N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N‑CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811‑06590

Invesco Value Municipal Income Trust

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

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

(Name and address of agent for service)

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

Date of fiscal year end: 2/28

Date of reporting period: 8/31/2023

ITEM 1. REPORTS TO STOCKHOLDERS.

(a) The Registrant’s semi-annual report transmitted to shareholders pursuant to Rule 30e‑1 under the Investment Company Act of 1940 is as follows:

Semiannual Report to Shareholders	August 31, 2023
Invesco Value Municipal Income Trust
NYSE: IIM

2	Trust Performance
2	Share Repurchase Program Notice
3	Dividend Reinvestment Plan
4	Schedule of Investments
20	Financial Statements
24	Financial Highlights
25	Notes to Financial Statements
30	Approval of Investment Advisory and Sub‑Advisory Contracts
32	Proxy Results

Unless otherwise noted, all data is provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Trust Performance

Performance summary
Cumulative total returns, 2/28/23 to 8/31/23
Trust at NAV	1.42%
Trust at Market Value	-3.11
S&P Municipal Bond Index▼ (Broad Market Index)	1.22
S&P Municipal Bond 5+ Year Investment Grade Index▼ (Style-Specific Index)	1.08
Lipper Closed‑End General and Insured Municipal Leveraged Debt Funds Index∎ (Peer Group Index)	1.16
Market Price Discount to NAV as of 8/31/23	-11.44
Source(s): ▼RIMES Technologies Corp.; ∎Lipper Inc.
The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Investment return, net asset value (NAV) and common share market price will fluctuate so that you may have a gain or loss when you sell shares. Please visit invesco.com/us for the most recent month‑end performance. Performance figures reflect Trust expenses, the reinvestment of distributions (if any) and changes in NAV for performance based on NAV and changes in market price for performance based on market price.  Since the Trust is a closed‑end management investment company, shares of the Trust may trade at a discount or premium from the NAV. This characteristic is separate and distinct from the risk that NAV could decrease as a result of investment activities and may be a greater risk to investors expecting to sell their shares after a short time. The Trust cannot predict whether shares will trade at, above or below NAV. The Trust should not be viewed as a vehicle for trading purposes. It is designed primarily for risk-tolerant long-term investors.  The S&P Municipal Bond Index is a broad, market value-weighted index that seeks to measure the performance of the US municipal bond market.  The S&P Municipal Bond 5+ Year Investment Grade Index seeks to measure the performance of investment-grade US municipal bonds with maturities equal to or greater than five years.  The Lipper Closed‑End General and Insured Municipal Leveraged Debt Funds Index is an unmanaged index considered representative of closed‑end general and insured leveraged municipal debt funds tracked by Lipper.  The Trust is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Trust may deviate significantly from the performance of the index(es).  A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

Important Notice Regarding Share Repurchase Program

In September 2023, the Board of Trustees of the Trust approved a share repurchase program that allows the Trust to repurchase up to 25% of the 20‑day average trading volume

of the Trust’s common shares when the Trust is trading at a 10% or greater discount to its net asset value. The Trust will repurchase

shares pursuant to this program if the Adviser reasonably believes that such repurchases may enhance shareholder value.

Portfolio Manager Update

The following individuals are jointly and primarily responsible for the day‑to‑day management of Invesco Advantage Municipal Income Trust II, Invesco Municipal Opportunity Trust, Invesco Municipal Trust, Invesco Quality Mu-

nicipal Income Trust, Invesco Trust for Investment Grade Municipals and Invesco Value Municipal Income Trust’s portfolio:

∎ Mark Paris

∎ Jack Connelly

∎ Joshua Cooney

∎ Tim O’Reilly

∎ John Schorle

∎ Rebecca Setcavage

∎ Julius Williams

2 Invesco Value Municipal Income Trust

Dividend Reinvestment Plan

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

Plan benefits

∎ Add to your account:

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

∎ Low transaction costs:

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

∎ Convenience:

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

∎ Safekeeping:

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

Who can participate in the Plan

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

How to enroll

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

How the Plan works

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

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

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

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

Costs of the Plan

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

Tax implications

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

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

How to withdraw from the Plan

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

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

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

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

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

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

3 Invesco Value Municipal Income Trust

Schedule of Investments

August 31, 2023

(Unaudited)

	Interest Rate			Maturity Date		Principal Amount (000)		Value
Municipal Obligations–152.28%(a)
Alabama–1.16%
Birmingham (City of), AL Special Care Facilities Financing Authority (Methodist Home for the Aging);
Series 2016, RB		5.25	%		06/01/2025	$	270	$	265,762
Series 2016, RB		5.75	%		06/01/2045		20		16,778
Black Belt Energy Gas District (Gas); Series 2023 D‑1, Ref. RB(b)		5.50	%		02/01/2029		840		876,727
Black Belt Energy Gas District (The) (No. 8); Series 2022 A, RB(b)		4.00	%		12/01/2029		1,420		1,363,913
Lower Alabama Gas District (The); Series 2016 A, RB		5.00	%		09/01/2046		920		941,182
Southeast Energy Authority A Cooperative District (No. 2); Series 2021 B, RB(b)		4.00	%		12/01/2031		1,480		1,411,227
Southeast Energy Authority A Cooperative District (No. 3); Series 2022 A‑1, RB(b)		5.50	%		12/01/2029		1,405		1,473,832
Tuscaloosa (County of), AL Industrial Development Authority (Hunt Refining); Series 2019 A, Ref. IDR(c)		5.25	%		05/01/2044		860		781,294
									7,130,715
Alaska–0.06%
Northern Tobacco Securitization Corp.; Series 2021 A‑1, Ref. RB		4.00	%		06/01/2050		420		371,399
Arizona–1.75%
Arizona (State of) Industrial Development Authority (Leman Academy of Excellence); Series 2019 A, RB(c)		5.00	%		07/01/2039		1,195		1,119,112
Arizona (State of) Industrial Development Authority (Master Academy of Nevada - Bonanza Campus); Series 2020 A, RB(c)		5.00	%		12/15/2040		250		237,221
Glendale (City of), AZ Industrial Development Authority (The Beatitudes Campus);
Series 2017, Ref. RB		5.00	%		11/15/2032		1,280		1,200,761
Series 2017, Ref. RB		5.00	%		11/15/2045		980		788,841
La Paz (County of), AZ Industrial Development Authority (Charter School Solutions- Harmony Public Schools); Series 2018 A, RB		5.00	%		02/15/2048		700		648,820
Maricopa (County of), AZ Industrial Development Authority (Legacy Traditional Schools);
Series 2019, Ref. RB(c)		5.00	%		07/01/2054		550		473,108
Series 2021, RB(c)		4.00	%		07/01/2051		875		643,345
Phoenix (City of), AZ Industrial Development Authority (Legacy Traditional Schools); Series 2014 A, RB(c)		6.50	%		07/01/2034		435		441,199
Pima (County of), AZ Industrial Development Authority (American Leadership Academy); Series 2019, Ref. RB(c)		5.00	%		06/15/2052		360		315,805
Pima (County of), AZ Industrial Development Authority (Grande Innovations Academy); Series 2018, RB(c)		5.25	%		07/01/2048		1,175		1,048,008
Pima (County of), AZ Industrial Development Authority (Tucson Medical Center); Series 2021, Ref. RB		3.00	%		04/01/2051		1,055		705,397
Yuma (City of), AZ Industrial Development Authority (Regional Medical Center);
Series 2014 A, RB		5.00	%		08/01/2032		1,050		1,057,925
Series 2014 A, RB		5.25	%		08/01/2032		2,000		2,024,650
									10,704,192
California–21.44%
Alhambra Unified School District (Election of 2004);
Series 2009 B, GO Bonds (INS - AGC)(d)(e)		0.00	%		08/01/2035		3,010		1,919,428
Series 2009 B, GO Bonds (INS - AGC)(d)(e)		0.00	%		08/01/2036		2,675		1,613,324
Bay Area Toll Authority (San Francisco Bay Area); Series 2023 F‑2, RB(f)		4.13	%		04/01/2054		5,000		4,952,324
Beverly Hills Unified School District (Election of 2008);
Series 2009, GO Bonds(e)		0.00	%		08/01/2026		2,720		2,469,248
Series 2009, GO Bonds(e)		0.00	%		08/01/2031		5,270		4,006,944
California (State of); Series 2020, GO Bonds (INS - BAM)(d)		3.00	%		11/01/2050		1,680		1,310,821
California (State of) Community Housing Agency (Annadel Apartments); Series 2019 A, RB(c)		5.00	%		04/01/2049		835		689,549
California (State of) County Tobacco Securitization Agency (Alameda County Tobacco Asset Securitization Corp.); Series 2006 C, RB(e)		0.00	%		06/01/2055		10,335		928,012
California (State of) County Tobacco Securitization Agency (Los Angeles County Securitization Corp.);
Series 2020 B‑1, Ref. RB		5.00	%		06/01/2049		55		55,585
Series 2020 B‑2, Ref. RB(e)		0.00	%		06/01/2055		1,680		276,203
California (State of) Health Facilities Financing Authority (PIH Health); Series 2020 A, RB		4.00	%		06/01/2050		4,175		3,677,711

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

4 Invesco Value Municipal Income Trust

	Interest Rate			Maturity Date		Principal Amount (000)		Value
California–(continued)
California (State of) Housing Finance Agency (Social Certificates);
Series 2021 A, RB		3.25	%		08/20/2036	$	5	$	4,343
Series 2021‑2A, Revenue Ctfs. (CEP - FHLMC)		3.75	%		03/25/2035		4,105		3,945,875
Series 2023‑1, RB		4.38	%		09/20/2036		839		816,106
California (State of) Infrastructure & Economic Development Bank;
Series 2003 A, RB(b)(f)(g)		5.00	%		01/01/2028		6,700		7,301,693
Series 2003 A, RB(b)(g)		5.00	%		01/01/2028		4,500		4,884,376
California (State of) Infrastructure & Economic Development Bank (Bay Area Toll Bridges); Series 2003 A, RB(b)(f)(g)		5.00	%		01/01/2028		3,300		3,596,356
California (State of) Municipal Finance Authority (Bella Mente Montessori Academy); Series 2018 A, RB(c)		5.00	%		06/01/2048		195		173,454
California (State of) Municipal Finance Authority (CHF‑Davis I, LLC - West Village Student Housing); Series 2018, RB		5.00	%		05/15/2037		1,330		1,361,030
California (State of) Municipal Finance Authority (Linxs APM); Series 2018 A, RB(h)		5.00	%		12/31/2043		2,000		2,001,096
California (State of) Municipal Finance Authority (United Airlines, Inc.); Series 2019, RB(h)		4.00	%		07/15/2029		840		829,599
California (State of) Municipal Finance Authority (William Jessup University); Series 2019, Ref. RB(c)		5.00	%		08/01/2039		250		228,906
California (State of) Pollution Control Financing Authority;
Series 2012, RB(c)(h)		5.00	%		07/01/2027		810		812,746
Series 2012, RB(c)(h)		5.00	%		07/01/2030		1,400		1,404,070
Series 2012, RB(c)(h)		5.00	%		07/01/2037		3,075		3,074,567
California (State of) Statewide Communities Development Authority (Loma Linda University Medical Center);
Series 2016 A, RB(c)		5.00	%		12/01/2041		1,275		1,251,234
Series 2016 A, RB(c)		5.25	%		12/01/2056		995		973,423
California State University; Series 2019 A, RB(f)		5.00	%		11/01/2049		2,130		2,249,936
Clovis Unified School District (Election of 2004); Series 2004 A, GO Bonds (INS - NATL)(d)(e)		0.00	%		08/01/2029		1,360		1,100,730
CSCDA Community Improvement Authority (Jefferson-Anaheim Social Bonds); Series 2021 A, RB(c)		3.13	%		08/01/2056		840		568,665
CSCDA Community Improvement Authority (Oceanaire-Long Beach Social Bonds); Series 2021 A‑2, RB(c)		4.00	%		09/01/2056		840		607,320
CSCDA Community Improvement Authority (Parallel-Anaheim Social Bonds); Series 2021, RB(c)		4.00	%		08/01/2056		505		372,722
Dry Creek Joint Elementary School District (Election of 2008-Measure E);
Series 2009, GO Bonds(e)		0.00	%		08/01/2043		2,120		830,441
Series 2009, GO Bonds(e)		0.00	%		08/01/2044		1,090		403,772
Series 2009, GO Bonds(e)		0.00	%		08/01/2045		6,270		2,194,615
Series 2009, GO Bonds(e)		0.00	%		08/01/2048		4,610		1,370,617
El Segundo Unified School District (Election of 2008);
Series 2009 A, GO Bonds(e)		0.00	%		08/01/2031		4,155		3,115,319
Series 2009 A, GO Bonds(e)		0.00	%		08/01/2032		3,165		2,275,487
Golden State Tobacco Securitization Corp.; Series 2021 B‑2, Ref. RB(e)		0.00	%		06/01/2066		4,070		404,735
Los Angeles (City of), CA Department of Airports; Series 2019 A, Ref. RB(h)		5.00	%		05/15/2034		905		969,176
Los Angeles (City of), CA Department of Airports (Green Bonds);
Series 2022 G, RB(h)		5.50	%		05/15/2035		1,750		1,974,215
Series 2022 G, RB(h)		5.50	%		05/15/2037		1,985		2,197,530
Series 2022, RB(h)		4.00	%		05/15/2042		705		674,492
Los Angeles (City of), CA Department of Water & Power; Series 2020 B, RB(f)		5.00	%		07/01/2050		2,350		2,493,413
Menifee Union School District (Election of 2008);
Series 2009 C, GO Bonds (INS - AGC)(d)(e)		0.00	%		08/01/2034		1,665		1,111,003
Series 2009 C, GO Bonds (INS - AGC)(d)(e)		0.00	%		08/01/2035		300		189,969
Moreland School District (Crossover Series 14); Series 2006 C, Ref. GO Bonds (INS - AMBAC)(d)(e)		0.00	%		08/01/2029		3,350		2,730,301
M‑S‑R Energy Authority;
Series 2009 B, RB		6.13	%		11/01/2029		895		951,460
Series 2009 B, RB		6.50	%		11/01/2039		585		695,125
Mt. San Antonio Community College District (Election of 2008); Series 2013 A, GO Bonds(i)		6.25	%		08/01/2043		1,985		1,802,042
Oak Grove School District (Election of 2008); Series 2009 A, GO Bonds(e)		0.00	%		08/01/2028		2,400		2,021,261
Patterson Joint Unified School District (Election of 2008);
Series 2009 B, GO Bonds (INS - AGM)(d)(e)		0.00	%		08/01/2034		3,825		2,492,928
Series 2009 B, GO Bonds (INS - AGM)(d)(e)		0.00	%		08/01/2035		4,120		2,560,627
Series 2009 B, GO Bonds (INS - AGM)(d)(e)		0.00	%		08/01/2036		300		175,968
Series 2009 B, GO Bonds (INS - AGM)(d)(e)		0.00	%		08/01/2037		1,785		987,317

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

5 Invesco Value Municipal Income Trust

	Interest Rate			Maturity Date		Principal Amount (000)		Value
California–(continued)
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	$	6,652,228
Series 2009 A, GO Bonds(e)		0.00	%		08/01/2031		8,475		6,420,052
Regents of the University of California Medical Center;
Series 2022 P, RB(f)(j)		4.00	%		05/15/2053		5,430		5,231,532
Series 2022 P, RB		3.50	%		05/15/2054		2,015		1,702,000
Sacramento (City of), CA Unified School District (Election of 2020);
Series 2022 A, GO Bonds (INS - BAM)(d)		5.50	%		08/01/2047		1,305		1,420,859
Series 2022 A, GO Bonds (INS - BAM)(d)		5.50	%		08/01/2052		1,590		1,726,953
San Diego (County of), CA Regional Airport Authority; Series 2021 A, RB		4.00	%		07/01/2051		2,060		1,923,557
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport);
Series 2019 E, RB(h)		5.00	%		05/01/2037		665		697,610
Series 2021 A, Ref. RB(h)		5.00	%		05/01/2036		610		654,798
San Jose Evergreen Community College District (Election of 2004); Series 2008 B, GO Bonds (INS - AGM)(d)(e)		0.00	%		09/01/2030		1,600		1,247,548
Santa Margarita Water District Community Facilities District No. 2013‑1 (Village of Sendero); Series 2013, RB		5.50	%		09/01/2032		570		570,000
Silicon Valley Tobacco Securitization Authority (Santa Clara); Series 2007 A, RB(e)		0.00	%		06/01/2041		3,445		1,223,877
William S. Hart Union High School District (Election of 2008); Series 2009 A, GO Bonds(e)		0.00	%		08/01/2033		11,350		7,855,984
									131,406,207
Colorado–5.99%
Aurora Crossroads Metropolitan District No. 2; Series 2020 B, GO Bonds		7.75	%		12/15/2050		500		456,523
Aurora Highlands Community Authority Board; Series 2021 A, Ref. RB		5.75	%		12/01/2051		840		748,359
Belford North Metropolitan District; Series 2020 A, GO Bonds		5.50	%		12/01/2050		1,045		921,241
Centerra Metropolitan District No. 1 (In the City of Loveland);
Series 2017, RB(c)		5.00	%		12/01/2047		1,680		1,509,349
Series 2020 A, Ref. GO Bonds		5.00	%		12/01/2051		670		580,934
Colorado (State of) Health Facilities Authority (CommonSpirit Health);
Series 2019 A‑2, Ref. RB		5.00	%		08/01/2044		3,680		3,758,914
Series 2019 A‑2, Ref. RB		4.00	%		08/01/2049		1,675		1,451,656
Colorado (State of) Health Facilities Authority (Evangelical Lutheran Good Samaritan Society (The)); Series 2017, Ref. RB(b)(g)		5.00	%		06/01/2027		580		618,154
Colorado (State of) Science and Technology Park Metropolitan District No. 1; Series 2018, Ref. RB		5.00	%		12/01/2033		500		490,711
Colorado Crossing Metropolitan District No. 2; Series 2020 A‑1, Ref. GO Bonds		5.00	%		12/01/2047		500		374,647
Colorado Springs (City of), CO; Series 2023 A, RB		5.25	%		11/15/2053		5,000		5,431,261
Denver (City & County of), CO;
Series 2018 A, Ref. RB(h)		5.00	%		12/01/2048		5,740		5,792,228
Series 2018 A, Ref. RB(h)		5.25	%		12/01/2048		1,710		1,746,743
Series 2022 A, RB(h)		5.00	%		11/15/2047		2,985		3,074,133
Series 2022 A, RB(h)		5.50	%		11/15/2053		615		655,107
Great Western Metropolitan District; Series 2020, Ref. GO Bonds		4.75	%		12/01/2050		460		391,449
Hogback Metropolitan District; Series 2021 A, GO Bonds		5.00	%		12/01/2041		725		654,758
Jefferson (County of), CO Center Metropolitan District No. 1; Series 2020 B, Ref. RB		5.75	%		12/15/2050		740		704,419
Johnstown Plaza Metropolitan District; Series 2022, Ref. GO Bonds		4.25	%		12/01/2046		815		646,985
Mirabelle Metropolitan District No. 2; Series 2020 A, GO Bonds		5.00	%		12/01/2049		645		572,181
Mulberry Metropolitan District No. 2; Series 2022, RB		7.00	%		12/01/2034		750		759,307
Neu Town Metropolitan District; Series 2018 A, Ref. GO Bonds		5.38	%		12/01/2046		700		657,242
North Range Metropolitan District No. 3; Series 2020 A, GO Bonds		5.00	%		12/01/2040		500		456,728
Rampart Range Metropolitan District No. 5; Series 2021, RB		4.00	%		12/01/2051		500		351,621
Sky Ranch Community Authority Board; Series 2022 A, RB		5.75	%		12/01/2052		500		462,161
Village Metropolitan District (The); Series 2020, Ref. GO Bonds		4.15	%		12/01/2030		465		438,751
White Buffalo Metropolitan District No. 3;
Series 2020, GO Bonds		5.50	%		12/01/2050		500		456,583
Series 2023, GO Bonds		8.00	%		12/15/2035		605		579,438
Windler Public Improvement Authority;
Series 2021 A‑1, RB		4.13	%		12/01/2051		1,335		802,910
Series 2021 A‑2, RB(i)		4.50	%		12/01/2041		2,070		1,185,982
									36,730,475

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

6 Invesco Value Municipal Income Trust

	Interest Rate			Maturity Date		Principal Amount (000)		Value
District of Columbia–4.08%
District of Columbia;
Series 2006 B‑1, RB (INS - NATL)(d)		5.00	%		02/01/2031	$	550	$	550,412
Series 2014 C, GO Bonds(f)		5.00	%		06/01/2035		6,060		6,127,245
Series 2022 A, RB		5.00	%		07/01/2047		1,670		1,800,333
District of Columbia (Provident Group - Howard Properties LLC); Series 2013, RB		5.00	%		10/01/2045		310		291,823
District of Columbia Water & Sewer Authority; Series 2022, RB(f)		5.00	%		10/01/2044		5,805		6,129,255
District of Columbia Water & Sewer Authority (Green Bonds); Series 2022 C‑1, RB		4.00	%		10/01/2051		3,335		3,143,373
Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement); Series 2019 B, Ref. RB		4.00	%		10/01/2049		1,675		1,512,192
Washington (State of) Metropolitan Area Transit Authority (Sustainability Bonds); Series 2023 A, RB		5.25	%		07/15/2053		5,000		5,424,107
									24,978,740
Florida–8.56%
Alachua (County of), FL Health Facilities Authority (Terraces at Bonita Springs);
Series 2022 A, Ref. RB(c)		5.00	%		11/15/2061		1,075		723,664
Series 2022 B, RB(c)		6.50	%		11/15/2033		100		87,091
Brevard (County of), FL Health Facilities Authority (Health First Obligated Group); Series 2022 A, Ref. RB		4.00	%		04/01/2052		500		438,665
Broward (County of), FL;
Series 2017, RB(f)(h)(j)		5.00	%		10/01/2047		3,615		3,644,355
Series 2019 B, RB(h)		4.00	%		09/01/2044		840		776,570
Series 2022 A, RB(f)(j)		4.00	%		10/01/2047		4,110		3,914,763
Broward (County of), FL (Convention Center Expansion); Series 2021, RB		4.00	%		09/01/2047		3,360		3,109,141
Capital Trust Agency, Inc. (Sarasota-Manatee Jewish Housing Council, Inc.); Series 2017, Ref. RB(c)		5.00	%		07/01/2037		1,380		1,119,946
Collier (County of), FL Industrial Development Authority (The Arlington of Naples); Series 2014 A, RB (Acquired 12/16/2013; Cost $1,639,192)(c)(k)(l)		7.75	%		05/15/2035		1,678		92,280
Florida (State of) North Broward Hospital District; Series 2017 B, Ref. RB		5.00	%		01/01/2042		1,190		1,203,743
Florida (State of) South Broward Hospital District (South Broward Hospital District Obligated Group); Series 2021 A, RB		3.00	%		05/01/2051		840		587,660
Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion); Series 2022 A, Ref. RB(b)(c)(h)		7.25	%		10/03/2023		835		852,131
Florida Development Finance Corp. (Green Bonds); Series 2019 B, RB(c)(h)		7.38	%		01/01/2049		670		671,358
Greater Orlando Aviation Authority;
Series 2017 A, RB(h)		5.00	%		10/01/2052		510		512,636
Series 2019 A, RB(h)		4.00	%		10/01/2044		1,000		935,884
Lake (County of), FL (Lakeside at Waterman Village);
Series 2020 A, Ref. RB		5.50	%		08/15/2040		650		583,185
Series 2020 A, Ref. RB		5.75	%		08/15/2050		285		247,926
Series 2020 A, Ref. RB		5.75	%		08/15/2055		1,055		901,639
Lee (County of), FL;
Series 2021 B, RB(h)		5.00	%		10/01/2034		1,030		1,112,582
Series 2022, RB		5.25	%		08/01/2049		4,180		4,415,481
Miami (City of) & Dade (County of), FL School Board; Series 2022 A, GO Bonds (INS - BAM)(d)		5.00	%		03/15/2052		1,980		2,114,173
Miami-Dade (County of), FL;
Series 2021, RB		4.00	%		10/01/2051		3,150		2,925,617
Series 2022 A, Ref. RB(h)		5.25	%		10/01/2052		1,345		1,382,201
Subseries 2021 A‑2, Ref. RB (INS - AGM)(d)		4.00	%		10/01/2049		2,525		2,377,381
Subseries 2021 B‑1, Ref. RB(h)		4.00	%		10/01/2050		985		890,780
Miami-Dade (County of), FL Expressway Authority; Series 2010 A, RB (INS - AGM)(d)		5.00	%		07/01/2035		3,415		3,417,256
Miami-Dade (County of), FL Transit System; Series 2022, RB		5.00	%		07/01/2051		4,150		4,372,626
Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group); Series 2023 A, RB		5.00	%		10/01/2053		1,010		1,034,642
Osceola (County of), FL;
Series 2020 A‑2, Ref. RB(e)		0.00	%		10/01/2044		1,000		325,733
Series 2020 A‑2, Ref. RB(e)		0.00	%		10/01/2048		1,500		384,895
Series 2020 A‑2, Ref. RB(e)		0.00	%		10/01/2051		600		129,273
Series 2020 A‑2, Ref. RB(e)		0.00	%		10/01/2052		455		92,509
Series 2020 A‑2, Ref. RB(e)		0.00	%		10/01/2054		390		70,582
Putnam (County of), FL Development Authority (Seminole Electric Cooperative); Series 2018 B, Ref. PCR		5.00	%		03/15/2042		825		847,273

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

7 Invesco Value Municipal Income Trust

	Interest Rate			Maturity Date		Principal Amount (000)		Value
Florida–(continued)
Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital); Series 2022, RB		4.00	%		07/01/2052	$	1,675	$	1,484,649
South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group); Series 2017, Ref. RB		4.00	%		08/15/2047		840		758,669
Tallahassee (City of), FL (Tallahassee Memorial Health Care, Inc.); Series 2016, RB		5.00	%		12/01/2055		1,335		1,273,242
Tampa (City of) & Hillsborough (County of), FL Expressway Authority; Series 2017 B, Ref. RB		4.00	%		07/01/2042		1,965		1,846,800
Tampa (City of), FL; Series 2020 A, RB(e)		0.00	%		09/01/2049		3,340		807,814
									52,466,815
Georgia–1.94%
Augusta (City of), GA Development Authority; Series 2018, RB		4.00	%		07/01/2037		3,110		2,642,352
Brookhaven Development Authority (Children’s Healthcare of Atlanta, Inc.); Series 2019 A, RB(f)(j)		4.00	%		07/01/2044		3,380		3,242,757
Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.); Series 2021 A, RB		3.00	%		02/15/2051		500		352,847
Main Street Natural Gas, Inc.;
Series 2021 A, RB(b)		4.00	%		09/01/2027		1,340		1,328,907
Series 2021 C, RB(b)		4.00	%		12/01/2028		1,235		1,203,158
Series 2022 C, RB(b)(c)		4.00	%		11/01/2027		1,260		1,205,996
Series 2023 C, RB(b)		5.00	%		09/01/2030		1,855		1,926,748
									11,902,765
Hawaii–0.29%
Hawaii (State of) Department of Transportation (Airports Division); Series 2013, COP(h)		5.00	%		08/01/2028		1,775		1,775,396
Idaho–0.87%
Idaho (State of) Health Facilities Authority (Valley Vista Care Corp.); Series 2017 A, Ref. RB		5.25	%		11/15/2047		1,800		1,323,787
Idaho (State of) Housing & Finance Association; Series 2023 A, RB		5.25	%		08/15/2048		2,525		2,753,704
Spring Valley Community Infrastructure District No. 1; Series 2021, RB(c)		3.75	%		09/01/2051		1,675		1,276,989
									5,354,480
Illinois–9.65%
Chicago (City of), IL;
Series 2002 B, GO Bonds		5.50	%		01/01/2037		630		637,902
Series 2005 D, Ref. GO Bonds		5.50	%		01/01/2040		395		399,454
Series 2007 E, Ref. GO Bonds		5.50	%		01/01/2042		315		318,102
Series 2014, RB		5.00	%		11/01/2039		750		754,569
Series 2015 A, GO Bonds		5.50	%		01/01/2033		3,145		3,197,604
Chicago (City of), IL (O’Hare International Airport);
Series 2017 D, RB		5.25	%		01/01/2042		1,265		1,302,550
Series 2017 D, RB(h)		5.00	%		01/01/2052		5,000		5,021,264
Series 2017 D, RB		5.00	%		01/01/2052		1,465		1,482,428
Series 2022 A, RB (INS - AGM)(d)(h)		5.50	%		01/01/2053		1,390		1,458,086
Chicago (City of), IL Board of Education; Series 2018 A, Ref. GO Bonds (INS - AGM)(d)		5.00	%		12/01/2031		625		654,621
Chicago (City of), IL Metropolitan Water Reclamation District (Green Bonds); Series 2021 A, GO Bonds		4.00	%		12/01/2051		1,000		922,175
Chicago (City of), IL Midway International Airport;
Series 2013 A, Ref. RB(h)		5.50	%		01/01/2031		2,280		2,281,446
Series 2013 B, Ref. RB		5.00	%		01/01/2025		1,550		1,551,732
Series 2014 A, Ref. RB(h)		5.00	%		01/01/2041		1,100		1,100,097
Illinois (State of);
Series 2014, GO Bonds		5.25	%		02/01/2033		1,100		1,103,836
Series 2014, GO Bonds		5.00	%		05/01/2035		285		285,832
Series 2014, GO Bonds		5.00	%		05/01/2036		1,000		1,002,162
Series 2016, GO Bonds		5.00	%		11/01/2036		715		723,067
Series 2016, GO Bonds		5.00	%		01/01/2041		1,750		1,752,323
Series 2017 D, GO Bonds		5.00	%		11/01/2026		1,840		1,912,689
Series 2018 A, GO Bonds		5.00	%		05/01/2030		1,135		1,202,511
Series 2020, GO Bonds		5.50	%		05/01/2039		1,040		1,116,974
Illinois (State of) Development Finance Authority (CITGO Petroleum Corp.); Series 2002, RB(h)		8.00	%		06/01/2032		360		360,250
Illinois (State of) Finance Authority (Centegra Health System); Series 2014 A, RB(b)(g)		5.00	%		09/01/2024		1,250		1,268,792
Illinois (State of) Finance Authority (DePaul College Prep Foundation); Series 2023, Ref. RB(c)		5.50	%		08/01/2043		580		585,258
Illinois (State of) Finance Authority (Lutheran Communities Obligated Group); Series 2019 A, Ref. RB		5.00	%		11/01/2049		670		537,237

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

8 Invesco Value Municipal Income Trust

	Interest Rate			Maturity Date		Principal Amount (000)		Value
Illinois–(continued)
Illinois (State of) Finance Authority (Mercy Health Corp.); Series 2016, Ref. RB		5.00	%		12/01/2046	$	2,440	$	2,440,486
Illinois (State of) Finance Authority (Roosevelt University); Series 2019 A, RB(c)		6.13	%		04/01/2058		965		870,420
Illinois (State of) Finance Authority (Three Crowns Park);
Series 2017, Ref. RB		4.00	%		02/15/2027		230		222,235
Series 2017, Ref. RB		5.25	%		02/15/2037		200		196,402
Series 2017, Ref. RB		5.25	%		02/15/2047		835		769,493
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion);
Series 2002 A, RB (INS - NATL)(d)(e)		0.00	%		12/15/2029		3,520		2,738,598
Series 2002, RB (INS - AGM)(d)(e)		0.00	%		12/15/2029		2,500		1,957,036
Illinois (State of) Regional Transportation Authority; Series 2000, RB (INS - NATL)(d)		6.50	%		07/01/2030		2,280		2,660,112
Illinois (State of) Sports Facilities Authority;
Series 2014, Ref. RB (INS - AGM)(d)		5.25	%		06/15/2031		1,060		1,069,918
Series 2014, Ref. RB (INS - AGM)(d)		5.25	%		06/15/2032		965		973,734
Illinois (State of) Toll Highway Authority; Series 2013 A, RB(f)		5.00	%		01/01/2038		12,300		12,306,787
									59,138,182
Indiana–0.65%
Indiana (State of) Finance Authority (KIPP Indianapolis, Inc.); Series 2020 A, RB		5.00	%		07/01/2055		460		408,621
Indiana (State of) Finance Authority (Ohio Valley Electrical Corp.); Series 2012 A, RB		4.25	%		11/01/2030		1,795		1,792,134
Indiana (State of) Finance Authority (US Steel Corp.); Series 2012, RB(h)		5.75	%		08/01/2042		240		240,988
Valparaiso (City of), IN (Pratt Paper, LLC); Series 2013, RB(h)		6.75	%		01/01/2034		1,500		1,513,429
									3,955,172
Iowa–0.85%
Iowa (State of) Board of Regents (University of Iowa Hospital & Clinics); Series 2022 B, RB		3.00	%		09/01/2056		1,625		1,109,156
Iowa (State of) Finance Authority (Alcoa, Inc.); Series 2012, RB		4.75	%		08/01/2042		1,265		1,207,202
Iowa (State of) Finance Authority (Iowa Fertilizer Co.); Series 2022, Ref. RB(b)		5.00	%		12/01/2042		1,735		1,745,049
Iowa (State of) Tobacco Settlement Authority; Series 2021 B‑1, Ref. RB		4.00	%		06/01/2049		1,200		1,169,779
									5,231,186
Kansas–0.32%
Wichita (City of), KS (Presbyterian Manors, Inc.);
Series 2013 IV‑A, RB		6.38	%		05/15/2043		1,500		1,291,838
Series 2018 I, Ref. RB		5.00	%		05/15/2047		1,000		692,956
									1,984,794
Kentucky–1.86%
Henderson (City of), KY (Pratt Paper LLC); Series 2022 A, RB(c)(h)		4.70	%		01/01/2052		665		628,178
Kentucky (Commonwealth of) Economic Development Finance Authority (Catholic Health Initiatives); Series 2011 B, RB (SIFMA Municipal Swap Index + 1.40%)(b)(m)		5.46	%		02/01/2025		700		700,792
Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation Kentucky Information Highway);
Series 2015 A, RB		5.00	%		07/01/2037		1,110		1,116,463
Series 2015 A, RB		5.00	%		07/01/2040		2,770		2,775,353
Series 2015 A, RB		5.00	%		01/01/2045		390		383,665
Kentucky (Commonwealth of) Economic Development Finance Authority (Owensboro Health, Inc.);
Series 2017 A, Ref. RB		5.00	%		06/01/2045		955		894,495
Kentucky (Commonwealth of) Municipal Power Agency (Prairie State); Series 2019 A, Ref. RB		4.00	%		09/01/2045		1,000		873,323
Kentucky Bond Development Corp.; Series 2020, RB (INS - BAM)(d)(f)(j)		5.00	%		09/01/2044		3,860		4,044,308
									11,416,577
Louisiana–0.70%
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (St. John the Baptist); Series 2019, RB(c)		3.90	%		11/01/2044		910		781,244
New Orleans (City of), LA Aviation Board; Series 2015 A, RB		5.00	%		01/01/2045		1,145		1,150,655
St. Tammany (Parish of), LA Public Trust Financing Authority (Christwood); Series 2015, Ref. RB		5.25	%		11/15/2037		1,850		1,716,829
Tobacco Settlement Financing Corp.; Series 2013 A, Ref. RB		5.25	%		05/15/2035		610		614,461
									4,263,189
Maryland–0.49%
Howard (County of), MD (Downtown Columbia); Series 2017 A, RB(c)		4.50	%		02/15/2047		1,500		1,343,668

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

9 Invesco Value Municipal Income Trust

	Interest Rate			Maturity Date		Principal Amount (000)		Value
Maryland–(continued)
Maryland (State of) Health & Higher Educational Facilities Authority (Stevenson University); Series 2021, Ref. RB		4.00	%		06/01/2055	$	1,000	$	840,207
Prince George’s (County of), MD (Collington Episcopal Life Care Community, Inc.); Series 2017, Ref. RB		5.00	%		04/01/2028		690		664,329
Rockville (City of), MD (Ingleside at King Farm); Series 2017 B, RB		4.25	%		11/01/2037		175		141,567
									2,989,771
Massachusetts–3.64%
Massachusetts (Commonwealth of) (Rail Enhancement Program) (Sustainability Bonds); Series 2022, RB		5.00	%		06/01/2050		3,530		3,738,261
Massachusetts (Commonwealth of) Bay Transportation Authority (Sustainability Bonds); Subseries 2023 A‑1, RB		5.25	%		07/01/2053		3,360		3,666,689
Massachusetts (Commonwealth of) Development Finance Agency (Atrius Health); Series 2015, Ref. RB		5.00	%		01/01/2041		1,205		1,194,135
Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center) (Sustainability Bopnds); Series 2023, Ref. RB		5.25	%		07/01/2052		1,175		1,203,214
Massachusetts (Commonwealth of) Port Authority;
Series 2019 A, Ref. RB(h)		5.00	%		07/01/2036		1,005		1,063,376
Series 2021 E, RB(h)		5.00	%		07/01/2046		1,055		1,090,590
Massachusetts (Commonwealth of) Water Resources Authority; Series 2007 B, Ref. RB (INS - AGM)(d)		5.25	%		08/01/2031		2,000		2,352,468
University of Massachusetts Building Authority; Series 2022‑1, RB		5.00	%		11/01/2052		7,550		7,991,599
									22,300,332
Michigan–3.08%
Academy of Warren; Series 2020 A, RB(c)		5.00	%		05/01/2035		290		269,822
Detroit (City of), MI; Series 2018, GO Bonds		5.00	%		04/01/2035		250		256,387
Detroit (City of), MI Downtown Development Authority (Catalyst Development); Series 2018 A, Ref. RB (INS - AGM)(d)		5.00	%		07/01/2036		2,000		2,004,865
Grand Rapids Economic Development Corp. (Beacon Hill at Eastgate); Series 2017 A, Ref. RB		5.00	%		11/01/2052		2,360		1,886,618
Michigan (State of) Building Authority (Facilities Program); Series 2016 I, RB(f)		5.00	%		04/15/2041		2,715		2,790,714
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department);
Series 2014 C‑6, Ref. RB		5.00	%		07/01/2033		550		555,412
Series 2014 D‑4, Ref. RB		5.00	%		07/01/2029		550		555,368
Michigan (State of) Finance Authority (Henry Ford Health System); Series 2019 A, RB		5.00	%		11/15/2048		645		656,121
Michigan (State of) Finance Authority (Landmark Academy);
Series 2020, Ref. RB		5.00	%		06/01/2035		170		156,885
Series 2020, Ref. RB		5.00	%		06/01/2045		490		420,786
Michigan (State of) Finance Authority (Trinity Health Credit Group);
Series 2017 MI, RB(f)(g)(j)		5.00	%		12/01/2046		3,655		3,710,506
Series 2017, Ref. RB		4.00	%		12/01/2040		855		823,911
Michigan (State of) Housing Development Authority; Series 2023 A, RB		5.10	%		10/01/2053		1,950		1,985,310
Michigan (State of) Strategic Fund (Canterbury Health Care, Inc.); Series 2016, RB(c)		5.00	%		07/01/2026		385		356,195
Michigan (State of) Strategic Fund (Green Bonds); Series 2021, RB(b)(h)		4.00	%		10/01/2026		1,690		1,674,551
Michigan (State of) Strategic Fund (I‑75 Improvement Project); Series 2018, RB(h)		5.00	%		12/31/2032		750		784,346
									18,887,797
Minnesota–0.21%
Bethel (City of), MN (Spectrum High School); Series 2017 A, Ref. RB		4.25	%		07/01/2047		425		328,646
Duluth (City of), MN Economic Development Authority (Essentia Health Obligated Group); Series 2018, Ref. RB		5.00	%		02/15/2048		590		591,201
St. Paul (City of), MN Housing & Redevelopment Authority (Hope Community Academy); Series 2020, RB		5.00	%		12/01/2055		430		343,791
									1,263,638
Mississippi–0.11%
Mississippi Business Finance Corp. (System Energy Resources, Inc.); Series 2021, RB		2.38	%		06/01/2044		1,115		688,792
Missouri–2.13%
Kansas City (City of), MO Industrial Development Authority (Downtown Redevelopment District); Series 2011 A, Ref. RB		5.50	%		09/01/2027		980		981,711

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

10 Invesco Value Municipal Income Trust

	Interest Rate			Maturity Date		Principal Amount (000)		Value
Missouri–(continued)
Kansas City (City of), MO Industrial Development Authority (Kansas City International Airport);
Series 2019 B, RB(h)		5.00	%		03/01/2046	$	4,700	$	4,778,182
Series 2019 B, RB (INS - AGM)(d)(h)		5.00	%		03/01/2049		1,005		1,019,587
Kirkwood (City of), MO Industrial Development Authority (Aberdeen Heights); Series 2017 A, Ref. RB		5.25	%		05/15/2050		475		355,457
Missouri (State of) Health & Educational Facilities Authority (Lutheran Senior Services); Series 2019, Ref. RB		5.00	%		02/01/2048		340		313,017
St. Louis (County of), MO Industrial Development Authority (Friendship Village of Sunset Hills);
Series 2012, RB		5.00	%		09/01/2042		2,000		1,781,367
Series 2013 A, RB		5.50	%		09/01/2033		1,375		1,375,034
St. Louis (County of), MO Industrial Development Authority (Friendship Village West County); Series 2018 A, RB		5.00	%		09/01/2038		1,820		1,687,541
Taney (County of), MO Industrial Development Authority (Big Cedar Infrastructure); Series 2023, RB(c)		6.00	%		10/01/2049		770		747,271
									13,039,167
Nebraska–2.11%
Central Plains Energy Project (No. 3); Series 2017 A, Ref. RB		5.00	%		09/01/2042		3,740		3,809,127
Omaha (City of), NE Public Power District;
Series 2022 A, RB		5.25	%		02/01/2052		6,355		6,855,630
Series 2022, RB(f)(j)		5.25	%		02/01/2052		2,080		2,243,857
									12,908,614
Nevada–0.92%
Clark (County of), NV Water Reclamation District; Series 2023, GO Bonds		5.00	%		07/01/2053		5,295		5,632,585
New Hampshire–0.49%
New Hampshire (State of) Business Finance Authority; Series 2020‑1A, RB		4.13	%		01/20/2034		303		292,015
New Hampshire (State of) Business Finance Authority (Social Bonds); Series 2022‑1A, RB		4.38	%		09/20/2036		1,646		1,593,143
New Hampshire (State of) Health and Education Facilities Authority; Series 2020 A, RB		5.00	%		08/01/2059		1,105		1,108,556
									2,993,714
New Jersey–5.40%
New Jersey (State of) Economic Development Authority; Series 2005 N‑1, Ref. RB (INS - AMBAC)(d)		5.50	%		09/01/2024		3,390		3,450,678
New Jersey (State of) Economic Development Authority (Continental Airlines, Inc.); Series 1999, RB(h)		5.13	%		09/15/2023		240		240,007
New Jersey (State of) Economic Development Authority (Port Newark Container Terminal LLC); Series 2017, Ref. RB(h)		5.00	%		10/01/2047		945		950,840
New Jersey (State of) Economic Development Authority (The Goethals Bridge Replacement); Series 2013, RB(h)		5.38	%		01/01/2043		2,250		2,253,042
New Jersey (State of) Health Care Facilities Financing Authority (Inspira Health Obligated Group); Series 2017, RB		4.00	%		07/01/2047		2,590		2,327,123
New Jersey (State of) Transportation Trust Fund Authority;
Series 2006 C, RB (INS - AGC)(d)(e)		0.00	%		12/15/2026		14,305		12,689,000
Series 2018 A, Ref. RB		5.00	%		12/15/2035		880		932,486
Series 2018 A, RN(f)(j)		5.00	%		06/15/2029		1,575		1,641,479
Series 2018 A, RN(f)(j)		5.00	%		06/15/2030		535		556,814
Series 2022, RB		5.25	%		06/15/2046		1,425		1,529,673
Tobacco Settlement Financing Corp.;
Series 2018 A, Ref. RB		5.00	%		06/01/2046		2,895		2,947,302
Series 2018 A, Ref. RB		5.25	%		06/01/2046		1,675		1,730,122
Series 2018 B, Ref. RB		5.00	%		06/01/2046		1,850		1,820,230
									33,068,796
New York–18.84%
Build NYC Resource Corp. (Pratt Paper, Inc.); Series 2014, Ref. RB(c)(h)		5.00	%		01/01/2035		1,600		1,617,024
Erie Tobacco Asset Securitization Corp.; Series 2005 A, RB		5.00	%		06/01/2045		2,500		2,315,512
Hudson Yards Infrastructure Corp.; Series 2017 A, Ref. RB		4.00	%		02/15/2044		1,140		1,063,125
Metropolitan Transportation Authority (Green Bonds);
Series 2020 A‑1, RB (INS - AGM)(d)		4.00	%		11/15/2041		2,015		1,949,468
Series 2020 C‑1, RB		5.25	%		11/15/2055		1,340		1,378,691
New York & New Jersey (States of) Port Authority; Series 2020 221, RB(h)		4.00	%		07/15/2055		2,340		2,085,270

