MEMORANDUM OF AGREEMENT (Expense Limitations)
Exhibit 99.h(4)
MEMORANDUM OF AGREEMENT
(Expense Limitations)
This Memorandum of Agreement is entered into as of the Effective Date on the attached exhibits (the “Exhibits”), between AIM Counselor Series Trust (Invesco Counselor Series Trust), AIM Equity Funds (Invesco Equity Funds), AIM Funds Group (Invesco Funds Group), AIM Growth Series (Invesco Growth Series), AIM International Mutual Funds (Invesco International Mutual Funds), AIM Investment Funds (Invesco Investment Funds), AIM Investment Securities Funds (Invesco Investment Securities Funds), AIM Sector Funds (Invesco Sector Funds), AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds), AIM Variable Insurance Funds (Invesco Variable Insurance Funds), Invesco Management Trust and Short-Term Investments Trust (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 Exhibits.
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 expense limitations identified on Exhibit A (“Expense Limitations”) and the boundary expense limitations on Exhibit B (“Boundary Limits”), Invesco agrees until at least the expiration date set forth on Exhibit A (each, an “Expiration Date”) for the Expense Limitations, and for an indefinite period until further notice to the Board of Trustees for the Boundary Limits, that Invesco will waive its fees or reimburse expenses to the extent that expenses of a class of a Fund (excluding (i) interest; (ii) taxes; (iii) dividend expense on short sales; (iv) extraordinary or non-routine items, including litigation expenses; and (v) expenses that each Fund has incurred but did not actually pay because of an expense offset arrangement, if applicable) exceed the Expense Limitation or Boundary Limit rate, on an average of the daily net assets allocable to such class on an annualized basis1.
Expense Limitations: Neither a Trust nor Invesco may remove or amend the Expense Limitations to a Fund’s detriment prior to the Expiration Date without requesting and receiving the approval of the Board of Trustees of the applicable Fund’s Trust to remove or amend such Expense Limitations. Invesco will not have any right to reimbursement of any amount so waived or reimbursed. For the Expense Limitations, Invesco agrees 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 Invesco has agreed to continue them. The Exhibits will be amended to reflect any such agreement.
Boundary Limits: From time to time, Invesco may establish amend and/or terminate Boundary Limits at any time in its sole discretion. Invesco will inform the Board of Trustees of any such changes. These Boundary Limits are set forth on Exhibit B. Any delay or failure by Invesco to update this Memorandum of Agreement with regards to the terminations, extensions, or expirations of the Boundary Limits shall have no effect on such Boundary Limits; the Boundary Limits are listed herein for informational purposes only.
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.
1 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.
IN WITNESS WHEREOF, each of the Trusts, on behalf of itself and its Funds listed on the Exhibits to this Memorandum of Agreement, and Invesco have entered into this Memorandum of Agreement as of the Effective Dates on the attached Exhibits.
| AIM COUNSELOR SERIES TRUST (INVESCO COUNSELOR SERIES TRUST) |
| AIM EQUITY FUNDS (INVESCO EQUITY FUNDS) |
| AIM FUNDS GROUP (INVESCO FUNDS GROUP) |
| AIM GROWTH SERIES (INVESCO GROWTH SERIES) |
| AIM INTERNATIONAL MUTUAL FUNDS (INVESCO INTERNATIONAL MUTUAL FUNDS) |
| AIM INVESTMENT FUNDS (INVESCO INVESTMENT FUNDS) |
| AIM INVESTMENT SECURITIES FUNDS (INVESCO INVESTMENT SECURITIES FUNDS) |
| AIM SECTOR FUNDS (INVESCO SECTOR FUNDS) |
| AIM TAX-EXEMPT FUNDS (INVESCO TAX-EXEMPT FUNDS) |
