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 INVESCO PENNSYLVANIA VALUE MUNICIPAL
FUNDS) INCOME TRUST
AIM SECTOR FUNDS (INVESCO SECTOR INVESCO QUALITY MUNICIPAL INCOME TRUST
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
INVESCO ADVANTAGE MUNICIPAL INCOME
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 EXPIRATION
TRUST) WAIVER DESCRIPTION EFFECTIVE DATE DATE
-------------------------- ------------------------------------------------ -------------- ----------
Invesco Strategic Real Invesco will waive advisory fees in an amount 4/30/2014 06/30/2017
Return Fund equal to the advisory fees earned on
underlying affiliated investments
AIM INVESTMENT FUNDS EXPIRATION
(INVESCO INVESTMENT FUNDS WAIVER DESCRIPTION EFFECTIVE DATE DATE
------------------------- ------------------------------------------------ -------------- ----------
Invesco Balanced-Risk Invesco will waive advisory fees in an amount 02/24/15 06/30/2017
Commodity Strategy Fund equal to the advisory fees earned on
underlying affiliated investments
Invesco Global Targeted Invesco will waive advisory fees in an amount 12/17/2013 06/30/2017
Returns Fund equal to the advisory fees earned on
underlying affiliated investments
Invesco Strategic Income Invesco will waive advisory fees in an amount 5/2/2014 06/30/2017
Fund equal to the advisory fees earned on
underlying affiliated investments
Invesco Unconstrained Invesco will waive advisory fees in an amount 10/14/2014 06/30/2017
Bond Fund equal to the advisory fees earned on
underlying affiliated investments
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 2/1/2011 12/31/2016
of 0.07% of the Fund's average daily net assets
Premier U.S. Government Invesco will waive advisory fees in the amount 2/1/2011 12/31/2016
Money Portfolio of 0.07% 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 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 Short Duration High Yield Municipal
Fund September 30, 2015 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 Alternative Strategies Fund October 14, 2014 June 30, 2017
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 Multi-Asset Inflation Fund October 14, 2014 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 Companies Fund December 21, 2015 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)
COMMITTED
FUND EFFECTIVE DATE 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 Markets Flexible Bond Fund/3/ 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/4/ September 25, 2012 June 30, 2017
Invesco Global Targeted Returns Fund/5/ 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/6/ 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 Money Market Fund July 1, 2007 June 30, 2017
Invesco Real Estate Fund July 1, 2007 June 30, 2017
Invesco Short Duration Inflation Protected
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 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, 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/7/ 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 Money Market 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. 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
/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, 2017
INVESCO SECURITIES TRUST
FUND EFFECTIVE DATE COMMITTED UNTIL
---- ---------------- ---------------
Invesco Balanced-Risk Aggressive Allocation
Fund/8/ 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, 2017
Invesco Bond Fund August 26, 2015 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 Income Opportunities Trust August 26, 2015 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 Quality Municipal Income Trust August 26, 2015 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
/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.
Sub-Item 77Q1(e)
MEMORANDUM OF AGREEMENT
(EXPENSE LIMITATIONS)
This Memorandum of Agreement is entered into as of the Effective Date on the
attached exhibits (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 Variable Insurance Funds
(Invesco Variable Insurance Funds), Invesco California Value Municipal Trust,
Invesco Management Trust, Invesco Municipal Opportunity Trust, Invesco Quality
Municipal Income Trust, Invesco Securities Trust, Invesco Trust for Investment
Grade New York Municipals 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 or reimburse
expenses of each Fund, on behalf of its respective classes as applicable,
severally and not jointly, as indicated in the attached 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 as follows:
For the Contractual Limits (listed in Exhibits A - D), Invesco agrees until
at least the expiration date set forth on the attached Exhibits A - D (the
"Expiration Date") that Invesco will waive its fees or reimburse expenses to
the extent that expenses of a class of a Fund (excluding (i) interest;
(ii) taxes; (iii) dividend expense on short sales; (iv) extraordinary or
non-routine items, including litigation expenses; and (v) expenses that each
Fund has incurred but did not actually pay because of an expense offset
arrangement, if applicable) exceed the rate, on an annualized basis, set forth
on the Exhibits of the average daily net assets allocable to such class.
Acquired fund fees and expenses are not fees or expenses incurred by a fund
directly but are expenses of the investment companies in which a fund invests.
These fees and expenses are incurred indirectly through the valuation of a
fund's investment in these investment companies. Acquired fund fees and
expenses are required to be disclosed and included in the total annual fund
operating expenses in the prospectus fee table. As a result, the net total
annual fund operating expenses shown in the prospectus fee table may exceed the
expense limits reflected in Exhibits A - D. Neither a Trust nor Invesco may
remove or amend the Contractual Limits to a Trust's detriment prior to the
Expiration Date without requesting and receiving the approval of the Board of
Trustees of the applicable Fund's Trust to remove or amend such Contractual
Limits. Invesco will not have any right to reimbursement of any amount so
waived or reimbursed.
For the Contractual Limits, Invesco agrees to review the then-current
expense limitations for each class of each Fund listed on the Exhibits on a
date prior to the Expiration Date to determine whether such limitations should
be amended, continued or terminated. The expense limitations will expire upon
the Expiration Date unless Invesco has agreed to continue them. The Exhibits
will be amended to reflect any such agreement.
