Schedule of Investments  
May 31, 2024
(Unaudited)
  Interest
Rate 		Maturity
Date 		Principal
Amount
(000) 		Value
Municipal Obligations–145.12%(a)
Alabama–1.21%
Birmingham (City of), AL Special Care Facilities Financing Authority (Methodist Home for the Aging);                               
Series 2016, RB  5.25% 06/01/2025   $   140 $     139,385
Series 2016, RB  5.75% 06/01/2045       20       17,813
Black Belt Energy Gas District (The); Series 2023 B, RB(b)  5.25% 12/01/2030    1,420    1,520,294
Energy Southeast A Cooperative District; Series 2024 B, RB(b)  5.25% 06/01/2032    1,010    1,073,211
Lower Alabama Gas District (The); Series 2016 A, RB  5.00% 09/01/2046      920      945,538
Southeast Energy Authority, a Cooperative District (No. 2); Series 2021 B, RB(b)  4.00% 12/01/2031    1,480    1,452,935
Southeast Energy Authority, a Cooperative District (No. 3); Series 2022 A-1, RB(b)  5.50% 12/01/2029    1,405    1,489,583
Tuscaloosa (County of), AL Industrial Development Authority (Hunt Refining); Series 2019 A, Ref. IDR(c)  5.25% 05/01/2044      860      864,759
          7,503,518
Alaska–0.06%
Northern Tobacco Securitization Corp.; Series 2021 A-1, Ref. RB  4.00% 06/01/2050      420      369,830
Arizona–2.76%
Arizona (State of) Industrial Development Authority (Leman Academy of Excellence); Series 2019 A, RB(c)  5.00% 07/01/2039    1,195    1,176,313
Arizona (State of) Industrial Development Authority (Master Academy of Nevada - Bonanza Campus); Series 2020 A, RB(c)  5.00% 12/15/2040      250      249,160
Glendale (City of), AZ Industrial Development Authority (The Beatitudes Campus);                               
Series 2017, Ref. RB  5.00% 11/15/2032    1,280    1,206,600
Series 2017, Ref. RB  5.00% 11/15/2045      980      798,498
La Paz (County of), AZ Industrial Development Authority (Charter School Solutions- Harmony Public Schools); Series 2018 A, RB  5.00% 02/15/2048      700      671,949
Maricopa (County of), AZ Industrial Development Authority (Legacy Traditional Schools);                               
Series 2019, Ref. RB(c)  5.00% 07/01/2054      550      520,562
Series 2021, RB(c)  4.00% 07/01/2051      875      698,550
Mesa (City of), AZ; Series 2022 A, RB (INS - BAM)(d)  5.00% 07/01/2046    3,025    3,223,677
Phoenix (City of), AZ Industrial Development Authority (Legacy Traditional Schools); Series 2014 A, RB(c)  6.50% 07/01/2034      435      435,740
Pima (County of), AZ Industrial Development Authority (American Leadership Academy); Series 2019, Ref. RB(c)  5.00% 06/15/2052      360      334,889
Pima (County of), AZ Industrial Development Authority (Grande Innovations Academy); Series 2018, RB(c)  5.25% 07/01/2048    1,175    1,123,923
Salt River Project Agricultural Improvement & Power District; Series 2023 B, RB  5.00% 01/01/2048    3,370    3,622,323
Yuma (City of), AZ Industrial Development Authority (Regional Medical Center);                               
Series 2014 A, RB  5.00% 08/01/2032    1,050    1,050,900
Series 2014 A, RB  5.25% 08/01/2032    2,000    2,003,448
          17,116,532
California–21.80%
Alhambra Unified School District (Election of 2004);                               
Series 2009 B, GO Bonds (INS - AGC)(d)(e)  0.00% 08/01/2035    3,010    1,985,593
Series 2009 B, GO Bonds (INS - AGC)(d)(e)  0.00% 08/01/2036    2,675    1,686,154
Beverly Hills Unified School District (Election of 2008);                               
Series 2009, GO Bonds(e)  0.00% 08/01/2026    2,720    2,533,211
Series 2009, GO Bonds(e)  0.00% 08/01/2031    5,270    4,149,245
California (State of);                               
Series 2020, GO Bonds (INS - BAM)(d)  3.00% 11/01/2050    1,680    1,302,923
Series 2023, GO Bonds(f)  5.25% 09/01/2053    3,370    3,729,969
California (State of) Community Choice Financing Authority (Clean Energy); Series 2024, RB(b)  5.00% 04/01/2032    2,525    2,675,394
California (State of) County Tobacco Securitization Agency (Alameda County Tobacco Asset Securitization Corp.); Series 2006 C, RB(e)  0.00% 06/01/2055   10,335    1,005,715
See accompanying notes which are an integral part of this schedule.
