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.