Company:  INVESCO VALUE MUNICIPAL B ...
Form Type:  N-30D
Filing Date:  12/20/1995 
CIK:  0000861185 
Address:  1555 PEACHTREE STREET, N.E.
SUITE 1800
 
City, State, Zip:  ATLANTA,  30309 
Telephone:  404-439-3217 
Fiscal Year:  10/31 
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  FORM N-30D
        RESULTS OF ANNUAL MEETING (unaudited)
        PORTFOLIO OF INVESTMENTS
        PORTFOLIO OF INVESTMENTS
        PORTFOLIO OF INVESTMENTS
      FINANCIAL STATEMENTS
        ASSETS AND LIABILITIES
        STATEMENT OF OPERATIONS
        STATEMENT OF CHANGES IN NET ASSETS
        NOTES TO FINANCIAL STATEMENTS October 31, 1995
        PORTFOLIO OF INVESTMENTS
        FINANCIAL HIGHLIGHTS TABLE
        REPORT OF INDEPENDENT ACCOUNTANTS