Invesco Value Municipal Income Trust
  Interest
Rate 		Maturity
Date 		Principal
Amount
(000) 		Value
California–(continued)
California (State of) County Tobacco Securitization Agency (Los Angeles County Securitization Corp.);                               
Series 2020 B-1, Ref. RB  5.00% 06/01/2049   $    35 $      35,433
Series 2020 B-2, Ref. RB(e)  0.00% 06/01/2055    1,680      292,524
California (State of) Health Facilities Financing Authority (Cedars-Sinai Health System); Series 2021 A, Ref. RB  5.00% 08/15/2051    4,375    4,658,117
California (State of) Health Facilities Financing Authority (PIH Health); Series 2020 A, RB  4.00% 06/01/2050    4,175    3,955,071
California (State of) Housing Finance Agency (Social Certificates);                               
Series 2021 A, RB  3.25% 08/20/2036        5        4,331
Series 2021-2A, Revenue Ctfs. (CEP - FHLMC)  3.75% 03/25/2035    4,059    3,901,518
Series 2023-1, RB  4.38% 09/20/2036      834      825,055
California (State of) Infrastructure & Economic Development Bank; Series 2003 A, RB(b)(f)(g)  5.00% 01/01/2028    6,700    7,136,907
California (State of) Infrastructure & Economic Development Bank (Bay Area Toll Bridges);                               
Series 2003 A, RB(b)(g)  5.00% 01/01/2028    4,500    4,766,571
Series 2003 A, RB(b)(f)(g)  5.00% 01/01/2028    3,300    3,371,800
California (State of) Municipal Finance Authority (Bella Mente Montessori Academy); Series 2018 A, RB(c)  5.00% 06/01/2048      195      189,427
California (State of) Municipal Finance Authority (CHF-Davis I, LLC - West Village Student Housing); Series 2018, RB  5.00% 05/15/2037    1,330    1,376,072
California (State of) Municipal Finance Authority (Linxs APM); Series 2018 A, RB(h)  5.00% 12/31/2043    2,000    2,004,969
California (State of) Municipal Finance Authority (William Jessup University); Series 2019, Ref. RB(c)  5.00% 08/01/2039      250      223,710
California (State of) Pollution Control Financing Authority (Plant Bonds);                               
Series 2012, RB(c)(h)  5.00% 07/01/2027      655      660,965
Series 2012, RB(c)(h)  5.00% 07/01/2030      190      191,567
Series 2012, RB(c)(h)  5.00% 07/01/2037    1,990    1,995,314
Series 2012, RB(c)(h)  5.00% 11/21/2045    2,325    2,328,053
California (State of) Statewide Communities Development Authority (Loma Linda University Medical Center); Series 2016 A, RB(c)  5.25% 12/01/2056      995      999,464
California State University; Series 2019 A, RB(f)  5.00% 11/01/2049    2,130    2,057,851
Clovis Unified School District (Election of 2004); Series 2004 A, GO Bonds (INS - NATL)(d)(e)  0.00% 08/01/2029    1,360    1,135,372
CSCDA Community Improvement Authority (Jefferson-Anaheim Social Bonds); Series 2021 A, RB(c)  3.13% 08/01/2056      840      617,756
CSCDA Community Improvement Authority (Parallel-Anaheim Social Bonds); Series 2021, RB(c)  4.00% 08/01/2056      505      427,449
Dry Creek Joint Elementary School District (Election of 2008-Measure E);                               
Series 2009, GO Bonds(e)  0.00% 08/01/2043    2,120      909,913
Series 2009, GO Bonds(e)  0.00% 08/01/2044    1,090      443,472
Series 2009, GO Bonds(e)  0.00% 08/01/2045    6,270    2,415,970
Series 2009, GO Bonds(e)  0.00% 08/01/2048    4,610    1,519,654
El Segundo Unified School District (Election of 2008);                               
Series 2009 A, GO Bonds(e)  0.00% 08/01/2031    4,155    3,218,836
Series 2009 A, GO Bonds(e)  0.00% 08/01/2032    3,165    2,356,956
Golden State Tobacco Securitization Corp.; Series 2021 B-2, Ref. RB(e)  0.00% 06/01/2066    2,245      245,519
Los Angeles (City of), CA Department of Airports (Green Bonds);                               
Series 2022 G, RB(h)  5.50% 05/15/2035    1,750    1,965,418
Series 2022 G, RB(h)  5.50% 05/15/2037    1,985    2,214,514
Series 2022, RB(h)  4.00% 05/15/2042      705      681,647
Los Angeles (City of), CA Department of Water & Power; Series 2020 B, RB(f)  5.00% 07/01/2050    2,350    2,497,086
Menifee Union School District (Election of 2008);                               
Series 2009 C, GO Bonds (INS - AGC)(d)(e)  0.00% 08/01/2034    1,665    1,142,582
Series 2009 C, GO Bonds (INS - AGC)(d)(e)  0.00% 08/01/2035      300      197,466
Moreland School District (Crossover Series 14); Series 2006 C, Ref. GO Bonds (INS - AMBAC)(d)(e)  0.00% 08/01/2029    3,350    2,775,501
M-S-R Energy Authority;                               
Series 2009 B, RB  6.13% 11/01/2029      830      870,580
Series 2009 B, RB  6.50% 11/01/2039      585      724,103
Oak Grove School District (Election of 2008); Series 2009 A, GO Bonds(e)  0.00% 08/01/2028    2,400    2,066,227
Patterson Joint Unified School District (Election of 2008);                               
Series 2009 B, GO Bonds (INS - AGM)(d)(e)  0.00% 08/01/2034    3,825    2,567,908
Series 2009 B, GO Bonds (INS - AGM)(d)(e)  0.00% 08/01/2035    4,120    2,664,776
Series 2009 B, GO Bonds (INS - AGM)(d)(e)  0.00% 08/01/2036      300      185,085
Series 2009 B, GO Bonds (INS - AGM)(d)(e)  0.00% 08/01/2037    1,785    1,048,795
See accompanying notes which are an integral part of this schedule.
