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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY
INVESTMENT COMPANY
Investment Company Act file number 811-06434
Invesco Value Municipal Trust
(Exact name of registrant as specified in charter)
1555 Peachtree Street, N.E., Atlanta, Georgia
|
30309 | |
| (Address of principal executive offices) | (Zip code) |
Philip A. Taylor 1555 Peachtree Street, N.E., Atlanta, Georgia 30309
(Name and address of agent for service)
Registrant’s telephone number, including area code: (713) 626-1919
Date of fiscal year end: 2/28
Date of reporting period: 5/31/12
| Invesco Value Municipal Trust
Quarterly Schedule of Portfolio Holdings May 31, 2012 |
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 |
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| invesco.com/us | MS-CE-IMUNI-QTR-1 05/12 | Invesco Advisers, Inc. | ||||
Schedule of Investments
May 31, 2012
(Unaudited)
May 31, 2012
(Unaudited)
| Principal | ||||||||||||||||
| Interest | Maturity | Amount | ||||||||||||||
| Rate | Date | (000) | Value | |||||||||||||
Municipal Obligations—143.68% |
||||||||||||||||
Alabama—2.05% |
||||||||||||||||
Birmingham (City of) Airport Authority; Series 2010, RB (INS-AGM) (a) |
5.25 | % | 07/01/30 | $ | 1,300 | $ | 1,442,987 | |||||||||
Birmingham (City of) Water Works Board; Series 2011, Water RB (INS-AGM) (a)(b) |
5.00 | % | 01/01/36 | 3,060 | 3,351,343 | |||||||||||
Chatom (Town of) Industrial Development Board (PowerSouth Energy Cooperative); Series 2010 A, Ref. Gulf Opportunity Zone
RB (INS-AGC) (a) |
5.00 | % | 08/01/37 | 700 | 774,256 | |||||||||||
| 5,568,586 | ||||||||||||||||
Alaska—0.58% |
||||||||||||||||
Alaska (State of) Industrial Development & Export Authority (Providence Health Services); Series 2011 A, RB
(b) |
5.50 | % | 10/01/41 | 1,380 | 1,566,880 | |||||||||||
Arizona—2.48% |
||||||||||||||||
Arizona (State of) Health Facilities Authority (Catholic Healthcare West); Series 2011 B-2, RB (INS-AGM) (a) |
5.00 | % | 03/01/41 | 740 | 789,913 | |||||||||||
Arizona (State of); Series 2008 A, COP (INS-AGM) (a) |
5.00 | % | 09/01/27 | 1,305 | 1,423,259 | |||||||||||
Arizona State University (Research Infrastructure); Series 2004, COP (INS-AMBAC) (a) |
5.00 | % | 09/01/30 | 2,000 | 2,130,160 | |||||||||||
Glendale (City of) Industrial Development Authority (Midwestern University); |
||||||||||||||||
Series 2010, RB |
5.00 | % | 05/15/35 | 350 | 368,641 | |||||||||||
Series 2010, RB |
5.13 | % | 05/15/40 | 350 | 368,431 | |||||||||||
Maricopa County Pollution Control Corp. (Arizona Public Service Co. — Palo Verde); Series 2009 A, Ref. PCR
(c)(d) |
6.00 | % | 05/01/14 | 550 | 595,733 | |||||||||||
Phoenix Civic Improvement Corp.; Series 2004, Jr. Lien Wastewater System RB (INS-NATL) (a) |
5.00 | % | 07/01/27 | 1,000 | 1,070,660 | |||||||||||
| 6,746,797 | ||||||||||||||||
California—27.65% |
||||||||||||||||
Alameda (County of) Joint Powers Authority (Juvenile Justice Refunding); Series 2008 A, Lease RB (INS-AGM)
(a) |
5.00 | % | 12/01/24 | 1,205 | 1,333,501 | |||||||||||
Alhambra Unified School District (Election of 2004); |
||||||||||||||||
Series 2009 B, Unlimited Tax CAB GO Bonds (INS-AGC) (a)(e) |
0.00 | % | 08/01/35 | 1,355 | 412,056 | |||||||||||
Series 2009 B, Unlimited Tax CAB GO Bonds (INS-AGC) (a)(e) |
0.00 | % | 08/01/36 | 2,190 | 602,097 | |||||||||||
Anaheim (City of) Public Financing Authority (Electric System Distribution Facilities); Series 2007 A, RB (INS-NATL)
(a)(b) |
4.50 | % | 10/01/37 | 16,000 | 16,514,560 | |||||||||||
Beverly Hills Unified School District (Election of 2008); |
||||||||||||||||
Series 2009, Unlimited Tax CAB GO Bonds (e) |
0.00 | % | 08/01/26 | 960 | 569,117 | |||||||||||
Series 2009, Unlimited Tax CAB GO Bonds (e) |
0.00 | % | 08/01/31 | 1,850 | 827,024 | |||||||||||
California (State of) Department of Water Resources; Series 2008 H, Power Supply RB (INS-AGM) (a) |
5.00 | % | 05/01/22 | 2,500 | 2,924,400 | |||||||||||
California (State of) Health Facilities Financing Authority (Scripps Health); Series 2010 A, RB |
5.00 | % | 11/15/36 | 1,700 | 1,838,788 | |||||||||||
California (State of) Statewide Communities Development Authority (Cottage Health System Obligated Group); Series 2010, RB |
5.00 | % | 11/01/40 | 800 | 850,496 | |||||||||||
California (State of) Statewide Communities Development Authority (Kaiser Permanente); Series 2012 A, RB |
5.00 | % | 04/01/42 | 1,800 | 1,950,390 | |||||||||||
California (State of); |
||||||||||||||||
Series 2010, Various Purpose Unlimited Tax GO Bonds |
5.50 | % | 03/01/40 | 1,560 | 1,763,876 | |||||||||||
Series 2012, Various Purpose Unlimited Tax GO Bonds |
5.00 | % | 04/01/42 | 840 | 905,218 | |||||||||||
Series 2012, Various Purpose Unlimited Tax GO Bonds |
5.25 | % | 04/01/35 | 840 | 943,883 | |||||||||||
Clovis Unified School District (Election of 2004); Series 2004 A, Unlimited Tax CAB GO Bonds (INS-NATL) (a)(e) |
0.00 | % | 08/01/29 | 480 | 218,587 | |||||||||||
Dry Creek Joint Elementary School District (Election of 2008-Measure E); |
||||||||||||||||
Series 2009, Unlimited Tax CAB GO Bonds (e) |
0.00 | % | 08/01/44 | 1,090 | 180,166 | |||||||||||
Series 2009, Unlimited Tax CAB GO Bonds (e) |
0.00 | % | 08/01/45 | 6,270 | 970,533 | |||||||||||
Series 2009, Unlimited Tax CAB GO Bonds (e) |
0.00 | % | 08/01/48 | 4,610 | 592,062 | |||||||||||
East Bay Municipal Utility District; Series 2010 A, Ref. Sub. Water System RB (b) |
5.00 | % | 06/01/36 | 1,590 | 1,839,773 | |||||||||||
Eastern Municipal Water District; Series 2006 A, Water & Sewer Revenue COP (INS-NATL) (a) |
5.00 | % | 07/01/32 | 4,000 | 4,291,680 | |||||||||||
See accompanying notes which are an integral part of this schedule.
