Sub-Item 77Q1(e)
MEMORANDUM OF AGREEMENT
(AFFILIATED MONEY MARKET FUND WAIVER)
This Memorandum of Agreement is entered into as of the dates indicated on
Exhibit "A" between AIM Counselor Series Trust, AIM Equity Funds, AIM Funds
Group, AIM Growth Series, AIM International Mutual Funds, AIM Investment Funds,
AIM Investment Securities Funds, AIM Sector Funds, AIM Stock Funds, AIM Summit
Fund, AIM Tax-Exempt Funds, AIM Variable Insurance Funds and Short-Term
Investments Trust (each a "Fund" and collectively, the "Funds"), on behalf of
the portfolios listed on Exhibit "A" to this Memorandum of Agreement (the
"Portfolios"), 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 Funds and AIM agree as follows:
1. Each Fund, for itself and its Portfolios, 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 waive advisory fees payable by an Investing Fund in an amount
equal to 100% of the net advisory fee AIM receives on the Uninvested
Cash (defined below) from the Affiliated Money Market Fund (defined
below) in which the Investing Fund invests (the "Waiver").
i. AIM'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 that
holds itself out as a money market fund and complies with Rule 2a-7
under the Investment Company Act of 1940, as amended; and
(b) "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.
2. Neither a Fund nor AIM may remove or amend the Waiver to a Fund's
detriment prior to requesting and receiving the approval of the
Portfolio's Board of Trustee to remove or amend such Waiver. AIM will
not have any right to reimbursement of any amount so waived.
Subject to the foregoing paragraphs, each of the Funds and AIM agree to
review the then-current waivers for each class of the Funds 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 AIM 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 AIM with respect to any other
fee waivers, expense reimbursements and/or expense limitations.
IN WITNESS WHEREOF, each Fund, on behalf of itself and its Portfolios
listed in Exhibit "A" to this Memorandum of Agreement, and AIM have entered into
this Memorandum of Agreement as of the dates indicated on Exhibit "A".
AIM COUNSELOR SERIES TRUST
AIM EQUITY FUNDS
AIM FUNDS GROUP
AIM GROWTH SERIES
AIM INTERNATIONAL MUTUAL FUNDS
AIM INVESTMENT FUNDS
AIM INVESTMENT SECURITIES FUNDS
AIM SECTOR FUNDS
AIM STOCK FUNDS
AIM SUMMIT FUND
AIM TAX-EXEMPT FUNDS
AIM VARIABLE INSURANCE FUNDS
By: /s/ Xxxx X. Xxxx
------------------------------------
Title: Senior Vice President
SHORT-TERM INVESTMENTS TRUST
By: /s/ Xxxxx X. Xxxxxx
------------------------------------
Title: President
A I M ADVISORS, INC.
By: /s/ Xxxx X. Xxxx
------------------------------------
Title: Senior Vice President
2
EXHIBIT "A"
AIM COUNSELOR SERIES TRUST
PORTFOLIO EFFECTIVE DATE COMMITTED UNTIL
--------- -------------- ---------------
AIM Floating Rate Fund July 1, 2007 June 30, 2008
AIM Multi-Sector Fund July 1, 2007 June 30, 2008
AIM Select Real Estate Income Fund July 1, 2007 June 30, 2008
AIM Structured Core Fund July 1, 2007 June 30, 2008
AIM Structured Growth Fund July 1, 2007 June 30, 2008
AIM Structured Value Fund July 1, 2007 June 30, 2008
AIM EQUITY FUNDS
PORTFOLIO EFFECTIVE DATE COMMITTED UNTIL
--------- -------------- ---------------
AIM Capital Development Fund July 1, 2007 June 30, 2008
AIM Charter Fund July 1, 2007 June 30, 2008
AIM Constellation Fund July 1, 2007 June 30, 2008
AIM Diversified Dividend Fund July 1, 2007 June 30, 2008
AIM Large Cap Basic Value Fund July 1, 2007 June 30, 2008
AIM Large Cap Growth Fund July 1, 2007 June 30, 2008
AIM FUNDS GROUP
FUND EFFECTIVE DATE COMMITTED UNTIL
---- -------------- ---------------
AIM Basic Balanced Fund July 1, 2007 June 30, 2008
AIM European Small Company Fund July 1, 2007 June 30, 2008
AIM Global Value Fund July 1, 2007 June 30, 2008
AIM International Small Company Fund July 1, 2007 June 30, 2008
AIM Mid Cap Basic Value Fund July 1, 2007 June 30, 2008
AIM Select Equity Fund July 1, 2007 June 30, 2008
AIM Small Cap Equity Fund July 1, 2007 June 30, 2008
AIM GROWTH SERIES
FUND EFFECTIVE DATE COMMITTED UNTIL
---- -------------- ---------------
AIM Basic Value Fund July 1, 2007 June 30, 2008
AIM Global Equity Fund July 1, 2007 June 30, 2008
