<DOCUMENT>
<TYPE>EX-99.77Q1 OTHR EXHB
<SEQUENCE>4
<FILENAME>h86372ex77q1e.txt
<DESCRIPTION>EXHIBIT
<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>
