<DOCUMENT>
<TYPE>EX-99.77E LEGAL
<SEQUENCE>4
<FILENAME>h86357ex77e.txt
<DESCRIPTION>EX-99.77E
<TEXT>
                                                                   SUB-ITEM 77E

                      INVESCO VALUE MUNICIPAL INCOME TRUST

                                LEGAL PROCEEDINGS

Curbow Family LLC, et. al. v. Morgan Stanley Investment Advisors, Inc., et.al

On January 17, 2011, a Consolidated Amended Shareholder Derivative Complaint was
filed on behalf of Invesco Value Municipal Income Trust and Invesco Municipal
Premium Income Trust (the "Trusts") against Morgan Stanley Investment Advisers,
Inc. and its parent as well as certain former trustees, officers, and employees
(collectively, the "Defendants"). The Plaintiffs alleged that Defendants
breached their fiduciary duties to common shareholders by causing the Trusts to
redeem Auction Rate Preferred Securities ("ARPS") at their liquidation value,
which was at a discount from market value at the time, and by not having
adequate procedures to deal with potential conflicts of interest. The Plaintiffs
alleged that the redemption of the ARPS wasted Trust assets, occurred at the
expense of the Trusts and the common shareholders, and was improperly motivated
to benefit preferred shareholders and Defendants. Additionally, the Plaintiffs
claimed that the ARPS were replaced with less favorable financing. Plaintiffs
seek judgment that: 1) orders Defendants to refrain from redeeming any ARPS at
their liquidation value using the Trusts' assets; 2) awards monetary damages
against all Defendants, individually, jointly or severally, in favor of the
Trusts, for all losses and damages allegedly suffered as a result of the
redemptions of ARPS at their liquidation value; 3) grants appropriate equitable
relief to remedy the Defendants' breaches of fiduciary duties; and 4) awards to
Plaintiffs the costs and disbursements of the action. On June 24, 2010, the
Board of Trustees formed a Special Litigation Committee ("SLC") to investigate
the claims made in the April 2010 demand letters with the assistance of
independent counsel. After reviewing the findings of the SLC and a vote by
Independent Trustees, the Board announced on July 12, 2011 that it had adopted
the SLC's recommendation to reject the demands and seek dismissal of the
lawsuit. The Trusts filed a motion to dismiss on October 4, 2011, which remains
pending. Plaintiffs filed a motion on November 28, 2011 asking the court to hold
the motion to dismiss in abeyance while plaintiffs conduct limited discovery.
The Plaintiffs' request for discovery has been briefed and the court's decision
whether Plaintiffs are entitled to discovery is pending.

Management of Invesco and the Trust believe that the outcome of the proceedings
described above will not have a material adverse effect on the Trust or on the
ability of Invesco to provide ongoing services to the Trust.
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</DOCUMENT>