AIM Mid Cap Core Equity Fund July 1, 2007 June 30, 2008
AIM Small Cap Growth Fund July 1, 2007 June 30, 2008
A-1
AIM INTERNATIONAL MUTUAL FUNDS
FUND EFFECTIVE DATE COMMITTED UNTIL
---- -------------- ---------------
AIM Asia Pacific Growth Fund July 1, 2007 June 30, 2008
AIM European Growth Fund July 1, 2007 June 30, 2008
AIM Global Aggressive Growth Fund July 1, 2007 June 30, 2008
AIM Global Growth Fund July 1, 2007 June 30, 2008
AIM International Core Equity Fund July 1, 2007 June 30, 2008
AIM International Growth Fund July 1, 2007 June 30, 2008
AIM INVESTMENT FUNDS
FUND EFFECTIVE DATE COMMITTED UNTIL
---- -------------- ---------------
AIM China Fund July 1, 2007 June 30, 2008
AIM Developing Markets Fund July 1, 2007 June 30, 2008
AIM Global Health Care Fund July 1, 2007 June 30, 2008
AIM International Total Return Fund July 1, 2007 June 30, 2008
AIM LIBOR Alpha Fund July 1, 2007 Xxxx 00, 0000
XXX Xxxxx Fund July 1, 2007 June 30, 2008
AIM Trimark Endeavor Fund July 1, 2007 June 30, 2008
AIM Trimark Fund July 1, 2007 June 30, 2008
AIM Trimark Small Companies Fund July 1, 2007 June 30, 2008
AIM INVESTMENT SECURITIES FUNDS
FUND EFFECTIVE DATE COMMITTED UNTIL
---- -------------- ---------------
AIM Global Real Estate Fund July 1, 2007 June 30, 2008
AIM High Yield Fund July 1, 2007 June 30, 2008
AIM Income Fund July 1, 2007 June 30, 2008
AIM Intermediate Government Fund July 1, 2007 June 30, 2008
AIM Limited Maturity Treasury Fund July 1, 2007 June 30, 2008
AIM Money Market Fund July 1, 2007 June 30, 2008
AIM Municipal Bond Fund July 1, 2007 June 30, 2008
AIM Real Estate Fund July 1, 2007 June 30, 2008
AIM Short Term Bond Fund July 1, 2007 June 30, 2008
AIM Total Return Bond Fund July 1, 2007 June 30, 2008
AIM SECTOR FUNDS
FUND EFFECTIVE DATE COMMITTED UNTIL
---- -------------- ---------------
AIM Energy Fund July 1, 2007 June 30, 2008
AIM Financial Services Fund July 1, 2007 June 30, 2008
AIM Gold & Precious Metals Fund July 1, 2007 June 30, 2008
AIM Leisure Fund July 1, 2007 June 30, 2008
AIM Technology Fund July 1, 2007 June 30, 2008
AIM Utilities Fund July 1, 2007 June 30, 2008
A-2
AIM STOCK FUNDS
FUND EFFECTIVE DATE COMMITTED UNTIL
---- -------------- ---------------
AIM Dynamics Fund July 1, 2007 June 30, 2008
AIM S&P 500 Index Fund July 1, 2007 June 30, 2008
AIM SUMMIT FUND
FUND EFFECTIVE DATE COMMITTED UNTIL
---- -------------- ---------------
AIM Summit Fund July 1, 2007 June 30, 2008
AIM TAX-EXEMPT FUNDS
FUND EFFECTIVE DATE COMMITTED UNTIL
---- -------------- ---------------
AIM High Income Municipal Fund July 1, 2007 June 30, 2008
AIM Tax-Exempt Cash Fund July 1, 2007 June 30, 2008
AIM Tax-Free Intermediate Fund July 1, 2007 June 30, 2008
AIM VARIABLE INSURANCE FUNDS
FUND EFFECTIVE DATE COMMITTED UNTIL
---- -------------- ---------------
AIM V.I. Basic Balanced Fund July 1, 2007 April 30, 2009
AIM V.I. Basic Value Fund July 1, 2007 April 30, 2009
AIM V.I. Capital Appreciation Fund July 1, 2007 April 30, 2009
AIM V.I. Capital Development Fund July 1, 2007 April 30, 2009
AIM V.I. Core Equity Fund July 1, 2007 April 30, 2009
AIM V.I. Diversified Income Fund July 1, 2007 April 30, 2009
AIM V.I. Dynamics Fund July 1, 2007 April 30, 2009
AIM V.I. Financial Services Fund July 1, 2007 April 30, 2009
AIM V.I. Global Health Care Fund July 1, 2007 April 30, 2009
AIM V.I. Global Real Estate Fund July 1, 2007 April 30, 2009
AIM V.I. Government Securities Fund July 1, 2007 April 30, 2009
AIM V.I. High Yield Fund July 1, 2007 April 30, 2009
AIM V.I. International Growth Fund July 1, 2007 April 30, 2009
AIM V.I. Large Cap Growth Fund July 1, 2007 April 30, 2009
AIM V.I. Leisure Fund July 1, 2007 April 30, 2009
AIM V.I. Mid Cap Core Equity Fund July 1, 2007 April 30, 2009
AIM V.I. Money Market Fund July 1, 2007 April 30, 2009
AIM V.I. Small Cap Equity Fund July 1, 2007 April 30, 2009
AIM V.I. Technology Fund July 1, 2007 April 30, 2009
AIM V.I. Utilities Fund July 1, 2007 April 30, 2009
A-3
SHORT-TERM INVESTMENTS TRUST
FUND EFFECTIVE DATE COMMITTED UNTIL
---- -------------- ---------------
Government TaxAdvantage Portfolio July 1, 2007 June 30, 2008
STIC Prime Portfolio July 1, 2007 June 30, 2008
Treasury Portfolio July 1, 2007 June 30, 2008
A-4