Invesco Value Municipal Trust
| Principal | ||||||||||||||||
| Interest | Maturity | Amount | ||||||||||||||
| Rate | Date | (000) | Value | |||||||||||||
California—(continued) |
||||||||||||||||
El Segundo Unified School District (Election of 2008); Series 2009 A, Unlimited Tax CAB GO Bonds (e) |
0.00 | % | 08/01/32 | $ | 2,705 | $ | 982,591 | |||||||||
Fontana Unified School District (Election of 2006); Series 2008 B, Unlimited Tax CAB GO Bonds (INS-AGM) (a)(e) |
0.00 | % | 08/01/30 | 4,530 | 1,822,600 | |||||||||||
Kern (County of) Board of Education; Series 2006 A, Ref. COP (INS-NATL) (a) |
5.00 | % | 06/01/31 | 2,000 | 2,033,680 | |||||||||||
Los Angeles (City of) Department of Airports (Los Angeles International Airport); Series 2010 B, Sub. RB |
5.00 | % | 05/15/40 | 700 | 768,530 | |||||||||||
Los Angeles (City of) Department of Water & Power; Series 2012 A, Water System RB (b) |
5.00 | % | 07/01/43 | 2,235 | 2,510,643 | |||||||||||
Los Angeles (City of); Series 2004 A, Unlimited Tax GO Bonds (d)(f) |
5.00 | % | 09/01/14 | 3,000 | 3,316,290 | |||||||||||
Moreland School District (Crossover); Series 2006 C, Ref. Unlimited Tax CAB GO Bonds (INS-AMBAC) (a)(e) |
0.00 | % | 08/01/29 | 1,505 | 662,200 | |||||||||||
Oak Grove School District (Election of 2008); Series 2009 A, Unlimited Tax CAB GO Bonds (e) |
0.00 | % | 08/01/28 | 1,080 | 513,259 | |||||||||||
Oakland (City of) Joint Powers Financing Authority (Oakland Administration Buildings); |
||||||||||||||||
Series 2008 B, Ref. Lease RB (INS-AGC) (a) |
5.00 | % | 08/01/23 | 725 | 793,230 | |||||||||||
Series 2008 B, Ref. Lease RB (INS-AGC) (a) |
5.00 | % | 08/01/25 | 500 | 544,030 | |||||||||||
Oakland (Port of); |
||||||||||||||||
Series 2002 L, RB (d)(f)(g) |
5.00 | % | 11/01/12 | 110 | 112,127 | |||||||||||
Series 2002 L, RB (INS-NATL) (a)(g) |
5.00 | % | 11/01/21 | 890 | 901,882 | |||||||||||
Patterson Joint Unified School District (Election of 2008); |
||||||||||||||||
Series 2009 B, Unlimited Tax CAB GO Bonds (INS-AGM) (a)(e) |
0.00 | % | 08/01/47 | 5,700 | 779,874 | |||||||||||
Series 2009 B, Unlimited Tax CAB GO Bonds (INS-AGM) (a)(e) |
0.00 | % | 08/01/48 | 7,670 | 985,058 | |||||||||||
Series 2009 B, Unlimited Tax CAB GO Bonds (INS-AGM) (a)(e) |
0.00 | % | 03/01/49 | 4,240 | 524,361 | |||||||||||
Poway Unified School District (Election of 2008 - School Facilities Improvement District No. 2007-1); |
||||||||||||||||
Series 2009 A, Unlimited Tax CAB GO Bonds (e) |
0.00 | % | 08/01/28 | 3,210 | 1,547,381 | |||||||||||
Series 2009 A, Unlimited Tax CAB GO Bonds (e) |
0.00 | % | 08/01/31 | 3,470 | 1,391,435 | |||||||||||
Regents of the University of California; |
||||||||||||||||
Series 2005 B, Limited Project RB (INS-AGM) (a) |
5.00 | % | 05/15/30 | 1,000 | 1,040,620 | |||||||||||
Series 2007 J, General RB (INS-AGM) (a)(b) |
4.50 | % | 05/15/31 | 3,310 | 3,481,127 | |||||||||||
Series 2007 J, General RB (INS-AGM) (a)(b) |
4.50 | % | 05/15/35 | 2,690 | 2,806,504 | |||||||||||
San Diego (County of) Water Authority; Series 2004 A, COP (INS-AGM) (a)(b) |
5.00 | % | 05/01/29 | 5,000 | 5,296,550 | |||||||||||
San Francisco (City & County of) (Laguna Honda Hospital); Series 2008 R3, Ref. Unlimited Tax GO Bonds (INS-AGC) (a)(b) |
5.00 | % | 06/15/28 | 1,000 | 1,093,440 | |||||||||||
Twin Rivers Unified School District (School Facility Bridge Funding Program); Series 2007, COP (INS-AGM) (a)(c)(d) |
3.50 | % | 05/31/13 | 1,700 | 1,702,057 | |||||||||||
| 75,137,676 | ||||||||||||||||
Colorado—1.01% |
||||||||||||||||
Colorado (State of) Regional Transportation District (Denver Transit Partners Eagle P3); Series 2010, Private Activity RB |
6.00 | % | 01/15/41 | 1,075 | 1,204,194 | |||||||||||
Denver (City of) Convention Center Hotel Authority; Series 2006, Ref. Sr. RB (INS-SGI) (a) |
5.00 | % | 12/01/35 | 1,500 | 1,529,085 | |||||||||||
| 2,733,279 | ||||||||||||||||
Connecticut—0.49% |
||||||||||||||||
Connecticut (State of) Health & Educational Facilities Authority (Quinnipiac University); Series 2007 K-1, RB (INS-NATL)
(a) |
5.00 | % | 07/01/27 | 1,225 | 1,339,954 | |||||||||||
District of Columbia—6.22% |
||||||||||||||||
District of Columbia Water & Sewer Authority; |
||||||||||||||||
Series 2008 A, Ref. Public Utility Sub. Lien RB (INS-AGC) (a) |
5.00 | % | 10/01/28 | 500 | 565,430 | |||||||||||
Series 2008 A, Ref. Public Utility Sub. Lien RB (INS-AGC) (a) |
5.00 | % | 10/01/29 | 625 | 703,687 | |||||||||||
District of Columbia; |
||||||||||||||||
Series 2006 B-1, Ballpark RB (INS-NATL) (a) |
5.00 | % | 02/01/31 | 4,000 | 4,110,880 | |||||||||||
Series 2008 E, Unlimited Tax GO Bonds (INS-BHAC) (a)(b) |
5.00 | % | 06/01/26 | 2,000 | 2,248,640 | |||||||||||
Series 2008 E, Unlimited Tax GO Bonds (INS-BHAC) (a)(b) |
5.00 | % | 06/01/27 | 2,000 | 2,239,240 | |||||||||||
Series 2008 E, Unlimited Tax GO Bonds (INS-BHAC) (a)(b) |
5.00 | % | 06/01/28 | 4,000 | 4,458,360 | |||||||||||
Series 2009 A, Sec. Income Tax RB (b) |
5.25 | % | 12/01/27 | 2,100 | 2,565,780 | |||||||||||
| 16,892,017 | ||||||||||||||||
See accompanying notes which are an integral part of this schedule.
