Sub-Item 77Q1(e)
MEMORANDUM OF AGREEMENT
(ADVISORY FEE WAIVERS)
This Memorandum of Agreement is entered into as of the effective date on the
attached Exhibit A and B (each an "Exhibit" or, collectively 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 Treasurer's Series Trust (Invesco Treasurer's Series Trust), AIM
Variable Insurance Funds (Invesco Variable Insurance Funds), Invesco Advantage
Municipal Income Trust II, Invesco Bond Fund, Invesco California Value
Municipal Income Trust, Invesco Dynamic Credit Opportunities Fund, Invesco
Exchange Fund, Invesco High Income 2023 Target Term Fund, Invesco High Income
2024 Target Term Fund, Invesco High Income Trust II, Invesco Management Trust,
Invesco Municipal Income Opportunities Trust, Invesco Municipal Opportunity
Trust, Invesco Municipal Trust, Invesco Pennsylvania Value Municipal Income
Trust, Invesco Quality Municipal Income Trust, Invesco Securities Trust,
Invesco Senior Income Trust, Invesco Trust for Investment Grade Municipals,
Invesco Trust for Investment Grade New York Municipals and Invesco Value
Municipal Income 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 of the Funds, on behalf of their respective classes as
applicable, severally and not jointly, as indicated in the 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, Invesco agrees that until at least the expiration date
set forth on Exhibit A (the "Expiration Date") and with respect to those Funds
listed on the Exhibit, Invesco will waive its advisory fees at the rate set
forth on the 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:
1. Invesco agrees that until the expiration date, if any, of the commitment
set forth on the attached Exhibit B occurs, as such Exhibit B is amended
from time to time, Invesco will waive advisory fees payable by an
Investing Fund (defined below) in an amount equal to 100% of the net
advisory fee Invesco receives on the Uninvested Cash (defined below)
from the Affiliated Money Market Fund (defined below) in which the
Investing Fund invests (the "Waiver").
i. Invesco'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 Trust that
holds itself out as a money market fund and complies with Rule 2a-7
under the Investment Company Act of 1940, as amended;
(b)"Investing Fund" - any Fund investing Cash Balances and/or Cash
Collateral in an Affiliated Money Market Fund; and
(c)"Uninvested Cash" - cash available and uninvested by a Trust 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 Trust nor Invesco may remove or amend the Waiver to a Trust's
detriment prior to the Expiration Date without requesting and receiving
the approval of the Board of Trustee of the applicable Fund's Trust to
remove or amend such Waiver. Invesco will not have any right to
reimbursement of any amount so waived.
Subject to the foregoing paragraphs, Invesco agrees to review the
then-current waivers for each class of the Funds listed on the Exhibits 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 Invesco has agreed to continue them. The Exhibits will be amended
to reflect any such agreement.
It is expressly agreed that the obligations of the Trusts 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 the Funds, 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 each Trust, and this
Memorandum of Agreement has been executed and delivered by an authorized
officer of each Trust 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.
IN WITNESS WHEREOF, each of the Trusts, on behalf of itself and its Funds
listed in Exhibit A and B to this Memorandum of Agreement, and Invesco have
entered into this Memorandum of Agreement as of the Effective Date on the
attached Exhibits.
AIM COUNSELOR SERIES TRUST (INVESCO COUNSELOR SERIES TRUST) INVESCO DYNAMIC CREDIT OPPORTUNITIES FUND
AIM EQUITY FUNDS (INVESCO EQUITY FUNDS) INVESCO EXCHANGE FUND
AIM FUNDS GROUP (INVESCO FUNDS GROUP) INVESCO HIGH INCOME 2023 TARGET TERM FUND
AIM GROWTH SERIES (INVESCO GROWTH SERIES) INVESCO HIGH INCOME 2024 TARGET TERM FUND
AIM INTERNATIONAL MUTUAL FUNDS (INVESCO INTERNATIONAL INVESCO HIGH INCOME TRUST II
MUTUAL FUNDS)
AIM INVESTMENT FUNDS (INVESCO INVESTMENT FUNDS) INVESCO MANAGEMENT TRUST
AIM INVESTMENT SECURITIES FUNDS (INVESCO INVESTMENT INVESCO MUNICIPAL INCOME OPPORTUNITIES
SECURITIES FUNDS) TRUST
AIM SECTOR FUNDS (INVESCO SECTOR FUNDS) INVESCO MUNICIPAL OPPORTUNITY TRUST
AIM TAX-EXEMPT FUNDS (INVESCO TAX-EXEMPT FUNDS) INVESCO MUNICIPAL TRUST
AIM TREASURER'S SERIES TRUST (INVESCO TREASURER'S SERIES INVESCO PENNSYLVANIA VALUE MUNICIPAL
TRUST) INCOME TRUST
AIM VARIABLE INSURANCE FUNDS (INVESCO VARIABLE INSURANCE INVESCO QUALITY MUNICIPAL INCOME TRUST
FUNDS)
INVESCO ADVANTAGE MUNICIPAL INCOME TRUST II INVESCO SECURITIES TRUST
INVESCO BOND FUND INVESCO SENIOR INCOME TRUST
INVESCO CALIFORNIA VALUE MUNICIPAL INCOME TRUST INVESCO TRUST FOR INVESTMENT GRADE
MUNICIPALS
INVESCO TRUST FOR INVESTMENT GRADE NEW
YORK MUNICIPALS
INVESCO VALUE MUNICIPAL INCOME TRUST
on behalf of the Funds listed in
the Exhibit to this Memorandum of
Agreement
By: /s/ Xxxx X. Xxxx
--------------------------
Title: Senior Vice President
INVESCO ADVISERS, INC.
By: /s/ Xxxx X. Xxxx
--------------------------
Title: Senior Vice President
EXHIBIT A TO ADVISORY FEE MOA
AIM COUNSELOR SERIES TRUST
(INVESCO COUNSELOR SERIES EFFECTIVE EXPIRATION
TRUST) WAIVER DESCRIPTION DATE DATE
-------------------------- -------------------------------------------------- ---------- ----------
Invesco Strategic Real Return Invesco will waive advisory fees in an amount 4/30/2014 06/30/2019
Fund equal to the advisory fees earned on underlying
affiliated investments
AIM INVESTMENT FUNDS (INVESCO EFFECTIVE EXPIRATION
INVESTMENT FUNDS WAIVER DESCRIPTION DATE DATE
----------------------------- -------------------------------------------------- ---------- ----------
Invesco Balanced-Risk Invesco will waive advisory fees in an amount 02/24/15 06/30/2019
Commodity Strategy Fund equal to the advisory fees earned on underlying
affiliated investments
Invesco Global Targeted Invesco will waive advisory fees in an amount 12/17/2013 06/30/2019
Returns Fund equal to the advisory fees earned on underlying
affiliated investments
AIM TREASURER'S SERIES TRUST
(INVESCO TREASURER'S SERIES EFFECTIVE EXPIRATION
TRUST) WAIVER DESCRIPTION DATE DATE
---------------------------- -------------------------------------------------- ---------- ----------
Invesco Premier Portfolio Invesco will waive advisory fees in the amount of 2/1/2011 12/31/2018
0.07% of the Fund's average daily net assets
Invesco Premier U.S. Invesco will waive advisory fees in the amount of 2/1/2011 12/31/2018
Government Money Portfolio 0.07% of the Fund's average daily net assets
Invesco Premier Tax-Exempt Invesco will waive advisory fees in the amount of 06/01/2016 12/31/2018
Portfolio 0.05% of the Fund's average daily net assets
EXHIBIT "B"
AIM COUNSELOR SERIES TRUST (INVESCO COUNSELOR SERIES TRUST)
PORTFOLIO EFFECTIVE DATE COMMITTED UNTIL
--------- ------------------- ---------------
Invesco American Franchise Fund February 12, 2010 June 30, 0000
Xxxxxxx Xxxxxxxxxx Tax-Free Income
Fund February 12, 2010 June 30, 2019
Invesco Core Plus Bond Fund June 2, 2009 June 30, 2019
Invesco Equally-Weighted S&P 500 Fund February 12, 2010 June 30, 2019
Invesco Equity and Income Fund February 12, 2010 June 30, 2019
Invesco Floating Rate Fund July 1, 2007 June 30, 2019
Invesco Global Real Estate Income Fund July 1, 2007 June 30, 2019
Invesco Growth and Income Fund February 12, 2010 June 30, 2019
Invesco Low Volatility Equity Yield
Fund July 1, 2007 June 30, 0000
Xxxxxxx Xxxxxxxxxxxx Tax Free Income
Fund February 12, 2010 June 30, 2019
Invesco S&P 500 Index Fund February 12, 2010 June 30, 2019
Invesco Short Duration High Yield
Municipal Fund September 30, 2015 June 30, 2019
Invesco Small Cap Discovery Fund February 12, 2010 June 30, 2019
Invesco Strategic Real Return Fund April 30, 2014 June 30, 2019
AIM EQUITY FUNDS (INVESCO EQUITY FUNDS)
PORTFOLIO EFFECTIVE DATE COMMITTED UNTIL
--------- -------------- ---------------
Invesco Charter Fund July 1, 2007 June 30, 2019
Invesco Diversified Dividend Fund July 1, 2007 June 30, 0000
Xxxxxxx Xxxxxx Fund July 1, 2007 June 30, 2019
AIM FUNDS GROUP (INVESCO FUNDS GROUP)
FUND EFFECTIVE DATE COMMITTED UNTIL
---- -------------- ---------------
Invesco European Small Company Fund July 1, 2007 June 30, 2019
Invesco Global Core Equity Fund July 1, 2007 June 30, 2019
Invesco International Small Company
Fund July 1, 2007 June 30, 2019
Invesco Small Cap Equity Fund July 1, 2007 June 30, 2019
AIM GROWTH SERIES (INVESCO GROWTH SERIES)
FUND EFFECTIVE DATE COMMITTED UNTIL
---- ------------------ ---------------
Invesco Alternative Strategies Fund October 14, 2014 June 30, 2019
Invesco Convertible Securities Fund February 12, 2010 June 30, 2019
Invesco Global Low Volatility Equity
Yield Fund July 1, 2007 June 30, 2019
Invesco Mid Cap Core Equity Fund July 1, 2007 June 30, 2019
Invesco Multi-Asset Inflation Fund October 14, 2014 June 30, 2019
Invesco Quality Income Fund February 12, 2010 June 30, 2019
Invesco Small Cap Growth Fund July 1, 2007 June 30, 2019
AIM INTERNATIONAL MUTUAL FUNDS (INVESCO INTERNATIONAL MUTUAL FUNDS)
FUND EFFECTIVE DATE COMMITTED UNTIL
---- ------------------ ---------------
Invesco Asia Pacific Growth Fund July 1, 2007 June 30, 2019
Invesco European Growth Fund July 1, 2007 June 30, 2019
Invesco Global Growth Fund July 1, 2007 June 30, 2019
Invesco Global Opportunities Fund August 3, 2012 June 30, 2019
Invesco Global Responsibility Equity
Fund June 30, 2016 June 30, 2019
Invesco Global Small & Mid Cap Growth
Fund July 1, 2007 June 30, 2019
Invesco International Companies Fund December 21, 2015 June 30, 2019
Invesco International Core Equity Fund July 1, 2007 June 30, 2019
Invesco International Growth Fund July 1, 2007 June 30, 2019
Invesco Select Opportunities Fund August 3, 2012 June 30, 2019
AIM INVESTMENT FUNDS (INVESCO INVESTMENT FUNDS)
FUND EFFECTIVE DATE COMMITTED UNTIL
---- ------------------- ---------------
Invesco All Cap Market Neutral Fund December 17, 2013 June 30, 2019
Invesco Balanced-Risk Allocation
Fund/1/ May 29, 2009 June 30, 2019
Invesco Balanced-Risk Commodity
Strategy Fund/2/ November 29, 2010 June 30, 2019
Invesco Developing Markets Fund July 1, 2007 June 30, 2019
Invesco Emerging Markets Equity Fund May 11, 2011 June 30, 2019
Invesco Emerging Markets Flexible
Bond Fund/3/ June 14, 2010 June 30, 2019
Invesco Endeavor Fund July 1, 2007 June 30, 2019
Invesco Global Health Care Fund July 1, 2007 June 30, 2019
Invesco Global Infrastructure Fund May 2, 2014 June 30, 2019
Invesco Global Market Neutral Fund December 17, 2013 June 30, 2019
Invesco Global Targeted Returns
Fund/5/ December 17, 2013 June 30, 2019
Invesco Greater China Fund July 1, 2007 June 30, 2019
Invesco Long/Short Equity Fund December 17, 2013 June 30, 2019
Invesco Low Volatility Emerging
Markets Fund December 17, 2013 June 30, 2019
Invesco Macro Allocation Strategy
Fund/4/ September 25, 2012 June 30, 2019
Invesco MLP Fund August 29, 2014 June 30, 2019
Invesco Multi-Asset Income Fund/6/ December 13, 2011 June 30, 2019
Invesco Pacific Growth Fund February 12, 2010 June 30, 2019
Invesco Select Companies Fund July 1, 2007 June 30, 2019
Invesco World Bond Fund July 1, 2007 June 30, 0000
Xxxxxxx X.X. Managed Volatility Fund December 18, 2017 June 30, 2019
AIM INVESTMENT SECURITIES FUNDS (INVESCO INVESTMENT SECURITIES FUNDS)
FUND EFFECTIVE DATE COMMITTED UNTIL
---- ------------------ ---------------
Invesco Corporate Bond Fund February 12, 2010 June 30, 2019
Invesco Global Real Estate Fund July 1, 2007 June 30, 2019
Invesco Government Money Market Fund July 1, 2007 June 30, 2019
Invesco High Yield Fund July 1, 2007 June 30, 2019
Invesco Real Estate Fund July 1, 2007 June 30, 2019
Invesco Short Duration Inflation
Protected Fund July 1, 2007 June 30, 2019
Invesco Short Term Bond Fund July 1, 2007 June 30, 0000
Xxxxxxx X.X. Government Fund July 1, 2007 June 30, 2019
--------
/1/ Advisory fees to be waived by Invesco for Invesco Balanced-Risk Allocation
Fund also include advisory fees that Invesco receives on the Uninvested
Cash from the Affiliated Money Market Fund in which Invesco Cayman
Commodity Fund I, Ltd. invests.
