Sub-Item 77Q1(e)
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 Invesco Advantage Municipal Income Trust II, Invesco Bond
Fund, Invesco California Value Municipal Income Trust, Invesco Dynamic Credit
Opportunities Fund, Invesco High Income Trust II, Invesco Municipal Opportunity
Trust, Invesco Municipal Trust, Invesco Pennsylvania Value Municipal Income
Trust, Invesco Senior Income Trust, Invesco Senior Loan Fund, Invesco Trust for
Investment Grade Municipals, Invesco Trust for Investment Grade New York
Municipals and Invesco Exchange Fund (each a "Fund" and collectively, the
"Funds") and Invesco Advisers, Inc. ("Invesco").
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 agree as follows:
Each Fund and Invesco 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 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 fund
managed by Invesco or its affiliates 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 Uninvested Cash in an
Affiliated Money Market Fund; 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.
Subject to the foregoing paragraphs, each of the Funds and Invesco agree to
review the then-current waivers for each Fund 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 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 with respect to any
other fee waivers, expense reimbursements and/or expense limitations.
IN WITNESS WHEREOF, each Fund and Invesco have entered into this Memorandum
of Agreement as of the dates indicated on Exhibit "A".
INVESCO ADVANTAGE MUNICIPAL INCOME TRUST II
INVESCO BOND FUND
INVESCO CALIFORNIA VALUE MUNICIPAL INCOME TRUST
INVESCO DYNAMIC CREDIT OPPORTUNITIES FUND
INVESCO HIGH INCOME TRUST II
INVESCO MUNICIPAL OPPORTUNITY TRUST
INVESCO MUNICIPAL TRUST
INVESCO PENNSYLVANIA VALUE MUNICIPAL INCOME
TRUST
INVESCO SENIOR INCOME TRUST
INVESCO SENIOR LOAN FUND
INVESCO TRUST FOR INVESTMENT GRADE MUNICIPALS
INVESCO TRUST FOR INVESTMENT GRADE NEW YORK
MUNICIPALS
INVESCO EXCHANGE FUND
By: /s/ Xxxx X. Xxxx
----------------------------------------
Title: Senior Vice President
INVESCO ADVISERS, INC.
By: /s/ Xxxx X. Xxxx
----------------------------------------
Title: Senior Vice President
2
EXHIBIT "A"
INVESCO ADVANTAGE MUNICIPAL INCOME TRUST II
FUND EFFECTIVE DATE COMMITTED UNTIL
---- -------------- ---------------
Invesco Advantage Municipal Income Trust May 15, 2012 June 30, 2016
INVESCO BOND FUND
FUND EFFECTIVE DATE COMMITTED UNTIL
---- -------------- ---------------
Invesco Bond Fund May 15, 2012 June 30, 0000
XXXXXXX XXXXXXXXXX VALUE MUNICIPAL INCOME TRUST
FUND EFFECTIVE DATE COMMITTED UNTIL
---- -------------- ---------------
Invesco California Value Municipal Income Trust May 15, 2012 June 30, 2016
INVESCO DYNAMIC CREDIT OPPORTUNITIES FUND
FUND EFFECTIVE DATE COMMITTED UNTIL
---- -------------- ---------------
Invesco Dynamic Credit Opportunities Fund May 15, 2012 June 30, 2016
INVESCO HIGH INCOME TRUST II
FUND EFFECTIVE DATE COMMITTED UNTIL
---- -------------- ---------------
Invesco High Income Trust II May 15, 2012 June 30, 2016
INVESCO MUNICIPAL OPPORTUNITY TRUST
FUND EFFECTIVE DATE COMMITTED UNTIL
---- -------------- ---------------
Invesco Municipal Opportunity Trust May 15, 2012 June 30, 2016
INVESCO MUNICIPAL TRUST
FUND EFFECTIVE DATE COMMITTED UNTIL
---- -------------- ---------------
Invesco Municipal Trust May 15, 2012 June 30, 0000
X-0
XXXXXXX XXXXXXXXXXXX VALUE MUNICIPAL INCOME TRUST
FUND EFFECTIVE DATE COMMITTED UNTIL
---- -------------- ---------------
Invesco Pennsylvania Value Municipal Income Trust May 15, 2012 June 30, 2016
INVESCO SENIOR INCOME TRUST
FUND EFFECTIVE DATE COMMITTED UNTIL
---- -------------- ---------------
Invesco Senior Income Trust May 15, 2012 June 30, 2016
INVESCO SENIOR LOAN FUND
FUND EFFECTIVE DATE COMMITTED UNTIL
---- -------------- ---------------
Invesco Senior Loan Fund May 15, 2012 June 30, 2016
INVESCO TRUST FOR INVESTMENT GRADE MUNICIPALS
FUND EFFECTIVE DATE COMMITTED UNTIL
---- -------------- ---------------
Invesco Trust for Investment Grade Municipals May 15, 2012 June 30, 2016
INVESCO TRUST FOR INVESTMENT GRADE NEW YORK MUNICIPALS
FUND EFFECTIVE DATE COMMITTED UNTIL
---- -------------- ---------------
Invesco Trust for Investment Grade New York Municipals May 15, 2012 June 30, 2016
INVESCO EXCHANGE FUND
FUND EFFECTIVE DATE COMMITTED UNTIL
---- -------------- ---------------
Invesco Exchange Fund May 15, 2012 June 30, 2016
A-2
