<SEC-DOCUMENT>0000950123-12-007045.txt : 20120427
<SEC-HEADER>0000950123-12-007045.hdr.sgml : 20120427
<ACCEPTANCE-DATETIME>20120427144337
ACCESSION NUMBER:		0000950123-12-007045
CONFORMED SUBMISSION TYPE:	NSAR-B
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20120229
FILED AS OF DATE:		20120427
DATE AS OF CHANGE:		20120427
EFFECTIVENESS DATE:		20120427

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Invesco Value Municipal Income Trust
		CENTRAL INDEX KEY:			0000885601
		IRS NUMBER:				133647663
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		NSAR-B
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06590
		FILM NUMBER:		12788492

	BUSINESS ADDRESS:	
		STREET 1:		C/O MORGAN STANLEY TRUST
		STREET 2:		HARBORSIDE FINANCIAL CENTER, PLAZA TWO
		CITY:			JERSEY CITY
		STATE:			NJ
		ZIP:			07311
		BUSINESS PHONE:		404-439-3217

	MAIL ADDRESS:	
		STREET 1:		1555 PEACHTREE STREET, N.E.
		STREET 2:		SUITE 1800
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30309

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Invesco Insured Municipal Income Trust
		DATE OF NAME CHANGE:	20100601

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY INSURED MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	20090722

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY  INSURED MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	20011220
</SEC-HEADER>
<DOCUMENT>
<TYPE>NSAR-B
<SEQUENCE>1
<FILENAME>h86357answer.fil
<DESCRIPTION>ANNUAL REPORT
<TEXT>
<PAGE>      PAGE  1
000 B000000 02/29/2012
000 C000000 0000885601
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 INVESCO VALUE MUNICIPAL INCOME TRUST
001 B000000 811-06590
001 C000000 8002415477
002 A000000 1555 PEACHTREE ST., NE
002 B000000 ATLANTA
002 C000000 GA
002 D010000 30309
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 N
007 B000000  0
007 C010100  1
008 A000001 Invesco Advisers, Inc.
008 B000001 A
008 C000001 801-33949
008 D010001 HOUSTON
008 D020001 TX
008 D030001 77046
008 D040001 1173
008 A000002 Invesco Asset Management Deutschland GmbH
008 B000002 S
008 C000002 801-67712
008 D010002 Frankfurt
008 D050002 Germany
008 D060002 60313
008 A000003 Invesco Asset Management Limited
008 B000003 S
008 C000003 801-50197
008 D010003 London
008 D050003 United Kingdom
008 D060003 EC2A1AG
008 A000004 Invesco Asset Management (Japan) Ltd.
008 B000004 S
008 C000004 801-52601
008 D010004 Tokyo
008 D050004 Japan
008 D060004 105-6025
008 A000005 Invesco Australia Limited
008 B000005 S
008 C000005 801-68638
<PAGE>      PAGE  2
008 D010005 Melbourne
008 D050005 Australia
008 D060005 3000
008 A000006 Invesco Hong Kong Limited
008 B000006 S
008 C000006 801-47856
008 D010006 HONG KONG
008 D050006 HONG KONG
008 A000007 Invesco Senior Secured Management, Inc.
008 B000007 S
008 C000007 801-38119
008 D010007 NEW YORK
008 D020007 NY
008 D030007 10036
008 D040007 2727
008 A000008 Invesco Canada Ltd.
008 B000008 S
008 C000008 801-62166
008 D010008 TORONTO
008 D050008 CANADA
008 D060008 M2N 6X7
010 A000001 Invesco Management Group Inc.
010 B000001 33-67866
010 C010001 Houston
010 C020001 TX
010 C030001 77046
012 A000001 COMPUTERSHARE TRUST COMPANY, N.A.
012 B000001 85-11340
012 C010001 PROVIDENCE
012 C020001 RI
012 C030001 02940
012 C040001 0301
013 A000001 PricewaterhouseCoopers, LLP
013 B010001 HOUSTON
013 B020001 TX
013 B030001 77002
013 B040001 5678
015 A000001 STATE STREET BANK AND TRUST COMPANY
015 B000001 C
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015 C020001 MA
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022 A000001 J.P. MORGAN SECURITIES INC.
022 B000001 13-3299429
022 C000001     23087
<PAGE>      PAGE  3
022 D000001     20760
022 A000002 CITIGROUP GLOBAL MARKETS INC.
022 B000002 11-2418191
022 C000002     24159
022 D000002     10048
022 A000003 WELLS FARGO SECURITIES, LLC
022 B000003 56-2326000
022 C000003     14394
022 D000003     16220
022 A000004 DEUTSCHE BANK SECURITIES INC.
022 B000004 13-2730828
022 C000004      6893
022 D000004     17883
022 A000005 MORGAN STANLEY & CO., INC.
022 B000005 13-2655998
022 C000005     10578
022 D000005     12733
022 A000006 BANC OF AMERICA SECURITIES LLC
022 B000006 56-2058405
022 C000006     12538
022 D000006      8726
022 A000007 WELLS FARGO ADVISORS, LLC
022 B000007 34-1542819
022 C000007      8000
022 D000007         0
022 A000008 GOLDMAN, SACHS & CO.
022 B000008 13-5108880
022 C000008      5451
022 D000008      2250
022 A000009 UBS SECURITIES LLC
022 B000009 13-3873456
022 C000009      5198
022 D000009      1706
022 A000010 MESIROW FINANCIAL, INC.
022 B000010 36-3194849
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077 P000000 N
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SIGNATURE   KELLI GALLEGOS
TITLE       ASSISTANT VP & TREASURER

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77B ACCT LTTR
<SEQUENCE>2
<FILENAME>h86357ex77b.txt
<DESCRIPTION>EX-99.77B
<TEXT>
                                                                   SUB-ITEM 77B

            REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees and Shareholders of Invesco Value Municipal Income
Trust:

In planning and performing our audits of the financial statements of Invesco
Value Municipal Income Trust (hereafter referred to as the "Trust") as of and
for the period ended February 29, 2012, in accordance with the standards of the
Public Company Accounting Oversight Board (United States), we considered the
Trust's internal control over financial reporting, including controls over
safeguarding securities, as a basis for designing our auditing procedures for
the purpose of expressing our opinion on the financial statements and to comply
with the requirements of Form N-SAR, but not for the purpose of expressing an
opinion on the effectiveness of the Trust's internal control over financial
reporting. Accordingly, we do not express an opinion on the effectiveness of the
Trust's internal control over financial reporting.

The management of the Trust is responsible for establishing and maintaining
effective internal control over financial reporting. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of controls. A fund's internal control over
financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted
accounting principles. A fund's internal control over financial reporting
includes those policies and procedures that (1) pertain to the maintenance of
records that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of the fund; (2) provide reasonable
assurance that transactions are recorded as necessary to permit preparation of
financial statements in accordance with generally accepted accounting
principles, and that receipts and expenditures of the fund are being made only
in accordance with authorizations of management and trustees of the fund; and
(3) provide reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use or disposition of a fund's assets that could have
a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting
may not prevent or detect misstatements. Also, projections of any evaluation of
effectiveness to future periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the degree of compliance
with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design
or operation of a control does not allow management or employees, in the normal
course of performing their assigned functions, to prevent or detect
misstatements on a timely basis. A material weakness is a deficiency, or a
combination of deficiencies, in internal control over financial reporting, such
that there is a reasonable possibility that a material misstatement of the
Trust's annual or interim financial statements will not be prevented or detected
on a timely basis.