| AIM VARIABLE INSURANCE FUNDS (INVESCO VARIABLE INSURANCE FUNDS) |
| INVESCO MANAGEMENT TRUST |
| SHORT-TERM INVESTMENTS TRUST |
| on behalf of the Funds listed on the Exhibits to this Memorandum of Agreement | ||
| By: | /s/ Xxxxxxx Xxxxxxx | |
| Title: | Senior Vice President | |
| INVESCO ADVISERS, INC. | ||
| By: | /s/ Xxxxxx Xxxxxxxxx | |
| Title: | Vice President | |
EXHIBIT A1
Expense Limitations
AIM Counselor Series Trust (Invesco Counselor Series Trust)
| Expense | Effective Date of | Expiration | ||||||
| Fund | Limitation | Current Limit | Date | |||||
| Invesco Core Plus Bond Fund | ||||||||
| Class A Shares | 0.75 | % | December 16, 2016 | December 31, 2024 | ||||
| Class C Shares | 1.50 | % | December 16, 2016 | December 31, 2024 | ||||
| Class R Shares | 1.00 | % | December 16, 2016 | December 31, 2024 | ||||
| Class R5 Shares | 0.50 | % | December 16, 2016 | December 31, 2024 | ||||
| Class R6 Shares | 0.50 | % | December 16, 2016 | December 31, 2024 | ||||
| Class Y Shares | 0.50 | % | December 16, 2016 | December 31, 2024 | ||||
| Invesco NASDAQ 100 Index Fund | ||||||||
| Class R6 Shares | 0.29 | % | October 13, 2020 | December 31, 2024 | ||||
| Invesco Senior Floating Rate Fund | ||||||||
| Class A Shares | 1.02 | % | January 1, 2023 | December 31, 2024 | ||||
| Class C Shares | 1.77 | % | January 1, 2023 | December 31, 2024 | ||||
| Class R Shares | 1.27 | % | January 1, 2023 | December 31, 2024 | ||||
| Class R5 Shares | 0.77 | % | January 1, 2023 | December 31, 2024 | ||||
| Class R6 Shares | 0.77 | % | January 1, 2023 | December 31, 2024 | ||||
| Class Y Shares | 0.77 | % | January 1, 2023 | December 31, 2024 | ||||
| Invesco SMA Municipal Bond Fund | ||||||||
| Shares | 0.00 | % | February 13, 2023 | None. This is a permanent expense limit. | ||||
AIM Funds Group (Invesco Funds Group)
| Expense | Effective Date of | Expiration | ||||||
| Fund | Limitation | Current Limit | Date | |||||
| Invesco EQV International Small Company Fund | ||||||||
| Class A Shares | 1.55 | % | April 26, 2024 | April 30, 2025 | ||||
| Class C Shares | 2.30 | % | April 26, 2024 | April 30, 2025 | ||||
| Class R5 Shares | 1.30 | % | April 26, 2024 | April 30, 2025 | ||||
| Class R6 Shares | 1.30 | % | April 26, 2024 | April 30, 2025 | ||||
| Class Y Shares | 1.30 | % | April 26, 2024 | April 30, 2025 | ||||
AIM Growth Series (Invesco Growth Series)
| Expense | Effective Date of | Expiration | ||||||
| Fund | Limitation | Current Limit | Date | |||||
| Invesco Income Advantage International Fund | ||||||||
| Class A Shares | 1.28 | % | May 1, 2024 | April 30, 2025 | ||||
| Class C Shares | 2.03 | % | May 1, 2024 | April 30, 2025 | ||||
| Class R Shares | 1.53 | % | May 1, 2024 | April 30, 2025 | ||||
| Class R5 Shares | 1.03 | % | May 1, 2024 | April 30, 2025 | ||||
| Class R6 Shares | 1.03 | % | May 1, 2024 | April 30, 2025 | ||||
| Class Y Shares | 1.03 | % | May 1, 2024 | April 30, 2025 | ||||
| Invesco Select Risk: Conservative Investor Fund | ||||||||
| Class A Shares | 0.50 | % | May 28, 2019 | April 30, 2025 | ||||
| Class C Shares | 1.25 | % | May 28, 2019 | April 30, 2025 | ||||
| Class R Shares | 0.75 | % | May 28, 2019 | April 30, 2025 | ||||
| Class R5 Shares | 0.25 | % | May 1, 2022 | April 30, 2025 | ||||
| Class R6 Shares | 0.25 | % | May 1, 2022 | April 30, 2025 | ||||
| Class Y Shares | 0.25 | % | May 28, 2019 | April 30, 2025 | ||||
| Expense | Effective Date of | Expiration | ||||||
| Fund | Limitation | Current Limit | Date | |||||
| Invesco Select Risk: High Growth Investor Fund | ||||||||
| Class A Shares | 0.45 | % | May 28, 2019 | April 30, 2025 | ||||
| Class C Shares | 1.20 | % | May 28, 2019 | April 30, 2025 | ||||
| Class R Shares | 0.70 | % | May 28, 2019 | April 30, 2025 | ||||
| Class R5 Shares | 0.20 | % | May 1, 2022 | April 30, 2025 | ||||
