<SEC-DOCUMENT>0001209191-12-049809.txt : 20121017
<SEC-HEADER>0001209191-12-049809.hdr.sgml : 20121017
<ACCEPTANCE-DATETIME>20121017170528
ACCESSION NUMBER:		0001209191-12-049809
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20120509
FILED AS OF DATE:		20121017
DATE AS OF CHANGE:		20121017

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Invesco Value Municipal Income Trust
		CENTRAL INDEX KEY:			0000885601
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		IRS NUMBER:				133647663
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	BUSINESS ADDRESS:	
		STREET 1:		C/O MORGAN STANLEY TRUST
		STREET 2:		HARBORSIDE FINANCIAL CENTER, PLAZA TWO
		CITY:			JERSEY CITY
		STATE:			NJ
		ZIP:			07311
		BUSINESS PHONE:		404-439-3217

	MAIL ADDRESS:	
		STREET 1:		1555 PEACHTREE STREET, N.E.
		STREET 2:		SUITE 1800
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30309

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Invesco Insured Municipal Income Trust
		DATE OF NAME CHANGE:	20100601

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY INSURED MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	20090722

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY  INSURED MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	20011220

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			JPMorgan Chase Bank, National Association
		CENTRAL INDEX KEY:			0000835271
		STANDARD INDUSTRIAL CLASSIFICATION:	ASSET-BACKED SECURITIES [6189]
		STATE OF INCORPORATION:			X1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06590
		FILM NUMBER:		121148919

	BUSINESS ADDRESS:	
		STREET 1:		1111 POLARIS PARKWAY
		CITY:			COLUMBUS
		STATE:			OH
		ZIP:			43240
		BUSINESS PHONE:		8009927169

	MAIL ADDRESS:	
		STREET 1:		1111 POLARIS PARKWAY
		CITY:			COLUMBUS
		STATE:			OH
		ZIP:			43240

	FORMER NAME:	
		FORMER CONFORMED NAME:	CHASE MANHATTAN BANK /NY/
		DATE OF NAME CHANGE:	19960911

	FORMER NAME:	
		FORMER CONFORMED NAME:	CHEMICAL BANK
		DATE OF NAME CHANGE:	19930521
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>c30236_4x0.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0306</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2012-05-09</periodOfReport>

    <issuer>
        <issuerCik>0000885601</issuerCik>
        <issuerName>Invesco Value Municipal Income Trust</issuerName>
        <issuerTradingSymbol>IIM</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000835271</rptOwnerCik>
            <rptOwnerName>JPMorgan Chase Bank, National Association</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>270 PARK AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10017</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Series 2015/6-IIM Variable Rate Muni Term Preferred Shares</value>
            </securityTitle>
            <transactionDate>
                <value>2012-10-15</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>719</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1431</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">Acquired 719 shares in the aggregate in Invesco Value Municipal Income Trust (&quot;IIM&quot;) in connection with (i) the merger of Invesco Value Municipal Trust (&quot;IMT&quot;) into IIM pursuant to which 559 shares were acquired from IIM in exchange for an equal number of shares of IMT and (ii) the merger of Invesco Value Municipal Bond Trust (&quot;IMC&quot;) into IIM pursuant to which 160 shares were acquired from IIM in exchange for an equal number of shares of IMC.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Paul Palmeri, Managing Director</signatureName>
        <signatureDate>2012-10-17</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
