037
1,850
1,827,324
6,492,757
Maryland-0.76%
Howard (County of), MD (Downtown Columbia); Series 2017 A, RB

(c)
4.50
%
02/15/2047
1,500
1,431,040
Maryland (State of) Health & Higher Educational Facilities Authority (Stevenson University); Series 2021, Ref. RB
4.00
%
06/01/2055
1,000
884,775
Prince George's (County of), MD (Collington Episcopal Life Care Community, Inc.); Series 2017, Ref. RB
5.00
%
04/01/2028
690
697,113
Rockville (City of), MD (Ingleside at King Farm); Series 2017 B, RB
4.25
%
11/01/2037
175
162,924
Washington (State of) Suburban Sanitary Commission; Series 2015 B, VRD RB

(k)
2.70
%
06/01/2027
1,680
1,680,000
4,855,852
Massachusetts-2.80%
Massachusetts (Commonwealth of);
Series 2024, RB

(f)
5.00
%
11/01/2052
7,550
8,016,867
Series 2024, RB

(f)
5.00
%
06/01/2053
5,155
5,621,858
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
Massachusetts-(continued)
Massachusetts (Commonwealth of) (Rail Enhancement Program) (Sustainability Bonds); Series 2022, RB
5.00
%
06/01/2050
$
675
$  725,524
Massachusetts (Commonwealth of) Port Authority; Series 2021 E, RB

(h)
5.00
%
07/01/2046
 1,055
1,107,125
Massachusetts (Commonwealth of) Water Resources Authority; Series 2007 B, Ref. RB (INS - AGM)

(d)
5.25
%
08/01/2031
2,000
2,345,506
17,816,880
Michigan-4.02%
Academy of Warren; Series 2020 A, RB

(c)
5.00
%
05/01/2035
290
290,266
Detroit (City of), MI; Series 2018, GO Bonds
5.00
%
04/01/2035
250
261,857
Detroit (City of), MI Downtown Development Authority (Catalyst Development); Series 2018 A, Ref. RB

(b)(g)
5.00
%
09/25/2024
2,000
2,002,176
Grand Rapids Economic Development Corp. (Beacon Hill at Eastgate); Series 2017 A, Ref. RB
5.00
%
11/01/2052
2,360
2,223,999
Lansing (City of), MI; Series 2024, RB

(f)
5.25
%
07/01/2054
3,645
4,029,821
Michigan (State of); Series 2024, RB

(f)
5.50
%
11/15/2049
4,560
5,193,808
Michigan (State of) Building Authority (Facilities Program); Series 2016 I, RB

(f)
5.00
%
04/15/2041
2,715
2,788,535
Michigan (State of) Finance Authority (Landmark Academy);
Series 2020, Ref. RB
5.00
%
06/01/2035
170
167,627
Series 2020, Ref. RB
5.00
%
06/01/2045
490
466,267
Michigan (State of) Finance Authority (Trinity Health Credit Group); Series 2017 MI, RB

(f)(g)(i)
5.00
%
12/01/2046
3,655
3,735,542
Michigan (State of) Housing Development Authority; Series 2023 A, RB
5.10
%
10/01/2053
1,950
2,052,237
Michigan (State of) Strategic Fund (Canterbury Health Care, Inc.); Series 2016, RB (Acquired 08/27/2019; Cost $395,059)

(c)(l)(m)
5.00
%
07/01/2026
385
365,798
Michigan (State of) Strategic Fund (Green Bonds); Series 2021, RB

(b)(h)
4.00
%
10/01/2026
2,025
2,032,164
25,610,097
Minnesota-0.78%
Bethel (City of), MN (Spectrum High School); Series 2017 A, Ref. RB
4.25
%
07/01/2047
425
387,815
Duluth (City of), MN Economic Development Authority (Essentia Health Obligated Group); Series 2018, Ref. RB
5.00
%
02/15/2048
590
601,951
Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission; Series 2024, RB

(h)
5.25
%
01/01/2049
1,675
1,814,495
Minnesota Agricultural & Economic Development Board (Healthpartners Obligated Group); Series 2024, RB
5.25
%
01/01/2054
1,685
1,842,029
St. Paul (City of), MN Housing & Redevelopment Authority (Hope Community Academy); Series 2020, RB
5.00
%
12/01/2055
430
316,727
4,963,017
Mississippi-0.11%
Mississippi Business Finance Corp. (System Energy Resources, Inc.); Series 2021, RB
2.38
%
06/01/2044
1,115
727,345
Missouri-2.29%
Kansas City (City of), MO Industrial Development Authority (Downtown Redevelopment District); Series 2011 A, Ref. RB
5.50
%
09/01/2027
980
981,966
Kansas City (City of), MO Industrial Development Authority (Kansas City International Airport);
Series 2019 B, RB

(h)
5.00
%
03/01/2046
4,700
4,813,797
Series 2019 B, RB (INS - AGM)

(d)(h)
5.00
%
03/01/2049
1,005
1,026,358
Kirkwood (City of), MO Industrial Development Authority (Aberdeen Heights); Series 2017 A, Ref. RB
5.25
%
05/15/2050
475
412,949
Missouri (State of) Health & Educational Facilities Authority (Lutheran Senior Services); Series 2019, Ref. RB
5.00
%
02/01/2048
340
348,032
St. Louis (City of), MO; Series 2024, RB (INS - AGM)

(d)
5.25
%
07/01/2054
1,000
1,102,147
St. Louis (County of), MO Industrial Development Authority (Friendship Village of Sunset Hills);
Series 2012, RB
5.00
%
09/01/2042
2,000
2,000,070
Series 2013 A, RB
5.50
%
09/01/2033
1,270
1,271,297
St. Louis (County of), MO Industrial Development Authority (Friendship Village West County); Series 2018 A, RB
5.00
%
09/01/2038
1,820
1,848,274
Taney (County of), MO Industrial Development Authority (Big Cedar Infrastructure); Series 2023, RB

(c)
6.00
%
10/01/2049
770
776,791
14,581,681
Nebraska-1.14%
Central Plains Energy Project (No. 3); Series 2017 A, Ref. RB
5.00
%
09/01/2042
3,740
4,129,232
Central Plains Energy Project (No. 5); Series

2022-1,

RB

(b)
5.00
%
10/01/2029
840
882,782
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
Nebraska-(continued)
Omaha (City of), NE Public Power District; Series 2022, RB

(f)(i)
5.25
%
02/01/2052
$
2,080
$  2,270,887
7,282,901
Nevada-0.90%
Clark (County of), NV Water Reclamation District; Series 2024, GO Bonds

(f)
5.00
%
07/01/2053
5,295
5,753,562
New Hampshire-0.66%
New Hampshire (State of) Business Finance Authority; Series

2020-1A,

RB
4.13
%
01/20/2034
298
300,522
New Hampshire (State of) Business Finance Authority (Social Bonds); Series

2022-1A,

RB
4.38
%
09/20/2036
1,623
1,653,573
New Hampshire (State of) Health and Education Facilities Authority; Series 2020 A, RB
5.00
%
08/01/2059
1,105
1,178,782
New Hampshire (State of) Housing Finance Authority; Series 2023 D, RB (CEP - GNMA)
5.13
%
07/01/2053
1,025
1,064,726
4,197,603
New Jersey-4.62%
New Jersey (State of) Economic Development Authority (Continental Airlines, Inc.); Series 1999, RB