| Class R6 Shares | 0.20 | % | May 1, 2022 | April 30, 2025 | ||||
| Class Y Shares | 0.20 | % | May 28, 2019 | April 30, 2025 | ||||
| Invesco Select Risk: Moderate Investor Fund | ||||||||
| Class A Shares | 0.47 | % | May 28, 2019 | April 30, 2025 | ||||
| Class C Shares | 1.22 | % | May 1, 2022 | April 30, 2025 | ||||
| Class R Shares | 0.72 | % | May 28, 2019 | April 30, 2025 | ||||
| Class R5 Shares | 0.22 | % | May 1, 2022 | April 30, 2025 | ||||
| Class R6 Shares | 0.22 | % | May 1, 2022 | April 30, 2025 | ||||
| Class S Shares | 0.37 | % | December 9, 2019 | April 30, 2025 | ||||
| Class Y Shares | 0.22 | % | May 28, 2019 | April 30, 2025 | ||||
AIM International Mutual Funds (Invesco International Mutual Funds)
| Expense | Effective Date of | Expiration | ||||||
| Fund | Limitation | Current Limit | Date | |||||
| Invesco Advantage International Fund | ||||||||
| Class A Shares | 1.18 | % | March 1, 2024 | February 28, 2025 | ||||
| Class C Shares | 1.93 | % | March 1, 2024 | February 28, 2025 | ||||
| Class R Shares | 1.43 | % | March 1, 2024 | February 28, 2025 | ||||
| Class R5 Shares | 0.93 | % | March 1, 2024 | February 28, 2025 | ||||
| Class R6 Shares | 0.93 | % | March 1, 2024 | February 28, 2025 | ||||
| Class Y Shares | 0.93 | % | March 1, 2024 | February 28, 2025 | ||||
| Invesco EQV International Equity Fund | ||||||||
| Class A Shares | 1.30 | % | July 31, 2023 | February 28, 2025 | ||||
| Class C Shares | 2.05 | % | July 31, 2023 | February 28, 2025 | ||||
| Class R Shares | 1.55 | % | July 31, 2023 | February 28, 2025 | ||||
| Class R5 Shares | 1.05 | % | July 31, 2023 | February 28, 2025 | ||||
| Class R6 Shares | 1.05 | % | July 31, 2023 | February 28, 2025 | ||||
| Class Y Shares | 1.05 | % | July 31, 2023 | February 28, 2025 | ||||
| Invesco MSCI World SRI Index Fund | ||||||||
| Class A Shares | 0.44 | % | June 29, 2020 | February 28, 2025 | ||||
| Class C Shares | 1.19 | % | June 29, 2020 | February 28, 2025 | ||||
| Class R Shares | 0.69 | % | June 29, 2020 | February 28, 2025 | ||||
| Class R5 Shares | 0.19 | % | June 29, 2020 | February 28, 2025 | ||||
| Class R6 Shares | 0.19 | % | June 29, 2020 | February 28, 2025 | ||||
| Class Y Shares | 0.19 | % | June 29, 2020 | February 28, 2025 | ||||
AIM Investment Funds (Invesco Investment Funds)
| Expense | Effective Date of | Expiration | ||||||
| Fund | Limitation | Current Limit | Date | |||||
| Invesco Balanced-Risk Commodity Strategy Fund2 | ||||||||
| Class A Shares | 1.40% less net AFFE* | September 20, 2018 | February 28, 2025 | |||||
| Class C Shares | 2.15% less net AFFE* | September 20, 2018 | February 28, 2025 | |||||
| Class R Shares | 1.65% less net AFFE* | September 20, 2018 | February 28, 2025 | |||||
| Class R5 Shares | 1.15% less net AFFE* | September 20, 2018 | February 28, 2025 | |||||
| Class R6 Shares | 1.15% less net AFFE* | September 20, 2018 | February 28, 2025 | |||||
| Class Y Shares | 1.15% less net AFFE* | September 20, 2018 | February 28, 2025 | |||||
| Expense | Effective Date of | Expiration | ||||||
| Fund | Limitation | Current Limit | Date | |||||
| Invesco Core Bond Fund | ||||||||
| Class A Shares | 0.70 | % | June 1, 2021 | February 28, 2025 | ||||
| Class C Shares | 1.45 | % | June 1, 2021 | February 28, 2025 | ||||
| Class R Shares | 0.95 | % | June 1, 2021 | February 28, 2025 | ||||
| Class R5 Shares | 0.45 | % | May 28, 2019 | February 28, 2025 | ||||
| Class R6 Shares | 0.45 | % | June 1, 2021 | February 28, 2025 | ||||
| Class Y Shares | 0.45 | % | May 28, 2019 | February 28, 2025 | ||||
| Invesco Emerging Markets Local Debt Fund | ||||||||
| Class A Shares | 1.20 | % | March 1, 2023 | February 28, 2025 | ||||
| Class C Shares | 1.95 | % | March 1, 2023 | February 28, 2025 | ||||
