<DOCUMENT>
<TYPE>EX-99.77Q1 OTHR EXHB
<SEQUENCE>6
<FILENAME>h78582ex77q1e-a.txt
<DESCRIPTION>EX-99.77Q1E-A
<TEXT>
                                                              Sub-Item 77Q1(e)

                          INVESTMENT ADVISORY AGREEMENT

     THIS AGREEMENT is made this 1st day of June, 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, each Fund is registered under the Investment Company Act of 1940,
as amended (the "1940 Act"), as a closed-end management investment company;

     WHEREAS, the Adviser is registered under the Investment Advisers Act of
1940, as amended (the "Advisers Act"), as an investment adviser and engages in
the business of acting as an investment adviser;

     WHEREAS, each Fund and the Adviser desire to enter into an agreement to
provide for investment advisory services to the Funds upon the terms and
conditions hereinafter set forth;

     NOW THEREFORE, in consideration of the mutual covenants herein contained
and other good and valuable consideration, the receipt of which is hereby
acknowledged, the parties agree as follows:

          1. Advisory Services. The Adviser shall act as investment adviser for
     the Funds and shall, in such capacity, supervise all aspects of the Funds'
     operations, including the investment and reinvestment of cash, securities
     or other properties comprising the Funds' assets, subject at all times to
     the policies and control of the Board of Trustees/Directors of each Fund
     (the "Board of Trustees/Directors"). The Adviser shall give each Fund the
     benefit of its best judgment, efforts and facilities in rendering its
     services as investment adviser.

          2. Investment Analysis and Implementation. In carrying out its
     obligations under Section 1 hereof, the Adviser shall:

               (a) supervise all aspects of the operations of the Funds;

               (b) obtain and evaluate pertinent information about significant
          developments and economic, statistical and financial data, domestic,
          foreign or otherwise, whether affecting the economy generally or the
          Funds, and whether concerning the individual issuers whose securities
          are included in the assets of the Funds or the activities in which
          such issuers engage, or with respect to securities which the Adviser
          considers desirable for inclusion in the Funds' assets;

               (c) determine which issuers and securities shall be represented
          in the Funds' investment portfolios and regularly report thereon to
          the Board of Trustees/Directors;

               (d) formulate and implement continuing programs for the purchases
          and sales of the securities of such issuers and regularly report
          thereon to the Board of Trustees/Directors; and

               (e) take, on behalf of each Fund, all actions which appear to the
          Funds necessary to carry into effect such purchase and sale programs
          and supervisory functions as aforesaid, including but not limited to
          the placing of orders for the purchase and sale of securities for the
          Funds.

          3. Securities Lending Duties and Fees. The Adviser agrees to provide
     the following services in connection with the securities lending activities
     of each Fund: (a) oversee participation in the securities lending program
     to ensure compliance with all applicable regulatory and investment
     guidelines; (b) assist the securities lending agent or principal (the
     "Agent") in determining which specific securities are available for loan;
     (c) monitor the Agent to ensure that securities loans are effected in
     accordance with the Adviser's instructions and with procedures adopted by
     the Board of Trustees/Directors; (d) prepare appropriate periodic reports
     for, and seek appropriate approvals from, the Board of Trustees/Directors
     with respect to securities lending activities; (e) respond to Agent
     inquiries; and (f) perform such other duties as necessary.

<PAGE>

          As compensation for such services provided by the Adviser in
     connection with securities lending activities of each Fund, a lending Fund
     shall pay the Adviser a fee equal to 25% of the net monthly interest or fee
     income retained or paid to the Fund from such activities.

          4. Delegation of Responsibilities. The Adviser is authorized to
     delegate any or all of its rights, duties and obligations under this
     Agreement to one or more sub-advisors, and may enter into agreements with
     sub-advisers, and may replace any such sub-advisors from time to time in
     its discretion, in accordance with the 1940 Act, the Advisers Act, and
     rules and regulations thereunder, as such statutes, rules and regulations
     are amended from time to time or are interpreted from time to time by the
     staff of the Securities and Exchange Commission ("SEC"), and if applicable,
     exemptive orders or similar relief granted by the SEC and upon receipt of
     approval of such sub-advisors by the Board of Trustees/Directors and by
     shareholders (unless any such approval is not required by such statutes,
     rules, regulations, interpretations, orders or similar relief).

          5. Independent Contractors. The Adviser and any sub-advisors shall for
     all purposes herein be deemed to be independent contractors and shall,
     unless otherwise expressly provided or authorized, have no authority to act
     for or represent each Fund in any way or otherwise be deemed to be an agent
     of each Fund.

