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 Bond
Fund, Invesco California Value Municipal Income Trust, Invesco Dynamic Credit
Opportunities Fund, Invesco Exchange Fund, Invesco High Income Trust II,
Invesco Management Trust, Invesco Municipal Income Opportunities Trust, Invesco
Municipal Opportunity Trust, Invesco Municipal Trust, Invesco Pennsylvania
Value Municipal Income Trust, Invesco Quality 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 BOND FUND
COUNSELOR SERIES TRUST) INVESCO CALIFORNIA VALUE MUNICIPAL
AIM EQUITY FUNDS (INVESCO EQUITY INCOME TRUST
FUNDS) INVESCO DYNAMIC CREDIT OPPORTUNITIES
AIM FUNDS GROUP (INVESCO FUNDS GROUP) FUND
AIM GROWTH SERIES (INVESCO GROWTH INVESCO EXCHANGE FUND
SERIES) INVESCO HIGH INCOME TRUST II
AIM INTERNATIONAL MUTUAL FUNDS INVESCO MANAGEMENT TRUST
(INVESCO INTERNATIONAL MUTUAL FUNDS) INVESCO MUNICIPAL INCOME
AIM INVESTMENT FUNDS (INVESCO OPPORTUNITIES TRUST
INVESTMENT FUNDS) INVESCO MUNICIPAL OPPORTUNITY TRUST
AIM INVESTMENT SECURITIES FUNDS INVESCO MUNICIPAL TRUST
(INVESCO INVESTMENT SECURITIES FUNDS) INVESCO PENNSYLVANIA VALUE MUNICIPAL
AIM SECTOR FUNDS (INVESCO SECTOR INCOME TRUST
FUNDS) INVESCO QUALITY MUNICIPAL INCOME TRUST
AIM TAX-EXEMPT FUNDS (INVESCO INVESCO SECURITIES TRUST
TAX-EXEMPT FUNDS) INVESCO SENIOR INCOME TRUST
AIM TREASURER'S SERIES TRUST (INVESCO INVESCO TRUST FOR INVESTMENT GRADE
TREASURER'S SERIES TRUST) MUNICIPALS
AIM VARIABLE INSURANCE FUNDS (INVESCO INVESCO TRUST FOR INVESTMENT GRADE
VARIABLE INSURANCE FUNDS) NEW YORK MUNICIPALS
INVESCO ADVANTAGE MUNICIPAL INCOME INVESCO VALUE MUNICIPAL INCOME TRUST
TRUST II
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 TRUST) WAIVER DESCRIPTION EFFECTIVE DATE EXPIRATION DATE
--------------------- -------------------------------------------------------- -------------- ---------------
Invesco Strategic Invesco will waive advisory fees in an amount equal to 4/30/2014 06/30/2018
Real Return Fund the advisory fees earned on underlying affiliated
investments
AIM INVESTMENT
FUNDS (INVESCO
INVESTMENT FUNDS WAIVER DESCRIPTION EFFECTIVE DATE EXPIRATION DATE
--------------------- -------------------------------------------------------- -------------- ---------------
Invesco Balanced- Invesco will waive advisory fees in an amount equal to 02/24/15 06/30/2018
Risk Commodity the advisory fees earned on underlying affiliated
Strategy Fund investments
Invesco Global Invesco will waive advisory fees in an amount equal to 12/17/2013 06/30/2018
Targeted Returns the advisory fees earned on underlying affiliated
Fund investments
Invesco Strategic Invesco will waive advisory fees in an amount equal to 5/2/2014 06/30/2018
Income Fund the advisory fees earned on underlying affiliated
investments
Invesco Invesco will waive advisory fees in an amount equal to 10/14/2014 06/30/2018
Unconstrained the advisory fees earned on underlying affiliated
Bond Fund investments
AIM TREASURER'S
SERIES TRUST (INVESCO
TREASURER'S SERIES
TRUST) WAIVER DESCRIPTION EFFECTIVE DATE EXPIRATION DATE
--------------------- -------------------------------------------------------- -------------- ---------------
Premier Portfolio Invesco will waive advisory fees in the amount of 0.07% 2/1/2011 12/31/2016
of the Fund's average daily net assets
Premier U.S. Invesco will waive advisory fees in the amount of 0.07% 2/1/2011 12/31/2016
Government of the Fund's average daily net assets
Money Portfolio
Premier Tax- Invesco will waive advisory fees in the amount of 0.05% 06/01/2016 05/31/2017
Exempt Portfolio of the Fund's average daily net assets
