<SEC-DOCUMENT>0001258897-13-000617.txt : 20131030
<SEC-HEADER>0001258897-13-000617.hdr.sgml : 20131030
<ACCEPTANCE-DATETIME>20131030114228
ACCESSION NUMBER:		0001258897-13-000617
CONFORMED SUBMISSION TYPE:	NSAR-A
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20130831
FILED AS OF DATE:		20131030
DATE AS OF CHANGE:		20131030
EFFECTIVENESS DATE:		20131030

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Invesco High Income Trust II
		CENTRAL INDEX KEY:			0000846671
		IRS NUMBER:				366900462
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		NSAR-A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05769
		FILM NUMBER:		131178283

	BUSINESS ADDRESS:	
		STREET 1:		VAN KAMPEN INVESTMENTS INC.
		STREET 2:		522 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		212-296-6963

	MAIL ADDRESS:	
		STREET 1:		VAN KAMPEN INVESTMENTS INC.
		STREET 2:		522 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Invesco Van Kampen High Income Trust II
		DATE OF NAME CHANGE:	20100601

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VAN KAMPEN HIGH INCOME TRUST II
		DATE OF NAME CHANGE:	19981006

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VAN KAMPEN AMERICAN CAPITAL LIMITED TERM HIGH INCOME
		DATE OF NAME CHANGE:	19960102
</SEC-HEADER>
<DOCUMENT>
<TYPE>NSAR-A
<SEQUENCE>1
<FILENAME>606609answer.fil
<DESCRIPTION>NSAR-A
<TEXT>
<PAGE>      PAGE  1
000 A000000 08/31/2013
000 C000000 0000846671
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 INVESCO HIGH INCOME TRUST II
001 B000000 811-05769
001 C000000 8002415477
002 A000000 1555 PEACHTREE ST., NE
002 B000000 ATLANTA
002 C000000 GA
002 D010000 30309
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 N
007 B000000  0
007 C010100  1
008 A000001 Invesco Advisers, Inc.
008 B000001 A
008 C000001 801-33949
008 D010001 Atlanta
008 D020001 GA
008 D030001 30309
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
008 D050004 Japan
008 D060004 105-6025
008 A000005 Invesco Australia Limited
008 B000005 S
008 C000005 801-68638
008 D010005 Melbourne
<PAGE>      PAGE  2
008 D050005 Australia
008 D060005 3000
008 A000006 Invesco Hong Kong Limited
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 Canada Ltd.
008 B000008 S
008 C000008 801-62166
008 D010008 TORONTO
008 D050008 CANADA
008 D060008 M2N 6X7
010 A000001 Invesco Management Group Inc.
010 B000001 33-67866
010 C010001 Houston
010 C020001 TX
010 C030001 77046
012 A000001 COMPUTERSHARE TRUST COMPANY, N.A.
012 B000001 85-11340
012 C010001 PROVIDENCE
012 C020001 RI
012 C030001 02940
012 C040001 3078
013 A000001 PricewaterhouseCoopers, LLP
013 B010001 HOUSTON
013 B020001 TX
013 B030001 77002
013 B040001 5678
015 A000001 STATE STREET BANK AND TRUST CO.
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02111
015 C040001 1713
015 E010001 X
018  000000 Y
019 A000000 Y
019 B000000  131
019 C000000 INVESCOFDS
021  000000        0
022 A000001 J.P. MORGAN SECURITIES INC.
022 B000001 13-3299429
022 C000001     14427
<PAGE>      PAGE  3
022 D000001      9310
022 A000002 MORGAN STANLEY & CO., INC.
022 B000002 13-2655998
022 C000002     10648
022 D000002     11946
022 A000003 BANC OF AMERICA SECURITIES LLC
022 B000003 56-2058405
022 C000003      6490
022 D000003      5608
022 A000004 CREDIT SUISSE FIRST BOSTON LLC
022 B000004 05-0546650
022 C000004      7332
022 D000004      3926
022 A000005 GOLDMAN, SACHS & CO.
022 B000005 13-5108880
022 C000005      5180
022 D000005      5959
022 A000006 BARCLAYS CAPITAL INC.
022 B000006 06-1031656
022 C000006      4928
022 D000006      4485
022 A000007 WELLS FARGO SECURITIES, LLC
022 B000007 56-2326000
022 C000007      2802
022 D000007      5126
022 A000008 DEUTSCHE BANK SECURITIES INC.
022 B000008 13-2730828
022 C000008      5797
022 D000008      1920
022 A000009 ROBERT W. BAIRD & CO. INC.
022 B000009 39-6037917
022 C000009      1680
022 D000009      4890
022 A000010 GMP SECURITIES, LLC
022 B000010 13-4036836
022 C000010      1288
022 D000010      2811
023 C000000      69509
023 D000000      66598
024  000000 Y
025 A000001 GOLDMAN, SACHS & CO.
025 B000001 13-5108880
025 C000001 E
025 D000001     384
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
<PAGE>      PAGE  4
026 G020000 N
026 H000000 N
027  000000 N
028 A010000         0
028 A020000         0
028 A030000         0
028 A040000         0
028 B010000         0
028 B020000         0
028 B030000         0
028 B040000         0
028 C010000         0
028 C020000         0
028 C030000         0
028 C040000         0
028 D010000         0
028 D020000         0
028 D030000         0
028 D040000         0
028 E010000         0
028 E020000         0
028 E030000         0
028 E040000         0
028 F010000         0
028 F020000         0
028 F030000         0
028 F040000         0
028 G010000         0
028 G020000         0
028 G030000         0
028 G040000         0
028 H000000         0
030 A000000      0
030 B000000  0.00
030 C000000  0.00
031 A000000      0
031 B000000      0
032  000000      0
033  000000      0
035  000000      0
036 B000000      0
038  000000      0
042 A000000   0
042 B000000   0
042 C000000   0
042 D000000   0
042 E000000   0
042 F000000   0
042 G000000   0
042 H000000   0
043  000000      0
<PAGE>      PAGE  5
044  000000      0
045  000000 Y
046  000000 N
047  000000 Y
048  000000  0.700
048 A010000        0
048 A020000 0.000
048 B010000        0
048 B020000 0.000
048 C010000        0
048 C020000 0.000
048 D010000        0
048 D020000 0.000
048 E010000        0
048 E020000 0.000
048 F010000        0
048 F020000 0.000
048 G010000        0
048 G020000 0.000
048 H010000        0
048 H020000 0.000
048 I010000        0
048 I020000 0.000
048 J010000        0
048 J020000 0.000
048 K010000        0
048 K020000 0.000
049  000000 N
050  000000 N
051  000000 N
052  000000 N
053 A000000 Y
053 B000000 Y
053 C000000 N
054 A000000 Y
054 B000000 N
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 N
055 A000000 Y
055 B000000 N
<PAGE>      PAGE  6
056  000000 Y
057  000000 N
058 A000000 N
059  000000 Y
060 A000000 Y
060 B000000 Y
061  000000        0
062 A000000 Y
062 B000000   0.0
062 C000000   0.0
062 D000000   0.0
062 E000000   0.0
062 F000000   0.0