          6. Control by Board of Trustees/Directors. Any investment program
     undertaken by the Adviser pursuant to this Agreement, as well as any other
     activities undertaken by the Adviser on behalf of the Funds, shall at all
     times be subject to any directives of the Board of Trustees/Directors.

          7. Compliance with Applicable Requirements. In carrying out its
     obligations under this Agreement, the Advisor shall at all times conform
     to:

               (a) all applicable provisions of the 1940 Act and the Advisers
          Act and any rules and regulations adopted thereunder;

               (b) the provisions of the registration statement of each Fund, as
          the same may be amended from time to time under the Securities Act of
          1933 and the 1940 Act;

               (c) the provisions of each Fund's Articles of Incorporation or
          Declaration of Trust, as applicable, (together, the "Declaration") as
          the same may be amended from time to time;

               (d) the provisions of the by-laws of each Fund, as the same may
          be amended from time to time; and

               (e) any other applicable provisions of state, federal or foreign
          law.

          8. Broker-Dealer Relationships. The Adviser is responsible for
     decisions to buy and sell securities for the Funds, broker-dealer
     selection, and negotiation of brokerage commission rates.

               (a) The Adviser's primary consideration in effecting a security
          transaction will be to obtain the best execution.

               (b) In selecting a broker-dealer to execute each particular
          transaction, the Adviser will take the following into consideration:
          the best net price available; the reliability, integrity and financial
          condition of the broker-dealer; the size of and the difficulty in
          executing the order; and the value of the expected contribution of the
          broker-dealer to the investment performance of the Funds on a
          continuing basis. Accordingly, the price to the Funds in any
          transaction may be less favorable than that available from another
          broker-dealer if the difference is reasonably justified by other
          aspects of the fund execution services offered.

               (c) Subject to such policies as the Board of Trustees/Directors
          may from time to time determine, the Adviser shall not be deemed to
          have acted unlawfully or to have breached any duty created by this
          Agreement or otherwise solely by reason of its having caused the Funds
          to pay a broker or dealer that provides brokerage and research
          services to the Adviser an amount of commission for effecting a fund
          investment transaction in excess of the amount of commission another
          broker or dealer would have charged for effecting that transaction, if
          the Adviser determines in good faith that such amount of commission
          was reasonable in relation to the value of the brokerage and research
          services provided by


                                       2

<PAGE>

          such broker or dealer, viewed in terms of either that particular
          transaction or the Adviser's overall responsibilities with respect to
          a particular Fund and to other clients of the Adviser as to which the
          Adviser exercises investment discretion. The Adviser is further
          authorized to allocate the orders placed by it on behalf of the Funds
          to such brokers and dealers who also provide research or statistical
          material, or other services to the Funds, to the Adviser, or to any
          sub-advisor. Such allocation shall be in such amounts and proportions
          as the Adviser shall determine and the Adviser will report on said
          allocations regularly to the Board of Trustees/Directors indicating
          the brokers to whom such allocations have been made and the basis
          therefor.

               (d) With respect to one or more Funds, to the extent the Adviser
          does not delegate trading responsibility to one or more sub-advisors,
          in making decisions regarding broker-dealer relationships, the Adviser
          may take into consideration the recommendations of any sub-advisor
          appointed to provide investment research or advisory services in
          connection with the Funds, and may take into consideration any
          research services provided to such sub-advisor by broker-dealers.

               (e) Subject to the other provisions of this Section 8, the 1940
          Act, the Securities Exchange Act of 1934, and rules and regulations
          thereunder, as such statutes, rules and regulations are amended from
          time to time or are interpreted from time to time by the staff of the
          SEC, any exemptive orders issued by the SEC, and any other applicable
          provisions of law, the Adviser may select brokers or dealers with
          which it or the Funds are affiliated.

          9. Compensation. The compensation that each Fund shall pay the Adviser
     is set forth in Appendix II attached hereto.

          10. Expenses of the Funds. All of the ordinary business expenses
     incurred in the operations of the Funds and the offering of their shares
     shall be borne by the Funds unless specifically provided otherwise in this
     Agreement. These expenses borne by the Funds include but are not limited to
     brokerage commissions, taxes, legal, accounting, auditing, or governmental
     fees, the cost of preparing share certificates, custodian, transfer and
     shareholder service agent costs, expenses of issue, sale, redemption and
     repurchase of shares, expenses of registering and qualifying shares for
     sale, expenses relating to trustees and shareholder meetings, the cost of
     preparing and distributing reports and notices to shareholders, the fees
     and other expenses incurred by the Funds in connection with membership in
     investment company organizations and the cost of printing copies of
     prospectuses and statements of additional information distributed to the
     Funds' shareholders.

          11. Services to Other Companies or Accounts. Each Fund understands
     that the Adviser now acts, will continue to act and may act in the future
     as investment manager or adviser to fiduciary and other managed accounts,
     and as investment manager or adviser to other investment companies,
     including any offshore entities, or accounts, and each Fund has no
     objection to the Adviser so acting, provided that whenever a Fund and one
     or more other investment companies or accounts managed or advised by the
     Adviser have available funds for investment, investments suitable and
     appropriate for each will be allocated in accordance with a formula
     believed to be equitable to each company and account. Each Fund recognizes
     that in some cases this procedure may adversely affect the size of the
     positions obtainable and the prices realized for the Funds.

          12. Non-Exclusivity. Each Fund understands that the persons employed
     by the Adviser to assist in the performance of the Adviser's duties under
     this Agreement will not devote their full time to such service and nothing
     contained in this Agreement shall be deemed to limit or restrict the right
     of the Adviser or any affiliate of the Adviser to engage in and devote time
     and attention to other businesses or to render services of whatever kind or
     nature. Each Fund further understands and agrees that officers or directors
     of the Adviser may serve as officers or trustees of a Fund, and that
     officers or trustees of the Funds may serve as officers or directors of the
     Adviser to the extent permitted by law; and that the officers and directors
     of the Adviser are not prohibited from engaging in any other business
     activity or from rendering services to any other person, or from serving as
     partners, officers, directors or trustees of any other firm or trust,
     including other investment advisory companies.

          13. Effective Date, Term and Approval. This Agreement shall become
     effective with respect to a Fund, if approved by the shareholders of such
     Fund, on the Effective Date for such Fund, as set forth in Appendix I
     attached hereto. If so approved, this Agreement shall thereafter continue
     in force and effect with respect to a


                                       3

<PAGE>

     Fund for two years, and may be continued from year to year thereafter,
     provided that the continuation of the Agreement is specifically approved at
     least annually:

               (a) (i) by the Fund's Board of Trustees/Directors or (ii) by the
          vote of "a majority of the outstanding voting securities" of such Fund
          (as defined in Section 2(a)(42) of the 1940 Act); and

               (b) by the affirmative vote of a majority of the Fund's
          directors/trustees who are not parties to this Agreement or
          "interested persons" (as defined in the 1940 Act) of a party to this
          Agreement (other than as directors/trustees of the Fund), by votes
          cast in person at a meeting specifically called for such purpose.

          14. Termination. This Agreement may be terminated as to a Fund at any
     time, without the payment of any penalty, by vote of the Fund's Board of
     Trustees/Directors or by vote of a majority of the outstanding voting
     securities of the applicable Fund, or by the Adviser, on sixty (60) days'
     written notice to the other party. The notice provided for herein may be
     waived by the party entitled to receipt thereof. This Agreement shall
     automatically terminate in the event of its assignment, the term
     "assignment" for purposes of this paragraph having the meaning defined in
     Section 2(a)(4) of the 1940 Act.

          15. Amendment. No amendment of this Agreement shall be effective
     unless it is in writing and signed by the party against which enforcement
     of the amendment is sought.

          16. Liability of Adviser and Fund. In the absence of willful
     misfeasance, bad faith, gross negligence or reckless disregard of
     obligations or duties hereunder on the part of the Adviser or any of its
     officers, directors or employees, the Adviser shall not be subject to
     liability to a Fund or to any shareholder of such Fund for any act or
     omission in the course of, or connected with, rendering services hereunder
     or for any losses that may be sustained in the purchase, holding or sale of
     any security. Any liability of the Adviser to one Fund shall not
     automatically impart liability on the part of the Adviser to any other
     Fund. No Fund shall be liable for the obligations of any other Fund.

          17. Liability of Shareholders. Notice is hereby given that, as
     provided by applicable law, the obligations of or arising out of this
     Agreement are not binding upon any of the shareholders of a Fund
     individually but are binding only upon the assets and property of the Fund
     and that the shareholders shall be entitled, to the fullest extent
     permitted by applicable law, to the same limitation on personal liability
     as shareholders of private corporations for profit.

