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, AIM
Equity Funds, AIM Funds Group, AIM Growth Series, AIM International Mutual
Funds, AIM Investment Funds, AIM Investment Securities Funds, AIM Sector Funds,
AIM Stock Funds, AIM Variable Insurance Funds, Short-Term Investments Trust and
Tax-Free 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 A I M Advisors, Inc. ("AIM"). This Memorandum of Agreement
restates the Memorandum of Agreement dated April 1, 2006 between AIM Counselor
Series Trust, AIM Equity Funds, AIM Funds Group, AIM Growth Series, AIM
International Mutual Funds, AIM Investment Funds, AIM Investment Securities
Funds, AIM Sector Funds, AIM Stock Funds, AIM Variable Insurance Funds,
Short-Term Investments Trust and Tax-Free Investments Trust. AIM 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 AIM agree as follows:
For the Contractual Limits (listed in Exhibits A - E), the Trusts and AIM
agree until at least the date set forth on the attached Exhibits A - E (the
"Expiration Date") that AIM 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 items; (v) expenses
related to a merger or reorganization, as approved by the Funds' Board of
Trustees; and (vi) 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. With regard to the Contractual Limits, the
Board of Trustees and AIM may terminate or modify this Memorandum of Agreement
prior to the Expiration Date only by mutual written consent. AIM will not have
any right to reimbursement of any amount so waived or reimbursed.
For the Contractual Limits, each of the Trusts and AIM agree 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 the Trust and AIM have agreed to
continue them. The Exhibits will be amended to reflect any such agreement.
For the Voluntary Limits (listed in Exhibits A - E), the Trusts and AIM
agree that these are not contractual in nature and that AIM may establish,
amend and/or terminate such expense limitations at any time in its sole
discretion after consultation with the Funds' Board of Trustees. Any delay or
failure by AIM 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.
1
IN WITNESS WHEREOF, each of the Trusts and AIM have entered into this
Memorandum of Agreement as of the Effective Date on the attached Exhibits.
AIM COUNSELOR SERIES TRUST
AIM EQUITY FUNDS
AIM FUNDS GROUP
AIM GROWTH SERIES
AIM INVESTMENT FUNDS
AIM INVESTMENT SECURITIES FUNDS
AIM SECTOR FUNDS
AIM STOCK FUNDS
AIM TAX-EXEMPT FUNDS
AIM VARIABLE INSURANCE FUNDS
SHORT-TERM INVESTMENTS TRUST
TAX-FREE INVESTMENTS TRUST
on behalf of the Funds listed in the
Exhibits to this
Memorandum of Agreement
By: /s/ Xxxxxx X. Xxxxxx
-----------------------------
Title: President
A I M Advisors, Inc.
By: /s/ Xxxxxxx X. Xxxxxx
-----------------------------
Title: President
2
as of July 1, 2006
EXHIBIT "A" - RETAIL FUNDS/1/
FUNDS WITH FISCAL YEAR END OF MARCH 31
AIM Sector Funds
Contractual/ Expense Effective Date of Expiration
Fund Voluntary Limitation Current Limit Date
---- ------------ ---------- ----------------- -------------
AIM Energy Fund
Class A Shares....................... Voluntary 1.55% July 1, 2005 N/A/2/
Class B Shares....................... Voluntary 2.30% August 12, 2003 N/A/2/
Class C Shares....................... Voluntary 2.30% August 12, 2003 N/A/2/
Investor Class Shares................ Voluntary 1.55% April 1, 2005 N/A/2/
Institutional Class Shares........... Voluntary 1.30% January 31, 2006 N/A/2/
AIM Financial Services Fund
Class A Shares....................... Voluntary 1.30% July 1, 2005 N/A/2/
Class B Shares....................... Voluntary 2.05% August 12, 2003 N/A/2/
Class C Shares....................... Voluntary 2.05% April 1, 2005 N/A/2/
Investor Class Shares................ Voluntary 1.30% April 1, 2005 N/A/2/
AIM Leisure Fund
Class A Shares....................... Voluntary 1.40% July 1, 2005 N/A/2/
Class B Shares....................... Voluntary 2.15% August 12, 2003 N/A/2/
Class C Shares....................... Voluntary 2.15% April 1, 2005 N/A/2/
Class R Shares....................... Voluntary 1.65% October 25, 2005 N/A/2/
Investor Class Shares................ Voluntary 1.40% April 1, 2005 N/A/2/
AIM Technology Fund
Class A Shares....................... Contractual 1.55% July 1, 2005 June 30, 2007
Class B Shares....................... Contractual 2.30% July 1, 2005 June 30, 2007
Class C Shares....................... Contractual 2.30% July 1, 2005 June 30, 2007
Investor Class Shares................ Contractual 1.55% July 1, 2005 June 30, 2007
Institutional Class Shares........... Contractual 1.30% July 1, 2005 June 30, 2007
AIM Utilities Fund
Class A Shares....................... Contractual 1.30% April 1, 2006 June 30, 2007
Class B Shares....................... Contractual 2.05% April 1, 2006 June 30, 2007
Class C Shares....................... Contractual 2.05% April 1, 2006 June 30, 2007
Investor Class Shares................ Contractual 1.30% April 1, 2006 June 30, 2007
Institutional Class Shares........... Contractual 1.05% April 1, 2006 June 30, 2007
AIM Tax-Exempt Funds
Contractual/ Expense Effective Date of Expiration
Fund Voluntary Limitation Current Limit Date
---- ------------ ---------- ----------------- ----------
AIM High Income Municipal Fund
Class A Shares....................... Voluntary 0.65% April 1, 2006 N/A/2/
Class B Shares....................... Voluntary 1.40% April 1, 2006 N/A/2/
Class C Shares....................... Voluntary 1.40% April 1, 2006 N/A/2/
See page 9 for footnotes to Exhibit A.
