EX-99.77B ACCT LTTR

             REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees and Shareholders of Invesco Value Municipal Bond Trust:

In planning and performing our audits of the financial statements of Invesco
Value Municipal Bond Trust (hereafter referred to as the "Trust") as of and for
the period ended February 29, 2012, in accordance with the standards of the
Public Company Accounting Oversight Board (United States), we considered the
Trust's internal control over financial reporting, including controls over
safeguarding securities, as a basis for designing our auditing procedures for
the purpose of expressing our opinion on the financial statements and to comply
with the requirements of Form N-SAR, but not for the purpose of expressing an
opinion on the effectiveness of the Trust's internal control over financial
reporting. Accordingly, we do not express an opinion on the effectiveness of the
Trust's internal control over financial reporting.

The management of the Trust is responsible for establishing and maintaining
effective internal control over financial reporting. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of controls. A fund's internal control over
financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted
accounting principles. A fund's internal control over financial reporting
includes those policies and procedures that (1) pertain to the maintenance of
records that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of the fund; (2) provide reasonable
assurance that transactions are recorded as necessary to permit preparation of
financial statements in accordance with generally accepted accounting
principles, and that receipts and expenditures of the fund are being made only
in accordance with authorizations of management and trustees of the fund; and
(3) provide reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use or disposition of a fund's assets that could have
a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting
may not prevent or detect misstatements. Also, projections of any evaluation of
effectiveness to future periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the degree of compliance
with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design
or operation of a control does not allow management or employees, in the normal
course of performing their assigned functions, to prevent or detect
misstatements on a timely basis. A material weakness is a deficiency, or a
combination of deficiencies, in internal control over financial reporting, such
that there is a reasonable possibility that a material misstatement of the
Trust's annual or interim financial statements will not be prevented or detected
on a timely basis.

Our consideration of the Trust's internal control over financial reporting was
for the limited purpose described in the first paragraph and would not
necessarily disclose all deficiencies in internal control over financial
reporting that might be material weaknesses under standards established by the
Public Company Accounting Oversight Board (United States). However, we noted no
deficiencies in the Trust's internal control over financial reporting and its
operation, including controls over safeguarding securities that we consider to
be material weaknesses as defined above as of February 29, 2012.



This report is intended solely for the information and use of management and the
Board of Trustees of the Trust and the Securities and Exchange Commission and is
not intended to be and should not be used by anyone other than these specified
parties.

PricewaterhouseCoopers LLP
Houston, TX
April 23, 2012

                                        2

EX-99.D ADVSR CONTR

                                                                 Sub-Item 77D(g)

                  Policies with Respect to Security Investments

                       Invesco Value Municipal Bond Trust

The Board of Trustees of Invesco Insured Municipal Bond Trust (the "Fund")
approved the elimination of the Fund's non-fundamental investment policy that
required that the Fund invest substantially all of its assets in municipal
securities that are insured at the time of purchase by insurers whose
claims-paying ability is rated `A' by S&P, `A' by Moody's or the equivalent by
another nationally recognized statistical rating organization. The change in
policy was effective on January 23, 2012. In connection with this change, the
Fund's name of Invesco Insured Municipal Bond Trust was changed to Invesco Value
Municipal Bond Trust.

EX-99.77Q1 OTHR EXHB

                                                                Sub-Item 77Q1(e)

                                 AMENDMENT NO. 1
                                       TO
                          INVESTMENT ADVISORY AGREEMENT

   THIS Amendment dated January 23, 2012, amends the Investment Advisory
Agreement (the "Agreement") dated June 1, 2010, by and between the registered
investment companies as set forth on Appendix I (each, a "Fund" and
collectively, the "Funds"), as the same may be amended from time to time, and
Invesco Advisers, Inc., a Delaware corporation (the "Adviser").

RECITALS

   WHEREAS, the parties agree to amend the Agreement to (i) change the name of
Invesco California Insured Municipal Income Trust, Invesco Insured California
Municipal Securities, Invesco Insured Municipal Bond Trust, Invesco Insured
Municipal Income Trust, Invesco Insured Municipal Securities and Invesco Insured
Municipal Trust to Invesco California Municipal Income Trust, Invesco California
Municipal Securities, Invesco Value Municipal Bond Trust, Invesco Value
Municipal Income Trust, Invesco Value Municipal Securities and Invesco Value
Municipal Trust, respectively, and to (ii) remove Invesco Prime Income Trust;

   NOW THEREFORE, the parties agree as follows:

      1. Appendix I and II are deleted in their entirety and replaced with the
following:

                                   "APPENDIX I
                            FUNDS AND EFFECTIVE DATES

        All of the Funds referenced below are organized as Massachusetts
                                business trusts.



NAME OF FUND                                        EFFECTIVE DATE OF ADVISORY AGREEMENT
------------------------------------------------    ------------------------------------
                                                 
Invesco California Municipal Income Trust                      June 1, 2010

Invesco California Quality Municipal Securities                June 1, 2010

Invesco California Municipal Securities                        June 1, 2010

Invesco Value Municipal Bond Trust                             June 1, 2010

Invesco Value Municipal Income Trust                           June 1, 2010

Invesco Value Municipal Securities                             June 1, 2010

Invesco Value Municipal Trust                                  June 1, 2010

Invesco Municipal Income Opportunities Trust                   June 1, 2010

Invesco Municipal Income Opportunities Trust II                June 1, 2010

Invesco Municipal Income Opportunities Trust III               June 1, 2010

Invesco Municipal Premium Income Trust                         June 1, 2010

Invesco New York Quality Municipal Securities                  June 1, 2010

Invesco Quality Municipal Income Trust                         June 1, 2010

Invesco Quality Municipal Investment Trust                     June 1, 2010

Invesco Quality Municipal Securities                           June 1, 2010




                                   APPENDIX II
                           COMPENSATION TO THE ADVISER

      Each Fund shall pay the Adviser, out of the assets of the Fund, as full
      compensation for all services rendered, an advisory fee for such Fund set
      forth below.



FUND                                                                     ANNUAL RATE
------------------------------------------------    ---------------------------------------------------
                                                 
Invesco California Municipal Income Trust           0.27% as a percentage of average weekly net assets*

Invesco California Quality Municipal Securities     0.27% as a percentage of average weekly net assets*

Invesco California Municipal Securities             0.27% as a percentage of average weekly net assets

Invesco Value Municipal Bond Trust                  0.27% as a percentage of average weekly net assets*

Invesco Value Municipal Income Trust                0.27% as a percentage of average weekly net assets*

Invesco Value Municipal Securities                  0.27% as a percentage of average weekly net assets

Invesco Value Municipal Trust                       0.27% as a percentage of average weekly net assets*

Invesco Municipal Income Opportunities Trust        0.50% as a percentage of average weekly net assets

Invesco Municipal Income Opportunities Trust II     0.50% as a percentage of average weekly net assets

Invesco Municipal Income Opportunities Trust III    0.50% as a percentage of average weekly net assets

Invesco Municipal Premium Income Trust              0.40% as a percentage of average weekly net assets*

Invesco New York Quality Municipal Securities       0.27% as a percentage of average weekly net assets*

Invesco Quality Municipal Income Trust              0.27% as a percentage of average weekly net assets*

Invesco Quality Municipal Investment Trust          0.27% as a percentage of average weekly net assets*

Invesco Quality Municipal Securities                0.27% as a percentage of average weekly net assets*"


------------
*     For the purpose of calculating the advisory fee, the liquidation
      preference of any Preferred Shares issued by the Fund will not be deducted
      from the Fund's total assets. In addition, an amount up to the aggregate
      amount of any other borrowings may be included in the Fund's advisory fee
      calculation.

                                       2


   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.

                                    ON BEHALF OF EACH FUND LISTED IN APPENDIX I

Attest:

   /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/ Todd L. Spillane
---------------------------------   ------------------------------------
       Assistant Secretary
                                    Name: Todd L. Spillane
(SEAL)                              Title: Senior Vice President


                                       3

EX-99.77Q1 OTHR EXHB

                                                                Sub-Item 77Q1(a)

                                   CERTIFICATE

The undersigned hereby certifies that he is the Secretary of Invesco Insured
Municipal Bond Trust, an unincorporated business trust organized under the laws
of the Commonwealth of Massachusetts, and that annexed hereto is an Amendment to
the Declaration of Trust of the Trust adopted by the Trustees of the Trust on
March 16, 2011 as provided in Section 8.3 of the Declaration of Trust, said
Amendment to take effect on April 1, 2011, and does hereby further certify that
such Amendment has not been amended and is on the date hereof in full force and
effect.

Dated this 31st day of March 2011

                                             /s/ John M. Zerr
                                             -----------------------------------
                                             Name:  John M. Zerr
                                             Secretary



                                    AMENDMENT

                              Dated March 16, 2011

                          To be Effective April 1, 2011

                                       TO

                      INVESCO INSURED MUNICIPAL BOND TRUST

                              DECLARATION OF TRUST

                                      DATED

                                February 26, 1990



Dated March 16, 2011

To be Effective April 1, 2011

                      AMENDMENT TO DECLARATION OF TRUST OF
                      INVESCO INSURED MUNICIPAL BOND TRUST

            WHEREAS Invesco Insured Municipal Bond Trust (the "Trust") was
established by the Declaration of Trust dated February 26, 1990, as amended from
time to time (the "Declaration") under the laws of the Commonwealth of
Massachusetts;

            WHEREAS Section 8.3 of the Declaration provides that the Trustees
may amend the Declaration without the vote or consent of Shareholders for any
purpose that does not adversely affect the rights of any Shareholder with
respect to which the amendment is or purports to be applicable; and

            WHEREAS the Trustees of the Trust have deemed it advisable to
decrease the maximum number of Trustees provided for under the Declaration.

            NOW THEREFORE

            1. Section 2.1 of Article II of the Declaration is hereby amended so
that such Section shall read in its entirety as follows

      Section 2.1. Number of Trustees. The number of Trustees shall be such
      number as shall be fixed from time to time by written instrument signed by
      a majority of the Trustees provided however that the number of Trustees
      shall in no event be less than three nor more than sixteen except as such
      number shall be increased in connection with the rights of the holders of
      the Preferred Shares to elect a majority of the Trustees as provided in
      Section 6.1 hereof. No reduction in the number of Trustees shall have the
      effect of removing any Trustee from office prior to the expiration of his
      term unless the Trustee is specifically removed pursuant to Section 2.2 of
      this Article II at the time of decrease.

            2. All capitalized terms are used herein as defined in the
Declaration unless otherwise defined herein. All references in the Declaration
to "this Declaration" shall mean the Declaration as amended by this Amendment.

            3. The Trustees of the Trust hereby reaffirm the Declaration as
amended in all respects.

            4. The undersigned hereby certify that this instrument has been duly
adopted in accordance with the provisions of the Declaration.



            6. This amendment may be executed in more than one counterpart each
of which shall be deemed an original, but all of which together shall constitute
one and the same document.

            IN WITNESS WHEREOF the undersigned Trustees of the Trust have
executed this instrument this 31st day of March 2011.

      By: /s/ David C. Arch                  By: /s/ Martin L. Flanagan
          -------------------------------        -------------------------------
          David C. Arch                          Martin L. Flanagan
          Trustee                                Trustee

      By: /s/ Bob R. Baker                   By: /s/ Carl Frischling
          -------------------------------        -------------------------------
          Bob R. Baker                           Carl Frischling
          Trustee                                Trustee

      By: /s/ Frank S. Bayley                By: /s/ Prema Mathai-Davis
          -------------------------------        -------------------------------
          Frank S. Bayley                        Prema Mathai-Davis
          Trustee                                Trustee

      By: /s/ James T. Bunch                 By: /s/ Larry Soll
          -------------------------------        -------------------------------
          James T. Bunch                         Larry Soll
          Trustee                                Trustee

