In plain terms — Invesco Value Municipal Income Trust
Shares currently cost about 2.6% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 1.0% premium, so today's level is somewhat wide for this fund (Z-score -1.5). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 8.5% a year of the share price (8.3% of the assets). That is a payout rate, not a return: part of it may be capital being handed back.
Because the shares trade below the value of their assets, each dollar of reinvested distributions buys about $1.03 of assets — a ReinvestCapture™ rate of 8.8%, more than the payout rate itself. That is buying power, not a return.
The assets themselves fell 5.2% over the past year including distributions (NAV total return).
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Price and NAV, past year
Snapshot
Valuation vs. history
| Window | Average prem/disc | Std. dev. | Z-score | Observations |
|---|---|---|---|---|
| 3 months | +2.66% | 3.06% | -1.75 | 55 |
| 6 months | +1.76% | 2.76% | -1.61 | 108 |
| 1 year | +1.01% | 2.52% | -1.47 | 206 |
| 3 years | -5.58% | — | — | — |
| 5 years | -6.36% | — | — | — |
Current contemporaneous premium/discount -2.70% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -5.17% to +6.96%. A negative Z-score means a wider discount than the window average — not that the fund is undervalued.
Performance
| Series | 1M | 3M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) |
|---|---|---|---|---|---|---|
| Market price return | -11.75% | -17.59% | -14.04% | -16.48% | +0.28% | -7.98% |
| Market price total return | -10.46% | -15.34% | -7.83% | -8.78% | +7.84% | -1.92% |
| NAV return | -3.30% | -9.59% | -10.67% | -12.02% | -3.33% | -7.61% |
| NAV total return | -3.30% | -8.40% | -5.47% | -5.16% | +3.17% | -2.13% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
The Invesco Value Municipal Income Trust (IIM) is a closed-end investment vehicle specializing in fixed income, established by Invesco Ltd. Its management responsibilities are shared among multiple Invesco affiliates, including Invesco Advisers, Inc., INVESCO Asset Management (Japan) Limited, INVESCO Asset Management Deutschland GmbH, INVESCO Asset Management Limited, Invesco Canada Ltd., Invesco Hong Kong Limited, and INVESCO Senior Secured Management, Inc. The trust's primary objective is to invest in the fixed income markets within the United States. Its portfolio is predominantly composed of investment-grade municipal securities, encompassing municipal bonds, notes, commercial paper, and lease obligations. Investment decisions are guided by a fundamental analysis framework, employing a bottom-up security selection methodology. Formed on February 26, 1993, and domiciled in the United States, the fund was previously known as the Invesco Insured Municipal Income Trust.
CEF Explorer research page for Invesco Value Municipal Income Trust. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.