Schedule of Investments
November 30, 2019
(Unaudited)
| Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
| Municipal Obligations–159.18%(a) | ||||||
| Alabama–3.56% | ||||||
| Alabama (State of) Special Care Facilities Financing Authority (Ascension Health Senior Credit Group); Series 2016 B, Ref. RB | 5.00% | 11/15/2046 | $ 4,500 | $ 5,199,795 | ||
| Alabaster (City of), AL Board of Education; | ||||||
| Series 2014 A, GO Wts. (INS -AGM)(b) | 5.00% | 09/01/2039 | 1,095 | 1,254,519 | ||
| Series 2014 A, GO Wts. (INS -AGM)(b) | 5.00% | 09/01/2044 | 1,095 | 1,249,910 | ||
| Birmingham (City of), AL Airport Authority; Series 2010, RB (INS -AGM)(b) | 5.25% | 07/01/2030 | 3,600 | 3,673,116 | ||
| Birmingham (City of), AL Special Care Facilities Financing Authority (Methodist Home for the Aging); | ||||||
| Series 2016, RB | 5.25% | 06/01/2025 | 700 | 752,584 | ||
| Series 2016, RB | 5.75% | 06/01/2045 | 20 | 22,360 | ||
| Birmingham (City of), AL Water Works Board; Series 2011, RB (INS -AGM)(b)(c) | 5.00% | 01/01/2036 | 8,575 | 8,935,064 | ||
| Chatom (Town of), AL Industrial Development Board (PowerSouth Energy Cooperative); Series 2010 A, Ref. RB (INS -AGC)(b) | 5.00% | 08/01/2037 | 2,000 | 2,042,760 | ||
| Lower Alabama Gas District (The); Series 2016 A, RB(c) | 5.00% | 09/01/2046 | 2,400 | 3,383,688 | ||
| Tuscaloosa (County of), AL Industrial Development Authority (Hunt Refining); Series 2019 A, Ref. IDR(d) | 5.25% | 05/01/2044 | 860 | 990,187 | ||
| 27,503,983 | ||||||
| Alaska–0.53% | ||||||
| Alaska (State of) Industrial Development & Export Authority (Providence Health Services); Series 2011 A, RB(c) | 5.50% | 10/01/2041 | 3,825 | 4,069,915 | ||
| Arizona–4.66% | ||||||
| Arizona (State of) Health Facilities Authority (Catholic Healthcare West); Series 2011 B-2, RB (INS -AGM)(b) | 5.00% | 03/01/2041 | 2,065 | 2,148,983 | ||
| Arizona (State of) Health Facilities Authority (Phoenix Children’s Hospital); Series 2012, Ref. RB | 5.00% | 02/01/2042 | 4,450 | 4,722,028 | ||
| Arizona (State of) Health Facilities Authority (Scottsdale Lincoln Hospital); Series 2014, Ref. RB | 5.00% | 12/01/2042 | 1,905 | 2,159,756 | ||
| Arizona (State of) Industrial Development Authority (Great Laked Senior Living Community); Series 2019 A, RB | 5.00% | 01/01/2036 | 1,650 | 1,904,859 | ||
| Arizona (State of) Industrial Development Authority (Leman Academy of Excellence); Series 2017 A, Ref. RB(d) | 5.00% | 07/01/2037 | 680 | 701,434 | ||
| Glendale (City of), AZ Industrial Development Authority (Midwestern University); | ||||||
| Series 2010, RB | 5.00% | 05/15/2035 | 1,000 | 1,015,350 | ||
| Series 2010, RB | 5.13% | 05/15/2040 | 1,000 | 1,015,460 | ||
| Glendale (City of), AZ Industrial Development Authority (The Beatitudes Campus); | ||||||
| Series 2017, Ref. RB | 5.00% | 11/15/2031 | 1,220 | 1,330,386 | ||
| Series 2017, Ref. RB | 5.00% | 11/15/2045 | 880 | 938,784 | ||
| La Paz (County of), AZ Industrial Development Authority (Charter School Solutions- Harmony Public Schools); Series 2018 A, RB | 5.00% | 02/15/2048 | 700 | 789,502 | ||
| Maricopa (County of), AZ Industrial Development Authority (Legacy Traditional Schools); Series 2019, Ref. RB(d) | 5.00% | 07/01/2049 | 600 | 663,144 | ||
| Maricopa County Pollution Control Corp. (Southern California Education Co.); Series 2000 B, Ref. RB | 5.00% | 06/01/2035 | 1,165 | 1,186,704 | ||
| Mesa (City of), AZ; Series 2013, RB(c) | 5.00% | 07/01/2032 | 7,600 | 8,345,104 | ||
| Phoenix (City of), AZ Industrial Development Authority (Legacy Traditional Schools); Series 2014 A, RB(d) | 6.50% | 07/01/2034 | 435 | 503,082 | ||
| Phoenix (City of), AZ Industrial Development Authority (Rowan University); Series 2012, RB | 5.00% | 06/01/2042 | 2,665 | 2,839,424 | ||
| Pima (County of), AZ Industrial Development Authority (Edkey Charter Schools); Series 2013, Ref. RB | 6.00% | 07/01/2033 | 1,000 | 1,007,660 | ||
| Pima (County of), AZ Industrial Development Authority (Grande Innovations Academy); Series 2018, RB(d) | 5.25% | 07/01/2048 | 1,175 | 1,213,011 | ||
See accompanying notes which are an integral part of this schedule.
Invesco Value Municipal Income Trust
| Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
| Arizona–(continued) | ||||||
| Yuma (City of), AZ Industrial Development Authority (Regional Medical Center); | ||||||
| Series 2014 A, RB | 5.00% | 08/01/2032 | $ 1,050 | $ 1,195,719 | ||
| Series 2014 A, RB | 5.25% | 08/01/2032 | 2,000 | 2,301,700 | ||
| 35,982,090 | ||||||
| California–21.07% | ||||||
| Alhambra Unified School District (Election of 2004); | ||||||
| Series 2009 B, GO Bonds (INS -AGC)(b)(e) | 0.00% | 08/01/2035 | 3,010 | 2,044,241 | ||
| Series 2009 B, GO Bonds (INS -AGC)(b)(e) | 0.00% | 08/01/2036 | 2,675 | 1,759,000 | ||
| Bay Area Toll Authority (San Francisco Bay Area); Series 2017 F-1, RB(c) | 5.00% | 04/01/2056 | 2,325 | 2,766,262 | ||
| Beverly Hills Unified School District (Election of 2008); | ||||||
| Series 2009, GO Bonds(e) | 0.00% | 08/01/2026 | 2,720 | 2,448,626 | ||
| Series 2009, GO Bonds(e) | 0.00% | 08/01/2031 | 5,270 | 4,104,592 | ||
| California (County of), CA Tobacco Securitization Agency (Alameda County Tobacco Asset Securitization Corp.); Series 2006 C, RB(e) | 0.00% | 06/01/2055 | 10,335 | 623,407 | ||
| California (State of); | ||||||
| Series 2010, GO Bonds | 5.50% | 03/01/2040 | 2,410 | 2,435,522 | ||
| Series 2012, GO Bonds | 5.25% | 04/01/2035 | 4,135 | 4,522,904 | ||
| Series 2013, GO Bonds | 5.00% | 04/01/2037 | 1,800 | 2,014,650 | ||
| California (State of) Community Housing Agency (Annadel Apartments); Series 2019 A, RB(d) | 5.00% | 04/01/2049 | 835 | 928,303 | ||
| California (State of) Municipal Finance Authority (CHF-Davis I, LLC - West Village Student Housing Project); Series 2018, RB | 5.00% | 05/15/2035 | 1,245 | 1,512,364 | ||
| California (State of) Municipal Finance Authority (Linxs APM); Series 2018 A, RB(f) | 5.00% | 12/31/2037 | 2,000 | 2,375,280 | ||
| California (State of) Municipal Finance Authority (United Airlines, Inc.); Series 2019, Ref. RB(f) | 4.00% | 07/15/2029 | 670 | 760,792 | ||
| California (State of) Pollution Control Finance Authority; | ||||||
| Series 2012, RB(d)(f) | 5.00% | 07/01/2027 | 1,190 | 1,292,709 | ||
| Series 2012, RB(d)(f) | 5.00% | 07/01/2030 | 1,400 | 1,511,342 | ||
| Series 2012, RB(d)(f) | 5.00% | 07/01/2037 | 3,075 | 3,288,897 | ||
| California (State of) Statewide Communities Development Authority (Cottage Health System Obligated Group); Series 2010, RB | 5.00% | 11/01/2040 | 3,000 | 3,081,630 | ||
| California (State of) Statewide Communities Development Authority (Loma Linda University Medical Center); | ||||||
| Series 2014, RB | 5.25% | 12/01/2044 | 755 | 834,955 | ||
| Series 2016 A, RB(d) | 5.00% | 12/01/2041 | 1,275 | 1,428,714 | ||
| Series 2016 A, RB(d) | 5.25% | 12/01/2056 | 995 | 1,120,629 | ||
| California Infrastructure & Economic Development Bank; | ||||||
| Series 2003 A, RB(g)(h) | 5.00% | 01/01/2028 | 4,500 | 5,805,405 | ||
| Series 2003 A, RB (INS -AMBAC)(b)(c) | 5.00% | 07/01/2036 | 3,300 | 4,277,361 | ||
| Series 2003 A, RB(c)(g)(h) | 5.00% | 01/01/2028 | 6,700 | 8,684,339 | ||
| Clovis Unified School District (Election of 2004); Series 2004 A, GO Bonds (INS -NATL)(b)(e) | 0.00% | 08/01/2029 | 1,360 | 1,106,632 | ||
| Dry Creek Joint Elementary School District (Election of 2008-Measure E); | ||||||
| Series 2009, GO Bonds(e) | 0.00% | 08/01/2043 | 2,120 | 1,024,299 | ||
| Series 2009, GO Bonds(e) | 0.00% | 08/01/2044 | 1,090 | 508,223 | ||
| Series 2009, GO Bonds(e) | 0.00% | 08/01/2045 | 6,270 | 2,813,976 | ||
| Series 2009, GO Bonds(e) | 0.00% | 08/01/2048 | 4,610 | 1,866,220 | ||
| East Bay Municipal Utility District; Series 2010 A, Ref. RB(c) | 5.00% | 06/01/2036 | 4,440 | 4,530,931 | ||
| El Segundo Unified School District (Election of 2008); | ||||||
| Series 2009 A, GO Bonds(e) | 0.00% | 08/01/2031 | 4,155 | 3,199,059 | ||
| Series 2009 A, GO Bonds(e) | 0.00% | 08/01/2032 | 3,165 | 2,367,578 | ||
| Golden State Tobacco Securitization Corp.; | ||||||
| Series 2013 A, RB | 5.00% | 06/01/2030 | 3,200 | 3,591,008 | ||
| Series 2018 A-1, Ref. RB | 5.00% | 06/01/2047 | 705 | 725,382 | ||
| Series 2018 A-2, Ref. RB | 5.00% | 06/01/2047 | 3,235 | 3,328,524 | ||
See accompanying notes which are an integral part of this schedule.