(h)
5.25
%
09/15/2029
180
180,171
New Jersey (State of) Economic Development Authority (The Goethals Bridge Replacement); Series 2013, RB

(h)
5.38
%
01/01/2043
2,250
2,251,777
New Jersey (State of) Health Care Facilities Financing Authority (Inspira Health Obligated Group); Series 2017, RB
4.00
%
07/01/2047
2,590
2,519,832
New Jersey (State of) Transportation Trust Fund Authority;
Series 2006 C, RB (INS - AGC)

(d)(e)
0.00
%
12/15/2026
14,305
13,352,201
Series 2018 A, Ref. RB
5.00
%
12/15/2035
880
934,140
Series 2018 A, RN

(f)(i)
5.00
%
06/15/2029
1,575
1,628,274
Series 2018 A, RN

(f)(i)
5.00
%
06/15/2030
535
551,917
Series 2022, RB
5.25
%
06/15/2046
1,425
1,561,240
Tobacco Settlement Financing Corp.;
Series 2018 A, Ref. RB
5.00
%
06/01/2046
2,895
2,966,223
Series 2018 A, Ref. RB
5.25
%
06/01/2046
1,675
1,736,416
Series 2018 B, Ref. RB
5.00
%
06/01/2046
1,730
1,746,323
29,428,514
New York-18.48%
Build NYC Resource Corp. (Pratt Paper, Inc.); Series 2014, Ref. RB

(c)(h)
5.00
%
01/01/2035
1,600
1,605,313
Erie Tobacco Asset Securitization Corp.; Series 2005 A, RB
5.00
%
06/01/2045
2,500
2,328,707
Metropolitan Transportation Authority; Series 2005

D-1,

Ref. VRD RB (LOC - Truist Bank)

(k)(n)
2.45
%
11/01/2035
4,000
4,000,000
Metropolitan Transportation Authority (Green Bonds);
Series 2020

A-1,

RB (INS - AGM)

(d)
4.00
%
11/15/2041
1,175
1,178,226
Series 2020

C-1,

RB
5.25
%
11/15/2055
1,340
1,409,192
New York & New Jersey (States of) Port Authority; Series 2020 221, RB

(h)
4.00
%
07/15/2060
2,340
2,154,807
New York (City of), NY;
Series 2020 C, GO Bonds
5.00
%
08/01/2043
2,480
2,659,637
Subseries 2022

D-1,

GO Bonds

(f)
5.25
%
05/01/2038
1,355
1,541,739
Subseries 2022

D-1,

GO Bonds

(f)
5.25
%
05/01/2042
2,305
2,567,043
Subseries 2023

E-1,

GO Bonds
5.25
%
04/01/2047
1,500
1,656,974
New York (City of), NY Municipal Water Finance Authority;
Series 2020

BB-1,

RB
4.00
%
06/15/2050
1,670
1,640,569
Series 2020

BB-1,

RB
5.00
%
06/15/2050
3,395
3,616,061
Series 2020, Ref. RB
5.00
%
06/15/2050
1,710
1,821,344
New York (City of), NY Transitional Finance Authority;
Series 2019

B-1,

RB
4.00
%
11/01/2045
860
844,612
Series 2023

F-1,

RB
4.00
%
02/01/2051
2,535
2,477,574
Series 2024 B, RB
4.38
%
05/01/2053
2,190
2,225,388
New York (State of) Dormitory Authority; Series 2022, RB

(f)
4.00
%
03/15/2046
5,000
4,949,153
New York (State of) Dormitory Authority (City of New York);
Series 2005 A, RB (INS - AMBAC)

(d)
5.50
%
05/15/2028
2,900
3,190,658
Series 2005 A, RB (INS - AMBAC)

(d)
5.50
%
05/15/2029
2,455
2,762,205
New York (State of) Dormitory Authority (Memorial Sloan Kettering Cancer); Series 2022

1-B,

RB
4.00
%
07/01/2051
3,635
3,557,713
New York (State of) Dormitory Authority (New York University); Series

2001-1,

RB (INS - BHAC)

(d)
5.50
%
07/01/2031
1,040
1,163,844
New York (State of) Power Authority; Series 2020 A, RB

(f)
4.00
%
11/15/2045
3,700
3,686,863
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 (State of) Power Authority (Green Bonds); Series 2020, RB

(f)
4.00
%
11/15/2055
$
4,175
$  4,113,936
New York (State of) Thruway Authority;
Series 2019 B, RB
4.00
%
01/01/2050
4,790
4,653,709
Series 2019 B, RB (INS - AGM)

(d)(f)(i)
4.00
%
01/01/2050
2,625
2,585,268
New York (State of) Thruway Authority (Group 3); Series 2021

A-1,

Ref. RB
4.00
%
03/15/2046
2,495
2,460,667
New York Counties Tobacco Trust IV;
Series 2005 A, RB
5.00
%
06/01/2045
285
263,492
Series 2010 A, RB

(c)
6.25
%
06/01/2041
1,300
1,300,188
New York Counties Tobacco Trust V; Series 2005

S-2,

RB

(e)
0.00
%
06/01/2050
10,140
1,629,749
New York Counties Tobacco Trust VI; Series 2016

A-1,

Ref. RB
5.75
%
06/01/2043
3,135
3,207,177
New York Liberty Development Corp. (3 World Trade Center); Series 2014, Class 1, Ref. RB

(c)
5.00
%
11/15/2044
6,095
6,100,102
New York State Urban Development Corp. (Bidding Group 3); Series 2021 A, Ref. RB
4.00
%
03/15/2045
3,350
3,317,785
New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International Airport);
Series 2020, Ref. RB

(h)
5.25
%
08/01/2031
465
495,307
Series 2020, Ref. RB

(h)
5.38
%
08/01/2036
960
1,024,348
Series 2023, RB

(h)
5.38
%
06/30/2060
2,160
2,253,994
Series 2024, RB (INS - AGM)

(d)(h)
5.25
%
06/30/2060
1,760
1,867,918
Series 2024, RB

(h)
5.50
%
06/30/2060
1,610
1,716,058
New York Transportation Development Corp. (American Airlines, Inc.);
Series 2016, Ref. RB

(h)
5.00
%
08/01/2026
680
681,033
Series 2016, Ref. RB

(h)
5.00
%
08/01/2031
1,340
1,341,508
New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminals C&D Redevelopment);
Series 2018, RB

(h)
5.00
%
01/01/2033
2,075
2,142,246
Series 2018, RB

(h)
5.00
%
01/01/2034
1,295
1,335,978
Series 2018, RB

(h)
5.00
%
01/01/2036
1,240
1,275,101
Series 2020, RB

(h)
5.00
%
10/01/2040
2,015
2,082,793
Series 2020, RB

(h)
4.38
%
10/01/2045
1,160
1,117,394
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment);
Series 2016 A, RB

(h)
5.00
%
07/01/2046
3,055
3,054,881
Series 2016 A, RB

(h)
5.25
%
01/01/2050
1,660
1,659,980
New York Transportation Development Corp. (Terminal 4 JFK International Airport); Series 2022, RB

(h)
5.00
%
12/01/2038
1,265
1,349,374
Rockland Tobacco Asset Securitization Corp.; Series 2001, RB
5.75
%
08/15/2043
1,500
1,519,943
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels);
Series 2020 A, RB
5.00
%
11/15/2054
750
794,452
Series 2021 A, RB
5.00
%
11/15/2056
1,130
1,200,342
Series 2022, RB