Invesco Value Municipal Trust
| Principal | ||||||||||||||||
| Interest | Maturity | Amount | ||||||||||||||
| Rate | Date | (000) | Value | |||||||||||||
Florida—10.36% |
||||||||||||||||
Cape Coral (City of); |
||||||||||||||||
Series 2011, Ref. Water & Sewer RB (INS-AGM) (a) |
5.00 | % | 10/01/41 | $ | 1,480 | $ | 1,634,912 | |||||||||
Series 2011 A, Ref. Water & Sewer RB (INS-AGM) (a) |
5.00 | % | 10/01/31 | 1,100 | 1,213,311 | |||||||||||
Citizens Property Insurance Corp. (High Risk Account); Series 2010 A-1, Sr. Sec. RB |
5.00 | % | 06/01/14 | 2,200 | 2,373,272 | |||||||||||
Florida (State of) Mid-Bay Bridge Authority; Series 2008 A, Ref. RB (INS-AGC) (a) |
5.00 | % | 10/01/27 | 1,265 | 1,345,277 | |||||||||||
Martin (County of) Health Facilities Authority (Martin Memorial Medical Center); Series 2012, RB |
5.13 | % | 11/15/32 | 1,750 | 1,820,455 | |||||||||||
Miami-Dade (County of) (Building Better Communities Program); Series 2009 B-1, Unlimited Tax GO Bonds |
6.00 | % | 07/01/38 | 1,000 | 1,155,730 | |||||||||||
Miami-Dade (County of) (Miami International Airport); |
||||||||||||||||
Series 2003 B, Ref. Aviation RB (INS-NATL) (a)(g) |
5.25 | % | 10/01/18 | 2,155 | 2,230,339 | |||||||||||
Series 2003 B, Ref. Aviation RB (INS-NATL) (a)(g) |
5.25 | % | 10/01/19 | 2,270 | 2,347,339 | |||||||||||
Miami-Dade (County of) Educational Facilities Authority (University of Miami); Series 2008 A, RB (INS-BHAC) (a) |
5.50 | % | 04/01/38 | 1,500 | 1,657,500 | |||||||||||
Miami-Dade (County of) Expressway Authority; Series 2010 A, Ref. Toll System RB (INS-AGM) (a) |
5.00 | % | 07/01/35 | 1,225 | 1,342,073 | |||||||||||
Miami-Dade (County of); Series 2010, Water & Sewer System RB (INS-AGM) (a) |
5.00 | % | 10/01/39 | 1,600 | 1,760,560 | |||||||||||
Orange (County of); Series 2012 B, Ref. Sales Tax RB |
5.00 | % | 01/01/31 | 2,680 | 3,057,558 | |||||||||||
Palm Beach (County of) Solid Waste Authority; |
||||||||||||||||
Series 2009, Improvement RB (INS-BHAC) (a) |
5.50 | % | 10/01/23 | 1,200 | 1,466,340 | |||||||||||
Series 2011, Ref. RB (b) |
5.00 | % | 10/01/31 | 1,125 | 1,281,870 | |||||||||||
Port St. Lucie (City of); Series 2009, Ref. Utility System RB (INS-AGC) (a) |
5.00 | % | 09/01/29 | 1,000 | 1,110,460 | |||||||||||
Tampa (City of) Sports Authority; Series 2005, Ref. Sales Tax RB (INS-AGM) (a) |
5.00 | % | 01/01/26 | 2,185 | 2,359,254 | |||||||||||
| 28,156,250 | ||||||||||||||||
Georgia—4.47% |
||||||||||||||||
Atlanta (City of); |
||||||||||||||||
Series 1999 A, Water & Wastewater RB (INS-NATL) (a) |
5.00 | % | 11/01/29 | 2,000 | 2,003,780 | |||||||||||
Series 2004 C, Airport Passenger Facility Charge & Sub. Lien General RB
(INS-AGM) (a)(b) |
5.00 | % | 01/01/33 | 5,000 | 5,301,850 | |||||||||||
Series 2010 A, General Airport RB (INS-AGM) (a) |
5.00 | % | 01/01/35 | 1,590 | 1,743,721 | |||||||||||
Fulton (County of) Development Authority (Georgia Tech Athletic Association); Series 2012, Ref. RB |
5.00 | % | 10/01/42 | 510 | 554,370 | |||||||||||
Metropolitan Atlanta Rapid Transit Authority; Series 2007 B, Ref. Third Indenture Sales Tax RB (INS-AGM) (a) |
5.00 | % | 07/01/34 | 1,110 | 1,241,790 | |||||||||||
Private Colleges & Universities Authority (Mercer University); |
||||||||||||||||
Series 2012 A, RB |
5.00 | % | 10/01/32 | 430 | 451,565 | |||||||||||
Series 2012 A, RB |
5.25 | % | 10/01/27 | 780 | 845,161 | |||||||||||
| 12,142,237 | ||||||||||||||||
Hawaii—0.27% |
||||||||||||||||
Honolulu (City & County of); Series 2003 A, Unlimited Tax GO Bonds (INS-NATL) (a) |
5.25 | % | 03/01/26 | 705 | 726,918 | |||||||||||
Idaho—1.60% |
||||||||||||||||
Idaho (State of) Health Facilities Authority (St. Luke’s Regional Medical Center); Series 2010, RB (INS-AGM) (a) |
5.00 | % | 07/01/35 | 1,775 | 1,935,549 | |||||||||||
Idaho (State of) Housing & Finance Association (Federal Highway Trust Fund); Series 2008 A, Grant & RAB (INS-AGC) (a) |
5.25 | % | 07/15/25 | 2,065 | 2,421,914 | |||||||||||
| 4,357,463 | ||||||||||||||||
Illinois—16.24% |
||||||||||||||||
Chicago (City of) (O’Hare International Airport); |
||||||||||||||||
Series 2003 B-2, Third Lien General Airport RB (INS-AGM) (a)(g) |
5.75 | % | 01/01/23 | 2,000 | 2,107,760 | |||||||||||
Series 2005 A, Third Lien General Airport RB (INS-NATL) (a) |
5.25 | % | 01/01/25 | 3,000 | 3,303,210 | |||||||||||
Chicago (City of) Transit Authority (FTA Section 5309 Fixed Guideway Modernization Formula Funds); Series 2008, Capital Grant
Receipts RB (INS-AGC) (a) |
5.25 | % | 06/01/26 | 1,370 | 1,497,807 | |||||||||||
Chicago (City of) Transit Authority; Series 2011, Sales Tax Receipts RB (b) |
5.25 | % | 12/01/36 | 1,620 | 1,827,198 | |||||||||||
Chicago (City of); |
||||||||||||||||
Series 2001 A, Ref. Project Unlimited Tax GO Bonds (INS-NATL) (a) |
5.56 | % | 01/01/21 | 2,000 | 2,263,240 | |||||||||||
Series 2001 A, Ref. Project Unlimited Tax GO Bonds (INS-NATL) (a) |
5.58 | % | 01/01/22 | 2,000 | 2,264,620 | |||||||||||
See accompanying notes which are an integral part of this schedule.
Invesco Value Municipal Trust
| Principal | ||||||||||||||||
| Interest | Maturity | Amount | ||||||||||||||
| Rate | Date | (000) | Value | |||||||||||||
Illinois—(continued) |
||||||||||||||||
Series 2007 A, Ref. Project Unlimited Tax GO Bonds (INS-AGM) (a)(b)(h) |
5.00 | % | 01/01/37 | $ | 6,070 | $ | 6,361,846 | |||||||||
Series 2008, Ref. Second Lien Water RB (INS-AGM) (a) |
5.00 | % | 11/01/27 | 940 | 1,048,100 | |||||||||||
Series 2012 A, Unlimited Tax GO Bonds |
5.00 | % | 01/01/33 | 1,100 | 1,213,993 | |||||||||||
DeKalb County Community Unit School District No. 428; |
||||||||||||||||
Series 2008, Unlimited Tax GO Bonds (INS-AGM) (a) |
5.00 | % | 01/01/27 | 670 | 737,858 | |||||||||||
Series 2008, Unlimited Tax GO Bonds (INS-AGM) (a) |
5.00 | % | 01/01/28 | 305 | 334,411 | |||||||||||
Illinois (State of) (Illinois Fund for Infrastructure, Roads, Schools & Transit); Series 2001, Unlimited Tax GO Bonds (INS-NATL)
(a)(b) |
5.38 | % | 04/01/15 | 10,000 | 11,039,300 | |||||||||||
Illinois (State of) Finance Authority (Northwestern Memorial Hospital); Series 2009 B, RB |
5.75 | % | 08/15/30 | 1,635 | 1,883,700 | |||||||||||
Illinois (State of) Finance Authority (Swedish Covenant Hospital); Series 2010 A, Ref. RB |
5.75 | % | 08/15/29 | 1,300 | 1,433,640 | |||||||||||
Railsplitter Tobacco Settlement Authority; Series 2010, RB |
5.50 | % | 06/01/23 | 1,480 | 1,708,068 | |||||||||||
Regional Transportation Authority; Series 1999, Ref. RB (INS-AGM) (a) |
5.75 | % | 06/01/21 | 4,000 | 5,116,480 | |||||||||||
| 44,141,231 | ||||||||||||||||
Iowa—4.21% |
||||||||||||||||
Iowa (State of) (IJOBS Program); |
||||||||||||||||
Series 2009 A, Special Obligation RB (b)(h) |
5.00 | % | 06/01/25 | 1,810 | 2,147,837 | |||||||||||
Series 2009 A, Special Obligation RB (b)(h) |
5.00 | % | 06/01/26 | 1,355 | 1,598,074 | |||||||||||
Iowa (State of); |
||||||||||||||||
Series 2001, Vision Special Fund RB (INS-NATL) (a) |
5.50 | % | 02/15/19 | 3,600 | 4,522,860 | |||||||||||
Series 2001, Vision Special Fund RB (INS-NATL) (a) |
5.50 | % | 02/15/20 | 2,500 | 3,178,774 | |||||||||||
| 11,447,545 | ||||||||||||||||
Kansas—0.70% |
||||||||||||||||
Kansas (State of) Development Finance Authority (Adventist Health System/Sunbelt Obligated Group); Series 2009 C, Hospital RB |
5.50 | % | 11/15/29 | 615 | 713,683 | |||||||||||
Wyandotte (County of) & Kansas City (City of) Unified Government; Series 2009 A, Utility System Improvement RB (INS-BHAC) (a) |
5.25 | % | 09/01/34 | 1,060 | 1,200,206 | |||||||||||
| 1,913,889 | ||||||||||||||||
Kentucky—1.58% |
||||||||||||||||
Kentucky (State of) Property & Buildings Commission (No. 93); Series 2009, Ref. RB (INS-AGC) (a) |
5.25 | % | 02/01/28 | 1,640 | 1,883,278 | |||||||||||
Kentucky (State of) Turnpike Authority (Revitalization); Series 2012 A, Economic Development Road RB |
5.00 | % | 07/01/31 | 2,035 | 2,397,494 | |||||||||||
| 4,280,772 | ||||||||||||||||
Louisiana—0.66% |
||||||||||||||||
Lafayette (City of) Public Trust Financing Authority (Ragin’ Cajun Facilities, Inc.-Housing & Parking); Series 2010, RB (INS-AGM)
(a) |
5.50 | % | 10/01/35 | 1,600 | 1,804,208 | |||||||||||
Maryland—0.94% |
||||||||||||||||
Maryland Economic Development Corp. (Maryland Aviation Administration Facilities); Series 2003, Lease RB (INS-AGM) (a)(g) |
5.38 | % | 06/01/22 | 2,500 | 2,559,000 | |||||||||||
Massachusetts—4.75% |
||||||||||||||||
Massachusetts (State of) Development Finance Agency (Harvard University); Series 2009 A, RB (b) |
5.50 | % | 11/15/36 | 6,460 | 7,777,323 | |||||||||||
Massachusetts (State of) Development Finance Agency (Massachusetts Institute of Technology); Series 2009 O, RB (b) |
5.50 | % | 07/01/36 | 2,090 | 2,493,119 | |||||||||||
Massachusetts (State of) Water Resources Authority; Series 2007 B, Ref. General RB (INS-AGM) (a) |
5.25 | % | 08/01/31 | 2,000 | 2,636,680 | |||||||||||
| 12,907,122 | ||||||||||||||||
Michigan—1.41% |
||||||||||||||||
Detroit (City of); Series 2006 C, Ref. Second Lien Water Supply System RB (INS-AGM) (a) |
5.00 | % | 07/01/26 | 1,200 | 1,264,164 | |||||||||||
Wayne State University Board of Governors; Series 2008, Ref. General RB (INS-AGM) (a) |
5.00 | % | 11/15/29 | 1,190 | 1,302,753 | |||||||||||
Western Michigan University Board of Trustees; Series 2008, General RB (INS-AGM) (a) |
5.00 | % | 11/15/23 | 1,125 | 1,277,381 | |||||||||||
| 3,844,298 | ||||||||||||||||
See accompanying notes which are an integral part of this schedule.