2 Advisory fees to be waived by Invesco for Invesco Balanced-Risk Commodity
Strategy Fund also include advisory fees that Invesco receives on the
Uninvested Cash from the Affiliated Money Market Fund in which Invesco Cayman
Commodity Fund III, Ltd. invests.
3 Advisory fees to be waived by Invesco for Invesco Emerging Markets Flexible
Bond Fund also include advisory fees that Invesco receives on the Uninvested
Cash from the Affiliated Money Market Fund in which Invesco Emerging Markets
Flexible Bond Cayman, Ltd. invests.
4 Advisory fees to be waived by Invesco for Invesco Macro Allocation Strategy
Fund also include advisory fees that Invesco receives on the Uninvested Cash
from the Affiliated Money Market Fund in which Invesco Cayman Commodity Fund
V, Ltd. invests.
5 Advisory fees to be waived by Invesco for Invesco Global Targeted Returns
Fund also include advisory fees that Invesco receives on the Uninvested Cash
from the Affiliated Money Market Fund in which Invesco Cayman Commodity Fund
VII, Ltd. invests.
6 Advisory fees to be waived by Invesco for Invesco Multi-Asset Income Fund
also include advisory fees that Invesco receives on the Uninvested Cash from
the Affiliated Money Market Fund in which Invesco Multi-Asset Income Cayman,
Ltd. invests.
AIM SECTOR FUNDS (INVESCO SECTOR FUNDS)
FUND EFFECTIVE DATE COMMITTED UNTIL
---- ------------------ ---------------
Invesco American Value Fund February 12, 2010 June 30, 2019
Invesco Xxxxxxxx Fund February 12, 2010 June 30, 2019
Invesco Energy Fund July 1, 2007 June 30, 2019
Invesco Dividend Income Fund July 1, 2007 June 30, 2019
Invesco Gold & Precious Metals Fund July 1, 2007 June 30, 2019
Invesco Mid Cap Growth Fund February 12, 2010 June 30, 2019
Invesco Small Cap Value Fund February 12, 2010 June 30, 2019
Invesco Technology Fund July 1, 2007 June 30, 2019
Invesco Technology Sector Fund February 12, 2010 June 30, 2019
Invesco Value Opportunities Fund February 12, 2010 June 30, 2019
AIM TAX-EXEMPT FUNDS (INVESCO TAX-EXEMPT FUNDS)
FUND EFFECTIVE DATE COMMITTED UNTIL
---- ------------------ ---------------
Invesco High Yield Municipal Fund February 12, 2010 June 30, 2019
Invesco Intermediate Term Municipal February 12, 2010 June 30, 2019
Income Fund
Invesco Municipal Income Fund February 12, 2010 June 30, 2019
Invesco New York Tax Free Income Fund February 12, 2010 June 30, 2019
Invesco Tax-Exempt Cash Fund July 1, 2007 June 30, 2019
Invesco Limited Term Municipal Income July 1, 2007 June 30, 2019
Fund
AIM VARIABLE INSURANCE FUNDS (INVESCO VARIABLE INSURANCE FUNDS)
FUND EFFECTIVE DATE COMMITTED UNTIL
---- ------------------ ---------------
Invesco V.I. American Franchise Fund February 12, 2010 June 30, 2019
Invesco V.I. American Value Fund February 12, 2010 June 30, 2019
Invesco V.I. Balanced-Risk Allocation December 22, 2010 June 30, 2019
Fund/7/
Invesco V.I. Xxxxxxxx Fund February 12, 2010 June 30, 2019
Invesco V.I. Core Equity Fund July 1, 2007 June 30, 2019
Invesco V.I. Core Plus Bond Fund April 30, 2015 June 30, 2019
Invesco V.I. Diversified Dividend Fund February 12, 2010 June 30, 2019
Invesco V.I. Equally-Weighted S&P 500 February 12, 2010 June 30, 2019
Fund
Invesco V.I. Equity and Income Fund February 12, 2010 June 30, 2019
Invesco V.I. Global Core Equity Fund February 12, 2010 June 30, 2019
Invesco V.I. Global Health Care Fund July 1, 2007 June 30, 2019
Invesco V.I. Global Real Estate Fund July 1, 2007 June 30, 2019
Invesco V.I. Government Money Market July 1, 2007 June 30, 2019
Fund
Invesco V.I. Government Securities July 1, 2007 June 30, 2019
Fund
Invesco V.I. Growth and Income Fund February 12, 2010 June 30, 2019
Invesco V.I. High Yield Fund July 1, 2007 June 30, 2019
Invesco V.I. International Growth Fund July 1, 2007 June 30, 2019
Invesco V.I. Managed Volatility Fund July 1, 2007 June 30, 2019
Invesco V.I. Mid Cap Core Equity Fund July 1, 2007 June 30, 2019
Invesco V.I. Mid Cap Growth Fund February 12, 2010 June 30, 2019
Invesco V.I. S&P 500 Index Fund February 12, 2010 June 30, 2019
Invesco V.I. Small Cap Equity Fund July 1, 2007 June 30, 2019
Invesco V.I. Technology Fund July 1, 2007 June 30, 2019
Invesco V.I. Value Opportunities Fund July 1, 2007 June 30, 2019
/7/ Advisory fees to be waived by Invesco for Invesco V.I. Balanced-Risk
Allocation Fund also include advisory fees that Invesco receives on the
Uninvested Cash from the Affiliated Money Market Fund in which Invesco
Cayman Commodity Fund IV, Ltd. invests.
INVESCO EXCHANGE FUND
FUND EFFECTIVE DATE COMMITTED UNTIL
---- ------------------- ---------------
Invesco Exchange Fund September 30, 2015 June 30, 2019
INVESCO SECURITIES TRUST
FUND EFFECTIVE DATE COMMITTED UNTIL
---- ----------------- ---------------
Invesco Balanced-Risk Aggressive Allocation Fund/8/ January 16, 2013 June 30, 2019
INVESCO MANAGEMENT TRUST
FUND EFFECTIVE DATE COMMITTED UNTIL
---- -------------- ---------------
Invesco Conservative Income Fund July 1, 2014 June 30, 2019
CLOSED-END FUNDS
FUND EFFECTIVE DATE COMMITTED UNTIL
---- ------------------ ---------------
Invesco Advantage Municipal Income May 15, 2012 June 30, 2019
Trust II
Invesco Bond Fund August 26, 2015 June 30, 0000
Xxxxxxx Xxxxxxxxxx Value Municipal May 15, 2012 June 30, 2019
Income Trust
Invesco Dynamic Credit Opportunities May 15, 2012 June 30, 2019
Fund
Invesco High Income 2023 Target Term November 28, 2016 June 30, 2019
Fund
Invesco High Income 2024 Target Term November 30, 2017 June 30, 2019
Fund
Invesco High Income Trust II May 15, 2012 June 30, 2019
Invesco Municipal Income August 26, 2015 June 30, 2019
Opportunities Trust
Invesco Municipal Opportunity Trust May 15, 2012 June 30, 2019
Invesco Municipal Trust May 15, 2012 June 30, 0000
Xxxxxxx Xxxxxxxxxxxx Value Municipal May 15, 2012 June 30, 2019
Income Trust
Invesco Quality Municipal Income Trust August 26, 2015 June 30, 2019
Invesco Senior Income Trust May 15, 2012 June 30, 2019
Invesco Trust for Investment Grade May 15, 2012 June 30, 2019
Municipals
Invesco Trust for Investment Grade May 15, 2012 June 30, 2019
New York Municipals
Invesco Value Municipal Income Trust June 1, 2010 June 30, 2019
/8/ Advisory fees to be waived by Invesco for Invesco Balanced-Risk Aggressive
Allocation Fund also include advisory fees that Invesco receives on the
Uninvested Cash from the Affiliated Money Market Fund in which Invesco
Cayman Commodity Fund VI, Ltd. invests.
Sub-Item 77Q1(e)
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, Invesco
Securities 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 Contractual Limits (listed in Exhibits A - D), Invesco agrees until
at least the expiration date set forth on the attached Exhibits A - D (the
"Expiration Date") 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 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 Exhibits A - D. Neither a Trust nor Invesco may
remove or amend the Contractual Limits to a Trust'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 Contractual
Limits. Invesco will not have any right to reimbursement of any amount so
waived or reimbursed.
For the Contractual Limits, 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.
For the Voluntary Limits (listed in Exhibits A - D), Invesco agrees that
these are not contractual in nature and that Invesco may establish, amend
and/or terminate such expense limitations at any time in its sole discretion.
Any delay or failure by Invesco to update this Memorandum of Agreement with
regards to the terminations, extensions, or expirations of the Voluntary Limits
shall have no effect on the term of such Voluntary Limitations; the Voluntary
Limitations 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.
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.
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
INVESCO SECURITIES TRUST
SHORT-TERM INVESTMENTS TRUST
on behalf of the Funds listed in
the Exhibits to this Memorandum
of Agreement
By: /s/ Xxxx X. Xxxx
--------------------------
Title: Senior Vice President
INVESCO ADVISERS, INC.
By: /s/ Xxxx X. Xxxx
--------------------------
Title: Senior Vice President
2
EXHIBIT "A" - RETAIL FUNDS/1/
AIM COUNSELOR SERIES TRUST (INVESCO COUNSELOR SERIES TRUST)
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ ---------- ------------------- ------------------
Invesco American Franchise Fund
Class A Shares Contractual 2.00% July 1, 2013 June 30, 2018
Class B Shares Contractual 2.75% July 1, 2013 June 30, 2018
Class C Shares Contractual 2.75% July 1, 2013 June 30, 2018
Class R Shares Contractual 2.25% July 1, 2013 June 30, 2018
Class R5 Shares Contractual 1.75% July 1, 2013 June 30, 2018
Class R6 Shares Contractual 1.75% July 1, 2013 June 30, 2018
Class Y Shares Contractual 1.75% July 1, 2013 June 30, 0000
Xxxxxxx Xxxxxxxxxx Tax-Free Income Fund
Class A Shares Contractual 1.50% July 1, 2012 June 30, 2018
Class B Shares Contractual 2.00% July 1, 2012 June 30, 2018
Class C Shares Contractual 2.00% July 1, 2012 June 30, 2018
Class R6 Shares Contractual 1.25% April 4, 2017 June 30, 2018
Class Y Shares Contractual 1.25% July 1, 2012 June 30, 2018
Invesco Core Plus Bond Fund
Class A Shares Contractual 0.75% December 16, 2016 December 31, 2018
Class B Shares Contractual 1.50% December 16, 2016 December 31, 2018
Class C Shares Contractual 1.50% December 16, 2016 December 31, 2018
Class R Shares Contractual 1.00% December 16, 2016 December 31, 2018
Class R5 Shares Contractual 0.50% December 16, 2016 December 31, 2018
Class R6 Shares Contractual 0.50% December 16, 2016 December 31, 2018
Class Y Shares Contractual 0.50% December 16, 2016 December 31, 2018
Invesco Equally-Weighted S&P 500 Fund
Class A Shares Contractual 2.00% July 1, 2012 June 30, 2018
Class B Shares Contractual 2.75% July 1, 2012 June 30, 2018
Class C Shares Contractual 2.75% July 1, 2012 June 30, 2018
Class R Shares Contractual 2.25% July 1, 2012 June 30, 2018
Class R6 Shares Contractual 1.75% September 24, 2012 June 30, 2018
Class Y Shares Contractual 1.75% July 1, 2012 June 30, 2018
Invesco Equity and Income Fund
Class A Shares Contractual 1.50% July 1, 2012 June 30, 2018
Class B Shares Contractual 2.25% July 1, 2012 June 30, 2018
Class C Shares Contractual 2.25% July 1, 2012 June 30, 2018
Class R Shares Contractual 1.75% July 1, 2012 June 30, 2018
Class R5 Shares Contractual 1.25% July 1, 2012 June 30, 2018
Class R6 Shares Contractual 1.25% September 24, 2012 June 30, 2018
Class Y Shares Contractual 1.25% July 1, 2012 June 30, 2018
Invesco Floating Rate Fund
Class A Shares Contractual 1.50% April 14, 2006 June 30, 2018
Class C Shares Contractual 2.00% April 14, 2006 June 30, 2018
Class R Shares Contractual 1.75% April 14, 2006 June 30, 2018
Class R5 Shares Contractual 1.25% April 14, 2006 June 30, 2018
Class R6 Shares Contractual 1.25% September 24, 2012 June 30, 2018
Class Y Shares Contractual 1.25% October 3, 2008 June 30, 2018
Invesco Global Real Estate Income Fund
Class A Shares Contractual 2.00% July 1, 2009 June 30, 2018
Class B Shares Contractual 2.75% July 1, 2009 June 30, 2018
Class C Shares Contractual 2.75% July 1, 2009 June 30, 2018
Class R5 Shares Contractual 1.75% July 1, 2009 June 30, 2018
Class R6 Shares Contractual 1.75% September 24, 2012 June 30, 2018
Class Y Shares Contractual 1.75% July 1, 2009 June 30, 2018
See page 18 for footnotes to Exhibit A.