(f)
5.00
%
05/15/2051
5,480
5,839,611
TSASC, Inc.; Series 2016 B, Ref. RB
5.00
%
06/01/2045
2,575
2,330,955
117,752,911
North Carolina-0.48%
Charlotte (City of), NC (Charlotte Douglas International Airport); Series 2017 A, RB
5.00
%
07/01/2047
2,055
2,118,306
North Carolina (State of) Turnpike Authority (Triangle Expressway System); Series 2024, RB (INS - AGM)

(d)(e)
0.00
%
01/01/2052
3,500
950,166
3,068,472
North Dakota-0.62%
Ward (County of), ND (Trinity Obligated Group);
Series 2017 C, RB
5.00
%
06/01/2048
2,315
2,265,993
Series 2017 C, RB
5.00
%
06/01/2053
1,725
1,660,341
3,926,334
Ohio-5.40%
Akron, Bath & Copley Joint Township Hospital District (Summa Health Obligated Group); Series 2016, Ref. RB
5.25
%
11/15/2046
790
801,227
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)
Buckeye Tobacco Settlement Financing Authority;
Series 2020

A-2,

Ref. RB
4.00
%
06/01/2048
$
4,140
$
3,777,581
Series 2020

B-2,

Ref. RB
5.00
%
06/01/2055
9,155
8,428,154
Series 2020

B-3,

Ref. RB

(e)
0.00
%
06/01/2057
8,650
785,987
Cleveland (City of) & Cuyahoga (County of), OH Port Authority (Constellation Schools); Series 2014 A, Ref. RB

(c)
6.50
%
01/01/2034
1,000
1,000,772
Cleveland (City of), OH;
Series 2008

B-2,

RB (INS - NATL)

(d)(e)
0.00
%
11/15/2026
3,545
3,309,131
Series 2008

B-2,

RB (INS - NATL)

(d)(e)
0.00
%
11/15/2028
3,845
3,354,191
Series 2008

B-2,

RB (INS - NATL)

(d)(e)
0.00
%
11/15/2038
2,800
1,503,554
Columbus (City of) & Franklin (County of), OH Finance Authority (Easton); Series 2020, RB

(c)
5.00
%
06/01/2028
565
573,093
Cuyahoga (County of), OH (MetroHealth System);
Series 2017, Ref. RB
5.25
%
02/15/2047
1,805
1,839,886
Series 2017, Ref. RB
5.50
%
02/15/2052
795
812,599
Series 2017, Ref. RB
5.00
%
02/15/2057
1,915
1,931,050
Franklin (County of), OH (Nationwide Children's Hospital); Series 2019, RB
5.00
%
11/01/2048
1,360
1,556,141
Hamilton (County of), OH (Life Enriching Communities); Series 2016, Ref. RB
5.00
%
01/01/2046
1,395
1,385,858
Montgomery (County of), OH (Trousdale Foundation Properties); Series 2018 A, RB (Acquired 08/29/2018; Cost $1,173,323)

(c)(l)(m)
6.00
%
04/01/2038
1,197
83,789
Muskingum (County of), OH (Genesis Healthcare System); Series 2013, RB
5.00
%
02/15/2044
920
908,009
Ohio (State of) (University Hospitals Health System, Inc.); Series 2020 A, Ref. RB
4.00
%
01/15/2050
2,515
2,335,544
34,386,566
Oklahoma-0.97%
Oklahoma (State of) Development Finance Authority (OU Medicine); Series 2018 B, RB
5.50
%
08/15/2052
3,775
3,895,803
Oklahoma (State of) Turnpike Authority; Series 2023, RB
5.50
%
01/01/2053
1,180
1,301,859
Tulsa (City of), OK Airports Improvement Trust;
Series 2000 A, Ref. RB

(h)
5.50
%
06/01/2035
335
335,552
Series 2001 C, Ref. RB

(h)
5.50
%
12/01/2035
635
636,030
6,169,244
Ontario-0.14%
Affordable Housing

Tax-Exempt

Bond Pass-Thru Trust; Series

2023-1,

RB

(c)
6.00
%
10/05/2040
835
882,436
Oregon-1.15%
Clackamas (County of), OR Hospital Facility Authority (Rose Villa); Series 2020 A, Ref. RB
5.38
%
11/15/2055
505
506,500
Oregon (State of); Series 2019, GO Bonds

(f)(i)
5.00
%
08/01/2044
3,360
3,574,229
Portland (Port of), OR (Green Bonds); Twenty Ninth Series 2023, RB

(h)
5.50
%
07/01/2053
1,430
1,559,945
Portland (Port of), OR (Portland International Airport); Series 2022 28, RB

(h)
5.00
%
07/01/2052
1,605
1,671,987
7,312,661
Pennsylvania-2.99%
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue); Series 2018 A, Ref. RB
4.00
%
04/01/2044
835
788,301
Allegheny (County of), PA Industrial Development Authority (United States Steel Corp.); Series 2019, Ref. RB
5.13
%
05/01/2030
1,320
1,422,203
Lancaster (County of), PA Hospital Authority (Penn State Health);
Series 2021, RB
5.00
%
11/01/2046
510
532,414
Series 2021, RB
5.00
%
11/01/2051
680
703,161
Pennsylvania (Commonwealth of) Economic Development Financing Authority (Penndot Major Bridges);
Series 2022, RB

(h)
5.25
%
06/30/2053
2,015
2,116,011
Series 2022, RB (INS - AGM)

(d)(h)
5.00
%
12/31/2057
1,005
1,047,744
Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC); Series 2023

A-2,

RB
4.00
%
05/15/2048
545
520,816
Pennsylvania (Commonwealth of) Turnpike Commission;
Series 2014

A-2,

RB
5.13
%
12/01/2039
1,500
1,609,331
Series 2019 A, RB
5.00
%
12/01/2049
215
226,650
Series 2020 B, RB
5.00
%
12/01/2050
590
626,017
Series 2021 A, RB
4.00
%
12/01/2050
1,260
1,186,931
Series 2024 C, RB
5.25
%
12/01/2054
1,500
1,662,485
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
Pennsylvania-(continued)
Philadelphia (City of), PA; Series 2017 B, Ref. RB

(h)
5.00
%
07/01/2047
$
4,320
$  4,372,139
Philadelphia (City of), PA Authority for Industrial Development (St. Joseph's University); Series 2022, RB
5.50
%
11/01/2060
1,670
1,811,023
Philadelphia (City of), PA Authority for Industrial Development (String Theory Charter School); Series 2020, Ref. RB

(c)
5.00
%
06/15/2050
400
401,473
19,026,699
Puerto Rico-5.06%
Children's Trust Fund;
Series 2002, RB
5.50
%
05/15/2039
2,535
2,548,105
Series 2002, RB
5.63
%
05/15/2043
1,825
1,846,192
Series 2005 A, RB

(e)
0.00
%
05/15/2050
5,570
1,076,202
Series 2005 B, RB

(e)
0.00
%
05/15/2055
2,530
284,266
Series 2008 A, RB

(e)
0.00
%
05/15/2057
18,845
1,297,083
Series 2008 B, RB

(e)
0.00
%
05/15/2057
37,725
2,343,930
Puerto Rico (Commonwealth of);
Series 2021

