<DOCUMENT>
<TYPE>EX-99.77E
<SEQUENCE>3
<FILENAME>d709862dex9977e.txt
<DESCRIPTION>EX-99.77E
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<PAGE>

                                                                   Sub-Item 77E

                               LEGAL PROCEEDINGS

                     INVESCO VALUE MUNICIPAL INCOME TRUST

   On January 17, 2011, a Consolidated Amended Shareholder Derivative Complaint
("Complaint") was filed by common shareholders on behalf of the trusts now
known as Invesco Value Municipal Income Trust and Invesco Municipal Opportunity
Trust (the "Trusts") against Morgan Stanley Investment Advisers, Inc. and its
parent as well as certain individuals (collectively, the "Defendants") in
CURBOW FAMILY LLC V. MORGAN STANLEY INVESTMENT ADVISORS, INC. The Plaintiffs
alleged that, prior to the tenure of the current adviser, Defendants breached
their fiduciary duties primarily by causing the Trusts to redeem Auction Rate
Preferred Securities ("ARPS") at their liquidation value, which was allegedly
higher than 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 a
judgment that: 1) prohibits the Trusts 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 underlying the Complaint, with
the assistance of independent counsel. After reviewing the findings of the SLC,
the Independent Trustees of the Board announced on July 12, 2011, that it had
voted to adopt 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.

   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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