IIM - Invesco Value Municipal Income Trust

What this means for you

None of the investors we follow has reported owning 5% or more of this fund. That is the normal state for most closed-end funds.

Nothing is required of you. If that changes, the notice appears here within a day of being filed with the regulator.

Email me if this changes

What happened, and when

1. Sept 8, 2025

   JPMorgan Chase Bank, National Association now owns 100% of the fund's preferred shares, not the common shares most holders own.

   Original document →

2. July 31, 2025

   The fund said it will repay some borrowed money on Sept 4, 2025.

   Original document →

About this fund

• Run by Invesco Advisers, Inc. As of Feb 28, 2026, from the fund's yearly report. Original document →
• Size: about $562 million of holdings, as of Aug 31, 2026. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 35% on top of its own money, as of Aug 31, 2026. Borrowed money makes gains and losses bigger. About 56% of that is money the fund has borrowed by selling preferred shares. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 0.8% a year in management fees; 2.9% a year in total, including interest on borrowed money. Fiscal year ended Feb 28, 2026. As of Feb 28, 2026, from the fund's yearly report. Original document →
  Among the 76 funds we follow that invest in tax-free municipal bonds, 51 charge a lower management fee and 33 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• Payouts: last fiscal year the fund told the regulator that part of what it paid out was not income (it came from gains or from your own money back). Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Feb 28, 2026, from the fund's yearly report. Original document →
• Value of holdings per share at the last fiscal year end (Feb 28, 2026): $12.65. The shares traded at $13.14, about 3.9% above that. As of Feb 28, 2026, from the fund's yearly report. Original document →
• How the holdings did: down 1.6% over the last three months we have (June-Aug 2026), before the share price is taken into account. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• The fund had about 47.1 million shares at Feb 28, 2023. As of Feb 28, 2023, from the fund's annual report. Original document →
• First reported to the regulator in 1994.

What a holder made

• The year ended Feb 28, 2023: the shares returned -15.1%, counting payouts; the holdings -11.7%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of Feb 28, 2023, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to Aug 31, 2026: +6.7%. The quarterly reports carry no share price, so this is the holdings alone. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

All tax-free municipal bonds (100%). All of it issued in the U.S.

1. North Texas Tollway Authority, Series 2008 D, Ref. RB - 2.8%
2. Poway Unified School District (Election of 2008 - School Facilities Improvement District No. 2007-1), Series 2009 A, GO Bonds - 2.6%
3. New Jersey (State of) Transportation Trust Fund Authority, Series 2006 C, RB - 2.5%
4. City of Palm Coast FL Utility Revenue, Series 2026, RB - 1.9%
5. William S. Hart Union High School District (Election of 2008), Series 2009 A, GO Bonds - 1.6%
6. Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023 A, RB - 1.3%
7. California (State of) Infrastructure & Economic Development Bank (Bay Area Toll Bridges), Series 2003 A, RB - 1.2%
8. California (State of) Enterprise Development Authority (Riverside County-Mead Valley Wellness Village), Series 2024, RB - 1.2%
9. Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2002 A, RB - 1.2%
10. Buckeye Tobacco Settlement Financing Authority, Series 2020 B-2, Ref. RB - 1.1%

As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →