• 1 University of Michigan [Ann Arbor]
• 2 Lawrence Berkeley National Laboratory [Berkeley]

Many important invariants for matroids and polymatroids, such as the Tutte polynomial, the Billera-Jia-Reiner quasi-symmetric function, and the invariant $\mathcal{G}$ introduced by the first author, are valuative. In this paper we construct the $\mathbb{Z}$-modules of all $\mathbb{Z}$-valued valuative functions for labelled matroids and polymatroids on a fixed ground set, and their unlabelled counterparts, the $\mathbb{Z}$-modules of valuative invariants. We give explicit bases for these modules and for their dual modules generated by indicator functions of polytopes, and explicit formulas for their ranks. Our results confirm a conjecture of the first author that $\mathcal{G}$ is universal for valuative invariants.