| Class R Shares | 1.45 | % | March 1, 2023 | February 28, 2025 | ||||
| Class R5 Shares | 0.95 | % | March 1, 2023 | February 28, 2025 | ||||
| Class R6 Shares | 0.95 | % | March 1, 2023 | February 28, 2025 | ||||
| Class Y Shares | 0.95 | % | March 1, 2023 | February 28, 2025 | ||||
| Invesco Global Infrastructure Fund | ||||||||
| Class A Shares | 1.25 | % | June 1, 2021 | February 28, 2025 | ||||
| Class C Shares | 2.00 | % | June 1, 2021 | February 28, 2025 | ||||
| Class R Shares | 1.50 | % | June 1, 2021 | February 28, 2025 | ||||
| Class R5 Shares | 1.00 | % | June 1, 2021 | February 28, 2025 | ||||
| Class R6 Shares | 1.00 | % | April 17, 2020 | February 28, 2025 | ||||
| Class Y Shares | 1.00 | % | June 1, 2021 | February 28, 2025 | ||||
| Invesco International Bond Fund3 | ||||||||
| Class A Shares | 1.04 | % | March 1, 2023 | February 28, 2025 | ||||
| Class C Shares | 1.79 | % | March 1, 2023 | February 28, 2025 | ||||
| Class R Shares | 1.29 | % | March 1, 2023 | February 28, 2025 | ||||
| Class R5 Shares | 0.79 | % | March 1, 2023 | February 28, 2025 | ||||
| Class R6 Shares | 0.79 | % | March 1, 2023 | February 28, 2025 | ||||
| Class Y Shares | 0.79 | % | March 1, 2023 | February 28, 2025 | ||||
| Invesco Macro Allocation Strategy Fund4 | ||||||||
| Class A Shares | 1.44 | % | January 1, 2017 | February 28, 2025 | ||||
| Class C Shares | 2.19 | % | January 1, 2017 | February 28, 2025 | ||||
| Class R Shares | 1.69 | % | January 1, 2017 | February 28, 2025 | ||||
| Class R5 Shares | 1.19 | % | January 1, 2017 | February 28, 2025 | ||||
| Class R6 Shares | 1.19 | % | January 1, 2017 | February 28, 2025 | ||||
| Class Y Shares | 1.19 | % | January 1, 2017 | February 28, 2025 | ||||
| Invesco Multi-Asset Income Fund5 | ||||||||
| Class A Shares | 0.90 | % | March 1, 2023 | February 28, 2025 | ||||
| Class C Shares | 1.65 | % | March 1, 2023 | February 28, 2025 | ||||
| Class R Shares | 1.15 | % | March 1, 2023 | February 28, 2025 | ||||
| Class R5 Shares | 0.65 | % | March 1, 2023 | February 28, 2025 | ||||
| Class R6 Shares | 0.65 | % | March 1, 2023 | February 28, 2025 | ||||
| Class Y Shares | 0.65 | % | March 1, 2023 | February 28, 2025 | ||||
| Invesco SteelPath MLP Alpha Fund | ||||||||
| Class A Shares | 1.57 | % | April 1, 2024 | March 31, 2025 | ||||
| Class C Shares | 2.32 | % | April 1, 2024 | March 31, 2025 | ||||
| Class R Shares | 1.82 | % | April 1, 2024 | March 31, 2025 | ||||
| Class R5 Shares | 1.32 | % | April 1, 2024 | March 31, 2025 | ||||
| Class R6 Shares | 1.32 | % | April 1, 2024 | March 31, 2025 | ||||
| Class Y Shares | 1.32 | % | April 1, 2024 | March 31, 2025 | ||||
| Invesco SteelPath MLP Alpha Plus Fund | ||||||||
| Class A Shares | 1.83 | % | April 1, 2024 | March 31, 2025 | ||||
| Class C Shares | 2.58 | % | April 1, 2024 | March 31, 2025 | ||||
| Class R Shares | 2.08 | % | April 1, 2024 | March 31, 2025 | ||||
| Class R5 Shares | 1.58 | % | April 1, 2024 | March 31, 2025 | ||||
| Class R6 Shares | 1.58 | % | April 1, 2024 | March 31, 2025 | ||||
| Class Y Shares | 1.58 | % | April 1, 2024 | March 31, 2025 | ||||
| Expense | Effective Date of | Expiration | ||||||
| Fund | Limitation | Current Limit | Date | |||||
| Invesco SteelPath MLP Income Fund | ||||||||
| Class A Shares | 1.42 | % | April 1, 2024 | March 31, 2025 | ||||
| Class C Shares | 2.17 | % | April 1, 2024 | March 31, 2025 | ||||
| Class R Shares | 1.67 | % | April 1, 2024 | March 31, 2025 | ||||
| Class R5 Shares | 1.17 | % | April 1, 2024 | March 31, 2025 | ||||
| Class R6 Shares | 1.17 | % | April 1, 2024 | March 31, 2025 | ||||
| Class Y Shares | 1.17 | % | April 1, 2024 | March 31, 2025 | ||||
| Invesco SteelPath MLP Select 40 Fund | ||||||||
| Class A Shares | 1.11 | % | April 1, 2024 | March 31, 2025 | ||||
