<SEC-DOCUMENT>0000950123-11-041669.txt : 20110429
<SEC-HEADER>0000950123-11-041669.hdr.sgml : 20110429
<ACCEPTANCE-DATETIME>20110429124108
ACCESSION NUMBER:		0000950123-11-041669
CONFORMED SUBMISSION TYPE:	NSAR-BT
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20110228
FILED AS OF DATE:		20110429
DATE AS OF CHANGE:		20110429
EFFECTIVENESS DATE:		20110429

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Invesco Van Kampen Advantage Municipal Income Trust II
		CENTRAL INDEX KEY:			0000908993
		IRS NUMBER:				367041986
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		NSAR-BT
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07868
		FILM NUMBER:		11792592

	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:	VAN KAMPEN ADVANTAGE MUNICIPAL INCOME TRUST II
		DATE OF NAME CHANGE:	19981006

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VAN KAMPEN AMERICAN CAPITAL ADVANTAGE MUNICIPAL INCOME TR II
		DATE OF NAME CHANGE:	19960102

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VAN KAMPEN MERRITT ADVANTAGE MUNICIPAL INCOME TRUST II
		DATE OF NAME CHANGE:	19930712
</SEC-HEADER>
<DOCUMENT>
<TYPE>NSAR-BT
<SEQUENCE>1
<FILENAME>h81580answer.fil
<DESCRIPTION>ANNUAL TRANSITION REPORT
<TEXT>
<PAGE>      PAGE  1
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000 C000000 0000908993
000 D000000 Y
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000 F000000 Y
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000 I000000 6.1
000 J000000 A
001 A000000 INVESCO VAN KAMPEN ADV MUNI INC TRUST II
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001 C000000 8002415477
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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
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008 B000005 S
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<PAGE>      PAGE  2
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008 D060005 3000
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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 Trimark Ltd.
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013 B010001 HOUSTON
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022 A000002 CITIGROUP GLOBAL MARKETS INC.
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022 C000002      9100
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022 A000003 GOLDMAN, SACHS & CO.
022 B000003 13-5108880
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022 A000004 BANC OF AMERICA SECURITIES LLC
022 B000004 56-2058405
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022 B000005 13-2741729
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022 B000008 13-2655998
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SIGNATURE   KELLI GALLEGOS
TITLE       ASST. VP & TREASURER

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77B ACCT LTTR
<SEQUENCE>2
<FILENAME>h81580ex77b.txt
<DESCRIPTION>EXHIBIT
<TEXT>
                                                                   SUB-ITEM 77B


            REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees and Shareholders of Invesco Van Kampen Advantage
Municipal Income Trust II:

In planning and performing our audits of the financial statements of Invesco Van
Kampen Advantage Municipal Income Trust II (hereafter referred to as the
"Trust") as of and for the period ended February 28, 2011, 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 Trust'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 company'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 company; (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 company are
being made only in accordance with authorizations of management and trustees of
the Trust; and (3) provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use or disposition of a company'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 28, 2011.

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 21, 2011
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77E LEGAL
<SEQUENCE>3
<FILENAME>h81580ex77e.txt
<DESCRIPTION>EXHIBIT
<TEXT>
                                                                   SUB-ITEM 77E

             INVESCO VAN KAMPEN ADVANTAGE MUNICIPAL INCOME TRUST II

                                LEGAL PROCEEDINGS

SETTLED REGULATORY ENFORCEMENT ACTIONS AND INVESTIGATIONS RELATED TO MARKET
TIMING

     On October 8, 2004, Invesco Advisers, Inc. (Invesco), successor by merger
to Invesco Aim Advisors, Inc. and INVESCO Funds Group, Inc. (IFG), both former
investment advisers, along with Invesco Aim Distributors, n/k/a Invesco
Distributors, Inc. (Invesco Distributors) reached final settlements with certain
regulators, including the Securities and Exchange Commission (SEC), the New York
Attorney General and the Colorado Attorney General, to resolve civil enforcement
actions and/or investigations related to market timing and related activity in
the AIM Funds (n/k/a the Invesco Funds), including those formerly advised by
IFG. As part of the settlements, a $325 million fair fund ($110 million of which
is civil penalties) was created to compensate shareholders harmed by market
timing and related activity in funds formerly advised by IFG. Additionally,
Invesco and Invesco Distributors created a $50 million fair fund ($30 million of
which is civil penalties) to compensate shareholders harmed by market timing and
related activity in funds advised by Invesco, which was done pursuant to the
terms of the settlement. The methodology of the fair funds distributions was
determined by Invesco's independent distribution consultant (IDC Plan), in
consultation with Invesco and the independent trustees of the Invesco Funds, and
approved by the SEC on May 23, 2008.

     The IDC Plan provides for distribution to all eligible investors for the
periods spanning January 1, 2000 through July 31, 2003 (for the IFG Fair Fund)
and January 1, 2001 through September 30, 2003 (for the AIM Fair Fund), their
proportionate share of the applicable Fair Fund to compensate such investors for
injury they may have suffered as a result of market timing in the affected
funds. The IDC Plan includes a provision for any residual amounts in the Fair
Funds to be distributed in the future to the affected funds. Further details
regarding the IDC Plan and distributions thereunder are available on Invesco's
Web site, available at http://www.invesco.com/us.

PENDING REGULATORY ACTION ALLEGING MARKET TIMING

     On August 30, 2005, the West Virginia Office of the State Auditor -
Securities Commission (WVASC) issued a Summary Order to Cease and Desist and
Notice of Right to Hearing to Invesco and Invesco Distributors (Order No.
05-1318). The WVASC makes findings of fact that Invesco and Invesco Distributors
entered into certain arrangements permitting market timing of the Invesco Funds
and failed to disclose these arrangements in the prospectuses for such Funds,
and conclusions of law to the effect that Invesco and Invesco Distributors
violated the West Virginia securities laws. The WVASC orders Invesco and Invesco
Distributors to cease any further violations and seeks to impose monetary
sanctions, including restitution to affected investors, disgorgement of fees,
reimbursement of investigatory, administrative and legal costs and an
"administrative assessment," to be determined by the Commissioner. Initial
research indicates that these damages could be limited or capped by statute. By
agreement with the Commissioner of Securities, Invesco's time to respond to that
Order has been indefinitely suspended.

PRIVATE CIVIL ACTIONS ALLEGING MARKET TIMING

     Multiple civil lawsuits, including purported class action and shareholder
derivative suits, were filed against various parties (including, depending on
the lawsuit, certain Invesco Funds, IFG, Invesco, Invesco Aim Management Group,
Inc., n/k/a Invesco Management Group, Inc. and certain related entities, certain
of their current and former officers and/or certain unrelated third parties)
based on allegations of improper market timing and related activity in the
Invesco Funds. The lawsuits were transferred to the United States District Court
for the District of Maryland (the MDL Court) for consolidated or coordinated
pre-trial proceedings.

                                       1

<PAGE>

                                                                    SUB-ITEM 77E

     Pursuant to an Order of the MDL Court, plaintiffs in these lawsuits
consolidated their claims for pre-trial purposes into three amended complaints
against various Invesco - and IFG-related parties, as described below.

   -  RICHARD LEPERA, INDIVIDUALLY AND ON BEHALF OF ALL OTHERS SIMILARLY
      SITUATED (LEAD PLAINTIFF: CITY OF CHICAGO DEFERRED COMPENSATION PLAN), V.
      INVESCO FUNDS GROUP, INC., ET AL, in the MDL Court (Case No. 04-MD-15864;
      No. 04-CV-00814-JFM) (originally in the United States District Court for
      the District of Colorado), filed on September 29, 2004.

   -  CYNTHIA ESSENMACHER, ET AL., Derivatively on Behalf of the Mutual Funds,
      Trusts and Corporations Comprising the Invesco and AIM Family of Mutual
      Funds v. AMVESCAP, PLC, ET AL., in the MDL Court (Case No.
      04-MD-15864-FPS; No. 04-819), filed on September 29, 2004.

   -  MIRIAM CALDERON, INDIVIDUALLY AND ON BEHALF OF ALL OTHERS SIMILARLY
      SITUATED, V. AVZ, INC., ET AL., in the MDL Court (Case No.
      1:04-MD-15864-FPS), filed on September 29, 2004.

      On January 5, 2008, the parties reached an agreement in principle to
settle both the Lepera and the Essenmacher lawsuits, subject to the MDL Court
approval.

      On December 15, 2008, the parties reached an agreement in principle to
settle the Calderon lawsuit, subject to the MDL Court approval. No payments were
required under the settlement; however, the parties agreed that certain limited
changes to benefit plans and participants' accounts would be made.

      The Court approved the settlements on October 21, 2010. There was a brief
period to appeal the Court's approval; however, no appeal was filed. The
payments to affected shareholders were made in January 2011. This concludes
these matters.

OTHER ACTIONS INVOLVING INVESCO VAN KAMPEN ADVANTAGE MUNICIPAL INCOME TRUST II

CLIFFORD T. ROTZ, JR., DERIVATIVELY ON BEHALF OF NOMINAL DEFENDANT INVESCO VAN
KAMPEN ADVANTAGE MUNICIPAL INCOME TRUST II, ROBERT FAST, DERIVATIVELY ON BEHALF
OF NOMINAL DEFENDANT INVESCO VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST, GENE
TURBAN, DERIVATIVELY ON BEHALF OF NOMINAL DEFENDANT INVESCO VAN KAMPEN MUNICIPAL
TRUST, LEON MCDERMOTT, DERIVATIVELY ON BEHALF OF NOMINAL DEFENDANT INVESCO VAN
KAMPEN HIGH INCOME TRUST II AND MARILYN MORRISON, HARRY SULESKI AND JOHN
JOHNSON, DERIVATIVELY ON BEHALF OF NOMINAL DEFENDANT INVESCO VAN KAMPEN SENIOR
INCOME TRUST, PLAINTIFF, V. VAN KAMPEN ASSET MANAGEMENT, EDWARD C. WOOD, III,
STUART N. SCHULDT, JOHN L. SULLIVAN, STEFANI V. CHANG YU, KEVIN KLINGERT, JERRY
W. MILLER, RONALD E. ROBISON, AMY R. DOBERMAN, DENNIS SHEA, THOMAS BYRON, ROBERT
J. STRYKER, ROBERT W. WIMMEL, WILLIAM BLACK, MARK PARIS, WAYNE D. GODLIN,
CHRISTINA JAMIESON, ANDREW FINDLING, DENNIS M. SCANEY, GERALD FOGARTY, JEFFREY
SCOTT, PHILIP YARROW, STEVEN K. KREIDER, HOWARD TIFFEN AND MORGAN STANLEY,
DEFENDANTS, AND INVESCO VAN KAMPEN ADVTANTAGE MUNICIPAL INCOME TRUST II, INVESCO
VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST, INVESCO VAN KAMPEN MUNICIPAL TRUST,
INVESCO VAN KAMPEN HIGH INCOME TRUST II AND INVESCO VAN KAMPEN SENIOR INCOME
TRUST, NOMINAL DEFENDANTS. On January 17, 2011, a Consolidated Amended
Shareholder Derivative Complaint was filed in the Supreme Court of New York, New
York County, on behalf of Invesco Van Kampen High Income Trust II, Invesco Van
Kampen Advantage Municipal Income Trust II, Invesco Van Kampen Municipal
Opportunity Trust, Invesco Van Kampen Municipal Trust and Invesco Van Kampen
Senior Income Trust (the Trusts) against Van Kampen Asset Management, Morgan
Stanley and certain current and former executive officers of the Trusts
(collectively, the Defendants) alleging that they breached their fiduciary
duties to common shareholders by causing the Trusts to

                                       2

<PAGE>

                                                                    SUB-ITEM 77E

redeem Auction Rate Preferred Securities (ARPS) at their liquidation value.
Specifically, the shareholders claim that the Board and officers had no
obligation to provide liquidity to the ARPS shareholders, the redemptions were
improperly motivated to benefit the prior adviser by preserving business
relationships with the ARPS holders, i.e., institutional investors, and the
market value and fair value of the ARPS were less than par at the time they were
redeemed. The Complaint alleges that the redemption of the ARPS occurred at the
expense of the Trusts and their common shareholders. This Complaint amends and
consolidates two separate complaints that were filed by Clifford T. Rotz, Jr.,
Robert Fast and Gene Turban on July 22, 2010, and by Harry Suleski, Leon
McDermott, Marilyn Morrison and John Johnson on August 3, 2010. Each of the
Trusts initially received a demand letter from the plaintiffs on April 8, 2010.
Plaintiffs seek judgment that: 1) orders Defendants to refrain from redeeming
any ARPS at their liquidation value using Trust assets; 2) awards monetary
damages against all Defendants, individually, jointly or severally, in favor of
the Trusts, for all losses and damages allegedly suffered as a result of the
redemptions of ARPS at their liquidation value; 3) grants appropriate equitable
relief to remedy the Defendants' breaches of fiduciary duties; and 4) awards to
Plaintiffs the costs and disbursements of the action. The Board has formed a
committee to investigate these claims and make a recommendation to the Board
regarding whether maintenance of these claims is in the best interests of the
Trusts. A Stipulation and Proposed Order for Stay of Litigation was filed on
March 9, 2011, and subsequently approved by the Court, moving the due date for
responses to the Complaint to June 16, 2011. Plaintiffs also filed a letter with
the Court requesting postponement of a status hearing to June 27, 2011.

At the present time, management of Invesco and the Invesco Funds are unable to
estimate the impact, if any, that the outcome of the Pending Litigation and
Regulatory Inquiries described herein may have on Invesco, Invesco Distributors
or the Invesco Funds.

                                       3
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77Q1 OTHR EXHB
<SEQUENCE>4
<FILENAME>h81580ex77q1e.txt
<DESCRIPTION>EXHIBIT
<TEXT>
                                                               SUB-ITEM 77Q1 (e)

             INVESCO VAN KAMPEN ADVANTAGE MUNICIPAL INCOME TRUST II

                             MEMORANDUM OF AGREEMENT
                              (EXPENSE LIMITATIONS)

     This Memorandum of Agreement is entered into as of the Effective Date on
the attached exhibits (the "Exhibits"), between Invesco Van Kampen Advantage
Municipal Income Trust II, Invesco Van Kampen Bond Fund, Invesco Van Kampen
California Value Municipal Income Trust, Invesco Van Kampen Dynamic Credit
Opportunities Fund, Invesco Van Kampen Exchange Fund, Invesco Van Kampen High
Income Trust II, Invesco Van Kampen Massachusetts Value Municipal Income Trust,
Invesco Van Kampen Municipal Opportunity Trust, Invesco Van Kampen Municipal
Trust, Invesco Van Kampen Ohio Quality Municipal Trust, Invesco Van Kampen
Pennsylvania Value Municipal Income Trust, Invesco Van Kampen Select Sector
Municipal Trust, Invesco Van Kampen Senior Income Trust, Invesco Van Kampen
Senior Loan Fund, Invesco Van Kampen Trust for Insured Municipals, Invesco Van
Kampen Trust for Investment Grade Municipals, Invesco Van Kampen Trust for
Investment Grade New Jersey Municipals and Invesco Van Kampen Trust for
Investment Grade New York Municipals (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 or reimburse expenses of each Fund, on behalf of
its respective classes as applicable, severally and not jointly, as indicated in
the attached 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:

     For the Contractual Limits (listed in Exhibit A), the Trusts and Invesco
agree until at least the expiration date set forth on the attached Exhibit A
(the "Expiration Date") that Invesco will waive its fees or reimburse expenses
to the extent that total annual fund operating expenses after fee waiver and/or
expense reimbursement of a class of a Fund (excluding (i) interest; (ii) taxes;
(iii) dividend expense on short sales; (iv) extraordinary or non-routine items;
(v) expenses that each Fund has incurred but did not actually pay because of an
expense offset arrangement, if applicable) exceed the rate, on an annualized
basis, set forth on the Exhibits of the average daily net assets allocable to
such class. Acquired fund fees and expenses are not fees or expenses incurred by
a fund directly but are expenses of the investment companies in which a fund
invests. These fees and expenses are incurred indirectly through the valuation
of a fund's investment in these investment companies. Acquired fund fees and
expenses are required to be disclosed and included in the total annual fund
operating expenses in the prospectus fee table. As a result, the net total
annual fund operating expenses shown in the prospectus fee table may exceed the
expense limits reflected in Exhibit A. With regard to the Contractual Limits,
the Board of Trustees of the Trust and Invesco may terminate or modify this
Memorandum of Agreement prior to the Expiration Date only by mutual written
consent. Invesco will not have any right to reimbursement of any amount so
waived or reimbursed.

     For the Contractual Limits, each of the Trusts and Invesco agree to review
the then-current expense limitations for each class of each Fund listed on the
Exhibits on a date prior to the Expiration Date to determine whether such
limitations should be amended, continued or terminated. The expense limitations
will expire upon the Expiration Date unless the Trusts and Invesco have agreed
to continue them. The Exhibits will be amended to reflect any such agreement.

     It is expressly agreed that the obligations of each Trust 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 each Fund, 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 the Trusts, and this Memorandum of Agreement has
been executed and delivered by an authorized officer of the Trusts 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.



<PAGE>

                                                               SUB-ITEM 77Q1 (e)

     IN WITNESS WHEREOF, each of the Trusts and Invesco have entered into this
Memorandum of Agreement as of the Effective Dates on the attached Exhibits.

             INVESCO VAN KAMPEN ADVANTAGE MUNICIPAL INCOME TRUST II
             INVESCO VAN KAMPEN BOND FUND
             INVESCO VAN KAMPEN CALIFORNIA VALUE MUNICIPAL INCOME TRUST
             INVESCO VAN KAMPEN DYNAMIC CREDIT OPPORTUNITIES FUND
             INVESCO VAN KAMPEN EXCHANGE FUND
             INVESCO VAN KAMPEN HIGH INCOME TRUST II
             INVESCO VAN KAMPEN MASSACHUSETTS VALUE MUNICIPAL INCOME TRUST
             INVESCO VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST
             INVESCO VAN KAMPEN MUNICIPAL TRUST
             INVESCO VAN KAMPEN OHIO QUALITY MUNICIPAL TRUST
             INVESCO VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
             INVESCO VAN KAMPEN SELECT SECTOR MUNICIPAL TRUST
             INVESCO VAN KAMPEN SENIOR INCOME TRUST
             INVESCO VAN KAMPEN SENIOR LOAN FUND
             INVESCO VAN KAMPEN TRUST FOR INSURED MUNICIPALS
             INVESCO VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
             INVESCO VAN KAMPEN TRUST FOR INVESTMENT GRADE NEW JERSEY MUNICIPALS
             INVESCO VAN KAMPEN TRUST FOR INVESTMENT GRADE NEW YORK MUNICIPALS
             on behalf of the Funds listed in the Exhibits
             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

                                       2

<PAGE>

                                                         as of November 16, 2010

                          EXHIBIT "A" - RETAIL FUNDS(1)

               INVESCO VAN KAMPEN ADVANTAGE MUNICIPAL INCOME TRUST

<TABLE>
<CAPTION>
                                          CONTRACTUAL/             EXPENSE            EFFECTIVE DATE OF          EXPIRATION
FUND                                       VOLUNTARY             LIMITATION            CURRENT LIMIT               DATE
----                                      ------------           ----------           -----------------         -----------
<S>                                       <C>                    <C>                  <C>                       <C>
Invesco VK Advantage Municipal
 Income Trust                              Contractual              1.05%                June 1, 2010           June 30, 2012
</TABLE>

                          INVESCO VAN KAMPEN BOND FUND

<TABLE>
<CAPTION>
                                          CONTRACTUAL/             EXPENSE            EFFECTIVE DATE OF          EXPIRATION
FUND                                       VOLUNTARY             LIMITATION            CURRENT LIMIT               DATE
----                                      ------------           ----------           -----------------         -----------
<S>                                       <C>                    <C>                  <C>                       <C>
Invesco VK Bond Fund                       Contractual              0.58%                June 1, 2010           June 30, 2012
</TABLE>

           INVESCO VAN KAMPEN CALIFORNIA VALUE MUNICIPAL INCOME TRUST

<TABLE>
<CAPTION>
                                          CONTRACTUAL/             EXPENSE            EFFECTIVE DATE OF          EXPIRATION
FUND                                        VOLUNTARY             LIMITATION            CURRENT LIMIT               DATE
----                                      ------------           ----------           -----------------         -----------
<S>                                       <C>                    <C>                  <C>                       <C>
Invesco  VK  California   Value  Muni
 Income Trust                              Contractual              1.05%                June 1, 2010           June 30, 2012
</TABLE>

              INVESCO VAN KAMPEN DYNAMICS CREDIT OPPORTUNITIES FUND

<TABLE>
<CAPTION>
                                          CONTRACTUAL/             EXPENSE            EFFECTIVE DATE OF          EXPIRATION
FUND                                        VOLUNTARY             LIMITATION            CURRENT LIMIT               DATE
----                                      ------------           ----------           -----------------         -----------
<S>                                       <C>                    <C>                  <C>                       <C>
Invesco VK Dynamics Credit
 Opportunities Fund                        Contractual              2.22%                June 1, 2010           June 30, 2012
</TABLE>