Invesco Value Municipal Income Trust
| Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
| California–(continued) | ||||||
| Los Angeles (City of), CA Department of Airports (Los Angeles International Airport); Series 2010 B, RB | 5.00% | 05/15/2040 | $ 2,000 | $ 2,034,720 | ||
| Los Angeles (City of), CA Department of Water & Power; | ||||||
| Series 2012 A, RB(c) | 5.00% | 07/01/2043 | 6,240 | 6,838,915 | ||
| Series 2012 B, RB(c) | 5.00% | 07/01/2043 | 9,805 | 10,746,084 | ||
| Menifee Union School District (Election of 2008); | ||||||
| Series 2009 C, GO Bonds (INS -AGC)(b)(e) | 0.00% | 08/01/2034 | 1,665 | 1,151,747 | ||
| Series 2009 C, GO Bonds (INS -AGC)(b)(e) | 0.00% | 08/01/2035 | 300 | 200,619 | ||
| Moreland School District (Crossover Series 14); Series 2006 C, Ref. GO Bonds (INS -AMBAC)(b)(e) | 0.00% | 08/01/2029 | 3,350 | 2,749,445 | ||
| M-S-R Energy Authority; Series 2009 B, RB | 6.13% | 11/01/2029 | 995 | 1,265,829 | ||
| Mt. San Antonio Community College District (Election 2008); Series 2013 A, GO Bonds(i) | 6.25% | 08/01/2043 | 1,985 | 1,975,968 | ||
| Oak Grove School District (Election of 2008); Series 2009 A, GO Bonds(e) | 0.00% | 08/01/2028 | 2,400 | 2,013,744 | ||
| Patterson Joint Unified School District (Election of 2008); | ||||||
| Series 2009 B, GO Bonds (INS -AGM)(b)(e) | 0.00% | 08/01/2034 | 3,825 | 2,626,819 | ||
| Series 2009 B, GO Bonds (INS -AGM)(b)(e) | 0.00% | 08/01/2035 | 4,120 | 2,733,950 | ||
| Series 2009 B, GO Bonds (INS -AGM)(b)(e) | 0.00% | 08/01/2036 | 300 | 192,147 | ||
| Series 2009 B, GO Bonds (INS -AGM)(b)(e) | 0.00% | 08/01/2037 | 1,785 | 1,103,951 | ||
| 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 | 6,595,165 | ||
| Series 2009 A, GO Bonds(e) | 0.00% | 08/01/2031 | 8,475 | 6,495,155 | ||
| Regents of the University of California; Series 2013 AI, RB(c) | 5.00% | 05/15/2033 | 6,000 | 6,748,980 | ||
| San Buenaventura (City of), CA (Community Memorial Health System); Series 2011, RB | 7.50% | 12/01/2041 | 2,180 | 2,400,333 | ||
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport); Series 2019 A, Ref. RB(f) | 5.00% | 05/01/2036 | 1,165 | 1,442,794 | ||
| San Jose Evergreen Community College District (Election of 2004); Series 2008 B, GO Bonds (INS -AGM)(b)(e) | 0.00% | 09/01/2030 | 1,600 | 1,280,688 | ||
| San Juan Unified School District (Election of 2002); Series 2010, GO Bonds(g)(h) | 5.00% | 08/01/2020 | 1,525 | 1,566,617 | ||
| Santa Margarita Water District (Community Facilities District No. 2013-1); Series 2013, RB | 5.50% | 09/01/2032 | 570 | 630,654 | ||
| Silicon Valley Tobacco Securitization Authority (Santa Clara); Series 2007 A, RB(e) | 0.00% | 06/01/2041 | 3,445 | 1,033,638 | ||
| Tustin Unified School District (Community Facilities District No. 97-1); Series 2015, Ref. RB | 5.00% | 09/01/2031 | 2,450 | 2,815,662 | ||
| University of California; Series 2018 AZ, Ref. RB(c) | 4.00% | 05/15/2048 | 2,385 | 2,681,670 | ||
| William S. Hart Union High School District (Election of 2008); Series 2009 A, GO Bonds(e) | 0.00% | 08/01/2033 | 11,350 | 8,216,605 | ||
| Yosemite Community College District (Election of 2004); Series 2008 C, GO Bonds (INS -AGM)(b)(e) | 0.00% | 08/01/2022 | 525 | 506,961 | ||
| 162,732,616 | ||||||
| Colorado–4.68% | ||||||
| Colorado (State of) Health Facilities Authority (Adventhealth Obligated); Series 2019, Ref. RB | 4.00% | 11/15/2043 | 1,030 | 1,152,292 | ||
| Colorado (State of) Health Facilities Authority (Adventist Health System/Sunbelt Obligated Group); Series 2018 A, RB | 5.00% | 11/15/2048 | 1,155 | 1,381,992 | ||
| Colorado (State of) Health Facilities Authority (CommonSpirit Health); | ||||||
| Series 2019 A-1, Ref. RB | 4.00% | 08/01/2044 | 1,675 | 1,804,611 | ||
| Series 2019 A-2, Ref. RB | 5.00% | 08/01/2044 | 840 | 992,477 | ||
| Colorado (State of) Health Facilities Authority (Evangelical Lutheran Good Samaritan Society (The)); Series 2017, Ref. RB(g)(h) | 5.00% | 06/01/2027 | 580 | 729,472 | ||
| Colorado (State of) Health Facilities Authority (SCL Health System); Series 2013 A, RB(c) | 5.50% | 01/01/2035 | 8,100 | 9,278,793 | ||
| Colorado (State of) Regional Transportation District (Denver Transit Partners Eagle P3); Series 2019, RB | 6.00% | 01/15/2041 | 3,000 | 3,068,790 | ||
| Colorado (State of) Science and Technology Park Metropolitan District No. 1; Series 2018, Ref. RB | 5.00% | 12/01/2033 | 500 | 534,325 | ||
| Denver (City & County of), CO; Series 2018 A, Ref. RB(c)(f) | 5.25% | 12/01/2048 | 5,740 | 6,934,838 | ||
| Neu Towne Metropolitan District; Series 2018 A, Ref. GO Bonds | 5.38% | 12/01/2046 | 700 | 735,119 | ||
| Prairie Center Metropolitan District No. 3; Series 2017 A, Ref. RB(d) | 5.00% | 12/15/2041 | 950 | 1,005,338 | ||
See accompanying notes which are an integral part of this schedule.
Invesco Value Municipal Income Trust
| Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
| Colorado–(continued) | ||||||
| University of Colorado; Series 2013 A, RB(c) | 5.00% | 06/01/2043 | $ 7,500 | $ 8,486,250 | ||
| 36,104,297 | ||||||
| District of Columbia–4.05% | ||||||
| District of Columbia; | ||||||
| Series 2006 B-1, RB (INS -NATL)(b) | 5.00% | 02/01/2031 | 1,550 | 1,554,123 | ||
| Series 2009 A, RB(c) | 5.25% | 12/01/2027 | 5,100 | 5,100,612 | ||
| Series 2014 C, GO Bonds(c) | 5.00% | 06/01/2034 | 3,030 | 3,489,500 | ||
| Series 2014 C, GO Bonds(c) | 5.00% | 06/01/2035 | 6,060 | 6,970,454 | ||
| District of Columbia (Provident Group - Howard Properties LLC); Series 2013, RB | 5.00% | 10/01/2045 | 1,000 | 1,030,480 | ||
| District of Columbia Water & Sewer Authority; Series 2013 A, RB(c) | 5.00% | 10/01/2044 | 6,000 | 6,862,500 | ||
| Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement); Series 2014 A, Ref. RB | 5.00% | 10/01/2053 | 5,905 | 6,307,485 | ||
| 31,315,154 | ||||||
| Florida–10.12% | ||||||
| Alachua (County of), FL Health Facilities Authority (Shands Teaching Hospital & Clinics); Series 2019, RB | 4.00% | 12/01/2049 | 1,255 | 1,362,742 | ||
| Alachua (County of), FL Health Facilities Authority (Terraces at Bonita Springs); Series 2011 A, RB | 8.13% | 11/15/2041 | 1,000 | 1,006,240 | ||
| Broward (County of), FL; | ||||||
| Series 2015 A, RB(f) | 5.00% | 10/01/2045 | 1,280 | 1,455,488 | ||
| Series 2017, RB(c)(f) | 5.00% | 10/01/2047 | 3,615 | 4,228,827 | ||
| Series 2019 A, RB | 4.00% | 10/01/2043 | 2,680 | 3,037,619 | ||
| Series 2019 B, RB(f) | 4.00% | 09/01/2049 | 840 | 912,274 | ||
| Cape Coral (City of), FL; | ||||||
| Series 2011 A, Ref. RB(g)(h) | 5.00% | 10/01/2021 | 1,500 | 1,606,395 | ||
| Series 2011, Ref. RB(g)(h) | 5.00% | 10/01/2021 | 4,130 | 4,422,941 | ||
| Cape Coral (City of), FL Health Facilities Authority (Gulf Care, Inc.); Series 2015, Ref. RB(d) | 6.00% | 07/01/2045 | 250 | 272,420 | ||
| Capital Trust Agency (Sarasota-Manatee Jewish Housing Council, Inc.); Series 2017, Ref. RB(d) | 5.00% | 07/01/2046 | 1,250 | 1,330,137 | ||
| Citizens Property Insurance Corp.; Series 2012 A-1, RB | 5.00% | 06/01/2021 | 4,890 | 5,165,160 | ||
| Collier (County of), FL Industrial Development Authority (The Arlington of Naples); Series 2014 A, RB (Acquired 12/16/2013; Cost $2,198,211)(d) | 7.75% | 05/15/2035 | 2,250 | 2,140,920 | ||
| Davie (Town of), FL (Nova Southeastern University); Series 2013 A, RB | 6.00% | 04/01/2042 | 1,250 | 1,401,800 | ||
| Florida (State of) North Broward Hospital District; Series 2017 B, Ref. RB | 5.00% | 01/01/2048 | 2,980 | 3,365,612 | ||
| Greater Orlando Aviation Authority; Series 2019 A, RB(f) | 4.00% | 10/01/2049 | 1,000 | 1,105,430 | ||
| Hillsborough (County of), FL Aviation Authority (Tampa International Airport); Series 2018 E, RB(f) | 5.00% | 10/01/2048 | 2,055 | 2,448,368 | ||
| Martin (County of), FL Health Facilities Authority (Martin Memorial Medical Center); | ||||||
| Series 2012, RB(g)(h) | 5.13% | 11/15/2021 | 4,000 | 4,300,080 | ||
| Series 2012, RB(g)(h) | 5.50% | 11/15/2021 | 1,100 | 1,190,442 | ||
| Miami Beach (City of), FL Health Facilities Authority (Mount Sinai Medical Center); Series 2014, Ref. RB | 5.00% | 11/15/2044 | 820 | 910,315 | ||
| Miami-Dade (County of), FL; | ||||||
| Series 2010, Ref. RB(g)(h) | 5.00% | 10/01/2020 | 4,500 | 4,645,665 | ||
| Series 2012 A, Ref. RB(f)(g)(h) | 5.00% | 10/01/2022 | 2,000 | 2,205,940 | ||
| Series 2012 B, Ref. RB | 5.00% | 10/01/2032 | 1,000 | 1,094,980 | ||
| Series 2012 B, Ref. RB | 5.00% | 10/01/2035 | 1,575 | 1,720,514 | ||
| Series 2016 A, Ref. RB | 5.00% | 10/01/2041 | 1,195 | 1,406,730 | ||
| Miami-Dade (County of), FL Educational Facilities Authority (University of Miami); Series 2018 A, RB(c) | 5.00% | 04/01/2053 | 3,820 | 4,514,056 | ||
| Miami-Dade (County of), FL Expressway Authority; Series 2010 A, Ref. RB (INS -AGM)(b) | 5.00% | 07/01/2035 | 3,415 | 3,484,256 | ||
| Miami-Dade (County of), FL Industrial Development Authority (Waste Management, Inc.); Series 2018 B, RB (SIFMA Municipal Swap Index + 0.80%)(f)(h)(j) | 1.90% | 11/01/2021 | 580 | 580,012 | ||
| Orange (County of), FL; Series 2012 B, Ref. RB(c) | 5.00% | 01/01/2031 | 7,500 | 8,102,400 | ||
| Orlando (City of), FL Greater Orlando Aviation Authority; Series 2017 A, RB(f) | 5.00% | 10/01/2047 | 975 | 1,141,306 | ||
See accompanying notes which are an integral part of this schedule.
