MEMORANDUM OF AGREEMENT
(AFFILIATED MONEY MARKET FUND ADVISORY FEE WAIVER)
This Memorandum of Agreement is entered into as of the dates indicated on
Exhibit "A" 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 Tax-Exempt Funds, AIM
Variable Insurance Funds and Short-Term Investments Trust (each a "Fund" and
collectively, the "Funds"), on behalf of the portfolios listed on Exhibit "A" to
this Memorandum of Agreement (the "Portfolios"), and Invesco Aim Advisors, Inc.
("Invesco Aim").
For and in consideration of the mutual terms and agreements set forth
herein and other good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the Funds and Invesco Aim agree as follows:
1. Each Fund, for itself and its Portfolios, and Invesco Aim agree that
until the expiration date, if any, of the commitment set forth on the
attached Exhibit "A" occurs, as such Exhibit "A" is amended from time
to time, Invesco Aim will waive advisory fees payable by an Investing
Fund in an amount equal to 100% of the net advisory fee Invesco Aim
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 Aim'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 Fund that
holds itself out as a money market fund and complies with Rule 2a-7
under the Investment Company Act of 1940, as amended; and
(b) "Uninvested Cash" - cash available and uninvested by a Fund 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 Fund nor Invesco Aim may remove or amend the Waiver to a
Fund's detriment prior to requesting and receiving the approval of the
Portfolio's Board of Trustee to remove or amend such Waiver. Invesco
Aim will not have any right to reimbursement of any amount so waived.
Subject to the foregoing paragraphs, each of the Funds and Invesco Aim
agree to review the then-current waivers for each class of the Funds listed on
the Exhibit 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 the Funds and Invesco Aim have agreed to continue
them. The Exhibit will be amended to reflect any such agreement.
Nothing in this Memorandum of Agreement is intended to affect any other
memorandum of agreement executed by any Fund or Invesco Aim with respect to any
other fee waivers, expense reimbursements and/or expense limitations.
IN WITNESS WHEREOF, each Fund, on behalf of itself and its Portfolios
listed in Exhibit "A" to this Memorandum of Agreement, and Invesco Aim have
entered into this Memorandum of Agreement as of the dates indicated on Exhibit
"A".
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 TAX-EXEMPT FUNDS
AIM VARIABLE INSURANCE FUNDS
By:
------------------------------------
Title: Senior Vice President
SHORT-TERM INVESTMENTS TRUST
By:
------------------------------------
Title: Senior Vice President
INVESCO AIM ADVISORS, INC.
By:
------------------------------------
Title: Senior Vice President
2
EXHIBIT "A"
AIM COUNSELOR SERIES TRUST
PORTFOLIO EFFECTIVE DATE COMMITTED UNTIL
--------- -------------- ---------------
AIM Floating Rate Fund July 1, 2007 June 30, 2009
AIM Multi-Sector Fund July 1, 2007 June 30, 2009
AIM Select Real Estate Income Fund July 1, 2007 June 30, 2009
AIM Structured Core Fund July 1, 2007 June 30, 2009
AIM Structured Growth Fund July 1, 2007 June 30, 2009
AIM Structured Value Fund July 1, 2007 June 30, 2009
AIM EQUITY FUNDS
PORTFOLIO EFFECTIVE DATE COMMITTED UNTIL
--------- -------------- ---------------
AIM Capital Development Fund July 1, 2007 June 30, 2009
AIM Charter Fund July 1, 2007 June 30, 2009
AIM Constellation Fund July 1, 2007 June 30, 2009
AIM Diversified Dividend Fund July 1, 2007 June 30, 2009
AIM Large Cap Basic Value Fund July 1, 2007 June 30, 2009
AIM Large Cap Growth Fund July 1, 2007 June 30, 2009
AIM Summit Fund July 1, 2007 June 30, 2009
AIM FUNDS GROUP
FUND EFFECTIVE DATE COMMITTED UNTIL
---- -------------- ---------------
AIM Basic Balanced Fund July 1, 2007 June 30, 2009
AIM European Small Company Fund July 1, 2007 June 30, 2009
AIM Global Value Fund July 1, 2007 June 30, 2009
AIM International Small Company Fund July 1, 2007 June 30, 2009
AIM Mid Cap Basic Value Fund July 1, 2007 June 30, 2009
AIM Select Equity Fund July 1, 2007 June 30, 2009
AIM Small Cap Equity Fund July 1, 2007 June 30, 2009
AIM GROWTH SERIES
FUND EFFECTIVE DATE COMMITTED UNTIL
---- -------------- ---------------
AIM Basic Value Fund July 1, 2007 June 30, 2009
AIM Global Equity Fund July 1, 2007 June 30, 2009
AIM Mid Cap Core Equity Fund July 1, 2007 June 30, 2009
AIM Small Cap Growth Fund July 1, 2007 June 30, 2009
A-1
AIM INTERNATIONAL MUTUAL FUNDS
FUND EFFECTIVE DATE COMMITTED UNTIL
---- -------------- ---------------
AIM Asia Pacific Growth Fund July 1, 2007 June 30, 2009
AIM European Growth Fund July 1, 2007 June 30, 2009
AIM Global Growth Fund July 1, 2007 June 30, 2009
AIM Global Small & Mid Cap Growth Fund July 1, 2007 June 30, 2009
AIM International Core Equity Fund July 1, 2007 June 30, 2009
AIM International Growth Fund July 1, 2007 June 30, 2009
AIM INVESTMENT FUNDS
FUND EFFECTIVE DATE COMMITTED UNTIL
---- -------------- ---------------
AIM China Fund July 1, 2007 June 30, 2009
AIM Developing Markets Fund July 1, 2007 June 30, 2009
AIM Global Health Care Fund July 1, 2007 June 30, 2009
AIM International Total Return Fund July 1, 2007 Xxxx 00, 0000
XXX Xxxxx Fund July 1, 2007 June 30, 2009
AIM LIBOR Alpha Fund July 1, 2007 June 30, 2009
AIM Trimark Endeavor Fund July 1, 2007 June 30, 2009
AIM Trimark Fund July 1, 2007 June 30, 2009
AIM Trimark Small Companies Fund July 1, 2007 June 30, 2009
AIM Balanced-Risk Total Fund* May 29, 2009 June 30, 2010
* Advisory fees to be waived by Invesco Aim for AIM Balanced-Risk Total
Return Fund also include advisory fees that Invesco Aim receives on the
Uninvested Cash from the Affiliated Money Market Fund in which Invesco Aim
Cayman Commodity Fund I, Ltd. invests.
AIM INVESTMENT SECURITIES FUNDS
FUND EFFECTIVE DATE COMMITTED UNTIL
---- -------------- ---------------
AIM Core Bond Fund July 1, 2007 June 30, 2009
AIM Dynamics Fund July 1, 2007 June 30, 2009
AIM Global Real Estate Fund July 1, 2007 June 30, 2009
AIM High Yield Fund July 1, 2007 June 30, 2009
AIM Income Fund July 1, 2007 June 30, 2009
AIM Limited Maturity Treasury Fund July 1, 2007 June 30, 2009
AIM Money Market Fund July 1, 2007 June 30, 2009
AIM Municipal Bond Fund July 1, 2007 June 30, 2009
AIM Real Estate Fund July 1, 2007 June 30, 2009
AIM Short Term Bond Fund July 1, 2007 June 30, 2009
AIM U.S. Government Fund July 1, 2007 June 30, 2009
A-2
AIM SECTOR FUNDS
FUND EFFECTIVE DATE COMMITTED UNTIL
---- -------------- ---------------
AIM Energy Fund July 1, 2007 June 30, 2009
AIM Financial Services Fund July 1, 2007 June 30, 2009
AIM Gold & Precious Metals Fund July 1, 2007 June 30, 2009
AIM Leisure Fund July 1, 2007 June 30, 2009
AIM Technology Fund July 1, 2007 June 30, 2009
AIM Utilities Fund July 1, 2007 June 30, 2009
AIM TAX-EXEMPT FUNDS
FUND EFFECTIVE DATE COMMITTED UNTIL
---- -------------- ---------------
AIM High Income Municipal Fund July 1, 2007 June 30, 2009
AIM Tax-Exempt Cash Fund July 1, 2007 June 30, 2009
AIM Tax-Free Intermediate Fund July 1, 2007 June 30, 2009
AIM VARIABLE INSURANCE FUNDS
FUND EFFECTIVE DATE COMMITTED UNTIL
---- -------------- ---------------
AIM V.I. Basic Balanced Fund July 1, 2007 April 30, 2010
AIM V.I. Basic Value Fund July 1, 2007 April 30, 2010
AIM V.I. Capital Appreciation Fund July 1, 2007 April 30, 2010
AIM V.I. Capital Development Fund July 1, 2007 April 30, 2010
AIM V.I. Core Equity Fund July 1, 2007 April 30, 2010
AIM V.I. Diversified Income Fund July 1, 2007 April 30, 2010
AIM V.I. Dynamics Fund July 1, 2007 April 30, 2010
AIM V.I. Financial Services Fund July 1, 2007 April 30, 2010
AIM V.I. Global Health Care Fund July 1, 2007 April 30, 2010
AIM V.I. Global Real Estate Fund July 1, 2007 April 30, 2010
AIM V.I. Government Securities Fund July 1, 2007 April 30, 2010
AIM V.I. High Yield Fund July 1, 2007 April 30, 2010
AIM V.I. International Growth Fund July 1, 2007 April 30, 2010
AIM V.I. Large Cap Growth Fund July 1, 2007 April 30, 2010
AIM V.I. Leisure Fund July 1, 2007 April 30, 2010
AIM V.I. Mid Cap Core Equity Fund July 1, 2007 April 30, 2010
AIM V.I. Money Market Fund July 1, 2007 April 30, 2010
AIM V.I. Small Cap Equity Fund July 1, 2007 April 30, 2010
AIM V.I. Technology Fund July 1, 2007 April 30, 2010
AIM V.I. Utilities Fund July 1, 2007 April 30, 2010
SHORT-TERM INVESTMENTS TRUST
FUND EFFECTIVE DATE COMMITTED UNTIL
---- -------------- ---------------
Government TaxAdvantage Portfolio July 1, 2007 June 30, 2009
STIC Prime Portfolio July 1, 2007 June 30, 2009
Treasury Portfolio July 1, 2007 June 30, 2009
A-3