                        INVESCO VAN KAMPEN EXCHANGE FUND

<TABLE>
<CAPTION>
                                          CONTRACTUAL/             EXPENSE            EFFECTIVE DATE OF          EXPIRATION
FUND                                       VOLUNTARY             LIMITATION            CURRENT LIMIT               DATE
----                                      ------------           ----------           -----------------         -----------
<S>                                       <C>                    <C>                  <C>                       <C>
Invesco VK Exchange Fund                   Contractual              0.52%                June 1, 2010           June 30, 2012
</TABLE>

                     INVESCO VAN KAMPEN HIGH INCOME TRUST II

<TABLE>
<CAPTION>
                                          CONTRACTUAL/             EXPENSE            EFFECTIVE DATE OF          EXPIRATION
FUND                                        VOLUNTARY             LIMITATION            CURRENT LIMIT               DATE
----                                      ------------           ----------           -----------------         -----------
<S>                                       <C>                    <C>                  <C>                       <C>
Invesco VK High Income Trust II            Contractual              2.02%                June 1, 2010           June 30, 2012
</TABLE>

         INVESCO VAN KAMPEN MASSACHUSETTES VALUE MUNICIPAL INCOME TRUST

<TABLE>
<CAPTION>
                                          CONTRACTUAL/             EXPENSE            EFFECTIVE DATE OF          EXPIRATION
FUND                                        VOLUNTARY             LIMITATION            CURRENT LIMIT               DATE
----                                      ------------           ----------           -----------------         -----------
<S>                                       <C>                    <C>                  <C>                       <C>
Invesco VK Massachusetts Value
  Municipal Income Trust                   Contractual              1.18%                June 1, 2010           June 30, 2012
</TABLE>

                                       3

<PAGE>

                                                         as of November 16, 2010

                INVESCO VAN KAMPEN MUNICIPAL OPPORTUNITIES TRUST

<TABLE>
<CAPTION>
                                          CONTRACTUAL/             EXPENSE            EFFECTIVE DATE OF          EXPIRATION
FUND                                        VOLUNTARY             LIMITATION            CURRENT LIMIT               DATE
----                                      ------------           ----------           -----------------         -----------
<S>                                       <C>                    <C>                  <C>                       <C>
Invesco  VK  Municipal  Opportunities
 Trust                                     Contractual              1.03%                June 1, 2010           June 30, 2012
</TABLE>

                       INVESCO VAN KAMPEN MUNICIPAL TRUST

<TABLE>
<CAPTION>
                                          CONTRACTUAL/             EXPENSE            EFFECTIVE DATE OF          EXPIRATION
FUND                                        VOLUNTARY             LIMITATION            CURRENT LIMIT               DATE
----                                      ------------           ----------           -----------------         -----------
<S>                                       <C>                    <C>                  <C>                       <C>
Invesco VK Municipal Trust                 Contractual              0.94%                June 1, 2010           June 30, 2012
</TABLE>

                 INVESCO VAN KAMPEN OHIO QUALITY MUNICIPAL TRUST

<TABLE>
<CAPTION>
                                          CONTRACTUAL/             EXPENSE            EFFECTIVE DATE OF          EXPIRATION
FUND                                        VOLUNTARY             LIMITATION            CURRENT LIMIT               DATE
----                                      ------------           ----------           -----------------         -----------
<S>                                       <C>                    <C>                  <C>                       <C>

Invesco  VK  Ohio  Quality  Municipal
 Trust                                     Contractual              1.02%                June 1, 2010           June 30, 2012
</TABLE>

          INVESCO VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST

<TABLE>
<CAPTION>
                                          CONTRACTUAL/             EXPENSE            EFFECTIVE DATE OF          EXPIRATION
FUND                                       VOLUNTARY             LIMITATION            CURRENT LIMIT               DATE
----                                      ------------           ----------           -----------------         -----------
<S>                                       <C>                    <C>                  <C>                       <C>
Invesco VK Pennsylvania Value
 Municipal Income Trust                    Contractual              0.98%                June 1, 2010           June 30, 2012
</TABLE>

                 INVESCO VAN KAMPEN SELECT SECTOR MUNICIPAL TRUST

<TABLE>
<CAPTION>
                                          CONTRACTUAL/             EXPENSE            EFFECTIVE DATE OF          EXPIRATION
FUND                                        VOLUNTARY             LIMITATION            CURRENT LIMIT               DATE
----                                      ------------           ----------           -----------------         -----------
<S>                                       <C>                    <C>                  <C>                       <C>
Invesco  VK Select  Sector  Municipal
 Trust                                     Contractual              1.07%                June 1, 2010           June 30, 2012
</TABLE>

                     INVESCO VAN KAMPEN SENIOR INCOME TRUST

<TABLE>
<CAPTION>
                                          CONTRACTUAL/             EXPENSE            EFFECTIVE DATE OF          EXPIRATION
FUND                                        VOLUNTARY             LIMITATION            CURRENT LIMIT               DATE
----                                      ------------           ----------           -----------------         -----------
<S>                                       <C>                    <C>                  <C>                       <C>
Invesco VK Senior Income Trust             Contractual              2.07%                June 1, 2010           June 30, 2012
</TABLE>

                       INVESCO VAN KAMPEN SENIOR LOAN FUND

<TABLE>
<CAPTION>
                                          CONTRACTUAL/             EXPENSE            EFFECTIVE DATE OF          EXPIRATION
FUND                                        VOLUNTARY             LIMITATION            CURRENT LIMIT               DATE
----                                      ------------           ----------           -----------------         -----------
<S>                                       <C>                    <C>                  <C>                       <C>
Invesco VK Senior Loan Fund
     Class A                               Contractual              1.53%(2)               June 1, 2010         June 30, 2012
     Class B                               Contractual              2.28%(2)               June 1, 2010         June 30, 2012
     Class C                               Contractual              2.28%(2)               June 1, 2010         June 30, 2012
     Class IB                              Contractual              1.53%                 June 1, 2010          June 30, 2012
     Class IC                              Contractual              1.53%(2)               June 1, 2010         June 30, 2012
</TABLE>

                                       4

<PAGE>

                                                         as of November 16, 2010

                 INVESCO VAN KAMPEN TRUST FOR INSURED MUNICIPALS

<TABLE>
<CAPTION>
                                          CONTRACTUAL/             EXPENSE            EFFECTIVE DATE OF          EXPIRATION
FUND                                        VOLUNTARY             LIMITATION            CURRENT LIMIT               DATE
----                                      ------------           ----------           -----------------         -----------
<S>                                       <C>                    <C>                  <C>                       <C>
Invesco VK Trust for Insured
 Municipals                                Contractual              1.10%                June 1, 2010           June 30, 2012
</TABLE>

            INVESCO VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS

<TABLE>
<CAPTION>
                                          CONTRACTUAL/             EXPENSE            EFFECTIVE DATE OF          EXPIRATION
FUND                                        VOLUNTARY             LIMITATION            CURRENT LIMIT               DATE
----                                      ------------           ----------           -----------------         -----------
<S>                                       <C>                    <C>                  <C>                       <C>
Invesco VK Trust for Investment
 Grade Municipals                          Contractual              0.99%                June 1, 2010           June 30, 2012
</TABLE>

      INVESCO VAN KAMPEN TRUST FOR INVESTMENT GRADE NEW JERSEY MUNICIPALS

<TABLE>
<CAPTION>
                                          CONTRACTUAL/             EXPENSE            EFFECTIVE DATE OF          EXPIRATION
FUND                                        VOLUNTARY             LIMITATION            CURRENT LIMIT               DATE
----                                      ------------           ----------           -----------------         -----------
<S>                                       <C>                    <C>                  <C>                       <C>
Invesco VK Trust for Investment
 Grade New Jersey Municipals               Contractual              1.08%                June 1, 2010           June 30, 2012
</TABLE>

       INVESCO VAN KAMPEN TRUST FOR INVESTMENT GRADE NEW YORK MUNICIPALS

<TABLE>
<CAPTION>
                                          CONTRACTUAL/             EXPENSE            EFFECTIVE DATE OF          EXPIRATION
FUND                                        VOLUNTARY             LIMITATION            CURRENT LIMIT               DATE
----                                      ------------           ----------           -----------------         -----------
<S>                                       <C>                    <C>                  <C>                       <C>
Invesco   VK  Trust  for   Investment
 Grade New York Municipals                 Contractual              1.02%                June 1, 2010           June 30, 2012
</TABLE>

(1)  The total operating expenses of any class of shares established after the
     date of this Memorandum of Agreement will be limited to the amount
     established for Class A Shares plus the difference between the new class
     12b-1 rate and the Class A 12b-1 rate.

(2)  The expense limit shown is the expense limit after Rule 12b-1 fee waivers
     by Invesco Distributorors, Inc.

                                       5
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
