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, 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
Treasurer's Series Trust, AIM 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"), successor by merger to Invesco Aim
Advisors, Inc. 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 Portfolio's Board of Trustee to remove or
1
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
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 TREASURER'S SERIES TRUST
AIM 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
2
EXHIBIT A TO ADVISORY FEE MOA
AIM EQUITY FUNDS WAIVER DESCRIPTION EFFECTIVE DATE EXPIRATION DATE
-------------------------- ----------------------------------------- -------------- ---------------
AIM Charter Fund Invesco will waive advisory fees to the 1/1/2005 12/31/2012
extent necessary so that advisory fees
Invesco receives do not exceed the
annualized rates listed below.
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
AIM Constellation Fund Invesco will waive advisory fees to the 3/27/2006 12/31/2012
extent necessary so that advisory fees
Invesco receives do not exceed the
annualized rates listed below.
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 FUNDS GROUP WAIVER DESCRIPTION EFFECTIVE DATE EXPIRATION DATE
-------------------------- ----------------------------------------- -------------- ---------------
AIM Basic Balanced Fund Invesco will waive advisory fees to the 1/1/2005 12/31/2012
extent necessary so that advisory fees
Invesco receives do not exceed the
annualized rates listed below.
0.62% of the first $250M
0.605% of the next $250M
0.59% of the next $500M
0.575% of the next $1.5B
0.56% of the next $2.5B
0.545% of the next $2.5B
0.53% of the next $2.5B
0.515% of the excess over $10B
3
AIM SECTOR FUNDS WAIVER DESCRIPTION EFFECTIVE DATE EXPIRATION DATE
-------------------------- ----------------------------------------- -------------- ---------------
AIM Gold & Precious Metals Invesco will waive advisory fees to the 1/1/2005 6/30/2010
Fund extent necessary so that advisory fees
Invesco receives do not exceed the
annualized rates listed below.
0.75% of the first $250M
0.74% of the next $250M
0.73% of the next $500M
0.72% of the next $1.5B
0.71% of the next $2.5B
0.70% of the next $2.5B
0.69% of the next $2.5B
0.68% of the excess over $10B
AIM TAX-EXEMPT FUNDS WAIVER DESCRIPTION EFFECTIVE DATE EXPIRATION DATE
-------------------------- ----------------------------------------- -------------- ---------------
Invesco Xxx Xxxxxx Invesco will waive advisory fees in the 2/12/2010 6/30/2012
Intermediate Term amount of 0.10% of the Fund's average
Municipal Income Fund daily net assets
Invesco Xxx Xxxxxx New Invesco will waive advisory fees in the 2/12/2010 6/30/2012
York Tax Free Income Fund amount of 0.25% of the Fund's average
daily net assets
AIM TREASURER'S
SERIES TRUST WAIVER DESCRIPTION EFFECTIVE DATE EXPIRATION DATE
-------------------------- ----------------------------------------- -------------- ---------------
Premier Portfolio Invesco will waive advisory fees in the 2/25/2005 6/30/2010
amount of 0.03% of the Fund's average
daily net assets
Premier U.S. Government Invesco will waive advisory fees in the 2/25/2005 6/30/2010
Money Portfolio amount of 0.03% of the Fund's average
daily net assets
AIM VARIABLE
INSURANCE FUNDS WAIVER DESCRIPTION EFFECTIVE DATE EXPIRATION DATE
-------------------------- ----------------------------------------- -------------- ---------------
AIM V. I. Basic Balanced Invesco will waive advisory fees to the 1/1/2010 04/30/2011
Fund extent necessary so that advisory fees
Invesco receives do not exceed the
annualized rates listed below.
0.62% of the first $250M
0.605% of the next $250M
0.59% of the next $500M
0.575% of the next $1.5B
0.56% of the next $2.5B
0.545% of the next $2.5B
0.53% of the next $2.5B
0.515% of the excess over $10B
4
AIM V. I. Capital Invesco will waive advisory fees to the 1/1/2005 4/30/2011
Development Fund extent necessary so that advisory fees
Invesco receives do not exceed the
annualized rates listed below.
