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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
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
 
 

 


 

Item 1. Schedule of Investments.

 


 

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
         
(LOGO)
       
invesco.com/us
  MS-CE-VMINC-QTR-1 11/11   Invesco Advisers, Inc.

 


 

Schedule of Investments
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)
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
 
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
 
Philip A. Taylor
   
 
  Principal Executive Officer    
 
       
Date:
  January 27, 2012    
 
       
By:
  /s/ Sheri Morris
 
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.