3
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ --------------------- ------------------ -----------------
Invesco Growth and Income Fund
Class A Shares Contractual 2.00% July 1, 2012 June 30, 2018
Class B Shares Contractual 2.75% July 1, 2012 June 30, 2018
Class C Shares Contractual 2.75% July 1, 2012 June 30, 2018
Class R Shares Contractual 2.25% July 1, 2012 June 30, 2018
Class R5 Shares Contractual 1.75% July 1, 2012 June 30, 2018
Class R6 Shares Contractual 1.75% September 24, 2012 June 30, 2018
Class Y Shares Contractual 1.75% July 1, 2012 June 30, 2018
Invesco Low Volatility Equity Yield Fund
Class A Shares Contractual 2.00% July 1, 2012 June 30, 2018
Class B Shares Contractual 2.75% July 1, 2012 June 30, 2018
Class C Shares Contractual 2.75% July 1, 2012 June 30, 2018
Class R Shares Contractual 2.25% July 1, 2012 June 30, 2018
Class R5 Shares Contractual 1.75% July 1, 2012 June 30, 2018
Class R6 Shares Contractual 1.75% April 4, 2017 June 30, 2018
Class Y Shares Contractual 1.75% July 1, 2012 June 30, 2018
Investor Class Shares Contractual 2.00% July 1, 2012 June 30, 0000
Xxxxxxx Xxxxxxxxxxxx Tax Free Income Fund
Class A Shares Contractual 1.50% July 1, 2012 June 30, 2018
Class B Shares Contractual 2.25% July 1, 2012 June 30, 2018
Class C Shares Contractual 2.25% July 1, 2012 June 30, 2018
Class R6 Shares Contractual 1.25% April 4, 2017 June 30, 2018
Class Y Shares Contractual 1.25% July 1, 2012 June 30, 2018
Invesco S&P 500 Index Fund
Class A Shares Contractual 2.00% July 1, 2012 June 30, 2018
Class B Shares Contractual 2.75% July 1, 2012 June 30, 2018
Class C Shares Contractual 2.75% July 1, 2012 June 30, 2018
Class R6 Shares Contractual 1.75% April 4, 2017 June 30, 2018
Class Y Shares Contractual 1.75% July 1, 2012 June 30, 2018
Invesco Short Duration High Yield
Municipal Fund
Class A Shares Contractual 0.79% September 30, 2015 December 31, 2018
Class C Shares Contractual 1.54% September 30, 2015 December 31, 2018
Class R5 Shares Contractual 0.54% September 30, 2015 December 31, 2018
Class R6 Shares Contractual 0.54% April 4, 2017 December 31, 2018
Class Y Shares Contractual 0.54% September 30, 2015 December 31, 2018
Invesco Small Cap Discovery Fund
Class A Shares Contractual 2.00% July 1, 2012 June 30, 2018
Class B Shares Contractual 2.75% July 1, 2012 June 30, 2018
Class C Shares Contractual 2.75% July 1, 2012 June 30, 2018
Class R5 Shares Contractual 1.75% September 24, 2012 June 30, 2018
Class R6 Shares Contractual 1.75% September 24, 2012 June 30, 2018
Class Y Shares Contractual 1.75% July 1, 2012 June 30, 2018
Invesco Strategic Real Return Fund
Class A Shares Contractual 0.82% less net AFFE* April 30, 2014 December 31, 2018
Class C Shares Contractual 1.57% less net AFFE* April 30, 2014 December 31, 2018
Class R Shares Contractual 1.07% less net AFFE* April 30, 2014 December 31, 2018
Class R5 Shares Contractual 0.57% less net AFFE* April 30, 2014 December 31, 2018
Class R6 Shares Contractual 0.57% less net AFFE* April 30, 2014 December 31, 2018
Class Y Shares Contractual 0.57% less net AFFE* April 30, 2014 December 31, 2018
See page 18 for footnotes to Exhibit A.
4
AIM EQUITY FUNDS (INVESCO EQUITY FUNDS)
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ ---------- ------------------ --------------
Invesco Charter Fund
Class A Shares Contractual 2.00% July 1, 2009 June 30, 2018
Class B Shares Contractual 2.75% July 1, 2009 June 30, 2018
Class C Shares Contractual 2.75% July 1, 2009 June 30, 2018
Class R Shares Contractual 2.25% July 1, 2009 June 30, 2018
Class R5 Shares Contractual 1.75% July 1, 2009 June 30, 2018
Class R6 Shares Contractual 1.75% September 24, 2012 June 30, 2018
Class S Shares Contractual 1.90% September 25, 2009 June 30, 2018
Class Y Shares Contractual 1.75% July 1, 2009 June 30, 2018
Invesco Diversified Dividend Fund
Class A Shares Contractual 2.00% July 1, 2013 June 30, 2018
Class B Shares Contractual 2.75% July 1, 2013 June 30, 2018
Class C Shares Contractual 2.75% July 1, 2013 June 30, 2018
Class R Shares Contractual 2.25% July 1, 2013 June 30, 2018
Class R5 Shares Contractual 1.75% July 1, 2013 June 30, 2018
Class R6 Shares Contractual 1.75% July 1, 2013 June 30, 2018
Class Y Shares Contractual 1.75% July 1, 2013 June 30, 2018
Investor Class Shares Contractual 2.00% July 1, 2013 June 30, 0000
Xxxxxxx Xxxxxx Fund
Class A Shares Contractual 2.00% July 1, 2009 June 30, 2018
Class B Shares Contractual 2.75% July 1, 2009 June 30, 2018
Class C Shares Contractual 2.75% July 1, 2009 June 30, 2018
Class P Shares Contractual 1.85% July 1, 2009 June 30, 2018
Class R5 Shares Contractual 1.75% July 1, 2009 June 30, 2018
Class R6 Shares Contractual 1.75% April 4, 2017 June 30, 2018
Class S Shares Contractual 1.90% September 25, 2009 June 30, 2018
Class Y Shares Contractual 1.75% July 1, 2009 June 30, 2018
AIM FUNDS GROUP (INVESCO FUNDS GROUP)
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ ---------- ------------------ --------------
Invesco European Small Company Fund
Class A Shares Contractual 2.25% July 1, 2009 June 30, 2018
Class B Shares Contractual 3.00% July 1, 2009 June 30, 2018
Class C Shares Contractual 3.00% July 1, 2009 June 30, 2018
Class R6 Shares Contractual 2.00% April 4, 2017 June 30, 2018
Class Y Shares Contractual 2.00% July 1, 2009 June 30, 2018
Invesco Global Core Equity Fund
Class A Shares Contractual 1.22% January 1, 2017 April 30, 2019
Class B Shares Contractual 1.97% January 1, 2017 April 30, 2019
Class C Shares Contractual 1.97% January 1, 2017 April 30, 2019
Class R Shares Contractual 1.47% January 1, 2017 April 30, 2019
Class R5 Shares Contractual 0.97% January 1, 2017 April 30, 2019
Class R6 Shares Contractual 0.97% April 4, 2017 April 30, 2019
Class Y Shares Contractual 0.97% January 1, 2017 April 30, 2019
Invesco International Small Company Fund
Class A Shares Contractual 2.25% July 1, 2009 June 30, 2018
Class B Shares Contractual 3.00% July 1, 2009 June 30, 2018
Class C Shares Contractual 3.00% July 1, 2009 June 30, 2018
Class R5 Shares Contractual 2.00% July 1, 2009 June 30, 2018
Class R6 Shares Contractual 2.00% September 24, 2012 June 30, 2018
Class Y Shares Contractual 2.00% July 1, 2009 June 30, 2018
See page 18 for footnotes to Exhibit A.
5
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ ---------- ------------------- --------------
Invesco Small Cap Equity Fund
Class A Shares Contractual 2.00% July 1, 2009 June 30, 2018
Class B Shares Contractual 2.75% July 1, 2009 June 30, 2018
Class C Shares Contractual 2.75% July 1, 2009 June 30, 2018
Class R Shares Contractual 2.25% July 1, 2009 June 30, 2018
Class R5 Shares Contractual 1.75% July 1, 2009 June 30, 2018
Class R6 Shares Contractual 1.75% September 24, 2012 June 30, 2018
Class Y Shares Contractual 1.75% July 1, 2009 June 30, 2018
AIM GROWTH SERIES (INVESCO GROWTH SERIES)
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ --------------------- ------------------- ---------------
Invesco Alternative Strategies Fund
Class A Shares Contractual 1.44% less net AFFE* January 1, 2017 April 30, 2019
Class C Shares Contractual 2.19% less net AFFE* January 1, 2017 April 30, 2019
Class R Shares Contractual 1.69% less net AFFE* January 1, 2017 April 30, 2019
Class R5 Shares Contractual 1.19% less net AFFE* January 1, 2017 April 30, 2019
Class R6 Shares Contractual 1.19% less net AFFE* January 1, 2017 April 30, 2019
Class Y Shares Contractual 1.19% less net AFFE* January 1, 2017 April 30, 2019
Invesco Balanced-Risk Retirement 2020 Fund
Class A Shares Contractual 0.25% November 4, 2009 April 30, 2019
Class AX Shares Contractual 0.25% February 12, 2010 April 30, 2019
Class B Shares Contractual 1.00% November 4, 2009 April 30, 2019
Class C Shares Contractual 1.00% November 4, 2009 April 30, 2019
Class CX Shares Contractual 1.00% February 12, 2010 April 30, 2019
Class R Shares Contractual 0.50% November 4, 2009 April 30, 2019
Class R5 Shares Contractual 0.00% November 4, 2009 April 30, 2019
Class R6 Shares Contractual 0.00% September 24, 2012 April 30, 2019
Class RX Shares Contractual 0.50% February 12, 2010 April 30, 2019
Class Y Shares Contractual 0.00% November 4, 2009 April 30, 2019
Invesco Balanced-Risk Retirement 2030 Fund
Class A Shares Contractual 0.25% November 4, 2009 April 30, 2019
Class AX Shares Contractual 0.25% February 12, 2010 April 30, 2019
Class B Shares Contractual 1.00% November 4, 2009 April 30, 2019
Class C Shares Contractual 1.00% November 4, 2009 April 30, 2019
Class CX Shares Contractual 1.00% February 12, 2010 April 30, 2019
Class R Shares Contractual 0.50% November 4, 2009 April 30, 2019
Class R5 Shares Contractual 0.00% November 4, 2009 April 30, 2019
Class R6 Shares Contractual 0.00% September 24, 2012 April 30, 2019
Class RX Shares Contractual 0.50% February 12, 2010 April 30, 2019
Class Y Shares Contractual 0.00% November 4, 2009 April 30, 2019
Invesco Balanced-Risk Retirement 2040 Fund
Class A Shares Contractual 0.25% November 4, 2009 April 30, 2019
Class AX Shares Contractual 0.25% February 12, 2010 April 30, 2019
Class B Shares Contractual 1.00% November 4, 2009 April 30, 2019
Class C Shares Contractual 1.00% November 4, 2009 April 30, 2019
Class CX Shares Contractual 1.00% February 12, 2010 April 30, 2019
Class R Shares Contractual 0.50% November 4, 2009 April 30, 2019
Class R5 Shares Contractual 0.00% November 4, 2009 April 30, 2019
Class R6 Shares Contractual 0.00% September 24, 2012 April 30, 2019
Class RX Shares Contractual 0.50% February 12, 2010 April 30, 2019
Class Y Shares Contractual 0.00% November 4, 2009 April 30, 2019
See page 18 for footnotes to Exhibit A.
6
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ ---------- ------------------- ---------------
Invesco Balanced-Risk Retirement 2050 Fund
Class A Shares Contractual 0.25% November 4, 2009 April 30, 2019
Class AX Shares Contractual 0.25% February 12, 2010 April 30, 2019
Class B Shares Contractual 1.00% November 4, 2009 April 30, 2019
Class C Shares Contractual 1.00% November 4, 2009 April 30, 2019
Class CX Shares Contractual 1.00% February 12, 2010 April 30, 2019
Class R Shares Contractual 0.50% November 4, 2009 April 30, 2019
Class R5 Shares Contractual 0.00% November 4, 2009 April 30, 2019
Class R6 Shares Contractual 0.00% September 24, 2012 April 30, 2019
Class RX Shares Contractual 0.50% February 12, 2010 April 30, 2019
Class Y Shares Contractual 0.00% November 4, 2009 April 30, 2019
Invesco Balanced-Risk Retirement Now Fund
Class A Shares Contractual 0.25% November 4, 2009 April 30, 2019
Class AX Shares Contractual 0.25% February 12, 2010 April 30, 2019
Class B Shares Contractual 1.00% November 4, 2009 April 30, 2019
Class C Shares Contractual 1.00% November 4, 2009 April 30, 2019
Class CX Shares Contractual 1.00% February 12, 2010 April 30, 2019
Class R Shares Contractual 0.50% November 4, 2009 April 30, 2019
Class R5 Shares Contractual 0.00% November 4, 2009 April 30, 2019
Class R6 Shares Contractual 0.00% September 24, 2012 April 30, 2019
Class RX Shares Contractual 0.50% February 12, 2010 April 30, 2019
Class Y Shares Contractual 0.00% November 4, 2009 April 30, 2019
Invesco Conservative Allocation Fund
Class A Shares Contractual 1.50% July 1, 2012 June 30, 2018
Class B Shares Contractual 2.25% July 1, 2012 June 30, 2018
Class C Shares Contractual 2.25% July 1, 2012 June 30, 2018
Class R Shares Contractual 1.75% July 1, 2012 June 30, 2018
Class R5 Shares Contractual 1.25% July 1, 2012 June 30, 2018
Class R6 Shares Contractual 1.25% April 4, 2017 June 30, 2018
Class S Shares Contractual 1.40% July 1, 2012 June 30, 2018
Class Y Shares Contractual 1.25% July 1, 2012 June 30, 2018
Invesco Convertible Securities Fund
Class A Shares Contractual 1.50% July 1, 2012 June 30, 2018
Class B Shares Contractual 2.25% July 1, 2012 June 30, 2018
Class C Shares Contractual 2.25% July 1, 2012 June 30, 2018
Class R5 Shares Contractual 1.25% July 1, 2012 June 30, 2018
Class R6 Shares Contractual 1.25% September 24, 2012 June 30, 2018
Class Y Shares Contractual 1.25% July 1, 2012 June 30, 2018
Invesco Global Low Volatility Equity Yield Fund
Class A Shares Contractual 2.00% May 1, 2016 June 30, 2018
Class B Shares Contractual 2.75% May 1, 2016 June 30, 2018
Class C Shares Contractual 2.75% May 1, 2016 June 30, 2018
Class R Shares Contractual 2.25% May 1, 2016 June 30, 2018
Class R5 Shares Contractual 1.75% May 1, 2016 June 30, 2018
Class R6 Shares Contractual 1.75% April 4, 2017 June 30, 2018
Class Y Shares Contractual 1.75% May 1, 2016 June 30, 2018
Invesco Growth Allocation Fund
Class A Shares Contractual 2.00% July 1, 2012 June 30, 2018
Class B Shares Contractual 2.75% July 1, 2012 June 30, 2018
Class C Shares Contractual 2.75% July 1, 2012 June 30, 2018
Class R Shares Contractual 2.25% July 1, 2012 June 30, 2018
Class R5 Shares Contractual 1.75% July 1, 2012 June 30, 2018
Class R6 Shares Contractual 1.75% April 4, 2017 June 30, 2018
Class S Shares Contractual 1.90% July 1, 2012 June 30, 2018
Class Y Shares Contractual 1.75% July 1, 2012 June 30, 2018
See page 18 for footnotes to Exhibit A.
7
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ --------------------- ------------------- ------------------
Invesco Income Allocation Fund
Class A Shares Contractual 0.25% May 1, 2012 April 30, 2019
Class B Shares Contractual 1.00% May 1, 2012 April 30, 2019
Class C Shares Contractual 1.00% May 1, 2012 April 30, 2019
Class R Shares Contractual 0.50% May 1, 2012 April 30, 2019
Class R5 Shares Contractual 0.00% May 1, 2012 April 30, 2019
Class R6 Shares Contractual 0.00% April 4, 2017 April 30, 2019
Class Y Shares Contractual 0.00% May 1, 2012 April 30, 2019
Invesco International Allocation Fund
Class A Shares Contractual 2.25% May 1, 2012 June 30, 2018
Class B Shares Contractual 3.00% May 1, 2012 June 30, 2018
Class C Shares Contractual 3.00% May 1, 2012 June 30, 2018
Class R Shares Contractual 2.50% May 1, 2012 June 30, 2018
Class R5 Shares Contractual 2.00% May 1, 2012 June 30, 2018
Class R6 Shares Contractual 2.00% April 4, 2017 June 30, 2018
Class Y Shares Contractual 2.00% May 1, 2012 June 30, 2018
Invesco Mid Cap Core Equity Fund
Class A Shares Contractual 2.00% July 1, 2009 June 30, 2018
Class B Shares Contractual 2.75% July 1, 2009 June 30, 2018
Class C Shares Contractual 2.75% July 1, 2009 June 30, 2018
Class R Shares Contractual 2.25% July 1, 2009 June 30, 2018
Class R5 Shares Contractual 1.75% July 1, 2009 June 30, 2018
Class R6 Shares Contractual 1.75% September 24, 2012 June 30, 2018
Class Y Shares Contractual 1.75% July 1, 2009 June 30, 2018
Invesco Moderate Allocation Fund
Class A Shares Contractual 1.50% July 1, 2012 June 30, 2018
Class B Shares Contractual 2.25% July 1, 2012 June 30, 2018
Class C Shares Contractual 2.25% July 1, 2012 June 30, 2018
Class R Shares Contractual 1.75% July 1, 2012 June 30, 2018
Class R5 Shares Contractual 1.25% July 1, 2012 June 30, 2018
Class R6 Shares Contractual 1.25% April 4, 2017 June 30, 2018
Class S Shares Contractual 1.40% July 1, 2012 June 30, 2018
Class Y Shares Contractual 1.25% July 1, 2012 June 30, 2018
Invesco Multi-Asset Inflation Fund
Class A Shares Contractual 1.02% less net AFFE* January 1, 2017 April 30, 2019
Class C Shares Contractual 1.77% less net AFFE* January 1, 2017 April 30, 2019
Class R Shares Contractual 1.27% less net AFFE* January 1, 2017 April 30, 2019
Class R5 Shares Contractual 0.77% less net AFFE* January 1, 2017 April 30, 2019
Class R6 Shares Contractual 0.77% less net AFFE* January 1, 2017 April 30, 2019
Class Y Shares Contractual 0.77% less net AFFE* January 1, 2017 April 30, 2019
Invesco Peak Retirement(TM) 2015 Fund
Class A Shares Contractual 0.81% less net AFFE* December 18, 2017 December 31, 2019
Class C Shares Contractual 1.56% less net AFFE* December 18, 2017 December 31, 2019
Class R Shares Contractual 1.06% less net AFFE* December 18, 2017 December 31, 2019
Class R5 Shares Contractual 0.56% less net AFFE* December 18, 2017 December 31, 2019
Class R6 Shares Contractual 0.56% less net AFFE* December 18, 2017 December 31, 2019
Class Y Shares Contractual 0.56% less net AFFE* December 18, 2017 December 31, 2019
Invesco Peak Retirement(TM) 2020 Fund
Class A Shares Contractual 0.81% less net AFFE* December 18, 2017 December 31, 2019
Class C Shares Contractual 1.56% less net AFFE* December 18, 2017 December 31, 2019
Class R Shares Contractual 1.06% less net AFFE* December 18, 2017 December 31, 2019
Class R5 Shares Contractual 0.56% less net AFFE* December 18, 2017 December 31, 2019
Class R6 Shares Contractual 0.56% less net AFFE* December 18, 2017 December 31, 2019
Class Y Shares Contractual 0.56% less net AFFE* December 18, 2017 December 31, 2019
See page 18 for footnotes to Exhibit A.
8
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ --------------------- ------------------ ------------------
Invesco Peak Retirement(TM) 2025 Fund
Class A Shares Contractual 0.81% less net AFFE* December 18, 2017 December 31, 2019
Class C Shares Contractual 1.56% less net AFFE* December 18, 2017 December 31, 2019
Class R Shares Contractual 1.06% less net AFFE* December 18, 2017 December 31, 2019
Class R5 Shares Contractual 0.56% less net AFFE* December 18, 2017 December 31, 2019
Class R6 Shares Contractual 0.56% less net AFFE* December 18, 2017 December 31, 2019
Class Y Shares Contractual 0.56% less net AFFE* December 18, 2017 December 31, 2019
Invesco Peak Retirement(TM) 2030 Fund
Class A Shares Contractual 0.81% less net AFFE* December 18, 2017 December 31, 2019
Class C Shares Contractual 1.56% less net AFFE* December 18, 2017 December 31, 2019
Class R Shares Contractual 1.06% less net AFFE* December 18, 2017 December 31, 2019
Class R5 Shares Contractual 0.56% less net AFFE* December 18, 2017 December 31, 2019
Class R6 Shares Contractual 0.56% less net AFFE* December 18, 2017 December 31, 2019
Class Y Shares Contractual 0.56% less net AFFE* December 18, 2017 December 31, 2019
Invesco Peak Retirement(TM) 2035 Fund
Class A Shares Contractual 0.81% less net AFFE* December 18, 2017 December 31, 2019
Class C Shares Contractual 1.56% less net AFFE* December 18, 2017 December 31, 2019
Class R Shares Contractual 1.06% less net AFFE* December 18, 2017 December 31, 2019
Class R5 Shares Contractual 0.56% less net AFFE* December 18, 2017 December 31, 2019
Class R6 Shares Contractual 0.56% less net AFFE* December 18, 2017 December 31, 2019
Class Y Shares Contractual 0.56% less net AFFE* December 18, 2017 December 31, 2019
Invesco Peak Retirement(TM) 2040 Fund
Class A Shares Contractual 0.81% less net AFFE* December 18, 2017 December 31, 2019
Class C Shares Contractual 1.56% less net AFFE* December 18, 2017 December 31, 2019
Class R Shares Contractual 1.06% less net AFFE* December 18, 2017 December 31, 2019
Class R5 Shares Contractual 0.56% less net AFFE* December 18, 2017 December 31, 2019
Class R6 Shares Contractual 0.56% less net AFFE* December 18, 2017 December 31, 2019
Class Y Shares Contractual 0.56% less net AFFE* December 18, 2017 December 31, 2019
Invesco Peak Retirement(TM) 2045 Fund
Class A Shares Contractual 0.81% less net AFFE* December 18, 2017 December 31, 2019
Class C Shares Contractual 1.56% less net AFFE* December 18, 2017 December 31, 2019
Class R Shares Contractual 1.06% less net AFFE* December 18, 2017 December 31, 2019
Class R5 Shares Contractual 0.56% less net AFFE* December 18, 2017 December 31, 2019
Class R6 Shares Contractual 0.56% less net AFFE* December 18, 2017 December 31, 2019
Class Y Shares Contractual 0.56% less net AFFE* December 18, 2017 December 31, 2019
Invesco Peak Retirement(TM) 2050 Fund
Class A Shares Contractual 0.81% less net AFFE* December 18, 2017 December 31, 2019
Class C Shares Contractual 1.56% less net AFFE* December 18, 2017 December 31, 2019
Class R Shares Contractual 1.06% less net AFFE* December 18, 2017 December 31, 2019
Class R5 Shares Contractual 0.56% less net AFFE* December 18, 2017 December 31, 2019
Class R6 Shares Contractual 0.56% less net AFFE* December 18, 2017 December 31, 2019
Class Y Shares Contractual 0.56% less net AFFE* December 18, 2017 December 31, 2019
Invesco Peak Retirement(TM) 2055 Fund
Class A Shares Contractual 0.81% less net AFFE* December 18, 2017 December 31, 2019
Class C Shares Contractual 1.56% less net AFFE* December 18, 2017 December 31, 2019
Class R Shares Contractual 1.06% less net AFFE* December 18, 2017 December 31, 2019
Class R5 Shares Contractual 0.56% less net AFFE* December 18, 2017 December 31, 2019
Class R6 Shares Contractual 0.56% less net AFFE* December 18, 2017 December 31, 2019
Class Y Shares Contractual 0.56% less net AFFE* December 18, 2017 December 31, 2019
Invesco Peak Retirement(TM) 2060 Fund
Class A Shares Contractual 0.81% less net AFFE* December 18, 2017 December 31, 2019
Class C Shares Contractual 1.56% less net AFFE* December 18, 2017 December 31, 2019
Class R Shares Contractual 1.06% less net AFFE* December 18, 2017 December 31, 2019
Class R5 Shares Contractual 0.56% less net AFFE* December 18, 2017 December 31, 2019
Class R6 Shares Contractual 0.56% less net AFFE* December 18, 2017 December 31, 2019
Class Y Shares Contractual 0.56% less net AFFE* December 18, 2017 December 31, 2019
See page 18 for footnotes to Exhibit A.
9
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ --------------------- ------------------- -----------------
Invesco Peak Retirement(TM) 2065 Fund
Class A Shares Contractual 0.81% less net AFFE* December 18, 2017 December 31, 2019
Class C Shares Contractual 1.56% less net AFFE* December 18, 2017 December 31, 2019
Class R Shares Contractual 1.06% less net AFFE* December 18, 2017 December 31, 2019
Class R5 Shares Contractual 0.56% less net AFFE* December 18, 2017 December 31, 2019
Class R6 Shares Contractual 0.56% less net AFFE* December 18, 2017 December 31, 2019
Class Y Shares Contractual 0.56% less net AFFE* December 18, 2017 December 31, 2019
Invesco Peak Retirement(TM) Now Fund
Class A Shares Contractual 0.81% less net AFFE* December 18, 2017 December 31, 2019
Class C Shares Contractual 1.56% less net AFFE* December 18, 2017 December 31, 2019
Class R Shares Contractual 1.06% less net AFFE* December 18, 2017 December 31, 2019
Class R5 Shares Contractual 0.56% less net AFFE* December 18, 2017 December 31, 2019
Class R6 Shares Contractual 0.56% less net AFFE* December 18, 2017 December 31, 2019
Class Y Shares Contractual 0.56% less net AFFE* December 18, 2017 December 31, 2019
Invesco Quality Income Fund
Class A Shares Contractual 1.50% July 1, 2012 June 30, 2018
Class B Shares Contractual 2.25% July 1, 2012 June 30, 2018
Class C Shares Contractual 2.25% July 1, 2012 June 30, 2018
Class R5 Shares Contractual 1.25% July 1, 2012 June 30, 2018
Class R6 Shares Contractual 1.25% April 4, 2017 June 30, 2018
Class Y Shares Contractual 1.25% July 1, 2012 June 30, 2018
Invesco Small Cap Growth Fund
Class A Shares Contractual 2.00% July 1, 2009 June 30, 2018
Class B Shares Contractual 2.75% July 1, 2009 June 30, 2018
Class C Shares Contractual 2.75% July 1, 2009 June 30, 2018
Class R Shares Contractual 2.25% July 1, 2009 June 30, 2018
Class R5 Shares Contractual 1.75% July 1, 2009 June 30, 2018
Class R6 Shares Contractual 1.75% September 24, 2012 June 30, 2018
Class Y Shares Contractual 1.75% July 1, 2009 June 30, 2018
Investor Class Shares Contractual 2.00% July 1, 2009 June 30, 2018
AIM INTERNATIONAL MUTUAL FUNDS (INVESCO INTERNATIONAL MUTUAL FUNDS)
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ --------------------- ------------------- -----------------
Invesco Asia Pacific Growth Fund
Class A Shares Contractual 2.25% July 1, 2009 June 30, 2018
Class B Shares Contractual 3.00% July 1, 2009 June 30, 2018
Class C Shares Contractual 3.00% July 1, 2009 June 30, 2018
Class R6 Shares Contractual 2.00% April 4, 2017 June 30, 2018
Class Y Shares Contractual 2.00% July 1, 2009 June 30, 2018
Invesco European Growth Fund
Class A Shares Contractual 2.25% July 1, 2009 June 30, 2018
Class B Shares Contractual 3.00% July 1, 2009 June 30, 2018
Class C Shares Contractual 3.00% July 1, 2009 June 30, 2018
Class R Shares Contractual 2.50% July 1, 2009 June 30, 2018
Class R6 Shares Contractual 2.00% April 4, 2017 June 30, 2018
Class Y Shares Contractual 2.00% July 1, 2009 June 30, 2018
Investor Class Shares Contractual 2.25% July 1, 2009 June 30, 2018
Invesco Global Growth Fund
Class A Shares Contractual 1.22% January 1, 2017 February 28, 2019
Class B Shares Contractual 1.97% January 1, 2017 February 28, 2019
Class C Shares Contractual 1.97% January 1, 2017 February 28, 2019
Class R5 Shares Contractual 0.97% January 1, 2017 February 28, 2019
Class R6 Shares Contractual 0.97% January 1, 2017 February 28, 2019
Class Y Shares Contractual 0.97% January 1, 2017 February 28, 2019
See page 18 for footnotes to Exhibit A.
