<SEC-DOCUMENT>0000950123-12-008113.txt : 20120509
<SEC-HEADER>0000950123-12-008113.hdr.sgml : 20120509
<ACCEPTANCE-DATETIME>20120509144204
ACCESSION NUMBER:		0000950123-12-008113
CONFORMED SUBMISSION TYPE:	N-23C-2
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20120611
FILED AS OF DATE:		20120509
DATE AS OF CHANGE:		20120509
EFFECTIVENESS DATE:		20120509

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Invesco Value Municipal Income Trust
		CENTRAL INDEX KEY:			0000885601
		IRS NUMBER:				133647663
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-23C-2
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	817-00748
		FILM NUMBER:		12825198

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-23C-2
<SEQUENCE>1
<FILENAME>h86528anv23cv2.htm
<DESCRIPTION>N-23C-2
<TEXT>
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<TITLE>nv23cv2</TITLE>
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<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, DC 20549</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>RULE 23C-2 NOTICE OF INTENTION TO REDEEM SECURITIES</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>of</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Invesco Value Municipal Income Trust
</DIV>

<DIV align="center" style="font-size: 10pt">1555 Peachtree Street, N.E.</DIV>


<DIV align="center" style="font-size: 10pt">Suite 1800</DIV>


<DIV align="center" style="font-size: 10pt">Atlanta, GA 30309</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt">under the</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Investment Company Act of 1940</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Investment Company Act File No.&nbsp;811-06590</DIV>

<DIV align="center">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco Value Municipal Income Trust (the &#147;Fund&#148;) hereby notifies the Securities and Exchange
Commission that it intends to redeem securities of which it is the issuer, as set forth below in
accordance with the requirements of Rule&nbsp;23c-2 under the Investment Company Act of 1940.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;Title of the class of Securities to be redeemed:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">Auction Rate Preferred Shares, par value of $0.01 per share, liquidation preference of
$50,000 per share (&#147;ARPS&#148;), Series&nbsp;1, Series&nbsp;2, Series&nbsp;3, Series&nbsp;4 and Series&nbsp;5.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;Date on which the securities may be called or redeemed:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">The ARPS will be redeemed for each series on the following dates:
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 12%; margin-top: 6pt">Series&nbsp;1 on June&nbsp;11, 2012<BR>
Series&nbsp;2 on June&nbsp;11, 2012<BR>
Series&nbsp;3 on June&nbsp;11, 2012<BR>
Series&nbsp;4 on June&nbsp;11, 2012<BR>
Series&nbsp;5 on June&nbsp;11, 2012
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;Applicable provisions of the governing instrument pursuant to which the securities are to
be redeemed:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">ARPS are to be redeemed in accordance with Section&nbsp;4 of the Certificate of Designation,
Establishing Powers, Qualifications, Rights and Preferences of the Preferred Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;The principal amount or number of shares and the basis upon which the securities to be
redeemed are to be selected:
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 12%; margin-top: 6pt">184 outstanding shares of Series&nbsp;1 ARPS<BR>
413 outstanding shares of Series&nbsp;2 ARPS<BR>
459 outstanding shares of Series&nbsp;3 ARPS<BR>
184 outstanding shares of Series&nbsp;4 ARPS<BR>
184 outstanding shares of Series&nbsp;5 ARPS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">All of the shares of outstanding ARPS of each series are being redeemed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">Please note that this notice serves only to disclose a proposed redemption of each of the ARPS
series.
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>













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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SIGNATURE
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the requirement of Rule&nbsp;23c-2 of the Investment Company Act of 1940, the Fund has duly
caused this Notice of Intention to Redeem Securities to be signed on its behalf by the undersigned
on this 9th day of May&nbsp;2012.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
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<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">INVESCO VALUE MUNICIPAL INCOME TRUST</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Elizabeth Nelson
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elizabeth Nelson
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assistant Secretary
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
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