Invesco Value Municipal Income Trust
  Interest
Rate 		Maturity
Date 		Principal
Amount
(000) 		Value
California–(continued)
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 $   6,763,177
Series 2009 A, GO Bonds(e)  0.00% 08/01/2031    8,475    6,562,930
Regents of the University of California Medical Center;                               
Series 2022 P, RB(f)(i)  4.00% 05/15/2053    5,430    5,845,407
Series 2022 P, RB  3.50% 05/15/2054    2,015    1,714,770
Sacramento (City of), CA Unified School District; Series 2024 B, GO Bonds (INS - BAM)(d)  4.00% 08/01/2048    1,230    1,172,485
San Diego (County of), CA Regional Airport Authority;                               
Series 2021 A, RB  4.00% 07/01/2051    2,060    1,971,860
Series 2023 B, RB(h)  5.00% 07/01/2048    2,525    2,622,208
San Francisco (City & County of), CA Airport Commission; Series 2019 E, RB(h)  5.00% 05/01/2038      675      700,215
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport); Series 2021 A, Ref. RB(h)  5.00% 05/01/2036      610      651,228
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    1,275,307
Silicon Valley Tobacco Securitization Authority (Santa Clara); Series 2007 A, RB(e)  0.00% 06/01/2041    3,445    1,299,481
Southern California Public Power Authority (Clean Energy); Series 2024 A, RB(b)  5.00% 09/01/2030    1,370    1,443,355
William S. Hart Union High School District (Election of 2008); Series 2009 A, GO Bonds(e)  0.00% 08/01/2033   11,350    8,072,736
          135,030,667
Colorado–6.31%
Arista Metropolitan District; Series 2023 A, Ref. GO Bonds (INS - BAM)(d)  4.50% 12/01/2058    2,390    2,308,542
Aurora Crossroads Metropolitan District No. 2; Series 2020 B, GO Bonds  7.75% 12/15/2050      500      466,259
Aurora Highlands Community Authority Board; Series 2021 A, Ref. RB  5.75% 12/01/2051      840      756,238
Belford North Metropolitan District; Series 2020 A, GO Bonds  5.50% 12/01/2050    1,045      935,013
Centerra Metropolitan District No. 1 (In the City of Loveland);                               
Series 2017, RB(c)  5.00% 12/01/2047    1,680    1,510,340
Series 2020 A, Ref. GO Bonds  5.00% 12/01/2051      670      598,723
Colorado (State of) Health Facilities Authority (Adventist Health System/Sunbelt Obligated Group); Series 2018 A, RB  5.00% 11/15/2048    1,705    1,736,667
Colorado (State of) Health Facilities Authority (CommonSpirit Health);                               
Series 2019 A-2, Ref. RB  5.00% 08/01/2044    3,680    3,761,969
Series 2019 A-2, Ref. RB  4.00% 08/01/2049    1,675    1,538,196
Colorado (State of) Science and Technology Park Metropolitan District No. 1; Series 2018, Ref. RB(b)(g)  5.00% 07/24/2024      500      515,621
Colorado Crossing Metropolitan District No. 2; Series 2020 A-1, Ref. GO Bonds  5.00% 12/01/2047      500      470,262
Colorado Springs (City of), CO; Series 2024, RB(f)  5.25% 11/15/2053    5,000    5,316,990
Denver (City & County of), CO;                               
Series 2018 A, Ref. RB(h)  5.00% 12/01/2048    5,740    5,797,745
Series 2018 A, Ref. RB(h)  5.25% 12/01/2048    1,710    1,747,792
Series 2022 A, RB(h)  5.00% 11/15/2047    1,985    2,061,823
Great Western Metropolitan District; Series 2020, Ref. GO Bonds  4.75% 12/01/2050      460      399,281
Hogback Metropolitan District; Series 2021 A, GO Bonds  5.00% 12/01/2041      725      648,020
Jefferson (County of), CO Center Metropolitan District No. 1; Series 2020 B, Ref. RB  5.75% 12/15/2050    1,995    1,997,183
Johnstown Plaza Metropolitan District; Series 2022, Ref. GO Bonds  4.25% 12/01/2046      782      663,412
Mirabelle Metropolitan District No. 2; Series 2020 A, GO Bonds  5.00% 12/01/2049      645      582,464
Mulberry Metropolitan District No. 2; Series 2022, RB  7.00% 12/01/2034      750      761,306
North Range Metropolitan District No. 3; Series 2020 A, GO Bonds  5.00% 12/01/2040      500      489,166
Rampart Range Metropolitan District No. 5; Series 2021, RB  4.00% 12/01/2051      500      371,705
Sky Ranch Community Authority Board; Series 2022 A, RB  5.75% 12/01/2052      500      471,670
Village Metropolitan District (The); Series 2020, Ref. GO Bonds  4.15% 12/01/2030      425      401,369
White Buffalo Metropolitan District No. 3;                               
Series 2020, GO Bonds  5.50% 12/01/2050      500      464,917
Series 2023, GO Bonds  8.00% 12/15/2035      605      586,157
Windler Public Improvement Authority;                               
Series 2021 A-1, RB  4.13% 12/01/2051      500      354,865
Series 2021 A-2, RB(j)  4.50% 12/01/2041    2,070    1,361,191
          39,074,886
See accompanying notes which are an integral part of this schedule.
Invesco Value Municipal Income Trust
  Interest
Rate 		Maturity
Date 		Principal
Amount
(000) 		Value
District of Columbia–3.36%
District of Columbia; Series 2022 A, RB  5.00% 07/01/2047   $ 1,670 $   1,786,870
District of Columbia (Provident Group - Howard Properties LLC); Series 2013, RB  5.00% 10/01/2045      310      297,797
District of Columbia Water & Sewer Authority; Series 2022, RB(f)  5.00% 10/01/2044    5,805    6,169,986
District of Columbia Water & Sewer Authority (Green Bonds); Series 2022 C-1, RB  4.00% 10/01/2051    3,335    3,181,571
Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement); Series 2019 B, Ref. RB  4.00% 10/01/2049    1,675    1,531,190
Washington Metropolitan Area Transit Authority (Green Bonds); Series 2023 A, RB  5.25% 07/15/2053    7,185    7,834,134
          20,801,548
Florida–9.08%
Alachua (County of), FL Health Facilities Authority (Terraces at Bonita Springs);                               
Series 2022 A, Ref. RB (Acquired 01/25/2022; Cost $1,075,000)(c)(k)  5.00% 11/15/2061    1,075      692,318
Series 2022 B, RB (Acquired 01/25/2022; Cost $100,000)(c)(k)  6.50% 11/15/2033      100       84,314
Brevard (County of), FL Health Facilities Authority (Health First Obligated Group); Series 2022 A, Ref. RB  4.00% 04/01/2052      500      449,928
Broward (County of), FL;                               
Series 2019 B, RB(h)  4.00% 09/01/2044      840      789,301
Series 2022 A, RB(f)(i)  4.00% 10/01/2047    4,110    3,986,414
Broward (County of), FL (Convention Center Expansion); Series 2021, RB  4.00% 09/01/2051    2,525    2,322,433
Cape Coral (City of), FL; Series 2023, Ref. RB (INS - BAM)(d)  5.50% 03/01/2043    1,610    1,766,576
Capital Trust Agency, Inc. (Sarasota-Manatee Jewish Housing Council, Inc.); Series 2017, Ref. RB(c)  5.00% 07/01/2037    1,380    1,136,679
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       45,301
Davie (Town of), FL (Nova Southeastern University); Series 2018, Ref. RB  5.00% 04/01/2048    1,390    1,415,907
Florida (State of) North Broward Hospital District; Series 2017 B, Ref. RB  5.00% 01/01/2042    1,190    1,213,126
Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion);                               
Series 2024, Ref. RB(b)(c)(h) 12.00% 07/15/2028    1,000    1,040,000
Series 2024, Ref. RB(h)  5.00% 07/01/2041      850      873,912
Series 2024, Ref. RB (INS - AGM)(d)(h)  5.00% 07/01/2044    2,500    2,574,934
Series 2024, Ref. RB (INS - AGM)(d)(h)  5.25% 07/01/2047    1,810    1,881,722
Series 2024, Ref. RB (INS - AGM)(d)(h)  5.25% 07/01/2053      840      867,070
Series 2024, Ref. RB(h)  5.50% 07/01/2053      850      884,563
Fort Lauderdale (City of), FL; Series 2024, RB(f)  5.50% 09/01/2053    2,525    2,749,704
Greater Orlando Aviation Authority;                               
Series 2017 A, RB(h)  5.00% 10/01/2052      510      512,510
Series 2019 A, RB(h)  4.00% 10/01/2044    1,000      933,573
Hillsborough (County of), FL Aviation Authority (Tampa International Airport); Series 2018 E, RB(h)  5.00% 10/01/2048    2,525    2,559,249
Lake (County of), FL (Lakeside at Waterman Village);                               
Series 2020 A, Ref. RB  5.50% 08/15/2040      650      605,096
Series 2020 A, Ref. RB  5.75% 08/15/2050      285      257,577
Series 2020 A, Ref. RB  5.75% 08/15/2055    1,055      938,192
Lee (County of), FL;                               
Series 2021 B, RB(h)  5.00% 10/01/2034    1,030    1,097,515
Series 2022, RB  5.25% 08/01/2049    1,670    1,752,565
Miami (City of) & Dade (County of), FL School Board; Series 2022 A, GO Bonds (INS - BAM)(d)  5.00% 03/15/2052    1,980    2,091,357
Miami-Dade (County of), FL;                               
Series 2021, RB  4.00% 10/01/2051    3,150    2,947,275
Series 2022 A, Ref. RB(h)  5.25% 10/01/2052      505      529,652
Series 2023 A, Ref. RB(h)  5.00% 10/01/2047    2,140    2,227,623
Subseries 2021 A-2, Ref. RB (INS - AGM)(d)  4.00% 10/01/2049    2,525    2,387,424
Subseries 2021 B-1, Ref. RB(h)  4.00% 10/01/2050      985      886,110
Miami-Dade (County of), FL Expressway Authority; Series 2010 A, RB (INS - AGM)(d)  5.00% 07/01/2035    3,415    3,416,019
Miami-Dade (County of), FL Transit System; Series 2022, RB  5.00% 07/01/2052    2,320    2,423,877
Osceola (County of), FL;                               
Series 2020 A-2, Ref. RB(e)  0.00% 10/01/2044    1,000      342,550
Series 2020 A-2, Ref. RB(e)  0.00% 10/01/2048    1,500      401,669
Series 2020 A-2, Ref. RB(e)  0.00% 10/01/2051      600      134,054
Series 2020 A-2, Ref. RB(e)  0.00% 10/01/2052      455       96,498
Series 2020 A-2, Ref. RB(e)  0.00% 10/01/2054      390       73,699
See accompanying notes which are an integral part of this schedule.
Invesco Value Municipal Income Trust
  Interest
Rate 		Maturity
Date 		Principal
Amount
(000) 		Value
Florida–(continued)
Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital); Series 2022, RB  4.00% 07/01/2052   $ 1,345 $   1,230,863
South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group); Series 2017, Ref. RB  4.00% 08/15/2047      840      770,775
Tallahassee (City of), FL (Tallahassee Memorial Health Care, Inc.); Series 2016, RB  5.00% 12/01/2055    1,335    1,260,214
Tampa (City of), FL; Series 2020 A, RB(e)  0.00% 09/01/2049    5,669    1,564,443
          56,214,581
Georgia–1.85%
Brookhaven Development Authority (Children’s Healthcare of Atlanta, Inc.); Series 2019 A, RB(f)(i)  4.00% 07/01/2044    3,380    3,244,530
Columbia (City of), GA (Wellstar Health System, Inc.); Series 2023, RAC  5.13% 04/01/2048    1,095    1,154,692
DeKalb (County of), GA Housing Authority (Park at 500); Series 2024, RB  4.00% 03/01/2034    1,000      982,440
Main Street Natural Gas, Inc.;                               
Series 2021 C, RB(b)  4.00% 12/01/2028    1,235    1,233,694
Series 2022 C, RB(b)(c)  4.00% 11/01/2027    1,260    1,238,450
Series 2023 B, RB(b)  5.00% 03/01/2030    1,760    1,849,970
Series 2024 A, RB(b)  5.00% 09/01/2031    1,685    1,782,293
          11,486,069
Hawaii–0.96%
Hawaii (State of); Series 2013, COP(h)  5.00% 08/01/2028    1,775    1,779,335
Hawaii (State of) Department of Budget & Finance (Hawaii Pacific Obligated Group);                               
Series 2024, RB  5.00% 07/01/2042    1,455    1,552,078
Series 2024, RB  5.50% 07/01/2052    2,430    2,621,292
          5,952,705
Idaho–0.52%
Idaho (State of) Health Facilities Authority (Valley Vista Care Corp.); Series 2017 A, Ref. RB  5.25% 11/15/2047    1,800    1,364,012
Idaho (State of) Housing & Finance Association; Series 2024, RB  5.00% 08/15/2048    1,715    1,842,700
          3,206,712
Illinois–4.98%
Chicago (City of), IL;                               
Series 2002 B, GO Bonds  5.50% 01/01/2037      630      633,079
Series 2005 D, Ref. GO Bonds  5.50% 01/01/2040      395      396,080
Series 2007 E, Ref. GO Bonds  5.50% 01/01/2042      315      315,661