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
5
EXHIBIT "B"
AIM COUNSELOR SERIES TRUST
PORTFOLIO EFFECTIVE DATE COMMITTED UNTIL
--------- ----------------- ---------------
AIM Core Plus Bond Fund June 2, 2009
AIM Floating Rate Fund July 1, 2007
AIM Multi-Sector Fund July 1, 2007
AIM Select Real Estate Income Fund July 1, 2007
AIM Structured Core Fund July 1, 2007
AIM Structured Growth Fund July 1, 2007
AIM Structured Value Fund July 1, 2007
Invesco Balanced Fund February 12, 0000
Xxxxxxx Xxxxxxxxxx Tax-Free Income Fund February 12, 2010
Invesco Dividend Growth Securities Fund February 12, 2010
Invesco Equally-Weighted S&P 500 Fund February 12, 2010
Invesco Fundamental Value Fund February 12, 2010
Invesco Large Cap Relative Value Fund February 12, 2010
Invesco New York Tax-Free Income Fund February 12, 2010
Invesco S&P 500 Index Fund February 12, 2010
Invesco Xxx Xxxxxx American Franchise Fund February 12, 2010
Invesco Xxx Xxxxxx Core Equity Fund February 12, 2010
Invesco Xxx Xxxxxx Equity and Income Fund February 12, 2010
Invesco Xxx Xxxxxx Equity Premium Income Fund February 12, 2010
Invesco Xxx Xxxxxx Growth and Income Fund February 12, 2010
Invesco Xxx Xxxxxx Money Market Fund February 12, 0000
Xxxxxxx Xxx Xxxxxx Xxxxxxxxxxxx Tax Free Income Fund February 12, 2010
Invesco Xxx Xxxxxx Small Cap Growth Fund February 12, 2010
Invesco Xxx Xxxxxx Tax-Free Money Fund February 12, 2010
AIM EQUITY FUNDS
PORTFOLIO EFFECTIVE DATE COMMITTED UNTIL
--------- ----------------- ---------------
AIM Capital Development Fund July 1, 2007
AIM Charter Fund July 1, 2007
AIM Constellation Fund July 1, 2007
AIM Disciplined Equity Fund July 14, 2009
AIM Diversified Dividend Fund July 1, 2007
AIM Large Cap Basic Value Fund July 1, 2007
AIM Large Cap Growth Fund July 1, 2007
AIM Summit Fund July 1, 2007
AIM FUNDS GROUP
FUND EFFECTIVE DATE COMMITTED UNTIL
---- ----------------- ---------------
AIM Basic Balanced Fund July 1, 2007
AIM European Small Company Fund July 1, 2007
AIM Global Core Equity Fund July 1, 2007
AIM International Small Company Fund July 1, 2007
AIM Mid Cap Basic Value Fund July 1, 2007
AIM Select Equity Fund July 1, 2007
AIM Small Cap Equity Fund July 1, 2007
6
AIM GROWTH SERIES
FUND EFFECTIVE DATE COMMITTED UNTIL
---- ----------------- ---------------
AIM Basic Value Fund July 1, 2007
AIM Global Equity Fund July 1, 2007
AIM Mid Cap Core Equity Fund July 1, 2007
AIM Small Cap Growth Fund July 1, 2007
Invesco Convertible Securities Fund February 12, 2010
Invesco Xxx Xxxxxx Asset Allocation Conservative Fund February 12, 2010
Invesco Xxx Xxxxxx Asset Allocation Growth Fund February 12, 2010
Invesco Xxx Xxxxxx Asset Allocation Moderate Fund February 12, 2010
Invesco Xxx Xxxxxx Harbor Fund February 12, 2010
Invesco Xxx Xxxxxx Leaders Fund February 12, 2010
Invesco Xxx Xxxxxx Real Estate Securities Fund February 12, 2010
Invesco Xxx Xxxxxx U.S. Mortgage Fund February 12, 2010
AIM INTERNATIONAL MUTUAL FUNDS
FUND EFFECTIVE DATE COMMITTED UNTIL
---- ----------------- ---------------
AIM Asia Pacific Growth Fund July 1, 2007
AIM European Growth Fund July 1, 2007
AIM Global Growth Fund July 1, 2007
AIM Global Small & Mid Cap Growth Fund July 1, 2007
AIM International Growth Fund July 1, 2007
AIM International Core Equity Fund July 1, 2007
AIM INVESTMENT FUNDS
FUND EFFECTIVE DATE COMMITTED UNTIL
---- ----------------- ---------------
AIM Balanced-Risk Allocation Fund(*) May 29, 2009
AIM China Fund July 1, 2007
AIM Developing Markets Fund July 1, 2007
AIM Global Health Care Fund July 1, 2007