          18. Limited Liability of Massachusetts Business Trusts. The
     Declaration of Trust, together with all amendments thereto establishing
     each Fund identified in Appendix I as a Massachusetts business trust (the
     "Declaration"), is on file in the office of the Secretary of the
     Commonwealth of Massachusetts, provides that the name of such Funds refers
     to the Trustees under the Declaration collectively as Trustees, but not as
     individuals or personally; and no Trustee, shareholder, officer, employee
     or agent of such Funds shall be held to any personal liability, nor shall
     resort be had to their private property for the satisfaction of any
     obligation or claim or otherwise, in connection with the affairs of such
     Funds, but the Trust Estate only shall be liable.

          19. Notices. Any notices under this Agreement shall be in writing,
     addressed and delivered, telecopied or mailed postage paid, to the other
     party entitled to receipt thereof at such address as such party may
     designate for the receipt of such notice. Until further notice to the other
     party, it is agreed that the address of each Fund and that of the Adviser
     shall be 11 Greenway Plaza, Suite 2500, Houston, Texas 77046-1173.

          20. Questions of Interpretation. Any question of interpretation of any
     term or provision of this Agreement having a counterpart in or otherwise
     derived from a term or provision of the 1940 Act or the Advisers Act shall
     be resolved by reference to such term or provision of the 1940 Act or the
     Advisers Act and to interpretations thereof, if any, by the United States
     Courts or in the absence of any controlling decision of any such court, by
     rules, regulations or orders of the SEC issued pursuant to said Acts. In
     addition, where the effect of a requirement of the 1940 Act or the Advisers
     Act reflected in any provision of the Agreement is revised by rule,
     regulation or order of the SEC, such provision shall be deemed to
     incorporate the effect of such rule, regulation or order. Subject to the
     foregoing, this Agreement shall be


                                       4

<PAGE>

     governed by and construed in accordance with the laws (without reference to
     conflicts of law provisions) of the State of Texas.

          21. License Agreement. Each Fund shall have the non-exclusive right to
     use the name "Invesco" to designate any current or future series of shares
     only so long as Invesco Advisers, Inc. serves as investment manager or
     adviser to the Fund with respect to such series of shares.


                                       5

<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.

                                        ON BEHALF OF EACH FUND LISTED IN
                                        APPENDIX I


Attest: /s/ Stephen R. Rimes            By: /s/ John M. Zerr
        -----------------------------       ------------------------------------
Name: Stephen R. Rimes                  Name: John M. Zerr
Title: Assistant Secretary              Title: Senior Vice President

(SEAL)

                                        INVESCO ADVISERS, INC.


Attest: /s/ Stephen R. Rimes            By: /s/ Todd Spillane
        -----------------------------       ------------------------------------
Name: Stephen R. Rimes                  Name: Todd Spillane
Title: Assistant Secretary              Title: Senior Vice President

(SEAL)


                                       6

<PAGE>

                                   APPENDIX I
                            FUNDS AND EFFECTIVE DATES

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

<TABLE>
<CAPTION>
NAME OF FUND                                        EFFECTIVE DATE OF ADVISORY AGREEMENT
------------                                        ------------------------------------
<S>                                                 <C>
Invesco California Insured Municipal Income Trust               June 1, 2010
Invesco California Quality Municipal Securities                 June 1, 2010
Invesco Insured California Municipal Securities                 June 1, 2010
Invesco Insured Municipal Bond Trust                            June 1, 2010
Invesco Insured Municipal Income Trust                          June 1, 2010
Invesco Insured Municipal Securities                            June 1, 2010
Invesco Insured 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 Prime Income Trust                                      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
</TABLE>


                                       7

<PAGE>

                                   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.

<TABLE>
<CAPTION>
FUND                                                                              ANNUAL RATE
----                                                -----------------------------------------------------------------
<S>                                                 <C>
Invesco California Insured 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 Insured California Municipal Securities     0.27% as a percentage of average weekly net assets

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

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

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

Invesco Insured 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 Prime Income Trust                          0.90% of the portion of the daily net assets not exceeding $500
                                                    million; 0.85% of the portion of the daily net assets exceeding
                                                    $500 million but not exceeding $1.5 billion; 0.825% of the
                                                    portion of the daily net assets exceeding $1.5 billion but not
                                                    exceeding $2.5 billion; 0.80% of the portion of the daily net
                                                    assets exceeding $2.5 billion, but not exceeding $3 billion; and
                                                    0.775% of the portion of the daily net assets in excess of $3
                                                    billion

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*
</TABLE>

----------
*    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.


                                       8
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