A-1,

GO Bonds
5.63
%
07/01/2027
1,170
1,218,697
Series 2021

A-1,

GO Bonds
4.00
%
07/01/2035
1,260
1,243,591
Series 2021

A-1,

GO Bonds
4.00
%
07/01/2037
980
958,765
Series 2021

A-1,

GO Bonds
4.00
%
07/01/2041
605
575,029
Subseries 2022, RN

(e)
0.00
%
11/01/2043
746
472,588
Subseries 2022, RN

(e)
0.00
%
11/01/2051
1,421
911,109
Puerto Rico (Commonwealth of) Electric Power Authority;
Series 2003 NN, RB (Acquired

04/08/2020-05/19/2023;

Cost $836,397)
(INS - NATL)

(d)(m)
4.75
%
07/01/2033
850
832,552
Series 2007 VV, Ref. RB (Acquired 04/24/2020; Cost $1,911,088) (INS - NATL)

(d)(m)
5.25
%
07/01/2029
1,900
1,870,870
Series 2007 VV, Ref. RB (Acquired 06/27/2018; Cost $733,581) (INS - NATL)

(d)(m)
5.25
%
07/01/2033
725
717,108
Series 2007 VV, Ref. RB (Acquired 07/19/2018; Cost $672,350) (INS - NATL)

(d)(m)
5.25
%
07/01/2035
640
629,327
Puerto Rico Sales Tax Financing Corp.;
Series 2018

A-1,

RB

(e)
0.00
%
07/01/2029
1,405
1,170,907
Series 2018

A-1,

RB

(e)
0.00
%
07/01/2033
2,116
1,492,969
Series 2018

A-1,

RB

(e)
0.00
%
07/01/2046
8,320
2,805,450
Series 2018

A-1,

RB

(e)
0.00
%
07/01/2051
10,905
2,676,221
Series 2018

A-1,

RB
4.75
%
07/01/2053
1,454
1,443,094
Series 2018

A-1,

RB
5.00
%
07/01/2058
1,946
1,954,606
Series 2019

A-2,

RB
4.33
%
07/01/2040
1,055
1,043,386
Series 2019

A-2,

RB
4.78
%
07/01/2058
840
831,188
32,243,235
Rhode Island-0.45%
Tobacco Settlement Financing Corp.;
Series 2015 A, Ref. RB
5.00
%
06/01/2035
700
705,960
Series 2015 B, Ref. RB
5.00
%
06/01/2050
2,180
2,182,179
2,888,139
South Carolina-1.60%
Dorchester (County of), SC; Series 2023, RB
5.50
%
10/01/2051
1,110
1,113,494
Patriots Energy Group Financing Agency; Series 2023

A-1,

RB

(b)
5.25
%
08/01/2031
1,975
2,134,243
South Carolina (State of) Jobs-Economic Development Authority (Novant Health Obligated Group);
Series 2024, RB
5.50
%
11/01/2050
505
567,186
Series 2024, RB
5.50
%
11/01/2054
840
937,741
South Carolina (State of) Public Service Authority; Series 2015 E, Ref. RB
5.25
%
12/01/2055
3,800
3,819,073
South Carolina (State of) Public Service Authority (Santee Cooper); Series 2024 B, Ref. RB (INS - AGM)

(d)
5.00
%
12/01/2040
1,425
1,597,905
10,169,642
South Dakota-0.93%
South Dakota (State of) Health & Educational Facilities Authority (Avera Health); Series 2017, Ref. RB
5.00
%
07/01/2046
2,020
2,057,311
South Dakota (State of) Health & Educational Facilities Authority (Sanford Obligated Group); Series 2014 B, RB
5.00
%
11/01/2044
2,745
2,747,797
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
South Dakota-(continued)
South Dakota (State of) Housing Development Authority; Series 2023 G, RB (CEP - GNMA)
4.90%
11/01/2043
$
1,075
$  1,115,576
5,920,684
Tennessee-3.23%
Chattanooga (City of), TN Health, Educational & Housing Facility Board (CommonSpirit Health); Series 2019

A-2,

Ref. RB
5.00%
08/01/2049
1,260
1,299,117
Greeneville (Town of), TN Health & Educational Facilities Board (Ballad Health Obligated Group); Series 2018 A, Ref. RB
5.00%
07/01/2037
1,780
1,851,508
Kingsport (City of), TN; Series 2023, GO Bonds
4.13%
03/01/2053
2,080
2,042,803
Knox (County of) & Knoxville (City of), TN City Sports Authority; Series 2024, RB

(f)
6.00%
12/01/2054
2,925
3,377,311
Knoxville (City of), TN; Series 2022 OO, RB
4.00%
07/01/2052
3,175
3,084,470
Memphis (City of) & Shelby (County of), TN Airport Authority; Series 2018, RB

(h)
5.00%
07/01/2043
1,275
1,304,448
Metropolitan Nashville Airport Authority (The); Series 2019 B, RB

(h)
5.00%
07/01/2054
950
973,904
Shelby (County of), TN Health, Educational & Housing Facilities Board; Series 2008, VRD RB (INS - AGM)

(d)(k)
2.45%
06/01/2042
4,000
4,000,000
Tennessee Energy Acquisition Corp.; Series 2021 A, RB

(b)
5.00%
11/01/2031
2,505
2,668,520
20,602,081
Texas-18.91%
Alamo Community College District; Series 2012, GO Bonds

(f)
5.00%
08/15/2034
4,895
4,900,985
Austin (City of), TX; Series 2022, RB

(h)
5.25%
11/15/2047
1,170
1,256,252
Caddo Mills Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)
4.25%
02/15/2053
1,130
1,121,045
Clifton Higher Education Finance Corp. (Idea Public Schools); Series 2021 T, RB (CEP - Texas Permanent School Fund)
4.00%
08/15/2050
1,360
1,308,294
Clifton Higher Education Finance Corp. (International Leadership of Texas); Series 2018 D, RB
5.75%
08/15/2033
1,660
1,689,779
Coppell Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)
4.13%
08/15/2048
1,010
1,004,121
Crowley Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)
4.25%
02/01/2053
1,685
1,669,022
Denton (County of), TX; Series 2023, Ref. GO Bonds
4.00%
07/15/2048
4,250
4,128,467
El Paso (City of), TX; Series 2022 A, RB
4.00%
03/01/2048
3,050
2,987,787
Greater Texoma Utility Authority (City of Sherman); Series 2023, RB (INS - AGM)

(d)
4.25%
10/01/2053
1,430
1,405,461
Harris (County of), TX Toll Road Authority (The); Series 2021, Ref. RB
4.00%
08/15/2050
1,295
1,243,797
Houston (City of), TX; Series 2023 A, Ref. RB (INS - AGM)

(d)(h)
5.25%
07/01/2048
1,725
1,847,487
Houston (City of), TX Airport System (United Airlines, Inc. Terminal E); Series 2021 A, RB

(h)
4.00%
07/01/2041
585
566,907
Houston (City of), TX Airport System (United Airlines, Inc.); Series 2018, RB

(h)
5.00%
07/15/2028
500
515,408
Houston (City of), TX Convention & Entertainment Facilities Department;
Series 2001 B, RB (INS - AGM)

(d)(e)
0.00%
09/01/2026
3,975
3,733,242
Series 2001 B, RB (INS - AGM)

(d)(e)
0.00%
09/01/2027
5,015
4,555,001
Jarrell Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)
4.25%
02/15/2053
1,390
1,378,984
Lower Colorado River Authority (LCRA Transmission Services Corp.); Series 2022, Ref. RB
5.50%
05/15/2047
1,170
1,302,464
Mission Economic Development Corp. (Natgasoline); Series 2018, Ref. RB

(c)(h)
4.63%
10/01/2031
2,100
2,103,017
New Hope Cultural Education Facilities Finance Corp.