| Class C Shares | 1.86 | % | April 1, 2024 | March 31, 2025 | ||||
| Class R Shares | 1.36 | % | April 1, 2024 | March 31, 2025 | ||||
| Class R5 Shares | 0.86 | % | April 1, 2024 | March 31, 2025 | ||||
| Class R6 Shares | 0.86 | % | April 1, 2024 | March 31, 2025 | ||||
| Class Y Shares | 0.86 | % | April 1, 2024 | March 31, 2025 | ||||
AIM Investment Securities Funds (Invesco Investment Securities Funds)
| Expense | Effective Date of | Expiration | ||||||
| Fund | Limitation | Current Limit | Date | |||||
| Invesco Intermediate Bond Factor Fund | ||||||||
| Class A Shares | 0.52 | % | February 28, 2020 | June 30, 2025 | ||||
| Class C Shares | 1.27 | % | February 28, 2020 | June 30, 2025 | ||||
| Class R Shares | 0.77 | % | February 28, 2020 | June 30, 2025 | ||||
| Class R5 Shares | 0.27 | % | February 28, 2020 | June 30, 2025 | ||||
| Class R6 Shares | 0.27 | % | February 28, 2020 | June 30, 2025 | ||||
| Class Y Shares | 0.27 | % | February 28, 2020 | June 30, 2025 | ||||
| Invesco Short Duration Inflation Protected Fund | ||||||||
| Class A Shares | 0.55 | % | December 31, 2015 | June 30, 2025 | ||||
| Class A2 Shares | 0.45 | % | December 31, 2015 | June 30, 2025 | ||||
| Class R5 Shares | 0.30 | % | December 31, 2015 | June 30, 2025 | ||||
| Class R6 Shares | 0.30 | % | December 31, 2015 | June 30, 2025 | ||||
| Class Y Shares | 0.30 | % | December 31, 2015 | June 30, 2025 | ||||
| Invesco SMA High Yield Bond Fund | ||||||||
| Shares | 0.00 | % | March 1, 2023 | None. This is a permanent expense limit. | ||||
| Invesco U.S. Government Money Portfolio | ||||||||
| Class C Shares | 1.58 | % | May 28, 2019 | June 30, 2025 | ||||
| Class R Shares | 1.08 | % | May 28, 2019 | June 30, 2025 | ||||
| Class R6 Shares | 0.48 | % | May 28, 2019 | June 30, 2025 | ||||
| Class Y Shares | 0.58 | % | May 28, 2019 | June 30, 2025 | ||||
| Invesco Cash Reserve Shares | 0.73 | % | May 28, 2019 | June 30, 2025 | ||||
AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds)
| Expense | Effective Date of | Expiration | ||||||
| Fund | Limitation | Current Limit | Date | |||||
| Invesco Environmental Focus Municipal Fund | ||||||||
| Class A Shares | 0.81 | % | July 1, 2024 | June 30, 2025 | ||||
| Class C Shares | 1.56 | % | July 1, 2024 | June 30, 2025 | ||||
| Class Y Shares | 0.56 | % | July 1, 2024 | June 30, 2025 | ||||
| Class R6 Shares | 0.56 | % | July 1, 2024 | June 30, 2025 | ||||
| Invesco Environmental Focus Municipal Fund | ||||||||
| Class A Shares | 0.70 | % | May 28, 2019 | June 30, 2024 | ||||
| Class C Shares | 1.45 | % | July 1, 2021 | June 30, 2024 | ||||
| Class Y Shares | 0.45 | % | May 28, 2019 | June 30, 2024 | ||||
| Class R6 Shares | 0.45 | % | July 1, 2021 | June 30, 2024 | ||||
Invesco Management Trust
| Expense | Effective Date of | Expiration | ||||||
| Fund | Limitation | Current Limit | Date | |||||
| Invesco Conservative Income Fund | ||||||||
| Class A Shares | 0.40 | % | April 2, 2018 | December 31, 2024 | ||||
| Class R6 Shares | 0.30 | % | June 1, 2021 | December 31, 2024 | ||||
| Class Y shares | 0.30 | % | June 1, 2021 | December 31, 2024 | ||||
| Institutional Class | 0.30 | % | January 1, 2018 | December 31, 2024 | ||||
Short-Term Investments Trust
| Expense | Effective Date of | Expiration | ||||||
| Fund | Limitation | Current Limit | Date | |||||
| Invesco Government & Agency Portfolio | ||||||||
| Cash Management Class | 0.26 | % | June 1, 2016 | December 31, 2024 | ||||
| CAVU Securities Class | 0.18 | % | December 18, 2020 | December 31, 2024 | ||||
| Corporate Class | 0.21 | % | June 1, 2016 | December 31, 2024 | ||||
| Institutional Class | 0.18 | % | June 1, 2016 | December 31, 2024 | ||||
| Personal Investment Class | 0.73 | % | June 1, 2016 | December 31, 2024 | ||||
| Private Investment Class | 0.48 | % | June 1, 2016 | December 31, 2024 | ||||
