EXHIBIT h(5)
MEMORANDUM OF AGREEMENT
This Memorandum of Agreement is entered into as of the date indicated
on Exhibit "A" between AIM Floating Rate Fund, AIM Growth Series, AIM Investment
Funds and AIM Series Trust (each a "Company" and collectively, the "Companies"),
on behalf of the portfolios listed on Exhibit "A" to this Memorandum of
Agreement (the "Funds"), and A I M Advisors, Inc. ("AIM").
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 Companies and AIM agree as follows:
1. Each Company, for itself and its Funds, and AIM 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, AIM will not charge any administrative fee under
each Fund's advisory agreement in connection with securities
lending activities.
2. Neither a Company nor AIM may remove or amend the fee waivers to a
Company's detriment prior to requesting and receiving the approval
of the Fund's Board to remove or amend such fee waiver as
described on the attached Exhibit "A". AIM will not have any right
to reimbursement of any amount so waived.
Unless a Company, by vote of its Board of Trustees, or AIM terminates
the fee waiver, or a Company and AIM are unable to reach an agreement on the
amount of the fee waiver to which the Company and AIM desire to be bound, the
fee waiver will continue indefinitely with respect to such Company. Exhibit "A"
will be amended to reflect the new date through which a Company and AIM agree to
be bound.
Nothing in this Memorandum of Agreement is intended to affect any other
memorandum of agreement executed by any Company or AIM with respect to any other
fee waivers, expense reimbursements and/or expense limitations
IN WITNESS WHEREOF, each Company, on behalf of itself and its Funds
listed in Exhibit "A" to this Memorandum of Agreement, and AIM have entered into
this Memorandum of Agreement as of the date written above.
AIM FLOATING RATE FUND
AIM GROWTH SERIES
AIM INVESTMENT FUNDS
AIM SERIES TRUST
By: /s/ XXXXXX X. XXXXXX
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Title: President
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A I M ADVISORS, INC.
By: /s/ XXXXXX X. XXXXXX
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Title: President
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EXHIBIT "A"
AIM FLOATING RATE FUND
FUND EFFECTIVE DATE COMMITTED UNTIL*
---- -------------- ----------------
AIM Floating Rate Fund September 1, 2001
AIM GROWTH SERIES
FUND EFFECTIVE DATE COMMITTED UNTIL*
---- -------------- ----------------
AIM Basic Value Fund June 5, 2000
AIM Euroland Growth Fund September 1, 2001
AIM Mid Cap Equity Fund September 1, 2001
AIM Small Cap Growth Fund September 11, 2000
AIM INVESTMENT FUNDS
FUND EFFECTIVE DATE COMMITTED UNTIL*
---- -------------- ----------------
AIM Developing Markets Fund September 1, 2001
AIM Global Energy Fund September 1, 2001
AIM Global Financial Services Fund September 11, 2000
AIM Global Health Care Fund September 1, 2001
AIM Global Infrastructure Fund September 11, 2000
AIM Global Telecommunications and
Technology Fund September 1, 2001
AIM Strategic Income Fund September 1, 2001
AIM SERIES TRUST
FUND EFFECTIVE DATE COMMITTED UNTIL*
---- -------------- ----------------
AIM Global Trends Fund September 1, 2001
* Committed until the Company or AIM requests and receives the approval of the
Company's Board to remove or amend such fee waiver. Such commitments are
evergreen until amended and apply to each Fund.