3
FUNDS WITH FISCAL YEAR END OF JULY 31
AIM Investment Securities Funds
Contractual/ Expense Effective Date of Expiration
Fund Voluntary Limitation Current Limit Date
---- ------------ ---------- ----------------- -------------
AIM Global Real Estate Fund
Class A Shares....................... Contractual 1.40% July 1, 2005 June 30, 2007
Class B Shares....................... Contractual 2.15% April 29, 2005 June 30, 2007
Class C Shares....................... Contractual 2.15% April 29, 2005 June 30, 2007
Class R Shares....................... Contractual 1.65% April 29, 2005 June 30, 2007
Institutional Class Shares........... Contractual 1.15% April 29, 2005 June 30, 2007
AIM Short Term Bond Fund
Class A Shares....................... Contractual 0.85% July 1, 2005 June 30, 2007
Class C Shares....................... Contractual 1.10%/3/ February 1, 2006 June 30, 2007
Class R Shares....................... Contractual 1.10% August 30, 2002 June 30, 2007
Institutional Class Shares........... Contractual 0.60% August 30, 2002 June 30, 2007
AIM Total Return Bond Fund
Class A Shares....................... Contractual 1.15% July 1, 2005 June 30, 2007
Class B Shares....................... Contractual 1.90% July 1, 2002 June 30, 2007
Class C Shares....................... Contractual 1.90% July 1, 2002 June 30, 2007
Class R Shares....................... Contractual 1.40% July 1, 2002 June 30, 2007
Institutional Class Shares........... Contractual 0.90% July 1, 2002 June 30, 2007
AIM Total Return Bond Fund
Class A Shares....................... Voluntary 1.00% July 1, 2002 N/A/2/
Class B Shares....................... Voluntary 1.75% July 1, 2002 N/A/2/
Class C Shares....................... Voluntary 1.75% July 1, 2002 N/A/2/
Class R Shares....................... Voluntary 1.25% April 30, 2004 N/A/2/
Institutional Class Shares........... Voluntary 0.75% April 30, 2004 N/A/2/
AIM Stock Funds
Contractual/ Expense Effective Date of Expiration
Fund Voluntary Limitation Current Limit Date
---- ------------ ---------- ----------------- -------------
AIM Dynamics Fund
Class A Shares....................... Contractual 1.90% July 1, 2005 July 31, 2006
Class B Shares....................... Contractual 2.65% August 12, 2003 July 31, 2006
Class C Shares....................... Contractual 2.65% August 12, 2003 July 31, 2006
Class R Shares....................... Contractual 2.15% October 25, 2005 July 31, 2006
Investor Class Shares................ Contractual 1.90% August 12, 2003 July 31, 2006
Institutional Class Shares........... Contractual 1.65% August 12, 2003 July 31, 2006
AIM Dynamics Fund
Class A Shares....................... Voluntary 1.20% July 1, 2005 N/A/2/
Class B Shares....................... Voluntary 1.95% August 12, 2003 N/A/2/
Class C Shares....................... Voluntary 1.95% August 12, 2003 N/A/2/
Class R Shares....................... Voluntary 1.45% October 25, 2005 N/A/2/
Investor Class Shares................ Voluntary 1.20% August 12, 2003 N/A/2/
Institutional Class Shares........... Voluntary 0.95% August 12, 2003 N/A/2/
AIM S&P 500 Index Fund
Investor Class Shares................ Contractual 0.60% August 1, 2005 June 30, 2007
Institutional Class Shares........... Contractual 0.35% August 12, 2003 June 30, 2007
See page 9 for footnotes to Exhibit A.