| Reserve Class | 1.05 | % | June 1, 2016 | December 31, 2024 | ||||
| Resource Class | 0.34 | % | June 1, 2016 | December 31, 2024 | ||||
| Premier Class | 0.12 | % | May 28, 2024 | May 31, 2025 | ||||
| Invesco Liquid Assets Portfolio | ||||||||
| Cash Management Class | 0.26 | % | June 1, 2016 | December 31, 2024 | ||||
| CAVU Securities Class | 0.18 | % | December 18, 2020 | December 31, 2024 | ||||
| Corporate Class | 0.21 | % | June 1, 2016 | December 31, 2024 | ||||
| Institutional Class | 0.18 | % | June 1, 2016 | December 31, 2024 | ||||
| Personal Investment Class | 0.73 | % | June 1, 2016 | December 31, 2024 | ||||
| Private Investment Class | 0.48 | % | June 1, 2016 | December 31, 2024 | ||||
| Reserve Class | 1.05 | % | June 1, 2016 | December 31, 2024 | ||||
| Resource Class | 0.38 | % | June 1, 2016 | December 31, 2024 | ||||
| Invesco STIC Prime Portfolio | ||||||||
| Cash Management Class | 0.26 | % | June 1, 2016 | December 31, 2024 | ||||
| Corporate Class | 0.21 | % | June 1, 2016 | December 31, 2024 | ||||
| Institutional Class | 0.18 | % | June 1, 2016 | December 31, 2024 | ||||
| Personal Investment Class | 0.73 | % | June 1, 2016 | December 31, 2024 | ||||
| Private Investment Class | 0.48 | % | June 1, 2016 | December 31, 2024 | ||||
| Reserve Class | 1.05 | % | June 1, 2016 | December 31, 2024 | ||||
| Resource Class | 0.34 | % | June 1, 2016 | December 31, 2024 | ||||
| Invesco Treasury Obligations Portfolio | ||||||||
| Cash Management Class | 0.26 | % | June 1, 2016 | December 31, 2024 | ||||
| Corporate Class | 0.21 | % | June 1, 2016 | December 31, 2024 | ||||
| Institutional Class | 0.18 | % | June 1, 2016 | December 31, 2024 | ||||
| Personal Investment Class | 0.73 | % | June 1, 2016 | December 31, 2024 | ||||
| Private Investment Class | 0.43 | % | June 1, 2016 | December 31, 2024 | ||||
| Reserve Class | 1.05 | % | June 1, 2016 | December 31, 2024 | ||||
| Resource Class | 0.34 | % | June 1, 2016 | December 31, 2024 | ||||
| Invesco Treasury Portfolio | ||||||||
| Cash Management Class | 0.26 | % | June 1, 2016 | December 31, 2024 | ||||
| CAVU Securities Class | 0.18 | % | December 18, 2020 | December 31, 2024 | ||||
| Corporate Class | 0.21 | % | June 1, 2016 | December 31, 2024 | ||||
| Institutional Class | 0.18 | % | June 1, 2016 | December 31, 2024 | ||||
| Personal Investment Class | 0.73 | % | June 1, 2016 | December 31, 2024 | ||||
| Private Investment Class | 0.48 | % | June 1, 2016 | December 31, 2024 | ||||
| Reserve Class | 1.05 | % | June 1, 2016 | December 31, 2024 | ||||
| Resource Class | 0.34 | % | June 1, 2016 | December 31, 2024 | ||||
AIM Variable Insurance Funds (Invesco Variable Insurance Funds)
| Expense | Effective Date of | Expiration | ||||||
| Fund | Limitation | Current Limit | Date | |||||
| Invesco V.I. Capital Appreciation Fund | ||||||||
| Series I Shares | 0.80 | % | May 28, 2019 | April 30, 2025 | ||||
| Series II Shares | 1.05 | % | May 28, 2019 | April 30, 2025 | ||||
| Invesco Xxxxxxxxxxx V.I. International Growth Fund | ||||||||
| Series I Shares | 1.00 | % | May 28, 2019 | April 30, 2025 | ||||
| Series II Shares | 1.25 | % | May 28, 2019 | April 30, 2025 | ||||
| Invesco V.I. Main Street Fund® | ||||||||
| Series I Shares | 0.80 | % | May 28, 2019 | April 30, 2025 | ||||
| Series II Shares | 1.05 | % | May 28, 2019 | April 30, 2025 | ||||
| Invesco V.I. Balanced-Risk Allocation Fund6 | ||||||||
| Series I Shares | 0.88% less net AFFE* | May 1, 2022 | April 30, 2025 | |||||
| Series II Shares | 1.13% less net AFFE* | May 1, 2022 | April 30, 2025 | |||||
| Invesco V.I. Core Plus Bond Fund | ||||||||
| Series I Shares | 0.61 | % | April 30, 2015 | April 30, 2025 | ||||
| Series II Shares | 0.86 | % | April 30, 2015 | April 30, 2025 | ||||
