<SEC-DOCUMENT>0001193125-14-388800.txt : 20141030
<SEC-HEADER>0001193125-14-388800.hdr.sgml : 20141030
<ACCEPTANCE-DATETIME>20141030114504
ACCESSION NUMBER:		0001193125-14-388800
CONFORMED SUBMISSION TYPE:	NSAR-A
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20140831
FILED AS OF DATE:		20141030
DATE AS OF CHANGE:		20141030
EFFECTIVENESS DATE:		20141030

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Invesco Pennsylvania Value Municipal Income Trust
		CENTRAL INDEX KEY:			0000895528
		IRS NUMBER:				367017427
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		NSAR-A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07398
		FILM NUMBER:		141182245

	BUSINESS ADDRESS:	
		STREET 1:		1555 PEACHTREE STREET, N.E.
		STREET 2:		SUITE 1800
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30309
		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 Van Kampen Pennsylvania Value Municipal Income Trust
		DATE OF NAME CHANGE:	20100601

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	19981006

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VAN KAMPEN AMERICAN CAPITAL PENNSYLVANIA VALUE MUNIC INCO TR
		DATE OF NAME CHANGE:	19971007
</SEC-HEADER>
<DOCUMENT>
<TYPE>NSAR-A
<SEQUENCE>1
<FILENAME>d788791dnsara.fil
<DESCRIPTION>NSAR-A
<TEXT>
      PAGE  1
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000 C000000 0000895528
000 D000000 N
000 E000000 NF
000 F000000 Y
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000 I000000 6.1
000 J000000 A
001 A000000 INVESCO PENN VALUE MUNICIPAL INCOME TRUST
001 B000000 811-07398
001 C000000 8002415477
002 A000000 1555 PEACHTREE ST., NE
002 B000000 ATLANTA
002 C000000 GA
002 D010000 30309
003  000000 N
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007 C010100  1
008 A000001 Invesco Advisers, Inc.
008 B000001 A
008 C000001 801-33949
008 D010001 Atlanta
008 D020001 GA
008 D030001 30309
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
008 D010005 Melbourne
      PAGE  2
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.
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010 C010001 Houston
010 C020001 TX
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012 A000001 COMPUTERSHARE TRUST COMPANY, N.A.
012 B000001 85-11340
012 C010001 PROVIDENCE
012 C020001 RI
012 C030001 02940
012 C040001 3078
013 A000001 PRICEWATERHOUSE COOPERS, LLP
013 B010001 HOUSTON
013 B020001 TX
013 B030001 77002
015 A000001 STATE STREET BANK & TRUST COMPANY
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02111
015 E010001 X
018  000000 Y
019 A000000 Y
019 B000000  141
019 C000000 INVESCOFDS
021  000000        0
022 A000001 J.P. MORGAN SECURITIES INC.
022 B000001 13-3299429
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022 A000002 WELLS FARGO SECURITIES, LLC
      PAGE  3
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022 A000003 JANNEY MONTGOMERY SCOTT LLC
022 B000003 23-0731260
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022 A000004 DEUTSCHE BANK SECURITIES INC.
022 B000004 13-2730828
022 C000004      3925
022 D000004      1825
022 A000005 MORGAN STANLEY & CO., INC.
022 B000005 13-2655998
022 C000005      3615
022 D000005      1156
022 A000006 CITIGROUP GLOBAL MARKETS INC.
022 B000006 11-2418191
022 C000006      1136
022 D000006      2860
022 A000007 TD SECURITIES (USA) LLC
022 B000007 20-1177269
022 C000007      2200
022 D000007      1000
022 A000008 UBS FINANCIAL SERVICES INC.
022 B000008 13-2638166
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022 A000009 GUGGENHEIM SECURITIES, LLC
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022 B000010 59-1842344
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      PAGE  5
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      PAGE  9
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SIGNATURE   KELLI GALLEGOS
TITLE       ASST VP & TREASURER

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77C
<SEQUENCE>2
<FILENAME>d788791dex9977c.txt
<DESCRIPTION>EX-99.77C
<TEXT>
<PAGE>

                                                                   Sub-Item 77C

              SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
               INVESCO PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST

An Annual Meeting ("Meeting") of Shareholders of Invesco Pennsylvania Value
Municipal Income Trust (the "Fund") was held on August 29, 2014. The Meeting
was held for the following purposes:

(1). Elect four Class I Trustees, three by the holders of Common Shares and the
     holders of Preferred Shares voting together as a single class, and one by
     the holders of Preferred Shares, voting separately, each of whom will
     serve until the later of the Fund's annual meeting of shareholders in 2016
     or until a successor shall have been duly elected and qualified.