Series 2014, RB  5.00% 11/01/2039      750      751,193
Series 2015 A, GO Bonds  5.50% 01/01/2033    3,145    3,166,906
Chicago (City of), IL (O’Hare International Airport);                               
Series 2017 D, RB(h)  5.00% 01/01/2052    5,000    4,973,196
Series 2017 D, RB  5.00% 01/01/2052    1,465    1,482,023
Chicago (City of), IL Metropolitan Water Reclamation District (Green Bonds); Series 2021 A, GO Bonds  4.00% 12/01/2051    1,000      940,091
Illinois (State of);                               
Series 2014, GO Bonds  5.25% 02/01/2033    1,100    1,101,041
Series 2014, GO Bonds  5.00% 05/01/2035      285      285,220
Series 2014, GO Bonds  5.00% 05/01/2036    1,000    1,000,740
Series 2016, GO Bonds  5.00% 11/01/2036      715      725,762
Series 2016, GO Bonds  5.00% 01/01/2041    1,750    1,762,213
Series 2017 D, GO Bonds  5.00% 11/01/2026    1,840    1,890,566
Series 2018 A, GO Bonds  5.00% 05/01/2030    1,135    1,188,124
Series 2020, GO Bonds  5.50% 05/01/2039    1,040    1,126,218
Illinois (State of) Development Finance Authority (CITGO Petroleum Corp.); Series 2002, RB(h)  8.00% 06/01/2032      360      360,351
Illinois (State of) Finance Authority (DePaul College Prep Foundation); Series 2023, Ref. RB(c)  5.50% 08/01/2043      580      616,398
Illinois (State of) Finance Authority (Lutheran Communities Obligated Group); Series 2019 A, Ref. RB (Acquired 10/05/2022; Cost $549,300)(k)  5.00% 11/01/2049      670      495,449
Illinois (State of) Finance Authority (Mercy Health Corp.); Series 2016, Ref. RB  5.00% 12/01/2046    2,440    2,449,160
Illinois (State of) Finance Authority (Roosevelt University); Series 2019 A, RB(c)  6.13% 04/01/2058      965      913,103
Illinois (State of) Finance Authority (Three Crowns Park);                               
Series 2017, Ref. RB  4.00% 02/15/2027      175      172,746
Series 2017, Ref. RB  5.25% 02/15/2037      200      201,634
See accompanying notes which are an integral part of this schedule.
Invesco Value Municipal Income Trust
  Interest
Rate 		Maturity
Date 		Principal
Amount
(000) 		Value
Illinois–(continued)
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 $   2,820,135
Illinois (State of) Sports Facilities Authority; Series 2014, Ref. RB (INS - AGM)(d)  5.25% 06/15/2031    1,060    1,063,118
          30,830,207
Indiana–0.55%
Indiana (State of) Finance Authority (Indiana University Health Obligated Group); Series 2019 A, RB  4.00% 12/01/2049    1,010      956,940
Indiana (State of) Finance Authority (KIPP Indianapolis, Inc.); Series 2020 A, RB  5.00% 07/01/2055      460      419,550
Indiana (State of) Finance Authority (US Steel Corp.); Series 2012, RB(h)  5.75% 08/01/2042      240      240,035
Northern Indiana Commuter Transportation District; Series 2024, RB  5.25% 01/01/2049    1,665    1,796,643
          3,413,168
Iowa–0.63%
Iowa (State of) Board of Regents (University of Iowa Hospital & Clinics); Series 2022 B, RB  3.00% 09/01/2056      615      431,923
Iowa (State of) Finance Authority (Alcoa, Inc.); Series 2012, RB  4.75% 08/01/2042    1,265    1,240,781
Iowa (State of) Finance Authority (Iowa Fertilizer Co.); Series 2022, Ref. RB(b)  5.00% 12/01/2042    1,735    1,805,583
Iowa (State of) Tobacco Settlement Authority;                               
Series 2021 A-2, Ref. RB  4.00% 06/01/2049      300      264,521
Series 2021 B-1, Ref. RB  4.00% 06/01/2049      165      160,592
          3,903,400
Kansas–0.34%
Wichita (City of), KS (Presbyterian Manors, Inc.);                               
Series 2013 IV-A, RB  6.38% 05/15/2043    1,500    1,383,198
Series 2018 I, Ref. RB  5.00% 05/15/2047    1,000      740,350
          2,123,548
Kentucky–1.22%
Henderson (City of), KY (Pratt Paper LLC); Series 2022 A, RB(c)(h)  4.70% 01/01/2052      665      665,396
Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation Kentucky Information Highway);                               
Series 2015 A, RB  5.00% 07/01/2037    1,110    1,114,051
Series 2015 A, RB  5.00% 07/01/2040    1,915    1,915,867
Series 2015 A, RB  5.00% 01/01/2045    1,245    1,225,921
Kentucky (Commonwealth of) Municipal Power Agency (Prairie State); Series 2019 A, Ref. RB  4.00% 09/01/2045    1,000      869,166
Kentucky (Commonwealth of) Public Energy Authority; Series 2023 A-1, Ref. RB(b)  5.25% 02/01/2032    1,685    1,795,430
          7,585,831
Louisiana–0.59%
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (St. John the Baptist); Series 2019, RB(c)  3.90% 11/01/2044      845      746,706
New Orleans (City of), LA Aviation Board; Series 2015 A, RB  5.00% 01/01/2045    1,145    1,146,628
St. Tammany (Parish of), LA Public Trust Financing Authority (Christwood); Series 2015, Ref. RB  5.25% 11/15/2037    1,850    1,757,471
          3,650,805
Maryland–0.49%
Howard (County of), MD (Downtown Columbia); Series 2017 A, RB(c)  4.50% 02/15/2047    1,500    1,347,346
Maryland (State of) Health & Higher Educational Facilities Authority (Stevenson University); Series 2021, Ref. RB  4.00% 06/01/2055    1,000      839,048
Prince George’s (County of), MD (Collington Episcopal Life Care Community, Inc.); Series 2017, Ref. RB  5.00% 04/01/2028      690      690,312
Rockville (City of), MD (Ingleside at King Farm); Series 2017 B, RB  4.25% 11/01/2037      175      157,046
          3,033,752
Massachusetts–2.87%
Massachusetts (Commonwealth of);                               
Series 2024, RB(f)  5.00% 11/01/2052    7,550    8,066,165
Series 2024, RB(f)  5.00% 06/01/2053    5,155    5,604,409
Massachusetts (Commonwealth of) (Rail Enhancement Program) (Sustainability Bonds); Series 2022, RB  5.00% 06/01/2050      675      712,456
Massachusetts (Commonwealth of) Port Authority; Series 2021 E, RB(h)  5.00% 07/01/2046    1,055    1,094,718
See accompanying notes which are an integral part of this schedule.
Invesco Value Municipal Income Trust
  Interest
Rate 		Maturity
Date 		Principal
Amount
(000) 		Value
Massachusetts–(continued)
Massachusetts (Commonwealth of) Water Resources Authority; Series 2007 B, Ref. RB (INS - AGM)(d)  5.25% 08/01/2031   $ 2,000 $   2,282,088
          17,759,836
Michigan–4.23%
Academy of Warren; Series 2020 A, RB(c)  5.00% 05/01/2035      290      282,613
Detroit (City of), MI; Series 2018, GO Bonds  5.00% 04/01/2035      250      255,121
Detroit (City of), MI Downtown Development Authority (Catalyst Development); Series 2018 A, Ref. RB (INS - AGM)(d)  5.00% 07/01/2036    2,000    2,000,106
Grand Rapids Economic Development Corp. (Beacon Hill at Eastgate); Series 2017 A, Ref. RB  5.00% 11/01/2052    2,360    2,025,606
Lansing (City of), MI; Series 2024, RB(f)  5.25% 07/01/2054    3,645    3,939,933
Michigan (State of); Series 2024, RB(f)  5.50% 11/15/2049    4,560    5,091,623
Michigan (State of) Building Authority (Facilities Program); Series 2016 I, RB(f)  5.00% 04/15/2041    2,715    2,754,128
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department);                               
Series 2014 C-6, Ref. RB  5.00% 07/01/2033      550      550,321
Series 2014 D-4, Ref. RB  5.00% 07/01/2029      550      550,299
Michigan (State of) Finance Authority (Landmark Academy);                               
Series 2020, Ref. RB  5.00% 06/01/2035      170      162,921
Series 2020, Ref. RB  5.00% 06/01/2045      490      443,864
Michigan (State of) Finance Authority (Trinity Health Credit Group); Series 2017 MI, RB(f)(g)(i)  5.00% 12/01/2046    3,655    3,738,384
Michigan (State of) Housing Development Authority; Series 2023 A, RB  5.10% 10/01/2053    1,950    2,019,943
Michigan (State of) Strategic Fund (Canterbury Health Care, Inc.); Series 2016, RB (Acquired 08/27/2019; Cost $395,059)(c)(k)(l)  5.00% 07/01/2026      385      361,731
Michigan (State of) Strategic Fund (Green Bonds); Series 2021, RB(b)(h)  4.00% 10/01/2026    2,025    2,018,232
          26,194,825
Minnesota–0.49%
Bethel (City of), MN (Spectrum High School); Series 2017 A, Ref. RB  4.25% 07/01/2047      425      358,461
Duluth (City of), MN Economic Development Authority (Essentia Health Obligated Group); Series 2018, Ref. RB  5.00% 02/15/2048      590      594,532
Minnesota Agricultural & Economic Development Board (Healthpartners Obligated Group); Series 2024, RB  5.25% 01/01/2054    1,685    1,799,701
St. Paul (City of), MN Housing & Redevelopment Authority (Hope Community Academy); Series 2020, RB  5.00% 12/01/2055      430      314,428
          3,067,122
Mississippi–0.11%
Mississippi Business Finance Corp. (System Energy Resources, Inc.); Series 2021, RB  2.38% 06/01/2044    1,115      668,197
Missouri–2.17%
Kansas City (City of), MO Industrial Development Authority (Downtown Redevelopment District); Series 2011 A, Ref. RB  5.50% 09/01/2027      980      981,436
Kansas City (City of), MO Industrial Development Authority (Kansas City International Airport);                               
Series 2019 B, RB(h)  5.00% 03/01/2046    4,700    4,804,077
Series 2019 B, RB (INS - AGM)(d)(h)  5.00% 03/01/2049    1,005    1,025,081
Kirkwood (City of), MO Industrial Development Authority (Aberdeen Heights); Series 2017 A, Ref. RB  5.25% 05/15/2050      475      380,447
Missouri (State of) Health & Educational Facilities Authority (Lutheran Senior Services); Series 2019, Ref. RB  5.00% 02/01/2048      340      326,312
St. Louis (County of), MO Industrial Development Authority (Friendship Village of Sunset Hills);                               
Series 2012, RB  5.00% 09/01/2042    2,000    1,962,307
Series 2013 A, RB  5.50% 09/01/2033    1,375    1,376,118
St. Louis (County of), MO Industrial Development Authority (Friendship Village West County); Series 2018 A, RB  5.00% 09/01/2038    1,820    1,828,145
Taney (County of), MO Industrial Development Authority (Big Cedar Infrastructure); Series 2023, RB(c)  6.00% 10/01/2049      770      749,057
          13,432,980
Nebraska–1.12%
Central Plains Energy Project (No. 3); Series 2017 A, Ref. RB  5.00% 09/01/2042    3,740    3,878,106
Central Plains Energy Project (No. 5); Series 2022-1, RB(b)  5.00% 10/01/2029      840      874,416
Omaha (City of), NE Public Power District; Series 2022, RB(f)(i)  5.25% 02/01/2052    2,080    2,188,647
          6,941,169
See accompanying notes which are an integral part of this schedule.
