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 California Value Municipal Income Trust,
Invesco Dynamic Credit Opportunities Fund, Invesco High Income Trust II,
Invesco Management Trust, Invesco Municipal Opportunity Trust, Invesco
Municipal Trust, Invesco Pennsylvania Value Municipal Income Trust, Invesco
Securities Trust, Invesco Senior Income Trust, Invesco Trust for Investment
Grade Municipals, Invesco Trust for Investment Grade New York Municipals and
Invesco Value Municipal Income Trust (each a "Trust" or, collectively, the
"Trusts"), on behalf of the funds listed on the Exhibits to this Memorandum of
Agreement (the "Funds"), and Invesco Advisers, Inc. ("Invesco"). Invesco shall
and hereby agrees to waive fees of the Funds, on behalf of their respective
classes as applicable, severally and not jointly, as indicated in the Exhibits.
For and in consideration of the mutual terms and agreements set forth herein
and other good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, Invesco agrees that until at least the expiration date
set forth on Exhibit A (the "Expiration Date") and with respect to those Funds
listed on the Exhibit, Invesco will waive its advisory fees at the rate set
forth on the Exhibit.
For and in consideration of the mutual terms and agreements set forth herein
and other good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, the Trusts and Invesco agree as follows:
1. Invesco agrees that until the expiration date, if any, of the
commitment set forth on the attached Exhibit B occurs, as such Exhibit
B is amended from time to time, Invesco will waive advisory fees
payable by an Investing Fund (defined below) in an amount equal to 100%
of the net advisory fee Invesco receives on the Uninvested Cash
(defined below) from the Affiliated Money Market Fund (defined below)
in which the Investing Fund invests (the "Waiver").
i. Invesco's Fund Accounting Group will calculate, and apply, the
Waiver monthly, based upon the average investment of Uninvested
Cash made by the Investing Fund during the previous month in an
Affiliated Money Market Fund.
ii. The Waiver will not apply to those Investing Funds that do not
charge an advisory fee, either due to the terms of their advisory
agreement, or as a result of contractual or voluntary fee waivers.
iii. The Waiver will not apply to cash collateral for securities
lending.
For purposes of the paragraph above, the following terms shall have the
following meanings:
(a) "Affiliated Money Market Fund" - any existing or future Trust that
holds itself out as a money market fund and complies with
Rule 2a-7 under the Investment Company Act of 1940, as amended;
(b) "Investing Fund" - any Fund investing Cash Balances and/or Cash
Collateral in an Affiliated Money Market Fund; and
(c) "Uninvested Cash" - cash available and uninvested by a Trust that
may result from a variety of sources, including dividends or
interest received on portfolio securities, unsettled securities
transactions, strategic reserves, matured investments, proceeds
from liquidation of investment securities, dividend payments, or
new investor capital.
2. Neither a Trust nor Invesco may remove or amend the Waiver to a Trust's
detriment prior to the Expiration Date without requesting and receiving
the approval of the Board of Trustee of the applicable Fund's Trust to
remove or amend such Waiver. Invesco will not have any right to
reimbursement of any amount so waived.
Subject to the foregoing paragraphs, Invesco agrees to review the
then-current waivers for each class of the Funds listed on the Exhibits on a
date prior to the Expiration Date to determine whether such waivers should be
amended, continued or terminated. The waivers will expire upon the Expiration
Date unless Invesco has agreed to continue them. The Exhibits will be amended
to reflect any such agreement.
It is expressly agreed that the obligations of the Trusts hereunder shall
not be binding upon any of the Trustees, shareholders, nominees, officers,
agents or employees of the Trusts personally, but shall only bind the assets
and property of the Funds, as provided in each Trust's Agreement and
Declaration of Trust. The execution and delivery of this Memorandum of
Agreement have been authorized by the Trustees of each Trust, and this
Memorandum of Agreement has been executed and delivered by an authorized
officer of each Trust acting as such; neither such authorization by such
Trustees nor such execution and delivery by such officer shall be deemed to
have been made by any of them individually or to impose any liability on any of
them personally, but shall bind only the assets and property of the Funds, as
provided in each Trust's Agreement and Declaration of Trust.
IN WITNESS WHEREOF, each of the Trusts, on behalf of itself and its Funds
listed in Exhibit A and B to this Memorandum of Agreement, and Invesco have
entered into this Memorandum of Agreement as of the Effective Date on the
attached Exhibits.
AIM COUNSELOR SERIES TRUST (INVESCO INVESCO ADVANTAGE MUNICIPAL INCOME
COUNSELOR SERIES TRUST) TRUST II
AIM EQUITY FUNDS (INVESCO EQUITY FUNDS) INVESCO CALIFORNIA VALUE MUNICIPAL
AIM FUNDS GROUP (INVESCO FUNDS GROUP) INCOME TRUST
AIM GROWTH SERIES (INVESCO GROWTH INVESCO DYNAMIC CREDIT OPPORTUNITIES
SERIES) FUND
AIM INTERNATIONAL MUTUAL FUNDS INVESCO HIGH INCOME TRUST II
(INVESCO INTERNATIONAL MUTUAL FUNDS) INVESCO MANAGEMENT TRUST
AIM INVESTMENT FUNDS (INVESCO INVESCO MUNICIPAL OPPORTUNITY TRUST
INVESTMENT FUNDS) INVESCO MUNICIPAL TRUST
AIM INVESTMENT SECURITIES FUNDS INVESCO PENNSYLVANIA VALUE MUNICIPAL
(INVESCO INVESTMENT SECURITIES FUNDS) INCOME TRUST
AIM SECTOR FUNDS (INVESCO SECTOR FUNDS) INVESCO SECURITIES TRUST
AIM TAX-EXEMPT FUNDS (INVESCO INVESCO SENIOR INCOME TRUST
TAX-EXEMPT FUNDS) INVESCO TRUST FOR INVESTMENT GRADE
AIM TREASURER'S SERIES TRUST (INVESCO MUNICIPALS
TREASURER'S SERIES TRUST) INVESCO TRUST FOR INVESTMENT GRADE
AIM VARIABLE INSURANCE FUNDS (INVESCO NEW YORK MUNICIPALS
VARIABLE INSURANCE FUNDS) INVESCO VALUE MUNICIPAL INCOME TRUST
on behalf of the Funds listed in the Exhibit
to this Memorandum of Agreement
By: /s/ Xxxx X. Xxxx
-------------------------------
Title: Senior Vice President
INVESCO ADVISERS, INC.
By: /s/ Xxxx X. Xxxx
-------------------------------
Title: Senior Vice President
EXHIBIT A TO ADVISORY FEE MOA
AIM COUNSELOR SERIES TRUST
(INVESCO COUNSELOR SERIES EFFECTIVE EXPIRATION
TRUST) WAIVER DESCRIPTION DATE DATE
-------------------------- ------------------------ ---------- ----------
Invesco Strategic Real Invesco will waive
Return Fund advisory fees in an
amount equal to the
advisory fees earned on
underlying affiliated
investments 4/30/2014 06/30/2017
AIM INVESTMENT FUNDS EFFECTIVE EXPIRATION
(INVESCO INVESTMENT FUNDS WAIVER DESCRIPTION DATE DATE
------------------------- ------------------------ ---------- ----------
Invesco Global Targeted Invesco will waive
Returns Fund advisory fees in an
amount equal to the
advisory fees earned on
underlying affiliated
investments 12/17/2013 06/30/2017
Invesco Strategic Invesco will waive
Income Fund advisory fees in an
amount equal to the
advisory fees earned on
underlying affiliated
investments 5/2/2014 06/30/2017
Invesco Unconstrained Invesco will waive
Bond Fund advisory fees in an
amount equal to the
advisory fees earned on
underlying affiliated
investments 10/14/2014 06/30/2017
AIM TREASURER'S SERIES
TRUST (INVESCO TREASURER'S EFFECTIVE EXPIRATION
SERIES TRUST) WAIVER DESCRIPTION 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. Invesco will waive
Government Money advisory fees in the
Portfolio 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, 2017
Invesco Core Plus Bond Fund June 2, 2009 June 30, 2017
Invesco Equally-Weighted S&P 500 Fund February 12, 2010 June 30, 2017
Invesco Equity and Income Fund February 12, 2010 June 30, 2017
Invesco Floating Rate Fund July 1, 2007 June 30, 2017
Invesco Global Real Estate Income Fund July 1, 2007 June 30, 2017
Invesco Growth and Income Fund February 12, 2010 June 30, 2017
Invesco Low Volatility Equity Yield Fund July 1, 2007 June 30, 0000
Xxxxxxx Xxxxxxxxxxxx Tax Free Income Fund February 12, 2010 June 30, 2017
Invesco S&P 500 Index Fund February 12, 2010 June 30, 2017
Invesco Small Cap Discovery Fund February 12, 2010 June 30, 2017
Invesco Strategic Real Return Fund April 30, 2014 June 30, 2017
AIM EQUITY FUNDS (INVESCO EQUITY FUNDS)
PORTFOLIO EFFECTIVE DATE COMMITTED UNTIL
--------- -------------- ---------------
Invesco Charter Fund July 1, 2007 June 30, 2017
Invesco Diversified Dividend Fund July 1, 2007 June 30, 0000
Xxxxxxx Xxxxxx Fund July 1, 2007 June 30, 2017
AIM FUNDS GROUP (INVESCO FUNDS GROUP)
FUND EFFECTIVE DATE COMMITTED UNTIL
