<DOCUMENT>
<TYPE>EX-99.77Q1E
<SEQUENCE>4
<FILENAME>d472748dex9977q1e.txt
<DESCRIPTION>EX-99.77Q1E
<TEXT>
<PAGE>

                                                               Sub-Item 77Q1(e)

                            MEMORANDUM OF AGREEMENT
                            (ADVISORY FEE WAIVERS)

   This Memorandum of Agreement is entered into as of the effective date on the
attached Exhibit A and B (each an "Exhibit" or, collectively the "Exhibits"),
between AIM Counselor Series Trust (Invesco Counselor Series Trust), AIM Equity
Funds (Invesco Equity Funds), AIM Funds Group (Invesco Funds Group), AIM Growth
Series (Invesco Growth Series), AIM International Mutual Funds (Invesco
International Mutual Funds), AIM Investment Funds (Invesco Investment Funds),
AIM Investment Securities Funds (Invesco Investment Securities Funds), AIM
Sector Funds (Invesco Sector Funds), AIM Tax-Exempt Funds (Invesco Tax-Exempt
Funds), AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust), AIM
Variable Insurance Funds (Invesco Variable Insurance Funds), Invesco Advantage
Municipal Income Trust II, Invesco Bond Fund, Invesco California Value
Municipal Income Trust, Invesco Dynamic Credit Opportunities Fund, Invesco
Exchange Fund, Invesco High Income 2023 Target Term Fund, Invesco High Income
Trust II, Invesco Management Trust, Invesco Municipal Income Opportunities
Trust, Invesco Municipal Opportunity Trust, Invesco Municipal Trust, Invesco
Pennsylvania Value Municipal Income Trust, Invesco Quality Municipal Income
Trust, Invesco Securities Trust, Invesco Senior Income Trust, Invesco Trust for
Investment Grade Municipals, Invesco Trust for Investment Grade New York
Municipals and Invesco Value Municipal Income Trust (each a "Trust" or,
collectively, the "Trusts"), on behalf of the funds listed on the Exhibits to
this Memorandum of Agreement (the "Funds"), and Invesco Advisers, Inc.
("Invesco"). Invesco shall and hereby agrees to waive fees of the Funds, on
behalf of their respective classes as applicable, severally and not jointly, as
indicated in the Exhibits.

   For and in consideration of the mutual terms and agreements set forth herein
and other good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, Invesco agrees that until at least the expiration date
set forth on Exhibit A (the "Expiration Date") and with respect to those Funds
listed on the Exhibit, Invesco will waive its advisory fees at the rate set
forth on the Exhibit.

   For and in consideration of the mutual terms and agreements set forth herein
and other good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, the Trusts and Invesco agree as follows:

    1.  Invesco agrees that until the expiration date, if any, of the
        commitment set forth on the attached Exhibit B occurs, as such Exhibit
        B is amended from time to time, Invesco will waive advisory fees
        payable by an Investing Fund (defined below) in an amount equal to 100%
        of the net advisory fee Invesco receives on the Uninvested Cash
        (defined below) from the Affiliated Money Market Fund (defined below)
        in which the Investing Fund invests (the "Waiver").

        i.  Invesco's Fund Accounting Group will calculate, and apply, the
            Waiver monthly, based upon the average investment of Uninvested
            Cash made by the Investing Fund during the previous month in an
            Affiliated Money Market Fund.

        ii. The Waiver will not apply to those Investing Funds that do not
            charge an advisory fee, either due to the terms of their advisory
            agreement, or as a result of contractual or voluntary fee waivers.

        iii.The Waiver will not apply to cash collateral for securities lending.

        For purposes of the paragraph above, the following terms shall have the
        following meanings:

        (a) "Affiliated Money Market Fund" - any existing or future Trust that
            holds itself out as a money market fund and complies with Rule 2a-7
            under the Investment Company Act of 1940, as amended;

        (b) "Investing Fund" - any Fund investing Cash Balances and/or Cash
            Collateral in an Affiliated Money Market Fund; and

        (c) "Uninvested Cash" - cash available and uninvested by a Trust that
            may result from a variety of sources, including dividends or
            interest received on portfolio securities, unsettled securities
            transactions, strategic reserves, matured investments, proceeds
            from liquidation of investment securities, dividend payments, or
            new investor capital.