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 February 12, 2010 June 30, 2018
Fund
Invesco Core Plus Bond Fund June 2, 2009 June 30, 2018
Invesco Equally-Weighted S&P 500 Fund February 12, 2010 June 30, 2018
Invesco Equity and Income Fund February 12, 2010 June 30, 2018
Invesco Floating Rate Fund July 1, 2007 June 30, 2018
Invesco Global Real Estate Income Fund July 1, 2007 June 30, 2018
Invesco Growth and Income Fund February 12, 2010 June 30, 2018
Invesco Low Volatility Equity Yield July 1, 2007 June 30, 2018
Fund
Invesco Pennsylvania Tax Free Income February 12, 2010 June 30, 2018
Fund
Invesco S&P 500 Index Fund February 12, 2010 June 30, 2018
Invesco Short Duration High Yield September 30, 2015 June 30, 2018
Municipal Fund
Invesco Small Cap Discovery Fund February 12, 2010 June 30, 2018
Invesco Strategic Real Return Fund April 30, 2014 June 30, 2018
AIM EQUITY FUNDS (INVESCO EQUITY FUNDS)
PORTFOLIO EFFECTIVE DATE COMMITTED UNTIL
--------- ------------------------------------- ---------------
Invesco Charter Fund July 1, 2007 June 30, 2018
Invesco Diversified Dividend Fund July 1, 2007 June 30, 0000
Xxxxxxx Xxxxxx Fund July 1, 2007 June 30, 2018
AIM FUNDS GROUP (INVESCO FUNDS GROUP)
FUND EFFECTIVE DATE COMMITTED UNTIL
---- ------------------------------------- ---------------
Invesco European Small Company Fund July 1, 2007 June 30, 2018
Invesco Global Core Equity Fund July 1, 2007 June 30, 2018
Invesco International Small Company July 1, 2007 June 30, 2018
Fund
Invesco Small Cap Equity Fund July 1, 2007 June 30, 2018
AIM GROWTH SERIES (INVESCO GROWTH SERIES)
FUND EFFECTIVE DATE COMMITTED UNTIL
---- ------------------------------------- ---------------
Invesco Alternative Strategies Fund October 14, 2014 June 30, 2018
Invesco Convertible Securities Fund February 12, 2010 June 30, 2018
Invesco Global Low Volatility Equity July 1, 2007 June 30, 2018
Yield Fund
Invesco Mid Cap Core Equity Fund July 1, 2007 June 30, 2018
Invesco Multi-Asset Inflation Fund October 14, 2014 June 30, 2018
Invesco Small Cap Growth Fund July 1, 2007 June 30, 0000
Xxxxxxx X.X. Mortgage Fund February 12, 2010 June 30, 2018
AIM INTERNATIONAL MUTUAL FUNDS (INVESCO INTERNATIONAL MUTUAL FUNDS)
FUND EFFECTIVE DATE COMMITTED UNTIL
---- ------------------------------------- ---------------
Invesco Asia Pacific Growth Fund July 1, 2007 June 30, 2018
Invesco European Growth Fund July 1, 2007 June 30, 2018
Invesco Global Growth Fund July 1, 2007 June 30, 2018
Invesco Global Opportunities Fund August 3, 2012 June 30, 2018
Invesco Global Small & Mid Cap Growth July 1, 2007 June 30, 2018
Fund
Invesco Global Sustainable Equity Fund June 30, 2016 June 30, 2018
Invesco International Companies Fund December 21, 2015 June 30, 2018
Invesco International Core Equity Fund July 1, 2007 June 30, 2018
Invesco International Growth Fund July 1, 2007 June 30, 2018
Invesco Select Opportunities Fund August 3, 2012 June 30, 2018
AIM INVESTMENT FUNDS (INVESCO INVESTMENT FUNDS)
FUND EFFECTIVE DATE COMMITTED UNTIL
---- ------------------------------------- ---------------
Invesco All Cap Market Neutral Fund December 17, 2013 June 30, 2018
Invesco Balanced-Risk Allocation May 29, 2009 June 30, 2018
Fund/1/
Invesco Balanced-Risk Commodity November 29, 2010 June 30, 2018
Strategy Fund/2/
Invesco Developing Markets Fund July 1, 2007 June 30, 2018
Invesco Emerging Markets Equity Fund May 11, 2011 June 30, 2018
Invesco Emerging Markets Flexible June 14, 2010 June 30, 2018
Bond Fund/3/
Invesco Endeavor Fund July 1, 2007 June 30, 2018