062 G000000   0.0
062 H000000   0.0
062 I000000   0.0
062 J000000   0.0
062 K000000   0.0
062 L000000   0.6
062 M000000   0.0
062 N000000   0.0
062 O000000   0.0
062 P000000 128.4
062 Q000000   1.1
062 R000000   6.5
063 A000000   0
063 B000000  7.3
064 A000000 N
064 B000000 Y
065  000000 N
066 A000000 N
067  000000 N
068 A000000 N
068 B000000 N
069  000000 N
070 A010000 Y
070 A020000 N
070 B010000 N
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 N
070 H020000 N
<PAGE>      PAGE  7
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 Y
070 K020000 Y
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 Y
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 Y
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000     68982
071 B000000     70531
071 C000000    187793
071 D000000   37
072 A000000  6
072 B000000     6148
072 C000000      153
072 D000000        0
072 E000000        0
072 F000000      677
072 G000000        0
072 H000000        0
072 I000000       20
072 J000000       10
072 K000000        0
072 L000000       36
072 M000000        7
072 N000000        0
072 O000000        0
072 P000000      257
072 Q000000       25
072 R000000       21
072 S000000       78
072 T000000        0
072 U000000        6
072 V000000        0
072 W000000       73
072 X000000     1210
072 Y000000       94
072 Z000000     5185
072AA000000     4642
<PAGE>      PAGE  8
072BB000000     1019
072CC010000        0
072CC020000     8493
072DD010000     5650
072DD020000        0
072EE000000        0
073 A010000   0.6960
073 A020000   0.0000
073 B000000   0.0000
073 C000000   0.0000
074 A000000        0
074 B000000        0
074 C000000     2338
074 D000000   175663
074 E000000     3972
074 F000000      679
074 G000000        0
074 H000000        0
074 I000000     4325
074 J000000      255
074 K000000        0
074 L000000     3436
074 M000000       33
074 N000000   190701
074 O000000     2532
074 P000000       12
074 Q000000    50550
074 R010000        0
074 R020000        0
074 R030000        0
074 R040000      782
074 S000000        0
074 T000000   136825
074 U010000     8118
074 U020000        0
074 V010000    16.85
074 V020000     0.00
074 W000000   0.0000
074 X000000      988
074 Y000000        0
075 A000000        0
075 B000000   141387
076  000000    15.88
077 A000000 Y
077 B000000 N
077 C000000 Y
077 D000000 N
077 E000000 Y
077 F000000 N
077 G000000 N
077 H000000 N
<PAGE>      PAGE  9
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 Y
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078  000000 N
080 C000000        0
081 B000000   0
082 B000000        0
083 B000000        0
084 B000000        0
086 A010000      0
086 A020000      0
086 B010000      0
086 B020000      0
086 C010000      0
086 C020000      0
086 D010000      0
086 D020000      0
086 E010000      0
086 E020000      0
086 F010000      0
086 F020000      0
087 A010000 COMMON
087 A020000 46131F101
087 A030000 VLT
088 A000000 N
088 B000000 N
088 C000000 N
088 D000000 N
SIGNATURE   KELLI GALLEGOS
TITLE       ASSISTANT TREASURER AND ASSISTANT VICE PRESIDENT