<PAGE>

    2.  Neither a Trust nor Invesco may remove or amend the Waiver to a Trust's
        detriment prior to the Expiration Date without requesting and receiving
        the approval of the Board of Trustee of the applicable Fund's Trust to
        remove or amend such Waiver. Invesco will not have any right to
        reimbursement of any amount so waived.

   Subject to the foregoing paragraphs, Invesco agrees to review the
then-current waivers for each class of the Funds listed on the Exhibits on a
date prior to the Expiration Date to determine whether such waivers should be
amended, continued or terminated. The waivers will expire upon the Expiration
Date unless Invesco has agreed to continue them. The Exhibits will be amended
to reflect any such agreement.

   It is expressly agreed that the obligations of the Trusts hereunder shall
not be binding upon any of the Trustees, shareholders, nominees, officers,
agents or employees of the Trusts personally, but shall only bind the assets
and property of the Funds, as provided in each Trust's Agreement and
Declaration of Trust. The execution and delivery of this Memorandum of
Agreement have been authorized by the Trustees of each Trust, and this
Memorandum of Agreement has been executed and delivered by an authorized
officer of each Trust acting as such; neither such authorization by such
Trustees nor such execution and delivery by such officer shall be deemed to
have been made by any of them individually or to impose any liability on any of
them personally, but shall bind only the assets and property of the Funds, as
provided in each Trust's Agreement and Declaration of Trust.

   IN WITNESS WHEREOF, each of the Trusts, on behalf of itself and its Funds
listed in Exhibit A and B to this Memorandum of Agreement, and Invesco have
entered into this Memorandum of Agreement as of the Effective Date on the
attached Exhibits.

 AIM COUNSELOR SERIES TRUST (INVESCO    INVESCO CALIFORNIA VALUE MUNICIPAL
 COUNSELOR SERIES TRUST)                INCOME TRUST
 AIM EQUITY FUNDS (INVESCO EQUITY
 FUNDS)                                 INVESCO DYNAMIC CREDIT OPPORTUNITIES
 AIM FUNDS GROUP (INVESCO FUNDS GROUP)  FUND
 AIM GROWTH SERIES (INVESCO GROWTH      INVESCO EXCHANGE FUND
 SERIES)                                INVESCO HIGH INCOME 2023 TARGET TERM
 AIM INTERNATIONAL MUTUAL FUNDS         FUND
 (INVESCO INTERNATIONAL MUTUAL FUNDS)   INVESCO HIGH INCOME TRUST II
 AIM INVESTMENT FUNDS (INVESCO          INVESCO MANAGEMENT TRUST
 INVESTMENT FUNDS)                      INVESCO MUNICIPAL INCOME OPPORTUNITIES
 AIM INVESTMENT SECURITIES FUNDS        TRUST
 (INVESCO INVESTMENT SECURITIES FUNDS)  INVESCO MUNICIPAL OPPORTUNITY TRUST
 AIM SECTOR FUNDS (INVESCO SECTOR       INVESCO MUNICIPAL TRUST
 FUNDS)                                 INVESCO PENNSYLVANIA VALUE MUNICIPAL
 AIM TAX-EXEMPT FUNDS (INVESCO TAX-     INCOME TRUST
 EXEMPT FUNDS)                          INVESCO QUALITY MUNICIPAL INCOME TRUST
 AIM TREASURER'S SERIES TRUST (INVESCO  INVESCO SECURITIES TRUST
 TREASURER'S SERIES TRUST)              INVESCO SENIOR INCOME TRUST
 AIM VARIABLE INSURANCE FUNDS (INVESCO  INVESCO TRUST FOR INVESTMENT GRADE
 VARIABLE INSURANCE FUNDS)              MUNICIPALS
 INVESCO ADVANTAGE MUNICIPAL INCOME     INVESCO TRUST FOR INVESTMENT GRADE
 TRUST II                               NEW YORK MUNICIPALS
 INVESCO BOND FUND                      INVESCO VALUE MUNICIPAL INCOME TRUST

on behalf of the Funds listed in
the Exhibit to this Memorandum of
Agreement

By:     /s/ John M. Zerr
        --------------------------
Title:  Senior Vice President

INVESCO ADVISERS, INC.