Invesco Value Municipal Trust
| Principal | ||||||||||||||||
| Interest | Maturity | Amount | ||||||||||||||
| Rate | Date | (000) | Value | |||||||||||||
Minnesota—1.51% |
||||||||||||||||
Minneapolis (City of) (Fairview Health Services); Series 2005 D, Health Care System RB
(INS-AMBAC) (a) |
5.00 | % | 11/15/34 | $ | 4,000 | $ | 4,116,760 | |||||||||
Missouri—1.28% |
||||||||||||||||
Kansas City (City of) Industrial Development Authority (Downtown Redevelopment District); |
||||||||||||||||
Series 2011 A, Ref. RB |
5.50 | % | 09/01/24 | 295 | 355,522 | |||||||||||
Series 2011 A, Ref. RB |
5.50 | % | 09/01/25 | 515 | 614,720 | |||||||||||
Series 2011 A, Ref. RB |
5.50 | % | 09/01/27 | 350 | 412,216 | |||||||||||
Missouri (State of) Joint Municipal Electric Utility Commission (Plum Point); Series 2006, Power
Project RB (INS-NATL) (a) |
5.00 | % | 01/01/25 | 2,000 | 2,086,780 | |||||||||||
| 3,469,238 | ||||||||||||||||
Montana—0.30% |
||||||||||||||||
Montana (State of) Facility Finance Authority (Benefis Health System Obligated Group); Series
2011 A, Hospital RB (INS-AGC) (a) |
5.75 | % | 01/01/31 | 715 | 827,334 | |||||||||||
Nevada—5.12% |
||||||||||||||||
Clark (County of); Series 1992 B, Limited Tax GO Bonds (INS-AMBAC) (a) |
6.50 | % | 06/01/17 | 4,000 | 4,979,600 | |||||||||||
Nevada (State of); Series 2008 C, Capital Improvement & Cultural Affairs Limited Tax GO Bonds
(INS-AGM) (a)(b) |
5.00 | % | 06/01/26 | 8,000 | 8,934,480 | |||||||||||
| 13,914,080 | ||||||||||||||||
New Jersey—3.19% |
||||||||||||||||
New Jersey (State of) Economic Development Authority (Provident Group-Montclair Properties
LLC-Montclair State University Student Housing); Series 2010 A, RB |
5.88 | % | 06/01/42 | 710 | 780,482 | |||||||||||
New Jersey (State of) Economic Development Authority; Subseries 2005 N-1, Ref. School Facilities
Construction RB (INS-AMBAC) (a) |
5.50 | % | 09/01/24 | 1,195 | 1,501,828 | |||||||||||
New Jersey (State of) Educational Facilities Authority (Rowan University); Series 2008 B, Ref. RB
(INS-AGC) (a) |
5.00 | % | 07/01/26 | 510 | 567,972 | |||||||||||
New Jersey (State of) Transportation Trust Fund Authority; Series 2006 C, Transportation System
CAB RB (INS-AGC) (a)(e) |
0.00 | % | 12/15/26 | 5,860 | 3,227,395 | |||||||||||
New Jersey (State of) Turnpike Authority; Series 2003 A, RB (INS-AMBAC) (a) |
5.00 | % | 01/01/30 | 2,500 | 2,595,975 | |||||||||||
| 8,673,652 | ||||||||||||||||
New Mexico—0.57% |
||||||||||||||||
Albuquerque (City of); Series 2004 A, Ref. Gross Receipts & Lodgers’ Tax RB (INS-AGM)
(a) |
5.00 | % | 07/01/37 | 1,500 | 1,543,410 | |||||||||||
New York—14.29% |
||||||||||||||||
Long Island Power Authority; Series 2011 A, Electric System General RB (INS-AGM) (a) |
5.00 | % | 05/01/36 | 1,775 | 1,960,914 | |||||||||||
Metropolitan Transportation Authority; |
||||||||||||||||
Series 2002 A, Ref. RB (INS-AMBAC) (a) |
5.50 | % | 11/15/17 | 9,000 | 9,209,520 | |||||||||||
Series 2002 A, Ref. RB (INS-NATL) (a) |
5.00 | % | 11/15/25 | 2,000 | 2,035,380 | |||||||||||
Series 2002 B, Service Contract RB (INS-NATL) (a) |
5.50 | % | 07/01/20 | 6,805 | 6,830,655 | |||||||||||
Series 2010 D, RB |
5.00 | % | 11/15/34 | 1,100 | 1,211,815 | |||||||||||
New York (City of) Transitional Finance Authority; Subseries 2012 E-1, Future Tax Sec. RB |
5.00 | % | 02/01/42 | 2,970 | 3,354,674 | |||||||||||
New York (City of); Series 2012 F, Ref. Unlimited Tax GO Bonds |
5.00 | % | 08/01/31 | 560 | 650,042 | |||||||||||
New York (State of) Dormitory Authority (City of New York); |
||||||||||||||||
Series 2005 A, Court Facilities Lease RB (INS-AMBAC) (a) |
5.50 | % | 05/15/28 | 1,000 | 1,267,610 | |||||||||||
Series 2005 A, Court Facilities Lease RB (INS-AMBAC) (a) |
5.50 | % | 05/15/29 | 940 | 1,196,282 | |||||||||||
New York (State of) Dormitory Authority (Montefiore Medical Center); Series 2004, Hospital RB
(INS-NATL) (a) |
5.00 | % | 08/01/29 | 2,000 | 2,167,760 | |||||||||||
New York (State of) Energy Research & Development Authority (Brooklyn Union Gas Co.); Series 1996,
Gas Facilities RB (INS-NATL) (a) |
5.50 | % | 01/01/21 | 5,000 | 5,018,000 | |||||||||||
New York (State of) Thruway Authority (Transportation); Series 2009 A, Personal Income Tax RB |
5.00 | % | 03/15/25 | 1,725 | 2,047,730 | |||||||||||
See accompanying notes which are an integral part of this schedule.
Invesco Value Municipal Trust
| Principal | ||||||||||||||||
| Interest | Maturity | Amount | ||||||||||||||
| Rate | Date | (000) | Value | |||||||||||||
New York—(continued) |
||||||||||||||||
New York (State of) Thruway Authority; Series 2011 A-1, Second General Highway & Bridge
Trust Fund RB (b) |
5.00 | % | 04/01/29 | $ | 1,620 | $ | 1,897,830 | |||||||||
| 38,848,212 | ||||||||||||||||
North Carolina—0.32% |
||||||||||||||||
North Carolina (State of) Medical Care Commission (Vidant Health); Series 2012 A, Ref.
Heath Care Facilities RB |
5.00 | % | 06/01/36 | 800 | 865,752 | |||||||||||
Ohio—1.70% |
||||||||||||||||
Allen (County of) (Catholic Health Partners); Series 2012 A, Ref. Hospital Facilities RB |
5.00 | % | 05/01/42 | 1,180 | 1,264,287 | |||||||||||
Cleveland (City of); |
||||||||||||||||
Series 2008 B-1, Public Power System CAB RB (INS-NATL) (a)(e) |
0.00 | % | 11/15/28 | 2,125 | 1,030,795 | |||||||||||
Series 2008 B-1, Public Power System CAB RB (INS-NATL) (a)(e) |
0.00 | % | 11/15/38 | 2,800 | 755,216 | |||||||||||
Ohio (State of) Higher Educational Facility Commission (Summa Health System); Series 2010,
Hospital Facilities RB |
5.75 | % | 11/15/35 | 700 | 765,541 | |||||||||||
Ohio (State of) Water Development Authority (FirstEnergy Nuclear Generation Corp.); Series
2009 A, Ref. PCR (c)(d) |
5.88 | % | 06/01/16 | 700 | 791,903 | |||||||||||
| 4,607,742 | ||||||||||||||||
Oregon—0.67% |
||||||||||||||||
Oregon (State of) Department of Administrative Services; Series 2005 B, COP (INS-NATL)
(a) |
5.00 | % | 11/01/24 | 1,685 | 1,816,649 | |||||||||||
Pennsylvania—3.55% |
||||||||||||||||
Delaware (County of) Industrial Development Authority (Aqua Pennsylvania, Inc.); Series
2005 A, Water Facilities RB (INS-NATL) (a)(g) |
5.00 | % | 11/01/37 | 1,500 | 1,553,955 | |||||||||||
Pennsylvania (State of) Economic Development Financing Authority (Waste Management, Inc.);
Series 2004 A, Solid Waste Disposal RB (c)(d) |
3.70 | % | 05/01/15 | 1,400 | 1,475,516 | |||||||||||
Pennsylvania (State of) Turnpike Commission; Series 2004 A, RB (INS-AMBAC) (a) |
5.00 | % | 12/01/34 | 4,000 | 4,310,120 | |||||||||||
Philadelphia (City of) Industrial Development Authority (NewCourtland Elder Services);
Series 2003, VRD RB (LOC-PNC Bank, N.A.) (i)(j) |
0.17 | % | 03/01/27 | 335 | 335,000 | |||||||||||
