EX-99.77Q1 OTHR EXHB 4 h81580ex77q1e.txt EXHIBIT 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. 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 as of November 16, 2010 EXHIBIT "A" - RETAIL FUNDS(1) INVESCO VAN KAMPEN ADVANTAGE MUNICIPAL INCOME TRUST
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE ---- ------------ ---------- ----------------- ----------- Invesco VK Advantage Municipal Income Trust Contractual 1.05% June 1, 2010 June 30, 2012
INVESCO VAN KAMPEN BOND FUND
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE ---- ------------ ---------- ----------------- ----------- Invesco VK Bond Fund Contractual 0.58% June 1, 2010 June 30, 2012
INVESCO VAN KAMPEN CALIFORNIA VALUE MUNICIPAL INCOME TRUST
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE ---- ------------ ---------- ----------------- ----------- Invesco VK California Value Muni Income Trust Contractual 1.05% June 1, 2010 June 30, 2012
INVESCO VAN KAMPEN DYNAMICS CREDIT OPPORTUNITIES FUND
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE ---- ------------ ---------- ----------------- ----------- Invesco VK Dynamics Credit Opportunities Fund Contractual 2.22% June 1, 2010 June 30, 2012
INVESCO VAN KAMPEN EXCHANGE FUND
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE ---- ------------ ---------- ----------------- ----------- Invesco VK Exchange Fund Contractual 0.52% June 1, 2010 June 30, 2012
INVESCO VAN KAMPEN HIGH INCOME TRUST II
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE ---- ------------ ---------- ----------------- ----------- Invesco VK High Income Trust II Contractual 2.02% June 1, 2010 June 30, 2012
INVESCO VAN KAMPEN MASSACHUSETTES VALUE MUNICIPAL INCOME TRUST
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE ---- ------------ ---------- ----------------- ----------- Invesco VK Massachusetts Value Municipal Income Trust Contractual 1.18% June 1, 2010 June 30, 2012
3 as of November 16, 2010 INVESCO VAN KAMPEN MUNICIPAL OPPORTUNITIES TRUST
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE ---- ------------ ---------- ----------------- ----------- Invesco VK Municipal Opportunities Trust Contractual 1.03% June 1, 2010 June 30, 2012
INVESCO VAN KAMPEN MUNICIPAL TRUST
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE ---- ------------ ---------- ----------------- ----------- Invesco VK Municipal Trust Contractual 0.94% June 1, 2010 June 30, 2012
INVESCO VAN KAMPEN OHIO QUALITY MUNICIPAL TRUST
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE ---- ------------ ---------- ----------------- ----------- Invesco VK Ohio Quality Municipal Trust Contractual 1.02% June 1, 2010 June 30, 2012
INVESCO VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE ---- ------------ ---------- ----------------- ----------- Invesco VK Pennsylvania Value Municipal Income Trust Contractual 0.98% June 1, 2010 June 30, 2012
INVESCO VAN KAMPEN SELECT SECTOR MUNICIPAL TRUST
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE ---- ------------ ---------- ----------------- ----------- Invesco VK Select Sector Municipal Trust Contractual 1.07% June 1, 2010 June 30, 2012
INVESCO VAN KAMPEN SENIOR INCOME TRUST
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE ---- ------------ ---------- ----------------- ----------- Invesco VK Senior Income Trust Contractual 2.07% June 1, 2010 June 30, 2012
INVESCO VAN KAMPEN SENIOR LOAN FUND
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE ---- ------------ ---------- ----------------- ----------- 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
4 as of November 16, 2010 INVESCO VAN KAMPEN TRUST FOR INSURED MUNICIPALS
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE ---- ------------ ---------- ----------------- ----------- Invesco VK Trust for Insured Municipals Contractual 1.10% June 1, 2010 June 30, 2012
INVESCO VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE ---- ------------ ---------- ----------------- ----------- Invesco VK Trust for Investment Grade Municipals Contractual 0.99% June 1, 2010 June 30, 2012
INVESCO VAN KAMPEN TRUST FOR INVESTMENT GRADE NEW JERSEY MUNICIPALS
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE ---- ------------ ---------- ----------------- ----------- Invesco VK Trust for Investment Grade New Jersey Municipals Contractual 1.08% June 1, 2010 June 30, 2012
INVESCO VAN KAMPEN TRUST FOR INVESTMENT GRADE NEW YORK MUNICIPALS
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE ---- ------------ ---------- ----------------- ----------- Invesco VK Trust for Investment Grade New York Municipals Contractual 1.02% June 1, 2010 June 30, 2012
(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