(4-K

Housing, Inc.-Stoney Brook); Series 2017

A-1,

RB

(l)
4.75%
07/01/2052
750
493,991
New Hope Cultural Education Facilities Finance Corp. (Carillon Lifecare Community); Series 2016, Ref. RB
5.00%
07/01/2046
1,455
1,184,736
New Hope Cultural Education Facilities Finance Corp.

(CHF-Collegiate

Housing College Station I, LLC - Texas A&M University); Series 2014 A, RB (INS - AGM)

(d)
5.00%
04/01/2046
510
510,032
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
1,450,924
New Hope Cultural Education Facilities Finance Corp. (Jubilee Academic Center); Series 2021, Ref. RB

(c)
4.00%
08/15/2051
1,235
1,049,994
New Hope Cultural Education Facilities Finance Corp. (Presbyterian Village North);
Series 2018, Ref. RB
5.00%
10/01/2026
1,550
1,543,602
Series 2020, RB
5.25%
10/01/2055
2,270
2,084,950
North East Texas Regional Mobility Authority; Series 2016 A, RB
5.00%
01/01/2041
2,450
2,485,951
North Texas Tollway Authority;
Series 2008 D, Ref. RB (INS - AGC)

(d)(e)
0.00%
01/01/2028
16,400
14,814,727
Series 2008 D, Ref. RB (INS - AGC)

(d)(e)
0.00%
01/01/2029
2,725
2,382,433
Series 2008 D, Ref. RB (INS - AGC)

(d)(e)
0.00%
01/01/2031
3,550
2,888,685
San Antonio (City of), TX; Series 2023 A, Ref. RB
5.25%
02/01/2046
3,060
3,387,691
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)
San Jacinto River Authority (Groundwater Reduction Plan Division);
Series 2011, RB (INS - AGM)

(d)
5.00%
10/01/2032
$
2,265
$  2,266,748
Series 2011, RB (INS - AGM)

(d)
5.00%
10/01/2037
2,475
2,441,677
Spring Independent School District; Series 2023, GO Bonds
4.00%
08/15/2052
5,000
4,794,170
Tarrant (County of), TX Hospital District; Series 2023, GO Bonds
4.25%
08/15/2053
3,270
3,246,410
Tarrant County Cultural Education Facilities Finance Corp. (Air Force Village Obligated Group);
Series 2016, Ref. RB
5.00%
05/15/2037
1,880
1,885,022
Series 2016, Ref. RB
5.00%
05/15/2045
1,030
986,368
Tarrant County Cultural Education Facilities Finance Corp. (C.C. Young Memorial Home); Series 2017 A, RB (Acquired 12/15/2016; Cost $1,801,783)

(l)(m)
6.38%
02/15/2048
1,785
981,750
Tarrant County Cultural Education Facilities Finance Corp. (MRC Stevenson Oaks);
Series 2020, Ref. RB
6.63%
11/15/2041
85
82,739
Series 2020, Ref. RB
6.75%
11/15/2051
85
80,632
Series 2020, Ref. RB
6.88%
11/15/2055
85
80,967
Texas (State of) Transportation Commission;
Series 2019, RB

(e)
0.00%
08/01/2037
1,250
715,549
Series 2019, RB

(e)
0.00%
08/01/2039
1,400
713,359
Texas (State of) Transportation Commission (Central Texas Turnpike System);
Series 2002 A, RB (INS - BHAC)

(d)(e)
0.00%
08/15/2027
6,800
6,206,446
Series 2002, RB

(e)(g)
0.00%
08/15/2027
200
183,707
Series 2015 B, Ref. RB

(b)(e)(g)
0.00%
11/04/2024
3,075
1,839,569
Series 2015 B, Ref. RB

(b)(e)(g)
0.00%
11/04/2024
705
402,941
Series 2015 C, Ref. RB

(b)(g)
5.00%
11/04/2024
5,000
5,015,152
Texas (State of) Water Development Board; Series 2022, RB

(f)
5.00%
10/15/2047
3,340
3,626,615
Texas City Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)
4.00%
08/15/2053
1,430
1,381,569
Texas Municipal Gas Acquisition & Supply Corp. I; Series 2008 D, RB
6.25%
12/15/2026
2,310
2,389,582
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North Tarrant Express Managed Lanes); Series 2023, RB

(h)
5.50%
12/31/2058
1,000
1,091,904
Travis County Cultural Education Facilities Finance Corp. (Wayside Schools); Series 2012 A, RB
5.25%
08/15/2042
5
5,002
Waller Consolidated Independent School District; Series 2023, GO Bonds (INS - BAM)

(d)
4.00%
02/15/2053
3,365
3,140,578
Wylie Independent School District; Series 2024, GO Bonds (CEP - Texas Permanent School Fund)

(f)
5.25%
08/15/2054
3,550
3,919,500
120,473,192
Utah-1.49%
Black Desert Public Infrastructure District; Series 2021 A, GO Bonds

(c)
4.00%
03/01/2051
500
425,501
Military Installation Development Authority; Series 2021

A-2,

RB
4.00%
06/01/2052
500
421,488
Salt Lake City (City of), UT;
Series 2021 A, RB

(h)
5.00%
07/01/2046
840
876,934
Series 2023 A, RB

(h)
5.25%
07/01/2048
1,000
1,075,577
Series 2023 A, RB

(h)
5.50%
07/01/2053
2,900
3,172,458
Utah (County of), UT (IHC Health Services, Inc.); Series 2016 B, RB
4.00%
05/15/2047
2,025
1,921,066
Utah Housing Corp.; Series 2024 A, RB (CEP - GNMA)
5.00%
01/01/2054
1,570
1,612,513
9,505,537
Virginia-2.26%
Hampton (City of), VA Roads Transportation Accountability Commission; Series 2022 A, RB
4.00%
07/01/2052
2,090
2,038,274
Isle Wight (County of), VA Economic Development Authority (Riverside Health System); Series 2023, RB (INS - AGM)

(d)
5.25%
07/01/2053
1,355
1,478,761
Peninsula Town Center Community Development Authority; Series 2018, Ref. RB

(c)
5.00%
09/01/2045
335
335,546
Roanoke (County of), VA Economic Development Authority; Series 2024, Ref. RB

(b)
5.50%
09/01/2035
150
149,574
Virginia (Commonwealth of) Small Business Financing Authority (95 Express Lanes LLC);
Series 2022, Ref. RB

(h)
5.00%
01/01/2038
2,000
2,120,483
Series 2022, Ref. RB

(h)
5.00%
07/01/2038
2,250
2,381,498
Virginia (Commonwealth of) Small Business Financing Authority

(I-495

Hot Lanes);
Series 2022, Ref. RB

(h)
5.00%
12/31/2047
565
592,084
Series 2022, Ref. RB

(h)
5.00%
12/31/2057
1,625
1,685,035
Virginia (Commonwealth of) Small Business Financing Authority (Transform 66 P3);
Series 2017, RB

(h)
5.00%
12/31/2049
1,155
1,174,071
Series 2017, RB

(h)
5.00%
12/31/2056
2,420
2,452,253
14,407,579
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-3.23%
Seattle (City of), WA; Series 2023, RB

(f)
5.00%
07/01/2052
$
5,000
$  5,368,081
Tacoma (City of), WA; Series 2023, RB

(f)
4.00%
12/01/2047
2,785
2,750,663
Washington (State of); Series 2004 F, GO Bonds (INS - AMBAC)