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77C VOTES
<SEQUENCE>2
<FILENAME>dex9977c.txt
<DESCRIPTION>EX-99.77C
<TEXT>
<PAGE>

                                                                   Sub-Item 77C

              SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

                         INVESCO HIGH INCOME TRUST II

An Annual Meeting ("Meeting") of Shareholders of Invesco High Income Trust II
(the "Trust") was held on August 2, 2013. The Meeting was held for the
following purpose:

(1). Elect three Class III Trustees by the holders of Common Shares of the
     Trust, each of whom will serve for a three-year term or until a successor
     has been duly elected and qualified.

The results of the voting on the above matter were as follows:

                                                        Votes    Votes   Votes
Matter                                                   For    Against Abstain
------                                                --------- ------- -------
(1). R. Craig Kennedy................................ 6,803,818 439,923  6,589
     Colin D. Meadows................................ 6,803,485 440,257  6,588
     Hugo F. Sonnenschein............................ 6,800,775 442,899  6,656
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77E LEGAL
<SEQUENCE>3
<FILENAME>dex9977e.txt
<DESCRIPTION>EX-99.77E
<TEXT>
<PAGE>

                                                                   SUB-ITEM 77E

                               LEGAL PROCEEDINGS
                         INVESCO HIGH INCOME TRUST II

   On January 17, 2011, a Consolidated Amended Shareholder Derivative Complaint
was filed by common shareholders on behalf of Invesco Advantage Municipal
Income Trust II; Invesco Municipal Opportunity Trust; Invesco Municipal Trust;
Invesco High Income Trust II; Invesco Senior Income Trust (the "Trusts")
against Van Kampen Asset Management, Morgan Stanley, and certain individuals
(collectively, the "Defendants") in Rotz v. Van Kampen Asset Management. The
Plaintiffs alleged that Defendants breached their fiduciary duties to common
shareholders by causing the Trusts to redeem Auction Rate Preferred Securities
("ARPS") at their liquidation value, which was allegedly higher than market
value at the time, and by not having adequate procedures to deal with potential
conflicts of interest. The Plaintiffs alleged that the redemptions of the ARPS
wasted Trust assets, occurred at the expense of the Trusts and the common
shareholders, and were improperly motivated to benefit preferred shareholders
and Defendants. Additionally, the Plaintiffs claimed that the ARPS were
replaced with less favorable financing. Plaintiffs seek judgment that: 1)
orders Defendants to refrain from redeeming any ARPS at their liquidation value
using Trusts 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' alleged breaches of fiduciary duties; and 4) awards to Plaintiffs
the costs and disbursements of the action. On August 10, 2010, the Board of
Trustees formed a Special Litigation Committee ("SLC") to investigate the
claims made in the April 2010 demand letters underlying the Complaint with the
assistance of independent counsel. After reviewing the findings of the SLC and
a vote by Independent Trustees, the Board announced on June 24, 2011, that it
had adopted the SLC recommendation to reject the demands and seek dismissal of
the lawsuit. The Trusts filed a motion to dismiss on October 4, 2011, which
remains pending.

   Management of Invesco and the Trust believe that the outcome of the
proceedings described above will not have a material adverse effect on the
Trust or on the ability of Invesco to provide ongoing services to the Trust.
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77Q1E OTHR EXH
<SEQUENCE>4
<FILENAME>dex9977q1e.txt
<DESCRIPTION>EX-99.77Q1E
<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 California Value Municipal
Income Trust, Invesco High Income Trust II, Invesco Municipal Opportunity
Trust, Invesco Trust for Investment Grade New York Municipals (each a "Fund"
and collectively the "Funds"), and Invesco Advisers, Inc. ("Invesco"). Invesco
shall and hereby agrees to waive fees or reimburse expenses of the Fund
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 Funds and Invesco agree as follows:

   For the Contractual Limits (listed in Exhibit A), the Funds 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 the Funds (excluding (i) interest;
(ii) taxes; (iii) dividend expense on short sales; (iv) extraordinary or
non-routine items; (v) expenses that the 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. 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 of the Funds 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, the Funds and Invesco agree to review the
then-current expense limitations for 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 Funds 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 the Funds hereunder shall not
be binding upon any of the Trustees, shareholders, partners, nominees,
officers, agents or employees of the Funds personally, but shall only bind the
assets and property of the Funds, as provided in the Fund's Agreement and
Declaration of Trust. The execution and delivery of this Memorandum of
Agreement have been authorized by the Trustees of the Fund, and this Memorandum
of Agreement has been executed and delivered by an authorized officer of the
Funds 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 the Fund's
Agreement and Declaration of Trust.

