<DOCUMENT>
<TYPE>EX-99.77Q1 OTHR EXHB
<SEQUENCE>3
<FILENAME>h8637777q1e.txt
<DESCRIPTION>EX-77.Q1(E)
<TEXT>
<PAGE>
                                                                SUB-ITEM 77Q1(e)

                             MEMORANDUM OF AGREEMENT
                              (EXPENSE LIMITATIONS)

     This Memorandum of Agreement is entered into as of the Effective Date on
the attached exhibit (the "Exhibit"), 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 "Registrant" or, collectively, the
"Registrants"), on behalf of the funds listed on the Exhibit 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 Registrants and Invesco agree as follows:

     For the Contractual Limits (listed in Exhibit A), the Registrants 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 Exhibit 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 Boards of Trustees, and with respect to
Invesco Van Kampen Exchange Fund, the Managing General Partners, of the
Registrants 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 Registrants and Invesco agree to
review the then-current expense limitations for each class of each Fund listed
on the Exhibit 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 Registrants and Invesco have
agreed to continue them. The Exhibit will be amended to reflect any such
agreement.

     It is expressly agreed that the obligations of each Registrant hereunder
shall not be binding upon any of the Trustees/Managing General Partners,
shareholders, partners, nominees, officers, agents or employees of the
Registrants personally, but shall only bind the assets and property of each
Fund, as provided in each Registrant's Agreement and Declaration of Trust or
Certificate of Limited Partnership. The execution and delivery of this
Memorandum of Agreement have been authorized by the Trustees of the Registrants,
and this Memorandum of Agreement has been executed and delivered by an
authorized officer of the Registrants acting as such; neither such authorization
by such Trustees/Managing General Partners 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 or Certificate of Limited Partnership.

<PAGE>

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

            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 Exhibit
            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 June 6, 2011

                          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 June 6, 2011

                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       1.32%(2)      June 6, 2011       June 30, 2012
   Class B                       Contractual       2.07%(2)      June 6, 2011       June 30, 2012
   Class C                       Contractual       2.07%(2)      June 6, 2011       June 30, 2012
   Class IB                      Contractual       1.32%         June 6, 2011       June 30, 2012
   Class IC                      Contractual       1.32%(2)      June 6, 2011       June 30, 2012
</TABLE>

                                        4
<PAGE>
                                                              as of June 6, 2011

                 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 Distributors, Inc.

                                       5
</TEXT>
</DOCUMENT>