(d)(e)
0.00%
12/01/2029
5,100
4,362,834
Washington (State of) (Bid Group 2); Series 2024 A, GO Bonds
5.00%
08/01/2044
1,850
2,050,907
Washington (State of) Convention Center Public Facilities District; Series 2018, RB
5.00%
07/01/2048
3,440
3,508,737
Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance); Series 2020, Ref. RB
5.00%
09/01/2055
645
671,641
Washington (State of) Housing Finance Commission (Bayview Manor Homes);
Series 2016 A, Ref. RB

(c)
5.00%
07/01/2046
435
407,520
Series 2016 A, Ref. RB

(c)
5.00%
07/01/2051
360
327,846
Washington (State of) Housing Finance Commission (Social Certificates); Series

2021-1A,

Revenue Ctfs.
3.50%
12/20/2035
1,184
1,125,251
20,573,480
West Virginia-0.42%
Monongalia (County of), WV Commission Special District (University Town Centre Economic Opportunity Development District); Series 2020, Ref. RB

(c)
7.50%
06/01/2043
835
900,608
West Virginia (State of) Hospital Finance Authority (West Virginia University Health System Obligated Group); Series 2023, RB
4.25%
06/01/2047
1,790
1,773,500
2,674,108
Wisconsin-4.72%
Wisconsin (State of) Center District;
Series 2020 D, RB (INS - AGM)

(d)(e)
0.00%
12/15/2050
6,520
1,956,117
Series 2020 D, RB (INS - AGM)

(d)(e)
0.00%
12/15/2060
29,640
5,429,354
Series 2022, RB

(c)
5.25%
12/15/2061
1,705
1,736,526
Wisconsin (State of) Health & Educational Facilities Authority (Aspirus, Inc. Obligated Group); Series 2021, RB
4.00%
08/15/2051
2,805
2,602,594
Wisconsin (State of) Health & Educational Facilities Authority (Froedtert Health); Series 2022 A, Ref. RB
4.00%
04/01/2042
2,505
2,455,725
Wisconsin (State of) Health & Educational Facilities Authority (Gundersen Health system); Series 2021 A, Ref. RB
3.00%
10/15/2038
840
738,133
Wisconsin (State of) Health & Educational Facilities Authority (Medical College of Wisconsin); Series 2022, Ref. RB
4.00%
12/01/2051
1,540
1,459,455
Wisconsin (State of) Health & Educational Facilities Authority (Mercy Alliance); Series 2012, RB
5.00%
06/01/2039
5,000
5,002,179
Wisconsin (State of) Public Finance Authority; Series 2022, RB

(c)
6.00%
06/01/2062
780
800,452
Wisconsin (State of) Public Finance Authority (American Dream at Meadowlands); Series 2017, RB

(c)(l)
6.75%
08/01/2031
900
792,000
Wisconsin (State of) Public Finance Authority (Explore Academy);
Series 2020 A, RB

(c)
6.13%
02/01/2050
420
404,037
Series 2022 A, RB

(c)
6.13%
02/01/2050
455
437,707
Wisconsin (State of) Public Finance Authority (Mallard Creek STEM Academy); Series 2019 A, RB

(c)
5.13%
06/15/2039
650
651,869
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
1,693,264
Series 2018 A, RB
5.35%
12/01/2045
1,655
1,679,409
Wisconsin (State of) Public Finance Authority (Rans-Bridgewater); Series 2024, RB

(c)
5.63%
12/15/2030
1,150
1,153,973
Wisconsin (State of) Public Finance Authority (Roseman University of Health Sciences); Series 2015, Ref. RB
5.75%
04/01/2035
815
825,278
30,106,072
Total Municipal Obligations (Cost $907,883,332)
938,098,047
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
17
Invesco Value Municipal Income Trust
Shares
Value
Exchange-Traded Funds-0.13%
Invesco Municipal Strategic Income ETF
(Cost $792,662)

(o)
15,560
$   799,392 
TOTAL INVESTMENTS IN SECURITIES

(p)

-147.37% (Cost $908,675,994)
938,897,439 
FLOATING RATE NOTE OBLIGATIONS-(14.69)%
Notes with interest and fee rates ranging from 3.46% to 3.72% at 08/31/2024 and
contractual maturities of collateral ranging from 06/15/2029 to 11/15/2055 (See Note 1J)

(q)
(93,565,000)
VARIABLE RATE MUNI TERM PREFERRED SHARES-(31.08)%
(198,043,726)
OTHER ASSETS LESS LIABILITIES-(1.60)%
(10,179,335)
NET ASSETS APPLICABLE TO COMMON SHARES-100.00%
$ 637,109,378 
Investment Abbreviations:
AGC
- Assured Guaranty Corp.
AGM
- Assured Guaranty Municipal Corp.
AMBAC
- American Municipal Bond Assurance Corp.
BAM
- Build America Mutual Assurance Co.
BHAC
- Berkshire Hathaway Assurance Corp.
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, 2024 was $47,296,040, which represented 7.42% of the Trust's Net Assets.
(d)
Principal and/or interest payments are secured by the bond insurance company listed.
(e)
Zero coupon bond issued at a discount.
(f)
Underlying security related to TOB Trusts entered into by the Trust. See Note 1J.
(g)
Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.
(h)
Security subject to the alternative minimum tax.
(i)
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 $18,573,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the TOB Trusts.
(j)
Convertible capital appreciation bond. The interest rate shown represents the coupon rate at which the bond will accrue at a specified future date.
(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, 2024.
(l)
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, 2024 was $3,606,471, which represented less than 1% of the Trust's Net Assets.
(m)
Restricted security. The aggregate value of these securities at August 31, 2024 was $6,804,776, which represented 1.07% of the Trust's Net Assets.
(n)
Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.
(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, 2024.
Value
February 29, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
Value
August 31, 2024
Dividend Income
Invesco Municipal Strategic Income ETF
$794,503
$- 
$- 
$4,889
$- 
$799,392
$16,052 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
18
Invesco Value Municipal Income Trust
(p)
This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer's obligations but may be called upon to satisfy the issuer's obligations.
Entity
Percent
Assured Guaranty Municipal Corp.
6.81%
(q)
Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at August 31, 2024. At August 31, 2024, the Trust's investments with a value of $139,213,164 are held by TOB Trusts and serve as collateral for the $93,565,000 in the floating rate note obligations outstanding at that date.
Portfolio Composition
By credit sector, based on total investments
As of August 31, 2024
Revenue Bonds
79.49%
General Obligation Bonds
16.53  
Pre-Refunded