Invesco Value Municipal Income Trust
  Interest
Rate 		Maturity
Date 		Principal
Amount
(000) 		Value
Nevada–0.90%
Clark County Water Reclamation District; Series 2024, GO Bonds(f)  5.00% 07/01/2053   $ 5,295 $   5,561,598
New Hampshire–0.65%
New Hampshire (State of) Business Finance Authority; Series 2020-1A, RB  4.13% 01/20/2034      299      284,403
New Hampshire (State of) Business Finance Authority (Social Bonds); Series 2022-1A, RB  4.38% 09/20/2036    1,629    1,561,600
New Hampshire (State of) Health and Education Facilities Authority; Series 2020 A, RB  5.00% 08/01/2059    1,105    1,117,666
New Hampshire (State of) Housing Finance Authority; Series 2023 D, RB (CEP - GNMA)  5.13% 07/01/2053    1,025    1,043,333
          4,007,002
New Jersey–4.66%
New Jersey (State of) Economic Development Authority (Continental Airlines, Inc.); Series 1999, RB(h)  5.25% 09/15/2029      210      210,245
New Jersey (State of) Economic Development Authority (The Goethals Bridge Replacement); Series 2013, RB(h)  5.38% 01/01/2043    2,250    2,250,902
New Jersey (State of) Health Care Facilities Financing Authority (Inspira Health Obligated Group); Series 2017, RB  4.00% 07/01/2047    2,590    2,388,686
New Jersey (State of) Transportation Trust Fund Authority;                               
Series 2006 C, RB (INS - AGC)(d)(e)  0.00% 12/15/2026   14,305   12,998,285
Series 2018 A, Ref. RB  5.00% 12/15/2035      880      924,972
Series 2018 A, RN(f)(i)  5.00% 06/15/2029    1,575    1,608,114
Series 2018 A, RN(f)(i)  5.00% 06/15/2030      535      511,516
Series 2022, RB  5.25% 06/15/2046    1,425    1,538,217
Tobacco Settlement Financing Corp.;                               
Series 2018 A, Ref. RB  5.00% 06/01/2046    2,895    2,945,259
Series 2018 A, Ref. RB  5.25% 06/01/2046    1,675    1,725,394
Series 2018 B, Ref. RB  5.00% 06/01/2046    1,730    1,741,793
          28,843,383
New York–17.56%
Build NYC Resource Corp. (Pratt Paper, Inc.); Series 2014, Ref. RB(c)(h)  5.00% 01/01/2035    1,600    1,607,632
Erie Tobacco Asset Securitization Corp.; Series 2005 A, RB  5.00% 06/01/2045    2,500    2,321,967
Metropolitan Transportation Authority (Green Bonds);                               
Series 2020 A-1, RB (INS - AGM)(d)  4.00% 11/15/2041    1,175    1,142,824
Series 2020 C-1, RB  5.25% 11/15/2055    1,340    1,381,234
New York & New Jersey (States of) Port Authority; Series 2020 221, RB(h)  4.00% 07/15/2060    2,340    2,056,270
New York (City of), NY;                               
Series 2020 C, GO Bonds  5.00% 08/01/2043    2,480    2,626,485
Subseries 2022 D-1, RB(f)  5.25% 05/01/2038    1,355    1,485,609
Subseries 2022 D-1, RB(f)  5.25% 05/01/2042    2,305    2,193,542
Subseries 2023 E-1, GO Bonds  5.25% 04/01/2047    1,500    1,635,276
New York (City of), NY Municipal Water Finance Authority;                               
Series 2020 BB-1, RB  4.00% 06/15/2050    1,670    1,589,263
Series 2020 BB-1, RB  5.00% 06/15/2050    3,395    3,560,586
Series 2020, Ref. RB  5.00% 06/15/2050    1,710    1,793,403
New York (City of), NY Transitional Finance Authority;                               
Series 2019 B-1, RB  4.00% 11/01/2045      860      827,493
Series 2023 F-1, RB  4.00% 02/01/2051    2,535    2,394,959
Series 2024 B, RB  4.38% 05/01/2053    2,190    2,138,083
New York (State of) Dormitory Authority; Series 2022, RB(f)  4.00% 03/15/2046    5,000    5,264,917
New York (State of) Dormitory Authority (City of New York);                               
Series 2005 A, RB (INS - AMBAC)(d)  5.50% 05/15/2028    2,900    3,121,673
Series 2005 A, RB (INS - AMBAC)(d)  5.50% 05/15/2029    2,455    2,692,176
New York (State of) Dormitory Authority (Memorial Sloan Kettering Cancer); Series 2022 1-B, RB  4.00% 07/01/2051    3,635    3,412,931
New York (State of) Dormitory Authority (New York University); Series 2001-1, RB (INS - BHAC)(d)  5.50% 07/01/2031    1,040    1,140,350
New York (State of) Power Authority; Series 2020 A, RB(f)  4.00% 11/15/2045    3,700    4,124,871
New York (State of) Power Authority (Green Bonds); Series 2020, RB(f)  4.00% 11/15/2055    4,175    4,387,590
New York (State of) Thruway Authority;                               
Series 2019 B, RB  4.00% 01/01/2050    4,790    4,466,802
Series 2019 B, RB (INS - AGM)(d)(f)(i)  4.00% 01/01/2050    2,625    2,459,520
New York (State of) Thruway Authority (Group 3); Series 2021 A-1, Ref. RB  4.00% 03/15/2046    2,495    2,407,527
See accompanying notes which are an integral part of this schedule.
Invesco Value Municipal Income Trust
  Interest
Rate 		Maturity
Date 		Principal
Amount
(000) 		Value
New York–(continued)
New York Counties Tobacco Trust IV;                               
Series 2005 A, RB  5.00% 06/01/2045   $   285 $     255,613
Series 2010 A, RB(c)  6.25% 06/01/2041    1,300    1,299,948
New York Counties Tobacco Trust V; Series 2005 S-2, RB(e)  0.00% 06/01/2050   10,140    1,507,569
New York Counties Tobacco Trust VI; Series 2016 A-1, Ref. RB  5.75% 06/01/2043    3,135    3,120,652
New York Liberty Development Corp. (3 World Trade Center); Series 2014, Class 1, Ref. RB(c)  5.00% 11/15/2044    6,095    6,105,979
New York State Urban Development Corp. (Bidding Group 3); Series 2021 A, Ref. RB  4.00% 03/15/2045    3,350    3,228,388
New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International Airport);                               
Series 2020, Ref. RB(h)  5.25% 08/01/2031      520      547,026
Series 2020, Ref. RB(h)  5.38% 08/01/2036      960    1,013,879
Series 2023, RB(h)  5.38% 06/30/2060    2,160    2,240,149
New York Transportation Development Corp. (American Airlines, Inc.);                               
Series 2016, Ref. RB(h)  5.00% 08/01/2026      995      995,320
Series 2016, Ref. RB(h)  5.00% 08/01/2031    1,340    1,340,137
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    2,140,601
Series 2018, RB(h)  5.00% 01/01/2034    1,295    1,335,857
Series 2018, RB(h)  5.00% 01/01/2036    1,240    1,275,626
Series 2020, RB(h)  5.00% 10/01/2040    2,015    2,088,908
Series 2020, RB(h)  4.38% 10/01/2045    1,160    1,128,180
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment);                               
Series 2016 A, RB(h)  5.00% 07/01/2046    3,055    3,040,664
Series 2016 A, RB(h)  5.25% 01/01/2050    1,660    1,652,975
New York Transportation Development Corp. (Terminal 4 JFK International Airport); Series 2022, RB(h)  5.00% 12/01/2038    1,265    1,328,295
Rockland Tobacco Asset Securitization Corp.; Series 2001, RB  5.75% 08/15/2043    1,500    1,520,393
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels);                               
Series 2020 A, RB  5.00% 11/15/2054      750      782,258
Series 2021 A, RB  5.00% 11/15/2056    1,130    1,180,468
Series 2022, RB(f)  5.00% 05/15/2051    5,480    5,218,883
TSASC, Inc.; Series 2016 B, Ref. RB  5.00% 06/01/2045    2,575    2,214,911
          108,795,662
North Carolina–0.48%
Charlotte (City of), NC (Charlotte Douglas International Airport); Series 2017 A, RB  5.00% 07/01/2047    2,055    2,104,006
North Carolina (State of) Turnpike Authority (Triangle Expressway System); Series 2024, RB (INS - AGM)(d)(e)  0.00% 01/01/2052    3,500      880,823
          2,984,829
North Dakota–0.57%
Ward (County of), ND (Trinity Obligated Group);                               
Series 2017 C, RB  5.00% 06/01/2048    2,315    2,049,706
Series 2017 C, RB  5.00% 06/01/2053    1,725    1,477,933
          3,527,639
Ohio–5.41%
Akron, Bath & Copley Joint Township Hospital District (Summa Health Obligated Group); Series 2016, Ref. RB  5.25% 11/15/2046      790      796,558
Buckeye Tobacco Settlement Financing Authority;                               
Series 2020 A-2, Ref. RB  4.00% 06/01/2048    4,980    4,435,489
Series 2020 B-2, Ref. RB  5.00% 06/01/2055    8,255    7,396,805
Series 2020 B-3, Ref. RB(e)  0.00% 06/01/2057    8,650      774,257
Cleveland (City of) & Cuyahoga (County of), OH Port Authority (Constellation Schools); Series 2014 A, Ref. RB(c)  6.50% 01/01/2034    1,000    1,000,323
Cleveland (City of), OH;                               
Series 2008 B-2, RB (INS - NATL)(d)(e)  0.00% 11/15/2026    3,545    3,217,612
Series 2008 B-2, RB (INS - NATL)(d)(e)  0.00% 11/15/2028    3,845    3,220,235
Series 2008 B-2, RB (INS - NATL)(d)(e)  0.00% 11/15/2038    2,800    1,416,051
Columbus (City of) & Franklin (County of), OH Finance Authority (Easton); Series 2020, RB(c)  5.00% 06/01/2028      565      559,088
See accompanying notes which are an integral part of this schedule.
Invesco Value Municipal Income Trust
  Interest
Rate 		Maturity
Date 		Principal
Amount
(000) 		Value
Ohio–(continued)
Cuyahoga (County of), OH (MetroHealth System);                               
Series 2017, Ref. RB  5.25% 02/15/2047   $ 1,805 $   1,807,765
Series 2017, Ref. RB  5.50% 02/15/2052      795      804,341
Series 2017, Ref. RB  5.00% 02/15/2057    1,915    1,840,224
Franklin (County of), OH (Nationwide Children’s Hospital); Series 2019, RB  5.00% 11/01/2048    1,360    1,429,623
Hamilton (County of), OH (Life Enriching Communities); Series 2016, Ref. RB  5.00% 01/01/2046    1,395    1,312,483
Montgomery (County of), OH (Trousdale Foundation Properties); Series 2018 A, RB(c)(l)  6.00% 04/01/2038    1,490      391,870
Muskingum (County of), OH (Genesis Healthcare System); Series 2013, RB  5.00% 02/15/2044      920      844,091
Ohio (State of) (University Hospitals Health System, Inc.); Series 2020 A, Ref. RB  4.00% 01/15/2050    2,515    2,291,100
          33,537,915
Oklahoma–0.99%
Oklahoma (State of) Development Finance Authority (OU Medicine); Series 2018 B, RB  5.50% 08/15/2052    3,775    3,854,589
Oklahoma (State of) Turnpike Authority; Series 2023, RB  5.50% 01/01/2053    1,180    1,288,188
Tulsa (City of), OK Airports Improvement Trust;                               
Series 2000 A, Ref. RB(h)  5.50% 06/01/2035      335      335,244
Series 2001 C, Ref. RB(h)  5.50% 12/01/2035      635      635,463
          6,113,484
Ontario–0.14%
Affordable Housing Tax-Exempt Bond Pass-Thru Trust; Series 2023-1, RB(c)  6.00% 10/05/2040      836      860,961