Our consideration of the Trust's internal control over financial reporting was
for the limited purpose described in the first paragraph and would not
necessarily disclose all deficiencies in internal control over financial
reporting that might be material weaknesses under standards established by the
Public Company Accounting Oversight Board (United States). However, we noted no
deficiencies in the Trust's internal control over financial reporting and its
operation, including controls over safeguarding securities that we consider to
be material weaknesses as defined above as of February 29, 2012.

<PAGE>

This report is intended solely for the information and use of management and the
Board of Trustees of the Trust and the Securities and Exchange Commission and is
not intended to be and should not be used by anyone other than these specified
parties.

PricewaterhouseCoopers LLP
Houston, TX
April 23, 2012

                                        2
<PAGE>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77D POLICIES
<SEQUENCE>3
<FILENAME>h86357ex77dg.txt
<DESCRIPTION>EX-99.77D
<TEXT>
                                                                 Sub-Item 77D(g)

                  Policies with Respect to Security Investments

                      Invesco Value Municipal Income Trust

The Board of Trustees of Invesco Insured Municipal Income Trust (the "Fund")
approved the elimination of the Fund's non-fundamental investment policy that
required that the Fund invest substantially all of its assets in municipal
securities that are insured at the time of purchase by insurers whose
claims-paying ability is rated 'A' by S&P, 'A' by Moody's or the equivalent by
another nationally recognized statistical rating organization. The change in
policy was effective on January 23, 2012. In connection with this change, the
Fund's name of Invesco Insured Municipal Income Trust was changed to Invesco
Value Municipal Income Trust.
</TEXT>
</DOCUMENT>
<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.
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77Q1 OTHR EXHB
<SEQUENCE>5
<FILENAME>h86357ex77q1a1.txt
<DESCRIPTION>EX-99.77Q1
<TEXT>
                                                                Sub-Item 77Q1(a)

                                  CERTIFICATE

The undersigned hereby certifies that he is the Secretary of Invesco Insured
Municipal Income Trust, an unincorporated business trust organized under the
laws of the Commonwealth of Massachusetts, and that annexed hereto is an
Amendment to the Declaration of Trust of the Trust adopted by the Trustees of
the Trust on March 16, 2011 as provided in Section 8.3 of the Declaration of
Trust, said Amendment to take effect on April 1, 2011, and does hereby further
certify that such Amendment has not been amended and is on the date hereof in
full force and effect.

Dated this 31st day of March 2011

                                             /s/ John M. Zerr
                                             -----------------------------------
                                             Name:  John M. Zerr
                                             Secretary

<PAGE>

                                    AMENDMENT

                              Dated March 16, 2011

                          To be Effective April 1, 2011

                                       TO

                     INVESCO INSURED MUNICIPAL INCOME TRUST

                              DECLARATION OF TRUST

                                      DATED

                                 March 12, 1992

<PAGE>

Dated March 16, 2011

To be Effective April 1, 2011

                      AMENDMENT TO DECLARATION OF TRUST OF
                     INVESCO INSURED MUNICIPAL INCOME TRUST

            WHEREAS Invesco Insured Municipal Income Trust (the "Trust") was
established by the Declaration of Trust dated March 12, 1992, as amended from
time to time (the "Declaration") under the laws of the Commonwealth of
Massachusetts;

            WHEREAS Section 8.3 of the Declaration provides that the Trustees
may amend the Declaration without the vote or consent of Shareholders for any
purpose that does not adversely affect the rights of any Shareholder with
respect to which the amendment is or purports to be applicable; and

            WHEREAS the Trustees of the Trust have deemed it advisable to
decrease the maximum number of Trustees provided for under the Declaration.

            NOW THEREFORE

            1. Section 2.1 of Article II of the Declaration is hereby amended so
that such Section shall read in its entirety as follows

      Section 2.1. Number of Trustees. The number of Trustees shall be such
      number as shall be fixed from time to time by written instrument signed by
      a majority of the Trustees provided however that the number of Trustees
      shall in no event be less than three nor more than sixteen except as such
      number shall be increased in connection with the rights of the holders of
      the Preferred Shares to elect a majority of the Trustees as provided in
      Section 6.1 hereof. No reduction in the number of Trustees shall have the
      effect of removing any Trustee from office prior to the expiration of his
      term unless the Trustee is specifically removed pursuant to Section 2.2 of
      this Article II at the time of decrease.

            2. All capitalized terms are used herein as defined in the
Declaration unless otherwise defined herein. All references in the Declaration
to "this Declaration" shall mean the Declaration as amended by this Amendment.

            3. The Trustees of the Trust hereby reaffirm the Declaration as
amended in all respects.

            4. The undersigned hereby certify that this instrument has been duly
adopted in accordance with the provisions of the Declaration.

<PAGE>

            6. This amendment may be executed in more than one counterpart each
of which shall be deemed an original, but all of which together shall constitute
one and the same document.

            IN WITNESS WHEREOF the undersigned Trustees of the Trust have
executed this instrument this 31st day of March 2011.

      By: /s/ David C. Arch                    By: /s/ Martin L. Flanagan
          ------------------------------           -----------------------------
          David C. Arch                            Martin L. Flanagan
          Trustee                                  Trustee

      By: /s/ Bob R. Baker                     By: /s/ Carl Frischling
          ------------------------------           -----------------------------
          Bob R. Baker                             Carl Frischling
          Trustee                                  Trustee

      By: /s/ Frank S. Bayley                  By: /s/ Prema Mathai-Davis
          ------------------------------           -----------------------------
          Frank S. Bayley                          Prema Mathai-Davis
          Trustee                                  Trustee

      By: /s/ James T. Bunch                   By: /s/ Larry Soll
          ------------------------------           -----------------------------
          James T. Bunch                           Larry Soll
          Trustee                                  Trustee

      By: /s/ Bruce L. Crockett                By: /s/ Hugo F. Sonnenschein
          ------------------------------           -----------------------------
          Bruce L. Crockett                        Hugo F. Sonnenschein
          Trustee                                  Trustee

      By: /s/ Rodney F. Dammeyer               By: /s/ Raymond Stickel, Jr.
          ------------------------------           -----------------------------
          Rodney F. Dammeyer                       Raymond Stickel, Jr.
          Trustee                                  Trustee

      By: /s/ Albert R. Dowden                 By: /s/ Philip A. Taylor
          ------------------------------           -----------------------------
          Albert R. Dowden                         Philip A. Taylor
          Trustee                                  Trustee

      By: /s/ Jack M. Fields                   By: /s/ Wayne W. Whalen
          ------------------------------           -----------------------------
          Jack M. Fields                           Wayne W. Whalen
          Trustee                                  Trustee
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77Q1 OTHR EXHB
<SEQUENCE>6
<FILENAME>h86357ex77q1a2.txt
<DESCRIPTION>EX-99.77Q1
<TEXT>
                                                                Sub-Item 77Q1(a)

                                   CERTIFICATE

The undersigned hereby certifies that he is the Secretary of Invesco Insured
Municipal Income Trust, an unincorporated business trust organized under the
laws of the Commonwealth of Massachusetts, and that annexed hereto is an
Amendment to the Declaration of Trust of the Trust adopted by the Trustees of
the Trust on September 13, 2011 as provided in Section 8.3 of the Declaration of
Trust, said Amendment to take effect on January 23, 2012, and does hereby
further certify that such Amendment has not been amended and is on the date
hereof in full force and effect.