The results of the voting on the above matter were as follows:

<TABLE>
<CAPTION>
                                                      Votes     Votes   Votes
 Matter                                                For     Against Abstain
 ------                                             ---------- ------- -------
 <S>                                                <C>        <C>     <C>
 (1).  Albert R. Dowden............................ 19,919,655 373,987 282,257
      Dr. Prema Mathai-Davis....................... 19,764,154 549,122 262,623
      Raymond Stickel, Jr.......................... 19,984,423 307,417 284,059
      Hugo F. Sonnenschein/(P)/....................      1,301       0       0
</TABLE>

(2). Elect five Class II Trustees, four by the holders of Common Shares and the
     holders of Preferred Shares voting together as a single class, and one by
     the holders of Preferred Shares, voting separately, each of whom will
     serve until the later of the Fund's annual meeting of shareholders in 2017
     or until a successor shall have been duly elected and qualified.

The results of the voting on the above matter were as follows:

<TABLE>
<CAPTION>
                                                      Votes     Votes   Votes
 Matter                                                For     Against Abstain
 ------                                             ---------- ------- -------
 <S>                                                <C>        <C>     <C>
 (2).  David C. Arch............................... 20,003,061 298,565 274,273
      Dr. Larry Soll............................... 19,864,209 418,020 293,670
      Philip A. Taylor............................. 20,021,956 270,635 283,308
      Suzanne H. Woolsey........................... 19,879,460 412,935 283,504
      Frank S. Bayley/(P)/.........................      1,301       0       0
</TABLE>

(3). Elect five Class III Trustees by the holders of Common Shares and the
     holders of Preferred Shares voting together as a single class, each of
     whom will serve until the later of the Fund's annual meeting of
     shareholders in 2015 or until a successor shall have been duly elected and
     qualified.

The results of the voting on the above matter were as follows:

<TABLE>
<CAPTION>
                                                      Votes     Votes   Votes
 Matter                                                For     Against Abstain
 ------                                             ---------- ------- -------
 <S>                                                <C>        <C>     <C>
 (3).  James T. Bunch.............................. 19,993,425 318,143 264,331
      Bruce L. Crockett............................ 19,996,772 294,867 284,260
      Rodney F. Dammeyer........................... 19,907,780 381,876 286,243
      Jack M. Fields............................... 19,971,308 305,384 299,207
      Martin L. Flanagan........................... 20,004,795 275,401 295,703
</TABLE>

/(P)/  Election of Trustee by preferred shareholders only.
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77Q1E
<SEQUENCE>3
<FILENAME>d788791dex9977q1e.txt
<DESCRIPTION>EX-99.77Q1E
<TEXT>
<PAGE>

                                                               Sub-Item 77Q1(e)

                                AMENDMENT NO. 1
                                      TO
                     MASTER INVESTMENT ADVISORY AGREEMENT

   THIS Amendment dated December 3, 2012, amends the Master Investment Advisory
Agreement (the "Agreement") dated August 27, 2012, by and between Invesco Van
Kampen Pennsylvania Value Municipal Income Trust, a Delaware Statutory Trust
(the "Trust"), and Invesco Advisers, Inc., a Delaware Corporation (the
"Adviser").

                                   RECITALS

   WHEREAS, the Trust desires to amend the Agreement to change the name of the
Trust from Invesco Van Kampen Pennsylvania Value Municipal Income Trust to
Invesco Pennsylvania Value Municipal Income Trust;

   NOW THEREFORE, the parties agree as follows:

    1. Appendix A is deleted in its entirety and replaced with the following:

                                  "APPENDIX A

                          COMPENSATION TO THE ADVISER

   The Trust shall pay the Adviser, out of its assets, as full compensation for
all services rendered, an advisory fee for the Trust set forth below. Such fee
shall be calculated by applying the following annual rates to the average daily
manage assets of the Trust for the calendar year.

