<DOCUMENT>
<TYPE>EX-99.77M MERGERS
<SEQUENCE>5
<FILENAME>dex9977m.txt
<DESCRIPTION>EX-99.77M
<TEXT>
<PAGE>

                                                                   SUB-ITEM 77M

                                    MERGERS

INVESCO VALUE MUNICIPAL BOND TRUST TO INVESCO VALUE MUNICIPAL INCOME TRUST

   On July 2, 2012, the Board of Trustees of Invesco Value Municipal Bond Trust
(the "Target Fund") approved an Agreement and Plan of Merger (the "Agreement").
On August 14, 2012, at a Joint Annual Meeting for shareholders of common shares
of beneficial interest of Invesco Value Municipal Bond Trust, shareholders
approved the Agreement that provided for the merger of the Target Fund with and
into Invesco Value Municipal Income Trust (the "Acquiring Fund") (the "Merger")
pursuant to the Delaware Statutory Trust Act. Pursuant to the Agreement, on
August 27, 2012, the Acquiring Fund issued new Common Shares. Common Shares of
the Target Fund were exchanged for newly issued Acquiring Fund Common Shares of
equal aggregate net asset value. The Acquiring Fund assumed all of the
liabilities of the Target Fund. Common Shares of the Acquiring Fund owned after
the merger will have an aggregate net asset value equal to the net asset value
of the Target Fund Common Shares held immediately before the Merger.
Shareholders of the Target Fund and Acquiring Fund will recognize no gain or
loss for federal income tax purposes upon the exchange of all shares of the
Target Fund for shares in the Acquiring Fund.

INVESCO VALUE MUNICIPAL SECURITIES TO INVESCO VALUE MUNICIPAL INCOME TRUST

   On July 2, 2012, the Board of Trustees of Invesco Value Municipal Securities
(the "Target Fund") approved an Agreement and Plan of Merger (the "Agreement").
On August 14, 2012, at a Joint Annual Meeting for shareholders of common shares
of beneficial interest of Invesco Value Municipal Securities, shareholders
approved the Agreement that provided for the merger of the Target Fund with and
into Invesco Value Municipal Income Trust (the "Acquiring Fund") (the "Merger")
pursuant to the Delaware Statutory Trust Act. Pursuant to the Agreement, on
August 27, 2012, the Acquiring Fund issued new Common Shares. Common Shares of
the Target Fund were exchanged for newly issued Acquiring Fund Common Shares of
equal aggregate net asset value. The Acquiring Fund assumed all of the
liabilities of the Target Fund. Common Shares of the Acquiring Fund owned after
the merger will have an aggregate net asset value equal to the net asset value
of the Target Fund Common Shares held immediately before the Merger.
Shareholders of the Target Fund and Acquiring Fund will recognize no gain or
loss for federal income tax purposes upon the exchange of all shares of the
Target Fund for shares in the Acquiring Fund.

INVESCO VALUE MUNICIPAL TRUST TO INVESCO VALUE MUNICIPAL INCOME TRUST

   On July 2, 2012, the Board of Trustees of Invesco Value Municipal Trust (the
"Target Fund") approved an Agreement and Plan of Merger (the "Agreement"). On
August 14, 2012, at a Joint Annual Meeting for shareholders of common shares of
beneficial interest of Invesco Value Municipal Trust, shareholders approved the
Agreement that provided for the merger of the Target Fund with and into Invesco
Value Municipal Income Trust (the "Acquiring Fund") (the "Merger") pursuant to
the Delaware Statutory Trust Act. Pursuant to the Agreement, on August 27,
2012, the Acquiring Fund issued new Common Shares. Common Shares of the Target
Fund were exchanged for newly issued Acquiring Fund

<PAGE>

Common Shares of equal aggregate net asset value. The Acquiring Fund assumed
all of the liabilities of the Target Fund. Common Shares of the Acquiring Fund
owned after the merger will have an aggregate net asset value equal to the net
asset value of the Target Fund Common Shares held immediately before the
Merger. Shareholders of the Target Fund and Acquiring Fund will recognize no
gain or loss for federal income tax purposes upon the exchange of all shares of
the Target Fund for shares in the Acquiring Fund.

FOR A MORE DETAILED DISCUSSION ON THE MERGER, PLEASE SEE THE AGREEMENT AND PLAN
OF MERGER FILED HEREIN UNDER ITEM 77Q1(g).
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</DOCUMENT>