Invesco Value Municipal Income Trust
| Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
| Florida–(continued) | ||||||
| Palm Beach (County of), FL Health Facilities Authority (Jupiter Medical Center, Inc.); Series 2013 A, RB | 5.00% | 11/01/2043 | $ 2,030 | $ 2,152,551 | ||
| Palm Beach (County of), FL Solid Waste Authority; Series 2016, RB(c) | 5.00% | 10/01/2031 | 2,790 | 2,970,234 | ||
| Putnam (County of), FL Development Authority (Seminole Electric Cooperative); Series 2018 B, Ref. PCR | 5.00% | 03/15/2042 | 825 | 977,551 | ||
| Tallahassee (City of), FL (Tallahassee Memorial Health Care, Inc.); Series 2016, RB | 5.00% | 12/01/2055 | 1,335 | 1,491,395 | ||
| 78,150,800 | ||||||
| Georgia–2.29% | ||||||
| Atlanta (City of), GA; Series 2010 A, RB (INS -AGM)(b) | 5.00% | 01/01/2035 | 5,390 | 5,406,332 | ||
| Augusta (City of), GA Development Authority; Series 2018, RB | 4.00% | 07/01/2037 | 3,110 | 3,305,899 | ||
| Brookhaven Development Authority (Children’s Healthcare of Atlanta, Inc.); Series 2019 A, RB | 4.00% | 07/01/2049 | 1,670 | 1,853,082 | ||
| Fulton (County of), GA Development Authority (Georgia Tech Athletic Association); Series 2012, Ref. RB | 5.00% | 10/01/2042 | 510 | 552,860 | ||
| Fulton (County of), GA Development Authority (Piedmont Healthcare, Inc.); Series 2020, Ref. RB | 5.00% | 07/01/2044 | 1,675 | 1,980,939 | ||
| Georgia (State of) Municipal Electric Authority of Georgia (Plant Vogtle Units 3 &4); Series 2019, RB | 4.00% | 01/01/2049 | 920 | 987,914 | ||
| Private Colleges & Universities Authority (Mercer University); | ||||||
| Series 2012 A, RB | 5.25% | 10/01/2027 | 2,170 | 2,312,048 | ||
| Series 2012 A, RB | 5.00% | 10/01/2032 | 1,220 | 1,278,524 | ||
| 17,677,598 | ||||||
| Hawaii–2.36% | ||||||
| Hawaii (State of); Series 2015 A, RB(f) | 5.00% | 07/01/2045 | 1,575 | 1,790,633 | ||
| Hawaii (State of) Department of Budget & Finance (Hawaii Pacific Health Obligated Group); Series 2013 A, Ref. RB | 5.50% | 07/01/2043 | 3,000 | 3,338,430 | ||
| Hawaii (State of) Department of Transportation (Airports Division); Series 2013, COP(f) | 5.00% | 08/01/2028 | 1,775 | 1,978,948 | ||
| Honolulu (City & County of), HI; Series 2012 A, GO Bonds(c) | 5.00% | 11/01/2029 | 10,000 | 11,117,300 | ||
| 18,225,311 | ||||||
| Idaho–0.90% | ||||||
| Idaho (State of) Health Facilities Authority (St. Luke’s Regional Medical Center); Series 2010, RB(g)(h) | 5.00% | 07/01/2020 | 5,000 | 5,112,250 | ||
| Idaho (State of) Health Facilities Authority (Valley Vista Care Corp.); | ||||||
| Series 2017 A, Ref. RB | 5.00% | 11/15/2032 | 730 | 771,128 | ||
| Series 2017 A, Ref. RB | 5.25% | 11/15/2037 | 1,020 | 1,083,934 | ||
| 6,967,312 | ||||||
| Illinois–16.75% | ||||||
| Chicago (City of), IL; | ||||||
| Series 2002 B, GO Bonds | 5.50% | 01/01/2037 | 630 | 711,264 | ||
| Series 2005 D, Ref. GO Bonds | 5.50% | 01/01/2040 | 395 | 443,648 | ||
| Series 2007 A, Ref. GO Bonds (INS -AGM)(b) | 5.00% | 01/01/2037 | 4,545 | 4,557,271 | ||
| Series 2007 E, Ref. GO Bonds | 5.50% | 01/01/2042 | 315 | 352,775 | ||
| Series 2008, Ref. RB (INS -AGM)(b) | 5.00% | 11/01/2027 | 280 | 280,837 | ||
| Series 2012 A, GO Bonds | 5.00% | 01/01/2033 | 1,660 | 1,741,888 | ||
| Series 2014, RB | 5.00% | 11/01/2044 | 765 | 844,575 | ||
| Series 2014, Ref. RB (INS -AGM)(b) | 5.00% | 01/01/2030 | 1,000 | 1,105,130 | ||
| Series 2015 A, GO Bonds | 5.50% | 01/01/2033 | 3,145 | 3,572,405 | ||
| Series 2017 A, RB | 5.00% | 01/01/2047 | 2,500 | 2,814,000 | ||
| Series 2019 A, GO Bonds | 5.50% | 01/01/2035 | 1,050 | 1,276,086 | ||
| Chicago (City of), IL (Midway Airport); | ||||||
| Series 2013 A, Ref. RB(f) | 5.50% | 01/01/2031 | 2,280 | 2,533,901 | ||
| Series 2013 B, Ref. RB | 5.00% | 01/01/2025 | 1,550 | 1,721,647 | ||
| Series 2014 A, Ref. RB(f) | 5.00% | 01/01/2041 | 1,100 | 1,215,005 | ||
See accompanying notes which are an integral part of this schedule.
Invesco Value Municipal Income Trust
| Interest Rate | Maturity Date | Principal Amount (000) | Value | ||
| Illinois–(continued) | |||||
| Chicago (City of), IL (O’Hare International Airport); | |||||
| Series 2015 C, RB(f) | 5.00% | 01/01/2046 | $ 790 | $ 881,822 | |
| Series 2015 D, RB | 5.00% | 01/01/2046 | 555 | 627,133 | |
| Series 2016 C, Ref. RB | 5.00% | 01/01/2037 | 1,595 | 1,861,748 | |
| Series 2017 D, RB | 5.25% | 01/01/2042 | 1,265 | 1,513,029 | |
| Series 2017 D, RB(c)(f) | 5.00% | 01/01/2052 | 5,000 | 5,729,250 | |
| Chicago (City of), IL Board of Education; | |||||
| Series 2017 H, GO Bonds | 5.00% | 12/01/2046 | 1,910 | 2,132,420 | |
| Series 2018 A, Ref. GO Bonds (INS -AGM)(b) | 5.00% | 12/01/2029 | 1,000 | 1,209,330 | |
| Series 2018 A, Ref. GO Bonds (INS -AGM)(b) | 5.00% | 12/01/2031 | 625 | 749,775 | |
| Series 2018 C, Ref. GO Bonds | 5.00% | 12/01/2022 | 995 | 1,072,172 | |
| Series 2018 C, Ref. GO Bonds | 5.00% | 12/01/2023 | 500 | 549,000 | |
| Chicago (City of), IL Metropolitan Water Reclamation District (Green Bonds); Series 2016 E, GO Bonds | 5.00% | 12/01/2045 | 1,650 | 1,901,411 | |
| Chicago (City of), IL Transit Authority; | |||||
| Series 2011, RB(c)(k) | 5.25% | 12/01/2036 | 7,490 | 7,947,939 | |
| Series 2014, RB | 5.00% | 12/01/2044 | 3,270 | 3,621,819 | |
| Cook (County of), IL Forest Preserve District; | |||||
| Series 2012 B, Ref. GO Bonds(c) | 5.00% | 12/15/2032 | 2,460 | 2,609,937 | |
| Series 2012 B, Ref. GO Bonds(c) | 5.00% | 12/15/2037 | 2,460 | 2,596,481 | |
| Illinois (State of); | |||||
| Series 2012 A, GO Bonds | 5.00% | 01/01/2031 | 1,135 | 1,189,877 | |
| Series 2012, Ref. GO Bonds | 5.00% | 08/01/2021 | 1,035 | 1,086,843 | |
| Series 2013, GO Bonds (INS -AGM)(b) | 5.25% | 07/01/2029 | 1,880 | 2,078,979 | |
| Series 2014, GO Bonds | 5.25% | 02/01/2033 | 1,100 | 1,203,983 | |
| Series 2014, GO Bonds | 5.00% | 05/01/2035 | 1,000 | 1,086,500 | |
| Series 2014, GO Bonds | 5.00% | 05/01/2036 | 1,000 | 1,084,910 | |
| Series 2016, GO Bonds | 5.00% | 01/01/2041 | 1,750 | 1,914,955 | |
| Series 2017 D, GO Bonds | 5.00% | 11/01/2024 | 1,955 | 2,178,769 | |
| Series 2018 A, Ref. GO Bonds | 5.00% | 10/01/2021 | 830 | 875,061 | |
| Series 2018 A, Ref. GO Bonds | 5.00% | 10/01/2022 | 580 | 626,748 | |
| Illinois (State of) Finance Authority (Centegra Health System); Series 2014 A, RB | 5.00% | 09/01/2039 | 1,250 | 1,415,050 | |
| Illinois (State of) Finance Authority (Lutheran Communities Obligated Group); Series 2019 A, Ref. RB | 5.00% | 11/01/2035 | 3,045 | 3,307,053 | |
| Illinois (State of) Finance Authority (Lutheran Home & Services); | |||||
| Series 2012, Ref. RB | 5.50% | 05/15/2027 | 2,000 | 2,117,720 | |
| Series 2012, Ref. RB | 5.50% | 05/15/2030 | 1,045 | 1,098,159 | |
| Illinois (State of) Finance Authority (OSF Healthcare System); Series 2015 A, Ref. RB | 5.00% | 11/15/2045 | 2,205 | 2,466,293 | |
| Illinois (State of) Finance Authority (Peace Village); Series 2013, RB(g)(h) | 6.75% | 08/15/2023 | 1,430 | 1,691,804 | |
| Illinois (State of) Finance Authority (Rush University Medical Center); Series 2015 A, Ref. RB | 5.00% | 11/15/2038 | 1,940 | 2,195,362 | |
| Illinois (State of) Finance Authority (Swedish Covenant Hospital); | |||||
| Series 2010 A, Ref. RB(g)(h) | 5.75% | 02/15/2020 | 2,000 | 2,018,320 | |
| Series 2010 A, Ref. RB(g)(h) | 6.00% | 02/15/2020 | 1,165 | 1,176,231 | |
| Illinois (State of) Finance Authority (University of Chicago); Series 2013 A, RB(c) | 5.25% | 10/01/2052 | 3,720 | 4,107,922 | |
| Illinois (State of) Metropolitan Pier & Exposition Authority; Series 2002, RB (INS- AGM)(b)(e) | 0.00% | 12/15/2029 | 2,500 | 1,906,125 | |
| Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick PL); Series 2002 A, RB (INS -NATL)(b)(e) | 0.00% | 12/15/2029 | 3,520 | 2,631,235 | |
| Illinois (State of) Sports Facilities Authority; | |||||
| Series 2014, Ref. RB (INS -AGM)(b) | 5.25% | 06/15/2031 | 1,060 | 1,193,380 | |
| Series 2014, Ref. RB (INS -AGM)(b) | 5.25% | 06/15/2032 | 965 | 1,084,641 | |
| Illinois (State of) Toll Highway Authority; Series 2013 A, RB(c) | 5.00% | 01/01/2038 | 12,300 | 13,426,926 | |
| Railsplitter Tobacco Settlement Authority; Series 2010, RB(g)(h) | 5.50% | 06/01/2021 | 4,090 | 4,351,596 | |
See accompanying notes which are an integral part of this schedule.