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

11 Invesco Value Municipal Income Trust

	Interest Rate			Maturity Date		Principal Amount (000)		Value
New York–(continued)
New York (City of), NY;
Series 2020 C, GO Bonds		5.00	%		08/01/2043	$	2,480	$	2,618,245
Subseries 2022 B‑1, GO Bonds		5.25	%		10/01/2047		1,500		1,626,327
Subseries 2022 D‑1, GO Bonds(f)		5.25	%		05/01/2038		1,355		1,506,621
Subseries 2022 D‑1, GO Bonds(f)		5.25	%		05/01/2042		2,305		2,519,230
New York (City of), NY Industrial Development Agency (Queens Baseball Stadium); Series 2021 A, Ref. RB (INS - AGM)(d)		3.00	%		01/01/2046		2,525		1,866,519
New York (City of), NY Municipal Water Finance Authority;
Series 2020 BB‑1, RB		4.00	%		06/15/2050		1,670		1,580,888
Series 2020 BB‑1, RB		5.00	%		06/15/2050		3,395		3,558,900
Series 2020, Ref. RB		5.00	%		06/15/2050		1,710		1,792,554
Series 2021, VRD RB(n)		2.95	%		06/15/2045		3,370		3,370,000
New York (City of), NY Transitional Finance Authority;
Series 2019 B‑1, RB		4.00	%		11/01/2045		860		825,690
Series 2023 F‑1, RB		4.00	%		02/01/2051		2,535		2,383,060
Series 2024 B, RB		4.38	%		05/01/2053		2,190		2,146,661
Subseries 2013, RB(f)		5.00	%		11/01/2038		4,500		4,509,272
New York (State of) Dormitory Authority; Series 2022, RB(f)		4.00	%		03/15/2046		5,000		4,756,823
New York (State of) Dormitory Authority (City of New York);
Series 2005 A, RB (INS - AMBAC)(d)		5.50	%		05/15/2028		2,900		3,188,128
Series 2005 A, RB (INS - AMBAC)(d)		5.50	%		05/15/2029		2,455		2,748,656
New York (State of) Dormitory Authority (Memorial Sloan Kettering Cancer); Series 2022 1‑B, RB		4.00	%		07/01/2051		3,635		3,368,031
New York (State of) Dormitory Authority (New York University); Series 2001‑1, RB (INS - BHAC)(d)		5.50	%		07/01/2031		1,040		1,162,967
New York (State of) Power Authority; Series 2020 A, RB(f)		4.00	%		11/15/2045		3,700		3,577,387
New York (State of) Power Authority (Green Bonds); Series 2020, RB(f)		4.00	%		11/15/2055		4,175		3,929,544
New York (State of) Thruway Authority;
Series 2019 B, RB		4.00	%		01/01/2050		4,790		4,386,692
Series 2019 B, RB (INS - AGM)(d)(f)(j)		4.00	%		01/01/2050		2,625		2,484,948
New York (State of) Thruway Authority (Group 3); Series 2021 A‑1, Ref. RB		4.00	%		03/15/2046		2,495		2,353,086
New York Counties Tobacco Trust IV; Series 2005 A, RB		5.00	%		06/01/2045		285		261,953
New York Counties Tobacco Trust V; Series 2005 S‑2, RB(e)		0.00	%		06/01/2050		10,140		1,398,355
New York Counties Tobacco Trust VI; Series 2016 A‑1, Ref. RB		5.75	%		06/01/2043		3,135		3,209,922
New York Liberty Development Corp. (3 World Trade Center); Series 2014, Class 1, Ref. RB(c)		5.00	%		11/15/2044		6,095		5,833,459
New York State Urban Development Corp. (Bidding Group 3); Series 2021 A, Ref. RB		4.00	%		03/15/2045		3,350		3,214,045
New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International Airport);
Series 2020, Ref. RB(h)		5.25	%		08/01/2031		520		537,707
Series 2020, Ref. RB(h)		5.38	%		08/01/2036		960		978,500
New York Transportation Development Corp. (American Airlines, Inc.);
Series 2016, Ref. RB(h)		5.00	%		08/01/2026		995		997,198
Series 2016, Ref. RB(h)		5.00	%		08/01/2031		1,340		1,343,338
New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminals C&D Redevelopment);
Series 2018, RB(h)		5.00	%		01/01/2033		2,075		2,136,611
Series 2018, RB(h)		5.00	%		01/01/2034		1,000		1,028,340
Series 2018, RB(h)		5.00	%		01/01/2036		335		341,583
Series 2020, RB(h)		5.00	%		10/01/2040		2,015		2,036,700
Series 2020, RB(h)		4.38	%		10/01/2045		1,160		1,093,974
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment);
Series 2016 A, RB(h)		5.00	%		07/01/2046		3,055		3,045,313
Series 2016 A, RB(h)		5.25	%		01/01/2050		1,660		1,659,982
New York Transportation Development Corp. (Terminal 4 JFK International Airport); Series 2022, RB(h)		5.00	%		12/01/2038		1,265		1,311,808
Onondaga (County of), NY Trust for Cultural Resources (Syracuse University); Series 2019, Ref. RB		4.00	%		12/01/2047		705		666,919
Rockland Tobacco Asset Securitization Corp.; Series 2001, RB		5.75	%		08/15/2043		1,500		1,522,123
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels);
Series 2020 A, RB		5.00	%		11/15/2049		750		785,606
Series 2021 A, RB		5.00	%		11/15/2056		1,130		1,180,501
Series 2022, RB(f)		5.00	%		05/15/2051		5,480		5,763,347

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

12 Invesco Value Municipal Income Trust

	Interest Rate			Maturity Date		Principal Amount (000)		Value
New York–(continued)
TSASC, Inc.; Series 2016 B, Ref. RB		5.00	%		06/01/2045	$	2,575	$	2,400,301
									115,416,904
North Carolina–0.34%
Charlotte (City of), NC (Charlotte Douglas International Airport); Series 2017 A, RB		5.00	%		07/01/2047		2,055		2,106,742
North Dakota–0.51%
Ward (County of), ND (Trinity Obligated Group);
Series 2017 C, RB		5.00	%		06/01/2048		2,315		1,805,437
Series 2017 C, RB		5.00	%		06/01/2053		1,725		1,302,479
									3,107,916
Ohio–5.44%
Akron, Bath & Copley Joint Township Hospital District (Summa Health Obligated Group); Series 2016, Ref. RB		5.25	%		11/15/2046		790		793,553
Buckeye Tobacco Settlement Financing Authority;
Series 2020 A‑2, Ref. RB		4.00	%		06/01/2048		5,315		4,709,884
Series 2020 B‑2, Ref. RB		5.00	%		06/01/2055		8,275		7,575,564
Series 2020 B‑3, Ref. RB(e)		0.00	%		06/01/2057		8,650		999,382
Cleveland (City of) & Cuyahoga (County of), OH Port Authority (Constellation Schools); Series 2014 A, Ref. RB(c)		6.50	%		01/01/2034		1,000		1,000,466
Cleveland (City of), OH;
Series 2008 B‑2, RB (INS - NATL)(d)(e)		0.00	%		11/15/2026		3,545		3,154,236
Series 2008 B‑2, RB (INS - NATL)(d)(e)		0.00	%		11/15/2028		3,845		3,179,949
Series 2008 B‑2, RB (INS - NATL)(d)(e)		0.00	%		11/15/2038		2,800		1,381,306
Columbus (City of) & Franklin (County of), OH Finance Authority (Easton); Series 2020, RB(c)		5.00	%		06/01/2028		645		642,721
Cuyahoga (County of), OH (MetroHealth System);
Series 2017, Ref. RB		5.25	%		02/15/2047		640		632,563
Series 2017, Ref. RB		5.50	%		02/15/2052		795		800,972
Series 2017, Ref. RB		5.00	%		02/15/2057		1,915		1,822,404
Franklin (County of), OH (Nationwide Children’s Hospital); Series 2019, RB		5.00	%		11/01/2048		1,360		1,432,638
Hamilton (County of), OH (Life Enriching Communities); Series 2016, Ref. RB		5.00	%		01/01/2046		1,395		1,248,149
Montgomery (County of), OH (Trousdale Foundation Properties); Series 2018 A, RB (Acquired 08/29/2018; Cost $1,460,552)(c)(k)(l)		6.00	%		04/01/2038		1,490		327,800
Muskingum (County of), OH (Genesis Healthcare System); Series 2013, RB		5.00	%		02/15/2044		920		833,234
Ohio (State of) (University Hospitals Health System, Inc.); Series 2020 A, Ref. RB		4.00	%		01/15/2050		2,515		2,221,813
Ohio (State of) Air Quality Development Authority (Pratt Paper LLC); Series 2017, RB(c)(h)		4.25	%		01/15/2038		575		556,340
									33,312,974
Oklahoma–0.78%
Oklahoma (State of) Development Finance Authority (OU Medicine);
Series 2018 B, RB		5.50	%		08/15/2052		3,775		3,613,052
Series 2018 B, RB		5.50	%		08/15/2057		1,230		1,164,960
Oklahoma (State of) Development Finance Authority (Provident Oklahoma Education Resources, Inc.-Cross Village Student Housing); Series 2017, RB(k)		5.00	%		08/01/2052		1,825		1,825
									4,779,837
Ontario–0.13%
Affordable Housing Tax‑Exempt Bond Pass-Thru Trust; Series 2023‑1, RB(c)		6.00	%		10/05/2040		839		802,328
Oregon–1.17%
Clackamas (County of), OR Hospital Facility Authority (Rose Villa); Series 2020 A, Ref. RB		5.38	%		11/15/2055		505		460,190
Oregon (State of); Series 2019, GO Bonds(f)(j)		5.00	%		08/01/2044		3,360		3,560,474
Portland (Port of), OR (Green Bonds); Twenty Ninth Series 2023, RB(h)		5.50	%		07/01/2048		1,430		1,536,567
Portland (Port of), OR (Portland International Airport); Series 2022 28, RB(h)		5.00	%		07/01/2052		1,605		1,639,623
									7,196,854
Pennsylvania–3.01%
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue); Series 2018 A, Ref. RB		4.00	%		04/01/2044		835		722,884

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

13 Invesco Value Municipal Income Trust

	Interest Rate			Maturity Date		Principal Amount (000)		Value
Pennsylvania–(continued)
Lancaster (County of), PA Hospital Authority (Penn State Health);
Series 2021, RB		5.00	%		11/01/2046	$	510	$	522,526
Series 2021, RB		5.00	%		11/01/2051		680		694,121
Pennsylvania (Commonwealth of) Economic Development Financing Authority (Penndot Major Bridges);
Series 2022, RB(h)		5.25	%		06/30/2053		2,015		2,048,433
Series 2022, RB (INS - AGM)(d)(h)		5.00	%		12/31/2057		1,005		1,017,452
Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC); Series 2023 A‑2, RB		4.00	%		05/15/2048		545		493,029
Pennsylvania (Commonwealth of) Turnpike Commission;
Series 2014 A‑2, RB(i)		5.13	%		12/01/2039		1,500		1,497,041
Series 2019 A, RB		5.00	%		12/01/2049		215		223,855
Series 2020 B, RB		5.00	%		12/01/2050		590		614,112
Series 2021 A, RB		4.00	%		12/01/2050		1,260		1,149,106
Pennsylvania Higher Education Assistance Agency (Senior Bonds);
Series 2023 A, RB(h)		5.00	%		06/01/2029		500		523,159
Series 2023 A, RB(h)		5.00	%		06/01/2030		685		723,343
Series 2023 A, RB(h)		5.00	%		06/01/2031		750		794,519
Series 2023 A, RB(h)		5.00	%		06/01/2032		875		929,196
Philadelphia (City of), PA; Series 2017 B, Ref. RB(h)		5.00	%		07/01/2047		4,320		4,352,973
Philadelphia (City of), PA Authority for Industrial Development (St. Joseph’s University); Series 2022, RB		5.50	%		11/01/2060		1,670		1,755,626
Philadelphia (City of), PA Authority for Industrial Development (String Theory Charter School); Series 2020, Ref. RB(c)		5.00	%		06/15/2050		400		374,232
									18,435,607
Puerto Rico–5.80%
Children’s Trust Fund;
Series 2002, RB		5.50	%		05/15/2039		3,005		3,005,351
Series 2002, RB		5.63	%		05/15/2043		1,825		1,834,163
Series 2005 A, RB(e)		0.00	%		05/15/2050		5,570		1,009,891
Series 2005 B, RB(e)		0.00	%		05/15/2055		2,530		264,767
Series 2008 A, RB(e)		0.00	%		05/15/2057		14,910		1,036,984
Series 2008 B, RB(e)		0.00	%		05/15/2057		37,725		2,075,509
Puerto Rico (Commonwealth of);
Series 2021 A‑1, GO Bonds		5.63	%		07/01/2027		1,170		1,220,257
Series 2021 A‑1, GO Bonds		4.00	%		07/01/2035		1,260		1,158,014
Series 2021 A‑1, GO Bonds		4.00	%		07/01/2037		980		881,710
Series 2021 A‑1, GO Bonds		4.00	%		07/01/2041		605		523,178
Subseries 2022, RN		0.00	%		11/01/2043		797		411,212
Subseries 2022, RN		0.00	%		11/01/2051		1,469		760,432
Puerto Rico (Commonwealth of) Electric Power Authority;
Series 2003 NN, RB (INS - NATL)(d)		4.75	%		07/01/2033		850		822,079
Series 2007 VV, Ref. RB (INS - NATL)(d)		5.25	%		07/01/2029		1,900		1,874,192
Series 2007 VV, Ref. RB (INS - NATL)(d)		5.25	%		07/01/2033		725		713,321
Series 2007 VV, Ref. RB (INS - NATL)(d)		5.25	%		07/01/2035		640		622,923
Puerto Rico (Commonwealth of) Highway & Transportation Authority; Series 2022 A, RB		5.00	%		07/01/2062		1,680		1,656,900
Puerto Rico Sales Tax Financing Corp.;
Series 2018 A‑1, RB(e)		0.00	%		07/01/2029		1,405		1,099,236
Series 2018 A‑1, RB(e)		0.00	%		07/01/2033		2,116		1,369,366
Series 2018 A‑1, RB(e)		0.00	%		07/01/2046		8,320		2,317,355
Series 2018 A‑1, RB(e)		0.00	%		07/01/2051		10,905		2,253,927
Series 2018 A‑1, RB		4.75	%		07/01/2053		1,469		1,377,157
Series 2018 A‑1, RB		5.00	%		07/01/2058		5,866		5,692,399
Series 2019 A‑2, RB		4.33	%		07/01/2040		1,655		1,571,597
									35,551,920