<TABLE>
<CAPTION>
FUND NAME                                                  ADVISORY FEE RATE
---------                                               ------------------------
<S>                                                     <C>
Invesco Pennsylvania Value Municipal Income Trust       .55% on managed assets"
</TABLE>

"Managed assets" for this purpose means the Trust's net assets, plus assets
attributable to outstanding preferred shares and the amount of any borrowings
incurred for the purpose of leverage (whether or not such borrowed amounts are
reflected in the Trust's financial statements for purposes of generally
accepted accounting principles).

<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.

Attest:                              INVESCO PENNSYLVANIA VALUE
                                     MUNICIPAL INCOME TRUST

/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/ John M. Zerr
------------------------------               ----------------------
         ASSISTANT SECRETARY         Name:   John M. Zerr
(SEAL)                               Title:  Senior Vice President

                                      2

<PAGE>

                                                               Sub-Item 77Q1(e)

                            MEMORANDUM OF AGREEMENT
              (AFFILIATED MONEY MARKET FUND ADVISORY FEE WAIVER)

   This Memorandum of Agreement is entered into as of the dates indicated on
Exhibit "A" between Invesco Advantage Municipal Income Trust II, Invesco Bond
Fund, Invesco California Value Municipal Income Trust, Invesco Dynamic Credit
Opportunities Fund, Invesco High Income Trust II, Invesco Municipal Opportunity
Trust, Invesco Municipal Trust, Invesco Pennsylvania Value Municipal Income
Trust, Invesco Senior Income Trust, Invesco Senior Loan Fund, Invesco Trust for
Investment Grade Municipals, Invesco Trust for Investment Grade New York
Municipals and Invesco Exchange Fund (each a "Fund" and collectively, the
"Funds") and Invesco Advisers, Inc. ("Invesco").

   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 Funds and Invesco agree as follows:

   Each Fund and Invesco agree that until the expiration date, if any, of the
   commitment set forth on the attached Exhibit "A" occurs, as such Exhibit "A"
   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 fund
                managed by Invesco or its affiliates 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 Uninvested Cash in an
                Affiliated Money Market Fund; and

           (c)  "Uninvested Cash" - cash available and uninvested by a Fund
                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>

   Subject to the foregoing paragraphs, each of the Funds and Invesco agree to
review the then-current waivers for each Fund listed on the Exhibit 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 the Funds and Invesco have agreed to continue them. The Exhibit
will be amended to reflect any such agreement.

   Nothing in this Memorandum of Agreement is intended to affect any other
memorandum of agreement executed by any Fund or Invesco with respect to any
other fee waivers, expense reimbursements and/or expense limitations.

   IN WITNESS WHEREOF, each Fund and Invesco have entered into this Memorandum
of Agreement as of the dates indicated on Exhibit "A".

                                          INVESCO ADVANTAGE MUNICIPAL INCOME
                                          TRUST II
                                          INVESCO BOND FUND
                                          INVESCO CALIFORNIA VALUE MUNICIPAL
                                          INCOME TRUST
                                          INVESCO DYNAMIC CREDIT OPPORTUNITIES
                                          FUND
                                          INVESCO HIGH INCOME TRUST II
                                          INVESCO MUNICIPAL OPPORTUNITY TRUST
                                          INVESCO MUNICIPAL TRUST
                                          INVESCO PENNSYLVANIA VALUE MUNICIPAL
                                          INCOME TRUST
                                          INVESCO SENIOR INCOME TRUST
                                          INVESCO SENIOR LOAN FUND
                                          INVESCO TRUST FOR INVESTMENT GRADE
                                          MUNICIPALS
                                          INVESCO TRUST FOR INVESTMENT GRADE
                                          NEW YORK MUNICIPALS
                                          INVESCO EXCHANGE FUND

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

                                          INVESCO ADVISERS, INC.

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

                                       2

<PAGE>

                                  EXHIBIT "A"

                  INVESCO ADVANTAGE MUNICIPAL INCOME TRUST II

<TABLE>
<CAPTION>
FUND                                             EFFECTIVE DATE COMMITTED UNTIL
----                                             -------------- ---------------
<S>                                              <C>            <C>
Invesco Advantage Municipal Income Trust          May 15, 2012   June 30, 2016
</TABLE>

                               INVESCO BOND FUND

<TABLE>
<CAPTION>
FUND                                             EFFECTIVE DATE COMMITTED UNTIL
----                                             -------------- ---------------
<S>                                              <C>            <C>
Invesco Bond Fund                                 May 15, 2012   June 30, 2016
</TABLE>

                INVESCO CALIFORNIA VALUE MUNICIPAL INCOME TRUST

<TABLE>
<CAPTION>
FUND                                             EFFECTIVE DATE COMMITTED UNTIL
----                                             -------------- ---------------
<S>                                              <C>            <C>
Invesco California Value Municipal Income Trust   May 15, 2012   June 30, 2016
</TABLE>

                   INVESCO DYNAMIC CREDIT OPPORTUNITIES FUND

<TABLE>
<CAPTION>
FUND                                             EFFECTIVE DATE COMMITTED UNTIL
----                                             -------------- ---------------
<S>                                              <C>            <C>
Invesco Dynamic Credit Opportunities Fund         May 15, 2012   June 30, 2016
</TABLE>

                         INVESCO HIGH INCOME TRUST II

<TABLE>
<CAPTION>
FUND                                             EFFECTIVE DATE COMMITTED UNTIL
----                                             -------------- ---------------
<S>                                              <C>            <C>
Invesco High Income Trust II                      May 15, 2012   June 30, 2016
</TABLE>

                      INVESCO MUNICIPAL OPPORTUNITY TRUST

<TABLE>
<CAPTION>
FUND                                             EFFECTIVE DATE COMMITTED UNTIL
----                                             -------------- ---------------
<S>                                              <C>            <C>
Invesco Municipal Opportunity Trust               May 15, 2012   June 30, 2016
</TABLE>

                            INVESCO MUNICIPAL TRUST

<TABLE>
<CAPTION>
FUND                                             EFFECTIVE DATE COMMITTED UNTIL
----                                             -------------- ---------------
<S>                                              <C>            <C>
Invesco Municipal Trust                           May 15, 2012   June 30, 2016
</TABLE>

               INVESCO PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST

<TABLE>
<CAPTION>
FUND                                             EFFECTIVE DATE COMMITTED UNTIL
----                                             -------------- ---------------
<S>                                              <C>            <C>
Invesco Pennsylvania Value Municipal Income
  Trust                                           May 15, 2012   June 30, 2016
</TABLE>

                                      A-1

<PAGE>

                          INVESCO SENIOR INCOME TRUST

<TABLE>
<CAPTION>
FUND                                             EFFECTIVE DATE COMMITTED UNTIL
----                                             -------------- ---------------
<S>                                              <C>            <C>
Invesco Senior Income Trust                       May 15, 2012   June 30, 2016
</TABLE>

                           INVESCO SENIOR LOAN FUND

<TABLE>
<CAPTION>
FUND                                             EFFECTIVE DATE COMMITTED UNTIL
----                                             -------------- ---------------
<S>                                              <C>            <C>
Invesco Senior Loan Fund                          May 15, 2012   June 30, 2016
</TABLE>

                 INVESCO TRUST FOR INVESTMENT GRADE MUNICIPALS

<TABLE>
<CAPTION>
FUND                                             EFFECTIVE DATE COMMITTED UNTIL
----                                             -------------- ---------------
<S>                                              <C>            <C>
Invesco Trust for Investment Grade Municipals     May 15, 2012   June 30, 2016
</TABLE>

            INVESCO TRUST FOR INVESTMENT GRADE NEW YORK MUNICIPALS

<TABLE>
<CAPTION>
FUND                                             EFFECTIVE DATE COMMITTED UNTIL
----                                             -------------- ---------------
<S>                                              <C>            <C>
Invesco Trust for Investment Grade New York
  Municipals                                      May 15, 2012   June 30, 2016
</TABLE>

