<DOCUMENT>
<TYPE>EX-99.77Q1 OTHR EXHB
<SEQUENCE>5
<FILENAME>h79981ex77q1e-a.txt
<DESCRIPTION>EXHIBIT
<TEXT>
                                                               SUB-ITEM 77Q1(E)

                             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.

          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.

<PAGE>

                                                               SUB-ITEM 77Q1 (E)

             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 RUST

<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>
