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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 811-06590
Invesco Value Municipal Income Trust
(Exact name of registrant as specified in charter)
1555 Peachtree Street, N.E., Atlanta, Georgia 30309
(Address of principal executive offices) (Zip code)
Philip A. Taylor 1555 Peachtree Street, N.E., Atlanta, Georgia 30309
(Name and address of agent for service)
Registrant’s telephone number, including area code: (713) 626-1919
Date of fiscal year end: 2/28
Date of reporting period: 11/30/11
Invesco Value Municipal Income Trust
Effective January 23, 2012, Invesco Insured Municipal Income
Trust was renamed Invesco Value Municipal Income Trust.
Quarterly Schedule of Portfolio Holdings
November 30, 2011
Effective January 23, 2012, Invesco Insured Municipal Income
Trust was renamed Invesco Value Municipal Income Trust.
Quarterly Schedule of Portfolio Holdings
November 30, 2011
 |
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invesco.com/us
|
MS-CE-VMINC-QTR-1 11/11 | Invesco Advisers, Inc. |
Schedule of Investments
November 30, 2011
(Unaudited)
November 30, 2011
(Unaudited)
| Principal | ||||||||||||||||
| Interest | Maturity | Amount | ||||||||||||||
| Rate | Date | (000) | Value | |||||||||||||
Municipal Obligations—146.60% |
||||||||||||||||
Alabama—2.10% |
||||||||||||||||
Birmingham (City of) Airport Authority; Series 2010, RB (INS-AGM) (a) |
5.25 | % | 07/01/30 | $ | 1,600 | $ | 1,673,600 | |||||||||
Birmingham (City of) Water Works Board; Series 2011, Water RB (INS-AGM) (a) |
5.00 | % | 01/01/36 | 3,855 | 4,033,911 | |||||||||||
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 | 900 | 942,156 | |||||||||||
| 6,649,667 | ||||||||||||||||
Alaska—0.57% |
||||||||||||||||
Alaska (State of) Industrial Development & Export Authority (Providence Health Services); Series 2011 A, RB |
5.50 | % | 10/01/41 | 1,695 | 1,794,547 | |||||||||||
Arizona—1.88% |
||||||||||||||||
Arizona (State of) Health Facilities Authority (Catholic Healthcare West); Series 2011 B-2, RB (INS-AGM) (a) |
5.00 | % | 03/01/41 | 930 | 923,564 | |||||||||||
Arizona (State of); Series 2008 A, COP (INS-AGM) (a) |
5.00 | % | 09/01/26 | 1,495 | 1,573,936 | |||||||||||
Glendale (City of) Industrial Development Authority (Midwestern University); |
||||||||||||||||
Series 2010, RB |
5.00 | % | 05/15/35 | 450 | 450,761 | |||||||||||
Series 2010, RB |
5.13 | % | 05/15/40 | 450 | 451,215 | |||||||||||
University of Arizona; Series 2003 B, COP (INS-AMBAC) (a) |
5.00 | % | 06/01/23 | 2,500 | 2,568,550 | |||||||||||
| 5,968,026 | ||||||||||||||||
California—33.24% |
||||||||||||||||
Alameda (County of) Joint Powers Authority (Juvenile Justice Refunding); Series 2008 A, Lease RB (INS-AGM) (a) |
5.00 | % | 12/01/24 | 1,475 | 1,583,206 | |||||||||||
Alhambra Unified School District (Election of 2004); Series 2009 B, Unlimited Tax CAB GO Bonds (INS-AGC) (a)(b) |
0.00 | % | 08/01/35 | 1,655 | 391,424 | |||||||||||
Alvord Unified School District (Election of 2007); Series 2008 A, Unlimited Tax GO Bonds (INS-AGM) (a) |
5.00 | % | 08/01/27 | 610 | 644,087 | |||||||||||
Anaheim (City of) Public Financing Authority (Electric System Distribution Facilities); Series 2007 A, RB (INS-NATL) (a)(c) |
4.50 | % | 10/01/37 | 20,000 | 19,337,200 | |||||||||||
Beverly Hills Unified School District (Election of 2008); |
||||||||||||||||
Series 2009, Unlimited Tax CAB GO Bonds (b) |
0.00 | % | 08/01/26 | 1,170 | 598,256 | |||||||||||
Series 2009, Unlimited Tax CAB GO Bonds (b) |
0.00 | % | 08/01/31 | 2,275 | 829,602 | |||||||||||
California (State of) Department of Water Resources; Series 2008 H, Power Supply RB (INS-AGM) (a) |
5.00 | % | 05/01/22 | 3,050 | 3,447,232 | |||||||||||
California (State of) Health Facilities Financing Authority (Scripps Health); Series 2010 A, RB |
5.00 | % | 11/15/36 | 2,150 | 2,168,920 | |||||||||||
California (State of) Statewide Communities Development Authority (Cottage Health System Obligated Group); Series 2010, RB |
5.00 | % | 11/01/40 | 1,000 | 999,200 | |||||||||||
California Infrastructure & Economic Development Bank; |
||||||||||||||||
Series 2003 A, First Lien Bay Area Toll Bridges Seismic Retrofit RB (d)(e) |
5.00 | % | 01/01/28 | 4,500 | 5,605,695 | |||||||||||
Series 2003 A, First Lien Bay Area Toll Bridges Seismic Retrofit RB (c)(d)(e) |
5.00 | % | 01/01/28 | 10,000 | 12,457,100 | |||||||||||
Clovis Unified School District (Election of 2004); Series 2004 A, Unlimited Tax CAB GO Bonds (INS-NATL) (a)(b) |
0.00 | % | 08/01/29 | 585 | 213,197 | |||||||||||
East Bay Municipal Utility District; Series 2010 A, Ref. Sub. Water System RB |
5.00 | % | 06/01/36 | 1,995 | 2,127,967 | |||||||||||
El Segundo Unified School District (Election of 2008); Series 2009 A, Unlimited Tax CAB GO Bonds (b) |
0.00 | % | 08/01/31 | 3,065 | 935,530 | |||||||||||
Long Beach (City of); Series 1998 A, Ref. Harbor RB (INS-NATL) (a)(f) |
6.00 | % | 05/15/18 | 9,000 | 10,907,190 | |||||||||||
Los Angeles (City of) Department of Airports (Los Angeles International Airport); Series 2010 B, Sub. RB |
5.00 | % | 05/15/40 | 850 | 880,515 | |||||||||||
Los Angeles (City of) Department of Water & Power; Series 2004 C, Water System RB (INS-NATL) (a)(c) |
5.00 | % | 07/01/25 | 5,000 | 5,416,300 | |||||||||||
Los Angeles (City of); Series 2004 A, Unlimited Tax GO Bonds (INS-NATL) (a) |
5.00 | % | 09/01/24 | 3,000 | 3,258,720 | |||||||||||
Menifee Union School District (Election of 2008); Series 2009 C, Unlimited Tax CAB GO Bonds (INS-AGC) (a)(b) |
0.00 | % | 08/01/34 | 1,665 | 396,137 | |||||||||||
Moreland School District (Crossover); Series 2014 C, Ref. Unlimited Tax CAB GO Bonds (INS-AMBAC) (a)(b) |
0.00 | % | 08/01/29 | 1,845 | 635,824 | |||||||||||
See accompanying notes which are an integral part of this schedule.