4
FUNDS WITH FISCAL YEAR END OF AUGUST 31
AIM Counselor Series Trust
Contractual/ Expense Effective Date of Expiration
Fund Voluntary Limitation Current Limit Date
---- ------------ ---------- ----------------- ---------------
AIM Floating Rate Fund
Class A Shares....................... Voluntary 1.50% April 14, 2006 N/A/2/
Class B1 Shares...................... Voluntary 1.50% May 1, 1997 N/A/2/
Class C Shares....................... Voluntary 2.00% April 14, 2006 N/A/2/
Class R Shares....................... Voluntary 1.75% April 14, 2006 N/A/2/
Institutional Class Shares........... Voluntary 1.25% April 14, 2006 N/A/2/
AIM Multi-Sector Fund
Class A Shares....................... Contractual 1.90% July 1, 2005 August 31, 2006
Class B Shares....................... Contractual 2.65% August 12, 2003 August 31, 2006
Class C Shares....................... Contractual 2.65% August 12, 2003 August 31, 2006
Institutional Class Shares........... Contractual 1.65% August 12, 2003 August 31, 2006
AIM Structured Core Fund
Class A.............................. Contractual 1.00% March 31, 2006 June 30, 2007
Class B.............................. Contractual 1.75% March 31, 2006 June 30, 2007
Class C.............................. Contractual 1.75% March 31, 2006 June 30, 2007
Class R.............................. Contractual 1.25% March 31, 2006 June 30, 2007
Institutional Class.................. Contractual 0.75% March 31, 2006 June 30, 2007
AIM Structured Growth Fund
Class A.............................. Contractual 1.00% March 31, 2006 June 30, 2007
Class B.............................. Contractual 1.75% March 31, 2006 June 30, 2007
Class C.............................. Contractual 1.75% March 31, 2006 June 30, 2007
Class R.............................. Contractual 1.25% March 31, 2006 June 30, 2007
Institutional Class.................. Contractual 0.75% March 31, 2006 June 30, 2007
AIM Structured Value Fund
Class A.............................. Contractual 1.00% March 31, 2006 June 30, 2007
Class B.............................. Contractual 1.75% March 31, 2006 June 30, 2007
Class C.............................. Contractual 1.75% March 31, 2006 June 30, 2007
Class R.............................. Contractual 1.25% March 31, 2006 June 30, 2007
Institutional Class.................. Contractual 0.75% March 31, 2006 June 30, 2007
FUNDS WITH FISCAL YEAR END OF OCTOBER 31
AIM Equity Funds
Contractual/ Expense Effective Date of Expiration
Fund Voluntary Limitation Current Limit Date
---- ------------ ---------- ----------------- -------------
AIM Capital Development Fund
Class A Shares....................... Voluntary 1.55% July 18, 2005 N/A/2/
Class B Shares....................... Voluntary 2.30% July 18, 2005 N/A/2/
Class C Shares....................... Voluntary 2.30% July 18, 2005 N/A/2/
Class R Shares....................... Voluntary 1.80% July 18, 2005 N/A/2/
Investor Class Shares................ Voluntary 1.55% July 18, 2005 N/A/2/
Institutional Class Shares........... Voluntary 1.30% July 18, 2005 N/A/2/
AIM Diversified Dividend Fund
Class A Shares....................... Contractual 1.40% July 1, 2005 June 30, 2007
Class B Shares....................... Contractual 2.15% May 2, 2003 June 30, 2007
Class C Shares....................... Contractual 2.15% May 2, 2003 June 30, 2007
Class R Shares....................... Contractual 1.65% October 25, 2005 June 30, 2007
Investor Class Shares................ Contractual 1.40% July 15, 2005 June 30, 2007
Institutional Class Shares........... Contractual 1.15% October 25, 2005 June 30, 2007
See page 9 for footnotes to Exhibit A.
5
Contractual/ Expense Effective Date of Expiration
Fund Voluntary Limitation Current Limit Date
---- ------------ ---------- ----------------- -------------
AIM Diversified Dividend Fund
Class A Shares....................... Voluntary 1.00% May 2, 2003 N/A/2/
Class B Shares....................... Voluntary 1.65% May 2, 2003 N/A/2/
Class C Shares....................... Voluntary 1.65% May 2, 2003 N/A/2/
Class R Shares....................... Voluntary 1.25% October 25, 2005 N/A/2/
Investor Class Shares................ Voluntary 1.00% July 15, 2005 N/A/2/
Institutional Class Shares........... Voluntary 0.75% October 25, 2005 N/A/2/
AIM Large Cap Basic Value Fund
Class A Shares....................... Contractual 1.22% July 1, 2005 June 30, 2007
Class B Shares....................... Contractual 1.97% July 1, 2005 June 30, 2007
Class C Shares....................... Contractual 1.97% July 1, 2005 June 30, 2007
Class R Shares....................... Contractual 1.47% July 1, 2005 June 30, 2007
Investor Class Shares................ Contractual 1.22% July 1, 2005 June 30, 2007
Institutional Class Shares........... Contractual 0.97% July 1, 2005 June 30, 2007
AIM Large Cap Growth Fund
Class A Shares....................... Contractual 1.32% July 1, 2005 June 30, 2007
Class B Shares....................... Contractual 2.07% July 1, 2005 June 30, 2007
Class C Shares....................... Contractual 2.07% July 1, 2005 June 30, 2007
Class R Shares....................... Contractual 1.57% July 1, 2005 June 30, 2007
Investor Class Shares................ Contractual 1.32% July 1, 2005 June 30, 2007
Institutional Class Shares........... Contractual 1.07% July 1, 2005 June 30, 2007
AIM Select Basic Value Fund
Class A Shares....................... Voluntary 1.75%/3/ August 30, 2002 N/A/2/
Class B Shares....................... Voluntary 1.75%/3/ August 30, 2002 N/A/2/
Class C Shares....................... Voluntary 1.75%/3/ August 30, 2002 N/A/2/
AIM International Mutual Funds
Contractual/ Expense Effective Date of Expiration
Fund Voluntary Limitation Current Limit Date
---- ------------ ---------- ----------------- ----------------
AIM International Core Equity Fund
Class A Shares....................... Contractual 2.00% July 1, 2005 October 31, 2006
Class B Shares....................... Contractual 2.75% August 12, 2003 October 31, 2006
Class C Shares....................... Contractual 2.75% August 12, 2003 October 31, 2006
Class R Shares....................... Contractual 2.25% November 24, 2003 October 31, 2006
Investor Class Shares................ Contractual 2.00% August 12, 2003 October 31, 2006
Institutional Class Shares........... Contractual 1.75% April 30, 2004 October 31, 2006
AIM Investment Funds
Contractual/ Expense Effective Date of Expiration
Fund Voluntary Limitation Current Limit Date
---- ------------ ---------- ----------------- -------------
AIM China Fund
Class A Shares....................... Contractual 2.05% March 31, 2006 June 30, 2007
Class B Shares....................... Contractual 2.80% March 31, 2006 June 30, 2007
Class C Shares....................... Contractual 2.80% March 31, 2006 June 30, 2007
Institutional Class Shares........... Contractual 1.80% March 31, 2006 June 30, 2007
See page 9 for footnotes to Exhibit A.
6
Contractual/ Expense Effective Date of Expiration
Fund Voluntary Limitation Current Limit Date
---- ------------ ---------- ------------------ -------------
AIM Developing Markets Fund
Class A Shares....................... Contractual 1.75% July 1, 2005 June 30, 2007
Class B Shares....................... Contractual 2.50% July 1, 2002 June 30, 2007
Class C Shares....................... Contractual 2.50% July 1, 2002 June 30, 2007
Institutional Class Shares........... Contractual 1.50% October 25, 2005 June 30, 2007
AIM Enhanced Short Bond Fund
Class A Shares....................... Contractual 0.85% March 31, 2006 June 30, 2007
Class C Shares....................... Contractual 1.10%/3/ March 31, 2006 June 30, 2007
Class R Shares....................... Contractual 1.10% March 31, 2006 June 30, 2007
Institutional Class Shares........... Contractual 0.60% March 31, 2006 June 30, 2007
AIM Global Health Care Fund
Class A Shares....................... Voluntary 1.30% July 18, 2005 N/A/2/
Class B Shares....................... Voluntary 2.05% July 18, 2005 N/A/2/
Class C Shares....................... Voluntary 2.05% July 18, 2005 N/A/2/
Investor Class Shares................ Voluntary 1.30% July 18, 2005 N/A/2/
AIM International Bond Fund
Class A Shares....................... Contractual 1.10% March 31, 2006 June 30, 2007
Class B Shares....................... Contractual 1.85% March 31, 2006 June 30, 2007
Class C Shares....................... Contractual 1.85% March 31, 2006 June 30, 2007
Institutional Class Shares........... Contractual 0.85% Xxxxx 00, 0000 Xxxx 00, 0000
XXX Xxxxx Fund
Class A Shares....................... Contractual 1.70% March 31, 2006 June 30, 2007
Class B Shares....................... Contractual 2.45% March 31, 2006 June 30, 2007
Class C Shares....................... Contractual 2.45% March 31, 2006 June 30, 2007
Institutional Class Shares........... Contractual 1.45% March 31, 2006 June 30, 2007
AIM Trimark Endeavor Fund
Class A Shares....................... Contractual 1.90% July 1, 2005 June 30, 2007
Class B Shares....................... Contractual 2.65% November 1, 2004 June 30, 2007
Class C Shares....................... Contractual 2.65% November 1, 2004 June 30, 2007
Class R Shares....................... Contractual 2.15% November 1, 2004 June 30, 2007
Institutional Class Shares........... Contractual 1.65% November 1, 2004 June 30, 2007
AIM Trimark Fund
Class A Shares....................... Contractual 2.15% July 1, 2005 June 30, 2007
Class B Shares....................... Contractual 2.90% November 1, 2004 June 30, 2007
Class C Shares....................... Contractual 2.90% November 1, 2004 June 30, 2007
Class R Shares....................... Contractual 2.40% November 1, 2004 June 30, 2007
Institutional Class Shares........... Contractual 1.90% November 1, 2004 June 30, 2007
AIM Trimark Small Companies Fund
Class A Shares....................... Contractual 1.50% September 30, 2005 June 30, 2007
Class B Shares....................... Contractual 2.25% September 30, 2005 June 30, 2007
Class C Shares....................... Contractual 2.25% September 30, 2005 June 30, 2007
Class R Shares....................... Contractual 1.75% September 30, 2005 June 30, 2007
Institutional Class Shares........... Contractual 1.25% September 30, 2005 June 30, 2007
See page 9 for footnotes to Exhibit A.
7
FUNDS WITH FISCAL YEAR END OF DECEMBER 31
AIM Funds Group
Contractual/ Expense Effective Date of Expiration
Fund Voluntary Limitation Current Limit Date
---- ------------ ---------- ----------------- -----------------
AIM Basic Balanced Fund
Class A Shares....................... Voluntary 1.25% July 18, 2005 N/A/2/
Class B Shares....................... Voluntary 2.00% July 18, 2005 N/A/2/
Class C Shares....................... Voluntary 2.00% July 18, 2005 N/A/2/
Class R Shares....................... Voluntary 1.50% July 18, 2005 N/A/2/
Investor Class Shares................ Voluntary 1.25% July 18, 2005 N/A/2/
Institutional Class Shares........... Voluntary 1.00% July 18, 2005 N/A/2/
AIM European Small Company Fund
Class A Shares....................... Contractual 1.90% July 1, 2005 June 30, 2007
Class B Shares....................... Contractual 2.65% May 1, 2002 June 30, 2007
Class C Shares....................... Contractual 2.65% May 1, 2002 June 30, 2007
AIM Global Value Fund
Class A Shares....................... Contractual 1.90% July 1, 2005 June 30, 2007
Class B Shares....................... Contractual 2.65% May 1, 2002 June 30, 2007
Class C Shares....................... Contractual 2.65% May 1, 2002 June 30, 2007
Institutional Class Shares........... Contractual 1.65% May 1, 2002 June 30, 2007
AIM International Small Company Fund
Class A Shares....................... Contractual 1.90% July 1, 2005 December 31, 2006
Class B Shares....................... Contractual 2.65% May 1, 2002 December 31, 2006
Class C Shares....................... Contractual 2.65% May 1, 2002 December 31, 2006
Institutional Class Shares........... Contractual 1.65% May 1, 2002 December 31, 2006
AIM Mid Cap Basic Value Fund
Class A Shares....................... Voluntary 1.70% July 1, 2005 N/A/2/
Class B Shares....................... Voluntary 2.45% December 31, 2001 N/A/2/
Class C Shares....................... Voluntary 2.45% December 31, 2001 N/A/2/
Class R Shares....................... Voluntary 1.95% December 31, 2001 N/A/2/
Institutional Class Shares........... Voluntary 1.45% December 31, 2001 N/A/2/
AIM Growth Series
Contractual/ Expense Effective Date of Expiration
Fund Voluntary Limitation Current Limit Date
---- ------------ ---------- ----------------- -------------
AIM Small Cap Growth Fund
Class A Shares....................... Contractual 1.90% April 10, 2006 July 31, 2006
Class B Shares....................... Contractual 2.65% April 10, 2006 July 31, 2006
Class C Shares....................... Contractual 2.65% April 10, 2006 July 31, 2006
Class R Shares....................... Contractual 2.15% April 10, 2006 July 31, 2006
Investor Class Shares................ Contractual 1.90% April 10, 2006 July 31, 2006
Institutional Class Shares........... Contractual 1.65% April 10, 2006 July 31, 2006
AIM Small Cap Growth Fund
Class A Shares....................... Voluntary 1.50% April 10, 2006 N/A/2/
Class B Shares....................... Voluntary 2.25% April 10, 2006 N/A/2/
Class C Shares....................... Voluntary 2.25% April 10, 2006 N/A/2/
Class R Shares....................... Voluntary 1.75% April 10, 2006 N/A/2/
Investor Class Shares................ Voluntary 1.50% April 10, 2006 N/A/2/
Institutional Class Shares........... Voluntary 1.25% April 10, 2006 N/A/2/
See page 9 for footnotes to Exhibit A.
8
Contractual/ Expense Effective Date of Expiration
Fund Voluntary Limitation Current Limit Date
---- ------------ ---------- ----------------- -------------
AIM Global Equity Fund
Class A Shares....................... Contractual 1.75% July 1, 2005 June 30, 2007
Class B Shares....................... Contractual 2.50% August 27, 1999 June 30, 2007
Class C Shares....................... Contractual 2.50% August 27, 1999 June 30, 2007
Class R Shares....................... Contractual 2.00% August 27, 1999 June 30, 2007
Institutional Class Shares........... Contractual 1.50% August 27, 1999 June 30, 2007
--------
1 The total operating expenses of any class of shares established after the
date of this Memorandum of Agreement will be limited to the amount
established for Class A Shares plus the difference between the new class
12b-1 rate and the Class A 12b-1 rate.
2 AIM may establish, amend or terminate voluntary waivers at any time in its
sole discretion after consultation with the Trust.
3 The expense limit shown is the expense limit after Rule 12b-1 fee waivers
by A I M Distributors, Inc.
9
EXHIBIT "B" - ASSET ALLOCATION FUNDS/1/
AIM Growth Series
Contractual/ Expense Effective Date of Expiration
Fund Voluntary Limitation/2/ Current Limit Date
---- ------------ ----------------------------- ----------------- -------------
AIM Conservative
Allocation Fund
Class A Shares.................. Contractual Limit Other Expenses to 0.23% January 1, 2006 June 30, 2007
of average daily net assets
Class B Shares.................. Contractual Limit Other Expenses to 0.23% January 1, 2006 June 30, 2007
of average daily net assets
Class C Shares.................. Contractual Limit Other Expenses to 0.23% January 1, 2006 June 30, 2007
of average daily net assets
Class R Shares.................. Contractual Limit Other Expenses to 0.23% January 1, 2006 June 30, 2007
of average daily net assets
Institutional Class Shares...... Contractual Limit Other Expenses to 0.23% January 1, 2006 June 30, 2007
of average daily net assets
AIM Growth
Allocation Fund
Class A Shares.................. Contractual Limit Other Expenses to 0.21% January 1, 2006 June 30, 2007
of average daily net assets
Class B Shares.................. Contractual Limit Other Expenses to 0.21% January 1, 2006 June 30, 2007
of average daily net assets
Class C Shares.................. Contractual Limit Other Expenses to 0.21% January 1, 2006 June 30, 2007
of average daily net assets
Class R Shares.................. Contractual Limit Other Expenses to 0.21% January 1, 2006 June 30, 2007
of average daily net assets
Institutional Class Shares...... Contractual Limit Other Expenses to 0.21% January 1, 2006 June 30, 2007
of average daily net assets
AIM Income
Allocation Fund
Class A......................... Contractual Limit Other Expenses to 0.03% January 1, 2006 June 30, 2007
of average daily net assets
Class B......................... Contractual Limit Other Expenses to 0.03% January 1, 2006 June 30, 2007
of average daily net assets
Class C......................... Contractual Limit Other Expenses to 0.03% January 1, 2006 June 30, 2007
of average daily net assets
Class R......................... Contractual Limit Other Expenses to 0.03% January 1, 2006 June 30, 2007
of average daily net assets
Institutional Class............. Contractual Limit Other Expenses to 0.03% January 1, 2006 June 30, 2007
of average daily net assets
See page 12 for footnotes to Exhibit B.
10
Contractual/ Expense Effective Date of Expiration
Fund Voluntary Limitation/2/ Current Limit Date
---- ------------ ----------------------------- ----------------- -------------
AIM International
Allocation Fund
Class A......................... Contractual Limit Other Expenses to 0.18% October 31, 2005 June 30, 2007
of average daily net assets
Class B......................... Contractual Limit Other Expenses to 0.18% October 31, 2005 June 30, 2007
of average daily net assets
Class C......................... Contractual Limit Other Expenses to 0.18% October 31, 2005 June 30, 2007
of average daily net assets
Class R......................... Contractual Limit Other Expenses to 0.18% October 31, 2005 June 30, 2007
of average daily net assets
Institutional Class............. Contractual Limit Other Expenses to 0.18% October 31, 2005 June 30, 2007
of average daily net assets
AIM Moderate
Allocation Fund
Class A Shares.................. Contractual Limit Other Expenses to 0.12% January 1, 2006 June 30, 2007
of average daily net assets
Class B Shares.................. Contractual Limit Other Expenses to 0.12% January 1, 2006 June 30, 2007
of average daily net assets
Class C Shares.................. Contractual Limit Other Expenses to 0.12% January 1, 2006 June 30, 2007
of average daily net assets
Class R Shares.................. Contractual Limit Other Expenses to 0.12% January 1, 2006 June 30, 2007
of average daily net assets
Institutional Class Shares...... Contractual Limit Other Expenses to 0.12% January 1, 2006 June 30, 2007
of average daily net assets
AIM Moderate Growth
Allocation Fund
Class A Shares.................. Contractual Limit Other Expenses to 0.12% April 29, 2005 June 30, 2007
of average daily net assets
Class B Shares.................. Contractual Limit Other Expenses to 0.12% April 29, 2005 June 30, 2007
of average daily net assets
Class C Shares.................. Contractual Limit Other Expenses to 0.12% April 29, 2005 June 30, 2007
of average daily net assets
Class R Shares.................. Contractual Limit Other Expenses to 0.12% April 29, 2005 June 30, 2007
of average daily net assets
Institutional Class Shares...... Contractual Limit Other Expenses to 0.12% April 29, 2005 June 30, 2007
of average daily net assets
See page 12 for footnotes to Exhibit B.
11
Contractual/ Expense Effective Date of Expiration
Fund Voluntary Limitation/2/ Current Limit Date
---- ------------ ----------------------------- ----------------- -------------
AIM Moderately Conservative
Allocation Fund
Class A Shares.................. Contractual Limit Other Expenses to 0.14% April 29, 2005 June 30, 2007
of average daily net assets
Class B Shares.................. Contractual Limit Other Expenses to 0.14% April 29, 2005 June 30, 2007
of average daily net assets
Class C Shares.................. Contractual Limit Other Expenses to 0.14% April 29, 2005 June 30, 2007
of average daily net assets
Class R Shares.................. Contractual Limit Other Expenses to 0.14% April 29, 2005 June 30, 2007
of average daily net assets
Institutional Class Shares...... Contractual Limit Other Expenses to 0.14% April 29, 2005 June 30, 2007
of average daily net assets
--------
1 Other expenses of any class of shares established after the date of this
Memorandum of Agreement will be limited to the same amount established for
Class A shares.
2 Other Expenses are defined as all normal operating expenses of the fund,
excluding management fees and 12b-1 expenses, if any. The expense
limitation is subject to the exclusions as listed in the Memorandum of
Agreement.
12
EXHIBIT "C" - INSTITUTIONAL MONEY MARKET FUNDS/1,2/
FUNDS WITH FISCAL YEAR END OF MARCH 31
Tax-Free Investments Trust
Effective Date
Contractual/ Expense of Current Expiration
Fund Voluntary Limitation Limit Date
---- ------------ ---------- -------------- -------------
Tax-Free Cash Reserve Portfolio/3/
Cash Management Class................ Contractual 0.22% June 30, 2005 June 30, 2007
Corporate Class...................... Contractual 0.22% June 30, 2005 June 30, 2007
Institutional Class.................. Contractual 0.22% June 30, 2005 June 30, 2007
Personal Investment Class............ Contractual 0.22% June 30, 2005 June 30, 2007
Private Investment Class............. Contractual 0.22% June 30, 2005 June 30, 2007
Reserve Class........................ Contractual 0.22% June 30, 2005 June 30, 2007
Resource Class....................... Contractual 0.22% June 30, 2005 June 30, 2007
FUNDS WITH FISCAL YEAR END OF AUGUST 31
Short-Term Investments Trust
Effective Date
Contractual/ Expense of Current Expiration
Fund Voluntary Limitation Limit Date
---- ------------ ---------- -------------- -------------
Government & Agency Portfolio
Cash Management Class................ Contractual 0.12% June 30, 2005 June 30, 2007
Corporate Class...................... Contractual 0.12% June 30, 2005 June 30, 2007
Institutional Class.................. Contractual 0.12% June 30, 2005 June 30, 2007
Personal Investment Class............ Contractual 0.12% June 30, 2005 June 30, 2007
Private Investment Class............. Contractual 0.12% June 30, 2005 June 30, 2007
Reserve Class........................ Contractual 0.12% June 30, 2005 June 30, 2007
Resource Class....................... Contractual 0.12% June 30, 2005 June 30, 2007
Government TaxAdvantage Portfolio
Cash Management Class................ Contractual 0.12% June 30, 2005 June 30, 2007
Corporate Class...................... Contractual 0.12% June 30, 2005 June 30, 2007
Institutional Class.................. Contractual 0.12% June 30, 2005 June 30, 2007
Personal Investment Class............ Contractual 0.12% June 30, 2005 June 30, 2007
Private Investment Class............. Contractual 0.12% June 30, 2005 June 30, 2007
Reserve Class........................ Contractual 0.12% June 30, 2005 June 30, 2007
Resource Class....................... Contractual 0.12% June 30, 2005 June 30, 2007
Liquid Assets Portfolio
Cash Management Class................ Contractual 0.12% June 30, 2005 June 30, 2007
Corporate Class...................... Contractual 0.12% June 30, 2005 June 30, 2007
Institutional Class.................. Contractual 0.12% June 30, 2005 June 30, 2007
Personal Investment Class............ Contractual 0.12% June 30, 2005 June 30, 2007
Private Investment Class............. Contractual 0.12% June 30, 2005 June 30, 2007
Reserve Class........................ Contractual 0.12% June 30, 2005 June 30, 2007
Resource Class....................... Contractual 0.12% June 30, 2005 June 30, 2007
See page 14 for footnotes to Exhibit C.
13
Effective Date
Contractual/ Expense of Current Expiration
Fund Voluntary Limitation Limit Date
---- ------------ ---------- -------------- -------------
STIC Prime Portfolio
Cash Management Class................ Contractual 0.12% June 30, 2005 June 30, 2007
Corporate Class...................... Contractual 0.12% June 30, 2005 June 30, 2007
Institutional Class.................. Contractual 0.12% June 30, 2005 June 30, 2007
Personal Investment Class............ Contractual 0.12% June 30, 2005 June 30, 2007
Private Investment Class............. Contractual 0.12% June 30, 2005 June 30, 2007
Reserve Class........................ Contractual 0.12% June 30, 2005 June 30, 2007
Resource Class....................... Contractual 0.12% June 30, 2005 June 30, 2007
Treasury Portfolio
Cash Management Class................ Contractual 0.12% June 30, 2005 June 30, 2007
Corporate Class...................... Contractual 0.12% June 30, 2005 June 30, 2007
Institutional Class.................. Contractual 0.12% June 30, 2005 June 30, 2007
Personal Investment Class............ Contractual 0.12% June 30, 2005 June 30, 2007
Private Investment Class............. Contractual 0.12% June 30, 2005 June 30, 2007
Reserve Class........................ Contractual 0.12% June 30, 2005 June 30, 2007
Resource Class....................... Contractual 0.12% June 30, 2005 June 30, 2007
--------
1 The expense limit shown excludes Rule 12b-1 fees.
2 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.
3 The expense limitation also excludes Trustees' fees and federal
registration expenses.
14
EXHIBIT "D" - VARIABLE INSURANCE FUNDS
AIM Variable Insurance Funds
Contractual/ Expense Effective Date of Expiration
Fund Voluntary Limitation Current Limit Date
---- ------------ ---------- ----------------- --------------
AIM V.I. Basic Balanced Fund
Series I Shares...................... Contractual 0.91% July 1, 2005 April 30, 2008
Series II Shares..................... Contractual 1.16% July 1, 2005 April 30, 2008
AIM V.I. Basic Value Fund
Series I Shares...................... Contractual 1.30% January 1, 2005 April 30, 2008
Series II Shares..................... Contractual 1.45% January 1, 2005 April 30, 2008
AIM V.I. Capital Appreciation Fund
Series I Shares...................... Contractual 1.30% January 1, 2005 April 30, 2008
Series II Shares..................... Contractual 1.45% January 1, 2005 April 30, 2008
AIM V.I. Capital Development Fund
Series I Shares...................... Contractual 1.30% January 1, 2005 April 30, 2008
Series II Shares..................... Contractual 1.45% January 1, 2005 April 30, 2008
AIM V.I. Core Equity Fund
Series I Shares...................... Contractual 1.30% January 1, 2005 April 30, 2008
Series II Shares..................... Contractual 1.45% January 1, 2005 April 30, 2008
AIM V.I. Demographic Trends Fund
Series I Shares...................... Contractual 1.01% July 1, 2005 April 30, 2008
Series II Shares..................... Contractual 1.26% July 1, 2005 April 30, 2008
AIM V.I. Diversified Dividend Fund
Series I Shares...................... Contractual 1.00% May 1, 2006 April 30, 2008
Series II Shares..................... Contractual 1.25% May 1, 2006 April 30, 2008
AIM V.I. Diversified Income Fund
Series I Shares...................... Contractual 0.75% July 1, 2005 April 30, 2008
Series II Shares..................... Contractual 1.00% July 1, 2005 April 30, 2008
AIM V.I. Dynamics Fund
Series I Shares...................... Contractual 1.30% April 30, 2004 April 30, 2008
Series II Shares..................... Contractual 1.45% April 30, 2004 April 30, 2008
AIM V.I. Financial Services Fund
Series I Shares...................... Contractual 1.30% April 30, 2004 April 30, 2008
Series II Shares..................... Contractual 1.45% April 30, 2004 April 30, 2008
AIM V.I. Global Equity Fund
Series I Shares...................... Contractual 1.10% May 1, 2006 April 30, 2008
Series II Shares..................... Contractual 1.35% May 1, 2006 April 30, 2008
AIM V.I. Global Health Care Fund
Series I Shares...................... Contractual 1.30% April 30, 2004 April 30, 2008
See page 17 for footnotes to Exhibit D.
15
Contractual/ Expense Effective Date of Expiration
Fund Voluntary Limitation Current Limit Date
---- ------------ ---------- ------------------ --------------
Series II Shares..................... Contractual 1.45% April 30, 2004 April 30, 2008
AIM V.I. Government Securities Fund
Series I Shares...................... Contractual 0.73% July 1, 2005 April 30, 2008
Series II Shares..................... Contractual 0.98% July 1, 2005 April 30, 2008
AIM V.I. High Yield Fund
Series I Shares...................... Contractual 0.95% July 1, 2005 April 30, 2008
Series II Shares..................... Contractual 1.20% April 30, 2004 April 30, 2008
AIM V.I. International Core Equity Fund
Series I Shares...................... Contractual 1.10% May 1, 2006 April 30, 2008
Series II Shares..................... Contractual 1.35% May 1, 2006 April 30, 2008
AIM V.I. International Growth Fund
Series I Shares...................... Contractual 1.30% January 1, 2005 April 30, 2008
Series II Shares..................... Contractual 1.45% January 1, 2005 April 30, 2008
AIM V.I. Large Cap Growth Fund.......... July 1, 2005 April 30, 2008
Series I Shares...................... Contractual 1.01%
Series II Shares..................... Contractual 1.26% July 1, 2005 April 30, 2008
AIM V.I. Leisure Fund
Series I Shares...................... Contractual 1.01% April 30, 2004 April 30, 2008
Series II Shares..................... Contractual 1.26% April 30, 2004 April 30, 2008
AIM V.I. Mid Cap Core Equity Fund
Series I Shares...................... Contractual 1.30% September 10, 2001 April 30, 2008
Series II Shares..................... Contractual 1.45% September 10, 2001 April 30, 2008
AIM V.I. Money Market Fund
Series I Shares...................... Contractual 1.30% January 1, 2005 April 30, 2008
Series II Shares..................... Contractual 1.45% January 1, 2005 April 30, 2008
AIM V.I. Real Estate Fund/1/
Series I Shares...................... Contractual 1.30% April 30, 2004 April 30, 2008
Series II Shares..................... Contractual 1.45% April 30, 2004 April 30, 2008
AIM V.I. Small Cap Equity Fund
Series I Shares...................... Contractual 1.15% July 1, 2005 April 30, 2008
Series II Shares..................... Contractual 1.40% July 1, 2005 April 30, 2008
AIM V.I. Small Company Growth Fund/2/
Series I Shares...................... Contractual 1.20% July 1, 2005 April 30, 2008
Series II Shares..................... Contractual 1.45% April 30, 2004 April 30, 2008
See page 17 for footnotes to Exhibit D.
16
Contractual/ Expense Effective Date of Expiration
Fund Voluntary Limitation Current Limit Date
---- ------------ ---------- ------------------ --------------
AIM V.I. Technology Fund
Series I Shares...................... Contractual 1.30% April 30, 2004 April 30, 2008
Series II Shares..................... Contractual 1.45% April 30, 2004 April 30, 2008
AIM V.I. Utilities Fund
Series I Shares...................... Contractual 0.93% September 23, 2005 April 30, 2008
Series II Shares..................... Contractual 1.18% September 23, 2005 April 30, 2008
--------
1 AIM V.I. Real Estate Fund is scheduled to change its name to AIM V.I.
Global Real Estate Fund on July 3, 2006.
2 AIM V.I. Small Company Growth Fund is scheduled to change its name to AIM
V.I. Small Cap Growth Fund on July 3, 2006.
17
