The Invesco Value Municipal Income Trust delivered total returns of 3.57% at net asset value and 13.53% at market price for the fiscal year ended February 28, 2026. The Trust underperformed its style-specific benchmark, the S&P Municipal Bond 5+ Year Investment Grade Index (5.24%). Management cites sector and state positioning, and notes that leverage—implemented via inverse floating rate securities and VMTPs—accounted for 34% of total assets at year end.
JPMorgan Chase Bank, National Association reports beneficial ownership of 1,681 Variable Rate Muni Term Preferred Shares (Series 2015/6-IIM), representing 100.00% of that preferred class. The filing shows shared voting power of 1,681 and sole dispositive power of 1,681. Certain voting rights on these shares were assigned to a voting trust that uses a voting consultant to recommend votes to the voting trustee; the voting trustee follows the consultants recommendations for matters assigned to the trust. The shares were deposited into a tender option bond trust that holds title but does not have the power to dispose of the shares and did not receive voting rights. The filing includes a certification that the securities are held in the ordinary course of business.
JPMorgan Chase Bank, National Association reports beneficial ownership of 1,681 Variable Rate Muni Term Preferred Shares (Series 2015/6-IIM), representing 100.00% of that preferred class. The filing shows shared voting power of 1,681 and sole dispositive power of 1,681. Certain voting rights on these shares were assigned to a voting trust that uses a voting consultant to recommend votes to the voting trustee; the voting trustee follows the consultants recommendations for matters assigned to the trust. The shares were deposited into a tender option bond trust that holds title but does not have the power to dispose of the shares and did not receive voting rights. The filing includes a certification that the securities are held in the ordinary course of business.