Philadelphia (City of); Series 2009 B, Limited Tax GO Bonds (INS-AGC) (a) |
7.13 | % | 07/15/38 | 720 | 825,746 | |||||||||||
Philadelphia School District; Series 2008 E, Limited Tax GO Bonds (INS-BHAC) (a) |
5.13 | % | 09/01/23 | 1,000 | 1,140,540 | |||||||||||
| 9,640,877 | ||||||||||||||||
Puerto Rico—1.98% |
||||||||||||||||
Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority; |
||||||||||||||||
Series 2012 A, Sr. Lien RB |
5.00 | % | 07/01/33 | 810 | 816,026 | |||||||||||
Series 2012 A, Sr. Lien RB |
5.25 | % | 07/01/42 | 560 | 564,116 | |||||||||||
Series 2012 A, Sr. Lien RB |
6.00 | % | 07/01/47 | 450 | 486,203 | |||||||||||
Puerto Rico (Commonwealth of) Electric Power Authority; Series 2012 A, RB |
5.00 | % | 07/01/42 | 1,745 | 1,766,306 | |||||||||||
Puerto Rico Sales Tax Financing Corp.; First Subseries 2010 C, RB |
5.25 | % | 08/01/41 | 1,650 | 1,752,812 | |||||||||||
| 5,385,463 | ||||||||||||||||
South Carolina—2.30% |
||||||||||||||||
Piedmont Municipal Power Agency; Series 2011 C, Ref. Electric RB (INS-AGC) (a) |
5.75 | % | 01/01/34 | 2,645 | 3,103,458 | |||||||||||
South Carolina (State of) Medical University Hospital Authority; Series 2004 A, Ref. FHA
Insured Mortgage Hospital Facilities RB (INS-NATL) (a) |
5.25 | % | 02/15/25 | 1,000 | 1,073,370 | |||||||||||
South Carolina (State of) Public Service Authority; Series 2003 A, Ref. RB (b)(f) |
5.00 | % | 01/01/22 | 2,000 | 2,087,860 | |||||||||||
| 6,264,688 | ||||||||||||||||
Tennessee—0.38% |
||||||||||||||||
Memphis Center City Revenue Finance Corp. (Pyramid & Pinch District Redevelopment);
Series 2011 B, Sub. RB (INS-AGM) (a) |
5.25 | % | 11/01/30 | 885 | 1,024,848 | |||||||||||
Texas—9.92% |
||||||||||||||||
Capital Area Cultural Education Facilities Finance Corp. (The Roman Catholic Diocese of
Austin); Series 2005 B, RB |
6.13 | % | 04/01/45 | 700 | 761,817 | |||||||||||
Friendswood Independent School District; Series 2008, Schoolhouse Unlimited Tax GO Bonds
(CEP-Texas Permanent School Fund) |
5.00 | % | 02/15/27 | 800 | 903,160 | |||||||||||
See accompanying notes which are an integral part of this schedule.
Invesco Value Municipal Trust
| Principal | ||||||||||||||||
| Interest | Maturity | Amount | ||||||||||||||
| Rate | Date | (000) | Value | |||||||||||||
Texas—(continued) |
||||||||||||||||
Harris (County of) Metropolitan Transit Authority; Series 2011 A, Sales & Use Tax RB (b) |
5.00 | % | 11/01/36 | $ | 3,305 | $ | 3,735,080 | |||||||||
Harris County Health Facilities Development Corp. (Texas Medical Center Central Heating and Cooling
Services Corp.); Series 2008, Thermal Utility RB (INS-AGC) (a) |
5.00 | % | 11/15/27 | 1,840 | 2,034,580 | |||||||||||
Houston (City of) Convention & Entertainment Facilities Department; Series 2001 B, Hotel Occupancy Tax
& Special CAB RB (INS-AGM) (a)(e) |
0.00 | % | 09/01/27 | 3,615 | 1,797,378 | |||||||||||
Houston (City of); Series 2004 A, Ref. First Lien Combined Utility System RB (INS-NATL) (a) |
5.25 | % | 05/15/23 | 4,465 | 4,851,848 | |||||||||||
Houston Community College System; |
||||||||||||||||
Series 2008, Sr. Lien Student Fee RB (INS-AGM) (a) |
4.50 | % | 04/15/27 | 225 | 242,813 | |||||||||||
Series 2008, Sr. Lien Student Fee RB (INS-AGM) (a) |
5.00 | % | 04/15/26 | 1,000 | 1,119,020 | |||||||||||
North Texas Tollway Authority; |
||||||||||||||||
Series 2008 D, Ref. First Tier System CAB RB (INS-AGC) (a)(e) |
0.00 | % | 01/01/28 | 6,700 | 3,361,658 | |||||||||||
Series 2008 D, Ref. First Tier System CAB RB (INS-AGC) (a)(e) |
0.00 | % | 01/01/31 | 1,455 | 616,454 | |||||||||||
San Jacinto River Authority (Groundwater Reduction Plan Division); |
||||||||||||||||
Series 2011, Special Project RB (INS-AGM) (a) |
5.00 | % | 10/01/32 | 810 | 890,976 | |||||||||||
Series 2011, Special Project RB (INS-AGM) (a) |
5.00 | % | 10/01/37 | 885 | 965,084 | |||||||||||
Texas (State of) Turnpike Authority (Central Texas Turnpike System); Series 2002, First Tier CAB RB
(INS-BHAC) (a)(e) |
0.00 | % | 08/15/27 | 5,735 | 3,000,953 | |||||||||||
Victoria Independent School District; |
||||||||||||||||
Series 2008, School Building Unlimited Tax GO Bonds (CEP-Texas Permanent School Fund) |
5.00 | % | 02/15/24 | 410 | 470,516 | |||||||||||
Series 2008, School Building Unlimited Tax GO Bonds (CEP-Texas Permanent School Fund) |
5.00 | % | 02/15/25 | 815 | 930,649 | |||||||||||
Waco Educational Finance Corp. (Baylor University); Series 2012, RB |
5.00 | % | 03/01/43 | 1,125 | 1,269,765 | |||||||||||
| 26,951,751 | ||||||||||||||||
Utah—1.51% |
||||||||||||||||
Utah (State of) Transit Authority; Series 2008 A, Sales Tax RB (INS-AGM) (a)(b) |
5.00 | % | 06/15/36 | 3,690 | 4,097,634 | |||||||||||
Virginia—0.99% |
||||||||||||||||
Roanoke (City of) Economic Development Authority (Carilion Clinic Obligated Group); Series 2010,
Ref. Hospital RB |
5.00 | % | 07/01/33 | 975 | 1,053,985 | |||||||||||
Roanoke (City of) Industrial Development Authority (Carilion Health System Obligated Group); Series
2005 A-1, VRD Hospital RB (INS-AGM) (a)(i) |
0.22 | % | 07/01/36 | 70 | 70,000 | |||||||||||
Roanoke (City of) Industrial Development Authority (Carilion Health System); |
||||||||||||||||
Series 2005, Hospital RB (d)(f) |
5.00 | % | 07/01/20 | 10 | 12,655 | |||||||||||
Series 2005 B, Hospital RB (INS-AGM) |
5.00 | % | 07/01/38 | 840 | 907,435 | |||||||||||
Virginia (State of) Small Business Financing Authority (Elizabeth River Crossings Opco, LLC); Series
2012, Sr. Lien RB (g) |
5.50 | % | 01/01/42 | 620 | 651,812 | |||||||||||
| 2,695,887 | ||||||||||||||||
Washington—4.36% |
||||||||||||||||
Cowlitz (County of) Public Utility District No. 1; Series 2006, Production System RB (INS-NATL)
(a) |
5.00 | % | 09/01/31 | 3,000 | 3,175,500 | |||||||||||
Seattle (Port of); Series 2012 A, Ref. Intermediate Lien RB |
5.00 | % | 08/01/32 | 850 | 973,513 | |||||||||||
Washington (State of); |
||||||||||||||||
Series 2010 A, Various Purpose Unlimited Tax GO Bonds (b) |
5.00 | % | 08/01/29 | 3,170 | 3,758,891 | |||||||||||
Series 2010 A, Various Purpose Unlimited Tax GO Bonds (b) |
5.00 | % | 08/01/30 | 3,335 | 3,944,836 | |||||||||||
| 11,852,740 | ||||||||||||||||
West Virginia—0.56% |
||||||||||||||||
West Virginia (State of) Economic Development Authority (Appalachian Power Co. — Amos);
Series 2010 A, Ref. Solid Waste Disposal Facilities RB (c) |
5.38 | % | 12/01/38 | 1,400 | 1,522,304 | |||||||||||
Wisconsin—1.51% |
||||||||||||||||
Wisconsin (State of) Health & Educational Facilities Authority (Mercy Alliance); Series 2012, RB |
5.00 | % | 06/01/39 | 1,750 | 1,833,492 | |||||||||||
See accompanying notes which are an integral part of this schedule.
Invesco Value Municipal Trust
| Principal | ||||||||||||||||
| Interest | Maturity | Amount | ||||||||||||||
| Rate | Date | (000) | Value | |||||||||||||
Wisconsin—(continued) |
||||||||||||||||
Wisconsin (State of); Series 2009 A, General Fund Annual Appropriation RB |
5.63 | % | 05/01/28 | $ | 1,900 | $ | 2,272,951 | |||||||||
| 4,106,443 | ||||||||||||||||
TOTAL INVESTMENTS(k)—143.68% (Cost $357,679,930) |
390,491,586 | |||||||||||||||
Floating Rate Note Obligations—(24.65)% |
||||||||||||||||
Notes with interest rates ranging from 0.14% to 0.68% at 05/31/12 and contractual maturities
of collateral ranging from 04/01/15 to 07/01/43 (See Note 1D)(l) |
(67,000,000 | ) | ||||||||||||||
OTHER ASSETS LESS LIABILITIES—1.54% |
4,195,827 | |||||||||||||||
PREFERRED SHARES—(20.57)% |
(55,900,000 | ) | ||||||||||||||
NET ASSETS APPLICABLE TO COMMON SHARES—100.00% |
$ | 271,787,413 | ||||||||||||||
Investment Abbreviations:
AGC
|
— Assured Guaranty Corp. | |
AGM
|
— Assured Guaranty Municipal Corp. | |
AMBAC
|
— American Municipal Bond Assurance Corp. | |
BHAC
|
— Berkshire Hathaway Assurance Corp. | |
CAB
|
— Capital Appreciation Bonds | |
CEP
|
— Credit Enhancement Provider | |
COP
|
— Certificates of Participation | |
FHA
|
— Federal Housing Administration | |
FTA
|
— Federal Transit Administration | |
GO
|
— General Obligation | |
INS
|
— Insurer | |
Jr.
|
— Junior | |
LOC
|
— Letter of Credit | |
NATL
|
— National Public Finance Guarantee Corp. | |
PCR
|
— Pollution Control Revenue Bonds | |
RAB
|
— Revenue Anticipation Bonds | |
RB
|
— Revenue Bonds | |
Ref.
|
— Refunding | |
Sec.
|
— Seured | |
SGI
|
— Syncora Guarantee, Inc. | |
Sr.
|
— Senior | |
Sub.
|
— Subordinated | |
VRD
|
— Variable Rate Demand |
Notes to Schedule of Investments:
(a)
|
Principal and/or interest payments are secured by the bond insurance company listed. | |
(b)
|
Underlying security related to Dealer Trusts entered into by the Trust. See Note 1D. | |
(c)
|
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on May 31, 2012. | |
(d)
|
Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. | |
(e)
|
Zero coupon bond issued at a discount. | |
(f)
|
Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. | |
(g)
|
Security subject to the alternative minimum tax. | |
(h)
|
Security is subject to a shortfall agreement which may require the Trust to pay amounts to a counterparty in the event of a significant decline in the market value of the security underlying the Dealer Trusts. In case of a shortfall, the maximum potential amount of payments the Trust could ultimately be required to make under the agreement is $6,175,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the Dealer Trusts. | |
(i)
|
Demand security payable upon demand by the Trust at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on May 31, 2012. | |
(j)
|
Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. | |
(k)
|
This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. |
| Entities | Percentage | |||
Assured Guaranty Municipal Corp/ |
25.2 | % | ||
National Public Finance Guarantee Corp. |
24.8 | |||
American Municipal Bond Assurance Corp. |
8.2 | |||
Assured Guaranty Corp. |
7.3 | |||
| (l) | Floating rate note obligations related to securities held. The interest rates shown reflect the rates in effect at May 31, 2012. At May 31, 2012, the Trust’s investments with a value of $118,257,868 are held by Dealer Trusts and serve as collateral for the $67,000,000 in the floating rate note obligations outstanding at that date. |
See accompanying notes which are an integral part of this schedule.
Invesco Value Municipal Trust
Notes to Quarterly Schedule of Portfolio Holdings
May 31, 2012
(Unaudited)
May 31, 2012
(Unaudited)
NOTE 1 — Significant Accounting Policies
| A. | Security Valuations — Securities, including restricted securities, are valued according to the following policy. |
Securities are fair valued using an evaluated quote provided by an independent pricing
service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may
be determined without exclusive reliance on quoted prices and may reflect appropriate factors
such as institution-size trading in similar groups of securities, yield, quality, coupon rate,
maturity, type of issue, individual trading characteristics and other market data. Securities
with a demand feature exercisable within one to seven days are valued at par. Debt securities
are subject to interest rate and credit risks. In addition, all debt securities involve some
risk of default with respect to interest and principal payments.
Securities for which market quotations either are not readily available or are unreliable
are valued at fair value as determined in good faith by or under the supervision of the Trust’s
officers following procedures approved by the Board of Trustees. Some of the factors which may
be considered in determining fair value are fundamental analytical data relating to the
investment; the nature and duration of any restrictions on transferability or disposition;
trading in similar securities by the same issuer or comparable companies; relevant political,
economic or issuer specific news; and other relevant factors under the circumstances.