Invesco Global Health Care Fund July 1, 2007 June 30, 2018
Invesco Global Infrastructure Fund May 2, 2014 June 30, 2018
Invesco Global Market Neutral Fund December 17, 2013 June 30, 2018
Invesco Global Markets Strategy September 25, 2012 June 30, 2018
Fund/4/
Invesco Global Targeted Returns December 17, 2013 June 30, 2018
Fund/5/
Invesco Greater China Fund July 1, 2007 June 30, 2018
Invesco International Total Return July 1, 2007 June 30, 2018
Fund
Invesco Long/Short Equity Fund December 17, 2013 June 30, 2018
Invesco Low Volatility Emerging December 17, 2013 June 30, 2018
Markets Fund
Invesco Macro International Equity December 17, 2013 June 30, 2018
Fund
Invesco Macro Long/Short Fund December 17, 2013 June 30, 2018
Invesco MLP Fund August 29, 2014 June 30, 2018
Invesco Pacific Growth Fund February 12, 2010 June 30, 2018
Invesco Premium Income Fund/6/ December 13, 2011 June 30, 2018
Invesco Select Companies Fund July 1, 2007 June 30, 2018
Invesco Strategic Income Fund May 2, 2014 June 30, 2018
Invesco Unconstrained Bond Fund October 14, 2014 June 30, 2018
AIM INVESTMENT SECURITIES FUNDS (INVESCO INVESTMENT SECURITIES FUNDS)
FUND.................................. EFFECTIVE DATE COMMITTED UNTIL
Invesco Corporate Bond Fund February 12, 2010 June 30, 2018
Invesco Global Real Estate Fund July 1, 2007 June 30, 2018
Invesco Government Money Market Fund July 1, 2007 June 30, 2018
Invesco High Yield Fund July 1, 2007 June 30, 2018
Invesco Real Estate Fund July 1, 2007 June 30, 2018
Invesco Short Duration Inflation July 1, 2007 June 30, 2018
Protected Fund
Invesco Short Term Bond Fund July 1, 2007 June 30, 0000
Xxxxxxx X.X. Government Fund July 1, 2007 June 30, 2018
--------
/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 Emerging Markets
Flexible Bond Fund also include advisory fees that Invesco receives on
the Uninvested Cash from the Affiliated Money Market Fund in which
Invesco Emerging Markets Flexible Bond Cayman, Ltd. invests.
/4/ 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.
/5/ 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.
/6/ Advisory fees to be waived by Invesco for Invesco Premium Income Fund
also include advisory fees that Invesco receives on the Uninvested Cash
from the Affiliated Money Market Fund in which Invesco Premium Income
Cayman, Ltd. invests.
AIM SECTOR FUNDS (INVESCO SECTOR FUNDS)
FUND EFFECTIVE DATE COMMITTED UNTIL
---- ------------------------------------- ---------------
Invesco American Value Fund February 12, 2010 June 30, 2018
Invesco Xxxxxxxx Fund February 12, 2010 June 30, 2018
Invesco Energy Fund July 1, 2007 June 30, 2018
Invesco Dividend Income Fund July 1, 2007 June 30, 2018
Invesco Gold & Precious Metals Fund July 1, 2007 June 30, 2018
Invesco Mid Cap Growth Fund February 12, 2010 June 30, 2018
Invesco Small Cap Value Fund February 12, 2010 June 30, 2018
Invesco Technology Fund July 1, 2007 June 30, 2018
Invesco Technology Sector Fund February 12, 2010 June 30, 2018
Invesco Value Opportunities Fund February 12, 2010 June 30, 2018
AIM TAX-EXEMPT FUNDS (INVESCO TAX-EXEMPT FUNDS)
FUND EFFECTIVE DATE COMMITTED UNTIL
---- ------------------------------------- ---------------
Invesco High Yield Municipal Fund February 12, 2010 June 30, 2018
Invesco Intermediate Term Municipal February 12, 2010 June 30, 2018
Income Fund
Invesco Municipal Income Fund February 12, 2010 June 30, 2018
Invesco New York Tax Free Income Fund February 12, 2010 June 30, 2018
Invesco Tax-Exempt Cash Fund July 1, 2007 June 30, 2018
Invesco Limited Term Municipal Income July 1, 2007 June 30, 2018