| Invesco V.I. NASDAQ 100 Buffer Fund — March | ||||||||
| Series I Shares | 0.70 | % | March 31, 2022 | April 30, 2025 | ||||
| Series II Shares | 0.95 | % | March 31, 2022 | April 30, 2025 | ||||
| Invesco V.I. NASDAQ 100 Buffer Fund — June | ||||||||
| Series I Shares | 0.70 | % | June 30, 2022 | April 30, 2025 | ||||
| Series II Shares | 0.95 | % | June 30, 2022 | April 30, 2025 | ||||
| Invesco V.I. NASDAQ 100 Buffer Fund — September | ||||||||
| Series I Shares | 0.70 | % | September 30, 2021 | April 30, 2025 | ||||
| Series II Shares | 0.95 | % | September 30, 2021 | April 30, 2025 | ||||
| Invesco V.I. NASDAQ 100 Buffer Fund — December | ||||||||
| Series I Shares | 0.70 | % | December 31, 2021 | April 30, 2025 | ||||
| Series II Shares | 0.95 | % | December 31, 2021 | April 30, 2025 | ||||
| Invesco V.I. S&P 500 Buffer Fund — March | ||||||||
| Series I Shares | 0.70 | % | March 31, 2022 | April 30, 2025 | ||||
| Series II Shares | 0.95 | % | March 31, 2022 | April 30, 2025 | ||||
| Invesco V.I. S&P 500 Buffer Fund — June | ||||||||
| Series I Shares | 0.70 | % | June 30, 2022 | April 30, 2025 | ||||
| Series II Shares | 0.95 | % | June 30, 2022 | April 30, 2025 | ||||
| Invesco V.I. S&P 500 Buffer Fund — September | ||||||||
| Series I Shares | 0.70 | % | September 30, 2021 | April 30, 2025 | ||||
| Series II Shares | 0.95 | % | September 30, 2021 | April 30, 2025 | ||||
| Invesco V.I. S&P 500 Buffer Fund — December | ||||||||
| Series I Shares | 0.70 | % | December 31, 2021 | April 30, 2025 | ||||
| Series II Shares | 0.95 | % | December 31, 2021 | April 30, 2025 | ||||
*Acquired Fund Fees and Expenses (“AFFE”) will be calculated as of the Fund’s fiscal year end according to Instruction 3(f) of Item 3 of Form N-1A. “Net AFFE” will be calculated by subtracting any waivers by Invesco associated with investments in affiliated funds, such as investments in affiliated money market funds, from the AFFE calculated in accordance with the preceding sentence. For clarity, the NET AFFE calculated as of the Fund’s fiscal year end will be used throughout the waiver period in establishing the Fund’s waiver amount, regardless of whether actual AFFE is more or less during the waiver period.
| 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 | Includes waived fees or reimbursed expenses that Invesco receives from Invesco Cayman Commodity Fund III, Ltd. | |
| 3 | Includes waived fees or reimbursed expenses that Invesco receives from Invesco International Bond Fund (Cayman) Ltd. | |
| 4 | Includes waived fees or reimbursed expenses that Invesco receives from Invesco Cayman Commodity Fund V, Ltd. | |
| 5 | Includes waived fees or reimbursed expenses that Invesco receives from Invesco Multi-Asset Income Fund Cayman Ltd. | |
| 6 | Includes waived fees or reimbursed expenses that Invesco receives from Invesco Cayman Commodity Fund IV, Ltd. |
EXHIBIT B
Boundary Limits
| Fund Name | Limits | ||
| Global and International-Regional-Emerging Funds | |||
| Invesco Developing Markets Fund | Invesco Global Core Equity Fund | Invesco International Small-Mid Company Fund | Class A:
2.25 Class C: 3.00% Class R: 2.50% Class R5: 2.00% Class R6: 2.00% Class Y: 2.00% Investor: 2.25% Series I: 2.25% Series II: 2.50% |
| Invesco EQV Asia Pacific Equity Fund | Invesco Global Focus Fund | Invesco Xxxxxxxxxxx International Growth Fund | |
| Invesco EQV Emerging Markets All Cap Fund | Invesco Global Fund | Invesco V.I. EQV International Equity Fund | |
| Invesco EQV European Equity Fund | Invesco Global Opportunities Fund | Invesco V.I. Global Core Equity Fund | |
| Invesco EQV European Small Company Fund | Invesco Greater China Fund | Invesco V.I. Global Fund | |
| Invesco Global Allocation Fund | Invesco International Diversified Fund | ||