<PAGE>

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

                         INVESCO CALIFORNIA VALUE MUNICIPAL INCOME TRUST
                         INVESCO HIGH INCOME TRUST II
                         INVESCO MUNICIPAL OPPORTUNITY TRUST
                         INVESCO TRUST FOR INVESTMENT GRADE NEW YORK MUNICIPALS

                         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 May 6, 2013

                                  EXHIBIT "A"

                INVESCO 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 California Value
  Municipal Income Trust        Contractual     0.52%    August 27, 2012  August 31, 2014
</TABLE>

                         INVESCO HIGH INCOME TRUST II

<TABLE>
<CAPTION>
                                CONTRACTUAL/  EXPENSE   EFFECTIVE DATE OF   EXPIRATION
FUND                             VOLUNTARY   LIMITATION   CURRENT LIMIT        DATE
----                            ------------ ---------- ----------------- ---------------
<S>                             <C>          <C>        <C>               <C>
Invesco High Income Trust II    Contractual     1.10%    August 27, 2012  August 31, 2014
</TABLE>

                      INVESCO MUNICIPAL OPPORTUNITY TRUST

<TABLE>
<CAPTION>
                                CONTRACTUAL/  EXPENSE   EFFECTIVE DATE OF    EXPIRATION
FUND                             VOLUNTARY   LIMITATION   CURRENT LIMIT         DATE
----                            ------------ ---------- ----------------- ----------------
<S>                             <C>          <C>        <C>               <C>
Invesco Municipal Opportunity
  Trust                         Contractual     0.89%   October 15, 2012  October 31, 2014
</TABLE>

            INVESCO 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 Trust for Investment
  Grade New York Municipals     Contractual     0.69%    August 27, 2012  August 31, 2014
</TABLE>

                                      3

<PAGE>

                                                               Sub-Item 77Q1(e)

                                AMENDMENT NO. 1
                                      TO
                     MASTER INVESTMENT ADVISORY AGREEMENT

   THIS Amendment dated December 3, 2012, amends the Master Investment Advisory
Agreement (the "Agreement") dated August 27, 2012, by and between Invesco Van
Kampen High Income Trust II, a Delaware Statutory Trust (the "Trust"), and
Invesco Advisers, Inc., a Delaware Corporation (the "Adviser").

                                   RECITALS

   WHEREAS, the Trust desires to amend the Agreement to change the name of the
Trust from Invesco Van Kampen High Income Trust II to Invesco High Income Trust
II;

   NOW THEREFORE, the parties agree as follows:

   1. Appendix A is deleted in its entirety and replaced with the following:

                                  "APPENDIX A

                          COMPENSATION TO THE ADVISER

   The Trust shall pay the Adviser, out of its assets, as full compensation for
all services rendered, an advisory fee for the Trust set forth below. Such fee
shall be calculated by applying the following annual rates to the average daily
manage assets of the Trust for the calendar year.

FUND NAME                                         ADVISORY FEE RATE
---------                               --------------------------------------
Invesco High Income Trust II            .700% on managed assets"

"Managed assets" for this purpose means the Trust's net assets, plus assets
attributable to outstanding preferred shares and the amount of any borrowings
incurred for the purpose of leverage (whether or not such borrowed amounts are
reflected in the Trust's financial statements for purposes of generally
accepted accounting principles).

<PAGE>

   IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed in duplicate by their respective officers on the day and year first
written above.

Attest:                             INVESCO HIGH INCOME TRUST II

/s/ Peter Davidson                  By:     /s/ John M. Zerr
----------------------------------          ----------------------------------
       ASSISTANT SECRETARY          Name:   John M. Zerr
                                    Title:  Senior Vice President
(SEAL)

Attest:                             INVESCO ADVISERS, INC.

/s/ Peter Davidson                  By:     /s/ John M. Zerr
----------------------------------          ----------------------------------
       ASSISTANT SECRETARY          Name:   John M. Zerr
                                    Title:  Senior Vice President
(SEAL)

                                       2

<PAGE>

                                                               Sub-Item 77Q1(e)

                            MEMORANDUM OF AGREEMENT
              (AFFILIATED MONEY MARKET FUND ADVISORY FEE WAIVER)

     This Memorandum of Agreement is entered into as of the dates indicated on
Exhibit "A" between Invesco Advantage Municipal Income Trust II, Invesco Bond
Fund, Invesco California Value Municipal Income Trust, Invesco Dynamic Credit
Opportunities Fund, Invesco High Income Trust II, Invesco Municipal Opportunity
Trust, Invesco Municipal Trust, Invesco Pennsylvania Value Municipal Income
Trust, Invesco Senior Income Trust, Invesco Senior Loan Fund, Invesco Trust for
Investment Grade Municipals, Invesco Trust for Investment Grade New York
Municipals and Invesco Van Kampen Exchange Fund (each a "Fund" and
collectively, the "Funds") and Invesco Advisers, Inc. ("Invesco").

     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 Funds and Invesco agree as follows:

     1.  Each Fund and Invesco agree that until the expiration date, if any, of
         the commitment set forth on the attached Exhibit "A" occurs, as such
         Exhibit "A" is amended from time to time, Invesco will waive advisory
         fees payable by an Investing Fund (defined below) in an amount equal
         to 100% of the net advisory fee Invesco receives on the Uninvested
         Cash (defined below) from the Affiliated Money Market Fund (defined
         below) in which the Investing Fund invests (the "Waiver").

         i.   Invesco's Fund Accounting Group will calculate, and apply, the
              Waiver monthly, based upon the average investment of Uninvested
              Cash made by the Investing Fund during the previous month in an
              Affiliated Money Market Fund.

         ii.  The Waiver will not apply to those investing Funds that do not
              charge an advisory fee, either due to the terms of their advisory
              agreement, or as a result of contractual or voluntary fee waivers.

         iii. The Waiver will not apply to cash collateral for securities
              lending.

         For purposes of the paragraph above, the following terms shall have
         the following meanings:

         (a)  "Affiliated Money Market Fund" - any existing or future fund
              managed by Invesco or its affiliates that holds itself out as a
              money market fund and complies with Rule 2a-7 under the
              Investment Company Act of 1940, as amended;

         (b)  "Investing Fund" - any Fund investing Uninvested Cash in an
              Affiliated Money Market Fund; and

         (c)  "Uninvested Cash" - cash available and uninvested by a Fund that
              may result from a variety of sources, including dividends or
              interest received on portfolio securities, unsettled securities
              transactions, strategic reserves, matured investments, proceeds
              from liquidation of investment securities, dividend payments, or
              new investor capital.

<PAGE>

     2.  Neither a Fund nor Invesco may remove or amend the Waiver to a Fund's
         detriment prior to requesting and receiving the approval of the Fund's
         Board of Trustee/Managing General Partners to remove or amend such
         Waiver. Invesco will not have any right to reimbursement of any amount
         so waived.

     Subject to the foregoing paragraphs, each of the Funds and Invesco agree
to review the then-current waivers for each Fund listed on the Exhibit on a
date prior to the Expiration Date to determine whether such waivers should be
amended, continued or terminated. The waivers will expire upon the Expiration
Date unless the Funds and Invesco have agreed to continue them. The Exhibit
will be amended to reflect any such agreement.

     Nothing in this Memorandum of Agreement is intended to affect any other
memorandum of agreement executed by any Fund or Invesco with respect to any
other fee waivers, expense reimbursements and/or expense limitations.

     IN WITNESS WHEREOF, each Fund and Invesco have entered into this
Memorandum of Agreement as of the dates indicated on Exhibit "A".

                         INVESCO ADVANTAGE MUNICIPAL INCOME TRUST II
                         INVESCO BOND FUND
                         INVESCO CALIFORNIA VALUE MUNICIPAL INCOME TRUST
                         INVESCO DYNAMIC CREDIT OPPORTUNITIES FUND
                         INVESCO HIGH INCOME TRUST II
                         INVESCO MUNICIPAL OPPORTUNITY TRUST
                         INVESCO MUNICIPAL TRUST
                         INVESCO PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
                         INVESCO SENIOR INCOME TRUST
                         INVESCO SENIOR LOAN FUND
                         INVESCO TRUST FOR INVESTMENT GRADE MUNICIPALS
                         INVESCO TRUST FOR INVESTMENT GRADE NEW YORK MUNICIPALS
                         INVESCO VAN KAMPEN EXCHANGE FUND

                         By:     /s/ John M. Zerr
                                 -----------------------------------------------
                         Title:  Senior Vice President

                         INVESCO ADVISERS, INC.