AIM International Total Return Fund July 1, 2007
AIM Japan Fund July 1, 2007
AIM LIBOR Alpha Fund July 1, 2007
AIM Trimark Endeavor Fund July 1, 2007
AIM Trimark Fund July 1, 2007
AIM Trimark Small Companies Fund July 1, 2007
Invesco Alternative Opportunities Fund February 12, 2010
Invesco Commodities Strategy Fund February 12, 2010
Invesco FX Alpha Plus Strategy Fund February 12, 2010
Invesco FX Alpha Strategy Fund February 12, 2010
Invesco Global Advantage Fund February 12, 2010
Invesco Global Dividend Growth Securities Fund February 12, 2010
Invesco Health Sciences Fund February 12, 2010
Invesco International Growth Equity Fund February 12, 2010
Invesco Pacific Growth Fund February 12, 2010
Invesco Xxx Xxxxxx Emerging Markets Fund February 12, 2010
Invesco Xxx Xxxxxx Global Bond Fund February 12, 2010
Invesco Xxx Xxxxxx Global Equity Allocation Fund February 12, 2010
Invesco Xxx Xxxxxx Global Franchise Fund February 12, 2010
Invesco Xxx Xxxxxx Global Tactical Asset Allocation Fund February 12, 2010
Invesco Xxx Xxxxxx International Advantage Fund February 12, 2010
Invesco Xxx Xxxxxx International Growth Fund February 12, 2010
----------
(*) Advisory fees to be waived by Invesco for AIM Balanced-Risk Allocation Fund
also include advisory fees that Invesco 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
AIM Dynamics Fund July 1, 2007
AIM Global Real Estate Fund July 1, 2007
AIM High Yield Fund July 1, 2007
AIM Income Fund July 1, 2007
AIM Limited Maturity Treasury Fund July 1, 2007
AIM Money Market Fund July 1, 2007
AIM Municipal Bond Fund July 1, 2007
AIM Real Estate Fund July 1, 2007
AIM Short Term Bond Fund July 1, 2007
AIM U.S. Government Fund July 1, 2007
Invesco High Yield Securities Fund February 12, 2010
Invesco Xxx Xxxxxx Core Plus Fixed Income Fund February 12, 2010
Invesco Xxx Xxxxxx Corporate Bond Fund February 12, 2010
Invesco Xxx Xxxxxx Government Securities Fund February 12, 2010
Invesco Xxx Xxxxxx High Yield Fund February 12, 2010
Invesco Xxx Xxxxxx Limited Duration Fund February 12, 2010
AIM SECTOR FUNDS
FUND EFFECTIVE DATE COMMITTED UNTIL
---- ----------------- ---------------
AIM Energy Fund July 1, 2007
AIM Financial Services Fund July 1, 2007
AIM Gold & Precious Metals Fund July 1, 2007
AIM Leisure Fund July 1, 2007
AIM Technology Fund July 1, 2007
AIM Utilities Fund July 1, 2007
Invesco Mid-Cap Value Fund February 12, 2010
Invesco Small-Mid Special Value Fund February 12, 2010
Invesco Special Value Fund February 12, 2010
Invesco Technology Sector Fund February 12, 2010
Invesco U.S. Mid Cap Value Fund February 12, 0000
Xxxxxxx X.X. Small Cap Value Fund February 12, 0000
Xxxxxxx X.X. Small/Mid Cap Value Fund February 12, 2010
Invesco Value Fund February 12, 2010
Invesco Value II Fund February 12, 2010
Invesco Xxx Xxxxxx American Value Fund February 12, 2010
Invesco Xxx Xxxxxx Capital Growth Fund February 12, 2010
Invesco Xxx Xxxxxx Xxxxxxxx Fund February 12, 2010
Invesco Xxx Xxxxxx Enterprise Fund February 12, 2010
Invesco Xxx Xxxxxx Mid Cap Growth Fund February 12, 2010
Invesco Xxx Xxxxxx Small Cap Value Fund February 12, 2010
Invesco Xxx Xxxxxx Technology Sector Fund February 12, 2010
Invesco Xxx Xxxxxx Utility Fund February 12, 2010
Invesco Xxx Xxxxxx Value Opportunities Fund February 12, 2010
AIM TAX-EXEMPT FUNDS
FUND EFFECTIVE DATE COMMITTED UNTIL
---- ----------------- ---------------
AIM High Income Municipal Fund July 1, 2007
AIM Tax-Exempt Cash Fund July 1, 2007
AIM Tax-Free Intermediate Fund July 1, 2007
Invesco Municipal Fund February 12, 2010
Invesco Tax-Exempt Securities Fund February 12, 0000
Xxxxxxx Xxx Xxxxxx Xxxxxxxxxx Insured Tax Free Fund February 12, 2010
Invesco Xxx Xxxxxx High Yield Municipal Fund February 12, 2010
Invesco Xxx Xxxxxx Insured Tax Free Income Fund February 12, 2010
Invesco Xxx Xxxxxx Intermediate Term Municipal Income
Fund February 12, 2010
Invesco Xxx Xxxxxx Municipal Income Fund February 12, 0000
Xxxxxxx Xxx Xxxxxx Xxx Xxxx Tax Free Income Fund February 12, 2010
AIM VARIABLE INSURANCE FUNDS
FUND EFFECTIVE DATE COMMITTED UNTIL
---- ----------------- ---------------
AIM V.I. Basic Balanced Fund July 1, 2007 June 30, 2010
AIM V.I. Basic Value Fund July 1, 2007 June 30, 2010
AIM V.I. Capital Appreciation Fund July 1, 2007 June 30, 2010
AIM V.I. Capital Development Fund July 1, 2007 June 30, 2010
AIM V.I. Core Equity Fund July 1, 2007 June 30, 2010
AIM V.I. Diversified Income Fund July 1, 2007 June 30, 2010
AIM V.I. Dynamics Fund July 1, 2007 June 30, 2010
AIM V.I. Financial Services Fund July 1, 2007 June 30, 2010
AIM V.I. Global Health Care Fund July 1, 2007 June 30, 2010
AIM V.I. Global Real Estate Fund July 1, 2007 June 30, 2010
AIM V.I. Government Securities Fund July 1, 2007 June 30, 2010
AIM V.I. High Yield Fund July 1, 2007 June 30, 2010
AIM V.I. International Growth Fund July 1, 2007 June 30, 2010
AIM V.I. Large Cap Growth Fund July 1, 2007 June 30, 2010
AIM V.I. Leisure Fund July 1, 2007 June 30, 2010
AIM V.I. Mid Cap Core Equity Fund July 1, 2007 June 30, 2010
AIM V.I. Money Market Fund July 1, 2007 June 30, 2010
AIM V.I. PowerShares ETF Allocation Fund October 22, 2008 June 30, 2010
AIM V.I. Small Cap Equity Fund July 1, 2007 June 30, 2010
AIM V.I. Technology Fund July 1, 2007 June 30, 2010
AIM V.I. Utilities Fund July 1, 2007 June 30, 2010
Invesco V.I. Dividend Growth Fund February 12, 2010 June 30, 2010
Invesco V.I. Global Dividend Growth Fund February 12, 2010 June 30, 2010
Invesco V.I. High Yield Fund February 12, 2010 June 30, 2010
Invesco V.I. Income Builder Fund February 12, 2010 June 30, 2010
Invesco V.I. S&P 500 Index Fund February 12, 2010 June 30, 2010
Invesco V.I. Select Dimensions Balanced Fund February 12, 2010 June 30, 2010
Invesco V.I. Select Dimensions Dividend Growth Fund February 12, 2010 June 30, 2010
Invesco V.I. Select Dimensions Equally-Weighted June 30, 2010
S&P 500 Fund February 12, 2010 June 30, 2010
Invesco Xxx Xxxxxx V.I. Capital Growth Fund February 12, 2010 June 30, 2010
Invesco Xxx Xxxxxx V.I. Xxxxxxxx Fund February 12, 2010 June 30, 2010
Invesco Xxx Xxxxxx V.I. Equity and Income Fund February 12, 2010 June 30, 2010
Invesco Xxx Xxxxxx V.I. Global Tactical Asset Allocation June 30, 2010
Fund February 12, 2010 June 30, 2010
Invesco Xxx Xxxxxx V.I. Global Value Equity Fund February 12, 2010 June 30, 2010
Invesco Xxx Xxxxxx V.I. Government Fund February 12, 2010 June 30, 2010
Invesco Xxx Xxxxxx V.I. Growth and Income Fund February 12, 2010 June 30, 2010
Invesco Xxx Xxxxxx V.I. High Yield Fund February 12, 2010 June 30, 2010
Invesco Xxx Xxxxxx V.I. International Growth Equity Fund February 12, 2010 June 30, 2010
Invesco Xxx Xxxxxx V.I. Mid Cap Growth Fund February 12, 2010 June 30, 2010
Invesco Xxx Xxxxxx V.I. Mid Cap Value Fund February 12, 2010 June 30, 2010
Invesco Xxx Xxxxxx V.I. Value Fund February 12, 2010 June 30, 2010
SHORT-TERM INVESTMENTS TRUST
FUND EFFECTIVE DATE COMMITTED UNTIL
---- ----------------- ---------------
Government TaxAdvantage Portfolio July 1, 2007 June 30, 2010
STIC Prime Portfolio July 1, 2007 June 30, 2010
Treasury Portfolio July 1, 2007 June 30, 2010