| Large-Multi, Small-Mid, Risk Parity and Sector Funds | |||
| Invesco American Franchise Fund | Invesco Growth and Income Fund | Invesco V.I. American Franchise Fund | Class A:
2.00% |
| Invesco Balanced-Risk Allocation Fund | Invesco Health Care Fund | Invesco V.I. American Value Fund | |
| Invesco Capital Appreciation Fund | Invesco Income Advantage U.S. Fund | Invesco V.I. Xxxxxxxx Fund | |
| Invesco Charter Fund | Invesco Main Street All Cap Fund | Invesco V.I. Core Equity Fund | |
| Invesco Xxxxxxxx Fund | Invesco Main Street Fund | Invesco V.I. Discovery Mid Cap Growth Fund | |
| Invesco Xxxxxxxx Select Fund | Invesco Main Street Mid Cap Fund | Invesco V.I. Diversified Dividend Fund | |
| Invesco Discovery Fund | Invesco Main Street Small Cap Fund | Invesco V.I. Equally-Weighted S&P 500 Fund | |
| Invesco Discovery Mid Cap Growth Fund | Invesco Real Estate Fund | Invesco V.I. Global Real Estate Fund | |
| Invesco Diversified Dividend Fund | Invesco Rising Dividends Fund | Invesco V.I. Growth And Income Fund | |
| Invesco Dividend Income Fund | Invesco S&P 500 Index Fund | Invesco V.I. Health Care Fund | |
| Invesco Energy Fund | Invesco Select Risk: Growth Investor Fund | Invesco V.I. Main Street Mid Cap Fund | |
| Invesco Equally-Weighted S&P 500 Fund | Invesco Small Cap Equity Fund | Invesco V.I. Main Street Small Cap Fund | |
| Invesco Fundamental Alternatives Fund | Invesco Small Cap Growth Fund | Invesco V.I. Small Cap Equity Fund | |
| Invesco Global Real Estate Fund | Invesco Small Cap Value Fund | Invesco V.I. Technology Fund | |
| Invesco Global Real Estate Income Fund | Invesco Summit Fund | Invesco Value Opportunities Fund | |
| Invesco Gold & Special Minerals Fund | Invesco Technology Fund | ||
| Balanced and Fixed Income Funds | |||
| Invesco Active Allocation Fund | Invesco Income Allocation Fund | Invesco Select Risk: Moderately Conservative Investor Fund | Class A:
1.50% |
| Invesco AMT-Free Municipal Income Fund | Invesco Intermediate Term Municipal Income Fund | Invesco Short Duration High Yield Municipal Fund | |
| Invesco California Municipal Fund | Invesco Limited Term California Municipal Fund | Invesco Short Term Bond Fund4 | |
| Invesco Convertible Securities Fund | Invesco Limited Term Municipal Income Fund | Invesco Short Term Municipal Fund | |
| Invesco Corporate Bond Fund | Invesco Municipal Income Fund | Invesco V.I. Equity and Income Fund | |
| Invesco Equity and Income Fund | Invesco New Jersey Municipal Fund3 | Invesco V.I. Global Strategic Income Fund | |
| Invesco Floating Rate ESG Fund | Invesco Pennsylvania Municipal Fund3 | Invesco V.I. Government Money Market Fund | |
| Invesco Global Strategic Income Fund | Invesco Quality Income Fund | Invesco V.I. Government Securities Fund | |
| Invesco Government Money Market Fund2 | Invesco Rochester Amt-Free New York Municipal Fund | Invesco V.I. High Yield Fund | |
| Invesco High Yield Fund | Invesco Rochester Limited Term New York Municipal Fund | Invesco V.I. U.S. Government Money Portfolio | |
| Invesco High Yield Municipal Fund | Invesco Rochester Municipal Opportunities Fund3 | ||
| Invesco Income Fund | Invesco Rochester New York Municipals Fund | ||
| 1 | Invesco Floating Rate ESG Fund Class C expense limit is 2.00%. | |
| 2 | Invesco Government Money Market Fund expense limit for Class A, C, R, and Investor Class are 1.45%, 2.00%, 1.65%, and 1.25%, respectively. | |
| 3 | Invesco New Jersey Municipal Fund, Invesco Pennsylvania Municipal Fund and Invesco Rochester Municipal Opportunities Fund, CI ass C expense limit is 2.15%. | |
| 4 | Invesco Short Term Bond expense limit for Class A and C is 1.40% and 1.75% respectively. The Class C expense limit shown is the expense limit after Rule 12b-1 fee waivers by Invesco Distributors, Inc. |