Bonds
2.78  
Other
1.20  
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, 2024
(Unaudited)
Assets:
Investments in unaffiliated securities, at value
(Cost $907,883,332)
$
938,098,047
Investments in affiliates, at value
(Cost $792,662)
799,392
Receivable for:
Investments sold
135,470
Interest
8,173,908
Investment for trustee deferred compensation and retirement plans
97,815
Total assets
947,304,632
Liabilities:
Floating rate note obligations
93,565,000
Variable rate muni term preferred shares ($0.01 par value, 1,981 shares issued with liquidation preference of $100,000 per share)
198,043,726
Payable for:
Investments purchased
5,199,705
Dividends
187,130
Amount due custodian
11,851,688
Accrued fees to affiliates
48,328
Accrued interest expense
751,308
Accrued trustees' and officers' fees and benefits
622
Accrued other operating expenses
296,729
Trustee deferred compensation and retirement plans
251,018
Total liabilities
310,195,254
Net assets applicable to common shares
$
637,109,378
Net assets applicable to common shares consist of:
Shares of beneficial interest - common shares
$
678,098,016
Distributable earnings (loss)
(40,988,638
)
$
637,109,378
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
$
13.54
Market value per common share
$
12.74
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, 2024
(Unaudited)
Investment income:
Interest
$
22,540,136
Dividends from affiliates
16,052
Total investment income
22,556,188
Expenses:
Advisory fees
2,585,666
Administrative services fees
47,403
Custodian fees
4,648
Interest, facilities and maintenance fees
7,333,702
Transfer agent fees
10,939
Trustees' and officers' fees and benefits
19,855
Registration and filing fees
23,057
Reports to shareholders
180,872
Professional services fees
87,013
Other
3,205
Total expenses
10,296,360
Less: Fees waived
(1,509
)
Net expenses
10,294,851
Net investment income
12,261,337
Realized and unrealized gain (loss) from:
Net realized gain (loss) from unaffiliated investment securities (includes net gains (losses) from securities sold to affiliates of $(549,682))
(1,563,011
)
Change in net unrealized appreciation of:
Unaffiliated investment securities
5,692,446
Affiliated investment securities
4,889
5,697,335
Net realized and unrealized gain
4,134,324
Net increase in net assets resulting from operations applicable to common shares
$
16,395,661
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, 2024 and the year ended February 29, 2024
(Unaudited)
August 31,
2024
February 29,
2024
Operations:
Net investment income
$
12,261,337
$
24,908,058
Net realized gain (loss)
(1,563,011
)
(9,858,092
)
Change in net unrealized appreciation
5,697,335
30,595,361
Net increase from payments by affiliates
-
679,298
Net increase in net assets resulting from operations applicable to common shares
16,395,661
46,324,625
Distributions to common shareholders from distributable earnings
(17,890,714
)
(25,323,322
)
Retuof capital applicable to common shares
-
(451,355
)
Total distributions
(17,890,714
)
(25,774,677
)
Net increase (decrease) in net assets applicable to common shares
(1,495,053
)
20,549,948
Net assets applicable to common shares:
Beginning of period
638,604,431
618,054,483
End of period
$
637,109,378
$
638,604,431
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, 2024
(Unaudited)
Cash provided by operating activities:
Net increase in net assets resulting from operations applicable to common shares
$
16,395,661
Adjustments to reconcile the change in net assets applicable to common shares from operations to net cash provided by operating activities:
Purchases of investments
(33,094,044
)
Proceeds from sales of investments
54,785,615
Purchases of short-term investments, net
(6,025,770
)
Amortization (accretion) of premiums and discounts, net
(3,450,949
)
Net realized loss from investment securities
1,563,011
Net change in unrealized appreciation on investment securities
(5,697,335
)
Change in operating assets and liabilities:
Decrease in receivables and other assets
243,946
Increase in accrued expenses and other payables
81,281
Net cash provided by operating activities
24,801,416
Cash provided by (used in) financing activities:
Increase in payable for amount due custodian
10,387,871
Dividends paid to common shareholders from distributable earnings
(17,774,287
)
Decrease in VMTP Shares, at liquidation value
(35,000,000
)
Proceeds from TOB Trusts
30,110,000
Repayment of TOB Trusts
(12,525,000
)
Net cash provided by (used in) financing activities
(24,801,416
)
Net increase in cash and cash equivalents
-
Cash and cash equivalents at beginning of period
-
Cash and cash equivalents at end of period
$
-
Supplemental disclosure of cash flow information:
Cash paid during the period for taxes
$
(102
)
Cash paid during the period for interest, facilities and maintenance fees
$
7,384,714
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 29,
Years Ended

February 28,
Year Ended
February 29,
2024
2024
2023
2022
2021
2020
Net asset value per common share, beginning of period
$  13.57
$  13.13
$  15.68
$  16.53
$  17.15
$  15.68
Net investment income

(a)
0.26
0.53
0.62
0.75
0.75
0.67
Net gains (losses) on securities (both realized and unrealized)
0.09
0.46
(2.49
)
(0.83
)
(0.66
)
1.50
Total from investment operations
0.35
0.99
(1.87
)
(0.08
)
0.09
2.17
Less:
Dividends paid to common shareholders from net investment income
(0.38
)
(0.54
)
(0.66
)
(0.77
)
(0.71
)
(0.67
)
Retuof capital
-
(0.01
)
(0.02
)
-
-
(0.03
)
Total distributions
(0.38
)
(0.55
)
(0.68
)
(0.77
)
(0.71
)
(0.70
)
Net asset value per common share, end of period
$  13.54
$  13.57
$  13.13
$  15.68
$  16.53
$  17.15
Market value per common share, end of period
$  12.74
$  11.80
$  12.18
$  15.12
$  15.55
$  15.47
Total retuat net asset value

(b)
2.92
%
8.36
%

(c)
(11.72
)%
(0.56
)%
1.11
%
14.53
%
Total retuat market value

(d)
11.37
%
1.58
%
(15.08
)%
1.94
%
5.45
%
12.88
%
Net assets applicable to common shares, end of period (000's omitted)
$637,109
$638,604
$618,054
$737,845
$777,695
$806,854
Portfolio turnover rate

(e)
4
%
26
%
31
%
10
%
16
%
6
%
Ratios/supplemental data based on average net assets applicable to common shares outstanding:
Ratio of expenses:
With fee waivers and/or expense reimbursements
3.23
%

(f)
3.18
%
2.57
%
1.44
%
1.70
%
2.40
%
With fee waivers and/or expense reimbursements excluding interest, facilities and maintenance fees
0.93
%

(f)
0.89
%
0.95
%
0.92
%
0.93
%
0.95
%
Without fee waivers and/or expense reimbursements
3.23
%

(f)
3.18
%
2.57
%
1.44
%
1.70
%
2.40
%
Ratio of net investment income to average net assets
3.84
%

(f)
4.02
%
4.51
%
4.52
%
4.59
%
4.10
%
Senior securities:
Total amount of preferred shares outstanding (000's omitted)
$198,100
$233,100
$233,100
$233,100
$233,100
$233,100
Asset coverage per preferred share

(g)
$421,610
$373,962
$365,146
$416,536
$433,631
$446,141
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 retuwould have been 8.28%.
(d)
Total retuassumes 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, 2024
(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 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, acts of terrorism, 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 arecomputed 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 advisermay 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 capitalgain, 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 "InternalRevenue 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.
25
Invesco Value Municipal Income Trust
In addition, the Trust intends to invest in such municipal securities to allow it to qualify to pay shareholders "exempt dividends", as defined in the Internal Revenue Code.
The Trust files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Trust is subject to examinations by such taxing authorities for up to three years after the filing of the retufor the tax period.
F.
Interest, Facilities and Maintenance Fees

- Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitmentfees, 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 certainliabilities 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.
Cash and Cash Equivalents -

For the purposes of the Statement of Cash Flows, the Trust defines Cash and Cash Equivalents as cash (including foreigncurrency), restricted cash, money market funds and other investments held in lieu of cash and excludes investments made with cash collateral received.
J.
Floating Rate Note Obligations

- The Trust invests in inverse floating rate securities, such as Tender Option Bonds ("TOBs"), for investment purposes andto 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 Floaters, 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.
K.
Other Risks

- The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Constitutional amendments, legislativeenactments, executive orders, administrative regulations, voter initiatives, and the issuer's regional economic conditions may affect the municipal security's 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
26
Invesco Value Municipal Income Trust
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.
Increases 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 retupotential. 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 T

rust

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 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 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")

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, 2024, the Adviser waived advisory fees of $1,509.
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, 2024, 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 significant events due to market movements occur, 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, 2024. 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
$    -
$938,098,047
$-
$938,098,047
Exchange-Traded Funds
 799,392
      - 
 -
   799,392
 Total Investments
$799,392
$938,098,047
$-
$938,897,439
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, 2024, the Trust engaged in securities purchases of $12,913,258 and securities sales of $16,522,760, which resulted in net realized gains (losses) of $(549,682).