Dated this 23rd day of December 2011

                                            /s/ John M. Zerr
                                            ------------------------------------
                                            Name:  John M. Zerr
                                            Secretary

<PAGE>

                                    AMENDMENT

                             Dated December 23, 2011

                        To be Effective January 23, 2012

                                       TO

                     INVESCO INSURED MUNICIPAL INCOME TRUST

                              DECLARATION OF TRUST

                                      DATED

                                 March 12, 1992

<PAGE>

Dated December 23, 2011

To be Effective January 23, 2012

                      AMENDMENT TO DECLARATION OF TRUST OF
                     INVESCO INSURED MUNICIPAL INCOME TRUST

            WHEREAS, Invesco Insured Municipal Income Trust (the "Trust") was
established by the Declaration of Trust dated March 12, 1992, as amended from
time to time (the "Declaration") under the laws of the Commonwealth of
Massachusetts;

            WHEREAS, Section 8.3 of the Declaration provides that the Trustees
may amend the Declaration without the vote or consent of Shareholders to change
the name of the Trust;

            WHEREAS, the Trustees of the Trust have deemed it advisable to
change the name of the Trust to "Invesco Value Municipal Income Trust";

            NOW THEREFORE,

1. Section 1.1 of Article I of the Declaration is hereby amended so that such
Section shall read in its entirety as follows

            Section 1.1. Name. The name of the Trust created hereby is the
            Invesco Value Municipal Income Trust and so far as may be
            practicable the Trustees shall conduct the Trust's activities,
            execute all documents and sue or be sued under that name, which name
            (and the word "Trust" whenever herein used) shall refer to the
            Trustees as Trustees, and not as individuals, or personally, and
            shall not refer to the officers, agents, employees or Shareholders
            of the Trust. Should the Trustees determine that the use of such
            name is not advisable, they may use such other name for the Trust as
            they deem proper and the Trust may hold its property and conduct its
            activities under such other name.

2. Subsection (r) of Section 1.2 of Article I of the Declaration is hereby
amended so that such Subsection shall read in its entirety as follows:

            Section 1.2. Definitions . . .

                  (r) "Trust" means the Invesco Value Municipal Income Trust.

3. All capitalized terms are used herein as defined in the Declaration unless
otherwise defined herein. All references in the Declaration to "this
Declaration" shall mean the Declaration as amended by this Amendment.

4. The Trustees of the Trust hereby reaffirm the Declaration as amended in all
respects.

<PAGE>

5. The undersigned hereby certify that this instrument has been duly adopted in
accordance with the provisions of the Declaration.

6. This amendment may be executed in more than one counterpart each of which
shall be deemed an original, but all of which together shall constitute one and
the same document.
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77Q1 OTHR EXHB
<SEQUENCE>7
<FILENAME>h86357ex77q1e.txt
<DESCRIPTION>EX-99.77Q1
<TEXT>
                                                                Sub-Item 77Q1(e)

                                 AMENDMENT NO. 1
                                       TO
                          INVESTMENT ADVISORY AGREEMENT

   THIS Amendment dated January 23, 2012, amends the Investment Advisory
Agreement (the "Agreement") dated June 1, 2010, by and between the registered
investment companies as set forth on Appendix I (each, a "Fund" and
collectively, the "Funds"), as the same may be amended from time to time, and
Invesco Advisers, Inc., a Delaware corporation (the "Adviser").

RECITALS

   WHEREAS, the parties agree to amend the Agreement to (i) change the name of
Invesco California Insured Municipal Income Trust, Invesco Insured California
Municipal Securities, Invesco Insured Municipal Bond Trust, Invesco Insured
Municipal Income Trust, Invesco Insured Municipal Securities and Invesco Insured
Municipal Trust to Invesco California Municipal Income Trust, Invesco California
Municipal Securities, Invesco Value Municipal Bond Trust, Invesco Value
Municipal Income Trust, Invesco Value Municipal Securities and Invesco Value
Municipal Trust, respectively, and to (ii) remove Invesco Prime Income Trust;

   NOW THEREFORE, the parties agree as follows:

      1. Appendix I and II are deleted in their entirety and replaced with the
following:

                                   "APPENDIX I
                            FUNDS AND EFFECTIVE DATES

   All of the Funds referenced below are organized as Massachusetts business
                                    trusts.