By:     /s/ John M. Zerr
        --------------------------
Title:  Senior Vice President

<PAGE>

                         EXHIBIT A TO ADVISORY FEE MOA

<TABLE>
<CAPTION>
        AIM COUNSELOR
        SERIES TRUST
     (INVESCO COUNSELOR                                                       EFFECTIVE   EXPIRATION
        SERIES TRUST)                       WAIVER DESCRIPTION                   DATE       DATE
     ------------------        ---------------------------------------------- ----------- -----------
<S>                            <C>                                            <C>         <C>
Invesco Strategic              Invesco will waive advisory fees in an amount
Real Return Fund                   equal to the advisory fees earned on       4/30/2014   06/30/2019
                                     underlying affiliated investments

       AIM INVESTMENT
       FUNDS (INVESCO                                                         EFFECTIVE   EXPIRATION
      INVESTMENT FUNDS                      WAIVER DESCRIPTION                   DATE       DATE
      ----------------         ---------------------------------------------- ----------- -----------
Invesco Balanced-Risk          Invesco will waive advisory fees in an amount
Commodity Strategy Fund            equal to the advisory fees earned on        02/24/15   06/30/2019
                                     underlying affiliated investments

Invesco Global Targeted        Invesco will waive advisory fees in an amount
Returns Fund                       equal to the advisory fees earned on       12/17/2013  06/30/2019
                                     underlying affiliated investments

       AIM TREASURER'S
        SERIES TRUST
    (INVESCO TREASURER'S                                                      EFFECTIVE   EXPIRATION
        SERIES TRUST)                       WAIVER DESCRIPTION                   DATE       DATE
    --------------------       ---------------------------------------------- ----------- -----------
Premier Portfolio              Invesco will waive advisory fees in the         2/1/2011   12/31/2017
                               amount of 0.07% of the Fund's average daily
                               net assets

Premier U.S.                   Invesco will waive advisory fees in the         2/1/2011   12/31/2017
Government Money Portfolio     amount of 0.07% of the Fund's average daily
                               net assets

Premier Tax-Exempt Portfolio   Invesco will waive advisory fees in the        06/01/2016  12/31/2017
                               amount of 0.05% of the Fund's average daily
                               net assets
</TABLE>

<PAGE>

                                  EXHIBIT "B"

          AIM COUNSELOR SERIES TRUST (INVESCO COUNSELOR SERIES TRUST)

<TABLE>
<CAPTION>
PORTFOLIO                                    EFFECTIVE DATE    COMMITTED UNTIL
---------                                  ------------------- ---------------
<S>                                        <C>                 <C>
Invesco American Franchise Fund            February 12, 2010   June 30, 2019
Invesco California Tax-Free Income Fund    February 12, 2010   June 30, 2019
Invesco Core Plus Bond Fund                   June 2, 2009     June 30, 2019
Invesco Equally-Weighted S&P 500 Fund      February 12, 2010   June 30, 2019
Invesco Equity and Income Fund             February 12, 2010   June 30, 2019
Invesco Floating Rate Fund                    July 1, 2007     June 30, 2019
Invesco Global Real Estate Income Fund        July 1, 2007     June 30, 2019
Invesco Growth and Income Fund             February 12, 2010   June 30, 2019
Invesco Low Volatility Equity Yield Fund      July 1, 2007     June 30, 2019
Invesco Pennsylvania Tax Free Income Fund  February 12, 2010   June 30, 2019
Invesco S&P 500 Index Fund                 February 12, 2010   June 30, 2019
Invesco Short Duration High Yield          September 30, 2015  June 30, 2019
Municipal Fund
Invesco Small Cap Discovery Fund           February 12, 2010   June 30, 2019
Invesco Strategic Real Return Fund           April 30, 2014    June 30, 2019
</TABLE>

