MEMORANDUM OF AGREEMENT
This Memorandum of Agreement, dated October 29, 2003, is entered into as
of the dates indicated on Exhibit "A" between AIM Equity Funds, AIM Floating
Rate Fund, AIM Funds Group, AIM Growth Series, AIM International Mutual Funds,
AIM Investment Funds, AIM Investment Securities Funds, AIM Select Real Estate
Income Fund, AIM Summit Fund, AIM Tax-Exempt Funds, AIM Variable Insurance
Funds, Short-Term Investments Trust, and Tax-Free Investments 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"). This Memorandum of Agreement restates the Memorandum of
Agreement previously in effect prior to October 29, 2003 and entered into as of
the effective dates indicated on Exhibit "A" between AIM Advisor Funds, AIM
Equity Funds, AIM Floating Rate Fund, AIM Funds Group, AIM Growth Series, AIM
International Funds, Inc. (now known as AIM International Mutual Funds), AIM
Investment Funds, AIM Investment Securities Funds, AIM Select Real Estate Income
Fund, AIM Series Trust, AIM Summit Fund, AIM Tax-Exempt Funds, AIM Variable
Insurance Funds, Short-Term Investments Co., Short-Term Investments Trust, and
Tax-Free Investments Co. (now known as Tax-Free Investments Trust), 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 indicated on Exhibit "A".
1
AIM EQUITY FUNDS
AIM FLOATING RATE FUND
AIM FUNDS GROUP
AIM GROWTH SERIES
AIM INTERNATIONAL MUTUAL FUNDS
AIM INVESTMENT FUNDS
AIM INVESTMENT SECURITIES FUNDS
AIM SELECT REAL ESTATE INCOME FUND
AIM SUMMIT FUND
AIM TAX-EXEMPT FUNDS
AIM VARIABLE INSURANCE FUNDS
SHORT-TERM INVESTMENTS TRUST
TAX-FREE INVESTMENTS TRUST
By: /s/ Xxxxxx X. Xxxxxx
-------------------------------
Title: President
A I M ADVISORS, INC.
By: /s/ Xxxx X. Xxxxxxxxx
-------------------------------
Title: President
2
AS revised October 15, 2004
EXHIBIT "A"
AIM EQUITY FUNDS
FUND EFFECTIVE DATE COMMITTED UNTIL*
---- -------------- ----------------
AIM Aggressive Growth Fund June 21, 2000
AIM Blue Chip Fund June 21, 2000
AIM Capital Development Fund June 21, 2000
AIM Charter Fund June 21, 2000
AIM Constellation Fund June 21, 2000
AIM Core Strategies Fund December 28, 2001
AIM Dent Demographic Trends Fund June 21, 2000
AIM Diversified Dividend Fund December 28, 2001
AIM Emerging Growth Fund June 21, 2000
AIM Large Cap Basic Value Fund June 21, 2000
AIM Large Cap Growth Fund June 21, 2000
AIM Mid Cap Growth Fund June 21, 2000
AIM Select Basic Value Fund August 29, 2002
AIM U.S. Growth Fund August 29, 2002
AIM Xxxxxxxxxx Fund June 21, 2000
AIM FLOATING RATE FUND
FUND EFFECTIVE DATE COMMITTED UNTIL*
---- -------------- ----------------
AIM Floating Rate Fund September 1, 2001
AIM FUNDS GROUP
FUND EFFECTIVE DATE COMMITTED UNTIL*
---- -------------- ----------------
AIM Balanced Fund June 1, 2000
AIM Basic Balanced Fund September 28, 2001
AIM European Small Company Fund August 30, 2000
AIM Global Value Fund December 27, 2000
AIM International Emerging Growth Fund August 30, 2000
AIM Mid Cap Basic Value Fund December 27, 2001
AIM Premier Equity Fund June 1, 2000
AIM Select Equity Fund June 1, 2000
AIM Small Cap Equity Fund August 30, 2000
AIM GROWTH SERIES
FUND EFFECTIVE DATE COMMITTED UNTIL*
---- -------------- ----------------
AIM Basic Value Fund June 5, 2000
AIM Mid Cap Core Equity Fund September 1, 2001
AIM Small Cap Growth Fund September 11, 2000
AIM Global Equity 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
** Effective November 4, 2003, AIM Global Trends Fund, formerly a series of
AIM Series Trust, was restructured as a series of AIM Growth Series.
Effective March 31, 2004, AIM Global Trends Fund was renamed AIM Global
Equity Fund.
A-1
As revised October 15, 2004
AIM INTERNATIONAL MUTUAL FUNDS
FUND EFFECTIVE DATE COMMITTED UNTIL*
---- -------------- ----------------
AIM Asia Pacific Growth Fund June 21, 2000
AIM European Growth Fund June 21, 2000
AIM Global Aggressive Growth Fund June 21, 2000
AIM Global Growth Fund June 21, 2000
AIM International Growth Fund June 21, 2000
AIM International Core Equity Fund*** November 25, 2003
AIM INVESTMENT FUNDS
FUND EFFECTIVE DATE COMMITTED UNTIL*
---- -------------- ----------------
AIM Developing Markets Fund September 1, 2001
AIM Global Health Care Fund September 1, 2001
AIM Libra Fund November 1, 2002
AIM Trimark Endeavor Fund November 4, 2003
AIM Trimark Fund November 4, 2003
AIM Trimark Small Companies Fund November 4, 2003
AIM INVESTMENT SECURITIES FUNDS
FUND EFFECTIVE DATE COMMITTED UNTIL*
---- -------------- ----------------
AIM High Yield Fund June 1, 2000
AIM Income Fund June 1, 2000
AIM Intermediate Government Fund June 1, 2000
AIM Limited Maturity Treasury Fund June 1, 2000
AIM Money Market Fund June 1, 2000
AIM Municipal Bond Fund June 1, 2000
AIM Real Estate Fund**** September 11, 2000
AIM Short Term Bond Fund August 29, 2002
AIM Total Return Bond Fund December 28, 2001
AIM SELECT REAL ESTATE INCOME FUND
FUND EFFECTIVE DATE COMMITTED UNTIL*
---- -------------- ----------------
AIM Select Real Estate Income Fund May 31, 2002
AIM SUMMIT FUND
FUND EFFECTIVE DATE COMMITTED UNTIL*
---- -------------- ----------------
AIM Summit Fund July 24, 2000
* 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.
*** Effective November 25, 2003, INVESCO International Core Equity Fund,
formerly a series of AIM International Funds, Inc. II, was
redomesticated as a series of AIM International Mutual Funds.
**** Effective October 29, 2003, AIM Real Estate Fund, formerly a series of
AIM Advisor Funds, was restructured as a series of AIM Investment
Securities Funds.
A-2
As revised October 15, 2004
AIM TAX-EXEMPT FUNDS
FUND EFFECTIVE DATE COMMITTED UNTIL*
---- -------------- ----------------
AIM High Income Municipal Fund June 1, 2000
AIM Tax-Exempt Cash Fund June 1, 2000
AIM Tax-Free Intermediate Fund June 1, 2000
AIM VARIABLE INSURANCE FUNDS
FUND EFFECTIVE DATE COMMITTED UNTIL*
---- -------------- ----------------
AIM V.I. Aggressive Growth Fund May 1, 2000
AIM V.I. Balanced Fund May 1, 2000
AIM V.I. Basic Value Fund September 10, 2001
AIM V.I. Blue Chip Fund May 1, 2000
AIM V.I. Capital Appreciation Fund May 1, 2000
AIM V.I. Capital Development Fund May 1, 2000
AIM V.I. Core Equity Fund May 1, 2000
AIM V.I. Core Stock Fund April 30, 2004
AIM V.I. Dent Demographic Trends Fund May 1, 2000
AIM V.I. Diversified Income Fund May 1, 2000
AIM V.I. Dynamics Fund April 30, 2004
AIM V.I. Financial Services Fund April 30, 2004
AIM V.I. Government Securities Fund May 1, 2000
AIM V.I. Growth Fund May 1, 2000
AIM V.I. Health Sciences Fund April 30, 2004
AIM V.I. High Yield Fund May 1, 2000
AIM V.I. International Growth Fund May 1, 2000
AIM V.I. Large Cap Growth Fund September 1, 2003
AIM X.X. Xxxxxxx Xxxx Xxxxx 00, 0000
AIM V.I. Mid Cap Core Equity Fund September 10, 2001
AIM V.I. Money Market Fund May 1, 2000
AIM V.I. Premier Equity Fund May 1, 2000
AIM V.I. Real Estate Fund April 30, 2004
AIM V.I. Small Cap Equity Fund September 1, 2003
AIM V.I. Small Company Growth Fund April 30, 2004
AIM V.I. Technology Fund April 30, 2004
AIM V.I. Total Return Fund April 30, 2004
AIM V.I. Utilities Fund April 30, 2004
SHORT-TERM INVESTMENTS TRUST
FUND EFFECTIVE DATE COMMITTED UNTIL*
---- -------------- ----------------
Government & Agency Portfolio June 1, 2000
Government TaxAdvantage Portfolio June 1, 2000
Treasury Portfolio June 1, 2000
Liquid Assets Portfolio***** June 1, 2000
STIC Prime Portfolio***** June 1, 2000
* 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.
***** Effective November 24, 2003, Liquid Assets and STIC Prime Portfolios,
formerly series of Short-Term Investments Co., were restructured as
series of Short-Term Investments Trust.
****** Effective November 4, 2003, Tax-Free Cash Reserve Portfolio, formerly a
series of Tax-Free Investments Co., was restructured as a series of
Tax-Free Investments Trust.
A-3
As revised October 15, 2004
TAX-FREE INVESTMENTS TRUST
FUND EFFECTIVE DATE COMMITTED UNTIL*
---- -------------- ----------------
Tax-Free Cash Reserve Portfolio****** June 1, 2000
* 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.
***** Effective November 24, 2003, Liquid Assets and STIC Prime Portfolios,
formerly series of Short-Term Investments Co., were restructured as
series of Short-Term Investments Trust.
****** Effective November 4, 2003, Tax-Free Cash Reserve Portfolio, formerly a
series of Tax-Free Investments Co., was restructured as a series of
Tax-Free Investments Trust.
A-4