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 theoption to defer compensation payable by the Trust, and

Trustees' and Officers' Fees and Benefit

s also include amounts accrued by the Trust to fund such deferred

27
Invesco Value Municipal Income Trust
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, 2024 were $84,462,143 and 5.41%, 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 29, 2024, as follows:
Capital Loss Carryforward*
Expiration
Short-Term
Long-Term
Total
Not subject to expiration
$37,617,330
$26,039,316
$63,656,646
*
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, 2024 was $33,086,184 and $54,920,798, respectively. As of August 31, 2024, 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
$
45,164,811
Aggregate unrealized (depreciation) of investments
(15,093,060
)
Net unrealized appreciation of investments
$
30,071,751
Cost of investments for tax purposes is $908,825,688.
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,
2024
2024
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, 2024, the VMTP Shares outstanding were as follows:

Issue Date
Shares Issued
Term Redemption Date
Extension Date
05/09/2012
1,431
12/01/2024
06/01/2021
02/02/2015
  500
12/01/2024
06/01/2021
06/01/2017
  400
12/01/2024
06/01/2021
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. On May 31, 2024, the Trust redeemed 350 Series

2015/6-IIM

VMTP Shares, with a liquidation preference of $100,000 per share to pay holders of record as of May 1, 2024, the redemption price, including accumulated but unpaid dividends, to holders of VMTP Shares called for redemption

28
Invesco Value Municipal Income Trust
on such date, in connection with the partial redemption. Effective June 1, 2024, the Trust extended the term of the VMTP Shares and is required to redeem all outstanding VMTP Shares on December 1, 2027, unless earlier redeemed, repurchased or extended. VMTP Shares are subject to optional and mandatory redemption in certain circumstances. The redemption price per share is equal to the sum of the liquidation 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, 2024, 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, 2024 were $215,409,783 and 4.59%, respectively.
The Trust utilizes the VMTP Shares as leverage in order to enhance the yield of its common shareholders. The primary risk associated with VMTP Shares is exposing the net asset value of the common shares and total retuto 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, 2024:
Declaration Date
Amount per Share
Record Date
Payable Date
September 3, 2024
$0.0771
September 17, 2024
September 30, 2024
October 1, 2024
$0.0771
October 16, 2024
October 31, 2024
29
Invesco Value Municipal Income Trust
Approval of Investment Advisory and

Sub-Advisory

Contracts

At meetings held on June 12, 2024, 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, 2024. 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 tuhas established

Sub-Committees,

that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The

Sub-Committees

meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the annual review process for the Invesco Funds' investment advisory 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, in considering whether to approve each Invesco Fund's investment advisory agreement and

sub-advisory

contracts.

As part of the contract renewal 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 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 mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge 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 contract renewal
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 7, 2024 and June 12, 2024, 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. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to

follow-up

requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those

follow-up

responses with legal counsel to the independent Trustees and the Senior Officer.

The discussion below is a summary of 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 in prior years 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. The information received and considered by the Board was current as of various dates prior to the Board's approval on June 12, 2024.

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 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. 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 observed that Invesco Advisers' systems preparedness and ongoing investment enabled Invesco Advisers 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 are appropriate and satisfactory.

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

are appropriate and satisfactory.

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, 2023 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 second quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). 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
30
Invesco Value Municipal Income Trust
and five year 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 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 reasonably comparable to and the same as, respectively, 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 client accounts with investment strategies comparable to those of the Fund.

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 difficulty 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, fee waivers and expense reimbursements, as well as Invesco Advisers' 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.
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 29, 2024. 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)
Elizabeth Krentzman
38,037,234.31
2,397,000.73
Robert C. Troccoli
37,951,312.31
2,482,922.73
Carol Deckbar
38,072,954.31
2,361,280.73
Douglas Sharp
38,047,824.31
2,386,410.73
(2)
Elizabeth Krentzman
1,981.00
0.00
Robert C. Troccoli
1,981.00
0.00
Carol Deckbar
1,981.00
0.00
Douglas Sharp
1,981.00
0.00
A Joint Special Meeting ("Meeting") of Shareholders of Invesco Value Municipal Income Trust (the "Fund") was held on August 29, 2024. The Meeting was held for the following purpose:
(1). To approve amendments to the current fundamental investment restrictions of the Fund as follows:
The results of the voting on the above matters were as follows:
Votes
Matter
Votes For
Against/Withheld
Votes Abstain
(a)
To amend the fundamental investment restriction regarding diversification
20,354,614.76
1,775,233.40
1,581,897.88
(b)
To amend the fundamental investment restriction regarding borrowing
20,098,442.88
2,027,951.28
1,585,349.88
(c)
To amend the fundamental investment restriction regarding issuing senior securities
20,161,598.76
1,909,306.40
1,640,840.88
(d)
To amend the fundamental investment restriction regarding underwriting securities issued by other persons
20,005,016.88
2,014,336.28
1,692,393.88
(e)
To amend the fundamental investment restriction regarding lending
20,007,684.76
2,039,885.40
1,664,178.88
(f)
To amend the fundamental investment restriction regarding purchasing and selling real estate
19,955,524.17
2,164,026.99
1,592,192.88
(g)
To amend the fundamental investment restriction regarding purchasing and selling commodities
19,890,563.17
2,231,116.99
1,590,065.88
(h)
To amend the fundamental investment restriction regarding industry concentration
20,180,229.24
1,898,902.92
1,632,613.88
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.

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.

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

Investments in securities of unaffiliated issuers is filed under Item 1 of this Form.

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

Not applicable.

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

Not applicable.

Item 9. Proxy Disclosures for Open-EndManagement Investment Companies

Not applicable.

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

Not applicable.

Item 13. Portfolio Managers of Closed-EndManagement Investment Companies

Not applicable.

Item 14. Purchases of Equity Securities by Closed-EndManagement 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 Investment Company Act of 1940 (the "Act"), as amended. 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-CSRis 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-EndManagement 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 principal executive officer and principal financial officer as required by Rule30a-2(a)under the Investment Company Act of 1940 and Section302 of the Sarbanes-Oxley Act of 2002.

19(b) Certifications of principal executive officer and principal financial officer as required by Rule30a-2(b)under the Investment Company Act of 1940 and Section906 of the Sarbanes-Oxley Act of 2002.

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
Glenn Brightman
Principal Executive Officer
Date: November 1, 2024

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

By:

/s/ Glenn Brightman
Glenn Brightman
Principal Executive Officer
Date: November 1, 2024
By:

/s/ Adrien Deberghes
Adrien Deberghes
Principal Financial Officer
Date: November 1, 2024

Disclaimer

Invesco Value Municipal Income Trust published this content on November 01, 2024, and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on November 01, 2024 at 18:13:29.550.

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