      By: /s/ Bruce L. Crockett              By: /s/ Hugo F. Sonnenschein
          -------------------------------        -------------------------------
          Bruce L. Crockett                      Hugo F. Sonnenschein
          Trustee                                Trustee

      By: /s/ Rodney F. Dammeyer             By: /s/ Raymond Stickel, Jr.
          -------------------------------        -------------------------------
          Rodney F. Dammeyer                     Raymond Stickel, Jr.
          Trustee                                Trustee

      By: /s/ Albert R. Dowden               By: /s/ Philip A. Taylor
          -------------------------------        -------------------------------
          Albert R. Dowden                       Philip A. Taylor
          Trustee                                Trustee

      By: /s/ Jack M. Fields                 By: /s/ Wayne W. Whalen
          -------------------------------        -------------------------------
          Jack M. Fields                         Wayne W. Whalen
          Trustee                                Trustee

EX-99.77Q1 OTHR EXHB

                                                               Sub-Item: 77Q1(a)

                                   CERTIFICATE

The undersigned hereby certifies that he is the Secretary of Invesco Insured
Municipal Bond Trust, an unincorporated business trust organized under the laws
of the Commonwealth of Massachusetts, and that annexed hereto is an Amendment to
the Declaration of Trust of the Trust adopted by the Trustees of the Trust on
September 13, 2011 as provided in Section 8.3 of the Declaration of Trust, said
Amendment to take effect on January 23, 2012, and does hereby further certify
that such Amendment has not been amended and is on the date hereof in full force
and effect.

Dated this 23rd day of December 2011

                                              /s/ John M. Zerr
                                              ----------------------------------
                                              Name:  John M. Zerr
                                              Secretary



                                    AMENDMENT

                             Dated December 23, 2011

                        To be Effective January 23, 2012

                                       TO

                      INVESCO INSURED MUNICIPAL BOND TRUST

                              DECLARATION OF TRUST

                                      DATED

                                February 26, 1990



Dated December 23, 2011

To be Effective January 23, 2012

                      AMENDMENT TO DECLARATION OF TRUST OF
                      INVESCO INSURED MUNICIPAL BOND TRUST

            WHEREAS, Invesco Insured Municipal Bond Trust (the "Trust") was
established by the Declaration of Trust dated February 26, 1990, as amended from
time to time (the "Declaration") under the laws of the Commonwealth of
Massachusetts;

            WHEREAS, Section 8.3 of the Declaration provides that the Trustees
may amend the Declaration without the vote or consent of Shareholders to change
the name of the Trust;

            WHEREAS, the Trustees of the Trust have deemed it advisable to
change the name of the Trust to "Invesco Value Municipal Bond Trust";

            NOW THEREFORE,

1. Section 1.1 of Article I of the Declaration is hereby amended so that such
Section shall read in its entirety as follows

      Section 1.1. Name. The name of the Trust created hereby is the Invesco
      Value Municipal Bond Trust and so far as may be practicable the Trustees
      shall conduct the Trust's activities, execute all documents and sue or be
      sued under that name, which name (and the word "Trust" whenever herein
      used) shall refer to the Trustees as Trustees, and not as individuals, or
      personally, and shall not refer to the officers, agents, employees or
      Shareholders of the Trust. Should the Trustees determine that the use of
      such name is not advisable, they may use such other name for the Trust as
      they deem proper and the Trust may hold its property and conduct its
      activities under such other name.

2. Subsection (r) of Section 1.2 of Article I of the Declaration is hereby
amended so that such Subsection shall read in its entirety as follows:

      Section 1.2. Definitions . . .

            (r) "Trust" means the Invesco Value Municipal Bond Trust.

3. All capitalized terms are used herein as defined in the Declaration unless
otherwise defined herein. All references in the Declaration to "this
Declaration" shall mean the Declaration as amended by this Amendment.

4. The Trustees of the Trust hereby reaffirm the Declaration as amended in all
respects.

5. The undersigned hereby certify that this instrument has been duly adopted in
accordance with the provisions of the Declaration.



6. This amendment may be executed in more than one counterpart each of which
shall be deemed an original, but all of which together shall constitute one and
the same document.