Fund
AIM VARIABLE INSURANCE FUNDS (INVESCO VARIABLE INSURANCE FUNDS)
FUND EFFECTIVE DATE COMMITTED UNTIL
---- ------------------------------------- ---------------
Invesco V.I. American Franchise Fund February 12, 2010 June 30, 2018
Invesco V.I. American Value Fund February 12, 2010 June 30, 2018
Invesco V.I. Balanced-Risk Allocation December 22, 2010 June 30, 2018
Fund/7/
Invesco V.I. Xxxxxxxx Fund February 12, 2010 June 30, 2018
Invesco V.I. Core Equity Fund July 1, 2007 June 30, 2018
Invesco V.I. Core Plus Bond Fund April 30, 2015 June 30, 2018
Invesco V.I. Diversified Dividend Fund February 12, 2010 June 30, 2018
Invesco V.I. Equally-Weighted S&P 500 February 12, 2010 June 30, 2018
Fund
Invesco V.I. Equity and Income Fund February 12, 2010 June 30, 2018
Invesco V.I. Global Core Equity Fund February 12, 2010 June 30, 2018
Invesco V.I. Global Health Care Fund July 1, 2007 June 30, 2018
Invesco V.I. Global Real Estate Fund July 1, 2007 June 30, 2018
Invesco V.I. Government Money Market July 1, 2007 June 30, 2018
Fund
Invesco V.I. Government Securities July 1, 2007 June 30, 2018
Fund
Invesco V.I. Growth and Income Fund February 12, 2010 June 30, 2018
Invesco V.I. High Yield Fund July 1, 2007 June 30, 2018
Invesco V.I. International Growth Fund July 1, 2007 June 30, 2018
Invesco V.I. Managed Volatility Fund July 1, 2007 June 30, 2018
Invesco V.I. Mid Cap Core Equity Fund July 1, 2007 June 30, 2018
Invesco V.I. Mid Cap Growth Fund February 12, 2010 June 30, 2018
Invesco V.I. S&P 500 Index Fund February 12, 2010 June 30, 2018
Invesco V.I. Small Cap Equity Fund July 1, 2007 June 30, 2018
Invesco V.I. Technology Fund July 1, 2007 June 30, 2018
Invesco V.I. Value Opportunities Fund July 1, 2007 June 30, 2018
/7/ 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 EXCHANGE FUND
FUND EFFECTIVE DATE COMMITTED UNTIL
---- ------------------------------------- ---------------
Invesco Exchange Fund September 30, 2015 June 30, 2018
INVESCO SECURITIES TRUST
FUND EFFECTIVE DATE COMMITTED UNTIL
---- ------------------------------------- ---------------
Invesco Balanced-Risk Aggressive January 16, 2013 June 30, 2018
Allocation Fund/8/
INVESCO MANAGEMENT TRUST
FUND EFFECTIVE DATE COMMITTED UNTIL
---- ------------------------------------- ---------------
Invesco Conservative Income Fund July 1, 2014 June 30, 2018
CLOSED-END FUNDS
FUND EFFECTIVE DATE COMMITTED UNTIL
---- ------------------------------------- ---------------
Invesco Advantage Municipal Income May 15, 2012 June 30, 2018
Trust II
Invesco Bond Fund August 26, 2015 June 30, 0000
Xxxxxxx Xxxxxxxxxx Value Municipal
Income Trust May 15, 2012 June 30, 2018
Invesco Dynamic Credit Opportunities
Fund May 15, 2012 June 30, 2018
Invesco High Income Trust II May 15, 2012 June 30, 2018
Invesco Municipal Income
Opportunities Trust August 26, 2015 June 30, 2018
Invesco Municipal Opportunity Trust May 15, 2012 June 30, 2018
Invesco Municipal Trust May 15, 2012 June 30, 0000
Xxxxxxx Xxxxxxxxxxxx Value Municipal
Income Trust May 15, 2012 June 30, 2018
Invesco Quality Municipal Income Trust August 26, 2015 June 30, 2018
Invesco Senior Income Trust May 15, 2012 June 30, 2018
Invesco Trust for Investment Grade
Municipals May 15, 2012 June 30, 2018
Invesco Trust for Investment Grade
New York Municipals May 15, 2012 June 30, 2018
Invesco Value Municipal Income Trust June 1, 2010 June 30, 2018
/8/ Advisory fees to be waived by Invesco for Invesco Balanced-Risk
Aggressive 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 VI, Ltd. invests.