Valuations change in response to many factors including the historical and prospective
earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest
rates, investor perceptions and market liquidity. Because of the inherent uncertainties of
valuation, the values reflected in the financial statements may materially differ from the value
received upon actual sale of those investments.
| B. | Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes. |
The Trust may periodically participate in litigation related to Trust investments. As
such, the Trust may receive proceeds from litigation settlements. Any proceeds received are
included in the Statement of Operations as realized gain (loss) for investments no longer held
and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an
increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of
securities. Such transaction costs are included in the determination of net realized and
unrealized gain (loss) from investment securities reported in the Statement of Operations and
the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on
securities per share in the Financial Highlights. Transaction costs are included in the
calculation of the Trust’s net asset value and, accordingly, they reduce the Trust’s total
returns. These transaction costs are not considered operating expenses and are not reflected in
net investment income reported in the Statement of Operations and Statement of Changes in Net
Assets, or the net investment income per share and ratios of expenses and net investment income
reported in the Financial Highlights, nor are they limited by any expense limitation
arrangements between the Trust and the investment adviser.
| C. | Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
Invesco Value Municipal Trust
| D. | Securities Purchased on a When-Issued and Delayed Delivery Basis — The Fund may purchase and sell interests in Corporate Loans and Corporate Debt Securities and other portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date. | |
| E. | Floating Rate Note Obligations — The Trust invests in inverse floating rate securities, such as Residual Interest Bonds (“RIBs”) or Tender Option Bonds (“TOBs”) for investment purposes and to enhance the yield of the Trust. Inverse floating rate investments tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable. Such transactions may be purchased in the secondary market without first owning the underlying bond or by the sale of fixed rate bonds by the Trust to special purpose trusts established by a broker dealer (“Dealer Trusts”) in exchange for cash and residual interests in the Dealer Trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The Dealer Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Trust to retain residual interest in the bonds. The floating rate notes issued by the Dealer Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the Dealer Trusts for redemption at par at each reset date. The residual interests held by the Trust (inverse floating rate investments) include the right of the Trust (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the Dealer Trusts to the Trust, thereby collapsing the Dealer Trusts. |
TOBs are presently classified as private placement securities.
Private placement securities are subject to restrictions on resale
because they have not been registered under the Securities Act of
1933, as amended or are otherwise not readily marketable. As a
result of the absence of a public trading market for these
securities, they may be less liquid than publicly traded
securities. Although these securities may be resold in privately
negotiated transactions, the prices realized from these sales
could be less than those originally paid by the Trust or less than
what may be considered the fair value of such securities.
The Trust accounts for the transfer of bonds to the Dealer Trusts as secured borrowings,
with the securities transferred remaining in the Trust’s investment assets, and the related
floating rate notes reflected as Trust liabilities under the caption Floating rate note
obligations on the Statement of Assets and Liabilities. The Trust records the interest income
from the fixed rate bonds under the caption Interest and records the expenses related to
floating rate obligations and any administrative expenses of the Dealer Trusts a component of
Interest, facilities and maintenance fees on the Statement of Operations.
The Trust generally invests in inverse floating rate securities that include embedded
leverage, thus exposing the Trust to greater risks and increased costs. The primary risks
associated with inverse floating rate securities are varying degrees of liquidity and the
changes in the value of such securities in response to changes in market rates of interest to a
greater extent than the value of an equal principal amount of a fixed rate security having
similar credit quality, redemption provisions and maturity which may cause the Trust’s net asset
value to be more volatile than if it had not invested in inverse floating rate securities. In
certain instances, the short-term floating rate interests created by the special purpose trust
may not be able to be sold to third parties or, in the case of holders tendering (or putting)
such interests for repayment of principal, may not be able to be remarketed to third parties. In
such cases, the special purpose trust holding the long-term fixed rate bonds may be collapsed.
In the case of RIBs or TOBs created by the contribution of long-term fixed income bonds by the
Trust, the Trust will then be required to repay the principal amount of the tendered securities.
During times of market volatility, illiquidity or uncertainty, the Trust could be required to
sell other portfolio holdings at a disadvantageous time to raise cash to meet that obligation.
| F. | Other Risks — The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located. |
Since many municipal securities are issued to finance similar projects, especially those
relating to education, health care, transportation and utilities, conditions in those sectors
can affect the overall municipal securities market and a Trust’s investments in municipal
securities.
There is some risk that a portion or all of the interest received from certain tax-free
municipal securities could become taxable as a result of determinations by the Internal Revenue
Service.
Invesco Value Municipal Trust
NOTE 2 — Additional Valuation Information
Generally Accepted Accounting Principles (“GAAP”) defines fair value as the price
that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date, under current market conditions. GAAP
establishes a hierarchy that prioritizes the inputs to valuation methods giving the highest
priority to readily available unadjusted quoted prices in an active market for identical assets
(Level 1) and the lowest priority to significant unobservable inputs (Level 3) generally when
market prices are not readily available or are unreliable. Based on the valuation inputs, the
securities or other investments are tiered into one of three levels. Changes in valuation methods
may result in transfers in or out of an investment’s assigned level:
| Level 1 | — Prices are determined using quoted prices in an active market for identical assets. | ||
| Level 2 | — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. | ||
| Level 3 | — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Trust’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
The following is a summary of the tiered valuation input levels, as of May 31, 2012. 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 | |||||||||||||
Municipal Obligations |
$ | — | $ | 390,491,586 | $ | — | $ | 390,491,586 | ||||||||
NOTE 3 — Investment Securities
The aggregate amount of investment securities (other than short-term securities, U.S. Treasury
obligations and money market funds, if any) purchased and sold by the Trust during the three months
ended May 31, 2012 was $20,784,978 and $13,091,026, respectively. Cost of investments on
a tax basis includes the adjustments for financial reporting purposes as of the most recently
completed federal income tax reporting period-end.
| Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis | ||||
Aggregate unrealized appreciation of investment securities |
$ | 32,994,105 | ||
Aggregate unrealized (depreciation) of investment securities |
(9,591 | ) | ||
Net unrealized appreciation of investment securities |
$ | 32,984,514 | ||
Cost of investments for tax purposes is $357,507,072. |
||||
Invesco Value Municipal Trust
NOTE 4 — Significant Event
The Board of Trustees of the Trust (the “Board”) approved the redomestication of the Trust, a
Massachusetts business trust, into a Delaware statutory trust pursuant to an Agreement and Plan of
Redomestication (the “Redomestication”). Also, pursuant to an Agreement and Plan of Merger (the
“Agreement”) the Trust would transfer all of its assets and liabilities to Invesco Value Municipal
Income Trust (the “Acquiring Trust”) in exchange for shares of the Acquiring Trust. The
Redomestication and the Agreement are subject to shareholder approval.
In addition, the Board also approved a plan to redeem all of the outstanding auction rate
preferred shares at their respective liquidation preferences. These redemptions are anticipated to
be funded with proceeds received from the issuance of Variable Rate Muni Term Preferred Shares
(“VMTPS”) and Tender Option Bonds (“TOBs”). VMTPS are a variable rate form of preferred stock with
a mandatory redemption date. These redemptions and this issuance of VMTPS are targeted to occur in
the first half of 2012.
Invesco Value Municipal Trust
Item 2. Controls and Procedures.
| (a) | As of June 12, 2012, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (“Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of June 12, 2012, the Registrant’s disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure. | ||
| (b) | There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 3. Exhibits.
| Certifications of PEO and PFO as required by Rule 30a-2(a) under the Investment Company Act of 1940. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act
of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
| Registrant: Invesco Value Municipal Trust |
||||
| By: | /s/ Philip A. Taylor | |||
| Philip A. Taylor | ||||
| Principal Executive Officer | ||||
| Date: July 30, 2012 | ||||
Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company
Act of 1940, this report has been signed below by the following persons on behalf of the Registrant
and in the capacities and on the dates indicated.
| By: | /s/ Philip A. Taylor | |||
| Philip A. Taylor | ||||
| Principal Executive Officer | ||||
| Date: July 30, 2012 | ||||
| By: | /s/ Sheri Morris | |||
| Sheri Morris | ||||
| Principal Financial Officer | ||||
| Date: July 30, 2012 | ||||
EXHIBIT INDEX
Certifications of Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”) as
required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended.