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 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 Senior Loan Fund, 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 INVESCO CALIFORNIA VALUE MUNICIPAL
COUNSELOR SERIES TRUST) INCOME TRUST
AIM EQUITY FUNDS (INVESCO EQUITY FUNDS) INVESCO DYNAMIC CREDIT OPPORTUNITIES
AIM FUNDS GROUP (INVESCO FUNDS GROUP) FUND
AIM GROWTH SERIES (INVESCO GROWTH INVESCO EXCHANGE FUND
SERIES) INVESCO HIGH INCOME TRUST II
AIM INTERNATIONAL MUTUAL FUNDS INVESCO MANAGEMENT TRUST
(INVESCO INTERNATIONAL MUTUAL FUNDS) INVESCO MUNICIPAL INCOME
AIM INVESTMENT FUNDS (INVESCO OPPORTUNITIES TRUST
INVESTMENT FUNDS) INVESCO MUNICIPAL OPPORTUNITY TRUST
AIM INVESTMENT SECURITIES FUNDS INVESCO MUNICIPAL TRUST
(INVESCO INVESTMENT SECURITIES FUNDS) INVESCO PENNSYLVANIA VALUE MUNICIPAL
AIM SECTOR FUNDS (INVESCO SECTOR FUNDS) INCOME TRUST
AIM TAX-EXEMPT FUNDS (INVESCO INVESCO QUALITY MUNICIPAL INCOME TRUST
TAX-EXEMPT FUNDS) INVESCO SECURITIES TRUST
AIM TREASURER'S SERIES TRUST (INVESCO INVESCO SENIOR INCOME TRUST
TREASURER'S SERIES TRUST) INVESCO SENIOR LOAN FUND
AIM VARIABLE INSURANCE FUNDS (INVESCO INVESCO TRUST FOR INVESTMENT GRADE
VARIABLE INSURANCE FUNDS) MUNICIPALS
INVESCO ADVANTAGE MUNICIPAL INCOME INVESCO TRUST FOR INVESTMENT GRADE
TRUST II NEW YORK MUNICIPALS
INVESCO BOND FUND 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 EXPIRATION
(INVESCO COUNSELOR SERIES TRUST) WAIVER DESCRIPTION EFFECTIVE DATE DATE
-------------------------------- ------------------------------------ -------------- ----------
Invesco Strategic Real Return Invesco will waive advisory fees in
Fund an amount equal to the advisory fees
earned on underlying affiliated
investments 4/30/2014 06/30/2016
AIM INVESTMENT FUNDS EXPIRATION
(INVESCO INVESTMENT FUNDS WAIVER DESCRIPTION EFFECTIVE DATE DATE
------------------------- ------------------------------------ -------------- ----------
Invesco Global Targeted Invesco will waive advisory fees in
Returns Fund an amount equal to the advisory fees
earned on underlying affiliated
investments 12/17/2013 06/30/2016
Invesco Strategic Income Fund Invesco will waive advisory fees in
an amount equal to the advisory fees
earned on underlying affiliated
investments 5/2/2014 06/30/2016
Invesco Unconstrained Bond Invesco will waive advisory fees in
Fund an amount equal to the advisory fees
earned on underlying affiliated
investments 10/14/2014 06/30/2016
AIM TREASURER'S SERIES TRUST EXPIRATION
(INVESCO TREASURER'S SERIES TRUST) WAIVER DESCRIPTION EFFECTIVE DATE DATE
---------------------------------- ------------------------------------ -------------- ----------
Premier Portfolio Invesco will waive advisory fees in
the amount of 0.07% of the Fund's
average daily net assets 2/1/2011 12/31/2015
Premier U.S. Government Invesco will waive advisory fees in
Money Portfolio the amount of 0.07% of the Fund's
average daily net assets 2/1/2011 12/31/2015
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, 2016
Invesco Core Plus Bond Fund June 2, 2009 June 30, 2016
Invesco Equally-Weighted S&P 500 Fund February 12, 2010 June 30, 2016
Invesco Equity and Income Fund February 12, 2010 June 30, 2016
Invesco Floating Rate Fund July 1, 2007 June 30, 2016
Invesco Global Real Estate Income Fund July 1, 2007 June 30, 2016
Invesco Growth and Income Fund February 12, 2010 June 30, 2016
Invesco Low Volatility Equity Yield Fund July 1, 2007 June 30, 0000
Xxxxxxx Xxxxxxxxxxxx Tax Free Income Fund February 12, 2010 June 30, 2016
Invesco S&P 500 Index Fund February 12, 2010 June 30, 2016
Invesco Small Cap Discovery Fund February 12, 2010 June 30, 2016
Invesco Strategic Real Return Fund April 30, 2014 June 30, 2016
AIM EQUITY FUNDS (INVESCO EQUITY FUNDS)
PORTFOLIO EFFECTIVE DATE COMMITTED UNTIL
--------- -------------- ---------------
Invesco Charter Fund July 1, 2007 June 30, 2016
Invesco Diversified Dividend Fund July 1, 2007 June 30, 0000
Xxxxxxx Xxxxxx Fund July 1, 2007 June 30, 2016
AIM FUNDS GROUP (INVESCO FUNDS GROUP)
FUND EFFECTIVE DATE COMMITTED UNTIL
---- -------------- ---------------
Invesco European Small Company Fund July 1, 2007 June 30, 2016
Invesco Global Core Equity Fund July 1, 2007 June 30, 2016
Invesco International Small Company Fund July 1, 2007 June 30, 2016
Invesco Small Cap Equity Fund July 1, 2007 June 30, 2016
AIM GROWTH SERIES (INVESCO GROWTH SERIES)
FUND EFFECTIVE DATE COMMITTED UNTIL
---- ------------------ ---------------
Invesco Alternative Strategies Fund February 12, 2010 June 30, 2016
Invesco Convertible Securities Fund February 12, 2010 June 30, 2016
Invesco Global Low Volatility Equity Yield
Fund July 1, 2007 June 30, 2016
Invesco Mid Cap Core Equity Fund July 1, 2007 June 30, 2016
Invesco Multi-Asset Inflation Fund October 14, 2014 June 30, 2016
Invesco Small Cap Growth Fund July 1, 2007 June 30, 0000
Xxxxxxx X.X. Mortgage Fund February 12, 2010 June 30, 2016
AIM INTERNATIONAL MUTUAL FUNDS (INVESCO INTERNATIONAL MUTUAL FUNDS)
FUND EFFECTIVE DATE COMMITTED UNTIL
---- --------------- ---------------
Invesco Asia Pacific Growth Fund July 1, 2007 June 30, 2016
Invesco European Growth Fund July 1, 2007 June 30, 2016
Invesco Global Growth Fund July 1, 2007 June 30, 2016
Invesco Global Opportunities Fund August 3, 2012 June 30, 2016
Invesco Global Small & Mid Cap Growth Fund July 1, 2007 June 30, 2016
Invesco International Core Equity Fund July 1, 2007 June 30, 2016
Invesco International Growth Fund July 1, 2007 June 30, 2016
Invesco Select Opportunities Fund August 3, 2012 June 30, 2016
AIM INVESTMENT FUNDS (INVESCO INVESTMENT FUNDS)
FUND EFFECTIVE DATE COMMITTED UNTIL
---- ------------------- ---------------
Invesco All Cap Market Neutral Fund December 17, 2013 June 30, 2016
Invesco Balanced-Risk Allocation Fund/1/ May 29, 2009 June 30, 2016
Invesco Balanced-Risk Commodity Strategy
Fund/2/ November 29, 2010 June 30, 2016
Invesco China Fund July 1, 2007 June 30, 2016
Invesco Developing Markets Fund July 1, 2007 June 30, 2016
Invesco Emerging Markets Equity Fund May 11, 2011 June 30, 2016
Invesco Emerging Market Local Currency
Debt Fund June 14, 2010 June 30, 2016
Invesco Endeavor Fund July 1, 2007 June 30, 2016
Invesco Global Health Care Fund July 1, 2007 June 30, 2016
Invesco Global Infrastructure Fund May 2, 2014 June 30, 2016
Invesco Global Market Neutral Fund December 17, 2013 June 30, 2016
Invesco Global Markets Strategy Fund/3/ September 25, 2012 June 30, 2016
Invesco Global Targeted Returns Fund/4/ December 17, 2013 June 30, 2016
Invesco International Total Return Fund July 1, 2007 June 30, 2016
Invesco Long/Short Equity Fund December 17, 2013 June 30, 2016
Invesco Low Volatility Emerging Markets
Fund December 17, 2013 June 30, 2016
Invesco Macro International Equity Fund December 17, 2013 June 30, 2016
Invesco Macro Long/Short Fund December 17, 2013 June 30, 2016
Invesco MLP Fund August 29, 2014 June 30, 2016
Invesco Pacific Growth Fund February 12, 2010 June 30, 2016
Invesco Premium Income Fund December 13, 2011 June 30, 2016
Invesco Select Companies Fund July 1, 2007 June 30, 2016
Invesco Strategic Income Fund May 2, 2014 June 30, 2016
Invesco Unconstrained Bond Fund October 14, 2014 June 30, 2016
AIM INVESTMENT SECURITIES FUNDS (INVESCO INVESTMENT SECURITIES FUNDS)
FUND EFFECTIVE DATE COMMITTED UNTIL
---- ------------------ ---------------
Invesco Corporate Bond Fund February 12, 2010 June 30, 2016
Invesco Global Real Estate Fund July 1, 2007 June 30, 2016
Invesco High Yield Fund July 1, 2007 June 30, 2016
Invesco Limited Maturity Treasury Fund July 1, 2007 June 30, 2016
Invesco Money Market Fund July 1, 2007 June 30, 2016
Invesco Real Estate Fund July 1, 2007 June 30, 2016
Invesco Short Term Bond Fund July 1, 2007 June 30, 0000
Xxxxxxx X.X. Government Fund July 1, 2007 June 30, 2016
--------
/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 Global Markets 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.
/4/ 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.
AIM SECTOR FUNDS (INVESCO SECTOR FUNDS)
FUND EFFECTIVE DATE COMMITTED UNTIL
---- ------------------ ---------------
Invesco American Value Fund February 12, 2010 June 30, 2016
Invesco Xxxxxxxx Fund February 12, 2010 June 30, 2016
Invesco Energy Fund July 1, 2007 June 30, 2016
Invesco Dividend Income Fund July 1, 2007 June 30, 2016
Invesco Gold & Precious Metals Fund July 1, 2007 June 30, 2016
Invesco Mid Cap Growth Fund February 12, 2010 June 30, 2016
Invesco Small Cap Value Fund February 12, 2010 June 30, 2016
Invesco Technology Fund July 1, 2007 June 30, 2016
Invesco Technology Sector Fund February 12, 2010 June 30, 2016
Invesco Value Opportunities Fund February 12, 2010 June 30, 2016
AIM TAX-EXEMPT FUNDS (INVESCO TAX-EXEMPT FUNDS)
FUND EFFECTIVE DATE COMMITTED UNTIL
---- ------------------ ---------------
Invesco High Yield Municipal Fund February 12, 2010 June 30, 2016
Invesco Intermediate Term Municipal
Income Fund February 12, 2010 June 30, 2016
Invesco Municipal Income Fund February 12, 2010 June 30, 2016
Invesco New York Tax Free Income Fund February 12, 2010 June 30, 2016
Invesco Tax-Exempt Cash Fund July 1, 2007 June 30, 2016
Invesco Tax-Free Intermediate Fund July 1, 2007 June 30, 2016
AIM VARIABLE INSURANCE FUNDS (INVESCO VARIABLE INSURANCE FUNDS)
FUND EFFECTIVE DATE COMMITTED UNTIL
---- ------------------ ---------------
Invesco V.I. American Franchise Fund February 12, 2010 June 30, 2016
Invesco V.I. American Value Fund February 12, 2010 June 30, 2016
Invesco V.I. Balanced-Risk Allocation
Fund/5/ December 22, 2010 June 30, 2016
Invesco V.I. Xxxxxxxx Fund February 12, 2010 June 30, 2016
Invesco V.I. Core Equity Fund July 1, 2007 June 30, 2016
Invesco V.I. Diversified Dividend Fund February 12, 2010 June 30, 2016
Invesco V.I. Diversified Income Fund July 1, 2007 June 30, 2016
Invesco V.I. Equally-Weighted S&P 500 Fund February 12, 2010 June 30, 2016
Invesco V.I. Equity and Income Fund February 12, 2010 June 30, 2016
Invesco V.I. Global Core Equity Fund February 12, 2010 June 30, 2016
Invesco V.I. Global Health Care Fund July 1, 2007 June 30, 2016
Invesco V.I. Global Real Estate Fund July 1, 2007 June 30, 2016
Invesco V.I. Government Securities Fund July 1, 2007 June 30, 2016
Invesco V.I. Growth and Income Fund February 12, 2010 June 30, 2016
Invesco V.I. High Yield Fund July 1, 2007 June 30, 2016
Invesco V.I. International Growth Fund July 1, 2007 June 30, 2016
Invesco V.I. Managed Volatility Fund July 1, 2007 June 30, 2016
Invesco V.I. Mid Cap Core Equity Fund July 1, 2007 June 30, 2016
Invesco V.I. Mid Cap Growth Fund February 12, 2010 June 30, 2016
Invesco V.I. Money Market Fund July 1, 2007 June 30, 2016
Invesco V.I. S&P 500 Index Fund February 12, 2010 June 30, 2016
Invesco V.I. Small Cap Equity Fund July 1, 2007 June 30, 2016
Invesco V.I. Technology Fund July 1, 2007 June 30, 2016
Invesco V.I. Value Opportunities Fund July 1, 2007 June 30, 2016
/5/ 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 SECURITIES TRUST
FUND EFFECTIVE DATE COMMITTED UNTIL
---- ----------------- ---------------
Invesco Balanced-Risk Aggressive Allocation
Fund January 16, 2013 June 30, 2016
INVESCO MANAGEMENT TRUST
FUND EFFECTIVE DATE COMMITTED UNTIL
---- -------------- ---------------
Invesco Conservative Income Fund July 1, 2014 June 30, 2016
CLOSED-END FUNDS
FUND EFFECTIVE DATE COMMITTED UNTIL
---- -------------- ---------------
Invesco Advantage Municipal Income Trust II May 15, 2012 June 30, 2016
Invesco Bond Fund May 15, 2012 June 30, 0000
Xxxxxxx Xxxxxxxxxx Value Municipal Income
Trust May 15, 2012 June 30, 2016
Invesco Dynamic Credit Opportunities Fund May 15, 2012 June 30, 2016
Invesco Exchange Fund May 15, 2012 June 30, 2016
Invesco High Income Trust II May 15, 2012 June 30, 2016
Invesco Municipal Income Opportunities Trust June 1, 2010 June 30, 2016
Invesco Municipal Opportunity Trust May 15, 2012 June 30, 2016
Invesco Municipal Trust May 15, 2012 June 30, 0000
Xxxxxxx Xxxxxxxxxxxx Value Municipal Income
Trust May 15, 2012 June 30, 2016
Invesco Quality Municipal Income Trust June 1, 2010 June 30, 2016
Invesco Senior Income Trust May 15, 2012 June 30, 2016
Invesco Senior Loan Fund May 15, 2012 June 30, 2016
Invesco Trust for Investment Grade Municipals May 15, 2012 June 30, 2016
Invesco Trust for Investment Grade New York
Municipals May 15, 2012 June 30, 2016
Invesco Value Municipal Income Trust June 1, 2010 June 30, 2016
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 California Value Municipal Trust,
Invesco High Income Trust II, Invesco Management Trust, Invesco Municipal
Income Opportunities Trust, Invesco Quality Municipal Income Trust, Invesco
Securities Trust, Invesco Trust for Investment Grade New York Municipals,
Invesco Value Municipal Income 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. With regard to the Contractual
Limits, the Board of Trustees of the Trust and Invesco may terminate or modify
this Memorandum of Agreement prior to the Expiration Date only by mutual
written consent. 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 CALIFORNIA VALUE MUNICIPAL INCOME TRUST
INVESCO HIGH INCOME TRUST II
INVESCO MANAGEMENT TRUST
INVESCO MUNICIPAL INCOME OPPORTUNITIES TRUST
INVESCO QUALITY MUNICIPAL INCOME TRUST
INVESCO SECURITIES TRUST
INVESCO TRUST FOR INVESTMENT GRADE NEW YORK MUNICIPALS
INVESCO VALUE MUNICIPAL INCOME 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
as of December 3, 2014
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, 2015
Class B Shares Contractual 2.75% July 1, 2013 June 30, 2015
Class C Shares Contractual 2.75% July 1, 2013 June 30, 2015
Class R Shares Contractual 2.25% July 1, 2013 June 30, 2015
Class R5 Shares Contractual 1.75% July 1, 2013 June 30, 2015
Class R6 Shares Contractual 1.75% July 1, 2013 June 30, 2015
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, 2015
Class B Shares Contractual 2.00% July 1, 2012 June 30, 2015
Class C Shares Contractual 2.00% July 1, 2012 June 30, 2015
Class Y Shares Contractual 1.25% July 1, 2012 June 30, 2015
Invesco Core Plus Bond
Fund
Class A Shares Contractual 0.84% January 1, 2014 December 31, 2014
Class B Shares Contractual 1.59% January 1, 2014 December 31, 2014
Class C Shares Contractual 1.59% January 1, 2014 December 31, 2014
Class R Shares Contractual 1.09% January 1, 2014 December 31, 2014
Class R5 Shares Contractual 0.59% January 1, 2014 December 31, 2014
Class R6 Shares Contractual 0.59% January 1, 2014 December 31, 2014
Class Y Shares Contractual 0.59% January 1, 2014 December 31, 2014
Invesco Core Plus Bond
Fund
Class A Shares Contractual 0.86% January 1, 2015 December 31, 2015
Class B Shares Contractual 1.61% January 1, 2015 December 31, 2015
Class C Shares Contractual 1.61% January 1, 2015 December 31, 2015
Class R Shares Contractual 1.11% January 1, 2015 December 31, 2015
Class R5 Shares Contractual 0.61% January 1, 2015 December 31, 2015
Class R6 Shares Contractual 0.61% January 1, 2015 December 31, 2015
Class Y Shares Contractual 0.61% January 1, 2015 December 31, 2015
Invesco Equally-Weighted
S&P 500 Fund
Class A Shares Contractual 2.00% July 1, 2012 June 30, 2015
Class B Shares Contractual 2.75% July 1, 2012 June 30, 2015
Class C Shares Contractual 2.75% July 1, 2012 June 30, 2015
Class R Shares Contractual 2.25% July 1, 2012 June 30, 2015
Class R6 Shares Contractual 1.75% September 24, 2012 June 30, 2015
Class Y Shares Contractual 1.75% July 1, 2012 June 30, 2015
Invesco Equity and
Income Fund
Class A Shares Contractual 1.50% July 1, 2012 June 30, 2015
Class B Shares Contractual 2.25% July 1, 2012 June 30, 2015
Class C Shares Contractual 2.25% July 1, 2012 June 30, 2015
Class R Shares Contractual 1.75% July 1, 2012 June 30, 2015
Class R5 Shares Contractual 1.25% July 1, 2012 June 30, 2015
Class R6 Shares Contractual 1.25% September 24, 2012 June 30, 2015
Class Y Shares Contractual 1.25% July 1, 2012 June 30, 2015
Invesco Floating Rate
Fund
Class A Shares Contractual 1.50% April 14, 2006 June 30, 2015
Class C Shares Contractual 2.00% April 14, 2006 June 30, 2015
Class R Shares Contractual 1.75% April 14, 2006 June 30, 2015
Class R5 Shares Contractual 1.25% April 14, 2006 June 30, 2015
Class R6 Shares Contractual 1.25% September 24, 2012 June 30, 2015
Class Y Shares Contractual 1.25% October 3, 2008 June 30, 2015
See page 16 for footnotes to Exhibit A.
3
as of December 3, 2014
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ --------------------- ------------------- ------------------
Invesco Global Real Estate Income
Fund
Class A Shares Contractual 2.00% July 1, 2009 June 30, 2015
Class B Shares Contractual 2.75% July 1, 2009 June 30, 2015
Class C Shares Contractual 2.75% July 1, 2009 June 30, 2015
Class R5 Shares Contractual 1.75% July 1, 2009 June 30, 2015
Class R6 Shares Contractual 1.75% September 24, 2012 June 30, 2015
Class Y Shares Contractual 1.75% July 1, 2009 June 30, 2015
Invesco Growth and
Income Fund
Class A Shares Contractual 2.00% July 1, 2012 June 30, 2015
Class B Shares Contractual 2.75% July 1, 2012 June 30, 2015
Class C Shares Contractual 2.75% July 1, 2012 June 30, 2015
Class R Shares Contractual 2.25% July 1, 2012 June 30, 2015
Class R5 Shares Contractual 1.75% July 1, 2012 June 30, 2015
Class R6 Shares Contractual 1.75% September 24, 2012 June 30, 2015
Class Y Shares Contractual 1.75% July 1, 2012 June 30, 2015
Invesco Low Volatility
Equity Yield Fund
Class A Shares Contractual 2.00% July 1, 2012 June 30, 2015
Class B Shares Contractual 2.75% July 1, 2012 June 30, 2015
Class C Shares Contractual 2.75% July 1, 2012 June 30, 2015
Class R Shares Contractual 2.25% July 1, 2012 June 30, 2015
Class R5 Shares Contractual 1.75% July 1, 2012 June 30, 2015
Class Y Shares Contractual 1.75% July 1, 2012 June 30, 2015
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, 2015
Class B Shares Contractual 2.25% July 1, 2012 June 30, 2015
Class C Shares Contractual 2.25% July 1, 2012 June 30, 2015
Class Y Shares Contractual 1.25% July 1, 2012 June 30, 2015
Invesco S&P 500 Index
Fund
Class A Shares Contractual 2.00% July 1, 2012 June 30, 2015
Class B Shares Contractual 2.75% July 1, 2012 June 30, 2015
Class C Shares Contractual 2.75% July 1, 2012 June 30, 2015
Class Y Shares Contractual 1.75% July 1, 2012 June 30, 2015
Invesco Small Cap
Discovery Fund
Class A Shares Contractual 2.00% July 1, 2012 June 30, 2015
Class B Shares Contractual 2.75% July 1, 2012 June 30, 2015
Class C Shares Contractual 2.75% July 1, 2012 June 30, 2015
Class R5 Shares Contractual 1.75% September 24, 2012 June 30, 2015
Class R6 Shares Contractual 1.75% September 24, 2012 June 30, 2015
Class Y Shares Contractual 1.75% July 1, 2012 June 30, 2015
Invesco Strategic Real
Return Fund
Class A Shares Contractual 0.82% less net AFFE* April 30, 2014 December 31, 2015
Class C Shares Contractual 1.57% less net AFFE* April 30, 2014 December 31, 2015
Class R Shares Contractual 1.07% less net AFFE* April 30, 2014 December 31, 2015
Class R5 Shares Contractual 0.57% less net AFFE* April 30, 2014 December 31, 2015
Class R6 Shares Contractual 0.57% less net AFFE* April 30, 2014 December 31, 2015
Class Y Shares Contractual 0.57% less net AFFE* April 30, 2014 December 31, 2015
See page 16 for footnotes to Exhibit A.
4
as of December 3, 2014
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, 2015
Class B Shares Contractual 2.75% July 1, 2009 June 30, 2015
Class C Shares Contractual 2.75% July 1, 2009 June 30, 2015
Class R Shares Contractual 2.25% July 1, 2009 June 30, 2015
Class R5 Shares Contractual 1.75% July 1, 2009 June 30, 2015
Class R6 Shares Contractual 1.75% September 24, 2012 June 30, 2015
Class S Shares Contractual 1.90% September 25, 2009 June 30, 2015
Class Y Shares Contractual 1.75% July 1, 2009 June 30, 2015
Invesco Diversified Dividend Fund
Class A Shares Contractual 2.00% July 1, 2013 June 30, 2015
Class B Shares Contractual 2.75% July 1, 2013 June 30, 2015
Class C Shares Contractual 2.75% July 1, 2013 June 30, 2015
Class R Shares Contractual 2.25% July 1, 2013 June 30, 2015
Class R5 Shares Contractual 1.75% July 1, 2013 June 30, 2015
Class R6 Shares Contractual 1.75% July 1, 2013 June 30, 2015
Class Y Shares Contractual 1.75% July 1, 2013 June 30, 2015
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, 2015
Class B Shares Contractual 2.75% July 1, 2009 June 30, 2015
Class C Shares Contractual 2.75% July 1, 2009 June 30, 2015
Class P Shares Contractual 1.85% July 1, 2009 June 30, 2015
Class R5 Shares Contractual 1.75% July 1, 2009 June 30, 2015
Class S Shares Contractual 1.90% September 25, 2009 June 30, 2015
Class Y Shares Contractual 1.75% July 1, 2009 June 30, 2015
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, 2015
Class B Shares Contractual 3.00% July 1, 2009 June 30, 2015
Class C Shares Contractual 3.00% July 1, 2009 June 30, 2015
Class Y Shares Contractual 2.00% July 1, 2009 June 30, 2015
Invesco Global Core
Equity Fund
Class A Shares Contractual 2.25% July 1, 2013 June 30, 2015
Class B Shares Contractual 3.00% July 1, 2013 June 30, 2015
Class C Shares Contractual 3.00% July 1, 2013 June 30, 2015
Class R Shares Contractual 2.50% July 1, 2013 June 30, 2015
Class R5 Shares Contractual 2.00% July 1, 2013 June 30, 2015
Class Y Shares Contractual 2.00% July 1, 2013 June 30, 2015
Invesco International Small
Company Fund
Class A Shares Contractual 2.25% July 1, 2009 June 30, 2015
Class B Shares Contractual 3.00% July 1, 2009 June 30, 2015
Class C Shares Contractual 3.00% July 1, 2009 June 30, 2015
Class R5 Shares Contractual 2.00% July 1, 2009 June 30, 2015
Class R6 Shares Contractual 2.00% September 24, 2012 June 30, 2015
Class Y Shares Contractual 2.00% July 1, 2009 June 30, 2015
See page 16 for footnotes to Exhibit A.
5
as of December 3, 2014
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, 2015
Class B Shares Contractual 2.75% July 1, 2009 June 30, 2015
Class C Shares Contractual 2.75% July 1, 2009 June 30, 2015
Class R Shares Contractual 2.25% July 1, 2009 June 30, 2015
Class R5 Shares Contractual 1.75% July 1, 2009 June 30, 2015
Class R6 Shares Contractual 1.75% September 24, 2012 June 30, 2015
Class Y Shares Contractual 1.75% July 1, 2009 June 30, 2015
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 0.52% October 14, 2014 October 31, 2016
Class C Shares Contractual 1.27% October 14, 2014 October 31, 2016
Class R Shares Contractual 0.77% October 14, 2014 October 31, 2016
Class R5 Shares Contractual 0.27% October 14, 2014 October 31, 2016
Class R6 Shares Contractual 0.27% October 14, 2014 October 31, 2016
Class Y Shares Contractual 0.27% October 14, 2014 October 31, 2016
Invesco Balanced-Risk Retirement
2020 Fund
Class A Shares Contractual 0.25% November 4, 2009 April 30, 2016
Class AX Shares Contractual 0.25% February 12, 2010 April 30, 2016
Class B Shares Contractual 1.00% November 4, 2009 April 30, 2016
Class C Shares Contractual 1.00% November 4, 2009 April 30, 2016
Class CX Shares Contractual 1.00% February 12, 2010 April 30, 2016
Class R Shares Contractual 0.50% November 4, 2009 April 30, 2016
Class R5 Shares Contractual 0.00% November 4, 2009 April 30, 2016
Class R6 Shares Contractual 0.00% September 24, 2012 April 30, 2016
Class RX Shares Contractual 0.50% February 12, 2010 April 30, 2016
Class Y Shares Contractual 0.00% November 4, 2009 April 30, 2016
Invesco Balanced-Risk
Retirement 2030 Fund
Class A Shares Contractual 0.25% November 4, 2009 April 30, 2016
Class AX Shares Contractual 0.25% February 12, 2010 April 30, 2016
Class B Shares Contractual 1.00% November 4, 2009 April 30, 2016
Class C Shares Contractual 1.00% November 4, 2009 April 30, 2016
Class CX Shares Contractual 1.00% February 12, 2010 April 30, 2016
Class R Shares Contractual 0.50% November 4, 2009 April 30, 2016
Class R5 Shares Contractual 0.00% November 4, 2009 April 30, 2016
Class R6 Shares Contractual 0.00% September 24, 2012 April 30, 2016
Class RX Shares Contractual 0.50% February 12, 2010 April 30, 2016
Class Y Shares Contractual 0.00% November 4, 2009 April 30, 2016
Invesco Balanced-Risk
Retirement 2040 Fund
Class A Shares Contractual 0.25% November 4, 2009 April 30, 2016
Class AX Shares Contractual 0.25% February 12, 2010 April 30, 2016
Class B Shares Contractual 1.00% November 4, 2009 April 30, 2016
Class C Shares Contractual 1.00% November 4, 2009 April 30, 2016
Class CX Shares Contractual 1.00% February 12, 2010 April 30, 2016
Class R Shares Contractual 0.50% November 4, 2009 April 30, 2016
Class R5 Shares Contractual 0.00% November 4, 2009 April 30, 2016
Class R6 Shares Contractual 0.00% September 24, 2012 April 30, 2016
Class RX Shares Contractual 0.50% February 12, 2010 April 30, 2016
Class Y Shares Contractual 0.00% November 4, 2009 April 30, 2016
See page 16 for footnotes to Exhibit A.
6
as of December 3, 2014
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, 2016
Class AX Shares Contractual 0.25% February 12, 2010 April 30, 2016
Class B Shares Contractual 1.00% November 4, 2009 April 30, 2016
Class C Shares Contractual 1.00% November 4, 2009 April 30, 2016
Class CX Shares Contractual 1.00% February 12, 2010 April 30, 2016
Class R Shares Contractual 0.50% November 4, 2009 April 30, 2016
Class R5 Shares Contractual 0.00% November 4, 2009 April 30, 2016
Class R6 Shares Contractual 0.00% September 24, 2012 April 30, 2016
Class RX Shares Contractual 0.50% February 12, 2010 April 30, 2016
Class Y Shares Contractual 0.00% November 4, 2009 April 30, 2016
Invesco Balanced-Risk Retirement
Now Fund
Class A Shares Contractual 0.25% November 4, 2009 April 30, 2016
Class AX Shares Contractual 0.25% February 12, 2010 April 30, 2016
Class B Shares Contractual 1.00% November 4, 2009 April 30, 2016
Class C Shares Contractual 1.00% November 4, 2009 April 30, 2016
Class CX Shares Contractual 1.00% February 12, 2010 April 30, 2016
Class R Shares Contractual 0.50% November 4, 2009 April 30, 2016
Class R5 Shares Contractual 0.00% November 4, 2009 April 30, 2016
Class R6 Shares Contractual 0.00% September 24, 2012 April 30, 2016
Class RX Shares Contractual 0.50% February 12, 2010 April 30, 2016
Class Y Shares Contractual 0.00% November 4, 2009 April 30, 2016
Invesco Conservative Allocation
Fund
Class A Shares Contractual 1.50% July 1, 2012 June 30, 2015
Class B Shares Contractual 2.25% July 1, 2012 June 30, 2015
Class C Shares Contractual 2.25% July 1, 2012 June 30, 2015
Class R Shares Contractual 1.75% July 1, 2012 June 30, 2015
Class R5 Shares Contractual 1.25% July 1, 2012 June 30, 2015
Class S Shares Contractual 1.40% July 1, 2012 June 30, 2015
Class Y Shares Contractual 1.25% July 1, 2012 June 30, 2015
Invesco Convertible
Securities Fund
Class A Shares Contractual 1.50% July 1, 2012 June 30, 2015
Class B Shares Contractual 2.25% July 1, 2012 June 30, 2015
Class C Shares Contractual 2.25% July 1, 2012 June 30, 2015
Class R5 Shares Contractual 1.25% July 1, 2012 June 30, 2015
Class R6 Shares Contractual 1.25% September 24, 2012 June 30, 2015
Class Y Shares Contractual 1.25% July 1, 2012 June 30, 2015
Invesco Global Low
Volatility Equity Yield
Fund
Class A Shares Contractual 2.25% July 1, 2009 June 30, 2015
Class B Shares Contractual 3.00% July 1, 2009 June 30, 2015
Class C Shares Contractual 3.00% July 1, 2009 June 30, 2015
Class R Shares Contractual 2.50% July 1, 2009 June 30, 2015
Class R5 Shares Contractual 2.00% July 1, 2009 June 30, 2015
Class Y Shares Contractual 2.00% July 1, 2009 June 30, 2015
Invesco Growth
Allocation Fund
Class A Shares Contractual 2.00% July 1, 2012 June 30, 2015
Class B Shares Contractual 2.75% July 1, 2012 June 30, 2015
Class C Shares Contractual 2.75% July 1, 2012 June 30, 2015
Class R Shares Contractual 2.25% July 1, 2012 June 30, 2015
Class R5 Shares Contractual 1.75% July 1, 2012 June 30, 2015
Class S Shares Contractual 1.90% July 1, 2012 June 30, 2015
Class Y Shares Contractual 1.75% July 1, 2012 June 30, 2015
See page 16 for footnotes to Exhibit A.
7
as of December 3, 2014
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, 2016
Class B Shares Contractual 1.00% May 1, 2012 April 30, 2016
Class C Shares Contractual 1.00% May 1, 2012 April 30, 2016
Class R Shares Contractual 0.50% May 1, 2012 April 30, 2016
Class R5 Shares Contractual 0.00% May 1, 2012 April 30, 2016
Class Y Shares Contractual 0.00% May 1, 2012 April 30, 2016
Invesco International
Allocation Fund
Class A Shares Contractual 2.25% May 1, 2012 June 30, 2015
Class B Shares Contractual 3.00% May 1, 2012 June 30, 2015
Class C Shares Contractual 3.00% May 1, 2012 June 30, 2015
Class R Shares Contractual 2.50% May 1, 2012 June 30, 2015
Class R5 Shares Contractual 2.00% May 1, 2012 June 30, 2015
Class Y Shares Contractual 2.00% May 1, 2012 June 30, 2015
Invesco Mid Cap Core
Equity Fund
Class A Shares Contractual 2.00% July 1, 2009 June 30, 2015
Class B Shares Contractual 2.75% July 1, 2009 June 30, 2015
Class C Shares Contractual 2.75% July 1, 2009 June 30, 2015
Class R Shares Contractual 2.25% July 1, 2009 June 30, 2015
Class R5 Shares Contractual 1.75% July 1, 2009 June 30, 2015
Class R6 Shares Contractual 1.75% September 24, 2012 June 30, 2015
Class Y Shares Contractual 1.75% July 1, 2009 June 30, 2015
Invesco Moderate
Allocation Fund
Class A Shares Contractual 1.50% July 1, 2012 June 30, 2015
Class B Shares Contractual 2.25% July 1, 2012 June 30, 2015
Class C Shares Contractual 2.25% July 1, 2012 June 30, 2015
Class R Shares Contractual 1.75% July 1, 2012 June 30, 2015
Class R5 Shares Contractual 1.25% July 1, 2012 June 30, 2015
Class S Shares Contractual 1.40% July 1, 2012 June 30, 2015
Class Y Shares Contractual 1.25% July 1, 2012 June 30, 2015
Invesco Multi-Asset
Inflation Fund
Class A Shares Contractual 1.36% less net AFFE* October 14, 2014 April 30, 2016
Class C Shares Contractual 2.11% less net AFFE* October 14, 2014 April 30, 2016
Class R Shares Contractual 1.61% less net AFFE* October 14, 2014 April 30, 2016
Class R5 Shares Contractual 1.11% less net AFFE* October 14, 2014 April 30, 2016
Class R6 Shares Contractual 1.11% less net AFFE* October 14, 2014 April 30, 2016
Class Y Shares Contractual 1.11% less net AFFE* October 14, 2014 April 30, 2016
Invesco Small Cap
Growth Fund
Class A Shares Contractual 2.00% July 1, 2009 June 30, 2015
Class B Shares Contractual 2.75% July 1, 2009 June 30, 2015
Class C Shares Contractual 2.75% July 1, 2009 June 30, 2015
Class R Shares Contractual 2.25% July 1, 2009 June 30, 2015
Class R5 Shares Contractual 1.75% July 1, 2009 June 30, 2015
Class R6 Shares Contractual 1.75% September 24, 2012 June 30, 2015
Class Y Shares Contractual 1.75% July 1, 2009 June 30, 2015
Investor Class Shares Contractual 2.00% July 1, 2009 June 30, 0000
Xxxxxxx X.X. Mortgage
Fund
Class A Shares Contractual 1.50% July 1, 2012 June 30, 2015
Class B Shares Contractual 2.25% July 1, 2012 June 30, 2015
Class C Shares Contractual 2.25% July 1, 2012 June 30, 2015
Class R5 Shares Contractual 1.25% July 1, 2012 June 30, 2015
Class Y Shares Contractual 1.25% July 1, 2012 June 30, 2015
See page 16 for footnotes to Exhibit A.
8
as of December 3, 2014
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, 2015
Class B Shares Contractual 3.00% July 1, 2009 June 30, 2015
Class C Shares Contractual 3.00% July 1, 2009 June 30, 2015
Class Y Shares Contractual 2.00% July 1, 2009 June 30, 2015
Invesco European Growth
Fund
Class A Shares Contractual 2.25% July 1, 2009 June 30, 2015
Class B Shares Contractual 3.00% July 1, 2009 June 30. 2015
Class C Shares Contractual 3.00% July 1, 2009 June 30, 2015
Class R Shares Contractual 2.50% July 1, 2009 June 30, 2015
Class Y Shares Contractual 2.00% July 1, 2009 June 30, 2015
Investor Class Shares Contractual 2.25% July 1, 2009 June 30, 2015
Invesco Global Growth
Fund
Class A Shares Contractual 2.25% January 1, 2013 June 30, 2015
Class B Shares Contractual 3.00% January 1, 2013 June 30. 2015
Class C Shares Contractual 3.00% January 1, 2013 June 30, 2015
Class R5 Shares Contractual 2.00% January 1, 2013 June 30, 2015
Class R6 Shares Contractual 2.00% January 1, 2013 June 30, 2015
Class Y Shares Contractual 2.00% January 1, 2013 June 30, 2015
Invesco Global
Opportunities Fund
Class A Shares Contractual 1.36% August 1, 2012 February 29, 2016
Class C Shares Contractual 2.11% August 1, 2012 February 29, 2016
Class R Shares Contractual 1.61% August 1, 2012 February 29, 2016
Class R5 Shares Contractual 1.11% August 1, 2012 February 29, 2016
Class R6 Shares Contractual 1.11% September 24, 2012 February 29, 2016
Class Y Shares Contractual 1.11% August 1, 2012 February 29, 2016
Invesco Global Small &
Mid Cap Growth Fund
Class A Shares Contractual 2.25% July 1, 2009 June 30. 2015
Class B Shares Contractual 3.00% July 1, 2009 June 30, 2015
Class C Shares Contractual 3.00% July 1, 2009 June 30, 2015
Class R5 Shares Contractual 2.00% July 1, 2009 June 30, 2015
Class Y Shares Contractual 2.00% July 1, 2009 June 30, 2015
Invesco International Core
Equity Fund
Class A Shares Contractual 2.25% July 1, 2009 June 30. 2015
Class B Shares Contractual 3.00% July 1, 2009 June 30, 2015
Class C Shares Contractual 3.00% July 1, 2009 June 30, 2015
Class R Shares Contractual 2.50% July 1, 2009 June 30, 2015
Class R5 Shares Contractual 2.00% July 1, 2009 June 30, 2015
Class R6 Shares Contractual 2.00% September 24, 2012 June 30, 2015
Class Y Shares Contractual 2.00% July 1, 2009 June 30, 2015
Investor Class Shares Contractual 2.25% July 1, 2009 June 30, 2015
Invesco International
Growth Fund
Class A Shares Contractual 2.25% July 1, 2013 June 30, 2015
Class B Shares Contractual 3.00% July 1, 2013 June 30, 2015
Class C Shares Contractual 3.00% July 1, 2013 June 30, 2015
Class R Shares Contractual 2.50% July 1, 2013 June 30, 2015
Class R5 Shares Contractual 2.00% July 1, 2013 June 30, 2015
Class R6 Shares Contractual 2.00% July 1, 2013 June 30, 2015
Class Y Shares Contractual 2.00% July 1, 2013 June 30, 2015
See page 16 for footnotes to Exhibit A.
9
as of December 3, 2014
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ ---------- -------------------- ------------------
Invesco Select Opportunities
Fund
Class A Shares Contractual 1.51% August 1, 2012 February 29, 2016
Class C Shares Contractual 2.26% August 1, February 29, 2016
Class R Shares Contractual 1.76% 2012 August 1, February 29, 2016
Class R5 Shares Contractual 1.26% 2012 August 1, 2012 February 29, 2016
Class R6 Shares Contractual 1.26% September 24, 2012 February 29, 2016
Class Y Shares Contractual 1.26% August 1, 2012 February 29, 2016
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 1.62% December 17, 2013 February 29, 2016
Class C Shares Contractual 2.37% December 17, 2013 February 29, 2016
Class R Shares Contractual 1.87% December 17, 2013 February 29, 2016
Class R5 Shares Contractual 1.37% December 17, 2013 February 29, 2016
Class R6 Shares Contractual 1.37% December 17, 2013 February 29, 2016
Class Y Shares Contractual 1.37% December 17, 2013 February 29, 2016
Invesco Balanced-Risk
Allocation Fund/3/
Class A Shares Contractual 2.00% July 1, 2012 June 30. 2015
Class B Shares Contractual 2.75% July 1, 2012 June 30, 2015
Class C Shares Contractual 2.75% July 1, 2012 June 30, 2015
Class R Shares Contractual 2.25% July 1, 2012 June 30, 2015
Class R5 Shares Contractual 1.75% July 1, 2012 June 30, 2015
Class R6 Shares Contractual 1.75% September 24, 2012 June 30, 2015
Class Y Shares Contractual 1.75% July 1, 2012 June 30, 2015
Invesco Balanced-Risk
Commodity Strategy
Fund/4/
Class A Shares Contractual 2.00% July 1, 2014 June 30. 2015
Class B Shares Contractual 2.75% July 1, 2014 June 30, 2015
Class C Shares Contractual 2.75% July 1, 2014 June 30, 2015
Class R Shares Contractual 2.25% July 1, 2014 June 30, 2015
Class R5 Shares Contractual 1.75% July 1, 2014 June 30, 2015
Class R6 Shares Contractual 1.75% July 1, 2014 June 30, 2015
Class Y Shares Contractual 1.75% July 1, 2014 June 30, 2015
Invesco China Fund
Class A Shares Contractual 2.25% July 1, 2009 June 30, 2015
Class B Shares Contractual 3.00% July 1, 2009 June 30, 2015
Class C Shares Contractual 3.00% July 1, 2009 June 30, 2015
Class R5 Shares Contractual 2.00% July 1, 2009 June 30, 2015
Class Y Shares Contractual 2.00% July 1, 2009 June 30, 2015
Invesco Developing
Markets Fund
Class A Shares Contractual 2.25% July 1, 2012 June 30. 2015
Class B Shares Contractual 3.00% July 1, 2012 June 30, 2015
Class C Shares Contractual 3.00% July 1, 2012 June 30, 2015
Class R5 Shares Contractual 2.00% July 1, 2012 June 30, 2015
Class R6 Shares Contractual 2.00% September 24, 2012 June 30, 2015
Class Y Shares Contractual 2.00% July 1, 2012 June 30, 2015
Invesco Emerging
Markets Equity Fund
Class A Shares Contractual 1.85% May 11, 2011 February 29, 2016
Class C Shares Contractual 2.60% May 11, 2011 February 29, 2016
Class R Shares Contractual 2.10% May 11, 2011 February 29, 2016
Class R5 Shares Contractual 1.60% May 11, 2011 February 29, 2016
Class R6 Shares Contractual 1.60% September 24, 2012 February 29, 2016
Class Y Shares Contractual 1.60% May 11, 2011 February 29, 2016
See page 16 for footnotes to Exhibit A.
10
as of December 3, 2014
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ --------------------- ------------------- ------------------
Invesco Emerging Market Local
Currency Debt Fund
Class A Shares Contractual 1.24% June 14, 2010 February 29, 2016
Class B Shares Contractual 1.99% June 14, 2010 February 29, 2016
Class C Shares Contractual 1.99% June 14, 2010 February 29, 2016
Class R Shares Contractual 1.49% June 14, 2010 February 29, 2016
Class Y Shares Contractual 0.99% June 14, 2010 February 29, 2016
Class R5 Shares Contractual 0.99% June 14, 2010 February 29, 2016
Class R6 Shares Contractual 0.99% September 24, 2012 February 29, 2016
Invesco Endeavor Fund
Class A Shares Contractual 2.00% July 1, 2009 June 30. 2015
Class B Shares Contractual 2.75% July 1, 2009 June 30, 2015
Class C Shares Contractual 2.75% July 1, 2009 June 30, 2015
Class R Shares Contractual 2.25% July 1, 2009 June 30, 2015
Class R5 Shares Contractual 1.75% July 1, 2009 June 30, 2015
Class R6 Shares Contractual 1.75% September 24, 2012 June 30, 2015
Class Y Shares Contractual 1.75% July 1, 2009 June 30, 2015
Invesco Global Health
Care Fund
Class A Shares Contractual 2.00% July 1, 2012 June 30. 2015
Class B Shares Contractual 2.75% July 1, 2012 June 30, 2015
Class C Shares Contractual 2.75% July 1, 2012 June 30, 2015
Class Y Shares Contractual 1.75% July 1, 2012 June 30, 2015
Investor Class Shares Contractual 2.00% July 1, 2012 June 30, 2015
Invesco Global
Infrastructure Fund
Class A Shares Contractual 1.40% May 2, 2014 February 29, 2016
Class C Shares Contractual 2.15% May 2, 2014 February 29, 2016
Class R Shares Contractual 1.65% May 2, 2014 February 29, 2016
Class Y Shares Contractual 1.15% May 2, 2014 February 29, 2016
Class R5 Shares Contractual 1.15% May 2, 2014 February 29, 2016
Class R6 Shares Contractual 1.15% May 2, 2014 February 29, 2016
Invesco Global Markets
Strategy Fund/5/
Class A Shares Contractual 1.80% less net AFFE* December 17, 2013 February 29, 2016
Class C Shares Contractual 2.55% less net AFFE* December 17, 2013 February 29, 2016
Class R Shares Contractual 2.05% less net AFFE* December 17, 2013 February 29, 2016
Class R5 Shares Contractual 1.55% less net AFFE* December 17, 2013 February 29, 2016
Class R6 Shares Contractual 1.55% less net AFFE* December 17, 2013 February 29, 2016
Class Y Shares Contractual 1.55% less net AFFE* December 17, 2013 February 29, 2016
Invesco Global Market
Neutral Fund
Class A Shares Contractual 1.62% December 17, 2013 February 29, 2016
Class C Shares Contractual 2.37% December 17, 2013 February 29, 2016
Class R Shares Contractual 1.87% December 17, 2013 February 29, 2016
Class R5 Shares Contractual 1.37% December 17, 2013 February 29, 2016
Class R6 Shares Contractual 1.37% December 17, 2013 February 29, 2016
Class Y Shares Contractual 1.37% December 17, 2013 February 29, 2016
Invesco Global Targeted
Returns Fund/6/
Class A Shares Contractual 1.80% less net AFFE* December 17, 2013 February 29, 2016
Class C Shares Contractual 2.55% less net AFFE* December 17, 2013 February 29, 2016
Class R Shares Contractual 2.05% less net AFFE* December 17, 2013 February 29, 2016
Class R5 Shares Contractual 1.55% less net AFFE* December 17, 2013 February 29, 2016
Class R6 Shares Contractual 1.55% less net AFFE* December 17, 2013 February 29, 2016
Class Y Shares Contractual 1.55% less net AFFE* December 17, 2013 February 29, 2016
See page 16 for footnotes to Exhibit A.
11
as of December 3, 2014
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ ---------- ------------------- ------------------
Invesco International
Total Return Fund
Class A Shares Contractual 1.10% March 31, 2006 February 29, 2016
Class B Shares Contractual 1.85% March 31, 2006 February 29, 2016
Class C Shares Contractual 1.85% March 31, 2006 February 29, 2016
Class R5 Shares Contractual 0.85% October 3, 2008 February 29, 2016
Class R6 Shares Contractual 0.85% September 24, 2012 February 29, 2016
Class Y Shares Contractual 0.85% March 31, 2006 February 29, 2016
Invesco Long/Short
Equity Fund
Class A Shares Contractual 1.87% December 17, 2013 February 29, 2016
Class C Shares Contractual 2.62% December 17, 2013 February 29, 2016
Class R Shares Contractual 2.12% December 17, 2013 February 29, 2016
Class R5 Shares Contractual 1.62% December 17, 2013 February 29, 2016
Class R6 Shares Contractual 1.62% December 17, 2013 February 29, 2016
Class Y Shares Contractual 1.62% December 17, 2013 February 29, 2016
Invesco Low Volatility
Emerging Markets Fund
Class A Shares Contractual 1.72% December 17, 2013 February 29, 2016
Class C Shares Contractual 2.47% December 17, 2013 February 29, 2016
Class R Shares Contractual 1.97% December 17, 2013 February 29, 2016
Class R5 Shares Contractual 1.47% December 17, 2013 February 29, 2016
Class R6 Shares Contractual 1.47% December 17, 2013 February 29, 2016
Class Y Shares Contractual 1.47% December 17, 2013 February 29, 2016
Invesco MLP Fund
Class A Shares Contractual 1.50% August 29, 2014 February 29, 2016
Class C Shares Contractual 2.25% August 29, 2014 February 29, 2016
Class R Shares Contractual 1.75% August 29, 2014 February 29, 2016
Class R5 Shares Contractual 1.25% August 29, 2014 February 29, 2016
Class R6 Shares Contractual 1.25% August 29, 2014 February 29, 2016
Class Y Shares Contractual 1.25% August 29, 2014 February 29, 2016
Invesco Macro
International Equity
Fund
Class A Shares Contractual 1.43% December 17, 2013 February 29, 2016
Class C Shares Contractual 2.18% December 17, 2013 February 29, 2016
Class R Shares Contractual 1.68% December 17, 2013 February 29, 2016
Class R5 Shares Contractual 1.18% December 17, 2013 February 29, 2016
Class R6 Shares Contractual 1.18% December 17, 2013 February 29, 2016
Class Y Shares Contractual 1.18% December 17, 2013 February 29, 2016
Invesco Macro Long/Short
Fund
Class A Shares Contractual 1.87% December 17, 2013 February 29, 2016
Class C Shares Contractual 2.62% December 17, 2013 February 29, 2016
Class R Shares Contractual 2.12% December 17, 2013 February 29, 2016
Class R5 Shares Contractual 1.62% December 17, 2013 February 29, 2016
Class R6 Shares Contractual 1.62% December 17, 2013 February 29, 2016
Class Y Shares Contractual 1.62% December 17, 2013 February 29, 2016
Invesco Pacific Growth
Fund
Class A Shares Contractual 2.25% July 1, 2012 June 30. 2015
Class B Shares Contractual 3.00% July 1, 2012 June 30, 2015
Class C Shares Contractual 3.00% July 1, 2012 June 30, 2015
Class R Shares Contractual 2.50% July 1, 2012 June 30, 2015
Class R5 Shares Contractual 2.00% July 1, 2012 June 30, 2015
Class Y Shares Contractual 2.00% July 1, 2012 June 30, 2015
See page 16 for footnotes to Exhibit A.
12
as of December 3, 2014
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ --------------------- ------------------- ------------------
Invesco Premium Income
Fund
Class A Shares Contractual 0.89% December 13, 2011 February 28, 2015
Class C Shares Contractual 1.64% December 13, 2011 February 28, 2015
Class R Shares Contractual 1.14% December 13, 2011 February 28, 2015
Class R5 Shares Contractual 0.64% December 13, 2011 February 28, 2015
Class R6 Shares Contractual 0.64% September 24, 2012 February 28, 2015
Class Y Shares Contractual 0.64% December 13, 2011 February 28, 2015
Invesco Premium Income
Fund
Class A Shares Contractual 1.05% March 1, 2015 February 29, 2016
Class C Shares Contractual 1.80% March 1, 2015 February 29, 2016
Class R Shares Contractual 1.30% March 1, 2015 February 29, 2016
Class R5 Shares Contractual 0.80% March 1, 2015 February 29, 2016
Class R6 Shares Contractual 0.80% March 1, 2015 February 29, 2016
Class Y Shares Contractual 0.80% March 1, 2015 February 29, 2016
Invesco Select Companies
Fund
Class A Shares Contractual 2.00% July 1, 2009 June 30. 2015
Class B Shares Contractual 2.75% July 1, 2009 June 30, 2015
Class C Shares Contractual 2.75% July 1, 2009 June 30, 2015
Class R Shares Contractual 2.25% July 1, 2009 June 30, 2015
Class R5 Shares Contractual 1.75% July 1, 2009 June 30, 2015
Class Y Shares Contractual 1.75% July 1, 2009 June 30, 2015
Invesco Strategic Income
Fund
Class A Shares Contractual 0.85% less net AFFE* May 2, 2014 February 29, 2016
Class C Shares Contractual 1.60% less net AFFE* May 2, 2014 February 29, 2016
Class R Shares Contractual 1.10% less net AFFE* May 2, 2014 February 29, 2016
Class Y Shares Contractual 0.60% less net AFFE* May 2, 2014 February 29, 2016
Class R5 Shares Contractual 0.60% less net AFFE* May 2, 2014 February 29, 2016
Class R6 Shares Contractual 0.60% less net AFFE* May 2, 2014 February 29, 2016
Invesco Unconstrained
Bond Fund
Class A Shares Contractual 1.04% less net AFFE* October 14, 2014 February 29, 2016
Class C Shares Contractual 1.79% less net AFFE* October 14, 2014 February 29, 2016
Class R Shares Contractual 1.29% less net AFFE* October 14, 2014 February 29, 2016
Class Y Shares Contractual 0.79% less net AFFE* October 14, 2014 February 29, 2016
Class R5 Shares Contractual 0.79% less net AFFE* October 14, 2014 February 29, 2016
Class R6 Shares Contractual 0.79% less net AFFE* October 14, 2014 February 29, 2016
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, 2015
Class B Shares Contractual 2.25% July 1, 2012 June 30, 2015
Class C Shares Contractual 2.25% July 1, 2012 June 30, 2015
Class R Shares Contractual 1.75% July 1, 2012 June 30, 2015
Class R5 Shares Contractual 1.25% July 1, 2012 June 30, 2015
Class R6 Shares Contractual 1.25% September 24, 2012 June 30, 2015
Class Y Shares Contractual 1.25% July 1, 2012 June 30, 2015
Invesco Global Real
Estate Fund
Class A Shares Contractual 2.00% July 1, 2009 June 30, 2015
Class B Shares Contractual 2.75% July 1, 2009 June 30, 2015
Class C Shares Contractual 2.75% July 1, 2009 June 30, 2015
Class R Shares Contractual 2.25% July 1, 2009 June 30, 2015
Class R5 Shares Contractual 1.75% July 1, 2009 June 30, 2015
Class R6 Shares Contractual 1.75% September 24, 2012 June 30, 2015
Class Y Shares Contractual 1.75% July 1, 2009 June 30, 2015
See page 16 for footnotes to Exhibit A.
13
as of December 3, 2014
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ ---------- ------------------- --------------
Invesco High Yield Fund
Class A Shares Contractual 1.50% July 1, 2013 June 30, 2015
Class B Shares Contractual 2.25% July 1, 2013 June 30, 2015
Class C Shares Contractual 2.25% July 1, 2013 June 30, 2015
Class R5 Shares Contractual 1.25% July 1, 2013 June 30, 2015
Class R6 Shares Contractual 1.25% July 1, 2013 June 30, 2015
Class Y Shares Contractual 1.25% July 1, 2013 June 30, 2015
Investor Class Shares Contractual 1.50% July 1, 2013 June 30, 2015
Invesco Limited Maturity
Treasury Fund
Class A Shares Contractual 1.50% July 1, 2012 June 30, 2015
Class A2 Shares Contractual 1.40% July 1, 2012 June 30, 2015
Class R5 Shares Contractual 1.25% July 1, 2012 June 30, 2015
Class Y Shares Contractual 1.25% July 1, 2012 June 30, 2015
Invesco Real Estate Fund
Class A Shares Contractual 2.00% July 1, 2012 June 30, 2015
Class B Shares Contractual 2.75% July 1, 2012 June 30, 2015
Class C Shares Contractual 2.75% July 1, 2012 June 30, 2015
Class R Shares Contractual 2.25% July 1, 2012 June 30, 2015
Class R5 Shares Contractual 1.75% July 1, 2012 June 30, 2015
Class R6 Shares Contractual 1.75% September 24, 2012 June 30, 2015
Class Y Shares Contractual 1.75% July 1, 2012 June 30, 2015
Investor Class Shares Contractual 2.00% July 1, 2012 June 30, 2015
Invesco Short Term Bond
Fund
Class A Shares Contractual 1.40% July 1, 2013 June 30, 2015
Class C Shares Contractual 1.75%/2/ July 1, 2013 June 30, 2015
Class R Shares Contractual 1.75% July 1, 2013 June 30, 2015
Class R5 Shares Contractual 1.25% July 1, 2013 June 30, 2015
Class R6 Shares Contractual 1.25% July 1, 2013 June 30, 2015
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, 2015
Class B Shares Contractual 2.25% July 1, 2012 June 30, 2015
Class C Shares Contractual 2.25% July 1, 2012 June 30, 2015
Class R Shares Contractual 1.75% July 1, 2012 June 30, 2015
Class R5 Shares Contractual 1.25% July 1, 2012 June 30, 2015
Class Y Shares Contractual 1.25% July 1, 2012 June 30, 2015
Investor Class Shares Contractual 1.50% July 1, 2012 June 30, 2015
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, 2015
Class B Shares Contractual 2.75% July 1, 2013 June 30, 2015
Class C Shares Contractual 2.75% July 1, 2013 June 30, 2015
Class R Shares Contractual 2.25% July 1, 2013 June 30, 2015
Class R5 Shares Contractual 1.75% July 1, 2013 June 30, 2015
Class R6 Shares Contractual 1.75% July 1, 2013 June 30, 2015
Class Y Shares Contractual 1.75% July 1, 2013 June 30, 2015
Invesco Xxxxxxxx Fund
Class A Shares Contractual 2.00% July 1, 2012 June 30, 2015
Class B Shares Contractual 2.75% July 1, 2012 June 30, 2015
Class C Shares Contractual 2.75% July 1, 2012 June 30, 2015
Class R Shares Contractual 2.25% July 1, 2012 June 30, 2015
Class R5 Shares Contractual 1.75% July 1, 2012 June 30, 2015
Class R6 Shares Contractual 1.75% September 24, 2012 June 30, 2015
Class Y Shares Contractual 1.75% July 1, 2012 June 30, 2015
See page 16 for footnotes to Exhibit A.
14
as of December 3, 2014
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ ---------- ------------------ ----------------
Invesco Energy Fund
Class A Shares Contractual 2.00% July 1, 2009 June 30, 2015
Class B Shares Contractual 2.75% July 1, 2009 June 30, 2015
Class C Shares Contractual 2.75% July 1, 2009 June 30, 2015
Class R5 Shares Contractual 1.75% July 1, 2009 June 30, 2015
Class Y Shares Contractual 1.75% July 1, 2009 June 30, 2015
Investor Class Shares Contractual 2.00% July 1, 2009 June 30, 2015
Invesco Dividend Income Fund
Class A Shares Contractual 1.14% September 1, 2014 August 31, 2015
Class B Shares Contractual 1.89% September 1, 2014 August 31, 2015
Class C Shares Contractual 1.89% September 1, 2014 August 31, 2015
Class R5 Shares Contractual 0.89% September 1, 2014 August 31, 2015
Class R6 Shares Contractual 0.89% September 1, 2014 August 31, 2015
Class Y Shares Contractual 0.89% September 1, 2014 August 31, 2015
Investor Class Shares Contractual 1.14% September 1, 2014 August 31, 2015
Invesco Gold & Precious
Metals Fund
Class A Shares Contractual 2.00% July 1, 2009 June 30, 2015
Class B Shares Contractual 2.75% July 1, 2009 June 30, 2015
Class C Shares Contractual 2.75% July 1, 2009 June 30, 2015
Class Y Shares Contractual 1.75% July 1, 2009 June 30, 2015
Investor Class Shares Contractual 2.00% July 1, 2009 June 30, 2015
Invesco Mid Cap Growth
Fund
Class A Shares Contractual 1.15% July 15, 2013 July 31, 2015
Class B Shares Contractual 1.90% July 15, 2013 July 31, 2015
Class C Shares Contractual 1.90% July 15, 2013 July 31, 2015
Class R Shares Contractual 1.40% July 15, 2013 July 31, 2015
Class R5 Shares Contractual 0.90% July 15, 2013 July 31, 2015
Class R6 Shares Contractual 0.90% July 15, 2013 July 31, 2015
Class Y Shares Contractual 0.90% July 15, 2013 July 31, 2015
Invesco Small Cap Value
Fund
Class A Shares Contractual 2.00% July 1, 2012 June 30, 2015
Class B Shares Contractual 2.75% July 1, 2012 June 30, 2015
Class C Shares Contractual 2.75% July 1, 2012 June 30, 2015
Class Y Shares Contractual 1.75% July 1, 2012 June 30, 2015
Invesco Technology Fund
Class A Shares Contractual 2.00% July 1, 2012 June 30, 2015
Class B Shares Contractual 2.75% July 1, 2012 June 30, 2015
Class C Shares Contractual 2.75% July 1, 2012 June 30, 2015
Class R5 Shares Contractual 1.75% July 1, 2012 June 30, 2015
Class Y Shares Contractual 1.75% July 1, 2012 June 30, 2015
Investor Class Shares Contractual 2.00% July 1, 2012 June 30, 2015
Invesco Technology
Sector Fund
Class A Shares Contractual 2.00% February 12, 2010 June 30, 2015
Class B Shares Contractual 2.75% February 12, 2010 June 30, 2015
Class C Shares Contractual 2.75% February 12, 2010 June 30, 2015
Class Y Shares Contractual 1.75% February 12, 2010 June 30, 2015
Invesco Value
Opportunities Fund
Class A Shares Contractual 2.00% July 1, 2012 June 30, 2015
Class B Shares Contractual 2.75% July 1, 2012 June 30, 2015
Class C Shares Contractual 2.75% July 1, 2012 June 30, 2015
Class R Shares Contractual 2.25% July 1, 2012 June 30, 2015
Class R5 Shares Contractual 1.75% July 1, 2012 June 30, 2015
Class Y Shares Contractual 1.75% July 1, 2012 June 30, 2015
See page 16 for footnotes to Exhibit A.
15
as of December 3, 2014
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, 2015
Class B Shares Contractual 2.25% July 1, 2012 June 30, 2015
Class C Shares Contractual 2.25% July 1, 2012 June 30, 2015
Class R5 Shares Contractual 1.25% July 1, 2012 June 30, 2015
Class Y Shares Contractual 1.25% July 1, 2012 June 30, 2015
Invesco Intermediate
Term Municipal Income
Fund
Class A Shares Contractual 0.80% July 1, 2013 June 30, 2015
Class B Shares Contractual 1.55% July 1, 2013 June 30, 2015
Class C Shares Contractual 1.55% July 1, 2013 June 30, 2015
Class Y Shares Contractual 0.55% July 1, 2013 June 30, 2015
Invesco Municipal Income
Fund
Class A Shares Contractual 1.50% July 1, 2013 June 30, 2015
Class B Shares Contractual 2.25% July 1, 2013 June 30, 2015
Class C Shares Contractual 2.25% July 1, 2013 June 30, 2015
Class Y Shares Contractual 1.25% July 1, 2013 June 30, 2015
Investor Class Contractual 1.50% July 15, 2013 June 30, 2015
Invesco New York Tax
Free Income Fund
Class A Shares Contractual 1.50% July 1, 2012 June 30, 2015
Class B Shares Contractual 2.25% July 1, 2012 June 30, 2015
Class C Shares Contractual 2.25% July 1, 2012 June 30, 2015
Class Y Shares Contractual 1.25% July 1, 2012 June 30, 2015
Invesco Tax-Free
Intermediate Fund
Class A Shares Contractual 1.50% July 1, 2012 June 30, 2015
Class A2 Shares Contractual 1.25% July 1, 2012 June 30, 2015
Class C Shares Contractual 2.25% June 30, 2013 June 30, 2015
Class R5 Shares Contractual 1.25% July 1, 2012 June 30, 2015
Class Y Shares Contractual 1.25% July 1, 2012 June 30, 2015
INVESCO MANAGEMENT TRUST
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ ---------- ----------------- ------------------
Invesco Conservative
Income Fund
Institutional Class Contractual 0.28% July 1, 2014 December 31, 2015
INVESCO SECURITIES TRUST
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ --------------------- ----------------- ------------------
Invesco Balanced-Risk
Aggressive Allocation
Fund Contractual 1.15% less net AFFE* January 16, 2013 February 29, 2016
* 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.
16
as of December 3, 2014
/2/ The expense limit shown is the expense limit after Rule 12b-1 fee waivers
by Invesco Distributors, Inc.
/3/ Includes waived fees or reimbursed expenses that Invesco receives from
Invesco Cayman Commodity Fund I, Ltd.
/4/ Includes waived fees or reimbursed expenses that Invesco receives from
Invesco Cayman Commodity Fund III, Ltd.
/5/ Includes waived fees or reimbursed expenses that Invesco receives from
Invesco Cayman Commodity Fund V, Ltd.
/6/ Includes waived fees or reimbursed expenses that Invesco receives from
Invesco Cayman Commodity Fund VII, Ltd.
17
as of December 3, 2014
EXHIBIT "B" - INSTITUTIONAL MONEY MARKET FUNDS/1,2/
SHORT-TERM INVESTMENTS TRUST
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ ---------- ----------------- ------------------
Government & Agency Portfolio
Cash Management Class Contractual 0.22%/2/ July 1, 2009 December 31, 2015
Corporate Class Contractual 0.17% July 1, 2009 December 31, 2015
Institutional Class Contractual 0.14% July 1, 2009 December 31, 2015
Personal Investment Class Contractual 0.69%/2/ July 1, 2009 December 31, 2015
Private Investment Class Contractual 0.44%/2/ July 1, 2009 December 31, 2015
Reserve Class Contractual 1.01%/2/ July 1, 2009 December 31, 2015
Resource Class Contractual 0.30%/2/ July 1, 2009 December 31, 2015
Government TaxAdvantage Portfolio
Cash Management Class Contractual 0.22%/2/ July 1, 2009 December 31, 2015
Corporate Class Contractual 0.17% July 1, 2009 December 31, 2015
Institutional Class Contractual 0.14% July 1, 2009 December 31, 2015
Personal Investment Class Contractual 0.69%/2/ July 1, 2009 December 31, 2015
Private Investment Class Contractual 0.39%/2/ July 1, 2009 December 31, 2015
Reserve Class Contractual 1.01%/2/ July 1, 2009 December 31, 2015
Resource Class Contractual 0.30%/2/ July 1, 2009 December 31, 2015
Liquid Assets Portfolio
Cash Management Class Contractual 0.22%/2/ July 1, 2009 December 31, 2015
Corporate Class Contractual 0.17% July 1, 2009 December 31, 2015
Institutional Class Contractual 0.14% July 1, 2009 December 31, 2015
Personal Investment Class Contractual 0.69%/2/ July 1, 2009 December 31, 2015
Private Investment Class Contractual 0.44%/2/ July 1, 2009 December 31, 2015
Reserve Class Contractual 1.01%/2/ July 1, 2009 December 31, 2015
Resource Class Contractual 0.34% July 1, 2009 December 31, 2015
STIC Prime Portfolio
Cash Management Class Contractual 0.22%/2/ July 1, 2009 December 31, 2015
Corporate Class Contractual 0.17% July 1, 2009 December 31, 2015
Institutional Class Contractual 0.14% July 1, 2009 December 31, 2015
Personal Investment Class Contractual 0.69%/2/ July 1, 2009 December 31, 2015
Private Investment Class Contractual 0.44%/2/ July 1, 2009 December 31, 2015
Reserve Class Contractual 1.01%/2/ July 1, 2009 December 31, 2015
Resource Class Contractual 0.30%/2/ July 1, 2009 December 31, 2015
Tax-Free Cash Reserve Portfolio/3/
Cash Management Class Contractual 0.33%/2/ July 1, 2009 December 31, 2015
Corporate Class Contractual 0.28% July 1, 2009 December 31, 2015
Institutional Class Contractual 0.25% July 1, 2009 December 31, 2015
Personal Investment Class Contractual 0.80%/2/ July 1, 2009 December 31, 2015
Private Investment Class Contractual 0.50%/2/ July 1, 2009 December 31, 2015
Reserve Class Contractual 1.12%/2/ July 1, 2009 December 31, 2015
Resource Class Contractual 0.41%/2/ July 1, 2009 December 31, 2015
Treasury Portfolio
Cash Management Class Contractual 0.22%/2/ July 1, 2009 December 31, 2015
Corporate Class Contractual 0.17% July 1, 2009 December 31, 2015
Institutional Class Contractual 0.14% July 1, 2009 December 31, 2015
Personal Investment Class Contractual 0.69%/2/ July 1, 2009 December 31, 2015
Private Investment Class Contractual 0.44%/2/ July 1, 2009 December 31, 2015
Reserve Class Contractual 1.01%/2/ July 1, 2009 December 31, 2015
Resource Class Contractual 0.30%/2/ July 1, 2009 December 31, 2015
/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 limit shown is the expense limit after Rule 12b-1 fee waivers
by Invesco Distributors, Inc.
/3/ The expense limitation also excludes Trustees' fees and federal
registration expenses.
18
as of December 3, 2014
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, 2015
Series II Shares Contractual 2.25% July 1, 2014 June 30, 2015
Invesco V.I. American
Value Fund
Series I Shares Contractual 2.00% July 1, 2012 June 30, 2015
Series II Shares Contractual 2.25% July 1, 2012 June 30, 2015
Invesco V.I. Balanced-
Risk Allocation Fund/1/
Series I Shares Contractual 0.80% less net AFFE* May 1, 2014 April 30, 2016
Series II Shares Contractual 1.05% less net AFFE* May 1, 2014 April 30, 2016
Invesco V.I. Xxxxxxxx
Fund
Series I Shares Contractual 0.78% May 1, 2013 April 30, 2016
Series II Shares Contractual 1.03% May 1, 2013 April 30, 2016
Invesco V.I. Core Equity
Fund
Series I Shares Contractual 2.00% May 1, 2013 June 30, 2015
Series II Shares Contractual 2.25% May 1, 2013 June 30, 2015
Invesco V.I. Diversified
Dividend Fund
Series I Shares Contractual 2.00% May 1, 2013 June 30, 2015
Series II Shares Contractual 2.25% May 1, 2013 June 30, 2015
Invesco V.I. Diversified
Income Fund
Series I Shares Contractual 0.75% July 1, 2005 April 30, 2016
Series II Shares Contractual 1.00% July 1, 2005 April 30, 2016
Invesco V.I. Equally-
Weighted S&P 500
Fund
Series I Shares Contractual 2.00% July 1, 2012 June 30, 2015
Series II Shares Contractual 2.25% July 1, 2012 June 30, 2015
Invesco V.I. Equity and
Income Fund
Series I Shares Contractual 1.50% July 1, 2012 June 30, 2015
Series II Shares Contractual 1.75% July 1, 2012 June 30, 2015
Invesco V.I. Global Core
Equity Fund
Series I Shares Contractual 2.25% July 1, 2012 June 30, 2015
Series II Shares Contractual 2.50% July 1, 2012 June 30, 2015
Invesco V.I. Global
Health Care Fund
Series I Shares Contractual 2.00% May 1. 2013 June 30, 2015
Series II Shares Contractual 2.25% May 1, 2013 June 30, 2015
Invesco V.I. Global Real
Estate Fund
Series I Shares Contractual 2.00% May 1. 2013 June 30, 2015
Series II Shares Contractual 2.25% May 1, 2013 June 30, 2015
/1/ Includes waived fees or reimbursed expenses that Invesco receives from
Invesco Cayman Commodity Fund IV, Ltd.
19
as of December 3, 2014
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ ---------- ----------------- ---------------
Invesco V.I. Government Securities Fund
Series I Shares Contractual 1.50% May 1, 2013 June 30, 2015
Series II Shares Contractual 1.75% May 1, 2013 June 30, 2015
Invesco V.I. Growth and Income Fund
Series I Shares Contractual 0.78% May 1. 2013 April 30, 2016
Series II Shares Contractual 1.03% May 1, 2013 April 30, 2016
Invesco V.I. High Yield Fund
Series I Shares Contractual 1.50% May 1, 2014 June 30, 2015
Series II Shares Contractual 1.75% May 1, 2014 June 30, 2015
Invesco V.I. International Growth Fund
Series I Shares Contractual 2.25% July 1, 2012 June 30, 2015
Series II Shares Contractual 2.50% July 1, 2012 June 30, 2015
Invesco V.I. Managed Volatility Fund
Series I Shares Contractual 1.03% April 30, 2014 April 30, 2015
Series II Shares Contractual 1.28% April 30, 2014 April 30, 2015
Invesco V.I. Managed Volatility Fund
Series I Shares Contractual 2.00% May 1, 2015 June 30, 2015
Series II Shares Contractual 2.25% May 1, 2015 June 30, 2015
Invesco V.I. Mid Cap Core Equity Fund
Series I Shares Contractual 2.00% May 1. 2013 June 30, 2015
Series II Shares Contractual 2.25% May 1, 2013 June 30, 2015
Invesco V.I. Mid Cap Growth Fund
Series I Shares Contractual 2.00% July 1, 2014 June 30, 2015
Series II Shares Contractual 2.25% July 1, 2014 June 30, 2015
Invesco V.I. Money Market Fund
Series I Shares Contractual 1.50% May 1. 2013 June 30, 2015
Series II Shares Contractual 1.75% May 1, 2013 June 30, 2015
Invesco V.I. S&P 500 Index Fund
Series I Shares Contractual 2.00% July 1, 2012 June 30, 2015
Series II Shares Contractual 2.25% July 1, 2012 June 30, 2015
Invesco V.I. Small Cap Equity Fund
Series I Shares Contractual 2.00% May 1. 2013 June 30, 2015
Series II Shares Contractual 2.25% May 1, 2013 June 30, 2015
Invesco V.I. Technology Fund
Series I Shares Contractual 2.00% May 1. 2013 June 30, 2015
Series II Shares Contractual 2.25% May 1, 2013 June 30, 2015
Invesco V.I. Value Opportunities Fund
Series I Shares Contractual 2.00% May 1. 2013 June 30, 2015
Series II Shares Contractual 2.25% May 1, 2013 June 30, 2015
* 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.
20
as of December 3, 2014
EXHIBIT "D" - CLOSED-END FUNDS
INVESCO CALIFORNIA VALUE MUNICIPAL INCOME TRUST
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF COMMITMENT END
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ ---------- ----------------- --------------
Invesco California Value
Municipal Income Trust Voluntary 0.52% August 27, 2012 N/A
INVESCO HIGH INCOME TRUST II
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF COMMITMENT END
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ ---------- ----------------- ------------------
Invesco High Income
Trust II Voluntary 1.10% August 27, 2012 December 31, 2014
INVESCO MUNICIPAL INCOME OPPORTUNITIES TRUST
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF COMMITMENT END
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ ---------- ----------------- ------------------
Invesco Municipal Income
Opportunities Trust Voluntary 0.67% August 27, 2012 December 31, 2014
INVESCO QUALITY MUNICIPAL INCOME TRUST
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF COMMITMENT END
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ ---------- ----------------- --------------
Invesco Quality Municipal
Income Trust Voluntary 0.50% October 15, 2012 N/A
INVESCO TRUST FOR INVESTMENT GRADE NEW YORK MUNICIPALS
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF COMMITMENT END
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ ---------- ----------------- --------------
Invesco Trust for
Investment Grade New
York Municipals Voluntary 0.69% August 27, 2012 N/A
INVESCO VALUE MUNICIPAL INCOME TRUST
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF COMMITMENT END
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ ---------- ----------------- ------------------
Invesco Value Municipal
Income Trust Voluntary 0.46% October 15, 2012 December 31, 2014
Invesco Value Municipal
Income Trust Voluntary 0.70% January 1, 2015 N/A
21
Sub-Item 77Q1(e)
AMENDMENT NO. 7
TO
MASTER INVESTMENT ADVISORY AGREEMENT
This Amendment dated as of January 30, 2015, amends the Master Investment
Advisory Agreement (the "Agreement"), dated June 1, 2000, between AIM
Tax-Exempt Funds (Invesco Tax-Exempt Funds), a Delaware statutory trust, and
Invesco Advisers, Inc., a Delaware corporation.
W I T N E S S E T H:
WHEREAS, the Trust desires to amend the Agreement to change the name of Invesco
Tax-Free Intermediate Fund to Invesco Limited Term Municipal Income Fund;
NOW, THEREFORE, the parties agree that;
1. Appendix A and Appendix B to the Agreement are hereby deleted in their
entirety and replaced with the following:
"APPENDIX A
FUNDS AND EFFECTIVE DATES
NAME OF FUND EFFECTIVE DATE OF ADVISORY AGREEMENT
------------ -------------------------------------
Invesco Tax-Exempt Cash Fund June 1, 2000
Invesco Limited Term Municipal Income
Fund June 1, 2000
Invesco High Yield Municipal Fund February 12, 2010
Invesco Intermediate Term Municipal
Income Fund February 12, 2010
Invesco Municipal Income Fund February 12, 2010
Invesco New York Tax Free Income Fund February 12, 0000
XXXXXXXX X
COMPENSATION TO THE ADVISOR
The Trust shall pay the Adviser, out of the assets of a Fund, as full
compensation for all services rendered, an advisory fee for such Fund set forth
below. Such fee shall be calculated by applying the following annual rates to
the average daily net assets of such Fund for the calendar year computed in the
manner used for the determination of the net asset value of shares of such Fund.
INVESCO LIMITED TERM MUNICIPAL INCOME FUND
NET ASSETS ANNUAL RATE
---------- -----------
First $500 million................................ 0.30%
Over $500 million to and including $1 billion..... 0.25%
Over $1 billion................................... 0.20%
INVESCO TAX-EXEMPT CASH FUND
NET ASSETS ANNUAL RATE
---------- -----------
All Assets........................................ 0.35%
INVESCO HIGH YIELD MUNICIPAL FUND
NET ASSETS ANNUAL RATE
---------- -----------
First $300 million................................ 0.60%
Next $300 million................................. 0.55%
Over $600 million................................. 0.50%
INVESCO INTERMEDIATE TERM MUNICIPAL INCOME FUND
INVESCO MUNICIPAL INCOME FUND
NET ASSETS ANNUAL RATE
---------- -----------
First $500 million................................ 0.50%
Over $500 million................................. 0.45%
INVESCO NEW YORK TAX FREE INCOME FUND
NET ASSETS ANNUAL RATE
---------- -----------
First $500 million................................ 0.47%
Over $500 million................................. 0.445%"
2
2. In all other respects, the Agreement is hereby confirmed and remains
in full force and effect.
IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by
their respective officers on the date first written above.
AIM TAX-EXEMPT FUNDS
(INVESCO TAX-EXEMPT FUNDS)
Attest: Xxxxx Xxxxxxxx By: Xxxx X. Xxxx
-------------------------------- -------------------------------
Assistant Secretary Xxxx X. Xxxx
Senior Vice President
(SEAL)
INVESCO ADVISERS, INC.
Attest: Xxxxx Xxxxxxxx By: Xxxx X. Xxxx
-------------------------------- -------------------------------
Assistant Secretary Xxxx X. Xxxx
Senior Vice President
(SEAL)
3
Sub-Item 77Q1(e)
AMENDMENT NO. 6
TO
MASTER INTERGROUP SUB-ADVISORY CONTRACT FOR MUTUAL FUNDS
This Amendment dated as of January 30, 2015, amends the Master Intergroup
Sub-Advisory Contract for Mutual Funds (the "Contract"), dated May 1, 2008,
between Invesco Advisers, Inc. (the "Adviser"), on behalf of AIM Tax-Exempt
Funds (Invesco Tax-Exempt Funds), and each of Invesco Canada Ltd., Invesco
Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco
Asset Management (Japan) Ltd., Invesco Hong Kong Limited and Invesco Senior
Secured Management, Inc. (each a "Sub-Adviser" and, collectively, the
"Sub-Advisers").
W I T N E S S E T H:
WHEREAS, the Trust desires to amend the Agreement to change the name of
Invesco Tax-Free Intermediate Fund to Invesco Limited Term Municipal Income
Fund;
NOW, THEREFORE, the parties agree that;
1. Exhibit A to the Contract is hereby deleted in its entirety and replaced
with the following:
"EXHIBIT A
FUNDS
Invesco Tax-Exempt Cash Fund
Invesco Limited Term Municipal Income Fund
Invesco High Yield Municipal Fund
Invesco Intermediate Term Municipal Income Fund
Invesco Municipal Income Fund
Invesco New York Tax Free Income Fund"
2. All other terms and provisions of the Contract not amended shall remain
in full force and effect.
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.
Adviser
By: /s/ Xxxx X. Xxxx
------------------------------
Name: Xxxx X. Xxxx
Title: Senior Vice President
INVESCO CANADA LTD.
Sub-Adviser
By: /s/ Harsh Damani
------------------------------
Name: Harsh Damani
Title: SVP & CFO Funds
By: /s/ Xxxxx X. Xxxxxx
------------------------------
Name: Xxxxx X. Xxxxxx
Title: Executive Vice President &
Chief Financial Officer
INVESCO ASSET MANAGEMENT DEUTSCHLAND GMBH
Sub-Adviser
By: /s/ X. Xxxxxxxxx /s/ X. Xxxxxxx
-----------------------------------------
Name: X. Xxxxxxxxx X. Xxxxxxx
Title: MD Procurator
INVESCO ASSET MANAGEMENT LIMITED
Sub-Adviser
By: /s/ X. X. Xxxxxxxxx
------------------------------
Name: X. X. Xxxxxxxxx
Title: Director
INVESCO ASSET MANAGEMENT (JAPAN) LTD.
Sub-Adviser
By: /s/ Xxxxxxxx Xxxxxxxx
------------------------------
Name: Xxxxxxxx Xxxxxxxx
Title: Managing Director
INVESCO HONG KONG LIMITED
Sub-Adviser
By: /s/ Xxxxx Xxx /s/ Xxxxxx Xxx
------------------------------
Name: Xxxxx Xxx / Xxxxxx Xxx
Title: Director / Director
INVESCO SENIOR SECURED MANAGEMENT,
INC.
Sub-Adviser
By: /s/ Xxxxxxx X. Xxxxx
------------------------------
Name: Xxxxxxx X. Xxxxx
Title: Secretary & General Counsel
Sub-Item 77Q1(e)
TERMINATION AGREEMENT
This Agreement is made as of January 16, 2015, by and among Invesco
Advisers, Inc. (the "Adviser") and Invesco Australia Limited (the "Subadviser").
BACKGROUND
The Adviser has entered into an investment advisory agreement with each of
the Trusts (the "Trusts"), each on behalf of itself and its series portfolios,
if any, listed on Schedules A and B hereto, and with Invesco Exchange Fund (the
"Limited Partnership") (collectively, the "Invesco Funds"). The Adviser is
authorized to delegate certain of its rights and obligations under the advisory
agreements to subadvisers and has entered into Master Intergroup Sub-Advisory
Contracts for Mutual Funds with certain affiliated subadvisers including the
Subadviser (the "Subadvisory Contracts").
Capitalized terms not defined herein, are used as defined in the Subadvisory
Contracts. The Adviser and the Subadviser desire to terminate the Subadvisory
Contracts solely with respect to the Subadviser. Pursuant to Section 11 of the
Subadvisory Contracts, the contracts may be terminated at any time without the
payment of any penalty with sixty (60) days' written notice from the Adviser to
the Subadviser or from the Subadviser to a Trust or to the Limited Partnership.
Upon termination, the Adviser will assume all the duties and
responsibilities of the Subadviser. The Subadviser has not undertaken any
current duties under the Subadvisory Contracts and has no existing obligations
or responsibilities thereunder. The Adviser and the Subadviser, with notice to
and consent of the Invesco Funds, desire to terminate the Subadvisory Contracts
solely with respect to the Subadviser with immediate effect.
NOW, THEREFORE, in consideration of the promises and the mutual covenants
herein contained, it is agreed between the parties hereto, as follows:
1. Effective on execution of this Agreement, all Subadvisory Contracts are
terminated with respect to the Subadviser.
2. Notice to and Consent of Invesco Funds. This Agreement provides notice to
each of the Invesco Funds of the termination of the Subadviser. By signing this
Agreement, each Trust, on behalf of itself and its series portfolios, and the
Limited Partnership acknowledge that the Subadvisory Contracts between the
Adviser and the Subadviser will terminate immediately with respect to the
Subadviser, and waives the requirement for sixty (60) days prior notice.
3. Effect on Other Contracts. For ease of administration, the Subadvisory
Contracts were signed by multiple parties including other subadvisers. It is
understood and agreed that this Termination Agreement only constitutes an
agreement between the Adviser and the Subadviser and in no way releases or
affects any of the other Subadvisers or any other Subadvisory Contracts.
4. Release. In consideration of the early termination of the Subadvisory
Contracts, the Subadviser releases the Adviser and each of the Invesco Funds
from any conditions or liabilities under the Subadvisory Contracts. The
Subadviser acknowledges that no compensation is due to the Subadviser upon this
release.
- 2 -
IN WITNESS WHEREOF, the parties hereto have caused this Termination
Agreement to be executed by their officers as the day and year above first
written.
INVESCO ADVISERS, INC.
By: Xxxx X. Xxxx
-------------------------------
Name: Xxxx X. Xxxx
Title: Senior Vice President
INVESCO AUSTRALIA LIMITED
By: /s/ Xxxx Xxxxxxx /s/ Xxxx Xxxxxxx
-------------------------------------------------------------
Name: Xxxx Xxxxxxx Xxxx Xxxxxxx
Title: Company Secretary Director
- 3 -
NOTICE ACKNOWLEDGED AND CONSENT TO IMMEDIATE TERMINATION
Each Trust (listed on Schedule A) on
behalf of itself and each Fund listed
on Schedule A
By: /s/ Xxxx X. Xxxx
------------------------------
Name: Xxxx X. Xxxx
Title: Senior Vice President
AIM Treasurer's Series Trust (Invesco
Treasurer's Series Trust), on behalf
of itself and each Portfolio listed
on Schedule B
By: /s/ Xxxx X. Xxxx
------------------------------
Name: Xxxx X. Xxxx
Title: Senior Vice President
Short-Term Investments Trust, on
behalf of itself and each Portfolio
listed on Schedule B
By: /s/ Xxxx X. Xxxx
------------------------------
Name: Xxxx X. Xxxx
Title: Senior Vice President
Invesco Exchange Fund (listed on
Schedule A), a California limited
partnership
By: /s/ Xxxx X. Xxxx
------------------------------
Name: Xxxx X. Xxxx
Title: Senior Vice President
- 4 -
SCHEDULE A
AIM COUNSELOR SERIES TRUST (INVESCO COUNSELOR SERIES TRUST)
Invesco American Franchise Fund
Invesco California Tax-Free Income Trust
Invesco Core Plus Bond Fund
Invesco Equally-Weighted S & P 500 Fund
Invesco Equity and Income Fund
Invesco Floating Rate Fund
Invesco Global Real Estate Income Fund
Invesco Growth and Income Fund
Invesco Low Volatility Equity Yield Fund
Invesco Pennsylvania Tax Free Income Fund
Invesco S & P 500 Index Fund
Invesco Small Cap Discovery Fund
Invesco Strategic Real Return Fund
AIM EQUITY FUNDS (INVESCO EQUITY FUNDS)
Invesco Charter Fund
Invesco Diversified Dividend Fund
Invesco Summit Fund
AIM FUNDS GROUP (INVESCO FUNDS GROUP)
Invesco European Small Company Fund
Invesco Global Core Equity Fund
Invesco International 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 Balanced-Risk Retirement 2020 Fund
Invesco Balanced-Risk Retirement 2030 Fund
Invesco Balanced-Risk Retirement 2040 Fund
Invesco Balanced-Risk Retirement 2050 Fund
Invesco Conservative Allocation Fund
Invesco Convertible Securities Fund
Invesco Global Low Volatility Equity Yield Fund
Invesco Growth Allocation Fund
Invesco Income Allocation Fund
Invesco International Allocation Fund
Invesco Mid Cap Core Equity Fund
Invesco Multi-Asset Inflation Fund
Invesco Moderate Allocation Fund
Invesco Small Cap Growth Fund
Invesco U.S. Mortgage Fund
- 5 -
AIM INTERNATIONAL MUTUAL FUNDS (INVESCO INTERNATIONAL MUTUAL FUNDS)
Invesco Asia Pacific Growth Fund
Invesco European Growth Fund
Invesco Global Growth Fund
Invesco Global Opportunities Fund
Invesco Global Small & Mid Cap Growth 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 China Fund
Invesco Developing Markets Fund
Invesco Emerging Market Local Currency Debt Fund
Invesco Emerging Markets Equity Fund
Invesco Endeavor Fund
Invesco Global Health Care Fund
Invesco Global Infrastructure Fund
Invesco Global Market Neutral Fund
Invesco Global Markets Strategy Fund
Invesco Global Targeted Returns Fund
Invesco International Total Return Fund
Invesco Long/Short Equity Fund
Invesco Low Volatility Emerging Markets Fund
Invesco Macro International Equity Fund
Invesco Macro Long/Short Fund
Invesco MLP Fund
Invesco Pacific Growth Fund
Invesco Premium Income Fund
Invesco Select Companies Fund
Invesco Strategic Income Fund
Invesco Unconstrained Bond Fund
AIM INVESTMENT SECURITIES FUNDS (INVESCO INVESTMENT SECURITIES FUND)
Invesco Corporate Bond Fund
Invesco Global Real Estate Fund
Invesco High Yield Fund
Invesco Limited Maturity Treasury Fund
Invesco Money Market Fund
Invesco Real Estate Fund
Invesco Short Term Bond Fund
Invesco U.S. Government Fund
- 6 -
AIM SECTOR FUNDS (INVESCO SECTOR FUNDS)
Invesco American Value Fund
Invesco Xxxxxxxx Fund
Invesco Dividend Income Fund
Invesco Energy Fund
Invesco Gold & Precious Metals Fund
Invesco Mid Cap Growth Fund
Invesco Small Cap Value Fund
Invesco Technology Fund
Invesco Technology Sector Fund
Invesco Value Opportunities Fund
AIM TAX-EXEMPT FUNDS (INVESCO TAX-EXEMPT FUNDS)
Invesco High Yield Municipal Fund
Invesco Intermediate Term Municipal Fund
Invesco Municipal Income Fund
Invesco New York Tax Free Income Fund
Invesco Tax-Exempt Cash Fund
Invesco Tax-Free Intermediate Fund
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. Diversified Dividend Fund
Invesco V.I. Diversified Income 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 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. Money Market 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
- 7 -
INVESCO MANAGEMENT TRUST
Invesco Conservative Income Fund
INVESCO SECURITIES TRUST
Invesco Balanced-Risk Aggressive Allocation Fund
Closed-End Funds
Invesco Advantage Municipal Income Trust II
Invesco Bond Fund
Invesco California Value Municipal Income Trust
Invesco Dynamic Credit Opportunities Fund
Invesco High Income Trust II
Invesco Municipal Income Opportunities Trust
Invesco Municipal Opportunity Trust
Invesco Municipal Trust
Invesco Pennsylvania Value Municipal Income Trust
Invesco Quality Municipal Income Trust
Invesco Senior Income Trust
Invesco Total Property Market Income Fund
Invesco Trust For Investment Grade Municipals
Invesco Trust For Investment Grade New York Municipals
Invesco Value Municipal Income Trust
Invesco Senior Loan Fund
Invesco Exchange Fund
- 8 -
SCHEDULE B
AIM TREASURER'S SERIES TRUST (INVESCO TREASURER'S SERIES TRUST)
Premier Portfolio
Premier Tax-Exempt Portfolio
SHORT-TERM INVESTMENTS TRUST
Government & Agency Portfolio
Government TaxAdvantage Portfolio
Liquid Assets Portfolio
STIC Prime Portfolio
Tax-Free Cash Reserve Portfolio
Treasury Portfolio
- 9 -