10
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ ---------- ----------------- ------------------
Invesco Global Opportunities Fund
Class A Shares Contractual 1.02% January 1, 2017 February 28, 2019
Class C Shares Contractual 1.77% January 1, 2017 February 28, 2019
Class R Shares Contractual 1.27% January 1, 2017 February 28, 2019
Class R5 Shares Contractual 0.77% January 1, 2017 February 28, 2019
Class R6 Shares Contractual 0.77% January 1, 2017 February 28, 2019
Class Y Shares Contractual 0.77% January 1, 2017 February 28, 2019
Invesco Global Small & Mid Cap Growth Fund
Class A Shares Contractual 2.25% July 1, 2009 June 30, 2018
Class B Shares Contractual 3.00% July 1, 2009 June 30, 2018
Class C Shares Contractual 3.00% July 1, 2009 June 30, 2018
Class R5 Shares Contractual 2.00% July 1, 2009 June 30, 2018
Class R6 Shares Contractual 2.00% April 4, 2017 June 30, 2018
Class Y Shares Contractual 2.00% July 1, 2009 June 30, 2018
Invesco Global Responsibility Equity Fund
Class A Shares Contractual 0.85% June 30, 2016 February 28, 2019
Class C Shares Contractual 1.60% June 30, 2016 February 28, 2019
Class R Shares Contractual 1.10% June 30, 2016 February 28, 2019
Class R5 Shares Contractual 0.60% June 30, 2016 February 28, 2019
Class R6 Shares Contractual 0.60% June 30, 2016 February 28, 2019
Class Y Shares Contractual 0.60% June 30, 2016 February 28, 2019
Invesco International Companies Fund
Class A Shares Contractual 1.12% January 1, 2017 February 28, 2019
Class C Shares Contractual 1.87% January 1, 2017 February 28, 2019
Class R Shares Contractual 1.37% January 1, 2017 February 28, 2019
Class R5 Shares Contractual 0.87% January 1, 2017 February 28, 2019
Class R6 Shares Contractual 0.87% January 1, 2017 February 28, 2019
Class Y Shares Contractual 0.87% January 1, 2017 February 28, 2019
Invesco International Core Equity Fund
Class A Shares Contractual 1.12% January 1, 2017 February 28, 2019
Class B Shares Contractual 1.87% January 1, 2017 February 28, 2019
Class C Shares Contractual 1.87% January 1, 2017 February 28, 2019
Class R Shares Contractual 1.37% January 1, 2017 February 28, 2019
Class R5 Shares Contractual 0.87% January 1, 2017 February 28, 2019
Class R6 Shares Contractual 0.87% January 1, 2017 February 28, 2019
Class Y Shares Contractual 0.87% January 1, 2017 February 28, 2019
Investor Class Shares Contractual 1.12% January 1, 2017 February 28, 2019
Invesco International Growth Fund
Class A Shares Contractual 2.25% July 1, 2013 June 30, 2018
Class B Shares Contractual 3.00% July 1, 2013 June 30, 2018
Class C Shares Contractual 3.00% July 1, 2013 June 30, 2018
Class R Shares Contractual 2.50% July 1, 2013 June 30, 2018
Class R5 Shares Contractual 2.00% July 1, 2013 June 30, 2018
Class R6 Shares Contractual 2.00% July 1, 2013 June 30, 2018
Class Y Shares Contractual 2.00% July 1, 2013 June 30, 2018
Invesco Select Opportunities Fund
Class A Shares Contractual 1.02% January 1, 2017 February 28, 2019
Class C Shares Contractual 1.77% January 1, 2017 February 28, 2019
Class R Shares Contractual 1.27% January 1, 2017 February 28, 2019
Class R5 Shares Contractual 0.77% January 1, 2017 February 28, 2019
Class R6 Shares Contractual 0.77% January 1, 2017 February 28, 2019
Class Y Shares Contractual 0.77% January 1, 2017 February 28, 2019
See page 18 for footnotes to Exhibit A.
11
AIM INVESTMENT FUNDS (INVESCO INVESTMENT FUNDS)
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ ---------- ------------------- ------------------
Invesco All Cap Market Neutral Fund
Class A Shares Contractual 1.50% January 1, 2017 February 28, 2019
Class C Shares Contractual 2.25% January 1, 2017 February 28, 2019
Class R Shares Contractual 1.75% January 1, 2017 February 28, 2019
Class R5 Shares Contractual 1.25% January 1, 2017 February 28, 2019
Class R6 Shares Contractual 1.25% January 1, 2017 February 28, 2019
Class Y Shares Contractual 1.25% January 1, 2017 February 28, 2019
Invesco Balanced-Risk Allocation Fund/2/
Class A Shares Contractual 2.00% July 1, 2012 June 30, 2018
Class B Shares Contractual 2.75% July 1, 2012 June 30, 2018
Class C Shares Contractual 2.75% July 1, 2012 June 30, 2018
Class R Shares Contractual 2.25% July 1, 2012 June 30, 2018
Class R5 Shares Contractual 1.75% July 1, 2012 June 30, 2018
Class R6 Shares Contractual 1.75% September 24, 2012 June 30, 2018
Class Y Shares Contractual 1.75% July 1, 2012 June 30, 2018
Invesco Balanced-Risk Commodity Strategy Fund/3/
Class A Shares Contractual 2.00% July 1, 2014 June 30, 2018
Class B Shares Contractual 2.75% July 1, 2014 June 30, 2018
Class C Shares Contractual 2.75% July 1, 2014 June 30, 2018
Class R Shares Contractual 2.25% July 1, 2014 June 30, 2018
Class R5 Shares Contractual 1.75% July 1, 2014 June 30, 2018
Class R6 Shares Contractual 1.75% July 1, 2014 June 30, 2018
Class Y Shares Contractual 1.75% July 1, 2014 June 30, 2018
Invesco Developing Markets Fund
Class A Shares Contractual 2.25% July 1, 2012 June 30, 2018
Class B Shares Contractual 3.00% July 1, 2012 June 30, 2018
Class C Shares Contractual 3.00% July 1, 2012 June 30, 2018
Class R5 Shares Contractual 2.00% July 1, 2012 June 30, 2018
Class R6 Shares Contractual 2.00% September 24, 2012 June 30, 2018
Class Y Shares Contractual 2.00% July 1, 2012 June 30, 2018
Invesco Emerging Markets Equity Fund
Class A Shares Contractual 1.33% January 1, 2017 February 28, 2019
Class C Shares Contractual 2.08% January 1, 2017 February 28, 2019
Class R Shares Contractual 1.58% January 1, 2017 February 28, 2019
Class R5 Shares Contractual 1.08% January 1, 2017 February 28, 2019
Class R6 Shares Contractual 1.08% January 1, 2017 February 28, 2019
Class Y Shares Contractual 1.08% January 1, 2017 February 28, 2019
Invesco Emerging Markets Flexible Bond Fund
Class A Shares Contractual 1.24% June 14, 2010 February 28, 2019
Class B Shares Contractual 1.99% June 14, 2010 February 28, 2019
Class C Shares Contractual 1.99% June 14, 2010 February 28, 2019
Class R Shares Contractual 1.49% June 14, 2010 February 28, 2019
Class R5 Shares Contractual 0.99% June 14, 2010 February 28, 2019
Class R6 Shares Contractual 0.99% September 24, 2012 February 28, 2019
Class Y Shares Contractual 0.99% June 14, 2010 February 28, 2019
See page 18 for footnotes to Exhibit A.
12
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ --------------------- ------------------ -----------------
Invesco Endeavor Fund
Class A Shares Contractual 2.00% July 1, 2009 June 30, 2018
Class B Shares Contractual 2.75% July 1, 2009 June 30, 2018
Class C Shares Contractual 2.75% July 1, 2009 June 30, 2018
Class R Shares Contractual 2.25% July 1, 2009 June 30, 2018
Class R5 Shares Contractual 1.75% July 1, 2009 June 30, 2018
Class R6 Shares Contractual 1.75% September 24, 2012 June 30, 2018
Class Y Shares Contractual 1.75% July 1, 2009 June 30, 2018
Invesco Global Health Care Fund
Class A Shares Contractual 2.00% July 1, 2012 June 30, 2018
Class B Shares Contractual 2.75% July 1, 2012 June 30, 2018
Class C Shares Contractual 2.75% July 1, 2012 June 30, 2018
Class R6 Shares Contractual 1.75% July 1, 2012 June 30, 2018
Class Y Shares Contractual 1.75% April 4, 2017 June 30, 2018
Investor Class Shares Contractual 2.00% July 1, 2012 June 30, 2018
Invesco Global Infrastructure Fund
Class A Shares Contractual 1.28% January 1, 2017 February 28, 2019
Class C Shares Contractual 2.03% January 1, 2017 February 28, 2019
Class R Shares Contractual 1.53% January 1, 2017 February 28, 2019
Class R5 Shares Contractual 1.03% January 1, 2017 February 28, 2019
Class R6 Shares Contractual 1.03% January 1, 2017 February 28, 2019
Class Y Shares Contractual 1.03% January 1, 2017 February 28, 2019
Invesco Global Market Neutral Fund
Class A Shares Contractual 1.50% January 1, 2017 February 28, 2019
Class C Shares Contractual 2.25% January 1, 2017 February 28, 2019
Class R Shares Contractual 1.75% January 1, 2017 February 28, 2019
Class R5 Shares Contractual 1.25% January 1, 2017 February 28, 2019
Class R6 Shares Contractual 1.25% January 1, 2017 February 28, 2019
Class Y Shares Contractual 1.25% January 1, 2017 February 28, 2019
Invesco Global Targeted Returns Fund/4/
Class A Shares Contractual 1.44% less net AFFE* January 1, 2017 February 28, 2019
Class C Shares Contractual 2.19% less net AFFE* January 1, 2017 February 28, 2019
Class R Shares Contractual 1.69% less net AFFE* January 1, 2017 February 28, 2019
Class R5 Shares Contractual 1.19% less net AFFE* January 1, 2017 February 28, 2019
Class R6 Shares Contractual 1.19% less net AFFE* January 1, 2017 February 28, 2019
Class Y Shares Contractual 1.19% less net AFFE* January 1, 2017 February 28, 2019
Invesco Greater China Fund
Class A Shares Contractual 2.25% July 1, 2009 June 30, 2018
Class B Shares Contractual 3.00% July 1, 2009 June 30, 2018
Class C Shares Contractual 3.00% July 1, 2009 June 30, 2018
Class R5 Shares Contractual 2.00% July 1, 2009 June 30, 2018
Class R6 Shares Contractual 2.00% April 4, 2017 June 30, 2018
Class Y Shares Contractual 2.00% July 1, 2009 June 30, 2018
Invesco Long/Short Equity Fund
Class A Shares Contractual 1.59% January 1, 2017 February 28, 2019
Class C Shares Contractual 2.34% January 1, 2017 February 28, 2019
Class R Shares Contractual 1.84% January 1, 2017 February 28, 2019
Class R5 Shares Contractual 1.34% January 1, 2017 February 28, 2019
Class R6 Shares Contractual 1.34% January 1, 2017 February 28, 2019
Class Y Shares Contractual 1.34% January 1, 2017 February 28, 2019
See page 18 for footnotes to Exhibit A.
13
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ ---------- ------------------ ------------------
Invesco Low Volatility Emerging Markets Fund
Class A Shares Contractual 1.33% January 1, 2017 February 28, 2019
Class C Shares Contractual 2.08% January 1, 2017 February 28, 2019
Class R Shares Contractual 1.58% January 1, 2017 February 28, 2019
Class R5 Shares Contractual 1.08% January 1, 2017 February 28, 2019
Class R6 Shares Contractual 1.08% January 1, 2017 February 28, 2019
Class Y Shares Contractual 1.08% January 1, 2017 February 28, 2019
Invesco MLP Fund
Class A Shares Contractual 1.28% January 1, 2017 February 28, 2019
Class C Shares Contractual 2.03% January 1, 2017 February 28, 2019
Class R Shares Contractual 1.53% January 1, 2017 February 28, 2019
Class R5 Shares Contractual 1.03% January 1, 2017 February 28, 2019
Class R6 Shares Contractual 1.03% January 1, 2017 February 28, 2019
Class Y Shares Contractual 1.03% January 1, 2017 February 28, 2019
Invesco Macro Allocation Strategy Fund/5/
Class A Shares Contractual 1.44% January 1, 2017 February 28, 2019
Class C Shares Contractual 2.19% January 1, 2017 February 28, 2019
Class R Shares Contractual 1.69% January 1, 2017 February 28, 2019
Class R5 Shares Contractual 1.19% January 1, 2017 February 28, 2019
Class R6 Shares Contractual 1.19% January 1, 2017 February 28, 2019
Class Y Shares Contractual 1.19% January 1, 2017 February 28, 2019
Invesco Multi-Asset Income Fund
Class A Shares Contractual 0.85% January 1, 2017 February 28, 2019
Class C Shares Contractual 1.60% January 1, 2017 February 28, 2019
Class R Shares Contractual 1.10% January 1, 2017 February 28, 2019
Class R5 Shares Contractual 0.60% January 1, 2017 February 28, 2019
Class R6 Shares Contractual 0.60% January 1, 2017 February 28, 2019
Class Y Shares Contractual 0.60% January 1, 2017 February 28, 2019
Invesco Pacific Growth Fund
Class A Shares Contractual 2.25% July 1, 2012 June 30, 2018
Class B Shares Contractual 3.00% July 1, 2012 June 30, 2018
Class C Shares Contractual 3.00% July 1, 2012 June 30, 2018
Class R Shares Contractual 2.50% July 1, 2012 June 30, 2018
Class R5 Shares Contractual 2.00% July 1, 2012 June 30, 2018
Class R6 Shares Contractual 2.00% April 4, 2017 June 30, 2018
Class Y Shares Contractual 2.00% July 1, 2012 June 30, 2018
Invesco Select Companies Fund
Class A Shares Contractual 2.00% July 1, 2009 June 30, 2018
Class B Shares Contractual 2.75% July 1, 2009 June 30, 2018
Class C Shares Contractual 2.75% July 1, 2009 June 30, 2018
Class R Shares Contractual 2.25% July 1, 2009 June 30, 2018
Class R5 Shares Contractual 1.75% July 1, 2009 June 30, 2018
Class R6 Shares Contractual 1.75% April 4, 2017 June 30, 2018
Class Y Shares Contractual 1.75% July 1, 2009 June 30, 0000
Xxxxxxx X.X. Managed Volatility Fund
Class R6 Shares Contractual 0.15% December 18, 2017 December 31, 2019
Invesco World Bond Fund
Class A Shares Contractual 0.94% December 1, 2016 February 28, 2019
Class B Shares Contractual 1.69% December 1, 2016 February 28, 2019
Class C Shares Contractual 1.69% December 1, 2016 February 28, 2019
Class R5 Shares Contractual 0.69% December 1, 2016 February 28, 2019
Class R6 Shares Contractual 0.69% December 1, 2016 February 28, 2019
Class Y Shares Contractual 0.69% December 1, 2016 February 28, 2019
See page 18 for footnotes to Exhibit A.
14
AIM INVESTMENT SECURITIES FUNDS (INVESCO INVESTMENT SECURITIES FUNDS)
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ ---------- ------------------- --------------
Invesco Corporate Bond Fund
Class A Shares Contractual 1.50% July 1, 2012 June 30, 2018
Class B Shares Contractual 2.25% July 1, 2012 June 30, 2018
Class C Shares Contractual 2.25% July 1, 2012 June 30, 2018
Class R Shares Contractual 1.75% July 1, 2012 June 30, 2018
Class R5 Shares Contractual 1.25% July 1, 2012 June 30, 2018
Class R6 Shares Contractual 1.25% September 24, 2012 June 30, 2018
Class Y Shares Contractual 1.25% July 1, 2012 June 30, 2018
Invesco Global Real Estate Fund
Class A Shares Contractual 2.00% July 1, 2009 June 30, 2018
Class B Shares Contractual 2.75% July 1, 2009 June 30, 2018
Class C Shares Contractual 2.75% July 1, 2009 June 30, 2018
Class R Shares Contractual 2.25% July 1, 2009 June 30, 2018
Class R5 Shares Contractual 1.75% July 1, 2009 June 30, 2018
Class R6 Shares Contractual 1.75% September 24, 2012 June 30, 2018
Class Y Shares Contractual 1.75% July 1, 2009 June 30, 2018
Invesco High Yield Fund
Class A Shares Contractual 1.50% July 1, 2013 June 30, 2018
Class B Shares Contractual 2.25% July 1, 2013 June 30, 2018
Class C Shares Contractual 2.25% July 1, 2013 June 30, 2018
Class R5 Shares Contractual 1.25% July 1, 2013 June 30, 2018
Class R6 Shares Contractual 1.25% July 1, 2013 June 30, 2018
Class Y Shares Contractual 1.25% July 1, 2013 June 30, 2018
Investor Class Shares Contractual 1.50% July 1, 2013 June 30, 2018
Invesco Short Duration Inflation Protected
Fund
Class A Shares Contractual 0.55% December 31, 2015 June 30, 2018
Class A2 Shares Contractual 0.45% December 31, 2015 June 30, 2018
Class R5 Shares Contractual 0.30% December 31, 2015 June 30, 2018
Class R6 Shares Contractual 0.30% December 31, 2015 June 30, 2018
Class Y Shares Contractual 0.30% December 31, 2015 June 30, 2018
Invesco Real Estate Fund
Class A Shares Contractual 2.00% July 1, 2012 June 30, 2018
Class B Shares Contractual 2.75% July 1, 2012 June 30, 2018
Class C Shares Contractual 2.75% July 1, 2012 June 30, 2018
Class R Shares Contractual 2.25% July 1, 2012 June 30, 2018
Class R5 Shares Contractual 1.75% July 1, 2012 June 30, 2018
Class R6 Shares Contractual 1.75% September 24, 2012 June 30, 2018
Class Y Shares Contractual 1.75% July 1, 2012 June 30, 2018
Investor Class Shares Contractual 2.00% July 1, 2012 June 30, 2018
Invesco Short Term Bond Fund
Class A Shares Contractual 1.40% July 1, 2013 June 30, 2018
Class C Shares Contractual 1.75%/6/ July 1, 2013 June 30, 2018
Class R Shares Contractual 1.75% July 1, 2013 June 30, 2018
Class R5 Shares Contractual 1.25% July 1, 2013 June 30, 2018
Class R6 Shares Contractual 1.25% July 1, 2013 June 30, 2018
Class Y Shares Contractual 1.25% July 1, 2013 June 30, 0000
Xxxxxxx X.X. Government Fund
Class A Shares Contractual 1.50% July 1, 2012 June 30, 2018
Class B Shares Contractual 2.25% July 1, 2012 June 30, 2018
Class C Shares Contractual 2.25% July 1, 2012 June 30, 2018
Class R Shares Contractual 1.75% July 1, 2012 June 30, 2018
Class R5 Shares Contractual 1.25% July 1, 2012 June 30, 2018
Class R6 Shares Contractual 1.25% April 4, 2017 June 30, 2018
Class Y Shares Contractual 1.25% July 1, 2012 June 30, 2018
Investor Class Shares Contractual 1.50% July 1, 2012 June 30, 2018
See page 18 for footnotes to Exhibit A.
15
AIM SECTOR FUNDS (INVESCO SECTOR FUNDS)
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ ---------- ------------------- --------------
Invesco American Value Fund
Class A Shares Contractual 2.00% July 1, 2013 June 30, 2018
Class B Shares Contractual 2.75% July 1, 2013 June 30, 2018
Class C Shares Contractual 2.75% July 1, 2013 June 30, 2018
Class R Shares Contractual 2.25% July 1, 2013 June 30, 2018
Class R5 Shares Contractual 1.75% July 1, 2013 June 30, 2018
Class R6 Shares Contractual 1.75% July 1, 2013 June 30, 2018
Class Y Shares Contractual 1.75% July 1, 2013 June 30, 2018
Invesco Xxxxxxxx Fund
Class A Shares Contractual 2.00% July 1, 2012 June 30, 2018
Class B Shares Contractual 2.75% July 1, 2012 June 30, 2018
Class C Shares Contractual 2.75% July 1, 2012 June 30, 2018
Class R Shares Contractual 2.25% July 1, 2012 June 30, 2018
Class R5 Shares Contractual 1.75% July 1, 2012 June 30, 2018
Class R6 Shares Contractual 1.75% September 24, 2012 June 30, 2018
Class Y Shares Contractual 1.75% July 1, 2012 June 30, 2018
Invesco Energy Fund
Class A Shares Contractual 2.00% July 1, 2009 June 30, 2018
Class B Shares Contractual 2.75% July 1, 2009 June 30, 2018
Class C Shares Contractual 2.75% July 1, 2009 June 30, 2018
Class R5 Shares Contractual 1.75% July 1, 2009 June 30, 2018
Class R6 Shares Contractual 1.75% April 4, 2017 June 30, 2018
Class Y Shares Contractual 1.75% July 1, 2009 June 30, 2018
Investor Class Shares Contractual 2.00% July 1, 2009 June 30, 2018
Invesco Dividend Income Fund
Class A Shares Contractual 2.00% September 1, 2016 June 30, 2018
Class B Shares Contractual 2.75% September 1, 2016 June 30, 2018
Class C Shares Contractual 2.75% September 1, 2016 June 30, 2018
Class R5 Shares Contractual 1.75% September 1, 2016 June 30, 2018
Class R6 Shares Contractual 1.75% September 1, 2016 June 30, 2018
Class Y Shares Contractual 1.75% September 1, 2016 June 30, 2018
Investor Class Shares Contractual 2.00% September 1, 2016 June 30, 2018
Invesco Gold & Precious Metals Fund
Class A Shares Contractual 2.00% July 1, 2009 June 30, 2018
Class B Shares Contractual 2.75% July 1, 2009 June 30, 2018
Class C Shares Contractual 2.75% July 1, 2009 June 30, 2018
Class R6 Shares Contractual 1.75% April 4, 2017 June 30, 2018
Class Y Shares Contractual 1.75% July 1, 2009 June 30, 2018
Investor Class Shares Contractual 2.00% July 1, 2009 June 30, 2018
Invesco Mid Cap Growth Fund
Class A Shares Contractual 2.00% August 1, 2015 June 30, 2018
Class B Shares Contractual 2.75% August 1, 2015 June 30, 2018
Class C Shares Contractual 2.75% August 1, 2015 June 30, 2018
Class R Shares Contractual 2.25% August 1, 2015 June 30, 2018
Class R5 Shares Contractual 1.75% August 1, 2015 June 30, 2018
Class R6 Shares Contractual 1.75% August 1, 2015 June 30, 2018
Class Y Shares Contractual 1.75% August 1, 2015 June 30, 2018
Invesco Small Cap Value Fund
Class A Shares Contractual 2.00% July 1, 2012 June 30, 2018
Class B Shares Contractual 2.75% July 1, 2012 June 30, 2018
Class C Shares Contractual 2.75% July 1, 2012 June 30, 2018
Class R6 Shares Contractual 1.75% February 7, 2017 June 30, 2018
Class Y Shares Contractual 1.75% July 1, 2012 June 30, 2018
See page 18 for footnotes to Exhibit A.
16
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ ---------- ------------------ --------------
Invesco Technology Fund
Class A Shares Contractual 2.00% July 1, 2012 June 30, 2018
Class B Shares Contractual 2.75% July 1, 2012 June 30, 2018
Class C Shares Contractual 2.75% July 1, 2012 June 30, 2018
Class R5 Shares Contractual 1.75% July 1, 2012 June 30, 2018
Class R6 Shares Contractual 1.75% April 4, 2017 June 30, 2018
Class Y Shares Contractual 1.75% July 1, 2012 June 30, 2018
Investor Class Shares Contractual 2.00% July 1, 2012 June 30, 2018
Invesco Technology Sector Fund
Class A Shares Contractual 2.00% February 12, 2010 June 30, 2018
Class B Shares Contractual 2.75% February 12, 2010 June 30, 2018
Class C Shares Contractual 2.75% February 12, 2010 June 30, 2018
Class Y Shares Contractual 1.75% February 12, 2010 June 30, 2018
Invesco Value Opportunities Fund
Class A Shares Contractual 2.00% July 1, 2012 June 30, 2018
Class B Shares Contractual 2.75% July 1, 2012 June 30, 2018
Class C Shares Contractual 2.75% July 1, 2012 June 30, 2018
Class R Shares Contractual 2.25% July 1, 2012 June 30, 2018
Class R5 Shares Contractual 1.75% July 1, 2012 June 30, 2018
Class R6 Shares Contractual 1.75% April 4, 2017 June 30, 2018
Class Y Shares Contractual 1.75% July 1, 2012 June 30, 2018
AIM TAX-EXEMPT FUNDS (INVESCO TAX-EXEMPT FUNDS)
Contractual/ Expense Effective Date of Expiration
Fund Voluntary Limitation Current Limit Date
---- ------------ ---------- ----------------- --------------
Invesco High Yield Municipal Fund
Class A Shares Contractual 1.50% July 1, 2012 June 30, 2018
Class B Shares Contractual 2.25% July 1, 2012 June 30, 2018
Class C Shares Contractual 2.25% July 1, 2012 June 30, 2018
Class R5 Shares Contractual 1.25% July 1, 2012 June 30, 2018
Class R6 Shares Contractual 1.25% April 4, 2017 June 30, 2018
Class Y Shares Contractual 1.25% July 1, 2012 June 30, 2018
Invesco Intermediate Term Municipal Income Fund
Class A Shares Contractual 0.84% July 1, 2016 June 30, 2018
Class B Shares Contractual 1.59% July 1, 2016 June 30, 2018
Class C Shares Contractual 1.59% July 1, 2016 June 30, 2018
Class R6 Shares Contractual 0.59% April 4, 2017 June 30, 2018
Class Y Shares Contractual 0.59% July 1, 2016 June 30, 2018
Invesco Municipal Income Fund
Class A Shares Contractual 1.50% July 1, 2013 June 30, 2018
Class B Shares Contractual 2.25% July 1, 2013 June 30, 2018
Class C Shares Contractual 2.25% July 1, 2013 June 30, 2018
Class R6 Shares Contractual 1.25% April 4, 2017 June 30, 2018
Class Y Shares Contractual 1.25% July 1, 2013 June 30, 2018
Investor Class Contractual 1.50% July 15, 2013 June 30, 2018
Invesco New York Tax Free Income Fund
Class A Shares Contractual 1.50% July 1, 2012 June 30, 2018
Class B Shares Contractual 2.25% July 1, 2012 June 30, 2018
Class C Shares Contractual 2.25% July 1, 2012 June 30, 2018
Class R6 Shares Contractual 1.25% April 4, 2017 June 30, 2018
Class Y Shares Contractual 1.25% July 1, 2012 June 30, 2018
See page 18 for footnotes to Exhibit A.