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

14 Invesco Value Municipal Income Trust

	Interest Rate			Maturity Date		Principal Amount (000)		Value
Rhode Island–0.46%
Tobacco Settlement Financing Corp.;
Series 2015 A, Ref. RB		5.00%			06/01/2035	$	700	$	708,548
Series 2015 B, Ref. RB		5.00%			06/01/2050		2,180		2,116,003
									2,824,551
South Carolina–0.99%
South Carolina (State of) Ports Authority; Series 2015, RB(b)(g)(h)		5.25%			07/01/2025		1,045		1,071,353
South Carolina (State of) Public Service Authority;
Series 2013 E, Ref. RB		5.50%			12/01/2053		3,830		3,831,666
Series 2014 C, Ref. RB		5.00%			12/01/2046		1,175		1,175,427
									6,078,446
South Dakota–0.45%
South Dakota (State of) Health & Educational Facilities Authority (Sanford Obligated Group); Series 2014 B, RB		5.00%			11/01/2044		2,745		2,745,173
Tennessee–2.92%
Chattanooga (City of), TN Health, Educational & Housing Facility Board (CommonSpirit Health); Series 2019 A-2, Ref. RB		5.00%			08/01/2049		1,260		1,273,064
Greeneville (Town of), TN Health & Educational Facilities Board (Ballad Health Obligated Group); Series 2018 A, Ref. RB		5.00%			07/01/2037		1,780		1,822,681
Kingsport (City of), TN; Series 2023, GO Bonds		4.13%			03/01/2053		2,080		1,969,443
Knox (County of), TN & Knoxville (City of), TN Sports Authority (Multi‑Use Stadium); Series 2023 A, RB		6.00%			12/01/2054		2,085		2,366,593
Knoxville (City of), TN; Series 2022 OO, RB		4.00%			07/01/2052		3,175		3,004,478
Memphis (City of) & Shelby (County of), TN Airport Authority; Series 2018, RB(h)		5.00%			07/01/2043		1,275		1,293,699
Metropolitan Nashville Airport Authority (The); Series 2019 B, RB(h)		5.00%			07/01/2054		570		576,515
Shelby (County of), TN Health, Educational & Housing Facilities Board (Methodist Le Bonheur Healthcare); Series 2008, VRD RB (INS - AGM)(d)(n)		0.02%			06/01/2042		3,000		3,000,000
Tennessee Energy Acquisition Corp.; Series 2021 A, RB(b)		5.00	%		11/01/2031		2,505		2,591,714
									17,898,187
Texas–21.02%
Alamo Community College District; Series 2012, GO Bonds(f)		5.00%			08/15/2034		4,895		4,899,603
Austin (City of), TX; Series 2023, Ref. RB		5.25%			11/15/2053		2,185		2,356,530
Bay Area Toll Authority (San Francisco Bay Area); Series 2023, VRD RB (LOC - Barclays Bank PLC)(c)(n)(o)		3.66%			06/01/2063		840		840,000
Caddo Mills Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)		4.25%			02/15/2053		1,130		1,096,060
Central Texas Regional Mobility Authority; Series 2021 B, RB		5.00%			01/01/2046		670		692,645
Clifton Higher Education Finance Corp. (Idea Public Schools); Series 2021 T, RB (CEP - Texas Permanent School Fund)		4.00%			08/15/2050		1,360		1,205,305
Clifton Higher Education Finance Corp. (International Leadership of Texas); Series 2018 D, RB		5.75%			08/15/2033		1,660		1,676,972
Coppell Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)		4.13%			08/15/2048		1,010		986,287
Crowley Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)		4.25%			02/01/2053		1,685		1,642,670
Denton (County of), TX; Series 2023, Ref. GO Bonds		4.00%			07/15/2048		4,250		3,965,736
El Paso (City of), TX; Series 2022 A, RB		4.00%			03/01/2048		3,050		2,821,402
Greater Texoma Utility Authority (City of Sherman); Series 2023, RB (INS - AGM)(d)		4.25%			10/01/2053		1,430		1,324,653
Harris (County of), TX Toll Road Authority (The); Series 2021, Ref. RB		4.00%			08/15/2050		1,295		1,169,962
Harris County Industrial Development Corp. (Energy Transfer L.P.); Series 2023, Ref. RB(b)		4.05%			06/01/2033		1,345		1,322,438
Houston (City of), TX;
Series 2023 A, Ref. RB (INS - AGM)(d)(h)		5.25%			07/01/2048		1,170		1,231,390
Series 2023 A, Ref. RB (INS - AGM)(d)(h)		5.25%			07/01/2053		1,175		1,229,968
Houston (City of), TX Airport System (United Airlines, Inc. Terminal E);
Series 2014, Ref. RB(h)		4.75%			07/01/2024		420		420,410
Series 2021 A, RB(h)		4.00%			07/01/2041		585		517,704
Houston (City of), TX Airport System (United Airlines, Inc.); Series 2018, RB(h)		5.00%			07/15/2028		500		506,499
Houston (City of), TX Convention & Entertainment Facilities Department;
Series 2001 B, RB (INS - AGM)(d)(e)		0.00%			09/01/2026		3,975		3,534,103
Series 2001 B, RB (INS - AGM)(d)(e)		0.00%			09/01/2027		5,015		4,296,600
La Vernia Higher Education Finance Corp. (Meridian World School); Series 2015 A, RB(b)(c)(g)		5.50%			08/15/2024		1,230		1,246,968
Lower Colorado River Authority (LCRA Transmission Services Corp.); Series 2022, Ref. RB		5.50%			05/15/2047		1,170		1,264,688

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

15 Invesco Value Municipal Income Trust

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Texas–(continued)
Mission Economic Development Corp. (Natgasoline); Series 2018, Ref. RB(c)(h)		4.63%		10/01/2031	$	2,100	$	2,052,231
Montgomery Independent School District;
Series 2023, GO Bonds (CEP - Texas Permanent School Fund)		4.00%		02/15/2048		885		832,208
Series 2023, GO Bonds (CEP - Texas Permanent School Fund)		4.00%		02/15/2053		2,125		1,960,839
New Hope Cultural Education Facilities Finance Corp. (4‑K Housing, Inc.-Stoney Brook); Series 2017 A‑1, RB(k)		4.75%		07/01/2052		750		502,500
New Hope Cultural Education Facilities Finance Corp. (Carillon Lifecare Community); Series 2016, Ref. RB		5.00%		07/01/2046		1,455		1,069,020
New Hope Cultural Education Facilities Finance Corp. (CHF‑Collegiate Housing College Station I, LLC - Texas A&M University); Series 2014 A, RB (INS - AGM)(d)		5.00%		04/01/2046		510		507,727
New Hope Cultural Education Facilities Finance Corp. (Jubilee Academic Center); Series 2021, Ref. RB(c)		4.00%		08/15/2051		1,235		890,404
New Hope Cultural Education Facilities Finance Corp. (Presbyterian Village North);
Series 2018, Ref. RB		5.00%		10/01/2026		1,550		1,522,733
Series 2020, RB		5.25%		10/01/2055		2,520		1,943,596
North Texas Tollway Authority;
Series 2008 D, Ref. RB (INS - AGC)(d)(e)		0.00%		01/01/2028		16,400		14,044,540
Series 2008 D, Ref. RB (INS - AGC)(d)(e)		0.00%		01/01/2029		2,725		2,247,981
Series 2008 D, Ref. RB (INS - AGC)(d)(e)		0.00%		01/01/2031		3,550		2,703,937
San Antonio (City of), TX;
Series 2023 A, Ref. RB		5.25%		02/01/2046		1,760		1,915,423
Series 2023 A, Ref. RB		5.50%		02/01/2050		1,300		1,432,246
San Jacinto River Authority (Groundwater Reduction Plan Division);
Series 2011, RB (INS - AGM)(d)		5.00%		10/01/2032		2,265		2,267,581
Series 2011, RB (INS - AGM)(d)		5.00%		10/01/2037		2,475		2,477,364
Spring Independent School District; Series 2023, GO Bonds		4.00%		08/15/2052		5,000		4,607,365
Tarrant (County of), TX Hospital District; Series 2023, GO Bonds		4.25%		08/15/2053		3,270		3,090,012
Tarrant County Cultural Education Facilities Finance Corp.; Series 2016 A, Ref. RB(f)		5.00%		02/15/2047		3,415		3,458,292
Tarrant County Cultural Education Facilities Finance Corp. (Air Force Village Obligated Group);
Series 2016, Ref. RB		5.00%		05/15/2037		1,645		1,466,609
Series 2016, Ref. RB		5.00%		05/15/2045		1,030		844,101
Tarrant County Cultural Education Facilities Finance Corp. (C.C. Young Memorial Home); Series 2017 A, RB (Acquired 12/15/2016; Cost $1,801,783)(k)(l)		6.38%		02/15/2048		1,785		981,750
Tarrant County Cultural Education Facilities Finance Corp. (MRC Stevenson Oaks);
Series 2020, Ref. RB		6.63%		11/15/2041		85		78,939
Series 2020, Ref. RB		6.75%		11/15/2051		85		76,192
Series 2020, Ref. RB		6.88%		11/15/2055		85		76,772
Temple (City of), TX; Series 2018 A, RB		5.00%		08/01/2028		560		565,369
Texas (State of) Transportation Commission;
Series 2019, RB(e)		0.00%		08/01/2037		1,250		641,482
Series 2019, RB(e)		0.00%		08/01/2039		1,400		632,338
Texas (State of) Transportation Commission (Central Texas Turnpike System);
Series 2002 A, RB (INS - BHAC)(d)(e)		0.00%		08/15/2027		6,800		5,949,005
Series 2002, RB(e)(g)		0.00%		08/15/2027		200		175,281
Series 2015 B, Ref. RB(e)		0.00%		08/15/2036		3,075		1,632,371
Series 2015 B, Ref. RB(e)		0.00%		08/15/2037		705		352,120
Series 2015 C, Ref. RB		5.00%		08/15/2034		5,000		5,029,103
Series 2015 C, Ref. RB		5.00%		08/15/2042		4,385		4,385,000
Texas City Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)		4.00%		08/15/2053		1,430		1,346,662
Texas Municipal Gas Acquisition & Supply Corp. I; Series 2008 D, RB		6.25%		12/15/2026		2,955		3,060,131
Texas Private Activity Bond Surface Transportation Corp. (Blueridge Transportation Group, LLC SH 288 Toll Lanes); Series 2016, RB(h)		5.00%		12/31/2055		1,070		1,056,338
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North Tarrant Express Managed Lanes); Series 2023, RB(h)		5.50%		12/31/2058		1,000		1,059,694
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners Segments 3 LLC Segments 3A and 3B Facility); Series 2013, RB(h)		7.00%		12/31/2038		1,250		1,252,583
Texas Water Development Board; Series 2022, RB(f)		5.00%		10/15/2047		3,340		3,558,622
Travis County Cultural Education Facilities Finance Corp. (Wayside Schools); Series 2012 A, RB		5.25%		08/15/2042		5		4,763
Waller Consolidated Independent School District; Series 2023, GO Bonds (INS - BAM)(d)		4.00%		02/15/2053		3,365		3,009,358

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

16 Invesco Value Municipal Income Trust

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Texas–(continued)
Waxahachie Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)		4.25%		02/15/2053	$	1,830	$	1,775,035
								128,784,210
Utah–0.92%
Black Desert Public Infrastructure District; Series 2021 A, GO Bonds(c)		4.00%		03/01/2051		500		368,290
Military Installation Development Authority; Series 2021 A‑2, RB		4.00%		06/01/2052		500		362,700
Salt Lake City (City of), UT;
Series 2021 A, RB(h)		5.00%		07/01/2046		840		861,091
Series 2021 A, RB(h)		5.00%		07/01/2051		450		458,559
Series 2023 A, RB(h)		5.25%		07/01/2048		1,610		1,694,476
Utah (County of), UT (IHC Health Services, Inc.); Series 2016 B, RB		4.00%		05/15/2047		2,025		1,879,061
								5,624,177
Virginia–2.05%
Hampton (City of), VA Roads Transportation Accountability Commission; Series 2022 A, RB		4.00%		07/01/2052		2,090		1,942,606
Peninsula Town Center Community Development Authority; Series 2018, Ref. RB(c)		5.00%		09/01/2045		335		308,173
Roanoke (City of), VA Economic Development Authority (Richfield Living); Series 2020, RB (Acquired 01/23/2020; Cost $330,000)(k)(l)		5.00%		09/01/2050		330		198,000
Virginia (Commonwealth of) Small Business Financing Authority (95 Express Lanes LLC);
Series 2022, Ref. RB(h)		5.00%		01/01/2038		2,000		2,053,971
Series 2022, Ref. RB(h)		5.00%		07/01/2038		2,250		2,309,152
Virginia (Commonwealth of) Small Business Financing Authority (I‑495 Hot Lanes);
Series 2022, Ref. RB(h)		5.00%		12/31/2052		535		538,229
Series 2022, Ref. RB(h)		5.00%		12/31/2057		1,625		1,630,849
Virginia (Commonwealth of) Small Business Financing Authority (Transform 66 P3);
Series 2017, RB(h)		5.00%		12/31/2049		1,155		1,156,906
Series 2017, RB(h)		5.00%		12/31/2056		2,420		2,396,560
								12,534,446
Washington–3.34%
Kalispel Tribe of Indians; Series 2018 A, RB(c)		5.00%		01/01/2032		1,340		1,367,187
Seattle (City of), WA; Series 2023 A, Ref. RB		5.00%		03/01/2053		5,000		5,310,218
Tacoma (City of), WA; Series 2023, RB(f)		4.00%		12/01/2047		2,785		2,638,561
Washington (State of);
Series 2004 F, GO Bonds (INS - AMBAC)(d)(e)		0.00%		12/01/2029		5,100		4,064,907
Series 2019 A, GO Bonds(f)		5.00%		08/01/2042		1,850		1,943,728
Washington (State of) Convention Center Public Facilities District; Series 2018, RB		5.00%		07/01/2048		3,440		3,469,099
Washington (State of) Housing Finance Commission (Bayview Manor Homes);
Series 2016 A, Ref. RB(c)		5.00%		07/01/2046		435		339,401
Series 2016 A, Ref. RB(c)		5.00%		07/01/2051		360		271,215
Washington (State of) Housing Finance Commission (Social Certificates); Series 2021‑1A, Revenue Ctfs.		3.50%		12/20/2035		1,204		1,090,936
								20,495,252
West Virginia–0.42%
Monongalia (County of), WV Commission Special District (University Town Centre Economic Opportunity Development District); Series 2020, Ref. RB(c)		7.50%		06/01/2043		840		911,573
West Virginia (State of) Hospital Finance Authority (West Virginia University Health System Obligated Group); Series 2023, RB		4.25%		06/01/2047		1,790		1,672,669
								2,584,242
Wisconsin–4.94%
Wisconsin (State of) Center District;
Series 2020 D, RB (INS - AGM)(d)(e)		0.00%		12/15/2050		6,520		1,768,145
Series 2020 D, RB (INS - AGM)(d)(e)		0.00%		12/15/2060		29,640		4,805,868
Series 2022, RB(c)		5.25%		12/15/2061		1,705		1,634,341
Wisconsin (State of) Health & Educational Facilities Authority (Aspirus, Inc.Obligated Group);
Series 2021, RB		3.00%		08/15/2051		835		572,952
Series 2021, RB		4.00%		08/15/2051		2,805		2,511,291
Wisconsin (State of) Health & Educational Facilities Authority (Froedtert Health); Series 2022 A, Ref. RB		4.00%		04/01/2042		2,505		2,294,352

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

17 Invesco Value Municipal Income Trust

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Wisconsin–(continued)
Wisconsin (State of) Health & Educational Facilities Authority (Gundersen Health system); Series 2021 A, Ref. RB		3.00%		10/15/2038	$	1,680	$	1,354,920
Wisconsin (State of) Health & Educational Facilities Authority (Medical College of Wisconsin); Series 2022, Ref. RB		4.00%		12/01/2051		1,540		1,409,381
Wisconsin (State of) Health & Educational Facilities Authority (Mercy Alliance); Series 2012, RB		5.00%		06/01/2039		5,000		4,769,693
Wisconsin (State of) Public Finance Authority; Series 2022, RB(c)		6.00%		06/01/2062		780		750,489
Wisconsin (State of) Public Finance Authority (American Dream at Meadowlands);
Series 2017, RB(c)(k)		6.75%		08/01/2031		900		630,000
Series 2017, RB(c)		6.75%		12/01/2042		2,100		1,902,689
Wisconsin (State of) Public Finance Authority (Explore Academy);
Series 2020 A, RB(c)		6.13%		02/01/2050		420		359,080
Series 2022 A, RB(c)		6.13%		02/01/2050		455		389,003
Wisconsin (State of) Public Finance Authority (Mallard Creek STEM Academy); Series 2019 A, RB(c)		5.13%		06/15/2039		650		615,269
Wisconsin (State of) Public Finance Authority (Maryland Proton Treatment Center); Series 2018 A‑1, RB(c)		6.38%		01/01/2048		640		393,600
Wisconsin (State of) Public Finance Authority (Prime Healthcare Foundation, Inc.);
Series 2018 A, RB		5.20%		12/01/2037		1,655		1,663,203
Series 2018 A, RB		5.35%		12/01/2045		1,655		1,607,601
Wisconsin (State of) Public Finance Authority (Roseman University of Health Sciences); Series 2015, Ref. RB		5.75%		04/01/2035		815		826,680
								30,258,557
Total Municipal Obligations (Cost $941,053,889)								933,121,813
					Shares
Exchange-Traded Funds–0.08%
Invesco Municipal Strategic Income ETF (Cost $512,037)(p)						10,050		499,712
TOTAL INVESTMENTS IN SECURITIES(q)—152.36% (Cost $941,565,926)								933,621,525
FLOATING RATE NOTE OBLIGATIONS—(14.15)% Notes with interest and fee rates ranging from 4.58% to 4.63% at 08/31/2023 and contractual maturities of collateral ranging from 06/15/2029 to 11/15/2055 (See Note 1J)(r)								(86,705,000	)
VARIABLE RATE MUNI TERM PREFERRED SHARES—(38.04)%								(233,088,794	)
OTHER ASSETS LESS LIABILITIES - (0.17)%								(1,035,255	)
NET ASSETS APPLICABLE TO COMMON SHARES—100.00%							$	612,792,476

Investment Abbreviations:
AGC	- Assured Guaranty Corp.
AGM	- Assured Guaranty Municipal Corp.
AMBAC	- American Municipal Bond Assurance Corp.
BAM	- Build America Mutual Assurance Co.
BHAC	- Berkshire Hathaway Assurance Corp.
CEP	- Credit Enhancement Provider
COP	- Certificates of Participation
Ctfs.	- Certificates
ETF	- Exchange-Traded Fund
FHLMC	- Federal Home Loan Mortgage Corp.
GO	- General Obligation
IDR	- Industrial Development Revenue Bonds
INS	- Insurer
LOC	- Letter of Credit
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

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

18 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)  Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

^(c)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2023 was $54,760,891, which represented 8.94% of the Trust’s Net Assets.

^(d)  Principal and/or interest payments are secured by the bond insurance company listed.

^(e)  Zero coupon bond issued at a discount.

^(f)  Underlying security related to TOB Trusts entered into by the Trust. See Note 1J.

^(g)  Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

^(h)  Security subject to the alternative minimum tax.

⁽ⁱ⁾  Convertible capital appreciation bond. The interest rate shown represents the coupon rate at which the bond will accrue at a specified future date.

^(j)  Security is subject to a reimbursement agreement which may require the Trust to pay amounts to a counterparty in the event of a significant decline in the market value of the security underlying the TOB Trusts. In case of a shortfall, the maximum potential amount of payments the Trust could ultimately be required to make under the agreement is $23,555,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the TOB Trusts.

^(k)  Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at August 31, 2023 was $2,734,155, which represented less than 1% of the Trust’s Net Assets.

^(l)  Restricted security. The aggregate value of these securities at August 31, 2023 was $1,599,830, which represented less than 1% of the Trust’s Net Assets.

^(m)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2023.

⁽ⁿ⁾  Demand security payable upon demand by the Trust at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on August 31, 2023.

^(o)  Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.

^(p)  Affiliated issuer. The issuer and/or the Trust is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Trust’s transactions in, and earnings from, its investments in affiliates for the six months ended August 31, 2023.

	Value February 28, 2023		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value August 31, 2023		Dividend Income
Invesco Municipal Strategic Income ETF	$	500,445	$	-	$	-	$	(733	)	$	-	$	499,712	$	10,304

^(q)  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.		6.27	%

^(r)  Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at August 31, 2023. At August 31, 2023, the Trust’s investments with a value of $125,284,546 are held by TOB Trusts and serve as collateral for the $86,705,000 in the floating rate note obligations outstanding at that date.

Portfolio Composition

By credit sector, based on total investments

As of August 31, 2023

Revenue Bonds	80.42	%
General Obligation Bonds	16.25
Pre‑Refunded Bonds	2.56
Other	0.77

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

19 Invesco Value Municipal Income Trust

Statement of Assets and Liabilities

August 31, 2023

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $941,053,889)	$	933,121,813
Investments in affiliates, at value (Cost $512,037)		499,712
Receivable for:
Investments sold		24,358,330
Interest		8,240,359
Investment for trustee deferred compensation and retirement plans		77,613
Total assets		966,297,827
Liabilities:
Floating rate note obligations		86,705,000
Variable rate muni term preferred shares ($0.01 par value, 2,331 shares issued with liquidation preference of $100,000 per share)		233,088,794
Payable for:
Investments purchased		29,417,639
Dividends		40,746
Amount due custodian		2,977,816
Accrued fees to affiliates		37,762
Accrued interest expense		893,367
Accrued trustees’ and officers’ fees and benefits		1,383
Accrued other operating expenses		103,840
Trustee deferred compensation and retirement plans		239,004
Total liabilities		353,505,351
Net assets applicable to common shares	$	612,792,476

Net assets applicable to common shares consist of:
Shares of beneficial interest – common shares	$	678,549,373
Distributable earnings (loss)		(65,756,897	)
	$	612,792,476
Common shares outstanding, no par value, with an unlimited number of common shares authorized:
Common shares outstanding		47,068,439
Net asset value per common share	$	13.02
Market value per common share	$	11.53

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

20 Invesco Value Municipal Income Trust

Statement of Operations

For the six months ended August 31, 2023

(Unaudited)

Investment income:
Interest	$	22,852,989
Dividends from affiliates		10,304
Total investment income		22,863,293
Expenses:
Advisory fees		2,647,111
Administrative services fees		46,498
Custodian fees		4,443
Interest, facilities and maintenance fees		7,033,754
Transfer agent fees		10,259
Trustees’ and officers’ fees and benefits		10,421
Registration and filing fees		22,902
Reports to shareholders		23,159
Professional services fees		49,727
Other		4,784
Total expenses		9,853,058
Less: Fees waived		(977	)
Net expenses		9,852,081
Net investment income		13,011,212
Realized and unrealized gain (loss) from:
Net realized gain (loss) from unaffiliated investment securities (includes net gains (losses) from securities sold to affiliates of $(289,904))		(3,338,577	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(1,872,417	)
Affiliated investment securities		(733	)
		(1,873,150	)
Net realized and unrealized gain (loss)		(5,211,727	)
Net increase in net assets resulting from operations applicable to common shares	$	7,799,485

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

21 Invesco Value Municipal Income Trust

Statement of Changes in Net Assets

For the six months ended August 31, 2023 and the year ended February 28, 2023

(Unaudited)

	August 31, 2023			February 28, 2023
Operations:
Net investment income	$	13,011,212		$	29,045,271
Net realized gain (loss)		(3,338,577	)		(33,448,918	)
Change in net unrealized appreciation (depreciation)		(1,873,150	)		(83,450,480	)
Net increase (decrease) in net assets resulting from operations applicable to common shares		7,799,485			(87,854,127	)
Distributions to common shareholders from distributable earnings		(13,061,492	)		(30,798,672	)
Return of capital applicable to common shares		–			(1,137,282	)
Total distributions		(13,061,492	)		(31,935,954	)
Net increase (decrease) in net assets applicable to common shares		(5,262,007	)		(119,790,081	)
Net assets applicable to common shares:
Beginning of period		618,054,483			737,844,564
End of period	$	612,792,476		$	618,054,483

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

22 Invesco Value Municipal Income Trust

Statement of Cash Flows

For the six months ended August 31, 2023

(Unaudited)

Cash provided by operating activities:
Net increase in net assets resulting from operations applicable to common shares	$	7,799,485
Adjustments to reconcile the change in net assets applicable to common shares from operations to net cash provided by operating activities:
Purchases of investments		(99,813,384	)
Proceeds from sales of investments		124,912,228
Proceeds from sales of short-term investments, net		4,934,641
Amortization of premium on investment securities		1,245,469
Accretion of discount on investment securities		(3,970,095	)
Net realized loss from investment securities		3,338,577
Net change in unrealized depreciation on investment securities		1,873,150
Change in operating assets and liabilities:
Decrease in receivables and other assets		661,569
Increase in accrued expenses and other payables		35,926
Net cash provided by operating activities		41,017,566
Cash provided by (used in) financing activities:
Dividends paid to common shareholders from distributable earnings		(13,059,993	)
Increase in payable for amount due custodian		542,427
Proceeds of TOB Trusts		6,935,000
Repayments of TOB Trusts		(35,435,000	)
Net cash provided by (used in) financing activities		(41,017,566	)
Net increase in cash and cash equivalents		–
Cash and cash equivalents at beginning of period		–
Cash and cash equivalents at end of period	$	–
Supplemental disclosure of cash flow information:
Cash paid during the period for taxes	$	20,258
Cash paid during the period for interest, facilities and maintenance fees	$	6,869,753

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

23 Invesco Value Municipal Income Trust

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Trust outstanding throughout the periods indicated.

	Six Months Ended August 31,			Years Ended February 28,									Year Ended February 29,			Year Ended February 28,
	2023			2023			2022			2021			2020			2019
Net asset value per common share, beginning of period		$  13.13			$  15.68			$  16.53			$  17.15			$  15.68			$ 15.80
Net investment income(a)		0.28			0.62			0.75			0.75			0.67			0.69
Net gains (losses) on securities (both realized and unrealized)		(0.11	)		(2.49	)		(0.83	)		(0.66	)		1.50			(0.08	)
Total from investment operations		0.17			(1.87	)		(0.08	)		0.09			2.17			0.61
Less:
Dividends paid to common shareholders from net investment income		(0.28	)		(0.66	)		(0.77	)		(0.71	)		(0.67	)		(0.72	)
Return of capital		–			(0.02	)		–			–			(0.03	)		(0.01	)
Total distributions		(0.28	)		(0.68	)		(0.77	)		(0.71	)		(0.70	)		(0.73	)
Net asset value per common share, end of period		$  13.02			$  13.13			$  15.68			$  16.53			$  17.15			$  15.68
Market value per common share, end of period		$  11.53			$  12.18			$  15.12			$  15.55			$  15.47			$  14.35
Total return at net asset value(b)		1.24	%		(11.72	)%		(0.56	)%		1.11	%		14.53	%		4.50	%
Total return at market value(c)		(3.11	)%		(15.08	)%		1.94	%		5.45	%		12.88	%		4.29	%
Net assets applicable to common shares, end of period (000’s omitted)		$612,792			$618,054			$737,845			$777,695			$806,854			$737,833
Portfolio turnover rate(d)		13	%		31	%		10	%		16	%		6	%		15	%
Ratios/supplemental data based on average net assets applicable to common shares outstanding:
Ratio of expenses:
With fee waivers and/or expense reimbursements		3.12	%(e)		2.57	%		1.44	%		1.70	%		2.40	%		2.48	%
With fee waivers and/or expense reimbursements excluding interest, facilities and maintenance fees		0.89	%(e)		0.95	%		0.92	%		0.93	%		0.95	%		0.99	%
Without fee waivers and/or expense reimbursements		3.12	%(e)		2.57	%		1.44	%		1.70	%		2.40	%		2.48	%
Ratio of net investment income to average net assets		4.12	%(e)		4.51	%		4.52	%		4.59	%		4.10	%		4.41	%
Senior securities:
Total amount of preferred shares outstanding (000’s omitted)		$233,089			$233,100			$233,100			$233,100			$233,100			$233,100
Asset coverage per preferred share(f)		$362,883			$365,146			$416,536			$433,631			$446,141			$416,531
Liquidating preference per preferred share		$100,000			$100,000			$100,000			$100,000			$100,000			$100,000

^(a)  Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Not annualized for periods less than one year, if applicable.

^(c)  Total return assumes an investment at the common share market price at the beginning of the period indicated, reinvestment of all distributions for the period in accordance with the Trust’s dividend reinvestment plan, and sale of all shares at the closing common share market price at the end of the period indicated. Not annualized for periods less than one year, if applicable.

^(d)  Portfolio turnover is not annualized for periods less than one year, if applicable.

^(e)  Annualized.

^(f)  Calculated by subtracting the Trust’s total liabilities (not including preferred shares, at liquidation value) from the Trust’s total assets and dividing this by the total number of preferred shares outstanding.

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

24 Invesco Value Municipal Income Trust

Notes to Financial Statements

August 31, 2023

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Value Municipal Income Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a closed‑end management investment company.

The Trust’s investment objective is to provide common shareholders with current income which is exempt from federal income tax.

The Trust is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Trust in the preparation of its financial statements.

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

Securities generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution‑size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a trust may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Securities for which market quotations are not readily available are fair valued by Invesco Advisers, Inc. (the “Adviser” or “Invesco”) in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). If a fair value price provided by a pricing service is not representative of market value in the Adviser’s judgment (“unreliable”), the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

The Trust may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Trust investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price the Trust could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Trust securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Trust could realize a greater or lesser than expected gain or loss upon the sale of the investment.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay‑in‑kind interest income and non‑cash dividend income received in the form of securities in‑lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex‑dividend date.

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

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

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

D. Distributions – The Trust declares and pays monthly dividends from net investment income to common shareholders. Distributions from net realized capital gain, if any, are generally declared and paid annually and are distributed on a pro rata basis to common and preferred shareholders.

E. Federal Income Taxes – The Trust intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Trust’s taxable earnings to shareholders. As such, the Trust will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Trust recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Trust’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

25 Invesco Value Municipal Income Trust

In addition, the Trust intends to invest in such municipal securities to allow it to qualify to pay shareholders “exempt dividends”, as defined in the Internal Revenue Code.

The Trust files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Trust is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Interest, Facilities and Maintenance Fees – Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees, rating and bank agent fees, administrative expenses and other expenses associated with establishing and maintaining the line of credit and Variable Rate Muni Term Preferred Shares (“VMTP Shares”). In addition, interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any, are included.

G. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Trust monitors for material events or transactions that may occur or become known after the period‑end date and before the date the financial statements are released to print.

H. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts, including the Trust’s servicing agreements, that contain a variety of indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. Cash and Cash Equivalents – For the purposes of the Statement of Cash Flows, the Trust defines Cash and Cash Equivalents as cash (including foreign currency), money market funds and other investments held in lieu of cash and excludes investments made with cash collateral received.

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

The Trust generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Trust to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and decreases in the value of such securities in response to changes in interest rates to a greater extent than fixed rate securities having similar credit quality, redemption provisions and maturity, which may cause the Trust’s net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain instances, the short-term floating rate notes created by the TOB Trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such notes for repayment of principal, may not be able to be remarketed to third parties. In such cases, the TOB Trust holding the fixed rate bonds may be collapsed with the entity that contributed the fixed rate bonds to the TOB Trust. In the case where a TOB Trust is collapsed with the Trust, the Trust will be required to repay the principal amount of the tendered securities, which may require the Trust to sell other portfolio holdings to raise cash to meet that obligation. The Trust could therefore be required to sell other portfolio holdings at a disadvantageous time or price to raise cash to meet this obligation, which risk will be heightened during times of market volatility, illiquidity or uncertainty. The embedded leverage in the TOB Trust could cause the Trust to lose more money than the value of the asset it has contributed to the TOB Trust and greater levels of leverage create the potential for greater losses. In addition, a Trust may enter into reimbursement agreements with the liquidity provider of certain TOB transactions in connection with certain residuals held by the Trust. These agreements commit a Trust to reimburse the liquidity provider to the extent that the liquidity provider must provide cash to a TOB Trust, including following the termination of a TOB Trust resulting from a mandatory tender event (“liquidity shortfall”). The reimbursement agreement will effectively make the Trust liable for the amount of the negative difference, if any, between the liquidation value of the underlying security and the purchase price of the floating rate notes issued by the TOB Trust.

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

Final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”) prohibit banking entities from engaging in proprietary trading of certain instruments and limit such entities’ investments in, and relationships with, “covered funds”, as defined in the rules. These rules preclude banking entities and their affiliates from sponsoring and/or providing services for existing TOB Trusts. A new TOB structure is being utilized by the Trust wherein the Trust, as holder of the residuals, will perform certain duties previously performed by banking entities as “sponsors” of TOB Trusts. These duties may be performed by a third-party service provider. The Trust’s expanded role under the new TOB structure may increase its operational and regulatory risk. The new structure is substantially similar to the previous structure; however, pursuant to the Volcker Rule, the remarketing agent would not be able to repurchase tendered floaters for its own account upon a failed remarketing. In the event of a failed remarketing, a banking entity serving as liquidity provider may loan the necessary funds to the TOB Trust to purchase the tendered floaters. The TOB Trust, not the Trust, would be the borrower and the loan from the liquidity provider will be secured by the purchased floaters now held by the TOB Trust. However, as previously described, the Trust would bear the risk of loss with respect to any liquidity shortfall to the extent it entered into a reimbursement agreement with the liquidity provider.

Further, the SEC and various banking agencies have adopted rules implementing credit risk retention requirements for asset-backed securities (the “Risk Retention Rules”). The Risk Retention Rules require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB Trust’s municipal bonds. The Trust has adopted policies intended to comply with the Risk Retention Rules. The Risk Retention Rules may adversely affect the Trust’s ability to engage in TOB Trust transactions or increase the costs of such transactions in certain circumstances.

There can be no assurances that the new TOB structure will continue to be a viable form of leverage. Further, there can be no assurances that alternative forms of leverage will be available to the Trust in order to maintain current levels of leverage. Any alternative forms of leverage may be less advantageous to the Trust, and may adversely affect the Trust’s net asset value, distribution rate and ability to achieve its investment objective.

TOBs are presently classified as private placement securities. Private placement securities are subject to restrictions on resale because they have not been registered under the Securities Act of 1933, as amended (the “1933 Act”), or are otherwise not readily marketable. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although atypical, these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Trust or less than what may be considered the fair value of such securities.

26 Invesco Value Municipal Income Trust

K. 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 the 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.

Increases in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Trust’s investments and share price may decline. Changes in central bank policies could also result in higher than normal redemptions by shareholders, which could potentially increase the Trust’s portfolio turnover rate and transaction costs.

Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad may, among other things, affect investor and consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which may adversely impact the Trust’s operations, universe of potential investment options, and return potential.

The municipal issuers in which the Trust invests may be located in the same geographic area or may pay their interest obligations from revenue of similar projects, such as hospitals, airports, utility systems and housing finance agencies. This may make the Trust’s investments more susceptible to similar social, economic, political or regulatory occurrences, making the Trust more susceptible to experience a drop in its share price than if the Trust had been more diversified across issuers that did not have similar characteristics.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Trust accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of 0.55% of the Trust’s average daily managed assets. Managed assets for this purpose means the Trust’s net assets, plus assets attributable to outstanding preferred shares and the amount of any borrowings incurred for the purpose of leverage (whether or not such borrowed amounts are reflected in the Trust’s financial statements for purposes of GAAP).

Under the terms of a master sub‑advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub‑Advisers”) the Adviser, not the Trust, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub‑Adviser(s) that provide(s) discretionary investment management services to the Trust based on the percentage of assets allocated to such Affiliated Sub‑Adviser(s).

For the six months ended August 31, 2023, the Adviser waived advisory fees of $977.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Trust has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Trust. For the six months ended August 31, 2023, expenses incurred under this agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub‑administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Trust. Pursuant to a custody agreement with the Trust, SSB also serves as the Trust’s custodian.

Certain officers and trustees of the Trust are officers and directors of Invesco.

NOTE 3–Additional Valuation Information

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

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

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

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

The following is a summary of the tiered valuation input levels, as of August 31, 2023. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Municipal Obligations	$	–	$	933,121,813		$–	$	933,121,813
Exchange-Traded Funds		499,712		–		–		499,712
Total Investments	$	499,712	$	933,121,813		$–	$	933,621,525

NOTE 4–Security Transactions with Affiliated Funds

The Trust is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Trust from or to another fund that is or could be considered an “affiliated person” by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a‑7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s “current market price”, as provided for in these procedures and Rule 17a‑7. Pursuant to these procedures, for the six months ended August 31, 2023, the Trust engaged in securities purchases of $14,398,039 and securities sales of $3,801,670, which resulted in net realized gains (losses) of $(289,904).

27 Invesco Value Municipal Income Trust

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Trust to pay remuneration to certain Trustees and Officers of the Trust. Trustees have the option to defer compensation payable by the Trust, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Trust to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Trusts in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Trust may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Trust to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Trust.

NOTE 6–Cash Balances and Borrowings

The Trust is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period‑end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Trust may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

Inverse floating rate obligations resulting from the transfer of bonds to TOB Trusts are accounted for as secured borrowings. The average floating rate notes outstanding and average annual interest and fee rate related to inverse floating rate note obligations during the six months ended August 31, 2023 were $97,162,857 and 3.95%, respectively.

NOTE 7–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Trust’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Trust’s fiscal year‑end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Trust to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Trust had a capital loss carryforward as of February 28, 2023, as follows:

	Capital Loss Carryforward*
Expiration		Short-Term	Long-Term	Total
Not subject to expiration		$35,943,359	$18,405,897	$54,349,256

* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Trust during the six months ended August 31, 2023 was $117,624,396 and $143,485,178, respectively. Cost of investments, including any derivatives, 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 Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	27,661,416
Aggregate unrealized (depreciation) of investments		(35,456,748	)
Net unrealized appreciation (depreciation) of investments	$	(7,795,332	)

Cost of investments for tax purposes is $941,416,857.

NOTE 9–Common Shares of Beneficial Interest

Transactions in common shares of beneficial interest were as follows:

	Six Months Ended August 31,		Year Ended February 28,
	2023		2023
Beginning shares		47,068,439		47,068,439
Shares issued through dividend reinvestment		–		–
Ending shares		47,068,439		47,068,439

The Trust may, when appropriate, purchase shares in the open market or in privately negotiated transactions at a price not above market value or net asset value, whichever is lower at the time of purchase.

NOTE 10–Variable Rate Muni Term Preferred Shares

The Trust issued Series 2015/6‑IIM VMTP Shares, with a liquidation preference of $100,000 per share, pursuant to an offering exempt from registration under the 1933 Act. As of August 31, 2023, the VMTP Shares outstanding were as follows:

Issue Date	Shares Issued	Term Redemption Date	Extension Date
05/09/2012	1,431	12/01/2024	06/01/2021
02/02/2015	500	12/01/2024	06/01/2021
06/01/2017	400	12/01/2024	06/01/2021

28 Invesco Value Municipal Income Trust

VMTP Shares are a variable-rate form of preferred shares with a mandatory redemption date, unless earlier redeemed, repurchased, or extended and are considered debt for financial reporting purposes. VMTP Shares are subject to optional and mandatory redemption in certain circumstances. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends and a redemption premium, if any. On or prior to the redemption date, the Trust will be required to segregate assets having a value equal to 110% of the redemption amount.

The Trust incurs costs in connection with the issuance and/or the extension of the VMTP Shares. These costs are recorded as a deferred charge and are amortized over the term life of the VMTP Shares. Amortization of these costs is included in Interest, facilities and maintenance fees on the Statement of Operations, and the unamortized balance is included in the value of Variable rate muni term preferred shares on the Statement of Assets and Liabilities.

Dividends paid on the VMTP Shares (which are treated as interest expense for financial reporting purposes) are declared daily and paid monthly. The initial rate for dividends was equal to the sum of 1.10% per annum plus the Securities Industry and Financial Markets Association Municipal Swap Index (the “SIFMA” Index). As of August 31, 2023, the dividend rate is equal to the SIFMA Index plus a spread of 1.05%, which is based on the long term preferred share ratings assigned to the VMTP Shares by a ratings agency. The average aggregate liquidation preference outstanding and the average annualized dividend rate of the VMTP Shares during the six months ended August 31, 2023 were $233,100,000 and 4.33%, respectively.

The Trust utilizes the VMTP Shares as leverage in order to enhance the yield of its common shareholders. The primary risk associated with VMTP Shares is exposing the net asset value of the common shares and total return to increased volatility if the value of the Trust decreases while the value of the VMTP Shares remains unchanged. Fluctuations in the dividend rates on the VMTP Shares can also impact the Trust’s yield or its distributions to common shareholders. The Trust is subject to certain restrictions relating to the VMTP Shares, such as maintaining certain asset coverage and leverage ratio requirements. Failure to comply with these restrictions could preclude the Trust from declaring any distributions to common shareholders or purchasing common shares and/or could trigger an increased rate which, if not cured, could cause the mandatory redemption of VMTP Shares at the liquidation preference plus any accumulated but unpaid dividends.

The liquidation preference of VMTP Shares, which approximates fair value, is recorded as a liability under the caption Variable rate muni term preferred shares on the Statement of Assets and Liabilities. The fair value of VMTP Shares is expected to be approximately their liquidation preference so long as the credit rating on the VMTP Shares, and therefore the “spread” on the VMTP Shares (determined in accordance with the VMTP Shares’ governing document) remains unchanged. At period‑end, the Trust’s Adviser has determined that fair value of VMTP Shares is approximately their liquidation preference. Fair value could vary if market conditions change materially. Unpaid dividends on VMTP Shares are recognized as Accrued interest expense on the Statement of Assets and Liabilities. Dividends paid on VMTP Shares are recognized as a component of Interest, facilities and maintenance fees on the Statement of Operations.

NOTE 11–Dividends

The Trust declared the following dividends to common shareholders from net investment income subsequent to August 31, 2023:

Declaration Date	Amount per Share	Record Date		Payable Date
September 1, 2023	$0.0441		September 15, 2023		September 29, 2023
October 2, 2023	$0.0441		October 16, 2023		October 31, 2023

29 Invesco Value Municipal Income Trust

Approval of Investment Advisory and Sub‑Advisory Contracts

At meetings held on June 13, 2023, the Board of Trustees (the Board or the Trustees) of Invesco Value Municipal Income Trust (the Fund) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Fund’s Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub‑Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub‑Advisers and the sub‑advisory contracts) for another year, effective July 1, 2023. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub‑advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub‑Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub‑Committees, that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub‑Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the annual review process for the Invesco Funds’ investment advisory and sub‑advisory contracts. The Board took into account evaluations and reports that it received from its committees and sub‑committees, as well as the information provided to the Board and its committees and sub‑committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub‑advisory contracts.

As part of the contract renewal process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal

process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2023 and June 13, 2023, the independent Trustees also discussed the continuance of the investment advisory agreement and sub‑advisory contracts in separate sessions with the Senior Officer and with independent legal counsel. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to follow‑up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow‑up responses with legal counsel to the independent Trustees and the Senior Officer.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub‑advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub‑advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2023.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub‑Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co‑Heads of Investments, that had been presented to and discussed with the Board. The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. The Board considered the additional services provided to the Fund due to the fact that the Fund is a closed‑end fund, including, but not limited to, leverage management and monitoring, evaluating, and, where appropriate, making

recommendations with respect to the Fund’s trading discount, share repurchase program, and distribution rates, as well as shareholder relations activities. The Board received a description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non‑advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub‑Advisers under the sub‑advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub‑Advisers who provide these services. The Board noted the Affiliated Sub‑Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub‑Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub‑Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub‑advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub‑Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub‑Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub‑advisory contracts for the Fund, as no Affiliated Sub‑Adviser currently manages assets of the Fund.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2022 to the performance of funds in the Broadridge performance universe and against the S&P Municipal Bond 5+ Year Investment Grade Index (Index). The Board noted that the Fund’s performance was in the second quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the

30 Invesco Value Municipal Income Trust

fifth quintile being the worst performing funds). The Board noted that the Fund’s performance was below the performance of the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions. The Board also reviewed supplementally historic premium and discount levels of the Fund as provided to the Board at meetings throughout the year.

C. Advisory and Sub‑Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non‑portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund‑by‑fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent audited annual reports for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

The Board noted that Invesco Advisers and the Affiliated Sub‑Advisers do not manage other client accounts with investment strategies comparable to those of the Fund.

The Board also considered the services that may be provided by the Affiliated Sub‑Advisers pursuant to the sub‑advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub‑Advisers pursuant to the sub‑advisory contracts.

D. Economies of Scale and Breakpoints

The Board noted that most closed‑end funds do not have fund level breakpoints because closed‑end funds generally do not experience substantial asset growth after the initial public offering. The Board acknowledged the difficulty in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board noted that the Fund does not benefit from economies of scale through contractual breakpoints, but does share in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the

profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund‑by‑fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers’ support for and commitment to an Invesco Fund are not, however, solely dependent on the profits realized as to that Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub‑Advisers are financially sound and have the resources necessary to perform their obligations under the sub‑advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund. The Board considered the organizational structure employed to provide these services.

The Board considered that the Fund’s uninvested cash may be invested in registered money market funds advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash.

