<DOCUMENT>
<TYPE>EX-99.77Q1E
<SEQUENCE>4
<FILENAME>d467447dex9977q1e.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.

<TABLE>
<C>     <S>                                 <C>
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 SERIES)   INVESCO EXCHANGE FUND
AIM INTERNATIONAL MUTUAL FUNDS (INVESCO     INVESCO HIGH INCOME 2023 TARGET TERM
INTERNATIONAL MUTUAL FUNDS)                 FUND
AIM INVESTMENT FUNDS (INVESCO INVESTMENT    INVESCO HIGH INCOME TRUST II
FUNDS)                                      INVESCO MANAGEMENT TRUST
AIM INVESTMENT SECURITIES FUNDS (INVESCO    INVESCO MUNICIPAL INCOME
INVESTMENT SECURITIES FUNDS)                OPPORTUNITIES TRUST
AIM SECTOR FUNDS (INVESCO SECTOR FUNDS)     INVESCO MUNICIPAL OPPORTUNITY TRUST
AIM TAX-EXEMPT FUNDS (INVESCO TAX-EXEMPT    INVESCO MUNICIPAL TRUST
FUNDS)                                      INVESCO PENNSYLVANIA VALUE MUNICIPAL
AIM TREASURER'S SERIES TRUST (INVESCO       INCOME TRUST
TREASURER'S SERIES TRUST)                   INVESCO QUALITY MUNICIPAL INCOME
AIM VARIABLE INSURANCE FUNDS (INVESCO       TRUST
VARIABLE INSURANCE FUNDS)                   INVESCO SECURITIES TRUST
INVESCO ADVANTAGE MUNICIPAL INCOME TRUST    INVESCO SENIOR INCOME TRUST
II                                          INVESCO TRUST FOR INVESTMENT GRADE
INVESCO BOND FUND                           MUNICIPALS
                                            INVESCO TRUST FOR INVESTMENT GRADE
                                            NEW YORK MUNICIPALS
                                            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
</TABLE>

<PAGE>

                         EXHIBIT A TO ADVISORY FEE MOA

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

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

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

AIM TREASURER'S
SERIES TRUST
(INVESCO TREASURER'S                                                             EXPIRATION
SERIES TRUST)                      WAIVER DESCRIPTION             EFFECTIVE 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         amount of 0.07% of the Fund's average
Portfolio                daily net assets

Premier Tax-Exempt       Invesco will waive advisory fees in the    06/01/2016   12/31/2017
Portfolio                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 Municipal
  Fund                                        September 30, 2015  June 30, 2019
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
  Fund                                           July 1, 2007     June 30, 2019
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
  Fund/2/                                      November 29, 2010   June 30, 2019
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 Fund/3/   June 14, 2010     June 30, 2019
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 Fund   December 17, 2013   June 30, 2019
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
  Fund                                           July 1, 2007     June 30, 2019
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
   Fund                                       February 12, 2010  June 30, 2019
 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
   Fund/7/                                    December 22, 2010  June 30, 2019
 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 Allocation
   Fund/8/                                    January 16, 2013  June 30, 2019
</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
  Trust                                         May 15, 2012     June 30, 2019
Invesco Dynamic Credit Opportunities Fund       May 15, 2012     June 30, 2019
Invesco High Income 2023 Target Term Fund    November 28, 20016  June 30, 2019
Invesco High Income Trust II                    May 15, 2012     June 30, 2019
Invesco Municipal Income Opportunities Trust  August 26, 2015    June 30, 2019
Invesco Municipal Opportunity Trust             May 15, 2012     June 30, 2019
Invesco Municipal Trust                         May 15, 2012     June 30, 2019
Invesco Pennsylvania Value Municipal Income
  Trust                                         May 15, 2012     June 30, 2019
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
  Municipals                                    May 15, 2012     June 30, 2019
Invesco Trust for Investment Grade New York
  Municipals                                    May 15, 2012     June 30, 2019
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>