<TABLE>
<CAPTION>
NAME OF FUND                                       EFFECTIVE DATE OF ADVISORY AGREEMENT
------------------------------------------------   ------------------------------------
<S>                                                <C>
Invesco California Municipal Income Trust                    June 1, 2010

Invesco California Quality Municipal Securities              June 1, 2010

Invesco California Municipal Securities                      June 1, 2010

Invesco Value Municipal Bond Trust                           June 1, 2010

Invesco Value Municipal Income Trust                         June 1, 2010

Invesco Value Municipal Securities                           June 1, 2010

Invesco Value Municipal Trust                                June 1, 2010

Invesco Municipal Income Opportunities Trust                 June 1, 2010

Invesco Municipal Income Opportunities Trust II              June 1, 2010

Invesco Municipal Income Opportunities Trust III             June 1, 2010

Invesco Municipal Premium Income Trust                       June 1, 2010

Invesco New York Quality Municipal Securities                June 1, 2010

Invesco Quality Municipal Income Trust                       June 1, 2010

Invesco Quality Municipal Investment Trust                   June 1, 2010

Invesco Quality Municipal Securities                         June 1, 2010
</TABLE>

<PAGE>

                                   APPENDIX II
                           COMPENSATION TO THE ADVISER

      Each Fund shall pay the Adviser, out of the assets of the Fund, as full
      compensation for all services rendered, an advisory fee for such Fund set
      forth below.

<TABLE>
<CAPTION>
FUND                                                                ANNUAL RATE
------------------------------------------------  --------------------------------------------------
<S>                                               <C>
Invesco California Municipal Income Trust         0.27% as a percentage of average weekly net assets*

Invesco California Quality Municipal Securities   0.27% as a percentage of average weekly net assets*

Invesco California Municipal Securities           0.27% as a percentage of average weekly net assets

Invesco Value Municipal Bond Trust                0.27% as a percentage of average weekly net assets*

Invesco Value Municipal Income Trust              0.27% as a percentage of average weekly net assets*

Invesco Value Municipal Securities                0.27% as a percentage of average weekly net assets

Invesco Value Municipal Trust                     0.27% as a percentage of average weekly net assets*

Invesco Municipal Income Opportunities Trust      0.50% as a percentage of average weekly net assets

Invesco Municipal Income Opportunities Trust II   0.50% as a percentage of average weekly net assets

Invesco Municipal Income Opportunities Trust III  0.50% as a percentage of average weekly net assets

Invesco Municipal Premium Income Trust            0.40% as a percentage of average weekly net assets*

Invesco New York Quality Municipal Securities     0.27% as a percentage of average weekly net assets*

Invesco Quality Municipal Income Trust            0.27% as a percentage of average weekly net assets*

Invesco Quality Municipal Investment Trust        0.27% as a percentage of average weekly net assets*

Invesco Quality Municipal Securities              0.27% as a percentage of average weekly net assets*"
</TABLE>

------------
*     For the purpose of calculating the advisory fee, the liquidation
      preference of any Preferred Shares issued by the Fund will not be deducted
      from the Fund's total assets. In addition, an amount up to the aggregate
      amount of any other borrowings may be included in the Fund's advisory fee
      calculation.

                                       2
<PAGE>

   IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed in duplicate by their respective officers on the day and year first
written above.

                                    ON BEHALF OF EACH FUND LISTED IN APPENDIX I

Attest:

   /s/ Peter Davidson               By: /s/ John M. Zerr
---------------------------------   ------------------------------------
       Assistant Secretary
                                    Name: John M. Zerr
(SEAL)                              Title: Senior Vice President

Attest:                                         INVESCO ADVISERS, INC.

   /s/ Peter Davidson               By: /s/ Todd L. Spillane
---------------------------------   ------------------------------------
       Assistant Secretary
                                    Name: Todd L. Spillane
(SEAL)                              Title: Senior Vice President

                                       3
<PAGE>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