Invesco Insured Municipal Income Trust
| Principal | ||||||||||||||||
| Interest | Maturity | Amount | ||||||||||||||
| Rate | Date | (000) | Value | |||||||||||||
California—(continued) |
||||||||||||||||
Oak Grove School District (Election of 2008); Series 2009 A, Unlimited Tax CAB GO Bonds (b) |
0.00 | % | 08/01/28 | $ | 1,320 | $ | 496,320 | |||||||||
Oakland (Port of); |
||||||||||||||||
Series 2002 L, RB (d)(e)(f) |
5.00 | % | 11/01/12 | 110 | 114,595 | |||||||||||
Series 2002 L, RB (INS-NATL) (a)(f) |
5.00 | % | 11/01/21 | 890 | 899,381 | |||||||||||
Patterson Joint Unified School District (Election of 2008); |
||||||||||||||||
Series 2009 B, Unlimited Tax CAB GO Bonds (INS-AGM) (a)(b) |
0.00 | % | 08/01/34 | 3,825 | 910,044 | |||||||||||
Series 2009 B, Unlimited Tax CAB GO Bonds (INS-AGM) (a)(b) |
0.00 | % | 08/01/35 | 4,120 | 907,512 | |||||||||||
Series 2009 B, Unlimited Tax CAB GO Bonds (INS-AGM) (a)(b) |
0.00 | % | 08/01/36 | 300 | 61,842 | |||||||||||
Poway Unified School District (Election of 2008 - School Facilities Improvement District No. 2007-1); |
||||||||||||||||
Series 2009 A, Unlimited Tax CAB GO Bonds (b) |
0.00 | % | 08/01/28 | 3,925 | 1,499,860 | |||||||||||
Series 2009 A, Unlimited Tax CAB GO Bonds (b) |
0.00 | % | 08/01/31 | 4,245 | 1,295,701 | |||||||||||
Regents of the University of California; |
||||||||||||||||
Series 2007 J, General RB (INS-AGM) (a)(c) |
4.50 | % | 05/15/31 | 3,310 | 3,278,191 | |||||||||||
Series 2007 J, General RB (INS-AGM) (a)(c) |
4.50 | % | 05/15/35 | 2,690 | 2,582,561 | |||||||||||
Sacramento (County of) Sanitation Districts Financing Authority; Series 2006, RB (INS-NATL) (a) |
5.00 | % | 12/01/36 | 3,000 | 3,105,630 | |||||||||||
San Diego (County of) Water Authority; |
||||||||||||||||
Series 2002 A, Revenue COP (d)(e) |
5.00 | % | 05/01/12 | 5,000 | 5,150,150 | |||||||||||
Series 2004 A, Water Revenue COP (INS-AGM) (a)(c) |
5.00 | % | 05/01/29 | 5,000 | 5,168,650 | |||||||||||
Twin Rivers Unified School District (School Facility Bridge Funding Program); Series 2007, COP (INS-AGM)
(a)(e)(g) |
3.50 | % | 05/31/13 | 2,100 | 2,101,827 | |||||||||||
University of California; Series 2003 B, General RB (INS-AMBAC) (a) |
5.00 | % | 05/15/22 | 2,000 | 2,107,920 | |||||||||||
William S. Hart Union High School District (Election of 2008); Series 2009 A, Unlimited Tax CAB GO Bonds
(b) |
0.00 | % | 08/01/33 | 11,350 | 2,781,998 | |||||||||||
| 105,295,484 | ||||||||||||||||
Colorado—1.31% |
||||||||||||||||
Colorado (State of) Regional Transportation District (Denver Transit Partners Eagle P3); Series 2010, Private
Activity RB |
6.00 | % | 01/15/41 | 1,350 | 1,373,503 | |||||||||||
Denver (City of) Convention Center Hotel Authority; Series 2006, Ref. Sr. RB (INS-SGI) (a) |
5.00 | % | 12/01/30 | 3,000 | 2,764,740 | |||||||||||
| 4,138,243 | ||||||||||||||||
Connecticut—0.51% |
||||||||||||||||
Connecticut (State of) Health & Educational Facility Authority (Quinnipiac University); Series 2007 K2, RB
(INS-NATL) (a) |
5.00 | % | 07/01/25 | 1,525 | 1,625,665 | |||||||||||
District of Columbia—3.35% |
||||||||||||||||
District of Columbia Water & Sewer Authority; Series 2008 A, Ref. Public Utility Sub. Lien RB (INS-AGC)
(a) |
5.00 | % | 10/01/28 | 1,350 | 1,461,442 | |||||||||||
District of Columbia; |
||||||||||||||||
Series 2006 B-1, Ballpark RB (INS-NATL) (a) |
5.00 | % | 02/01/31 | 2,000 | 1,960,000 | |||||||||||
Series 2008 E, Unlimited Tax GO Bonds (INS-BHAC) (a)(c) |
5.00 | % | 06/01/26 | 1,000 | 1,082,030 | |||||||||||
Series 2008 E, Unlimited Tax GO Bonds (INS-BHAC) (a)(c) |
5.00 | % | 06/01/27 | 1,000 | 1,075,420 | |||||||||||
Series 2008 E, Unlimited Tax GO Bonds (INS-BHAC) (a)(c) |
5.00 | % | 06/01/28 | 2,000 | 2,138,920 | |||||||||||
Series 2009 A, Sec. Income Tax RB (c) |
5.25 | % | 12/01/27 | 2,540 | 2,888,742 | |||||||||||
| 10,606,554 | ||||||||||||||||
Florida—10.52% |
||||||||||||||||
Cape Coral (City of); Series 2011, Water & Sewer Ref. RB (INS-AGM) (a) |
5.00 | % | 10/01/41 | 1,855 | 1,896,107 | |||||||||||
Citizens Property Insurance Corp.; Series 2010 A-1, Sr. Sec. High Risk Account RB |
5.00 | % | 06/01/14 | 2,600 | 2,774,772 | |||||||||||
Miami-Dade (County of) (Building Better Communities Program); Series 2009 B-1, Unlimited Tax GO Bonds |
6.00 | % | 07/01/38 | 1,000 | 1,105,310 | |||||||||||
Miami-Dade (County of) Expressway Authority; Series 2010 A, Ref. Toll System RB (INS-AGM) (a) |
5.00 | % | 07/01/35 | 1,525 | 1,576,011 | |||||||||||
Miami-Dade (County of) School Board; Series 2003 D, COP (INS-NATL) (a) |
5.00 | % | 08/01/29 | 12,000 | 12,084,120 | |||||||||||
Miami-Dade (County of); Series 2010, Water & Sewer System RB (INS-AGM) (a) |
5.00 | % | 10/01/39 | 2,000 | 2,078,780 | |||||||||||
Mid-Bay Bridge Authority; Series 2008 A, Ref. RB (INS-AGC) (a) |
5.00 | % | 10/01/27 | 1,550 | 1,574,552 | |||||||||||
See accompanying notes which are an integral part of this schedule.
Invesco Insured Municipal Income Trust
| Principal | ||||||||||||||||
| Interest | Maturity | Amount | ||||||||||||||
| Rate | Date | (000) | Value | |||||||||||||
Florida—(continued) |
||||||||||||||||
Orange (County of) School Board; Series 2002 A, COP (INS-AMBAC) (a) |
5.25 | % | 08/01/14 | $ | 3,000 | $ | 3,121,740 | |||||||||
Palm Beach (County of) Solid Waste Authority; |
||||||||||||||||
Series 2009, Improvement RB (INS-BHAC) (a) |
5.50 | % | 10/01/23 | 1,500 | 1,791,870 | |||||||||||
Series 2011, Ref. RB |
5.00 | % | 10/01/31 | 1,395 | 1,478,895 | |||||||||||
Port St. Lucie (City of); Series 2009, Ref. Utility System RB (INS-AGC) (a) |
5.00 | % | 09/01/29 | 1,000 | 1,051,050 | |||||||||||
Tampa (City of) Sports Authority; Series 2005, Ref. Sales Tax RB (INS-AGM) (a) |
5.00 | % | 01/01/26 | 2,670 | 2,797,680 | |||||||||||
| 33,330,887 | ||||||||||||||||
Georgia—3.38% |
||||||||||||||||
Atlanta (City of); |
||||||||||||||||
Series 2004 C, Airport Passenger Facility Charge & Sub. Lien General RB
(INS-AGM) (a)(c) |
5.00 | % | 01/01/33 | 5,000 | 5,093,800 | |||||||||||
Series 2010 A, General Airport RB (INS-AGM) (a) |
5.00 | % | 01/01/35 | 2,000 | 2,076,000 | |||||||||||
Augusta (City of); Series 2004, Water & Sewerage RB (INS-AGM) (a) |
5.25 | % | 10/01/39 | 2,000 | 2,094,500 | |||||||||||
Metropolitan Atlanta Rapid Transit Authority; Series 2007 B, Ref. Third Indenture Sales Tax RB (INS-AGM) (a) |
5.00 | % | 07/01/34 | 1,390 | 1,436,065 | |||||||||||
| 10,700,365 | ||||||||||||||||
Hawaii—1.58% |
||||||||||||||||
Hawaii (State of) Department of Budget & Finance (Hawaiian Electric Co., Inc.); Series 1999 C, Special Purpose RB (INS-AMBAC)
(a)(f) |
6.20 | % | 11/01/29 | 5,000 | 4,999,700 | |||||||||||
Idaho—1.61% |
||||||||||||||||
Idaho (State of) Health Facilities Authority (St. Luke’s Regional Medical Center); Series 2005, RB (INS-AGM) (a) |
5.00 | % | 07/01/35 | 2,250 | 2,310,750 | |||||||||||
Idaho (State of) Housing & Finance Association (Federal Highway Trust Fund); Series 2008 A, Grant & RAB (INS-AGC) (a) |
5.25 | % | 07/15/24 | 2,500 | 2,782,700 | |||||||||||
| 5,093,450 | ||||||||||||||||
Illinois—10.96% |
||||||||||||||||
Chicago (City of) (O’Hare International Airport); |
||||||||||||||||
Series 2005 A, General Airport Third Lien RB (INS-NATL) (a) |
5.25 | % | 01/01/25 | 5,000 | 5,217,000 | |||||||||||
Chicago (City of) Transit Authority (FTA Section 5309 Fixed Guideway Modernization Formula Funds); |
||||||||||||||||
Series 2008, Capital Grant Receipts RB (INS-AGC) (a) |
5.25 | % | 06/01/25 | 480 | 506,323 | |||||||||||
Series 2008, Capital Grant Receipts RB (INS-AGC) (a) |
5.25 | % | 06/01/26 | 1,210 | 1,267,270 | |||||||||||
Series 2011 A, General Airport Third Lien RB (INS-NATL) (a)(c) |
5.25 | % | 12/01/36 | 5,000 | 5,207,350 | |||||||||||
Chicago (City of); Series 2007 A, Ref. Unlimited Tax GO Bonds (INS-AGM) (a)(c)(h) |
5.00 | % | 01/01/37 | 7,460 | 7,443,812 | |||||||||||
DeKalb (County of) Community Unit School District No. 428; Series 2008, Unlimited Tax GO Bonds (INS-AGM) (a) |
5.00 | % | 01/01/27 | 1,175 | 1,249,295 | |||||||||||
Illinois (State of) Finance Authority (Northwestern Memorial Hospital); Series 2009 B, RB |
5.38 | % | 08/15/24 | 1,595 | 1,765,330 | |||||||||||
Illinois (State of) Finance Authority (Swedish American Hospital); Series 2004, RB (INS-AMBAC) (a) |
5.00 | % | 11/15/31 | 2,000 | 1,860,240 | |||||||||||
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion); |
||||||||||||||||
Series 2002 A, Dedicated State Tax RB (INS-NATL) (a) |