31 Invesco Value Municipal Income Trust

Proxy Results

A Joint Annual Meeting (“Meeting”) of Shareholders of Invesco Value Municipal Income Trust (the “Fund”) was held on August 3, 2023. The Meeting was held for the following purpose:

(1). Election of Trustees by Common Shareholders and Preferred Shareholders voting together as a single class.

(2). Election of Trustees by Preferred Shareholders voting as a separate class.

The results of the voting on the above matters were as follows:

				Votes
	Matters	Votes For		Withheld
(1).	Beth Ann Brown		36,209,353.82		1,704,986.52
	Joel W. Motley		35,964,130.82		1,950,209.52
	Teresa M. Ressel		36,191,361.82		1,722,978.52
(2).	Anthony J. LaCava, Jr.		2,331.00		0.00

32 Invesco Value Municipal Income Trust

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Correspondence information

Send general correspondence to Computershare Trust Company, N.A., P.O. Box 505000, Louisville, KY 40233-5000.

Trust holdings and proxy voting information

The Trust provides a complete list of its portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Trust’s semiannual and annual reports to shareholders. For the first and third quarters, the Trust files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N‑PORT. The most recent list of portfolio holdings is available at invesco.com/us. Shareholders can also look up the Trust’s Form N‑PORT filings on the SEC website at sec.gov. The SEC file number for the Trust is shown below.

 A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 341 2929 or at invesco.com/ corporate/about‑us/esg. The information is also available on the SEC website, sec.gov.

 Information regarding how the Trust voted proxies related to its portfolio securities during the most recent 12‑month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

SEC file number(s): 811‑06590               MS‑CE‑VMINC‑SAR‑1

(b) Not applicable.

ITEM 2. CODE OF ETHICS.

Not applicable for a semi-annual report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

Investments in securities of unaffiliated issuers is included as part of the reports to stockholders filed under Item 1 of this Form.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

As of August 31, 2023, the following individuals are jointly and primarily responsible for the day-to-day management of the Trust:

• Mark Paris, Portfolio Manager, who has been responsible for the Trust since 2015 and has been associated with Invesco and/or its affiliates since 2010.

• Jack Connelly, Portfolio Manager, who has been responsible for the Trust since 2016 and has been associated with Invesco and/or its affiliates since 2016.

• Joshua Cooney, Portfolio Manager, who has been responsible for the Trust since 2021 and has been associated with Invesco and/or its affiliates since 1999.

• Tim O’Reilly, Portfolio Manager, who has been responsible for the Trust since 2016 and has been associated with Invesco and/or its affiliates since 2010.

• John Schorle, Portfolio Manager, who has been responsible for the Trust since 2018 and has been associated with Invesco and/or its affiliates since 2010.

• Rebecca Setcavage, Portfolio Manager, who has been responsible for the Trust since 2021 and has been associated with Invesco and/or its affiliates since 2019. Ms. Setcavage was associated with OppenheimerFunds, a global asset management firm, since 2017.

• Julius Williams, Portfolio Manager, who has been responsible for the Trust since 2015 and has been associated with Invesco and/or its affiliates since 2010.

Portfolio Manager Fund Holdings and Information on Other Managed Accounts

Invesco’s portfolio managers develop investment models which are used in connection with the management of certain Invesco Funds as well as other mutual funds for which Invesco or an affiliate acts as sub-adviser, other pooled investment vehicles that are not registered mutual funds, and other accounts managed for organizations and individuals. The ‘Investments’ chart reflects the portfolio managers’ investments in the Fund(s) that they manage and includes investments in the Fund’s shares beneficially owned by a portfolio manager, as determined in accordance with Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended (beneficial ownership includes ownership by a portfolio manager’s immediate family members sharing the same household). The ‘Assets Managed’ chart reflects information regarding accounts other than the Funds for which each portfolio manager has day-to-day management responsibilities. Accounts are grouped into three categories: (i) other registered investment companies; (ii) other pooled investment vehicles; and (iii) other accounts. To the extent that any of these accounts pay advisory fees that are based on account performance (performance-based fees), information on those accounts is specifically noted. In addition, any assets denominated in foreign currencies have been converted into U.S. dollars using the exchange rates as of the applicable date.

Investments

The following information is as of August 31, 2023 (unless otherwise noted):

Portfolio Managers	Dollar Range of Investments in the Fund
Invesco Value Municipal Income Trust
Mark Paris	None
Jack Connelly	None
Joshua Cooney	None
Tim O’Reilly	None
John Schorle	None
Rebecca Setcavage	None
Julius Williams	None

Assets Managed

The following information is as of August 31, 2023 (unless otherwise noted):

Portfolio Managers	Other Registered Investment Companies Managed				Other Pooled Investment Vehicles Managed				Other Accounts Managed
	Number of Accounts		Assets (in millions)		Number of Accounts		Assets (in millions)		Number of Accounts			Assets (in millions)
Invesco Value Municipal Income Trust
Mark Paris		26	$	45,941.0		None		None		2	1	$	224.1	1
Jack Connelly		14	$	23,041.8		None		None		2	1	$	224.1	1
Joshua Cooney		13	$	16,306.6		None		None		None			None
Tim O’Reilly		26	$	45,960.5		None		None		2	1	$	224.1	1
John Schorle		16	$	23,081.2		None		None		2	1	$	224.1	1
Rebecca Setcavage		8	$	11,014.7		None		None		None			None
Julius Williams		26	$	45,960.5		None		None		2	1	$	224.1	1

Potential Conflicts of Interest

Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one Fund or other account. More specifically, portfolio managers who manage multiple Funds and/or other accounts may be presented with one or more of the following potential conflicts:

• The management of multiple Funds and/or other accounts may result in a portfolio manager devoting unequal time and attention to the management of each Fund and/or other account. The Adviser and each Sub-Adviser seek to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most other accounts managed by a portfolio manager are managed using the same investment models that are used in connection with the management of the Funds.

• If a portfolio manager identifies a limited investment opportunity which may be suitable for more than one Fund or other account, a Fund may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible Funds and other accounts. To deal with these situations, the Adviser, each Sub-Adviser and the Funds have adopted procedures for allocating portfolio transactions across multiple accounts.

• The Adviser and each Sub-Adviser determine which broker to use to execute each order for securities transactions for the Funds, consistent with its duty to seek best execution of the transaction. However, for certain other accounts (such as mutual funds for which Invesco or an affiliate acts as sub-adviser, other pooled investment vehicles that are not registered mutual funds, and other accounts managed for organizations and individuals), the Adviser and each Sub-Adviser may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, trades for a Fund in a particular security may be placed separately from, rather than aggregated with, such other accounts. Having separate transactions with respect to a security may temporarily affect the market price of the security or the execution of the transaction, or both, to the possible detriment of the Fund or other account(s) involved.

• The appearance of a conflict of interest may arise where the Adviser or Sub-Adviser has an incentive, such as a performance-based management fee, which relates to the management of one Fund or account but not all Funds and accounts for which a portfolio manager has day-to-day management responsibilities. None of the Invesco Fund accounts managed have a performance fee.

• In the case of a fund-of-funds arrangement, including where a portfolio manager manages both the investing Fund and an affiliated underlying fund in which the investing Fund invests or may invest, a conflict of interest may arise if the portfolio manager of the investing Fund receives material nonpublic information about the underlying fund. For example, such a conflict may restrict the ability of the portfolio manager to buy or sell securities of the underlying Fund, potentially for a prolonged period of time, which may adversely affect the Fund.

The Adviser, each Sub-Adviser, and the Funds have adopted certain compliance procedures which are designed to address these types of conflicts. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

Description of Compensation Structure

For the Adviser and each Sub-Adviser

The Adviser and each Sub-Adviser seek to maintain a compensation program that is competitively positioned to attract and retain high-caliber investment professionals. Portfolio managers receive a base salary, an incentive cash bonus opportunity and a deferred compensation opportunity. Portfolio manager compensation is reviewed and may be modified each year as appropriate to reflect changes in the market, as well as to adjust the factors used to determine bonuses to promote competitive Fund performance. The Adviser and each Sub-Adviser evaluate competitive market compensation by reviewing compensation survey results conducted by an independent third party of investment industry compensation. Each portfolio manager’s compensation consists of the following three elements:

Base Salary. Each portfolio manager is paid a base salary. In setting the base salary, the Adviser and each Sub-Adviser’s intention is to be competitive in light of the particular portfolio manager’s experience and responsibilities.

Annual Bonus. The portfolio managers are eligible, along with other employees of the Adviser and each Sub-Adviser, to participate in a discretionary year-end bonus pool. The Compensation Committee of Invesco Ltd. reviews and approves the firm-wide bonus pool based upon progress against strategic objectives and annual operating plan, including investment performance and financial results. In addition, while having no direct impact on individual bonuses, assets under management are considered when determining the starting bonus funding levels. Each portfolio manager is eligible to receive an annual cash bonus which is based on quantitative (i.e. investment performance) and non-quantitative factors (which may include, but are not limited to, individual performance, risk management and teamwork).

Each portfolio manager’s compensation is linked to the pre-tax investment performance of the Funds/accounts managed by the portfolio manager as described in Table 1 below.

Table 1

Sub-Adviser	Performance time period1
Invesco 2 Invesco Canada3 Invesco Deutschland3 Invesco Hong Kong3 Invesco Asset Management3 Invesco India3 Invesco Listed Real Assets Division3	One-, Three- and Five-year performance against Fund peer group
Invesco Senior Secured3, 3 Invesco Capital3,4	Not applicable
Invesco Japan	One-, Three- and Five-year performance

High investment performance (against applicable peer group and/or benchmarks) would deliver compensation generally associated with top pay in the industry (determined by reference to the third-party provided compensation survey information) and poor investment performance (versus applicable peer group) would result in low bonus compared to the applicable peer group or no bonus at all. These decisions are reviewed and approved collectively by senior leadership which has responsibility for executing the compensation approach across the organization.

With respect to Invesco Capital, there is no policy regarding, or agreement with, the Portfolio Managers or any other senior executive of the Adviser to receive bonuses or any other compensation in connection with the performance of any of the accounts managed by the Portfolio Managers.

¹  Rolling time periods based on calendar year-end.

²  Portfolio Managers may be granted an annual deferral award that vests on a pro-rata basis over a four-year period.

³  Invesco Senior Secured’s bonus is based on annual measures of equity return and standard tests of collateralization performance.

⁴  Portfolio Managers for Invesco Capital base their bonus on Invesco results as well as overall performance of Invesco Capital.

Deferred / Long Term Compensation. Portfolio managers may be granted a deferred compensation award based on a firm-wide bonus pool approved by the Compensation Committee of Invesco Ltd. Deferred compensation awards may take the form of annual deferral awards or long-term equity awards. Annual deferral awards may be granted as an annual stock deferral award or an annual fund deferral award. Annual stock deferral awards are settled in Invesco Ltd. common shares. Annual fund deferral awards are notionally invested in certain Invesco Funds selected by the Portfolio Manager and are settled in cash. Long-term equity awards are settled in Invesco Ltd. common shares. Both annual deferral awards and long-term equity awards have a four-year ratable vesting schedule. The vesting period aligns the interests of the Portfolio Managers with the long-term interests of clients and shareholders and encourages retention.

Retirement and health and welfare arrangements. Portfolio managers are eligible to participate in retirement and health and welfare plans and programs that are available generally to all employees.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None.

ITEM 11. CONTROLS AND PROCEDURES.

(a) As of October 17, 2023, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the PEO and PFO, to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of October 17, 2023, the Registrant’s disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

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

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13.	EXHIBITS.
13(a) (1)	Not applicable.
13(a) (2)	Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002.
13(a) (3)	Not applicable.
13(a) (4)	Not applicable.
13(b)	Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002.

SIGNATURES

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

Registrant: Invesco Value Municipal Income Trust

By:	/s/ Glenn Brightman
	Glenn Brightman
	Principal Executive Officer
Date:	November 6, 2023

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

By:	/s/ Glenn Brightman
	Glenn Brightman
	Principal Executive Officer
Date:	November 6, 2023

By:	/s/ Adrien Deberghes
	Adrien Deberghes
	Principal Financial Officer
Date:	November 6, 2023

EX-99.CERT

I, Glenn Brightman, Principal Executive Officer, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: November 6, 2023	/s/ Glenn Brightman
	Glenn Brightman, Principal Executive Officer

I, Adrien Deberghes, Principal Financial Officer, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: November 6, 2023	/s/ Adrien Deberghes
	Adrien Deberghes, Principal Financial Officer

EX-99.906CERT

CERTIFICATION OF SHAREHOLDER REPORT

In connection with the Certified Shareholder Report of Invesco Value Municipal Income Trust (the “Company”) on Form N-CSR for the period ended August 31, 2023, as filed with the Securities and Exchange Commission (the “Report”), I, Glenn Brightman, Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:

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

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

Date: November 6, 2023	/s/ Glenn Brightman
	Glenn Brightman, Principal Executive Officer

CERTIFICATION OF SHAREHOLDER REPORT

In connection with the Certified Shareholder Report of Invesco Value Municipal Income Trust (the “Company”) on Form N-CSR for the period ended August 31, 2023, as filed with the Securities and Exchange Commission (the “Report”), I, Adrien Deberghes, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:

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

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

Date: November 6, 2023	/s/ Adrien Deberghes
	Adrien Deberghes, Principal Financial Officer

XML

N-2

6 Months Ended

Aug. 31, 2023

Cover [Abstract]

Entity Central Index Key

0000885601

Amendment Flag

false

Document Type

N-CSRS

Entity Registrant Name

Invesco Value Municipal Income Trust

General Description of Registrant [Abstract]

Investment Objectives and Practices [Text Block]

The Trust’s investment objective is to provide common shareholders with current income which is exempt from federal income tax.

Other Risks [Member]

General Description of Registrant [Abstract]

Risk Factors [Table Text Block]

K. 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 the 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.

Increases in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Trust’s investments and share price may decline. Changes in central bank policies could also result in higher than normal redemptions by shareholders, which could potentially increase the Trust’s portfolio turnover rate and transaction costs.

Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad may, among other things, affect investor and consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which may adversely impact the Trust’s operations, universe of potential investment options, and return potential.

The municipal issuers in which the Trust invests may be located in the same geographic area or may pay their interest obligations from revenue of similar projects, such as hospitals, airports, utility systems and housing finance agencies. This may make the Trust’s investments more susceptible to similar social, economic, political or regulatory occurrences, making the Trust more susceptible to experience a drop in its share price than if the Trust had been more diversified across issuers that did not have similar characteristics.

Risk [Text Block]

K. 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 the 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.

Increases in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Trust’s investments and share price may decline. Changes in central bank policies could also result in higher than normal redemptions by shareholders, which could potentially increase the Trust’s portfolio turnover rate and transaction costs.

Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad may, among other things, affect investor and consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which may adversely impact the Trust’s operations, universe of potential investment options, and return potential.

The municipal issuers in which the Trust invests may be located in the same geographic area or may pay their interest obligations from revenue of similar projects, such as hospitals, airports, utility systems and housing finance agencies. This may make the Trust’s investments more susceptible to similar social, economic, political or regulatory occurrences, making the Trust more susceptible to experience a drop in its share price than if the Trust had been more diversified across issuers that did not have similar characteristics.