17
Contractual/ Expense Effective Date of Expiration
Fund Voluntary Limitation Current Limit Date
---- ------------ ---------- ----------------- ------------------
Invesco Limited Term Municipal Income Fund
Class A Shares Contractual 1.50% July 1, 2012 June 30, 2018
Class A2 Shares Contractual 1.25% July 1, 2012 June 30, 2018
Class C Shares Contractual 2.25% June 30, 2013 June 30, 2018
Class R5 Shares Contractual 1.25% July 1, 2012 June 30, 2018
Class R6 Shares Contractual 1.25% April 4, 2017 June 30, 2018
Class Y Shares Contractual 1.25% July 1, 2012 June 30, 2018
INVESCO MANAGEMENT TRUST
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ ---------- ----------------- ------------------
Invesco Conservative Income Fund Institutional Class Contractual 0.30% January 1, 2018 December 31, 2018
INVESCO SECURITIES TRUST
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ ---------- ----------------- ------------------
Invesco Balanced-Risk Aggressive Allocation Fund Contractual 0.94% January 1, 2017 February 28, 2019
* 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 I, Ltd.
/3/ Includes waived fees or reimbursed expenses that Invesco receives from
Invesco Cayman Commodity Fund III, Ltd.
/4/ Includes waived fees or reimbursed expenses that Invesco receives from
Invesco Cayman Commodity Fund VII, Ltd.
/5/ Includes waived fees or reimbursed expenses that Invesco receives from
Invesco Cayman Commodity Fund V, Ltd.
/6/ The expense limit shown is the expense limit after Rule 12b-1 fee waivers
by Invesco Distributors, Inc.
18
EXHIBIT "B" - INSTITUTIONAL MONEY MARKET FUNDS/1,2/
SHORT-TERM INVESTMENTS TRUST
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ ---------- ----------------- ------------------
Invesco Government & Agency
Portfolio
Cash Management Class Contractual 0.26% June 1, 2016 December 31, 2018
Corporate Class Contractual 0.21% June 1, 2016 December 31, 2018
Institutional Class Contractual 0.18% June 1, 2016 December 31, 2018
Personal Investment Class Contractual 0.73% June 1, 2016 December 31, 2018
Private Investment Class Contractual 0.48% June 1, 2016 December 31, 2018
Reserve Class Contractual 1.05% June 1, 2016 December 31, 2018
Resource Class Contractual 0.34% June 1, 2016 December 31, 2018
Invesco Liquid Assets Portfolio
Cash Management Class Contractual 0.26% June 1, 2016 December 31, 2018
Corporate Class Contractual 0.21% June 1, 2016 December 31, 2018
Institutional Class Contractual 0.18% June 1, 2016 December 31, 2018
Personal Investment Class Contractual 0.73% June 1, 2016 December 31, 2018
Private Investment Class Contractual 0.48% June 1, 2016 December 31, 2018
Reserve Class Contractual 1.05% June 1, 2016 December 31, 2018
Resource Class Contractual 0.38% June 1, 2016 December 31, 2018
Invesco STIC Prime Portfolio
Cash Management Class Contractual 0.26% June 1, 2016 December 31, 2018
Corporate Class Contractual 0.21% June 1, 2016 December 31, 2018
Institutional Class Contractual 0.18% June 1, 2016 December 31, 2018
Personal Investment Class Contractual 0.73% June 1, 2016 December 31, 2018
Private Investment Class Contractual 0.48% June 1, 2016 December 31, 2018
Reserve Class Contractual 1.05% June 1, 2016 December 31, 2018
Resource Class Contractual 0.34% June 1, 2016 December 31, 2018
Invesco Tax-Free Cash Reserve Portfolio/2/
Cash Management Class Contractual 0.28% June 1, 2016 December 31, 2018
Corporate Class Contractual 0.23% June 1, 2016 December 31, 2018
Institutional Class Contractual 0.20% June 1, 2016 December 31, 2018
Personal Investment Class Contractual 0.75% June 1, 2016 December 31, 2018
Private Investment Class Contractual 0.45% June 1, 2016 December 31, 2018
Reserve Class Contractual 1.07% June 1, 2016 December 31, 2018
Resource Class Contractual 0.36% June 1, 2016 December 31, 2018
Invesco Treasury Obligations Portfolio
Cash Management Class Contractual 0.26% June 1, 2016 December 31, 2018
Corporate Class Contractual 0.21% June 1, 2016 December 31, 2018
Institutional Class Contractual 0.18% June 1, 2016 December 31, 2018
Personal Investment Class Contractual 0.73% June 1, 2016 December 31, 2018
Private Investment Class Contractual 0.43% June 1, 2016 December 31, 2018
Reserve Class Contractual 1.05% June 1, 2016 December 31, 2018
Resource Class Contractual 0.34% June 1, 2016 December 31, 2018
Invesco Treasury Portfolio
Cash Management Class Contractual 0.26% June 1, 2016 December 31, 2018
Corporate Class Contractual 0.21% June 1, 2016 December 31, 2018
Institutional Class Contractual 0.18% June 1, 2016 December 31, 2018
Personal Investment Class Contractual 0.73% June 1, 2016 December 31, 2018
Private Investment Class Contractual 0.48% June 1, 2016 December 31, 2018
Reserve Class Contractual 1.05% June 1, 2016 December 31, 2018
Resource Class Contractual 0.34% June 1, 2016 December 31, 2018
/1/ The expense rate excluding 12b-1 fees of any class of shares established
after the date of this Memorandum of Agreement will be the same as existing
classes.
/2/ The expense limitation also excludes Trustees' fees and federal
registration expenses.
19
EXHIBIT "C" - VARIABLE INSURANCE FUNDS
AIM VARIABLE INSURANCE FUNDS (INVESCO VARIABLE INSURANCE FUNDS)
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ --------------------- ----------------- ---------------
Invesco V.I. American Franchise Fund
Series I Shares Contractual 2.00% July 1, 2014 June 30, 2018
Series II Shares Contractual 2.25% July 1, 2014 June 30, 2018
Invesco V.I. American Value Fund
Series I Shares Contractual 2.00% July 1, 2012 June 30, 2018
Series II Shares Contractual 2.25% July 1, 2012 June 30, 2018
Invesco V.I. Balanced-Risk Allocation Fund/1/
Series I Shares Contractual 0.80% less net AFFE* May 1, 2014 April 30, 2019
Series II Shares Contractual 1.05% less net AFFE* May 1, 2014 April 30, 2019
Invesco V.I. Xxxxxxxx Fund
Series I Shares Contractual 0.78% May 1, 2013 April 30, 2019
Series II Shares Contractual 1.03% May 1, 2013 April 30, 2019
Invesco V.I. Core Equity Fund
Series I Shares Contractual 2.00% May 1, 2013 June 30, 2018
Series II Shares Contractual 2.25% May 1, 2013 June 30, 2018
Invesco V.I. Core Plus Bond Fund
Series I Shares Contractual 0.61% April 30, 2015 April 30, 2019
Series II Shares Contractual 0.86% April 30, 2015 April 30, 2019
Invesco V.I. Diversified Dividend Fund
Series I Shares Contractual 2.00% May 1, 2013 June 30, 2018
Series II Shares Contractual 2.25% May 1, 2013 June 30, 2018
Invesco V.I. Equally-Weighted S&P 500 Fund
Series I Shares Contractual 2.00% July 1, 2012 June 30, 2018
Series II Shares Contractual 2.25% July 1, 2012 June 30, 2018
Invesco V.I. Equity and Income Fund
Series I Shares Contractual 1.50% July 1, 2012 June 30, 2018
Series II Shares Contractual 1.75% July 1, 2012 June 30, 2018
Invesco V.I. Global Core Equity Fund
Series I Shares Contractual 2.25% July 1, 2012 June 30, 2018
Series II Shares Contractual 2.50% July 1, 2012 June 30, 2018
Invesco V.I. Global Health Care Fund
Series I Shares Contractual 2.00% May 1. 2013 June 30, 2018
Series II Shares Contractual 2.25% May 1, 2013 June 30, 2018
Invesco V.I. Global Real Estate Fund
Series I Shares Contractual 2.00% May 1. 2013 June 30, 2018
Series II Shares Contractual 2.25% May 1, 2013 June 30, 2018
/1/ Includes waived fees or reimbursed expenses that Invesco receives from
Invesco Cayman Commodity Fund IV, Ltd.
20
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ ---------- ----------------- --------------
Invesco V.I. Government Money Market Fund
Series I Shares Contractual 1.50% May 1, 2013 June 30, 2018
Series II Shares Contractual 1.75% May 1, 2013 June 30, 2018
Invesco V.I. Government Securities Fund
Series I Shares Contractual 1.50% May 1, 2013 June 30, 2018
Series II Shares Contractual 1.75% May 1, 2013 June 30, 2018
Invesco V.I. Growth and Income Fund
Series I Shares Contractual 0.78% May 1. 2013 April 30, 2019
Series II Shares Contractual 1.03% May 1, 2013 April 30, 2019
Invesco V.I. High Yield Fund
Series I Shares Contractual 1.50% May 1, 2014 June 30, 2018
Series II Shares Contractual 1.75% May 1, 2014 June 30, 2018
Invesco V.I. International Growth Fund
Series I Shares Contractual 2.25% July 1, 2012 June 30, 2018
Series II Shares Contractual 2.50% July 1, 2012 June 30, 2018
Invesco V.I. Managed Volatility Fund
Series I Shares Contractual 2.00% May 1, 2015 June 30, 2018
Series II Shares Contractual 2.25% May 1, 2015 June 30, 2018
Invesco V.I. Mid Cap Core Equity Fund
Series I Shares Contractual 2.00% May 1. 2013 June 30, 2018
Series II Shares Contractual 2.25% May 1, 2013 June 30, 2018
Invesco V.I. Mid Cap Growth Fund
Series I Shares Contractual 2.00% July 1, 2014 June 30, 2018
Series II Shares Contractual 2.25% July 1, 2014 June 30, 2018
Invesco V.I. S&P 500 Index Fund
Series I Shares Contractual 2.00% July 1, 2012 June 30, 2018
Series II Shares Contractual 2.25% July 1, 2012 June 30, 2018
Invesco V.I. Small Cap Equity Fund
Series I Shares Contractual 2.00% May 1. 2013 June 30, 2018
Series II Shares Contractual 2.25% May 1, 2013 June 30, 2018
Invesco V.I. Technology Fund
Series I Shares Contractual 2.00% May 1. 2013 June 30, 2018
Series II Shares Contractual 2.25% May 1, 2013 June 30, 2018
Invesco V.I. Value Opportunities Fund
Series I Shares Contractual 2.00% May 1. 2013 June 30, 2018
Series II Shares Contractual 2.25% May 1, 2013 June 30, 2018
* 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.
21
Sub-Item 77Q1(e)
AMENDMENT NO. 16
TO
SUB-ADVISORY CONTRACT
This Amendment dated as of December 15, 2017, amends the Sub-Advisory
Contract (the "Contract") between Invesco Advisers, Inc. (the "Advisor") and
Invesco PowerShares Capital Management LLC (the "Sub-Advisor").
WHEREAS, the parties agree to amend the Contract to change the name of
Premier Portfolio to Invesco Premier Portfolio and Premier Tax-Exempt Portfolio
to Invesco Premier Tax-Exempt Portfolio, series portfolios of AIM Treasurer's
Series Trust (Invesco Treasurer's Series Trust); and to change the name of
Government & Agency Portfolio to Invesco Government & Agency Portfolio,
Treasury Obligations Portfolio to Invesco Treasury Obligations Portfolio,
Tax-Free Cash Reserve Portfolio to Invesco Tax-Free Cash Reserve Portfolio,
series portfolios of Short-Term Investments Trust, as listed on the attached
Exhibit A, which were approved by shareholders;
NOW THEREFORE, in consideration of the promises and the mutual covenants
herein contained, it is agreed between the parties hereto as follows:
1. The Contract is hereby amended to include the Funds listed on Exhibit A
to the Contract as a recipient of the sub-advisory services by revising
recital A) at the beginning of the Agreement to read as follows:
The Advisor has entered into an investment advisory agreement with AIM
Counselor Series Trust (Invesco Counselor Series Trust) ("ACST"), AIM
Funds Group (Invesco Funds Group) ("AFG"), AIM Growth Series (Invesco
Growth Series) ("AGS"), AIM International Mutual Funds (Invesco
International Mutual Funds) ("AIMF"), AIM Investment Funds (Invesco
Investment Funds) ("AIF"), AIM Investment Securities Funds (Invesco
Investment Securities Funds) ("AIS"), AIM Tax-Exempt Funds (Invesco
Tax-Exempt Funds) ("XXXX"), AIM Treasurer's Series Trust (Invesco
Treasurer's Series Trust) ("ATST"), AIM Variable Insurance Funds
(Invesco Variable Insurance Funds) ("AVIF"), Invesco Exchange Fund,
Invesco Management Trust ("IMT"), Invesco Securities Trust ("IST") and
Short-Term Investments Trust ("STIT") (collectively, the "Trusts"),
open-end management investment companies registered under the Investment
Company Act of 1940, as amended (the "1940 Act"), with respect the funds
set forth in Exhibit A attached hereto (each a "Fund" and collectively,
the "Funds"); and
2. All other terms and provisions of the Contract not amended shall remain
in full force and effect.