5.25 | % | 06/15/42 | 5,000 | 4,988,550 | |||||||||||
Series 2002 B, Ref. Dedicated State Tax Conv. CAB RB (INS-NATL) (a)(b) |
0.00 | % | 06/15/18 | 3,000 | 3,249,030 | |||||||||||
Railsplitter Tobacco Settlement Authority; Series 2010, RB |
5.50 | % | 06/01/23 | 1,830 | 1,954,916 | |||||||||||
| 34,709,116 | ||||||||||||||||
Iowa—1.39% |
||||||||||||||||
Iowa (State of) (IJOBS Program); |
||||||||||||||||
Series 2009 A, Special Obligation RB (c)(h) |
5.00 | % | 06/01/25 | 2,225 | 2,524,062 | |||||||||||
Series 2009 A, Special Obligation RB (c)(h) |
5.00 | % | 06/01/26 | 1,665 | 1,869,995 | |||||||||||
| 4,394,057 | ||||||||||||||||
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 | 755 | 824,807 | |||||||||||
See accompanying notes which are an integral part of this schedule.
Invesco Insured Municipal Income Trust
| Principal | ||||||||||||||||
| Interest | Maturity | Amount | ||||||||||||||
| Rate | Date | (000) | Value | |||||||||||||
Kansas—(continued) |
||||||||||||||||
Wyandotte (County of) & Kansas City (City of) Unified Government; Series 2009 A, Utility System
Improvement RB (INS-BHAC) (a) |
5.25 | % | 09/01/34 | $ | 1,295 | $ | 1,393,848 | |||||||||
| 2,218,655 | ||||||||||||||||
Kentucky—0.68% |
||||||||||||||||
Kentucky (Commonwealth of) State Property & Buildings Commission (Project No. 93); Series 2009, Ref. RB
(INS-AGC) (a) |
5.25 | % | 02/01/28 | 2,000 | 2,158,900 | |||||||||||
Louisiana—2.05% |
||||||||||||||||
Lafayette (City of) Consolidated Government; Series 2004, Utilities RB (INS-NATL) (a) |
5.25 | % | 11/01/25 | 4,000 | 4,367,880 | |||||||||||
Lafayette (City of) Public Trust Financing Authority (Ragin’ Cajun Facilities, Inc. Housing & Parking);
Series 2010, RB (INS-AGM) (a) |
5.50 | % | 10/01/35 | 2,000 | 2,115,220 | |||||||||||
| 6,483,100 | ||||||||||||||||
Massachusetts—3.72% |
||||||||||||||||
Massachusetts (State of) Development Finance Agency (Harvard University); Series 2009 A, RB
(c) |
5.50 | % | 11/15/36 | 7,925 | 8,913,961 | |||||||||||
Massachusetts (State of) Development Finance Agency (Massachusetts Institute of Technology); Series 2009 O,
RB (c) |
5.50 | % | 07/01/36 | 2,565 | 2,882,316 | |||||||||||
| 11,796,277 | ||||||||||||||||
Michigan—0.56% |
||||||||||||||||
Wayne State University Board of Governors; |
||||||||||||||||
Series 2008, Ref. General RB (INS-AGM) (a) |
5.00 | % | 11/15/25 | 760 | 804,802 | |||||||||||
Series 2008, Ref. General RB (INS-AGM) (a) |
5.00 | % | 11/15/29 | 930 | 973,617 | |||||||||||
| 1,778,419 | ||||||||||||||||
Missouri—1.16% |
||||||||||||||||
Kansas City (City of) Industrial Development Authority (Downtown Redevelopment District); |
||||||||||||||||
Series 2011 A, Ref. RB |
5.50 | % | 09/01/24 | 370 | 419,902 | |||||||||||
Series 2011 A, Ref. RB |
5.50 | % | 09/01/25 | 650 | 726,108 | |||||||||||
Missouri (State of) Joint Municipal Electric Utility Commission (Plum Point); Series 2006, Power Project RB
(INS-NATL) (a) |
5.00 | % | 01/01/26 | 2,500 | 2,530,725 | |||||||||||
| 3,676,735 | ||||||||||||||||
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 | 895 | 962,089 | |||||||||||
Nebraska—1.20% |
||||||||||||||||
Nebraska (State of) Public Power District; Series 2003 A, RB (INS-AMBAC) (a) |
5.00 | % | 01/01/35 | 3,760 | 3,798,352 | |||||||||||
Nevada—3.70% |
||||||||||||||||
Clark (County of) (Las Vegas-McCarran International Airport); Series 2010 A, Passenger Facility Charge
RB (INS-AGM) (a) |
5.25 | % | 07/01/39 | 2,000 | 2,079,340 | |||||||||||
Las Vegas (City of) Valley Water District; Series 2003 A, Ref. Water Improvement Limited Tax GO Bonds
(INS-NATL) (a) |
5.25 | % | 06/01/19 | 5,080 | 5,333,441 | |||||||||||
Nevada (State of); Series 2008 C, Capital Improvement & Cultural Affairs Limited Tax GO Bonds (INS-AGM)
(a)(c) |
5.00 | % | 06/01/26 | 4,000 | 4,308,880 | |||||||||||
| 11,721,661 | ||||||||||||||||
New Jersey—3.21% |
||||||||||||||||
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 | 880 | 898,577 | |||||||||||
New Jersey (State of) Economic Development Authority; Sub-Series 2005 N-1, Ref. School Facilities
Construction RB (INS-AMBAC) (a) |
5.50 | % | 09/01/24 | 1,465 | 1,690,361 | |||||||||||
See accompanying notes which are an integral part of this schedule.
Invesco Insured Municipal Income Trust
| Principal | ||||||||||||||||
| Interest | Maturity | Amount | ||||||||||||||
| Rate | Date | (000) | Value | |||||||||||||
New Jersey—(continued) |
||||||||||||||||
New Jersey (State of) Transportation Trust Fund Authority; |
||||||||||||||||
Series 2005 C, Transportation System RB (INS-NATL) (a) |
5.25 | % | 06/15/20 | $ | 4,000 | $ | 4,361,760 | |||||||||
Series 2006 C, Transportation System CAB RB (INS-AGC) (a)(b) |
0.00 | % | 12/15/26 | 7,155 | 3,236,135 | |||||||||||
| 10,186,833 | ||||||||||||||||
New York—7.05% |
||||||||||||||||
Long Island Power Authority; |
||||||||||||||||
Series 2003 C, Electric System General RB (INS-AGM) (a) |
5.00 | % | 09/01/28 | 3,000 | 3,046,290 | |||||||||||
Series 2011 A, Electric System General RB (INS-AGM) (a) |
5.00 | % | 05/01/36 | 2,230 | 2,331,309 | |||||||||||
Metropolitan Transportation Authority; Series 2010 D, RB |
5.00 | % | 11/15/34 | 1,300 | 1,330,602 | |||||||||||
New York (City of) Industrial Development Agency (Yankee Stadium); Series 2006, PILOT RB (INS-FGIC) (a) |
5.00 | % | 03/01/46 | 1,125 | 1,069,290 | |||||||||||
New York (City of) Transitional Finance Authority; Series 2002 C, Future Tax Sec. RB (d)(e) |
5.25 | % | 08/01/12 | 1,735 | 1,793,192 | |||||||||||
New York (State of) Dormitory Authority (The City of New York); |
||||||||||||||||
Series 2005 A, Court Facilities Lease RB (INS-AMBAC) (a) |
5.50 | % | 05/15/28 | 750 | 871,335 | |||||||||||
Series 2005 A, Court Facilities Lease RB (INS-AMBAC) (a) |
5.50 | % | 05/15/29 | 1,150 | 1,328,215 | |||||||||||
New York (State of) Thruway Authority; Series 2011 A-1, Second General Highway & Bridge Trust Fund RB |
5.00 | % | 04/01/29 | 2,040 | 2,241,389 | |||||||||||
Triborough Bridge and Tunnel Authority; Series 2002 E, Ref. Sub. RB (INS-NATL) (a) |
5.25 | % | 11/15/22 | 8,000 | 8,323,440 | |||||||||||
| 22,335,062 | ||||||||||||||||
Ohio—1.17% |
||||||||||||||||
Cleveland (City of); |
||||||||||||||||
Series 2008 B-1, Public Power System CAB RB (INS-NATL) (a)(b) |
0.00 | % | 11/15/26 | 2,270 | 1,101,177 | |||||||||||
Series 2008 B-1, Public Power System CAB RB (INS-NATL) (a)(b) |
0.00 | % | 11/15/28 | 1,720 | 738,895 | |||||||||||
Ohio (State of) Higher Educational Facility Commission (Summa Health System); Series 2010, RB |
5.75 | % | 11/15/35 | 900 | 908,667 | |||||||||||
Ohio (State of) Water Development Authority (FirstEnergy Nuclear Generation Corp.); Series 2009 A, Ref. PCR (e)(g) |
5.88 | % | 06/01/16 | 850 | 952,365 | |||||||||||
| 3,701,104 | ||||||||||||||||
Pennsylvania—3.83% |
||||||||||||||||
Delaware (County of) Industrial Development Authority (Aqua Pennsylvania, Inc.); Series 2005 A, Water Facilities RB
(INS-NATL) (a)(f) |
5.00 | % | 11/01/37 | 2,000 | 2,008,040 | |||||||||||
Pennsylvania (State of) Economic Development Financing Authority (Waste Management, Inc.); Series 2004 A, Solid Waste
Disposal RB (e)(g) |
3.70 | % | 05/01/15 | 1,800 | 1,883,412 | |||||||||||
Philadelphia (City of); |
||||||||||||||||
Series 1998, Ref. Water & Wastewater RB (INS-AMBAC) (a) |
5.25 | % | 12/15/14 | 5,000 | 5,604,800 | |||||||||||
Series 2009 B, Limited Tax GO Bonds (INS-AGC) (a) |
7.13 | % | 07/15/38 | 875 | 982,100 | |||||||||||
Philadelphia School District; Series 2008 E, Limited Tax GO Bonds (INS-BHAC) (a) |
5.13 | % | 09/01/23 | 1,500 | 1,656,960 | |||||||||||
| 12,135,312 | ||||||||||||||||
Puerto Rico—0.66% |
||||||||||||||||
Puerto Rico Sales Tax Financing Corp.; First Sub-Series 2010 C, RB |
5.25 | % | 08/01/41 | 2,050 | 2,093,501 | |||||||||||
Rhode Island—3.41% |
||||||||||||||||
Rhode Island (State of) Depositors Economic Protection Corp.; Series 1993 B, Ref. Special Obligation RB (INS-NATL)
(a) |
6.00 | % | 08/01/17 | 10,000 | 10,820,200 | |||||||||||
South Carolina—6.29% |
||||||||||||||||
Piedmont Municipal Power Agency; Series 2011 C, Ref. Electric RB (INS-AGC) (a) |
5.75 | % | 01/01/34 | 3,330 | 3,660,602 | |||||||||||
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 | 1,500 | 1,590,345 | |||||||||||
South Carolina (State of) Public Service Authority (Santee Cooper); Series 2006 A, RB (INS-NATL) (a) |
5.00 | % | 01/01/36 | 4,000 | 4,131,760 | |||||||||||
South Carolina (State of) Public Service Authority; Series 2003 A, Ref. RB (INS-AMBAC) (a)(c) |
5.00 | % | 01/01/22 | 10,000 | 10,560,200 | |||||||||||
| 19,942,907 | ||||||||||||||||
See accompanying notes which are an integral part of this schedule.
Invesco Insured Municipal Income Trust
| Principal | ||||||||||||||||
| Interest | Maturity | Amount | ||||||||||||||
| Rate | Date | (000) | Value | |||||||||||||
Tennessee—0.37% |
||||||||||||||||
Memphis Center City Revenue Finance Corp. (Pyramid & Pinch District Redevelopment); Series 2011 B, Sub. RB (INS-AGM)
(a) |
5.25 | % | 11/01/30 | $ | 1,115 | $ | 1,187,252 | |||||||||
Texas—18.73% |
||||||||||||||||
Amarillo Health Facilities Corp. (Baptist St. Anthony’s Hospital Corp.); |
||||||||||||||||
Series 1998, RB (INS-AGM) (a) |
5.50 | % | 01/01/16 | 3,020 | 3,249,792 | |||||||||||
Series 1998, RB (INS-AGM) (a) |
5.50 | % | 01/01/17 | 5,075 | 5,481,406 | |||||||||||
Capital Area Cultural Education Facilities Finance Corp. (The Roman Catholic Diocese of Austin); Series 2005 B, RB |
6.13 | % | 04/01/45 | 900 | 929,835 | |||||||||||
Dallas-Fort Worth International Airport Facilities Improvement Corp.; Series 2003 A, Joint RB (INS-AGM) (a)(c)(f) |
5.38 | % | 11/01/22 | 9,000 | 9,284,670 | |||||||||||
Friendswood Independent School District; Series 2008, Schoolhouse Unlimited Tax GO Bonds (CEP-Texas Permanent School Fund) |
5.00 | % | 02/15/27 | 1,000 | 1,087,950 | |||||||||||
Harris (County of) Metropolitan Transit Authority; Series 2011 A, Sales and Use Tax RB |
5.00 | % | 11/01/41 | 3,000 | 3,176,730 | |||||||||||
Harris County Health Facilities Development Corp. (TECO); Series 2008, Thermal Utility RB (INS-AGC) (a) |
5.25 | % | 11/15/24 | 2,160 | 2,379,564 | |||||||||||
Houston (City of) Convention & Entertainment Facilities Department; Series 2001 B, Hotel Occupancy Tax & Special CAB RB
(INS-AGM) (a)(b) |
0.00 | % | 09/01/26 | 3,975 | 1,791,691 | |||||||||||
Houston (City of); Series 2004 A, Ref. First Lien Combined Utility System RB (INS-NATL) (a) |
5.25 | % | 05/15/23 | 5,435 | 5,894,149 | |||||||||||
Houston Community College System; |
||||||||||||||||
Series 2008, Sr. Lien Student Fee RB (INS-AGM) (a) |
5.00 | % | 04/15/25 | 1,175 | 1,282,172 | |||||||||||
Series 2008, Sr. Lien Student Fee RB (INS-AGM) (a) |
5.00 | % | 04/15/26 | 330 | 356,974 | |||||||||||
Lower Colorado River Authority; |
||||||||||||||||
Series 2009, Ref. & Improvement RB (INS-NATL) (a) |
5.00 | % | 05/15/31 | 8,320 | 8,414,765 | |||||||||||
Series 2010, Ref. RB (INS-AGM) (a) |
5.00 | % | 05/15/26 | 965 | 965,974 | |||||||||||
North Texas Tollway Authority; |
||||||||||||||||
Series 2008 D, Ref. First Tier System CAB RB (INS-AGC) (a)(b) |
0.00 | % | 01/01/28 | 8,200 | 3,439,244 | |||||||||||
Series 2008 D, Ref. First Tier System CAB RB (INS-AGC) (a)(b) |
0.00 | % | 01/01/31 | 1,775 | 606,642 | |||||||||||
San Antonio (City of); Series 2002 A, Water System RB (a) |
5.00 | % | 05/15/32 | 3,000 | 3,065,940 | |||||||||||
San Jacinto River Authority (Groundwater Reduction Plan Division); |
||||||||||||||||
Series 2011, Special Project RB (INS-AGM) (a) |
5.00 | % | 10/01/32 | 1,010 | 1,055,531 | |||||||||||
Series 2011, Special Project RB (INS-AGM) (a) |
5.00 | % | 10/01/37 | 1,110 | 1,151,070 | |||||||||||
Texas (State of) Turnpike Authority; Series 2002 A, First Tier RB (INS-AMBAC) (a) |
5.50 | % | 08/15/39 | 4,000 | 4,020,760 | |||||||||||
Victoria Independent School District; Series 2008, School Building Unlimited Tax GO Bonds (CEP-Texas Permanent School Fund) |
5.00 | % | 02/15/24 | 1,510 | 1,692,378 | |||||||||||
| 59,327,237 | ||||||||||||||||
Utah—3.21% |
||||||||||||||||
Intermountain Power Agency; Series 2003 A, Ref. Power Supply RB (INS-AGM) (a) |
5.00 | % | 07/01/21 | 5,000 | 5,283,350 | |||||||||||
Utah (State of) Transit Authority; Series 2008 A, Sales Tax RB (INS-AGM) (a) |
5.00 | % | 06/15/36 | 4,640 | 4,873,346 | |||||||||||
| 10,156,696 | ||||||||||||||||
Virginia—1.70% |
||||||||||||||||
Richmond (City of) Metropolitan Authority; Series 2002, Ref. Expressway RB (INS-NATL) (a) |
5.25 | % | 07/15/22 | 3,000 | 3,363,840 | |||||||||||
Roanoke (City of) Economic Development Authority (Carilion Clinic Obligated Group); Series 2010, Ref. Hospital RB |
5.00 | % | 07/01/33 | 1,000 | 1,016,360 | |||||||||||
Roanoke (City of) Industrial Development Authority (Carilion Health System Obligated Group); Series 2005 B, Hospital RB
(INS-AGM) (a) |
5.00 | % | 07/01/38 | 1,000 | 1,017,070 | |||||||||||
| 5,397,270 | ||||||||||||||||
Washington—8.13% |
||||||||||||||||
Cowlitz (County of) Public Utility District No. 1; Series 2006, Production System RB (INS-NATL) (a) |
5.00 | % | 09/01/31 | 6,000 | 6,156,360 | |||||||||||
King (County of); Series 2001, Ref. Sewer RB (d)(e) |
5.00 | % | 01/01/12 | 3,000 | 3,012,450 | |||||||||||
Seattle (City of); Series 2003, Ref. Water System RB (INS-NATL) (a) |
5.00 | % | 09/01/23 | 2,870 | 3,042,803 | |||||||||||
Spokane County School District No. 81; Series 2005, Conv. Deferred Interest Unlimited Tax GO Bonds (INS-NATL) (a) |
5.13 | % | 12/01/23 | 2,500 | 2,695,325 | |||||||||||
See accompanying notes which are an integral part of this schedule.
Invesco Insured Municipal Income Trust
| Principal | ||||||||||||||||
| Interest | Maturity | Amount | ||||||||||||||
| Rate | Date | (000) | Value | |||||||||||||
Washington—(continued) |
||||||||||||||||
Washington (State of); |
||||||||||||||||
Series 2004 F, Motor Vehicle Fuel Unlimited Tax CAB GO Bonds
(INS-AMBAC) (a)(b) |
0.00 | % | 12/01/29 | $ | 4,300 | $ | 1,956,586 | |||||||||
Series 2010 A, Various Purpose Unlimited Tax GO Bonds (c) |
5.00 | % | 08/01/29 | 3,895 | 4,361,270 | |||||||||||
Series 2010 A, Various Purpose Unlimited Tax GO Bonds (c) |
5.00 | % | 08/01/30 | 4,095 | 4,541,150 | |||||||||||
| 25,765,944 | ||||||||||||||||
West Virginia—1.54% |
||||||||||||||||
West Virginia (State of) Economic Development Authority (Appalachian Power Co. — Amos); Series 2010 A, Ref.
Solid Waste Disposal Facilities RB (g) |
5.38 | % | 12/01/38 | 1,800 | 1,849,104 | |||||||||||
West Virginia (State of) Water Development Authority (Loan Program II); Series 2003 B, Ref. RB (INS-AMBAC)
(a) |
5.25 | % | 11/01/23 | 2,900 | 3,031,950 | |||||||||||
| 4,881,054 | ||||||||||||||||
Wisconsin—0.83% |
||||||||||||||||
Wisconsin (State of); Series 2009 A, General Fund Annual Appropriation RB |
5.63 | % | 05/01/28 | 2,335 | 2,626,665 | |||||||||||
TOTAL INVESTMENTS(i)—146.60% (Cost $442,346,542) |
464,456,986 | |||||||||||||||
FLOATING RATE NOTE OBLIGATIONS—(22.24)% |
||||||||||||||||
Notes with interest rates ranging from 0.14% to 0.27% at 11/30/11 and contractual maturities of collateral
ranging from 01/01/22 to 10/01/37 (See Note 1E)(j) |
(70,470,000 | ) | ||||||||||||||
OTHER ASSETS LESS LIABILITIES—1.54% |
4,875,421 | |||||||||||||||
PREFERRED SHARES—(25.90)% |
(82,050,000 | ) | ||||||||||||||
NET ASSETS APPLICABLE TO COMMON SHARES—100.00% |
$ | 316,812,407 | ||||||||||||||
| Investment Abbreviations: | ||
| AGC | — Assured Guaranty Corp. | |
| AGM | — Assured Guaranty Municipal Corp. | |
| AMBAC | — American Municipal Bond Assurance Corp. | |
| BHAC | — Berkshire Hathaway Assurance Corp. | |
| CAB | — Capital Appreciation Bonds | |
| CEP | — Credit Enhancement Provider | |
| Conv. | — Convertible | |
| COP | — Certificates of Participation | |
| FGIC | — Financial Guaranty Insurance Co. | |
| FHA | — Federal Housing Administration | |
| FTA | — Federal Transit Administration | |
| GO | — General Obligation | |
| INS | — Insurer | |
| NATL | — National Public Finance Guarantee Corp. | |
| PCR | — Pollution Control Revenue Bonds | |
| PILOT | — Payment-in-Lieu-of-Tax | |
| RAB | — Revenue Anticipation Bonds | |
| RB | — Revenue Bonds | |
| Ref. | — Refunding | |
| SGI | — Syncora Guarantee, Inc. | |
| Sr. | — Senior | |
| Sub. | — Subordinated | |
| Notes to Schedule of Investments: | ||
| (a) | Principal and/or interest payments are secured by the bond insurance company listed. | |
| (b) | Zero coupon bond issued at a discount. | |
| (c) | Underlying security related to Dealer Trusts entered into by the Trust. See Note 1E. | |
| (d) | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. | |
| (e) | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. | |
| (f) | Security subject to the alternative minimum tax. | |
| (g) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on November 30, 2011. | |
| (h) | Security is subject to a shortfall agreement which may require the Trust to pay amounts to a counterparty in the event of a significant decline in the market value of the security underlying the Dealer Trusts. In case of a shortfall, the maximum potential amount of payments the Fund could ultimately be required to make under the agreement is $7,590,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the Dealer Trusts. | |
See accompanying notes which are an integral part of this schedule.
Invesco Insured Municipal Income Trust
| (i) | 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 | |||
National Public Finance Guarantee Corp. |
30.0 | % | ||
Assured Guaranty Municipal Corp. |
24.7 | |||
Assured Municipal Bond Corp. |
10.4 | |||
Assured Guaranty Corp. |
6.0 | |||
| (j) | Floating rate note obligations related to securities held. The interest rates shown reflect the rates in effect at November 30, 2011. At November 30, 2011, the Trust’s investments with a value of $122,416,580 are held by Dealer Trusts and serve as collateral for the $70,470,000 in the floating rate note obligations outstanding at that date. |
See accompanying notes which are an integral part of this schedule.
Invesco Insured Municipal Income Trust
Notes to Quarterly Schedule of Portfolio Holdings
November 30, 2011
(Unaudited)
November 30, 2011
(Unaudited)
NOTE 1 — Significant Accounting Policies
| A. | Security Valuations — Securities, including restricted securities, are valued according to the following policy. |
Securities are fair valued using an evaluated quote provided by an independent pricing
service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may
be determined without exclusive reliance on quoted prices and may reflect appropriate factors
such as institution-size trading in similar groups of securities, yield, quality, coupon rate,
maturity, type of issue, individual trading characteristics and other market data. Securities
with a demand feature exercisable within one to seven days are valued at par. Debt securities
are subject to interest rate and credit risks. In addition, all debt securities involve some
risk of default with respect to interest and principal payments.
Securities for which market quotations either are not readily available or are unreliable
are valued at fair value as determined in good faith by or under the supervision of the Trust’s
officers following procedures approved by the Board of Trustees. Some of the factors which may
be considered in determining fair value are fundamental analytical data relating to the
investment; the nature and duration of any restrictions on transferability or disposition;
trading in similar securities by the same issuer or comparable companies; relevant political,
economic or issuer specific news; and other relevant factors under the circumstances.
Valuations change in response to many factors including the historical and prospective
earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest
rates, investor perceptions and market liquidity. Because of the inherent uncertainties of
valuation, the values reflected in the financial statements may materially differ from the value
received upon actual sale of those investments.
| B. | Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes. |
The Trust may periodically participate in litigation related to Trust investments. As
such, the Trust may receive proceeds from litigation settlements. Any proceeds received are
included in the Statement of Operations as realized gain (loss) for investments no longer held
and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an
increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of
securities. Such transaction costs are included in the determination of net realized and
unrealized gain (loss) from investment securities reported in the Statement of Operations and
the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on
securities per share in the Financial Highlights. Transaction costs are included in the
calculation of the Trust’s net asset value and, accordingly, they reduce the Trust’s total
returns. These transaction costs are not considered operating expenses and are not reflected in
net investment income reported in the Statement of Operations and Statement of Changes in Net
Assets, or the net investment income per share and ratios of expenses and net investment income
reported in the Financial Highlights, nor are they limited by any expense limitation
arrangements between the Trust and the investment adviser.
| C. | Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
Invesco Insured Municipal Income Trust
| D. | Securities Purchased on a When-Issued and Delayed Delivery Basis — The Trust may purchase and sell interests in portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Trust on such interests or securities in connection with such transactions prior to the date the Trust 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 Trust 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 Insured Municipal Income Trust
NOTE 2 — Additional Valuation Information
Generally Accepted Accounting Principles (“GAAP”) defines fair value as the price
that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date, under current market conditions. GAAP
establishes a hierarchy that prioritizes the inputs to valuation methods giving the highest
priority to readily available unadjusted quoted prices in an active market for identical assets
(Level 1) and the lowest priority to significant unobservable inputs (Level 3) generally when
market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels.
Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
| Level 1 — | Prices are determined using quoted prices in an active market for identical assets. | ||
| Level 2 — | Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. | ||
| Level 3 — | Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Trust’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
The following is a summary of the tiered valuation input levels, as of November 30, 2011. The
level assigned to the securities valuations may not be an indication of the risk or liquidity
associated with investing in those securities. Because of the inherent uncertainties of valuation,
the values reflected in the financial statements may materially differ from the value received upon
actual sale of those investments.
During the nine months ended November 30, 2011, there were no significant transfers between
investment levels.
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Municipal Obligations |
$ | — | $ | 464,456,986 | $ | — | $ | 464,456,986 | ||||||||
NOTE 3 — Investment Securities
The aggregate amount of investment securities (other than short-term securities, U.S. Treasury
obligations and money market funds, if any) purchased and sold by the Trust during the nine months
ended November 30, 2011 was $48,458,056 and $47,236,754 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 |
$ | 24,220,320 | ||
Aggregate unrealized (depreciation) of investment securities |
(1,650,402 | ) | ||
Net unrealized appreciation of investment securities |
$ | 22,569,918 | ||
Cost of investments for tax purposes is $441,887,068. |
||||
Invesco Insured Municipal Income Trust
Item 2. Controls and Procedures.
| (a) | As of December 15, 2011, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (“Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of December 15, 2011, the Registrant’s disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure. | ||
| (b) | There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 3. Exhibits.
| Certifications of PEO and PFO as required by Rule 30a-2(a) under the Investment Company Act of 1940. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act
of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
| Registrant: | Invesco Value Municipal Income Trust |
By:
|
/s/ Philip A. Taylor
|
|||
| Principal Executive Officer | ||||
Date:
|
January 27, 2012 |
Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company
Act of 1940, this report has been signed below by the following persons on behalf of the Registrant
and in the capacities and on the dates indicated.
By:
|
/s/ Philip A. Taylor
|
|||
| Principal Executive Officer | ||||
Date:
|
January 27, 2012 | |||
By:
|
/s/ Sheri Morris
|
|||
| Principal Financial Officer | ||||
Date:
|
January 27, 2012 |
EXHIBIT INDEX
Certifications of Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”) as
required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended.