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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY

Investment Company Act file number 811-06053

Invesco Value Municipal Bond Trust

(Exact name of registrant as specified in charter)

1555 Peachtree Street, N.E., Atlanta, Georgia 30309
(Address of principal executive offices) (Zip code)

Philip A. Taylor 1555 Peachtree Street, N.E., Atlanta, Georgia 30309
(Name and address of agent for service)

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

Date of fiscal year end: 2/28

Date of reporting period: 11/30/11

Item 1. Schedule of Investments.

Invesco Value Municipal Bond Trust

Effective January 23, 2012, Invesco Insured Municipal Bond
Trust was renamed Invesco Value Municipal Bond Trust.

Quarterly Schedule of Portfolio Holdings
November 30, 2011

invesco.com/us	MS-CE-IMB-QTR-1   11/11	Invesco Advisers, Inc.

Schedule of Investments
November 30, 2011
(Unaudited)

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Municipal Obligations—149.07%
Alabama—2.18%
Birmingham (City of) Airport Authority; Series 2010, RB (INS-AGM) (a)		5.25	%		07/01/30	$	300	$	313,800
Birmingham (City of) Water Works Board; Series 2011, Water RB (INS-AGM) (a)		5.00	%		01/01/36		730		763,879
Chatom (Town of) Industrial Development Board (PowerSouth Energy Cooperative); Series 2010 A, Ref. Gulf Opportunity Zone RB (INS-AGC) (a)		5.00	%		08/01/37		175		183,197
									1,260,876
Alaska—2.95%
Alaska (State of) Industrial Development & Export Authority (Providence Health Services); Series 2011 A, RB		5.50	%		10/01/41		330		349,381
Alaska (State of) Industrial Development & Export Authority (Snettisham Hydroelectric); Series 1998, Power RB (INS-AMBAC) (a)(b)		5.00	%		01/01/27		1,400		1,353,856
									1,703,237
Arizona—1.18%
Arizona (State of) Health Facilities Authority (Catholic Healthcare West); Series 2011 B-2, RB (INS-AGM)		5.00	%		03/01/41		175		173,789
Arizona (State of); Series 2008 A, COP (INS-AGM) (a)		5.00	%		09/01/26		290		305,312
Glendale (City of) Industrial Development Authority (Midwestern University);
Series 2010, RB		5.00	%		05/15/35		100		100,169
Series 2010, RB		5.13	%		05/15/40		100		100,270
									679,540
California—27.57%
Alhambra Unified School District (Election of 2004); Series 2009 B, Unlimited Tax CAB GO Bonds (INS-AGC) (a)(c)		0.00	%		08/01/36		485		102,888
Alvord Unified School District (Election of 2007); Series 2008 A, Unlimited Tax GO Bonds (INS-AGM) (a)		5.00	%		08/01/24		220		238,187
Anaheim (City of) Public Financing Authority (Electric System Distribution Facilities); Series 2007 A, RB (INS-NATL) (a)		4.50	%		10/01/37		1,500		1,450,290
Beverly Hills Unified School District (Election of 2008);
Series 2009, Unlimited Tax CAB GO Bonds (c)		0.00	%		08/01/26		215		109,936
Series 2009, Unlimited Tax CAB GO Bonds (c)		0.00	%		08/01/31		420		153,157
California (State of) Department of Water Resources; Series 2008 H, Power Supply RB (INS-AGM) (a)		5.00	%		05/01/22		550		621,632
California (State of) Health Facilities Financing Authority (Scripps Health); Series 2010 A, RB		5.00	%		11/15/36		400		403,520
California (State of) Statewide Communities Development Authority (Cottage Health System Obligated Group); Series 2010, RB		5.00	%		11/01/40		200		199,840
Clovis Unified School District (Election of 2004); Series 2004 A, Unlimited Tax CAB GO Bonds (INS-NATL) (a)(c)		0.00	%		08/01/29		105		38,266
Dry Creek Joint Elementary School District (Election of 2008); Series 2009 E, Unlimited Tax CAB GO Bonds (c)		0.00	%		08/01/43		2,120		261,778
East Bay Municipal Utility District; Series 2010 A, Ref. Sub. Water System RB		5.00	%		06/01/36		375		399,994
Eastern Municipal Water District; Series 2006 A, Water & Sewer Revenue COP (INS-NATL) (a)		5.00	%		07/01/32		1,000		1,027,770
El Segundo Unified School District (Election of 2008);
Series 2009 A, Unlimited Tax CAB GO Bonds (c)		0.00	%		08/01/31		120		36,628
Series 2009 A, Unlimited Tax CAB GO Bonds (c)		0.00	%		08/01/32		460		131,394
Los Angeles (City of) Department of Airports (Los Angeles International Airport); Series 2010 B, Sub. RB		5.00	%		05/15/40		200		207,180
Los Angeles (City of) Department of Water & Power; Series 2004 C, Water System RB (INS-NATL) (a)(d)		5.00	%		07/01/25		1,000		1,083,260
Los Angeles Unified School District (Election of 2004); Series 2006 F, Unlimited Tax GO Bonds (INS-FGIC) (a)		5.00	%		07/01/30		1,000		1,036,610
Menifee Union School District (Election of 2008); Series 2009 C, Unlimited Tax CAB GO Bonds (INS-AGC) (a)(c)		0.00	%		08/01/35		300		66,081

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

Invesco Insured Municipal Bond Trust

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
California—(continued)
Oakland (City of) Joint Powers Financing Authority (Oakland Administration Buildings); Series 2008 B, Ref. Lease RB (INS-AGC) (a)		5.00	%		08/01/23	$	250	$	264,195
Oakland (Port of);
Series 2002 L, RB (b)(e)(f)		5.00	%		11/01/12		55		57,297
Series 2002 L, RB (INS-NATL) (a)(b)		5.00	%		11/01/21		445		449,690
Patterson Joint Unified School District (Election of 2008); Series 2009 B, Unlimited Tax CAB GO Bonds (INS-AGM) (a)(c)		0.00	%		08/01/37		1,785		341,720
Poway Unified School District (Election of 2008 - School Facilities Improvement District No. 2007-1);
Series 2009 A, Unlimited Tax CAB GO Bonds (c)		0.00	%		08/01/28		705		269,402
Series 2009 A, Unlimited Tax CAB GO Bonds (c)		0.00	%		08/01/31		760		231,975
Regents of the University of California;
Series 2007 J, General RB (INS-AGM) (a)(d)		4.50	%		05/15/31		2,205		2,183,810
Series 2007 J, General RB (INS-AGM) (a)(d)		4.50	%		05/15/35		1,795		1,723,308
Sacramento (County of) Sanitation Districts Financing Authority; Series 2006, RB (INS-NATL) (a)		5.00	%		12/01/28		1,000		1,061,260
San Francisco (City & County of) (Laguna Honda Hospital); Series 2008 R3, Ref. Unlimited Tax GO Bonds (INS-AGC) (a)(d)		5.00	%		06/15/28		1,000		1,046,990
Twin Rivers Unified School District (School Facility Bridge Funding Program); Series 2007, COP (INS-AGM) (a)(f)(g)		3.50	%		05/31/13		400		400,348
Yosemite Community College District (Election of 2004); Series 2008, Unlimited Tax CAB GO Bonds (INS-AGM) (a)(c)		0.00	%		08/01/22		525		322,927
									15,921,333
Colorado—2.04%
Colorado (State of) Regional Transportation District (Denver Transit Partners Eagle P3); Series 2010, Private Activity RB		6.00	%		01/15/41		250		254,353
Denver (City of) Convention Center Hotel Authority; Series 2006, Ref. Sr. RB (INS-SGI) (a)		5.00	%		12/01/30		1,000		921,580
									1,175,933
Connecticut—0.51%
Connecticut (State of) Health & Educational Facilities Authority (Quinnipiac University Health & Education); Series 2007 K-1, RB (INS-NATL) (a)		5.00	%		07/01/24		275		295,719
District of Columbia—5.00%
District of Columbia Water & Sewer Authority; Series 2008 A, Ref. Public Utility Sub. Lien RB (INS-AGC) (a)		5.00	%		10/01/28		245		265,225
District of Columbia;
Series 2006 B-1, Ballpark RB (INS-NATL) (a)		5.00	%		02/01/31		1,000		980,000
Series 2008 E, Unlimited Tax GO Bonds (INS-BHAC) (a)(d)		5.00	%		06/01/26		260		281,328
Series 2008 E, Unlimited Tax GO Bonds (INS-BHAC) (a)(d)		5.00	%		06/01/27		260		279,609
Series 2008 E, Unlimited Tax GO Bonds (INS-BHAC) (a)(d)		5.00	%		06/01/28		520		556,119
Series 2009 A, Sec. Income Tax RB (d)		5.25	%		12/01/27		460		523,158
									2,885,439
Florida—18.70%
Broward (County of) Educational Facilities Authority (Nova Southeastern University); Series 2006, RB (INS-AGC) (a)		5.00	%		04/01/31		1,000		1,012,950
Broward (County of) School Board; Series 2001 A, COP (INS-AGM) (a)		5.00	%		07/01/26		2,000		2,008,240
Cape Coral (City of);
Series 2011, Ref. Water & Sewer RB (INS-AGM) (a)		5.00	%		10/01/41		350		357,756
Series 2011 A, Ref. Water & Sewer RB (INS-AGM) (a)		5.00	%		10/01/31		400		410,448
Citizens Property Insurance Corp.; Series 2010 A-1, Sr. Sec. High Risk Account RB		5.00	%		06/01/14		500		533,610
Jacksonville (City of); Series 2003 C, Ref. Excise Taxes RB (INS-NATL) (a)(b)		5.25	%		10/01/19		1,500		1,581,150
Miami Beach (City of); Series 2000, Water & Sewer RB (INS-AMBAC) (a)		5.75	%		09/01/25		865		872,448
Miami-Dade (County of) Educational Facilities Authority (University of Miami); Series 2008 A, RB (INS-BHAC) (a)		5.50	%		04/01/38		400		417,252
Miami-Dade (County of) Expressway Authority; Series 2010 A, Ref. Toll System RB (INS-AGM) (a)		5.00	%		07/01/35		300		310,035

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

Invesco Insured Municipal Bond Trust

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Florida—(continued)
Miami-Dade (County of);
Series 2005 A, Sub. Special Obligation Conv. CAB RB (INS-NATL) (a)(c)		0.00	%		10/01/30	$	1,000	$	865,530
Series 2010, Water & Sewer System RB (INS-AGM) (a)		5.00	%		10/01/39		400		415,756
Mid-Bay Bridge Authority; Series 2008 A, Ref. RB (INS-AGC) (a)		5.00	%		10/01/27		280		284,435
Palm Beach (County of) Solid Waste Authority;
Series 2009, Improvement RB (INS-BHAC) (a)		5.50	%		10/01/23		350		418,103
Series 2011, Ref. RB		5.00	%		10/01/31		270		286,238
Port St. Lucie (City of); Series 2009, Ref. Utility System RB (INS-AGC) (a)		5.00	%		09/01/29		500		525,525
Tampa (City of) Sports Authority; Series 2005, Ref. Sales Tax RB (INS-AGM) (a)		5.00	%		01/01/26		480		502,953
									10,802,429
Georgia—1.91%
Atlanta (City of); Series 2010 A, General Airport RB (INS-AGM) (a)		5.00	%		01/01/35		800		830,400
Metropolitan Atlanta Rapid Transit Authority; Series 2007 B, Ref. Third Indenture Sales Tax RB (INS-AGM) (a)		5.00	%		07/01/34		265		273,782
									1,104,182
Idaho—1.62%
Idaho (State of) Health Facilities Authority (St. Luke’s Regional Medical Center); Series 2005, RB (INS-AGM) (a)		5.00	%		07/01/35		425		436,475
Idaho (State of) Housing & Finance Association (Federal Highway Trust Fund); Series 2008 A, Grant & RAB (INS-AGC) (a)		5.25	%		07/15/25		455		500,996
									937,471
Illinois—13.57%
Chicago (City of) (O’Hare International Airport); Series 2001 A, Second Lien Passenger Facility Charge RB (INS-AMBAC) (a)(b)		5.38	%		01/01/32		2,000		2,000,020
Chicago (City of) Park District (Harbor Facilities Revenues Alternate Revenue Source); Series 2003 C, Ref. Unlimited Tax GO Bonds (INS-AMBAC) (a)		5.00	%		01/01/24		1,500		1,552,440
Chicago (City of) Transit Authority (FTA Section 5309 Fixed Guideway Modernization Formula Funds); Series 2008, Capital Grant Receipts RB (INS-AGC) (a)		5.25	%		06/01/25		295		311,178
Chicago (City of) Transit Authority; Series 2011, Sales Tax Receipts RB		5.25	%		12/01/36		390		406,173
Chicago (City of); Series 2007 A, Ref. Unlimited Tax GO Bonds (INS-AGM) (a)(d)(h)		5.00	%		01/01/37		1,350		1,347,070
DeKalb County Community Unit School District No. 428; Series 2008, School Unlimited Tax GO Bonds (INS-AGM) (a)		5.00	%		01/01/24		210		228,507
Illinois (State of) Finance Authority (Northwestern Memorial Hospital); Series 2009 B, RB		5.75	%		08/15/30		365		393,550
Illinois (State of) Finance Authority (Swedish American Hospital); Series 2004, RB (INS-AMBAC) (a)		5.00	%		11/15/31		1,000		930,120
Illinois (State of) Finance Authority (Swedish Covenant Hospital); Series 2010 A, Ref. RB		5.75	%		08/15/29		300		305,766
Railsplitter Tobacco Settlement Authority; Series 2010, RB		5.50	%		06/01/23		340		363,209
									7,838,033
Indiana—2.36%
Reid Hospital & Health Care Service Inc.; Series 2005 A, VRD Hospital Authority RB (INS-AGM) (a)(i)		0.11	%		01/01/40		1,365		1,365,000
Iowa—1.39%
Iowa (State of) (IJOBS Program);
Series 2009 A, Special Obligation RB (d)(h)		5.00	%		06/01/25		405		459,436
Series 2009 A, Special Obligation RB (d)(h)		5.00	%		06/01/26		305		342,552
									801,988
Kansas—0.70%
Kansas (State of) Development Finance Authority (Adventist Health System/Sunbelt Obligated Group); Series 2009 C, Hospital RB		5.50	%		11/15/29		140		152,944
Wyandotte (County of) & Kansas City (City of) Unified Government; Series 2009 A, Utility System Improvement RB (INS-BHAC) (a)		5.25	%		09/01/34		235		252,938
									405,882

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

Invesco Insured Municipal Bond Trust

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Kentucky—1.54%
Kentucky (Commonwealth of) State Property & Buildings Commission (No. 93); Series 2009, Ref. RB (INS-AGC) (a)		5.25	%		02/01/28	$	360	$	388,602
Louisville & Jefferson County Visitors & Convention Commission (International Convention Center); Series 2004 B, Ref. VRD Dedicated Tax RB (INS-AGM) (a)(i)		0.11	%		12/01/22		500		500,000
									888,602
Louisiana—0.73%
Lafayette (City of) Public Trust Financing Authority (Ragin’ Cajun Facilities, Inc. Housing & Parking); Series 2010, RB (INS-AGM) (a)		5.50	%		10/01/35		400		423,044
Massachusetts—3.70%
Massachusetts (State of) Development Finance Agency (Harvard University); Series 2009 A, RB (d)		5.50	%		11/15/36		1,435		1,614,074
Massachusetts (State of) Development Finance Agency (Massachusetts Institute of Technology); Series 2009 O, RB (d)		5.50	%		07/01/36		465		522,525
									2,136,599
Michigan—3.66%
Detroit (City of); Series 2006 C, Ref. Second Lien Water Supply System RB (INS-AGM) (a)		5.00	%		07/01/26		275		277,736
Wayne (Charter County of) (Detroit Metropolitan Wayne County Airport); Series 2002 D, Ref. Airport RB (INS-NATL) (a)(b)		5.50	%		12/01/17		1,500		1,530,900
Wayne State University Board of Governors; Series 2008, Ref. General RB (INS-AGM) (a)		5.00	%		11/15/29		290		303,601
									2,112,237
Minnesota—3.13%
Minneapolis & St. Paul (Cities of) Housing & Redevelopment Authority (Children’s Hospitals & Clinics of Minnesota); Series 2007 A, Health Care System VRD RB (INS-AGM) (a)(i)		0.20	%		08/15/37		800		800,000
Minneapolis (City of)(Fairview Health Services); Series 2005 D, Health Care System RB (INS-AMBAC) (a)		5.00	%		11/15/30		1,000		1,006,220
									1,806,220
Missouri—0.38%
Kansas City (City of) Industrial Development Authority (Downtown Redevelopment District);
Series 2011 A, Ref. RB		5.50	%		09/01/24		70		79,441
Series 2011 A, Ref. RB		5.50	%		09/01/25		125		139,636
									219,077
Montana—0.32%
Montana (State of) Facility Finance Authority (Benefits Health System Obligated Group); Series 2011 A, Hospital RB (INS-AGC) (a)		5.75	%		01/01/31		170		182,743
Nevada—1.86%
Nevada (State of); Series 2008 C, Capital Improvement & Cultural Affairs Limited Tax GO Bonds (INS-AGM) (a)(d)		5.00	%		06/01/26		1,000		1,077,220
New Jersey—1.90%
New Jersey (State of) Economic Development Authority (Provident Group-Montclair Properties LLC-Montclair State University Student Housing); Series 2010 A, RB		5.88	%		06/01/42		175		178,694
New Jersey (State of) Economic Development Authority; Subseries 2005 N-1, Ref. School Facilities Construction RB (INS-AMBAC) (a)		5.50	%		09/01/24		265		305,765
New Jersey (State of) Housing & Mortgage Finance Agency; Series 2000 CC, Home Buyer RB (INS-NATL) (a)(b)		5.88	%		10/01/31		30		30,023
New Jersey (State of) Transportation Trust Fund Authority; Series 2006 C, Transportation System CAB RB (INS-AGC) (a)(c)		0.00	%		12/15/26		1,290		583,454
									1,097,936

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

Invesco Insured Municipal Bond Trust

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
New York—13.38%
Long Island Power Authority;
Series 2004 A, Electrical System RB (INS-AMBAC) (a)		5.00	%		09/01/34	$	1,000	$	1,011,840
Series 2011 A, Electrical System General RB (INS-AGM) (a)		5.00	%		05/01/36		420		439,081
Metropolitan Transportation Authority;
Series 2002 B, RB (INS-NATL) (a)		5.50	%		07/01/20		2,000		2,049,640
Series 2010 D, RB		5.00	%		11/15/34		275		281,473
New York (City of) Industrial Development Agency (Yankee Stadium); Series 2006, PILOT RB (INS-FGIC) (a)		5.00	%		03/01/46		445		422,964
New York (State of) Dormitory Authority (Memorial Sloan-Kettering Cancer Center); Series 2003-1, RB (INS-NATL) (a)		5.00	%		07/01/24		2,000		2,101,700
New York (State of) Dormitory Authority (Mental Health Services Facilities); Series 2007 A, Improvement RB (INS-AGM) (a)		5.00	%		02/15/27		500		528,690
New York (State of) Dormitory Authority (The City of New York Issue); Series 2005 A, Court Facilities Lease RB (INS-AMBAC) (a)		5.50	%		05/15/28		400		464,712
New York (State of) Thruway Authority; Series 2011 A-1, Second General Highway & Bridge Trust Fund RB		5.00	%		04/01/29		390		428,501
									7,728,601
Ohio—5.15%
American Municipal Power-Ohio Inc. (Prairie State Energy Campus); Series 2008 A, RB (INS-AGC) (a)(d)		5.25	%		02/15/33		2,500		2,619,025
Ohio (State of) Higher Educational Facility Commission (Summa Health System); Series 2010, RB		5.75	%		11/15/35		175		176,685
Ohio (State of) Water Development Authority (FirstEnergy Nuclear Generation Corp.); Series 2009 A, Ref. PCR (f)(g)		5.88	%		06/01/16		160		179,269
									2,974,979
Pennsylvania—2.85%
Pennsylvania (State of) Economic Development Financing Authority (Waste Management, Inc.); Series 2004 A, Solid Waste Disposal RB (f)(g)		3.70	%		05/01/15		350		366,219
Philadelphia (City of); Series 2009 B, Limited Tax GO Bonds (INS-AGC) (a)		7.13	%		07/15/38		155		173,972
Philadelphia School District; Series 2008 E, Limited Tax GO Bonds (INS-BHAC) (a)		5.13	%		09/01/23		1,000		1,104,640
									1,644,831
Puerto Rico—0.71%
Puerto Rico Sales Tax Financing Corp.; First Sub-Series 2010 C, RB		5.25	%		08/01/41		400		408,488
South Carolina—2.99%
Piedmont Municipal Power Agency; Series 2011 C, Ref. Electric RB (INS-AGC) (a)		5.75	%		01/01/34		630		692,546
South Carolina (State of) Public Service Authority (Santee Cooper); Series 2006 A, RB (INS-NATL) (a)		5.00	%		01/01/36		1,000		1,032,940
									1,725,486
Tennessee—0.39%
Memphis Center City Revenue Finance Corp. (Pyramid & Pinch District Redevelopment); Series 2011 B, Sub. RB (INS-AGM) (a)		5.25	%		11/01/30		210		223,608
Texas—13.04%
Capital Area Cultural Education Facilities Finance Corp. (The Roman Catholic Diocese of Austin); Series 2005 B, RB		6.13	%		04/01/45		200		206,630
Dallas & Fort Worth (Cities of)(International Airport); Series 2001 A, Ref. Joint Improvement RB (INS-NATL) (a)(b)		5.50	%		11/01/31		1,630		1,630,342
Friendswood Independent School District; Series 2008, Schoolhouse Unlimited Tax GO Bonds (CEP-Texas Permanent School Fund)		5.00	%		02/15/27		175		190,391
Houston (City of); Series 2004 A, Ref. First Lien Combined Utility System RB (INS-NATL) (a)		5.25	%		05/15/23		500		542,240
Houston Community College System; Series 2008, Sr. Lien Student Fee RB (INS-AGM) (a)		5.00	%		04/15/25		275		300,083
Humble Independent School District; Series 2008 A, School Building Unlimited Tax GO Bonds (INS-AGC) (a)		5.00	%		02/15/26		285		313,244

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

Invesco Insured Municipal Bond Trust

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Texas—(continued)
North Texas Tollway Authority;
Series 2008 D, Ref. First Tier System CAB RB (INS-AGC) (a)(c)		0.00	%		01/01/28	$	1,500	$	629,130
Series 2008 D, Ref. First Tier System CAB RB (INS-AGC) (a)(c)		0.00	%		01/01/31		320		109,366
San Jacinto River Authority (Groundwater Reduction Plan Division);
Series 2011, Special Project RB (INS-AGM) (a)		5.00	%		10/01/32		200		209,016
Series 2011, Special Project RB (INS-AGM) (a)		5.00	%		10/01/37		210		217,770
Texas (State of) Turnpike Authority; Series 2002, First Tier CAB RB (INS-BHAC) (a)(c)		0.00	%		08/15/27		1,265		561,761
University of Houston System Board of Regents; Series 2008, Ref. Consolidated RB (INS-AGM) (a)(d)		5.00	%		02/15/33		2,500		2,618,575
									7,528,548
Utah—1.60%
Utah (State of) Transit Authority; Series 2008 A, Sales Tax RB (INS-AGM) (a)		5.00	%		06/15/36		880		924,255
Virginia—4.36%
Norfolk (City of); Series 1995, Water RB (INS-NATL) (a)		5.88	%		11/01/20		2,000		2,008,060
Roanoke (City of) Economic Development Authority (Carilion Clinic Obligated Group); Series 2010, Ref. Hospital RB		5.00	%		07/01/33		250		254,090
Roanoke (City of) Industrial Development Authority (Carilion Health System Obligated Group); Series 2005 B, Hospital RB (INS-AGM) (a)		5.00	%		07/01/38		250		254,268
									2,516,418
Washington—5.08%
Grant (County of) Public Utility District No. 2; Series 2005 A, Ref. Wanapum Hydro Electric RB (INS-NATL) (a)		5.00	%		01/01/34		950		962,274
Washington (State of);
Series 2004 F, Motor Vehicle Fuel Unlimited Tax CAB GO Bonds (INS-AMBAC) (a)(c)		0.00	%		12/01/29		800		364,016
Series 2010 A, Various Purpose Unlimited Tax GO Bonds (d)		5.00	%		08/01/29		705		789,396
Series 2010 A, Various Purpose Unlimited Tax GO Bonds (d)		5.00	%		08/01/30		740		820,623
									2,936,309
West Virginia—0.62%
West Virginia (State of) Economic Development Authority (Appalachian Power Co. — Amos); Series 2010 A, Ref. Solid Waste Disposal Facilities RB (f)(g)		5.38	%		12/01/20		350		359,548
TOTAL INVESTMENTS(j)—149.07% (Cost $83,168,812)									86,091,811
Floating Rate Note Obligations—(20.70)%
Notes with interest rates ranging from 0.14% to 0.26% at 11/30/11 and contractual maturities of collateral ranging from 06/01/25 to 01/01/37 (See Note 1E)(k)									(11,955,000	)
OTHER ASSETS LESS LIABILITIES—3.06%									1,767,563
PREFERRED SHARES—(31.43)%									(18,150,000	)
NET ASSETS APPLICABLE TO COMMON SHARES—100.00%								$	57,754,374

Investment Abbreviations:

AGC	— Assured Guaranty Corp.
AGM	— Assured Guaranty Municipal Corp.
AMBAC	— American Municipal Bond Assurance Corp.
BHAC	— Berkshire Hathaway Assurance Corp.
CAB	— Capital Appreciation Bonds
CEP	— Credit Enhancement Provider
Conv.	— Convertible
COP	— Certificates of Participation
FGIC	— Financial Guaranty Insurance Co.
FTA	— Federal Transit Administration
GO	— General Obligation
INS	— Insurer
NATL	— National Public Finance Guarantee Corp.
PCR	— Pollution Control Revenue Bonds
PILOT	— Payment-in-Lieu-of-Tax
RAB	— Revenue Anticipation Bonds
RB	— Revenue Bonds
Ref.	— Refunding
Sec.	— Secured
SGI	— Syncora Guarantee, Inc.
Sr.	— Senior
Sub.	— Subordinated
VRD	— Variable Rate Demand

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

Invesco Insured Municipal Bond Trust

Notes to Schedule of Investments:

(a)	Principal and/or interest payments are secured by the bond insurance company listed.
(b)	Security subject to the alternative minimum tax.
(c)	Zero coupon bond issued at a discount.
(d)	Underlying security related to Dealer Trusts entered into by the Trust. See Note 1E.
(e)	Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.
(f)	Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
(g)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on November 30, 2011.
(h)	Security is subject to a shortfall agreement which may require the Trust to pay amounts to a counterparty in the event of a significant decline in the market value of the security underlying the Dealer Trusts. In case of a shortfall, the maximum potential amount of payments the Fund could ultimately be required to make under the agreement is $1,375,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the Dealer Trusts.
(i)	Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on November 30, 2011.
(j)	This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations.

Entities	Percentage
Assured Guaranty Municipal Corp.		29.0	%
National Public Finance Guarantee Corp.		24.1
Assured Guaranty Corp.		11.9
American Municipal Bond Assurance Corp.		11.5

^(k) Floating rate note obligations related to securities held. The interest rates shown reflect the rates in effect at November 30, 2011. At November 30, 2011, the Trust’s investments with a value of $19,888,079 are held by Dealer Trusts and serve as collateral for the $11,955,000 in the floating rate note obligations outstanding at that date.

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

Invesco Insured Municipal Bond Trust

Notes to Quarterly Schedule of Portfolio Holdings
November 30, 2011
(Unaudited)

NOTE 1 — Significant Accounting Policies

A. Security Valuations — Securities, including restricted securities, are valued according to the following policy.

     Securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices and may reflect appropriate factors such as institution-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Debt securities are subject to interest rate and credit risks. In addition, all debt securities involve some risk of default with respect to interest and principal payments.

     Securities for which market quotations either are not readily available or are unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.

     Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes.

     The Trust may periodically participate in litigation related to Trust investments. As such, the Trust may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

     Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Trust’s net asset value and, accordingly, they reduce the Trust’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Trust and the investment adviser.

C. Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

Invesco Insured Municipal Bond Trust

D. Other Risks — The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located.

     Since, many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and a Trust’s investments in municipal securities.

     There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.

E. Floating Rate Note Obligations — The Trust invests in inverse floating rate securities, such as Residual Interest Bonds (“RIBs”) or Tender Option Bonds (“TOBs”) for investment purposes and to enhance the yield of the Trust. Inverse floating rate investments tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable. Such transactions may be purchased in the secondary market without first owning the underlying bond or by the sale of fixed rate bonds by the Trust to special purpose trusts established by a broker dealer (“Dealer Trusts”) in exchange for cash and residual interests in the Dealer Trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The Dealer Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Trust to retain residual interest in the bonds. The floating rate notes issued by the Dealer Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the Dealer Trusts for redemption at par at each reset date. The residual interests held by the Trust (inverse floating rate investments) include the right of the Trust (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the Dealer Trusts to the Trust, thereby collapsing the Dealer Trusts.

     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 or are otherwise not readily marketable. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Trust or less than what may be considered the fair value of such securities.

     The Trust accounts for the transfer of bonds to the Dealer Trusts as secured borrowings, with the securities transferred remaining in the Trust’s investment assets, and the related floating rate notes reflected as Trust liabilities under the caption Floating rate note obligations on the Statement of Assets and Liabilities. The Trust records the interest income from the fixed rate bonds under the caption Interest and records the expenses related to floating rate obligations and any administrative expenses of the Dealer Trusts a component of Interest, facilities and maintenance fees on the Statement of Operations.

     The Trust generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Trust to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and the changes in the value of such securities in response to changes in market rates of interest to a greater extent than the value of an equal principal amount of a fixed rate security having similar credit quality, redemption provisions and maturity which may cause the Trust’s net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain instances, the short-term floating rate interests created by the special purpose trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such interests for repayment of principal, may not be able to be remarketed to third parties. In such cases, the special purpose trust holding the long-term fixed rate bonds may be collapsed. In the case of RIBs or TOBs created by the contribution of long-term fixed income bonds by the Trust, the Trust will then be required to repay the principal amount of the tendered securities. During times of market volatility, illiquidity or uncertainty, the Trust could be required to sell other portfolio holdings at a disadvantageous time to raise cash to meet that obligation.

Invesco Insured Municipal Bond Trust

NOTE 2 — Additional Valuation Information

Generally Accepted Accounting Principles (“GAAP”) defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3) generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

      Level 1 — Prices are determined using quoted prices in an active market for identical assets.

      Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

      Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Trust’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

     The following is a summary of the tiered valuation input levels, as of November 30, 2011. 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.

     During the nine months ended November 30, 2011, there were no significant transfers between investment levels.

	Level 1		Level 2		Level 3		Total
Municipal Obligations	$	—	$	86,091,811	$	—	$	86,091,811

NOTE 3 — Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Trust during the nine months ended November 30, 2011 was $6,108,499 and $7,671,855, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed Federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	3,271,340
Aggregate unrealized (depreciation) of investment securities		(304,982	)
Net unrealized appreciation of investment securities	$	2,966,358

Cost of investments for tax purposes is $83,125,453.

Invesco Insured Municipal Bond Trust

Item 2. Controls and Procedures.

(a)

As of December 15, 2011, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (“Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of December 15, 2011, the Registrant’s disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

(b)

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

Item 3. Exhibits.

Certifications of PEO and PFO as required by Rule 30a-2(a) under the Investment Company Act of 1940.

SIGNATURES

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

Registrant: Invesco Value Municipal Bond Trust

By:	/s/ Philip A. Taylor Philip A. Taylor
	Principal Executive Officer
Date:	January 27, 2012

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

By:	/s/ Philip A. Taylor Philip A. Taylor
	Principal Executive Officer
Date:	January 27, 2012

By:	/s/ Sheri Morris Sheri Morris Principal Financial Officer
Date:	January 27, 2012

EXHIBIT INDEX

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

EX-99.CERT

I, Philip A. Taylor, Principal Executive Officer, certify that:

1. I have reviewed this report on Form N-Q of Invesco Value Municipal Bond Trust;

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

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

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

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

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

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

(d) Disclosed in this report any change in this registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

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

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

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

Date: January 27, 2012 /s/ Philip A. Taylor
Philip A. Taylor, Principal Executive Officer

I, Sheri Morris, Principal Financial Officer, certify that:

1. I have reviewed this report on Form N-Q of Invesco Value Municipal Bond Trust;

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

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

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

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

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

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

(d) Disclosed in this report any change in this registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

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

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

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

Date: January 27, 2012 /s/ Sheri Morris
Sheri Morris, Principal Financial Officer