Invesco Value Municipal Income Trust
| Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
| Illinois–(continued) | ||||||
| Regional Transportation Authority; | ||||||
| Series 1999, Ref. RB (INS -AGM)(b) | 5.75% | 06/01/2021 | $ 4,000 | $ 4,265,080 | ||
| Series 2018 B, RB | 5.00% | 06/01/2040 | 2,285 | 2,724,063 | ||
| Sales Tax Securitization Corp.; Series 2018 A, Ref. RB(c) | 5.00% | 01/01/2048 | 4,150 | 4,720,335 | ||
| 129,397,618 | ||||||
| Indiana–2.79% | ||||||
| Indiana (State of) Finance Authority (Ohio River Bridges East End Crossing); | ||||||
| Series 2013 A, RB(f) | 5.00% | 07/01/2035 | 500 | 548,580 | ||
| Series 2013 A, RB(f) | 5.00% | 07/01/2048 | 510 | 552,656 | ||
| Series 2013, RB(f) | 5.00% | 07/01/2040 | 3,365 | 3,667,985 | ||
| Indiana (State of) Finance Authority (Ohio Valley Electric Corp.); Series 2012 A, RB | 5.00% | 06/01/2039 | 3,325 | 3,472,630 | ||
| Indianapolis Local Public Improvement Bond Bank; Series 2013 F, RB(c) | 5.00% | 02/01/2030 | 9,000 | 9,924,570 | ||
| Valparaiso (City of), IN (Pratt Paper, LLC); Series 2013, RB(f) | 6.75% | 01/01/2034 | 1,500 | 1,738,650 | ||
| Whiting (City of), IN (BP Products North America); Series 2019, Ref. RB(f)(h) | 5.00% | 06/05/2026 | 1,390 | 1,648,429 | ||
| 21,553,500 | ||||||
| Iowa–1.39% | ||||||
| Iowa (State of); Series 2001, RB (INS -NATL)(b) | 5.50% | 02/15/2020 | 2,500 | 2,521,700 | ||
| Iowa (State of) Finance Authority (Iowa Fertilizer Co.); | ||||||
| Series 2013, RB(d) | 5.88% | 12/01/2027 | 1,025 | 1,067,189 | ||
| Series 2013, Ref. RB(h) | 5.25% | 12/01/2037 | 1,190 | 1,288,342 | ||
| Series 2019, Ref. RB | 3.13% | 12/01/2022 | 585 | 592,593 | ||
| Iowa (State of) Finance Authority (Lifespace Communities, Inc.); Series 2018 A, RB | 5.00% | 05/15/2043 | 830 | 932,256 | ||
| Iowa (State of) Tobacco Settlement Authority; | ||||||
| Series 2005 C, RB | 5.50% | 06/01/2042 | 1,695 | 1,695,288 | ||
| Series 2005 C, RB | 5.63% | 06/01/2046 | 1,055 | 1,055,179 | ||
| Series 2005 E, RB(e) | 0.00% | 06/01/2046 | 12,020 | 1,570,894 | ||
| 10,723,441 | ||||||
| Kansas–0.35% | ||||||
| Wichita (City of), KS (Presbyterian Manors, Inc.); | ||||||
| Series 2013 IV-A, RB | 6.38% | 05/15/2043 | 1,500 | 1,646,640 | ||
| Series 2018 I, Ref. RB | 5.00% | 05/15/2047 | 1,000 | 1,075,540 | ||
| 2,722,180 | ||||||
| Kentucky–2.62% | ||||||
| Kentucky (Commonwealth of) Economic Development Finance Authority (Catholic Health Initiatives); Series 2011 B, RB (SIFMA Municipal Swap Index + 1.40%)(h)(j) | 2.50% | 02/01/2025 | 700 | 713,118 | ||
| Kentucky (State of) Economic Development Finance Authority (Next Generation Kentucky Information Highway); | ||||||
| Series 2015 A, RB | 5.00% | 07/01/2040 | 1,245 | 1,367,047 | ||
| Series 2015 A, RB | 5.00% | 01/01/2045 | 1,915 | 2,093,957 | ||
| Kentucky (State of) Economic Development Finance Authority (Owensboro Health, Inc.); Series 2017 A, Ref. RB | 5.00% | 06/01/2045 | 955 | 1,075,282 | ||
| Kentucky (State of) Economic Development Finance Authority (Owensboro Medical Health System, Inc.); | ||||||
| Series 2010 A, RB(g)(h) | 6.00% | 06/01/2020 | 2,500 | 2,559,600 | ||
| Series 2010 B, Ref. RB(g)(h) | 6.38% | 06/01/2020 | 1,585 | 1,625,719 | ||
| Kentucky (State of) Municipal Power Agency (Prarie State); Series 2019 A, Ref. RB | 5.00% | 09/01/2037 | 1,000 | 1,184,560 | ||
| Kentucky (State of) Public Energy Authority; Series 2018 C-1, RB(h) | 4.00% | 06/01/2025 | 1,480 | 1,640,062 | ||
| Kentucky (State of) Public Transportation Infrastructure Authority (Downtown Crossing); Series 2013 A, RB | 5.75% | 07/01/2049 | 1,000 | 1,125,040 | ||
| Kentucky (State of) Turnpike Authority (Revitalization); Series 2012 A, RB(g)(h) | 5.00% | 07/01/2022 | 3,140 | 3,447,846 | ||
See accompanying notes which are an integral part of this schedule.
Invesco Value Municipal Income Trust
| Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
| Kentucky–(continued) | ||||||
| Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.); Series 2013 A, RB | 5.50% | 10/01/2033 | $ 3,000 | $ 3,390,720 | ||
| 20,222,951 | ||||||
| Louisiana–1.95% | ||||||
| Jefferson Sales Tax District; Series 2019 B, RB (INS -AGM)(b) | 4.00% | 12/01/2039 | 1,000 | 1,130,850 | ||
| Lafayette (City of), LA Public Trust Financing Authority (Ragin’ Cajun Facilities, Inc. - Housing & Parking); Series 2010, RB(g)(h) | 5.50% | 10/01/2020 | 4,500 | 4,662,270 | ||
| Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (St. John the Baptist); Series 2019, RB(d) | 3.90% | 11/01/2044 | 1,000 | 1,007,150 | ||
| Regional Transit Authority; Series 2010, RB (INS -AGM)(b) | 5.00% | 12/01/2030 | 1,000 | 1,035,630 | ||
| St. Tammany (Parish of), LA Public Trust Financing Authority (Christwood); Series 2015, Ref. RB | 5.25% | 11/15/2037 | 1,850 | 2,024,085 | ||
| Tobacco Settlement Financing Corp.; | ||||||
| Series 2013 A, Ref. RB | 5.50% | 05/15/2030 | 745 | 761,457 | ||
| Series 2013 A, Ref. RB | 5.25% | 05/15/2031 | 745 | 780,827 | ||
| Series 2013 A, Ref. RB | 5.25% | 05/15/2032 | 1,410 | 1,517,964 | ||
| Series 2013 A, Ref. RB | 5.25% | 05/15/2033 | 1,190 | 1,279,797 | ||
| Series 2013 A, Ref. RB | 5.25% | 05/15/2035 | 750 | 825,458 | ||
| 15,025,488 | ||||||
| Maryland–1.26% | ||||||
| Howard (County of), MD (Downtown Columbia); Series 2017 A, RB(d) | 4.50% | 02/15/2047 | 1,500 | 1,587,165 | ||
| Maryland (State of) Health & Higher Educational Facilities Authority (Lifebridge Health); Series 2015, Ref. RB | 5.00% | 07/01/2040 | 4,250 | 4,885,757 | ||
| Maryland (State of) Health & Higher Educational Facilities Authority (LifeBridge Health); Series 2016, Ref. RB | 5.00% | 07/01/2047 | 720 | 834,790 | ||
| Maryland (State of) Health & Higher Educational Facilities Authority (Peninsula Regional Medical Center); Series 2015, Ref. RB | 5.00% | 07/01/2045 | 1,465 | 1,643,012 | ||
| Prince Georges (County of), MD (Collington Episcopal Life Care Community, Inc.); Series 2017, Ref. RB | 5.00% | 04/01/2028 | 690 | 762,933 | ||
| 9,713,657 | ||||||
| Massachusetts–1.58% | ||||||
| Massachusetts (Commonwealth of) Transportation Fund Revenue; Series 2016 B, RB | 4.00% | 06/01/2046 | 2,520 | 2,754,133 | ||
| Massachusetts (State of) Development Finance Agency (Emerson College); Series 2016 A, RB | 5.00% | 01/01/2047 | 3,125 | 3,568,844 | ||
| Massachusetts (State of) Port Authority; | ||||||
| Series 2019 A, Ref. RB(f) | 5.00% | 07/01/2037 | 1,000 | 1,236,230 | ||
| Series 2019 C, RB(f) | 5.00% | 07/01/2044 | 1,585 | 1,927,154 | ||
| Massachusetts (State of) Water Resources Authority; Series 2007 B, Ref. RB (INS -AGM)(b) | 5.25% | 08/01/2031 | 2,000 | 2,731,700 | ||
| 12,218,061 | ||||||
| Michigan–3.54% | ||||||
| Detroit (City of), MI; Series 2018, GO Bonds | 5.00% | 04/01/2035 | 250 | 281,818 | ||
| Detroit (City of), MI Downtown Development Authority (Catalyst Development); Series 2018 A, Ref. RB (INS -AGM)(b)(c)(k) | 5.00% | 07/01/2036 | 2,000 | 2,233,420 | ||
| Grand Rapids Economic Development Corp. (Beacon Hill at Eastgate); Series 2017 A, Ref. RB | 5.00% | 11/01/2047 | 1,390 | 1,481,476 | ||
| Michigan (State of) Building Authority (Facilities Program); Series 2016 I, Ref. RB(c) | 5.00% | 04/15/2041 | 2,715 | 3,201,474 | ||
| Michigan (State of) Finance Authority (Beaumont Health Credit Group); Series 2016, RB | 5.00% | 11/01/2044 | 1,745 | 1,996,472 | ||
| Michigan (State of) Finance Authority (Bronson Healthcare Group); Series 2020 A, Ref. RB | 5.00% | 05/15/2036 | 1,680 | 1,923,919 | ||
| Michigan (State of) Finance Authority (Charter County of Wayne Criminal Justice Center); Series 2018, RB | 5.00% | 11/01/2038 | 750 | 915,232 | ||
See accompanying notes which are an integral part of this schedule.
Invesco Value Municipal Income Trust
| Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
| Michigan–(continued) | ||||||
| Michigan (State of) Finance Authority (Detroit Water & Sewerage Department); | ||||||
| Series 2014 C-1, Ref. RB | 5.00% | 07/01/2044 | $ 1,095 | $ 1,175,778 | ||
| Series 2014 C-6, Ref. RB | 5.00% | 07/01/2033 | 550 | 626,049 | ||
| Series 2014 D-4, Ref. RB | 5.00% | 07/01/2029 | 550 | 635,123 | ||
| Series 2015, Ref. RB | 5.00% | 07/01/2035 | 1,190 | 1,375,295 | ||
| Michigan (State of) Finance Authority (MidMichigan Health Credit Group); Series 2014, Ref. RB | 5.00% | 06/01/2039 | 2,005 | 2,240,768 | ||
| Michigan (State of) Finance Authority (Trinity Health Credit); Series 2017 MI, Ref. RB(c) | 5.00% | 12/01/2046 | 3,655 | 4,290,897 | ||
| Michigan (State of) Strategic Fund (Canterbury Health Care, Inc.); Series 2016, RB(d) | 5.00% | 07/01/2026 | 715 | 764,342 | ||
| Michigan (State of) Strategic Fund (I-85 Improvement Project); Series 2018, RB(f) | 5.00% | 12/31/2032 | 750 | 923,835 | ||
| Michigan (State of) Tobacco Settlement Finance Authority; Series 2007 A, RB | 6.00% | 06/01/2048 | 3,285 | 3,302,903 | ||
| 27,368,801 | ||||||
| Minnesota–0.25% | ||||||
| Bethel (City of), MN (Spectrum High School); Series 2017 A, Ref. RB | 4.25% | 07/01/2047 | 425 | 445,816 | ||
| St. Cloud (City of), MN (CentraCare Health System); Series 2019, Ref. RB | 5.00% | 05/01/2048 | 1,235 | 1,495,190 | ||
| 1,941,006 | ||||||
| Missouri–1.60% | ||||||
| Kansas (City of), MO Industrial Development Authority (Kansas City International Airport); Series 2019 B, RB(f) | 5.00% | 03/01/2046 | 1,675 | 1,997,521 | ||
| Kansas City (City of), MO Industrial Development Authority (Downtown Redevelopment District); | ||||||
| Series 2011 A, Ref. RB | 5.50% | 09/01/2024 | 825 | 883,129 | ||
| Series 2011 A, Ref. RB | 5.50% | 09/01/2025 | 1,445 | 1,546,555 | ||
| Series 2011 A, Ref. RB | 5.50% | 09/01/2027 | 980 | 1,048,345 | ||
| Kirkwood (City of), MO Industrial Development Authority (Aberdeen Heights); Series 2017 A, Ref. RB | 5.25% | 05/15/2050 | 475 | 528,761 | ||
| Missouri (State of) Health & Educational Facilities Authority (Lutheran Senior Services); Series 2019 A, RB | 5.00% | 02/01/2034 | 340 | 386,328 | ||
| St. Louis (County of), MO Industrial Development Authority (Friendship Village of Sunset Hills); | ||||||
| Series 2012, RB | 5.00% | 09/01/2042 | 2,000 | 2,103,460 | ||
| Series 2013 A, RB | 5.50% | 09/01/2033 | 1,375 | 1,519,966 | ||
| St. Louis (County of), MO Industrial Development Authority (Friendship Village West County); Series 2018 A, RB | 5.00% | 09/01/2038 | 2,070 | 2,328,626 | ||
| 12,342,691 | ||||||
| Montana–0.27% | ||||||
| Montana (State of) Facility Finance Authority (Benefit Health System Obligated Group); Series 2011 A, RB(g)(h) | 5.75% | 01/01/2021 | 2,000 | 2,097,800 | ||
| Nebraska–1.14% | ||||||
| Central Plains Energy Project (No. 3); Series 2012, RB(l) | 5.00% | 09/01/2032 | 4,690 | 5,080,818 | ||
| Douglas (County of), NE Hospital Authority No. 2 (Madonna Rehabilitation Hospital); Series 2014, RB | 5.00% | 05/15/2044 | 1,000 | 1,100,470 | ||
| Lincoln (County of), NE Hospital Authority No. 1 (Great Plains Regional Medical Center); Series 2012, Ref. RB | 5.00% | 11/01/2032 | 2,500 | 2,639,075 | ||
| 8,820,363 | ||||||
| Nevada–0.26% | ||||||
| Clark (County of), NV (Las Vegas-McCarran International Airport); Series 2010 A, RB (INS -AGM)(b) | 5.25% | 07/01/2039 | 2,000 | 2,006,420 | ||
| New Jersey–5.08% | ||||||
| Garden State Preservation Trust; Series 2005 A, RB (INS -AGM)(b) | 5.75% | 11/01/2028 | 920 | 1,152,456 | ||
| New Jersey (State of) Economic Development Authority; | ||||||
| Series 2005 N-1, Ref. RB (INS -NATL)(b)(c)(k) | 5.50% | 09/01/2022 | 3,720 | 4,109,038 | ||
| Series 2005, Ref. RB (INS -AMBAC)(b) | 5.50% | 09/01/2024 | 3,390 | 3,953,825 | ||
| Series 2017 DDD, RB | 5.00% | 06/15/2032 | 1,030 | 1,189,702 | ||
See accompanying notes which are an integral part of this schedule.
Invesco Value Municipal Income Trust
| Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
| New Jersey–(continued) | ||||||
| New Jersey (State of) Economic Development Authority (Port Newark Container Terminal LLC); Series 2017, Ref. RB(f) | 5.00% | 10/01/2037 | $ 945 | $ 1,096,087 | ||
| New Jersey (State of) Economic Development Authority (Provident Group-Montclair Properties LLC-Montclair State University Student Housing); Series 2010 A, RB(g)(h) | 5.88% | 06/01/2020 | 1,975 | 2,021,965 | ||
| New Jersey (State of) Economic Development Authority (The Goethals Bridge Replacement); Series 2013, RB(f) | 5.38% | 01/01/2043 | 2,000 | 2,237,220 | ||
| New Jersey (State of) Higher Education Student Assistance Authority; Series 2018 B, Ref. RB(f) | 5.00% | 12/01/2024 | 1,100 | 1,277,133 | ||
| New Jersey (State of) Transportation Trust Fund Authority; | ||||||
| Series 2006 C, RB (INS -AGC)(b)(e) | 0.00% | 12/15/2026 | 14,305 | 12,248,227 | ||
| Series 2018 A, Ref. RB | 5.00% | 12/15/2024 | 1,000 | 1,157,950 | ||
| Series 2018 A, Ref. RB | 5.00% | 12/15/2034 | 1,000 | 1,165,660 | ||
| Series 2018 A, Ref. RN(c)(k) | 5.00% | 06/15/2029 | 1,575 | 1,843,380 | ||
| Series 2018 A, Ref. RN(c)(k) | 5.00% | 06/15/2030 | 535 | 623,302 | ||
| Series 2018 A, Ref. RN | 5.00% | 06/15/2031 | 995 | 1,155,772 | ||
| Subseries 2016 A-1, RN | 5.00% | 06/15/2028 | 960 | 1,128,624 | ||
| Tobacco Settlement Financing Corp.; Series 2018 A, Ref. RB | 5.25% | 06/01/2046 | 2,480 | 2,877,395 | ||
| 39,237,736 | ||||||
| New York–17.03% | ||||||
| Build NYC Resource Corp. (Pratt Paper, Inc.); Series 2014, Ref. RB(d)(f) | 5.00% | 01/01/2035 | 1,600 | 1,758,848 | ||
| Erie Tobacco Asset Securitization Corp.; Series 2005 A, RB | 5.00% | 06/01/2045 | 2,500 | 2,500,475 | ||
| Hudson Yards Infrastructure Corp.; Series 2017 A, Ref. RB (INS -AGM)(b) | 4.00% | 02/15/2047 | 1,500 | 1,652,970 | ||
| Long Island (City of), NY Power Authority; | ||||||
| Series 2011 A, RB(g)(h) | 5.00% | 05/01/2021 | 4,955 | 5,234,165 | ||
| Series 2014 A, Ref. RB | 5.00% | 09/01/2044 | 2,870 | 3,252,284 | ||
| Metropolitan Transportation Authority; | ||||||
| Series 2010 D, RB(g)(h) | 5.00% | 11/15/2020 | 3,000 | 3,114,900 | ||
| Series 2012 A, Ref. RB(c) | 5.00% | 11/15/2027 | 10,000 | 11,106,500 | ||
| New York & New Jersey (States of) Port Authority; Two Hundred Seventh Series 2018, Ref. RB(c)(f) | 5.00% | 09/15/2028 | 3,255 | 4,065,983 | ||
| New York (City of), NY Municipal Water Finance Authority; | ||||||
| Series 2012 FF, RB(c) | 5.00% | 06/15/2045 | 10,545 | 11,411,272 | ||
| Subseries 2012 A-1, VRD RB(m) | 0.98% | 06/15/2044 | 3,035 | 3,035,000 | ||
| New York (City of), NY Transitional Finance Authority; | ||||||
| Series 2013 I, RB | 5.00% | 05/01/2038 | 1,465 | 1,629,153 | ||
| Subseries 2012 E-1, RB(c) | 5.00% | 02/01/2037 | 6,845 | 7,345,986 | ||
| Subseries 2013, RB(c) | 5.00% | 11/01/2038 | 4,500 | 5,072,895 | ||
| New York (City of), NY Water & Sewer System; Series 2019 EE-2, Ref. RB(c) | 4.00% | 06/15/2040 | 2,790 | 3,178,814 | ||
| New York (Counties of), NY Tobacco Trust V; Series 2005 S-2, RB(e) | 0.00% | 06/01/2050 | 10,140 | 1,551,420 | ||
| New York (Counties of), NY Tobacco Trust VI; Subseries 2016 A-1, Ref. RB | 5.75% | 06/01/2043 | 3,135 | 3,766,452 | ||
| New York (State of) Dormitory Authority (City of New York); | ||||||
| Series 2005 A, RB (INS -AMBAC)(b) | 5.50% | 05/15/2028 | 2,900 | 3,800,711 | ||
| Series 2005 A, RB (INS -AMBAC)(b) | 5.50% | 05/15/2029 | 2,455 | 3,281,230 | ||
| New York (State of) Dormitory Authority (General Purpose); | ||||||
| Series 2013 A, RB | 5.00% | 02/15/2037 | 1,000 | 1,105,790 | ||
| Series 2014 C, RB(c) | 5.00% | 03/15/2040 | 4,840 | 5,496,836 | ||
| New York (State of) Dormitory Authority (New York University); Series 2001 1, RB (INS -BHAC)(b) | 5.50% | 07/01/2031 | 1,040 | 1,369,930 | ||
| New York (State of) Thruway Authority; | ||||||
| Series 2011 A-1, RB(c) | 5.00% | 04/01/2029 | 4,545 | 4,776,522 | ||
| Series 2019 B, RB | 4.00% | 01/01/2045 | 1,340 | 1,499,621 | ||
| New York (State of) Utility Debt Securitization Authority; Series 2013 TE, RB(c) | 5.00% | 12/15/2031 | 10,000 | 11,445,900 | ||
| New York Liberty Development Corp. (3 World Trade Center); Series 2014, Class 1, Ref. RB(d) | 5.00% | 11/15/2044 | 5,685 | 6,281,413 | ||
| New York Liberty Development Corp. (7 World Trade Center); Series 2012, Class 1, Ref. RB(c) | 5.00% | 09/15/2040 | 4,900 | 5,281,465 | ||
| New York Transportation Development Corp. (American Airlines, Inc.); Series 2016, Ref. RB(f) | 5.00% | 08/01/2031 | 1,580 | 1,651,606 | ||
See accompanying notes which are an integral part of this schedule.
Invesco Value Municipal Income Trust
| Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
| New York–(continued) | ||||||
| New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminal C&D Redevelopment); | ||||||
| Series 2018, RB(f) | 5.00% | 01/01/2031 | $ 3,310 | $ 3,967,101 | ||
| Series 2018, RB(f) | 4.00% | 01/01/2036 | 1,495 | 1,627,083 | ||
| New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment); | ||||||
| Series 2016 A, RB(f) | 5.00% | 07/01/2046 | 1,660 | 1,833,437 | ||
| Series 2016 A, RB(f) | 5.25% | 01/01/2050 | 3,055 | 3,400,795 | ||
| Rockland Tobacco Asset Securitization Corp.; Series 2001, RB | 5.75% | 08/15/2043 | 1,500 | 1,538,565 | ||
| Triborough Bridge and Tunnel Authority; Series 1992 Y, RB(g) | 6.13% | 01/01/2021 | 315 | 320,831 | ||
| TSASC, Inc.; Series 2016 B, Ref. RB | 5.00% | 06/01/2048 | 3,155 | 3,131,306 | ||
| 131,487,259 | ||||||
| North Carolina–3.70% | ||||||
| Charlotte (City of), NC (Charlotte Douglas International Airport); | ||||||
| Series 2017 A, RB(c) | 5.00% | 07/01/2047 | 4,000 | 4,778,400 | ||
| Series 2017 A, RB(c) | 5.00% | 12/20/2019 | 1,915 | 2,302,022 | ||
| Charlotte-Mecklenburg Hospital Authority (The); Series 2007 B, Ref. VRD RB(m) | 0.92% | 01/15/2038 | 2,000 | 2,000,000 | ||
| North Carolina (State of) Capital Facilities Finance Agency (Duke University); Series 2015 B, Ref. RB(c) | 5.00% | 10/01/2055 | 9,050 | 10,499,629 | ||
| North Carolina (State of) Department of Transportation (I-77 HOT Lanes); Series 2015, RB(f) | 5.00% | 06/30/2054 | 1,135 | 1,255,923 | ||
| North Carolina (State of) Medical Care Commission (Duke University Health System); Series 2012 A, RB(c) | 5.00% | 06/01/2042 | 4,890 | 5,283,009 | ||
| North Carolina (State of) Medical Care Commission (Vidant Health); Series 2012 A, Ref. RB(g)(h) | 5.00% | 06/01/2022 | 2,250 | 2,463,570 | ||
| 28,582,553 | ||||||
| North Dakota–0.59% | ||||||
| Ward (County of), ND (Trinity Obligated Group); | ||||||
| Series 2017 C, RB | 5.00% | 06/01/2043 | 2,140 | 2,423,892 | ||
| Series 2017 C, RB | 5.00% | 06/01/2048 | 1,900 | 2,137,918 | ||
| 4,561,810 | ||||||
| Ohio–6.20% | ||||||
| Akron, Bath & Copley Joint Township Hospital District (Summa Health Obligated Group); Series 2016, Ref. RB | 5.25% | 11/15/2046 | 790 | 923,170 | ||
| Allen (County of), OH (Catholic Health Partners); Series 2012 A, Ref. RB | 5.00% | 05/01/2042 | 3,300 | 3,525,060 | ||
| American Municipal Power, Inc.; Series 2015 A, Ref. RB | 5.00% | 02/15/2039 | 1,230 | 1,378,104 | ||
| American Municipal Power, Inc. (Greenup Hydroelectric); Series 2016 A, RB | 5.00% | 02/15/2046 | 500 | 575,150 | ||
| Buckeye Tobacco Settlement Financing Authority; | ||||||
| Series 2007 A-2, RB | 5.75% | 06/01/2034 | 235 | 235,407 | ||
| Series 2007 A-2, RB | 5.88% | 06/01/2047 | 7,115 | 7,151,642 | ||
| Chillicothe (City of), OH (Adena Health System Obligated Group); Series 2017, Ref. RB | 5.00% | 12/01/2037 | 3,000 | 3,589,140 | ||
| Cleveland (City of) & Cuyahoga (County of), OH Port Authority (Constellation Schools); Series 2014 A, Ref. RB | 6.50% | 01/01/2034 | 1,000 | 1,054,670 | ||
| Cleveland (City of), OH; | ||||||
| Series 2008 B-2, RB (INS -NATL)(b)(e) | 0.00% | 11/15/2026 | 3,545 | 3,058,768 | ||
| Series 2008 B-2, RB (INS -NATL)(b)(e) | 0.00% | 11/15/2028 | 3,845 | 3,126,139 | ||
| Series 2008 B-2, RB (INS -NATL)(b)(e) | 0.00% | 11/15/2038 | 2,800 | 1,562,036 | ||
| Cuyahoga (County of), OH (Metrohealth System); | ||||||
| Series 2017, Ref. RB | 5.25% | 02/15/2047 | 2,555 | 2,927,110 | ||
| Series 2017, Ref. RB | 5.50% | 02/15/2052 | 1,590 | 1,846,562 | ||
| Franklin (County of), OH (First Community Village Obligated Group); Series 2013, Ref. RB | 5.25% | 07/01/2033 | 2,000 | 2,040,500 | ||
| Gallia (County of), OH (Holzer Health System Obligated Group); Series 2012, Ref. RB | 8.00% | 07/01/2042 | 1,025 | 1,149,527 | ||
| Hamilton (County of), OH (Christ Hospital); Series 2012, RB | 5.50% | 06/01/2042 | 3,000 | 3,247,710 | ||
| Hamilton (County of), OH (Cincinnati Childrens Hospital); Series 2019 CC, RB | 5.00% | 11/15/2049 | 1,255 | 1,835,651 | ||
See accompanying notes which are an integral part of this schedule.
Invesco Value Municipal Income Trust
| Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
| Ohio–(continued) | ||||||
| Hamilton (County of), OH (Life Enriching Communities); Series 2016, Ref.RB | 5.00% | 01/01/2046 | $ 1,395 | $ 1,550,557 | ||
| Lucas (County of), OH (ProMedica Healthcare System); Series 2018 A, Ref. RB | 5.25% | 11/15/2048 | 1,655 | 1,912,369 | ||
| Montgomery (County of), OH (Trousdale Foundation Properties); Series 2018 A, RB(d) | 6.00% | 04/01/2038 | 1,490 | 1,659,011 | ||
| Ohio (State of) (Portsmouth Bypass); Series 2015, RB (INS -AGM)(b)(f) | 5.00% | 12/31/2039 | 750 | 852,255 | ||
| Ohio (State of) Air Quality Development Authority (Pratt Paper LLC); Series 2017, RB(d)(f) | 4.25% | 01/15/2038 | 575 | 620,402 | ||
| Ohio (State of) Higher Educational Facility Commission (Summa Health System); | ||||||
| Series 2010, RB(g)(h) | 5.75% | 05/15/2020 | 325 | 331,630 | ||
| Series 2010, RB | 5.75% | 11/15/2035 | 1,675 | 1,707,110 | ||
| 47,859,680 | ||||||
| Oklahoma–0.78% | ||||||
| Comanche (County of), OK Hospital Authority; Series 2015, Ref. RB | 5.00% | 07/01/2022 | 1,000 | 1,063,640 | ||
| Oklahoma (State of) Development Finance Authority (OU Medicine); Series 2018 B, RB | 5.50% | 08/15/2057 | 2,150 | 2,557,618 | ||
| Oklahoma (State of) Development Finance Authority (Provident Oklahoma Education Resources, Inc.-Cross Village Student Housing); Series 2017, RB | 5.00% | 08/01/2052 | 1,825 | 1,035,688 | ||
| Oklahoma (State of) Water Resources Board; Series 2018 C, RB | 4.00% | 10/01/2048 | 1,245 | 1,365,391 | ||
| 6,022,337 | ||||||
| Oregon–0.21% | ||||||
| Forest Grove (City of), OR (Pacific University); Series 2014 A, Ref. RB | 5.00% | 05/01/2040 | 1,570 | 1,659,176 | ||
| Pennsylvania–2.32% | ||||||
| Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue); Series 2018 A, Ref. RB | 5.00% | 04/01/2047 | 1,000 | 1,171,550 | ||
| Montgomery (County of), PA Industrial Development Authority (Exelon Generation); Series 2001, Ref. RB(f)(h) | 2.70% | 04/01/2020 | 3,000 | 3,013,350 | ||
| Pennsylvania (State of) Turnpike Commission; | ||||||
| Series 2018 A-2, RB | 5.00% | 12/01/2048 | 1,180 | 1,424,189 | ||
| Series 2018 B, RB | 5.25% | 12/01/2048 | 1,160 | 1,409,760 | ||
| Subseries 2014 A-2, RB(i) | 5.13% | 12/01/2039 | 1,500 | 1,499,190 | ||
| Subseries 2017 B-1, RB | 5.25% | 06/01/2047 | 1,250 | 1,483,837 | ||
| Philadelphia (City of), PA; | ||||||
| Series 2017 A, RB | 5.00% | 10/01/2052 | 1,035 | 1,224,529 | ||
| Series 2017 B, Ref. RB(f) | 5.00% | 07/01/2042 | 4,920 | 5,767,618 | ||
| Philadelphia (City of), PA Industrial Development Authority (Thomas Jefferson University); Series 2017 A, Ref. RB | 5.00% | 09/01/2047 | 795 | 914,059 | ||
| 17,908,082 | ||||||
| Puerto Rico–2.31% | ||||||
| Children’s Trust Fund; | ||||||
| Series 2002, RB | 5.50% | 05/15/2039 | 3,420 | 3,480,534 | ||
| Series 2002, RB | 5.63% | 05/15/2043 | 1,470 | 1,496,019 | ||
| Series 2005 A, RB(e) | 0.00% | 05/15/2050 | 5,570 | 794,839 | ||
| Puerto Rico (Commonwealth of); Series 2004 A, GO Bonds (INS -NATL)(b) | 5.25% | 07/01/2021 | 485 | 492,566 | ||
| Puerto Rico (Commonwealth of) Electric Power Authority; | ||||||
| Series 2007 VV, Ref. RB (INS -NATL)(b) | 5.25% | 07/01/2033 | 725 | 778,483 | ||
| Series 2007 VV, Ref. RB (INS -NATL)(b) | 5.25% | 07/01/2035 | 640 | 686,746 | ||
| Puerto Rico (Commonwealth of) Highway & Transportation Authority; | ||||||
| Series 2007 N, Ref. RB (INS -AGM)(b) | 5.50% | 07/01/2029 | 600 | 686,904 | ||
| Series 2007 N, Ref. RB (INS -NATL)(b) | 5.25% | 07/01/2032 | 760 | 816,316 | ||
| Series 2007 N, Ref. RB (INS -AGC)(b) | 5.25% | 07/01/2034 | 1,195 | 1,347,625 | ||
| Puerto Rico (Commonwealth of) Public Buildings Authority; Series 2007 M-3, Ref. RB (INS -NATL)(b) | 6.00% | 07/01/2024 | 2,000 | 2,057,220 | ||
See accompanying notes which are an integral part of this schedule.
Invesco Value Municipal Income Trust
| Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
| Puerto Rico–(continued) | ||||||
| Puerto Rico Sales Tax Financing Corp.; | ||||||
| Series 2018 A-1, RB(e) | 0.00% | 07/01/2029 | $ 1,405 | $ 1,040,782 | ||
| Series 2018 A-1, RB(e) | 0.00% | 07/01/2033 | 2,116 | 1,344,168 | ||
| Series 2018 A-1, RB | 4.50% | 07/01/2034 | 735 | 785,649 | ||
| Series 2018 A-1, RB | 4.75% | 07/01/2053 | 500 | 517,425 | ||
| Series 2019 A-2, RB | 4.33% | 07/01/2040 | 1,510 | 1,534,522 | ||
| 17,859,798 | ||||||
| Rhode Island–0.10% | ||||||
| Tobacco Settlement Financing Corp.; Series 2015 A, Ref. RB | 5.00% | 06/01/2035 | 700 | 786,646 | ||
| South Carolina–3.11% | ||||||
| Piedmont Municipal Power Agency; Series 2011 C, Ref. RB (INS -AGC)(b) | 5.75% | 01/01/2034 | 7,410 | 7,894,243 | ||
| South Carolina (State of) Jobs-Economic Development Authority (Palmetto Health Alliance); Series 2013 A, Ref. RB(g)(h) | 5.25% | 08/01/2023 | 4,450 | 5,084,971 | ||
| South Carolina (State of) Ports Authority; Series 2015, RB(f)(g)(h) | 5.25% | 07/01/2025 | 4,500 | 5,426,415 | ||
| South Carolina (State of) Public Service Authority; Series 2014, Ref. RB | 5.00% | 12/01/2046 | 1,175 | 1,321,205 | ||
| South Carolina (State of) Public Service Authority (Santee Cooper Revenue Obligations); Series 2013 E, RB | 5.50% | 12/01/2053 | 3,830 | 4,299,941 | ||
| 24,026,775 | ||||||
| South Dakota–0.56% | ||||||
| South Dakota (State of) Health & Educational Facilities Authority (Sanford Obligated Group); | ||||||
| Series 2014 B, RB | 5.00% | 11/01/2044 | 2,500 | 2,799,100 | ||
| Series 2015, Ref. RB | 5.00% | 11/01/2045 | 1,345 | 1,526,185 | ||
| 4,325,285 | ||||||
| Tennessee–0.75% | ||||||
| Greeneville (Town of), TN Health & Educational Facilities Board (Ballad Health); Series 2018 A, Ref. RB | 5.00% | 07/01/2036 | 1,715 | 2,045,738 | ||
| Johnson City (City of), TN Health & Educational Facilities Board (Mountain States Health Alliance); Series 2012, RB | 5.00% | 08/15/2042 | 1,000 | 1,074,640 | ||
| Memphis Center City Revenue Finance Corp. (Pyramid & Pinch District Redevelopment); Series 2011 B, RB(g)(h) | 5.25% | 11/01/2021 | 2,475 | 2,667,703 | ||
| 5,788,081 | ||||||
| Texas–15.49% | ||||||
| Alamo Community College District; Series 2012, Ref. GO Bonds(c) | 5.00% | 08/15/2034 | 4,895 | 5,364,479 | ||
| Austin (City of), TX; Series 2012, Ref. RB | 5.00% | 11/15/2042 | 1,490 | 1,637,212 | ||
| Capital Area Cultural Education Facilities Finance Corp. (The Roman Catholic Diocese of Austin); Series 2005 B, RB | 6.13% | 04/01/2045 | 2,000 | 2,027,860 | ||
| Clifton Higher Education Finance Corp. (International Leadership of Texas); Series 2018 D, RB | 5.75% | 08/15/2033 | 1,660 | 1,852,294 | ||
| Harris (County of), TX Metropolitan Transit Authority; | ||||||
| Series 2011 A, RB(c) | 5.00% | 11/01/2036 | 3,305 | 3,526,799 | ||
| Series 2011 A, RB(c) | 5.00% | 11/01/2041 | 3,000 | 3,193,110 | ||
| Houston (City of), TX Airport System (United Airlines, Inc. Airport Improvement); Series 2015 C, Ref. RB(f) | 5.00% | 07/15/2020 | 790 | 806,598 | ||
| Houston (City of), TX Airport System (United Airlines, Inc. Terminal E); Series 2014, Ref. RB(f) | 4.75% | 07/01/2024 | 500 | 542,910 | ||
| Houston (City of), TX Convention & Entertainment Facilities Department; | ||||||
| Series 2001 B, RB (INS -AGM)(b)(e) | 0.00% | 09/01/2026 | 3,975 | 3,517,835 | ||
| Series 2001 B, RB (INS -AGM)(b)(e) | 0.00% | 09/01/2027 | 5,015 | 4,320,172 | ||
| Houston Higher Education Finance Corp. (Cosmos Foundation, Inc.); Series 2012 A, RB | 5.00% | 02/15/2042 | 2,700 | 2,816,829 | ||
| La Vernia Higher Education Finance Corp. (Meridian World School); Series 2015 A, RB(d) | 5.50% | 08/15/2045 | 1,230 | 1,331,254 | ||
| Love Field Airport Modernization Corp. (Southwest Airlines Co.); Series 2010, RB | 5.25% | 11/01/2040 | 500 | 515,965 | ||
| Lower Colorado River Authority; Series 2019, Ref. RB | 5.00% | 05/15/2039 | 1,000 | 1,196,430 | ||
See accompanying notes which are an integral part of this schedule.
Invesco Value Municipal Income Trust
| Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
| Texas–(continued) | ||||||
| New Hope Cultural Education Facilities Corp. (Presbyterian Village North); Series 2018, Ref. RB | 5.00% | 10/01/2026 | $ 1,550 | $ 1,747,176 | ||
| New Hope Cultural Education Facilities Finance Corp. (4-K Housing, Inc.-Stoney Brook); Series 2017 A-1, RB | 4.75% | 07/01/2052 | 750 | 772,095 | ||
| New Hope Cultural Education Facilities Finance Corp. (CHF-Collegiate Housing College Station I, LLC-Texas A&M University); Series 2014 A, RB (INS -AGM)(b) | 5.00% | 04/01/2046 | 1,985 | 2,193,266 | ||
| New Hope Cultural Education Facilities Finance Corp. (Morningside Ministries); Series 2013, RB | 6.50% | 01/01/2043 | 1,000 | 1,092,280 | ||
| North Texas Tollway Authority; | ||||||
| Series 2008 D, Ref. RB (INS -AGC)(b)(e) | 0.00% | 01/01/2028 | 16,400 | 14,012,980 | ||
| Series 2008 D, Ref. RB (INS -AGC)(b)(e) | 0.00% | 01/01/2029 | 2,725 | 2,259,406 | ||
| Series 2008 D, Ref. RB (INS -AGC)(b)(e) | 0.00% | 01/01/2031 | 3,550 | 2,748,481 | ||
| San Antonio (City of), TX; Series 2013, RB | 5.00% | 02/01/2038 | 2,405 | 2,689,006 | ||
| San Jacinto River Authority (Groundwater Reduction Plan Division); | ||||||
| Series 2011, RB (INS -AGM)(b) | 5.00% | 10/01/2032 | 2,265 | 2,270,934 | ||
| Series 2011, RB (INS -AGM)(b) | 5.00% | 10/01/2037 | 2,475 | 2,481,534 | ||
| Tarrant County Cultural Education Facilities Finance Corp.; Series 2016 A, Ref. RB(c) | 5.00% | 02/15/2047 | 3,415 | 3,973,762 | ||
| Tarrant County Cultural Education Facilities Finance Corp. (Air Force Village Obligated Group); | ||||||
| Series 2016, Ref. RB | 5.00% | 05/15/2037 | 1,410 | 1,537,112 | ||
| Series 2016, Ref. RB | 5.00% | 05/15/2045 | 1,265 | 1,364,227 | ||
| Tarrant County Cultural Education Facilities Finance Corp. (C.C. Young Memorial Home); Series 2017A, RB | 6.38% | 02/15/2048 | 1,785 | 1,978,333 | ||
| Tarrant County Cultural Education Facilities Finance Corp. (Texas Health Resources System); Series 2016 A, Ref. RB | 5.00% | 02/15/2041 | 4,000 | 4,699,280 | ||
| Temple (City of), TX; Series 2018 A, RB(d) | 5.00% | 08/01/2028 | 705 | 789,325 | ||
| Texas (State of) Transportation Commission; | ||||||
| Series 2016 A, GO Bonds | 5.00% | 04/01/2044 | 1,585 | 1,857,794 | ||
| Series 2019, RB(e) | 0.00% | 08/01/2037 | 1,250 | 637,138 | ||
| Series 2019, RB(e) | 0.00% | 08/01/2039 | 1,400 | 637,980 | ||
| Texas (State of) Transportation Commission (Central Texas Turnpike System); | ||||||
| Series 2012 A, Ref. RB | 5.00% | 08/15/2041 | 1,000 | 1,079,890 | ||
| Series 2015 B, Ref. RB(e) | 0.00% | 08/15/2036 | 3,075 | 1,605,857 | ||
| Series 2015 B, Ref. RB(e) | 0.00% | 08/15/2037 | 705 | 351,245 | ||
| Series 2015 C, Ref. RB | 5.00% | 08/15/2033 | 5,000 | 5,715,400 | ||
| Series 2015 C, Ref. RB | 5.00% | 08/15/2042 | 3,975 | 4,495,089 | ||
| Texas (State of) Turnpike Authority (Central Texas Turnpike System); | ||||||
| Series 2002 A, RB (INS - BHAC)(b)(e) | 0.00% | 08/15/2027 | 6,800 | 5,873,092 | ||
| Series 2002, RB(e)(g) | 0.00% | 08/15/2027 | 200 | 175,022 | ||
| Texas Municipal Gas Acquisition & Supply Corp. I; Series 2008 D, RB | 6.25% | 12/15/2026 | 4,560 | 5,306,928 | ||
| Texas Municipal Gas Acquisition & Supply Corp. III; | ||||||
| Series 2012, RB | 5.00% | 12/15/2028 | 3,025 | 3,293,408 | ||
| Series 2012, RB | 5.00% | 12/15/2029 | 3,000 | 3,259,740 | ||
| Series 2012, RB | 5.00% | 12/15/2031 | 1,200 | 1,300,320 | ||
| Series 2012, RB | 5.00% | 12/15/2032 | 1,125 | 1,217,228 | ||
| Texas Private Activity Bond Surface Transportation Corp. (Blueridge Transportation Group, LLC SH 288 Toll Lanes); Series 2016, RB(f) | 5.00% | 12/31/2055 | 1,070 | 1,191,188 | ||
| Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners Segments 3 LLC Segments 3A and 3B Facility); Series 2013, RB(f) | 7.00% | 12/31/2038 | 1,250 | 1,462,513 | ||
| Travis County Cultural Education Facilities Finance Corp. (Wayside Schools); Series 2012 A, RB | 5.25% | 08/15/2042 | 545 | 562,037 | ||
| University of Houston; Series 2008, Ref. RB (INS -AGM)(b)(c) | 5.00% | 02/15/2033 | 363 | 364,024 | ||
| 119,644,837 | ||||||
See accompanying notes which are an integral part of this schedule.
Invesco Value Municipal Income Trust
| Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
| Utah–1.13% | ||||||
| Salt Lake (City of), UT; | ||||||
| Series 2017 A, RB(c)(f) | 5.00% | 07/01/2047 | $ 2,540 | $ 2,962,885 | ||
| Series 2018 A, RB(f) | 5.00% | 07/01/2048 | 1,275 | 1,509,001 | ||
| Series 2018 A, RB(f) | 5.25% | 07/01/2048 | 1,710 | 2,063,816 | ||
| Utah (County of), UT; Series 2016 B, RB(c) | 4.00% | 05/15/2047 | 2,025 | 2,153,264 | ||
| 8,688,966 | ||||||
| Virgin Islands–0.33% | ||||||
| Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note); Series 2010 A, RB | 5.00% | 10/01/2029 | 2,500 | 2,510,950 | ||
| Virginia–2.72% | ||||||
| Richmond (City of), VA Metropolitan Authority; Series 2002, Ref. RB (INS -NATL)(b) | 5.25% | 07/15/2022 | 1,895 | 1,997,349 | ||
| Roanoke (City of), VA Economic Development Authority (Carilion Clinic Obligated Group); Series 2010, Ref. RB | 5.00% | 07/01/2033 | 2,500 | 2,550,400 | ||
| Roanoke (City of), VA Industrial Development Authority (Carilion Clinic Obligated Group); Series 2005, RB(g)(h) | 5.00% | 07/01/2020 | 35 | 35,776 | ||
| Roanoke (City of), VA Industrial Development Authority (Carilion Health System); Series 2005 B, RB (INS -AGM)(b) | 5.00% | 07/01/2038 | 2,365 | 2,406,056 | ||
| Virginia (State of) Small Business Financing Authority (Elizabeth River Crossings Opco, LLC); | ||||||
| Series 2012, RB(f) | 6.00% | 01/01/2037 | 700 | 773,535 | ||
| Series 2012, RB(f) | 5.50% | 01/01/2042 | 3,355 | 3,645,006 | ||
| Virginia (State of) Small Business Financing Authority (Express Lanes, LLC); | ||||||
| Series 2012, RB(f) | 5.00% | 07/01/2034 | 3,645 | 3,888,705 | ||
| Series 2012, RB(f) | 5.00% | 01/01/2040 | 1,810 | 1,925,279 | ||
| Virginia (State of) Small Business Financing Authority (Transform 66 P3); Series 2017, RB(f) | 5.00% | 12/31/2056 | 3,310 | 3,769,957 | ||
| 20,992,063 | ||||||
| Washington–3.07% | ||||||
| Kalispel Tribe of Indians; Series 2018 A, RB(d) | 5.00% | 01/01/2032 | 1,350 | 1,539,257 | ||
| Seattle (Port of), WA; | ||||||
| Series 2012 A, Ref. RB | 5.00% | 08/01/2032 | 2,500 | 2,726,125 | ||
| Series 2019, RB(f) | 5.00% | 04/01/2044 | 1,545 | 1,851,420 | ||
| Washington (State of); | ||||||
| Series 2004 F, GO Bonds (INS -AMBAC)(b)(e) | 0.00% | 12/01/2029 | 5,100 | 4,201,431 | ||
| Series 2019 A, GO Bonds(c) | 5.00% | 08/01/2042 | 1,850 | 2,265,751 | ||
| Washington (State of) Convention Center Public Facilities District; | ||||||
| Series 2018, RB | 5.00% | 07/01/2043 | 1,160 | 1,396,930 | ||
| Series 2018, RB(c) | 5.00% | 07/01/2048 | 4,140 | 4,949,039 | ||
| Series 2018, RB | 5.00% | 07/01/2048 | 830 | 978,138 | ||
| Washington (State of) Health Care Facilities Authority; Series 2019 A-2, Ref. RB(d) | 11.55% | 08/01/2044 | 1,210 | 1,856,999 | ||
| Washington (State of) Tobacco Settlement Authority; Series 2013, Ref. RB | 5.25% | 06/01/2031 | 1,900 | 1,931,901 | ||
| 23,696,991 | ||||||
| West Virginia–0.54% | ||||||
| West Virginia (State of) Economic Development Authority (Appalachian Power Co. - Amos); Series 2010 A, Ref. RB | 5.38% | 12/01/2038 | 4,000 | 4,135,920 | ||
| Wisconsin–2.88% | ||||||
| Public Finance Authority (American Dream at Meadowlands); | ||||||
| Series 2017, RB(d) | 6.75% | 08/01/2031 | 900 | 1,072,161 | ||
| Series 2017, RB(d) | 6.75% | 12/01/2042 | 2,100 | 2,483,943 | ||
| Public Finance Authority (KU Campus Development Corp.); Series 2016, RB(c) | 5.00% | 03/01/2046 | 3,420 | 3,909,505 | ||
| Public Finance Authority (Mallard Creek Stem Academy); Series 2019 A, RB(d) | 5.13% | 06/15/2039 | 650 | 667,212 | ||
| Wisconsin (State of) Health & Educational Facilities Authority (Mercy Alliance); Series 2012, RB | 5.00% | 06/01/2039 | 5,000 | 5,302,250 | ||
See accompanying notes which are an integral part of this schedule.
Invesco Value Municipal Income Trust
| Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
| Wisconsin–(continued) | ||||||
| Wisconsin (State of) Health & Educational Facilities Authority (Mile Bluff Medical Center, Inc.); Series 2014, RB | 5.50% | 05/01/2034 | $ 2,000 | $ 2,161,140 | ||
| Wisconsin (State of) Public Finance Authority (Maryland Proton Treatment Center); Series 2018 A-1, RB(d) | 6.38% | 01/01/2048 | 640 | 666,310 | ||
| Wisconsin (State of) Public Finance Authority (Prime Healthcare Foundation, Inc.); | ||||||
| Series 2018 A, RB | 5.20% | 12/01/2037 | 1,655 | 1,936,830 | ||
| Series 2018 A, RB | 5.35% | 12/01/2045 | 1,655 | 1,931,799 | ||
| Wisconsin (State of) Public Finance Authority (Roseman University of Health Sciences); | ||||||
| Series 2012, RB | 5.50% | 04/01/2032 | 1,155 | 1,217,266 | ||
| Series 2015, Ref. RB | 5.75% | 04/01/2035 | 815 | 913,477 | ||
| 22,261,893 | ||||||
| Wyoming–0.31% | ||||||
| Wyoming (State of) Municipal Power Agency; Series 2017 A, Ref. RB (INS -BAM)(b)(c) | 5.00% | 01/01/2047 | 2,060 | 2,400,044 | ||
| TOTAL INVESTMENTS IN SECURITIES(n)–159.18% (Cost $1,120,620,276) | 1,229,319,935 | |||||
| FLOATING RATE NOTE OBLIGATIONS–(29.26)% | ||||||
| Notes with interest and fee rates ranging from 1.58% to 2.02% at 11/30/2019 and contractual maturities of collateral ranging from 09/01/2022 to 04/01/2056(o) | (225,995,000) | |||||
| VARIABLE RATE MUNI TERM PREFERRED SHARES–(30.18)% | (233,073,995) | |||||
| OTHER ASSETS LESS LIABILITIES–0.26% | 2,045,992 | |||||
| NET ASSETS APPLICABLE TO COMMON SHARES–100.00% | $772,296,932 | |||||
Investment Abbreviations:
| AGC | – Assured Guaranty Corp. |
| AGM | – Assured Guaranty Municipal Corp. |
| AMBAC | – American Municipal Bond Assurance Corp. |
| BAM | – Build America Mutual Assurance Co. |
| BHAC | – Berkshire Hathaway Assurance Corp. |
| COP | – Certificates of Participation |
| GO | – General Obligation |
| IDR | – Industrial Development Revenue Bonds |
| INS | – Insurer |
| NATL | – National Public Finance Guarantee Corp. |
| PCR | – Pollution Control Revenue Bonds |
| RB | – Revenue Bonds |
| Ref. | – Refunding |
| RN | – Revenue Notes |
| SIFMA | – Securities Industry and Financial Markets Association |
| VRD | – Variable Rate Demand |
| Wts. | – Warrants |
See accompanying notes which are an integral part of this schedule.
Invesco Value Municipal Income Trust
Notes to Schedule of Investments:
| (a) | Calculated as a percentage of net assets. Amounts in excess of 100% are due to the Trust’s use of leverage. |
| (b) | Principal and/or interest payments are secured by the bond insurance company listed. |
| (c) | Underlying security related to TOB Trusts entered into by the Trust. |
| (d) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at November 30, 2019 was $43,542,248, which represented 5.64% of the Trust’s Net Assets. |
| (e) | Zero coupon bond issued at a discount. |
| (f) | Security subject to the alternative minimum tax. |
| (g) | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
| (h) | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. |
| (i) | Convertible capital appreciation bond. The interest rate shown represents the coupon rate at which the bond will accrue at a specified future date. |
| (j) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on November 30, 2019. |
| (k) | 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 $11,076,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the TOB Trusts. |
| (l) | Security subject to crossover refunding. |
| (m) | 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 November 30, 2019. |
| (n) | 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. | 6.84% |
| (o) | Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at November 30, 2019. At November 30, 2019, the Trust’s investments with a value of $344,536,843 are held by TOB Trusts and serve as collateral for the $225,995,000 in the floating rate note obligations outstanding at that date. |
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Invesco Value Municipal Income Trust
Notes to Quarterly Schedule of Portfolio Holdings
November 30, 2019
(Unaudited)
NOTE 1—Additional Valuation Information
Generally Accepted Accounting Principles ("GAAP") defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 — Prices are determined using quoted prices in an active market for identical assets.
Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Trust’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
As of November 30, 2019, all of the securities in this Trust were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
Invesco Value Municipal Income Trust