                         By:     /s/ John M. Zerr
                                 -----------------------------------------------
                         Title:  Senior Vice President

                                       2

<PAGE>

                                  EXHIBIT "A"

                  INVESCO ADVANTAGE MUNICIPAL INCOME TRUST II

FUND                                             EFFECTIVE DATE COMMITTED UNTIL
----                                             -------------- ---------------
Invesco Advantage Municipal Income Trust          May 15, 2012   June 30, 2014

                               INVESCO BOND FUND

FUND                                             EFFECTIVE DATE COMMITTED UNTIL
----                                             -------------- ---------------
Invesco Bond Fund                                 May 15, 2012   June 30, 2014

                INVESCO CALIFORNIA VALUE MUNICIPAL INCOME TRUST

FUND                                             EFFECTIVE DATE COMMITTED UNTIL
----                                             -------------- ---------------
Invesco California Value Municipal Income Trust   May 15, 2012   June 30, 2014

                   INVESCO DYNAMIC CREDIT OPPORTUNITIES FUND

FUND                                             EFFECTIVE DATE COMMITTED UNTIL
----                                             -------------- ---------------
Invesco Dynamic Credit Opportunities Fund         May 15, 2012   June 30, 2014

                         INVESCO HIGH INCOME TRUST II

FUND                                             EFFECTIVE DATE COMMITTED UNTIL
----                                             -------------- ---------------
Invesco High Income Trust II                      May 15, 2012   June 30, 2014

                      INVESCO MUNICIPAL OPPORTUNITY TRUST

FUND                                             EFFECTIVE DATE COMMITTED UNTIL
----                                             -------------- ---------------
Invesco Municipal Opportunity Trust               May 15, 2012   June 30, 2014

                            INVESCO MUNICIPAL TRUST

FUND                                             EFFECTIVE DATE COMMITTED UNTIL
----                                             -------------- ---------------
Invesco Municipal Trust                           May 15, 2012   June 30, 2014

               INVESCO PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST

FUND                                             EFFECTIVE DATE COMMITTED UNTIL
----                                             -------------- ---------------
Invesco Pennsylvania Value Municipal Income
  Trust                                           May 15, 2012   June 30, 2014

                                      A-1

<PAGE>

                          INVESCO SENIOR INCOME TRUST

FUND                                             EFFECTIVE DATE COMMITTED UNTIL
----                                             -------------- ---------------
Invesco Senior Income Trust                       May 15, 2012   June 30, 2014

                           INVESCO SENIOR LOAN FUND

FUND                                             EFFECTIVE DATE COMMITTED UNTIL
----                                             -------------- ---------------
Invesco Senior Loan Fund                          May 15, 2012   June 30, 2014

                 INVESCO TRUST FOR INVESTMENT GRADE MUNICIPALS

FUND                                             EFFECTIVE DATE COMMITTED UNTIL
----                                             -------------- ---------------
Invesco Trust for Investment Grade Municipals     May 15, 2012   June 30, 2014

            INVESCO TRUST FOR INVESTMENT GRADE NEW YORK MUNICIPALS

FUND                                             EFFECTIVE DATE COMMITTED UNTIL
----                                             -------------- ---------------
Invesco Trust for Investment Grade New York
  Municipals                                      May 15, 2012   June 30, 2014

                       INVESCO VAN KAMPEN EXCHANGE FUND

FUND                                             EFFECTIVE DATE COMMITTED UNTIL
----                                             -------------- ---------------
Invesco Van Kampen Exchange Fund                  May 15, 2012   June 30, 2014

                                      A-2
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