1
IN WITNESS WHEREOF, the parties hereto have caused this Contract to be
executed by their officers designated as of the day and year first above
written.
INVESCO ADVISERS, INC.
Advisor
BY: /s/ Xxxx X. Xxxx
--------------------------
NAME: Xxxx X. Xxxx
TITLE: Senior Vice President
2
INVESCO POWERSHARES CAPITAL MANAGEMENT LLC
Sub-Advisor
BY: /s/ Xxxxxx X. Xxxxxx
---------------------------------------------------
NAME: Xxx Xxxxxx
TITLE: Managing Director - Invesco PowerShares Global ETFs
3
EXHIBIT A
AIM COUNSELOR SERIES TRUST (INVESCO COUNSELOR SERIES TRUST)
Invesco Equally-Weighted S&P 500 Fund
Invesco Floating Rate Fund
Invesco Pennsylvania Tax Free Income Fund
Invesco Short Duration High Yield Municipal Fund
Invesco Strategic Real Return Fund
AIM FUNDS GROUP (INVESCO FUNDS GROUP)
Invesco European Small Company Fund
Invesco Small Cap Equity Fund
AIM GROWTH SERIES (INVESCO GROWTH SERIES)
Invesco Alternative Strategies Fund
Invesco Balanced-Risk Retirement Now Fund
Invesco Convertible Securities Fund
Invesco Multi-Asset Inflation Fund
Invesco Quality Income Fund
Invesco Small Cap Growth Fund
AIM INTERNATIONAL MUTUAL FUNDS (INVESCO INTERNATIONAL MUTUAL FUNDS)
Invesco European Growth Fund
Invesco Global Opportunities Fund
Invesco Global Responsibility Equity Fund
Invesco International Companies Fund
Invesco International Core Equity Fund
Invesco International Growth Fund
Invesco Select Opportunities Fund
AIM INVESTMENT FUNDS (INVESCO INVESTMENT FUNDS)
Invesco All Cap Market Neutral Fund
Invesco Balanced-Risk Allocation Fund
Invesco Balanced-Risk Commodity Strategy Fund
Invesco Developing Markets Fund
Invesco Emerging Markets Equity Fund
Invesco Emerging Markets Flexible Bond Fund
Invesco Endeavor Fund
Invesco Global Infrastructure Fund
Invesco Global Market Neutral Fund
Invesco Global Targeted Returns Fund
Invesco Long/Short Equity Fund
Invesco Low Volatility Emerging Markets Fund
Invesco Macro Allocation Strategy Fund
Invesco MLP Fund
Invesco Multi-Asset Income Fund
AIM INVESTMENT SECURITIES FUNDS (INVESCO INVESTMENT SECURITIES FUND)
Invesco Global Real Estate Fund
Invesco High Yield Fund
4
AIM TAX-EXEMPT FUNDS (INVESCO TAX-EXEMPT FUNDS)
Invesco High Yield Municipal Fund
Invesco Intermediate Term Municipal Income Fund
Invesco Limited Term Municipal Income Fund
Invesco Municipal Income Fund
Invesco Tax-Exempt Cash Fund
AIM TREASURER'S SERIES TRUST (INVESCO TREASURER'S SERIES TRUST)
Invesco Premier Portfolio
Invesco Premier Tax-Exempt Portfolio
AIM VARIABLE INSURANCE FUNDS (INVESCO VARIABLE INSURANCE FUNDS)
Invesco V.I. American Franchise Fund
Invesco V.I. American Value Fund
Invesco V.I. Balanced-Risk Allocation Fund
Invesco V.I. Xxxxxxxx Fund
Invesco V.I. Core Equity Fund
Invesco V.I. Core Plus Bond Fund
Invesco V.I. Diversified Dividend Fund
Invesco V.I. Equally-Weighted S&P 500 Fund
Invesco V.I. Equity and Income Fund
Invesco V.I. Global Core Equity Fund
Invesco V.I. Global Health Care Fund
Invesco V.I. Global Real Estate Fund
Invesco V.I. Government Money Market Fund
Invesco V.I. Government Securities Fund
Invesco V.I. Growth and Income Fund
Invesco V.I. High Yield Fund
Invesco V.I. International Growth Fund
Invesco V.I. Managed Volatility Fund
Invesco V.I. Mid Cap Core Equity Fund
Invesco V.I. Mid Cap Growth Fund
Invesco V.I. S&P 500 Index Fund
Invesco V.I. Small Cap Equity Fund
Invesco V.I. Technology Fund
Invesco V.I. Value Opportunities Fund
INVESCO EXCHANGE FUND
INVESCO MANAGEMENT TRUST
Invesco Conservative Income Fund
INVESCO SECURITIES TRUST
Invesco Balanced-Risk Aggressive Allocation Fund
SHORT-TERM INVESTMENTS TRUST
Invesco Government & Agency Portfolio
Invesco Tax-Free Cash Reserve Portfolio
Invesco Treasury Obligations Portfolio
5
Sub-Item 77Q1(e)
AMENDMENT NO. 17
TO
SUB-ADVISORY CONTRACT
This Amendment dated as of December 18, 2017, amends the Sub-Advisory
Contract (the "Contract") between Invesco Advisers, Inc. (the "Advisor") and
Invesco PowerShares Capital Management LLC (the "Sub-Advisor").
WHEREAS, the parties agree to amend the Contract to add Invesco Peak
Retirement(TM) 2065 Fund, Invesco Peak Retirement(TM) 2060 Fund, Invesco Peak
Retirement(TM) 2055 Fund, Invesco Peak Retirement(TM) 2050 Fund, Invesco Peak
Retirement(TM) 2045 Fund, Invesco Peak Retirement(TM) 2040 Fund, Invesco Peak
Retirement(TM) 2035 Fund, Invesco Peak Retirement(TM) 2030 Fund, Invesco Peak
Retirement(TM) 2025 Fund, Invesco Peak Retirement(TM) 2020 Fund, Invesco Peak
Retirement(TM) 2015 Fund, Invesco Peak Retirement(TM) Now Fund, series
portfolios of AIM Growth Series (Invesco Growth Series) and Invesco U.S.
Managed Volatility Fund, a series portfolio of AIM Investment Funds (Invesco
Investment Funds);
NOW THEREFORE, in consideration of the promises and the mutual covenants
herein contained, it is agreed between the parties hereto as follows:
1. The Contract is hereby amended to include the Funds listed on Exhibit A
to the Contract as a recipient of the sub-advisory services by revising
recital A) at the beginning of the Agreement to read as follows:
The Advisor has entered into an investment advisory agreement with AIM
Counselor Series Trust (Invesco Counselor Series Trust) ("ACST"), AIM
Funds Group (Invesco Funds Group) ("AFG"), AIM Growth Series (Invesco
Growth Series) ("AGS"), AIM International Mutual Funds (Invesco
International Mutual Funds) ("AIMF"), AIM Investment Funds (Invesco
Investment Funds) ("AIF"), AIM Investment Securities Funds (Invesco
Investment Securities Funds) ("AIS"), AIM Tax-Exempt Funds (Invesco
Tax-Exempt Funds) ("XXXX"), AIM Treasurer's Series Trust (Invesco
Treasurer's Series Trust) ("ATST"), AIM Variable Insurance Funds
(Invesco Variable Insurance Funds) ("AVIF"), Invesco Exchange Fund,
Invesco Management Trust ("IMT"), Invesco Securities Trust ("IST") and
Short-Term Investments Trust ("STIT") (collectively, the "Trusts"),
open-end management investment companies registered under the Investment
Company Act of 1940, as amended (the "1940 Act"), with respect the funds
set forth in Exhibit A attached hereto (each a "Fund" and collectively,
the "Funds"); and
2. All other terms and provisions of the Contract not amended shall remain
in full force and effect.
1
IN WITNESS WHEREOF, the parties hereto have caused this Contract to be
executed by their officers designated as of the day and year first above
written.
INVESCO ADVISERS, INC.
Advisor
BY: /s/ Xxxx X. Xxxx
--------------------------
NAME: Xxxx X. Xxxx
TITLE: Senior Vice President
2
INVESCO POWERSHARES CAPITAL MANAGEMENT LLC
Sub-Advisor
BY: /s/ Xxxxxx X. Xxxxxx
---------------------------------------------------
NAME: Xxx Xxxxxx
TITLE: Managing Director - Invesco PowerShares Global ETFs
3
EXHIBIT A
AIM COUNSELOR SERIES TRUST (INVESCO COUNSELOR SERIES TRUST)
Invesco Equally-Weighted S&P 500 Fund
Invesco Floating Rate Fund
Invesco Pennsylvania Tax Free Income Fund
Invesco Short Duration High Yield Municipal Fund
Invesco Strategic Real Return Fund
AIM FUNDS GROUP (INVESCO FUNDS GROUP)
Invesco European Small Company Fund
Invesco Small Cap Equity Fund
AIM GROWTH SERIES (INVESCO GROWTH SERIES)
Invesco Alternative Strategies Fund
Invesco Balanced-Risk Retirement Now Fund
Invesco Convertible Securities Fund
Invesco Multi-Asset Inflation Fund
Invesco Quality Income Fund
Invesco Small Cap Growth Fund
Invesco Peak Retirement(TM) 2015 Fund
Invesco Peak Retirement(TM) 2020 Fund
Invesco Peak Retirement(TM) 2025 Fund
Invesco Peak Retirement(TM) 2030 Fund
Invesco Peak Retirement(TM) 2035 Fund
Invesco Peak Retirement(TM) 2040 Fund
Invesco Peak Retirement(TM) 2045 Fund
Invesco Peak Retirement(TM) 2050 Fund
Invesco Peak Retirement(TM) 2055 Fund
Invesco Peak Retirement(TM) 2060 Fund
Invesco Peak Retirement(TM) 2065 Fund
Invesco Peak Retirement(TM) Now Fund
AIM INTERNATIONAL MUTUAL FUNDS (INVESCO INTERNATIONAL MUTUAL FUNDS)
Invesco European Growth Fund
Invesco Global Opportunities Fund
Invesco Global Responsibility Equity Fund
Invesco International Companies Fund
Invesco International Core Equity Fund
Invesco International Growth Fund
Invesco Select Opportunities Fund
AIM INVESTMENT FUNDS (INVESCO INVESTMENT FUNDS)
Invesco All Cap Market Neutral Fund
Invesco Balanced-Risk Allocation Fund
Invesco Balanced-Risk Commodity Strategy Fund
Invesco Developing Markets Fund
Invesco Emerging Markets Equity Fund
Invesco Emerging Markets Flexible Bond Fund
Invesco Endeavor Fund
4
Invesco Global Infrastructure Fund
Invesco Global Market Neutral Fund
Invesco Global Targeted Returns Fund
Invesco Long/Short Equity Fund
Invesco Low Volatility Emerging Markets Fund
Invesco Macro Allocation Strategy Fund
Invesco MLP Fund
Invesco Multi-Asset Income Fund
Invesco U.S. Managed Volatility Fund
AIM INVESTMENT SECURITIES FUNDS (INVESCO INVESTMENT SECURITIES FUND)
Invesco Global Real Estate Fund
Invesco High Yield Fund
AIM TAX-EXEMPT FUNDS (INVESCO TAX-EXEMPT FUNDS)
Invesco High Yield Municipal Fund
Invesco Intermediate Term Municipal Income Fund
Invesco Limited Term Municipal Income Fund
Invesco Municipal Income Fund
Invesco Tax-Exempt Cash Fund
AIM TREASURER'S SERIES TRUST (INVESCO TREASURER'S SERIES TRUST)
Invesco Premier Portfolio
Invesco Premier Tax-Exempt Portfolio
AIM VARIABLE INSURANCE FUNDS (INVESCO VARIABLE INSURANCE FUNDS)
Invesco V.I. American Franchise Fund
Invesco V.I. American Value Fund
Invesco V.I. Balanced-Risk Allocation Fund
Invesco V.I. Xxxxxxxx Fund
Invesco V.I. Core Equity Fund
Invesco V.I. Core Plus Bond Fund
Invesco V.I. Diversified Dividend Fund
Invesco V.I. Equally-Weighted S&P 500 Fund
Invesco V.I. Equity and Income Fund
Invesco V.I. Global Core Equity Fund
Invesco V.I. Global Health Care Fund
Invesco V.I. Global Real Estate Fund
Invesco V.I. Government Money Market Fund
Invesco V.I. Government Securities Fund
Invesco V.I. Growth and Income Fund
Invesco V.I. High Yield Fund
Invesco V.I. International Growth Fund
Invesco V.I. Managed Volatility Fund
Invesco V.I. Mid Cap Core Equity Fund
Invesco V.I. Mid Cap Growth Fund
Invesco V.I. S&P 500 Index Fund
Invesco V.I. Small Cap Equity Fund
Invesco V.I. Technology Fund
Invesco V.I. Value Opportunities Fund
5
INVESCO EXCHANGE FUND
INVESCO MANAGEMENT TRUST
Invesco Conservative Income Fund
INVESCO SECURITIES TRUST
Invesco Balanced-Risk Aggressive Allocation Fund
SHORT-TERM INVESTMENTS TRUST
Invesco Government & Agency Portfolio
Invesco Tax-Free Cash Reserve Portfolio
Invesco Treasury Obligations Portfolio
6