                             INVESCO EXCHANGE FUND

<TABLE>
<CAPTION>
FUND                                             EFFECTIVE DATE COMMITTED UNTIL
----                                             -------------- ---------------
<S>                                              <C>            <C>
Invesco Exchange Fund                             May 15, 2012   June 30, 2016
</TABLE>

                                      A-2

<PAGE>

                                                               Sub-Item 77Q1(e)

                            MEMORANDUM OF AGREEMENT
              (AFFILIATED MONEY MARKET FUND ADVISORY FEE WAIVER)

   This Memorandum of Agreement is entered into as of the dates indicated on
Exhibit "A" between Invesco Advantage Municipal Income Trust II, Invesco Bond
Fund, Invesco California Value Municipal Income Trust, Invesco Dynamic Credit
Opportunities Fund, Invesco High Income Trust II, Invesco Municipal Opportunity
Trust, Invesco Municipal Trust, Invesco Pennsylvania Value Municipal Income
Trust, Invesco Senior Income Trust, Invesco Senior Loan Fund, Invesco Trust for
Investment Grade Municipals, Invesco Trust for Investment Grade New York
Municipals and Invesco Van Kampen Exchange Fund (each a "Fund" and
collectively, the "Funds") and Invesco Advisers, Inc. ("Invesco").

   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 Funds and Invesco agree as follows:

     1.   Each Fund and Invesco agree that until the expiration date, if any,
          of the commitment set forth on the attached Exhibit "A" occurs, as
          such Exhibit "A" 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 fund
                managed by Invesco or its affiliates 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 Uninvested Cash in an
                Affiliated Money Market Fund; and

           (c)  "Uninvested Cash" - cash available and uninvested by a Fund
                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 Fund nor Invesco may remove or amend the Waiver to a Fund's
       detriment prior to requesting and receiving the approval of the Fund's
       Board of Trustee/Managing General Partners to remove or amend such
       Waiver. Invesco will not have any right to reimbursement of any amount
       so waived.

   Subject to the foregoing paragraphs, each of the Funds and Invesco agree to
review the then-current waivers for each Fund listed on the Exhibit 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 the Funds and Invesco have agreed to continue them. The Exhibit
will be amended to reflect any such agreement.

   Nothing in this Memorandum of Agreement is intended to affect any other
memorandum of agreement executed by any Fund or Invesco with respect to any
other fee waivers, expense reimbursements and/or expense limitations.

   IN WITNESS WHEREOF, each Fund and Invesco have entered into this Memorandum
of Agreement as of the dates indicated on Exhibit "A".

                                          INVESCO ADVANTAGE MUNICIPAL INCOME
                                          TRUST II
                                          INVESCO BOND FUND
                                          INVESCO CALIFORNIA VALUE MUNICIPAL
                                          INCOME TRUST
                                          INVESCO DYNAMIC CREDIT OPPORTUNITIES
                                          FUND
                                          INVESCO HIGH INCOME TRUST II
                                          INVESCO MUNICIPAL OPPORTUNITY TRUST
                                          INVESCO MUNICIPAL TRUST
                                          INVESCO PENNSYLVANIA VALUE MUNICIPAL
                                          INCOME TRUST
                                          INVESCO SENIOR INCOME TRUST
                                          INVESCO SENIOR LOAN FUND
                                          INVESCO TRUST FOR INVESTMENT GRADE
                                          MUNICIPALS
                                          INVESCO TRUST FOR INVESTMENT GRADE
                                          NEW YORK MUNICIPALS
                                          INVESCO VAN KAMPEN EXCHANGE FUND

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

                                          INVESCO ADVISERS, INC.

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

                                       2

<PAGE>

                                  EXHIBIT "A"

                  INVESCO ADVANTAGE MUNICIPAL INCOME TRUST II

<TABLE>
<CAPTION>
FUND                                             EFFECTIVE DATE COMMITTED UNTIL
----                                             -------------- ---------------
<S>                                              <C>            <C>
Invesco Advantage Municipal Income Trust          May 15, 2012   June 30, 2014
</TABLE>

                               INVESCO BOND FUND

<TABLE>
<CAPTION>
FUND                                             EFFECTIVE DATE COMMITTED UNTIL
----                                             -------------- ---------------
<S>                                              <C>            <C>
Invesco Bond Fund                                 May 15, 2012   June 30, 2014
</TABLE>

                INVESCO CALIFORNIA VALUE MUNICIPAL INCOME TRUST

<TABLE>
<CAPTION>
FUND                                             EFFECTIVE DATE COMMITTED UNTIL
----                                             -------------- ---------------
<S>                                              <C>            <C>
Invesco California Value Municipal Income Trust   May 15, 2012   June 30, 2014
</TABLE>

                   INVESCO DYNAMIC CREDIT OPPORTUNITIES FUND

<TABLE>
<CAPTION>
FUND                                             EFFECTIVE DATE COMMITTED UNTIL
----                                             -------------- ---------------
<S>                                              <C>            <C>
Invesco Dynamic Credit Opportunities Fund         May 15, 2012   June 30, 2014
</TABLE>

                         INVESCO HIGH INCOME TRUST II

<TABLE>
<CAPTION>
FUND                                             EFFECTIVE DATE COMMITTED UNTIL
----                                             -------------- ---------------
<S>                                              <C>            <C>
Invesco High Income Trust II                      May 15, 2012   June 30, 2014
</TABLE>

                      INVESCO MUNICIPAL OPPORTUNITY TRUST

<TABLE>
<CAPTION>
FUND                                             EFFECTIVE DATE COMMITTED UNTIL
----                                             -------------- ---------------
<S>                                              <C>            <C>
Invesco Municipal Opportunity Trust               May 15, 2012   June 30, 2014
</TABLE>

                            INVESCO MUNICIPAL TRUST

<TABLE>
<CAPTION>
FUND                                             EFFECTIVE DATE COMMITTED UNTIL
----                                             -------------- ---------------
<S>                                              <C>            <C>
Invesco Municipal Trust                           May 15, 2012   June 30, 2014
</TABLE>

               INVESCO PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST

<TABLE>
<CAPTION>
FUND                                             EFFECTIVE DATE COMMITTED UNTIL
----                                             -------------- ---------------
<S>                                              <C>            <C>
Invesco Pennsylvania Value Municipal Income
  Trust                                           May 15, 2012   June 30, 2014
</TABLE>

                                      A-1

<PAGE>

                          INVESCO SENIOR INCOME TRUST

<TABLE>
<CAPTION>
FUND                                             EFFECTIVE DATE COMMITTED UNTIL
----                                             -------------- ---------------
<S>                                              <C>            <C>
Invesco Senior Income Trust                       May 15, 2012   June 30, 2014
</TABLE>

                           INVESCO SENIOR LOAN FUND

<TABLE>
<CAPTION>
FUND                                             EFFECTIVE DATE COMMITTED UNTIL
----                                             -------------- ---------------
<S>                                              <C>            <C>
Invesco Senior Loan Fund                          May 15, 2012   June 30, 2014
</TABLE>

                 INVESCO TRUST FOR INVESTMENT GRADE MUNICIPALS

<TABLE>
<CAPTION>
FUND                                             EFFECTIVE DATE COMMITTED UNTIL
----                                             -------------- ---------------
<S>                                              <C>            <C>
Invesco Trust for Investment Grade Municipals     May 15, 2012   June 30, 2014
</TABLE>

            INVESCO TRUST FOR INVESTMENT GRADE NEW YORK MUNICIPALS

<TABLE>
<CAPTION>
FUND                                             EFFECTIVE DATE COMMITTED UNTIL
----                                             -------------- ---------------
<S>                                              <C>            <C>
Invesco Trust for Investment Grade New York
  Municipals                                      May 15, 2012   June 30, 2014
</TABLE>

                       INVESCO VAN KAMPEN EXCHANGE FUND

<TABLE>
<CAPTION>
FUND                                             EFFECTIVE DATE COMMITTED UNTIL
----                                             -------------- ---------------
<S>                                              <C>            <C>
Invesco Van Kampen Exchange Fund                  May 15, 2012   June 30, 2014
</TABLE>

                                      A-2
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