---- -------------- ---------------
Invesco European Small Company Fund July 1, 2007 June 30, 2017
Invesco Global Core Equity Fund July 1, 2007 June 30, 2017
Invesco International Small Company Fund July 1, 2007 June 30, 2017
Invesco Small Cap Equity Fund July 1, 2007 June 30, 2017
AIM GROWTH SERIES (INVESCO GROWTH SERIES)
FUND EFFECTIVE DATE COMMITTED UNTIL
---- ----------------- ---------------
Invesco Convertible Securities Fund February 12, 2010 June 30, 2017
Invesco Global Low Volatility Equity Yield
Fund July 1, 2007 June 30, 2017
Invesco Mid Cap Core Equity Fund July 1, 2007 June 30, 2017
Invesco Small Cap Growth Fund July 1, 2007 June 30, 0000
Xxxxxxx X.X. Mortgage Fund February 12, 2010 June 30, 2017
AIM INTERNATIONAL MUTUAL FUNDS (INVESCO INTERNATIONAL MUTUAL FUNDS)
FUND EFFECTIVE DATE COMMITTED UNTIL
---- -------------- ---------------
Invesco Asia Pacific Growth Fund July 1, 2007 June 30, 2017
Invesco European Growth Fund July 1, 2007 June 30, 2017
Invesco Global Growth Fund July 1, 2007 June 30, 2017
Invesco Global Opportunities Fund August 3, 2012 June 30, 2017
Invesco Global Small & Mid Cap Growth Fund July 1, 2007 June 30, 2017
Invesco International Core Equity Fund July 1, 2007 June 30, 2017
Invesco International Growth Fund July 1, 2007 June 30, 2017
Invesco Select Opportunities Fund August 3, 2012 June 30, 2017
AIM INVESTMENT FUNDS (INVESCO INVESTMENT FUNDS)
FUND EFFECTIVE DATE COMMITTED UNTIL
---- ------------------ ---------------
Invesco All Cap Market Neutral Fund December 17, 2013 June 30, 2017
Invesco Balanced-Risk Allocation Fund/1/ May 29, 2009 June 30, 2017
Invesco Balanced-Risk Commodity Strategy
Fund/2/ November 29, 2010 June 30, 2017
Invesco Developing Markets Fund July 1, 2007 June 30, 2017
Invesco Emerging Markets Equity Fund May 11, 2011 June 30, 2017
Invesco Emerging Market Local Currency Debt
Fund June 14, 2010 June 30, 2017
Invesco Endeavor Fund July 1, 2007 June 30, 2017
Invesco Global Health Care Fund July 1, 2007 June 30, 2017
Invesco Global Infrastructure Fund May 2, 2014 June 30, 2017
Invesco Global Market Neutral Fund December 17, 2013 June 30, 2017
Invesco Global Markets Strategy Fund/3/ September 25, 2012 June 30, 2017
Invesco Global Targeted Returns Fund/4/ December 17, 2013 June 30, 2017
Invesco Greater China Fund July 1, 2007 June 30, 2017
Invesco International Total Return Fund July 1, 2007 June 30, 2017
Invesco Long/Short Equity Fund December 17, 2013 June 30, 2017
Invesco Low Volatility Emerging Markets Fund December 17, 2013 June 30, 2017
Invesco Macro International Equity Fund December 17, 2013 June 30, 2017
Invesco Macro Long/Short Fund December 17, 2013 June 30, 2017
Invesco MLP Fund August 29, 2014 June 30, 2017
Invesco Pacific Growth Fund February 12, 2010 June 30, 2017
Invesco Premium Income Fund December 13, 2011 June 30, 2017
Invesco Select Companies Fund July 1, 2007 June 30, 2017
Invesco Strategic Income Fund May 2, 2014 June 30, 2017
Invesco Unconstrained Bond Fund October 14, 2014 June 30, 2017
AIM INVESTMENT SECURITIES FUNDS (INVESCO INVESTMENT SECURITIES FUNDS)
FUND EFFECTIVE DATE COMMITTED UNTIL
---- ----------------- ---------------
Invesco Corporate Bond Fund February 12, 2010 June 30, 2017
Invesco Global Real Estate Fund July 1, 2007 June 30, 2017
Invesco High Yield Fund July 1, 2007 June 30, 2017
Invesco Limited Maturity Treasury Fund July 1, 2007 June 30, 2017
Invesco Money Market Fund July 1, 2007 June 30, 2017
Invesco Real Estate Fund July 1, 2007 June 30, 2017
Invesco Short Term Bond Fund July 1, 2007 June 30, 0000
Xxxxxxx X.X. Government Fund July 1, 2007 June 30, 2017
--------
/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, 2017
Invesco Xxxxxxxx Fund February 12, 2010 June 30, 2017
Invesco Energy Fund July 1, 2007 June 30, 2017
Invesco Dividend Income Fund July 1, 2007 June 30, 2017
Invesco Gold & Precious Metals Fund July 1, 2007 June 30, 2017
Invesco Mid Cap Growth Fund February 12, 2010 June 30, 2017
Invesco Small Cap Value Fund February 12, 2010 June 30, 2017
Invesco Technology Fund July 1, 2007 June 30, 2017
Invesco Technology Sector Fund February 12, 2010 June 30, 2017
Invesco Value Opportunities Fund February 12, 2010 June 30, 2017
AIM TAX-EXEMPT FUNDS (INVESCO TAX-EXEMPT FUNDS)
FUND EFFECTIVE DATE COMMITTED UNTIL
---- ----------------- ---------------
Invesco High Yield Municipal Fund February 12, 2010 June 30, 2017
Invesco Intermediate Term Municipal Income
Fund February 12, 2010 June 30, 2017
Invesco Municipal Income Fund February 12, 2010 June 30, 2017
Invesco New York Tax Free Income Fund February 12, 2010 June 30, 2017
Invesco Tax-Exempt Cash Fund July 1, 2007 June 30, 2017
Invesco Limited Term Municipal Income Fund July 1, 2007 June 30, 2017
AIM VARIABLE INSURANCE FUNDS (INVESCO VARIABLE INSURANCE FUNDS)
FUND EFFECTIVE DATE COMMITTED UNTIL
---- ----------------- ---------------
Invesco V.I. American Franchise Fund February 12, 2010 June 30, 2017
Invesco V.I. American Value Fund February 12, 2010 June 30, 2017
Invesco V.I. Balanced-Risk Allocation
Fund/5/ December 22, 2010 June 30, 2017
Invesco V.I. Xxxxxxxx Fund February 12, 2010 June 30, 2017
Invesco V.I. Core Equity Fund July 1, 2007 June 30, 2017
Invesco V.I. Core Plus Bond Fund April 30, 2015 June 30, 2017
Invesco V.I. Diversified Dividend Fund February 12, 2010 June 30, 2017
Invesco V.I. Equally-Weighted S&P 500 Fund February 12, 2010 June 30, 2017
Invesco V.I. Equity and Income Fund February 12, 2010 June 30, 2017
Invesco V.I. Global Core Equity Fund February 12, 2010 June 30, 2017
Invesco V.I. Global Health Care Fund July 1, 2007 June 30, 2017
Invesco V.I. Global Real Estate Fund July 1, 2007 June 30, 2017
Invesco V.I. Government Securities Fund July 1, 2007 June 30, 2017
Invesco V.I. Growth and Income Fund February 12, 2010 June 30, 2017
Invesco V.I. High Yield Fund July 1, 2007 June 30, 2017
Invesco V.I. International Growth Fund July 1, 2007 June 30, 2017
Invesco V.I. Managed Volatility Fund July 1, 2007 June 30, 2017
Invesco V.I. Mid Cap Core Equity Fund July 1, 2007 June 30, 2017
Invesco V.I. Mid Cap Growth Fund February 12, 2010 June 30, 2017
Invesco V.I. Money Market Fund July 1, 2007 June 30, 2017
Invesco V.I. S&P 500 Index Fund February 12, 2010 June 30, 2017
Invesco V.I. Small Cap Equity Fund July 1, 2007 June 30, 2017
Invesco V.I. Technology Fund July 1, 2007 June 30, 2017
Invesco V.I. Value Opportunities Fund July 1, 2007 June 30, 2017
/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, 2017
INVESCO MANAGEMENT TRUST
FUND EFFECTIVE DATE COMMITTED UNTIL
---- -------------- ---------------
Invesco Conservative Income Fund July 1, 2014 June 30, 2017
CLOSED-END FUNDS
FUND EFFECTIVE DATE COMMITTED UNTIL
---- -------------- ---------------
Invesco Advantage Municipal Income Trust II May 15, 2012 June 30, 0000
Xxxxxxx Xxxxxxxxxx Value Municipal Income
Trust May 15, 2012 June 30, 2017
Invesco Dynamic Credit Opportunities Fund May 15, 2012 June 30, 2017
Invesco High Income Trust II May 15, 2012 June 30, 2017
Invesco Municipal Opportunity Trust May 15, 2012 June 30, 2017
Invesco Municipal Trust May 15, 2012 June 30, 0000
Xxxxxxx Xxxxxxxxxxxx Value Municipal
Income Trust May 15, 2012 June 30, 2017
Invesco Senior Income Trust May 15, 2012 June 30, 2017
Invesco Trust for Investment Grade
Municipals May 15, 2012 June 30, 2017
Invesco Trust for Investment Grade
New York Municipals May 15, 2012 June 30, 2017
Invesco Value Municipal Income Trust June 1, 2010 June 30, 2017