                    AIM EQUITY FUNDS (INVESCO EQUITY FUNDS)

<TABLE>
<CAPTION>
PORTFOLIO                                      EFFECTIVE DATE  COMMITTED UNTIL
---------                                      --------------  ---------------
<S>                                            <C>             <C>
Invesco Charter Fund                           July 1, 2007    June 30, 2019
Invesco Diversified Dividend Fund              July 1, 2007    June 30, 2019
Invesco Summit Fund                            July 1, 2007    June 30, 2019
</TABLE>

                     AIM FUNDS GROUP (INVESCO FUNDS GROUP)

<TABLE>
<CAPTION>
FUND                                           EFFECTIVE DATE  COMMITTED UNTIL
----                                           --------------  ---------------
<S>                                            <C>             <C>
Invesco European Small Company Fund            July 1, 2007    June 30, 2019
Invesco Global Core Equity Fund                July 1, 2007    June 30, 2019
Invesco International Small Company Fund       July 1, 2007    June 30, 2019
Invesco Small Cap Equity Fund                  July 1, 2007    June 30, 2019
</TABLE>

                   AIM GROWTH SERIES (INVESCO GROWTH SERIES)

<TABLE>
<CAPTION>
FUND                                         EFFECTIVE DATE    COMMITTED UNTIL
----                                        ------------------ ---------------
<S>                                         <C>                <C>
Invesco Alternative Strategies Fund         October 14, 2014   June 30, 2019
Invesco Convertible Securities Fund         February 12, 2010  June 30, 2019
Invesco Global Low Volatility Equity Yield    July 1, 2007     June 30, 2019
Fund
Invesco Mid Cap Core Equity Fund              July 1, 2007     June 30, 2019
Invesco Multi-Asset Inflation Fund          October 14, 2014   June 30, 2019
Invesco Quality Income Fund                 February 12, 2010  June 30, 2019
Invesco Small Cap Growth Fund                 July 1, 2007     June 30, 2019
</TABLE>

      AIM INTERNATIONAL MUTUAL FUNDS (INVESCO INTERNATIONAL MUTUAL FUNDS)

<TABLE>
<CAPTION>
FUND                                         EFFECTIVE DATE    COMMITTED UNTIL
----                                        ------------------ ---------------
<S>                                         <C>                <C>
Invesco Asia Pacific Growth Fund              July 1, 2007     June 30, 2019
Invesco European Growth Fund                  July 1, 2007     June 30, 2019
Invesco Global Growth Fund                    July 1, 2007     June 30, 2019
Invesco Global Opportunities Fund            August 3, 2012    June 30, 2019
Invesco Global Responsibility Equity Fund     June 30, 2016    June 30, 2019
Invesco Global Small & Mid Cap Growth Fund    July 1, 2007     June 30, 2019
Invesco International Companies Fund        December 21, 2015  June 30, 2019
Invesco International Core Equity Fund        July 1, 2007     June 30, 2019
Invesco International Growth Fund             July 1, 2007     June 30, 2019
Invesco Select Opportunities Fund            August 3, 2012    June 30, 2019
</TABLE>

<PAGE>

                AIM INVESTMENT FUNDS (INVESCO INVESTMENT FUNDS)

<TABLE>
<CAPTION>
FUND                                          EFFECTIVE DATE    COMMITTED UNTIL
----                                        ------------------- ---------------
<S>                                         <C>                 <C>
Invesco All Cap Market Neutral Fund         December 17, 2013   June 30, 2019
Invesco Balanced-Risk Allocation Fund/1/       May 29, 2009     June 30, 2019
Invesco Balanced-Risk Commodity Strategy    November 29, 2010   June 30, 2019
  Fund/2/
Invesco Developing Markets Fund                July 1, 2007     June 30, 2019
Invesco Emerging Markets Equity Fund           May 11, 2011     June 30, 2019
Invesco Emerging Markets Flexible Bond        June 14, 2010     June 30, 2019
  Fund/3/
Invesco Endeavor Fund                          July 1, 2007     June 30, 2019
Invesco Global Health Care Fund                July 1, 2007     June 30, 2019
Invesco Global Infrastructure Fund             May 2, 2014      June 30, 2019
Invesco Global Market Neutral Fund          December 17, 2013   June 30, 2019
Invesco Global Targeted Returns Fund/5/     December 17, 2013   June 30, 2019
Invesco Greater China Fund                     July 1, 2007     June 30, 2019
Invesco Long/Short Equity Fund              December 17, 2013   June 30, 2019
Invesco Low Volatility Emerging Markets     December 17, 2013   June 30, 2019
  Fund
Invesco Macro Allocation Strategy Fund/4/   September 25, 2012  June 30, 2019
Invesco Macro International Equity Fund     December 17, 2013   June 30, 2019
Invesco Macro Long/Short Fund               December 17, 2013   June 30, 2019
Invesco MLP Fund                             August 29, 2014    June 30, 2019
Invesco Multi-Asset Income Fund/6/          December 13, 2011   June 30, 2019
Invesco Pacific Growth Fund                 February 12, 2010   June 30, 2019
Invesco Select Companies Fund                  July 1, 2007     June 30, 2019
Invesco World Bond Fund                        July 1, 2007     June 30, 2019
</TABLE>

     AIM INVESTMENT SECURITIES FUNDS (INVESCO INVESTMENT SECURITIES FUNDS)

<TABLE>
<CAPTION>
FUND                                         EFFECTIVE DATE    COMMITTED UNTIL
----                                        ------------------ ---------------
<S>                                         <C>                <C>
Invesco Corporate Bond Fund                 February 12, 2010  June 30, 2019
Invesco Global Real Estate Fund               July 1, 2007     June 30, 2019
Invesco Government Money Market Fund          July 1, 2007     June 30, 2019
Invesco High Yield Fund                       July 1, 2007     June 30, 2019
Invesco Real Estate Fund                      July 1, 2007     June 30, 2019
Invesco Short Duration Inflation Protected    July 1, 2007     June 30, 2019
Fund
Invesco Short Term Bond Fund                  July 1, 2007     June 30, 2019
Invesco U.S. Government Fund                  July 1, 2007     June 30, 2019
</TABLE>
--------
/1/  Advisory fees to be waived by Invesco for Invesco Balanced-Risk Allocation
     Fund also include advisory fees that Invesco receives on the Uninvested
     Cash from the Affiliated Money Market Fund in which Invesco Cayman
     Commodity Fund I, Ltd. invests.
/2/  Advisory fees to be waived by Invesco for Invesco Balanced-Risk Commodity
     Strategy Fund also include advisory fees that Invesco receives on the
     Uninvested Cash from the Affiliated Money Market Fund in which Invesco
     Cayman Commodity Fund III, Ltd. invests.
/3/  Advisory fees to be waived by Invesco for Invesco Emerging Markets
     Flexible Bond Fund also include advisory fees that Invesco receives on the
     Uninvested Cash from the Affiliated Money Market Fund in which Invesco
     Emerging Markets Flexible Bond Cayman, Ltd. invests.
/4/  Advisory fees to be waived by Invesco for Invesco Macro Allocation
     Strategy Fund also include advisory fees that Invesco receives on the
     Uninvested Cash from the Affiliated Money Market Fund in which Invesco
     Cayman Commodity Fund V, Ltd. invests.
/5/  Advisory fees to be waived by Invesco for Invesco Global Targeted Returns
     Fund also include advisory fees that Invesco receives on the Uninvested
     Cash from the Affiliated Money Market Fund in which Invesco Cayman
     Commodity Fund VII, Ltd. invests.
/6/  Advisory fees to be waived by Invesco for Invesco Multi-Asset Income Fund
     also include advisory fees that Invesco receives on the Uninvested Cash
     from the Affiliated Money Market Fund in which Invesco Multi-Asset Income
     Cayman, Ltd. invests.

<PAGE>

                    AIM SECTOR FUNDS (INVESCO SECTOR FUNDS)

<TABLE>
<CAPTION>
FUND                                         EFFECTIVE DATE    COMMITTED UNTIL
----                                        ------------------ ---------------
<S>                                         <C>                <C>
Invesco American Value Fund                 February 12, 2010  June 30, 2019
Invesco Comstock Fund                       February 12, 2010  June 30, 2019
Invesco Energy Fund                           July 1, 2007     June 30, 2019
Invesco Dividend Income Fund                  July 1, 2007     June 30, 2019
Invesco Gold & Precious Metals Fund           July 1, 2007     June 30, 2019
Invesco Mid Cap Growth Fund                 February 12, 2010  June 30, 2019
Invesco Small Cap Value Fund                February 12, 2010  June 30, 2019
Invesco Technology Fund                       July 1, 2007     June 30, 2019
Invesco Technology Sector Fund              February 12, 2010  June 30, 2019
Invesco Value Opportunities Fund            February 12, 2010  June 30, 2019
</TABLE>

                AIM TAX-EXEMPT FUNDS (INVESCO TAX-EXEMPT FUNDS)

<TABLE>
<CAPTION>
FUND                                         EFFECTIVE DATE    COMMITTED UNTIL
----                                        ------------------ ---------------
<S>                                         <C>                <C>
Invesco High Yield Municipal Fund           February 12, 2010  June 30, 2019
Invesco Intermediate Term Municipal Income  February 12, 2010  June 30, 2019
Fund
Invesco Municipal Income Fund               February 12, 2010  June 30, 2019
Invesco New York Tax Free Income Fund       February 12, 2010  June 30, 2019
Invesco Tax-Exempt Cash Fund                  July 1, 2007     June 30, 2019
Invesco Limited Term Municipal Income Fund    July 1, 2007     June 30, 2019
</TABLE>

        AIM VARIABLE INSURANCE FUNDS (INVESCO VARIABLE INSURANCE FUNDS)

<TABLE>
<CAPTION>
FUND                                         EFFECTIVE DATE    COMMITTED UNTIL
----                                        ------------------ ---------------
<S>                                         <C>                <C>
Invesco V.I. American Franchise Fund        February 12, 2010  June 30, 2019
Invesco V.I. American Value Fund            February 12, 2010  June 30, 2019
Invesco V.I. Balanced-Risk Allocation       December 22, 2010  June 30, 2019
Fund/7/
Invesco V.I. Comstock Fund                  February 12, 2010  June 30, 2019
Invesco V.I. Core Equity Fund                 July 1, 2007     June 30, 2019
Invesco V.I. Core Plus Bond Fund             April 30, 2015    June 30, 2019
Invesco V.I. Diversified Dividend Fund      February 12, 2010  June 30, 2019
Invesco V.I. Equally-Weighted S&P 500 Fund  February 12, 2010  June 30, 2019
Invesco V.I. Equity and Income Fund         February 12, 2010  June 30, 2019
Invesco V.I. Global Core Equity Fund        February 12, 2010  June 30, 2019
Invesco V.I. Global Health Care Fund          July 1, 2007     June 30, 2019
Invesco V.I. Global Real Estate Fund          July 1, 2007     June 30, 2019
Invesco V.I. Government Money Market Fund     July 1, 2007     June 30, 2019
Invesco V.I. Government Securities Fund       July 1, 2007     June 30, 2019
Invesco V.I. Growth and Income Fund         February 12, 2010  June 30, 2019
Invesco V.I. High Yield Fund                  July 1, 2007     June 30, 2019
Invesco V.I. International Growth Fund        July 1, 2007     June 30, 2019
Invesco V.I. Managed Volatility Fund          July 1, 2007     June 30, 2019
Invesco V.I. Mid Cap Core Equity Fund         July 1, 2007     June 30, 2019
Invesco V.I. Mid Cap Growth Fund            February 12, 2010  June 30, 2019
Invesco V.I. S&P 500 Index Fund             February 12, 2010  June 30, 2019
Invesco V.I. Small Cap Equity Fund            July 1, 2007     June 30, 2019
Invesco V.I. Technology Fund                  July 1, 2007     June 30, 2019
Invesco V.I. Value Opportunities Fund         July 1, 2007     June 30, 2019
</TABLE>

/7/  Advisory fees to be waived by Invesco for Invesco V.I. Balanced-Risk
     Allocation Fund also include advisory fees that Invesco receives on the
     Uninvested Cash from the Affiliated Money Market Fund in which Invesco
     Cayman Commodity Fund IV, Ltd. invests.

<PAGE>

                             INVESCO EXCHANGE FUND

<TABLE>
<CAPTION>
FUND                                          EFFECTIVE DATE    COMMITTED UNTIL
----                                        ------------------- ---------------
<S>                                         <C>                 <C>
Invesco Exchange Fund                       September 30, 2015  June 30, 2019
</TABLE>

                           INVESCO SECURITIES TRUST

<TABLE>
<CAPTION>
 FUND                                         EFFECTIVE DATE   COMMITTED UNTIL
 ----                                        ----------------- ---------------
 <S>                                         <C>               <C>
 Invesco Balanced-Risk Aggressive            January 16, 2013  June 30, 2019
 Allocation Fund/8/
</TABLE>

                           INVESCO MANAGEMENT TRUST

<TABLE>
<CAPTION>
  FUND                                        EFFECTIVE DATE  COMMITTED UNTIL
  ----                                        --------------  ---------------
  <S>                                         <C>             <C>
  Invesco Conservative Income Fund            July 1, 2014    June 30, 2019
</TABLE>

                               CLOSED-END FUNDS

<TABLE>
<CAPTION>
FUND                                         EFFECTIVE DATE    COMMITTED UNTIL
----                                        ------------------ ---------------
<S>                                         <C>                <C>
Invesco Advantage Municipal Income Trust II   May 15, 2012     June 30, 2019
Invesco Bond Fund                            August 26, 2015   June 30, 2019
Invesco California Value Municipal Income     May 15, 2012     June 30, 2019
  Trust
Invesco Dynamic Credit Opportunities Fund     May 15, 2012     June 30, 2019
Invesco High Income 2023 Target Term Fund   November 28, 2016  June 30, 2019
Invesco High Income Trust II                  May 15, 2012     June 30, 2019
Invesco Municipal Income Opportunities       August 26, 2015   June 30, 2019
  Trust
Invesco Municipal Opportunity Trust           May 15, 2012     June 30, 2019
Invesco Municipal Trust                       May 15, 2012     June 30, 2019
Invesco Pennsylvania Value Municipal          May 15, 2012     June 30, 2019
  Income Trust
Invesco Quality Municipal Income Trust       August 26, 2015   June 30, 2019
Invesco Senior Income Trust                   May 15, 2012     June 30, 2019
Invesco Trust for Investment Grade            May 15, 2012     June 30, 2019
  Municipals
Invesco Trust for Investment Grade New        May 15, 2012     June 30, 2019
  York Municipals
Invesco Value Municipal Income Trust          June 1, 2010     June 30, 2019
</TABLE>

/8/  Advisory fees to be waived by Invesco for Invesco Balanced-Risk Aggressive
     Allocation Fund also include advisory fees that Invesco receives on the
     Uninvested Cash from the Affiliated Money Market Fund in which Invesco
     Cayman Commodity Fund VI, Ltd. invests.
</TEXT>
</DOCUMENT>
