MEMORANDUM OF AGREEMENT (Advisory Fee Waivers)
MEMORANDUM OF AGREEMENT
(Advisory Fee Waivers)
(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) 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 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, the Trusts
and Invesco agree 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 Aim agree as follows:
| 1. | Each Trust, for itself and its Funds, and Invesco agree 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 Trust 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 Trust 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 Trust during the previous month in an Affiliated Money Market Fund. | ||
| ii. | The Waiver will not apply to those investing Trusts 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; and
(b) “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 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. |
The Boards of Trustees 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.
Subject to the foregoing paragraphs, each of the Trusts and Invesco agree 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 the Trusts and Invesco have agreed to continue
them. The Exhibits will be amended to reflect any such agreement.
It is expressly agreed that the obligations of the Trusts hereunder shall not be binding upon
any of the Trustees, shareholders, nominees, officers, agents or employees of the Trusts
personally, but shall only bind the assets and property of the Funds, as provided in each Trust’s
Agreement and Declaration of Trust. The execution and delivery of this Memorandum of Agreement
have been authorized by the Trustees of each Trust, and this Memorandum of Agreement has been
executed and delivered by an authorized officer of each Trust acting as such; neither such
authorization by such Trustees nor such execution and delivery by such officer shall be deemed to
have been made by any of them individually or to impose any liability on any of them personally,
but shall bind only the assets and property of the Funds, as provided in each Trust’s Agreement and
Declaration of Trust.
IN WITNESS WHEREOF, each of the Trusts, on behalf of itself and its Funds listed in Exhibit A
and B to this Memorandum of Agreement, and Invesco have entered into this Memorandum of Agreement
as of the Effective Date on the attached Exhibits.
| AIM COUNSELOR SERIES TRUST (INVESCO COUNSELOR SERIES TRUST) 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) SHORT-TERM INVESTMENTS 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 Equity Funds | ||||||
| (Invesco Equity | Expiration | |||||
| Funds) | Waiver Description | Effective Date | Date | |||
Invesco Charter Fund
|
Invesco will waive advisory fees to the extent necessary so that advisory fees Invesco receives do not exceed the annualized rates listed below. | 1/1/2005 | 12/31/2012 | |||
| 0.75% of the first $150M | ||||||
| 0.615% of the next $4.85B | ||||||
| 0.57% of the next $2.5B | ||||||
| 0.545% of the next $2.5B | ||||||
| 0.52% of the excess over $10B | ||||||
Invesco Constellation Fund |
Invesco will waive advisory fees to the extent necessary so that advisory fees Invesco receives do not exceed the annualized rates listed below. | 3/27/2006 | 12/31/2012 | |||
| 0.695% of the first $250M | ||||||
| 0.615% of the next $4B | ||||||
| 0.595% of the next $750M | ||||||
| 0.57% of the next $2.5B | ||||||
| 0.545% of the next $2.5B | ||||||
| 0.52% of the excess over $10B |
| AIM Tax-Exempt | ||||||
| Funds (Invesco Tax- | Expiration | |||||
| Exempt Funds) | Waiver Description | Effective Date | Date | |||
Invesco Xxx Xxxxxx Intermediate Term Municipal Income Fund |
Invesco will waive advisory fees in the amount of 0.10% of the Fund’s average daily net assets | 2/12/2010 | 6/30/2012 | |||
Invesco Xxx Xxxxxx New York Tax Free Income Fund |
Invesco will waive advisory fees in the amount of 0.25% of the Fund’s average daily net assets | 2/12/2010 | 6/30/2012 |
| AIM Treasurer’s | ||||||
| Series Trust | ||||||
| (Invesco Treasurer’s | Expiration | |||||
| 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 | 1/31/2012 | |||
Premier U.S.
Government Money
Portfolio
|
Invesco will waive advisory fees in the amount of 0.07% of the Fund’s average daily net assets | 2/1/2011 | 1/31/2012 |
| AIM Variable | ||||||
| Insurance Funds | ||||||
| (Invesco Variable | Expiration | |||||
| Insurance Funds) | Waiver Description | Effective Date | Date | |||
Invesco V. I.
Capital Development
Fund
|
Invesco will waive advisory fees to the extent necessary so that advisory fees Invesco receives do not exceed the annualized rates listed below. | 1/1/2005 | 4/30/2012 | |||
| 0.745% of the first $250M | ||||||
| 0.73% of the next $250M | ||||||
| 0.715% of the next $500M | ||||||
| 0.70% of the next $1.5B | ||||||
| 0.685% of the next $2.5B | ||||||
| 0.67% of the next $2.5B | ||||||
| 0.655% of the next $2.5B | ||||||
| 0.64% of the excess over $10B |
EXHIBIT “B”
AIM COUNSELOR SERIES TRUST (INVESCO COUNSELOR SERIES TRUST)
| PORTFOLIO | EFFECTIVE DATE | COMMITTED UNTIL | ||
Invesco California Tax-Free Income Fund
|
February 12, 2010 | June 30, 2012 | ||
Invesco Core Plus Bond Fund
|
June 2, 2009 | June 30, 2012 | ||
Invesco Dividend Growth Securities Fund
|
February 12, 2010 | June 30, 2012 | ||
Invesco Equally-Weighted S&P 500 Fund
|
February 12, 2010 | June 30, 2012 | ||
Invesco Floating Rate Fund
|
July 1, 2007 | June 30, 2012 | ||
Invesco S&P 500 Index Fund
|
February 12, 2010 | June 30, 2012 | ||
Invesco Select Real Estate Income Fund
|
July 1, 2007 | June 30, 2012 | ||
Invesco Structured Core Fund
|
July 1, 2007 | June 30, 2012 | ||
Invesco Xxx Xxxxxx American Franchise Fund
|
February 12, 2010 | June 30, 2012 | ||
Invesco Xxx Xxxxxx Equity and Income Fund
|
February 12, 2010 | June 30, 2012 | ||
Invesco Xxx Xxxxxx Growth and Income Fund
|
February 12, 2010 | June 30, 0000 | ||
Xxxxxxx Xxx Xxxxxx Xxxxxxxxxxxx Tax Free Income Fund
|
February 12, 2010 | June 30, 2012 | ||
Invesco Xxx Xxxxxx Small Cap Growth Fund
|
February 12, 2010 | June 30, 2012 |
AIM EQUITY FUNDS (INVESCO EQUITY FUNDS)
| PORTFOLIO | EFFECTIVE DATE | COMMITTED UNTIL | ||
Invesco Capital Development Fund
|
July 1, 2007 | June 30, 2012 | ||
Invesco Charter Fund
|
July 1, 2007 | June 30, 2012 | ||
Invesco Constellation Fund
|
July 1, 2007 | June 30, 2012 | ||
Invesco Disciplined Equity Fund
|
July 14, 2009 | June 30, 2012 | ||
Invesco Diversified Dividend Fund
|
July 1, 2007 | June 30, 0000 | ||
Xxxxxxx Xxxxxx Fund
|
July 1, 2007 | June 30, 2012 |
AIM FUNDS GROUP (INVESCO FUNDS GROUP)
| FUND | EFFECTIVE DATE | COMMITTED UNTIL | ||
Invesco European Small Company Fund
|
July 1, 2007 | June 30, 2012 | ||
Invesco Global Core Equity Fund
|
July 1, 2007 | June 30, 2012 | ||
Invesco International Small Company Fund
|
July 1, 2007 | June 30, 2012 | ||
Invesco Small Cap Equity Fund
|
July 1, 2007 | June 30, 2012 |
AIM GROWTH SERIES (INVESCO GROWTH SERIES)
| FUND | EFFECTIVE DATE | COMMITTED UNTIL | ||
Invesco Convertible Securities Fund
|
February 12, 2010 | June 30, 2012 | ||
Invesco Global Equity Fund
|
July 1, 2007 | June 30, 2012 | ||
Invesco Mid Cap Core Equity Fund
|
July 1, 2007 | June 30, 2012 | ||
Invesco Small Cap Growth Fund
|
July 1, 2007 | June 30, 2012 | ||
Invesco Xxx Xxxxxx Leaders Fund
|
February 12, 2010 | June 30, 2012 | ||
Invesco Xxx Xxxxxx U.S. Mortgage Fund
|
February 12, 2010 | June 30, 2012 |
AIM INTERNATIONAL MUTUAL FUNDS (INVESCO INTERNATIONAL MUTUAL FUNDS)
| FUND | EFFECTIVE DATE | COMMITTED UNTIL | ||
Invesco Asia Pacific Growth Fund
|
July 1, 2007 | June 30, 2012 | ||
Invesco European Growth Fund
|
July 1, 2007 | June 30, 2012 | ||
Invesco Global Growth Fund
|
July 1, 2007 | June 30, 2012 | ||
Invesco Global Small & Mid Cap Growth Fund
|
July 1, 2007 | June 30, 2012 | ||
Invesco International Growth Fund
|
July 1, 2007 | June 30, 2012 | ||
Invesco International Core Equity Fund
|
July 1, 2007 | June 30, 2012 |
AIM INVESTMENT FUNDS (INVESCO INVESTMENT FUNDS)
| FUND | EFFECTIVE DATE | COMMITTED UNTIL | ||
Invesco Balanced-Risk Allocation Fund*
|
May 29, 2009 | June 30, 2012 | ||
Invesco Balanced-Risk Commodity Strategy Fund**
|
November 29, 2010 | June 30, 2012 | ||
Invesco China Fund
|
July 1, 2007 | June 30, 2012 | ||
Invesco Commodities Strategy Fund***
|
February 12, 2010 | June 30, 2012 | ||
Invesco Developing Markets Fund
|
July 1, 2007 | June 30, 2012 | ||
Invesco Emerging Markets Equity Fund
|
May 11, 2011 | June 30, 2012 | ||
Invesco Emerging Market Local Currency Debt Fund
|
June 14, 2010 | June 30, 2012 | ||
Invesco Endeavor Fund
|
July 1, 2007 | June 30, 2012 | ||
Invesco Global Advantage Fund
|
February 12, 2010 | June 30, 2012 | ||
Invesco Global Health Care Fund
|
July 1, 2007 | June 30, 2012 | ||
Invesco International Total Return Fund
|
July 1, 2007 | June 30, 2012 | ||
Invesco Pacific Growth Fund
|
February 12, 2010 | June 30, 2012 | ||
Invesco Small Companies Fund
|
July 1, 2007 | June 30, 2012 | ||
Invesco Xxx Xxxxxx Global Tactical Asset Allocation Fund
|
February 12, 2010 | June 30, 2012 |
AIM INVESTMENT SECURITIES FUNDS (INVESCO INVESTMENT SECURITIES FUNDS)
| FUND | EFFECTIVE DATE | COMMITTED UNTIL | ||
Invesco Dynamics Fund
|
July 1, 2007 | June 30, 2012 | ||
Invesco Global Real Estate Fund
|
July 1, 2007 | June 30, 2012 | ||
Invesco High Yield Fund
|
July 1, 2007 | June 30, 2012 | ||
Invesco High Yield Securities Fund
|
February 12, 2010 | June 30, 2012 | ||
Invesco Limited Maturity Treasury Fund
|
July 1, 2007 | June 30, 2012 | ||
Invesco Money Market Fund
|
July 1, 2007 | June 30, 2012 | ||
Invesco Municipal Bond Fund
|
July 1, 2007 | June 30, 2012 | ||
Invesco Real Estate Fund
|
July 1, 2007 | June 30, 2012 | ||
Invesco Short Term Bond Fund
|
July 1, 2007 | June 30, 0000 | ||
Xxxxxxx X.X. Government Fund
|
July 1, 2007 | June 30, 2012 | ||
Invesco Xxx Xxxxxx Corporate Bond Fund
|
February 12, 2010 | June 30, 2012 |
| * | 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. | |
| ** | 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. | |
| *** | Advisory fees to be waived by Invesco for Invesco Commodities 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 II, Ltd. Invests. |
AIM SECTOR FUNDS (INVESCO SECTOR FUNDS)
| FUND | EFFECTIVE DATE | COMMITTED UNTIL | ||
Invesco Energy Fund
|
July 1, 2007 | June 30, 2012 | ||
Invesco Gold & Precious Metals Fund
|
July 1, 2007 | June 30, 2012 | ||
Invesco Leisure Fund
|
July 1, 2007 | June 30, 2012 | ||
Invesco Technology Fund
|
July 1, 2007 | June 30, 2012 | ||
Invesco Technology Sector Fund
|
February 12, 2010 | June 30, 0000 | ||
Xxxxxxx X.X. Mid Cap Value Fund
|
February 12, 2010 | June 30, 2012 | ||
Invesco Utilities Fund
|
July 1, 2007 | June 30, 2012 | ||
Invesco Value Fund
|
February 12, 2010 | June 30, 2012 | ||
Invesco Xxx Xxxxxx American Value Fund
|
February 12, 2010 | June 30, 2012 | ||
Invesco Xxx Xxxxxx Xxxxxxxx Fund
|
February 12, 2010 | June 30, 2012 | ||
Invesco Xxx Xxxxxx Mid Cap Growth Fund
|
February 12, 2010 | June 30, 2012 | ||
Invesco Xxx Xxxxxx Small Cap Value Fund
|
February 12, 2010 | June 30, 2012 | ||
Invesco Xxx Xxxxxx Value Opportunities Fund
|
February 12, 2010 | June 30, 2012 |
AIM TAX-EXEMPT FUNDS (INVESCO TAX-EXEMPT FUNDS)
| FUND | EFFECTIVE DATE | COMMITTED UNTIL | ||
Invesco High Income Municipal Fund
|
July 1, 2007 | June 30, 2012 | ||
Invesco Tax-Exempt Cash Fund
|
July 1, 2007 | June 30, 2012 | ||
Invesco Tax-Free Intermediate Fund
|
July 1, 2007 | June 30, 2012 | ||
Invesco Xxx Xxxxxx High Yield Municipal Fund
|
February 12, 2010 | June 30, 2012 | ||
Invesco Xxx Xxxxxx Intermediate Term Municipal Income Fund
|
February 12, 2010 | June 30, 2012 | ||
Invesco Xxx Xxxxxx Municipal Income Fund
|
February 12, 2010 | June 30, 2012 |
AIM VARIABLE INSURANCE FUNDS (INVESCO VARIABLE INSURANCE FUNDS)
| FUND | EFFECTIVE DATE | COMMITTED UNTIL | ||
Invesco V.I. Balanced-Risk Allocation Fund****
|
December 22, 2010 | June 30, 2012 | ||
Invesco V.I. Basic Value Fund
|
July 1, 2007 | June 30, 2012 | ||
Invesco V.I. Capital Appreciation Fund
|
July 1, 2007 | June 30, 2012 | ||
Invesco V.I. Capital Development Fund
|
July 1, 2007 | June 30, 2012 | ||
Invesco V.I. Core Equity Fund
|
July 1, 2007 | June 30, 2012 | ||
Invesco V.I. Diversified Income Fund
|
July 1, 2007 | June 30, 2012 | ||
Invesco V.I. Dividend Growth Fund
|
February 12, 2010 | June 30, 2012 | ||
Invesco V.I. Global Health Care Fund
|
July 1, 2007 | June 30, 2012 | ||
Invesco V.I. Global Real Estate Fund
|
July 1, 2007 | June 30, 2012 | ||
Invesco V.I. Government Securities Fund
|
July 1, 2007 | June 30, 2012 | ||
Invesco V.I. High Yield Fund
|
July 1, 2007 | June 30, 2012 | ||
Invesco V.I. High Yield Securities Fund
|
February 12, 2010 | June 30, 2012 | ||
Invesco V.I. International Growth Fund
|
July 1, 2007 | June 30, 2012 | ||
Invesco V.I. Leisure Fund
|
July 1, 2007 | June 30, 2012 | ||
Invesco V.I. Mid Cap Core Equity Fund
|
July 1, 2007 | June 30, 2012 | ||
Invesco V.I. Money Market Fund
|
July 1, 2007 | June 30, 2012 | ||
Invesco V.I. S&P 500 Index Fund
|
February 12, 2010 | June 30, 2012 | ||
Invesco V.I. Select Dimensions Equally-Weighted S&P 500 Fund
|
February 12, 2010 | June 30, 2012 | ||
Invesco V.I. Small Cap Equity Fund
|
July 1, 2007 | June 30, 2012 | ||
Invesco V.I. Technology Fund
|
July 1, 2007 | June 30, 2012 | ||
Invesco V.I. Utilities Fund
|
July 1, 2007 | June 30, 2012 |
| **** | Advisory fees to be waived by Invesco for Invesco V.I. Balanced-Risk Allocation Fund also include an amount equal to advisory fees that Invesco receives from any money market fund or similarly pooled cash equivalent investment vehicle advised by Invesco and/or Invesco’s affiliates in which Invesco Cayman Commodity Fund IV, Ltd. invests. |
| FUND | EFFECTIVE DATE | COMMITTED UNTIL | ||
Invesco Xxx Xxxxxx V.I. Capital Growth Fund |
February 12, 2010 | June 30, 2012 | ||
Invesco Xxx Xxxxxx V.I. Xxxxxxxx Fund |
February 12, 2010 | June 30, 2012 | ||
Invesco Xxx Xxxxxx V.I. Equity and Income Fund |
February 12, 2010 | June 30, 2012 | ||
Invesco Xxx Xxxxxx V.I. Global Value Equity Fund |
February 12, 2010 | June 30, 2012 | ||
Invesco Xxx Xxxxxx V.I. Growth and Income Fund |
February 12, 2010 | June 30, 2012 | ||
Invesco Xxx Xxxxxx V.I. Mid Cap Growth Fund |
February 12, 2010 | June 30, 2012 | ||
Invesco Xxx Xxxxxx V.I. Mid Cap Value Fund |
February 12, 2010 | June 30, 2012 |
SHORT-TERM INVESTMENTS TRUST
| FUND | EFFECTIVE DATE | COMMITTED UNTIL | ||
Government TaxAdvantage Portfolio
|
July 1, 2007 | June 30, 2012 | ||
STIC Prime Portfolio
|
July 1, 2007 | June 30, 2012 | ||
Treasury Portfolio
|
July 1, 2007 | June 30, 2012 |