For the Voluntary Limits (listed in Exhibits A - D), Invesco agrees that
these are not contractual in nature and that Invesco may establish, amend
and/or terminate such expense limitations at any time in its sole discretion.
Any delay or failure by Invesco to update this Memorandum of Agreement with
regards to the terminations, extensions, or expirations of the Voluntary Limits
shall have no effect on the term of such Voluntary Limitations; the Voluntary
Limitations are listed herein for informational purposes only.
It is expressly agreed that the obligations of each Trust 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 each Fund, 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 the Trusts, and this
Memorandum of Agreement has been executed and delivered by an authorized
officer of the Trusts 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 and Invesco have entered into this
Memorandum of Agreement as of the Effective Dates 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 VARIABLE INSURANCE FUNDS (INVESCO VARIABLE INSURANCE FUNDS)
INVESCO CALIFORNIA VALUE MUNICIPAL INCOME TRUST
INVESCO MANAGEMENT TRUST
INVESCO MUNICIPAL OPPORTUNITY TRUST
INVESCO QUALITY MUNICIPAL INCOME TRUST
INVESCO SECURITIES TRUST
INVESCO TRUST FOR INVESTMENT GRADE NEW YORK MUNICIPALS
SHORT-TERM INVESTMENTS TRUST
on behalf of the Funds listed in the Exhibits
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" - RETAIL FUNDS/1/
AIM COUNSELOR SERIES TRUST (INVESCO COUNSELOR SERIES TRUST)
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ ---------- ------------------ -----------------
Invesco American Franchise Fund
Class A Shares Contractual 2.00% July 1, 2013 June 30, 2016
Class B Shares Contractual 2.75% July 1, 2013 June 30, 2016
Class C Shares Contractual 2.75% July 1, 2013 June 30, 2016
Class R Shares Contractual 2.25% July 1, 2013 June 30, 2016
Class R5 Shares Contractual 1.75% July 1, 2013 June 30, 2016
Class R6 Shares Contractual 1.75% July 1, 2013 June 30, 2016
Class Y Shares Contractual 1.75% July 1, 2013 June 30, 0000
Xxxxxxx Xxxxxxxxxx Tax-Free Income Fund
Class A Shares Contractual 1.50% July 1, 2012 June 30, 2016
Class B Shares Contractual 2.00% July 1, 2012 June 30, 2016
Class C Shares Contractual 2.00% July 1, 2012 June 30, 2016
Class Y Shares Contractual 1.25% July 1, 2012 June 30, 2016
Invesco Core Plus Bond Fund
Class A Shares Contractual 0.86% January 1, 2015 December 31, 2016
Class B Shares Contractual 1.61% January 1, 2015 December 31, 2016
Class C Shares Contractual 1.61% January 1, 2015 December 31, 2016
Class R Shares Contractual 1.11% January 1, 2015 December 31, 2016
Class R5 Shares Contractual 0.61% January 1, 2015 December 31, 2016
Class R6 Shares Contractual 0.61% January 1, 2015 December 31, 2016
Class Y Shares Contractual 0.61% January 1, 2015 December 31, 2016
Invesco Equally-Weighted S&P 500 Fund
Class A Shares Contractual 2.00% July 1, 2012 June 30, 2016
Class B Shares Contractual 2.75% July 1, 2012 June 30, 2016
Class C Shares Contractual 2.75% July 1, 2012 June 30, 2016
Class R Shares Contractual 2.25% July 1, 2012 June 30, 2016
Class R6 Shares Contractual 1.75% September 24, 2012 June 30, 2016
Class Y Shares Contractual 1.75% July 1, 2012 June 30, 2016
Invesco Equity and Income Fund
Class A Shares Contractual 1.50% July 1, 2012 June 30, 2016
Class B Shares Contractual 2.25% July 1, 2012 June 30, 2016
Class C Shares Contractual 2.25% July 1, 2012 June 30, 2016
Class R Shares Contractual 1.75% July 1, 2012 June 30, 2016
Class R5 Shares Contractual 1.25% July 1, 2012 June 30, 2016
Class R6 Shares Contractual 1.25% September 24, 2012 June 30, 2016
Class Y Shares Contractual 1.25% July 1, 2012 June 30, 2016
Invesco Floating Rate Fund
Class A Shares Contractual 1.50% April 14, 2006 June 30, 2016
Class C Shares Contractual 2.00% April 14, 2006 June 30, 2016
Class R Shares Contractual 1.75% April 14, 2006 June 30, 2016
Class R5 Shares Contractual 1.25% April 14, 2006 June 30, 2016
Class R6 Shares Contractual 1.25% September 24, 2012 June 30, 2016
Class Y Shares Contractual 1.25% October 3, 2008 June 30, 2016
Invesco Global Real Estate Income Fund
Class A Shares Contractual 2.00% July 1, 2009 June 30, 2016
Class B Shares Contractual 2.75% July 1, 2009 June 30, 2016
Class C Shares Contractual 2.75% July 1, 2009 June 30, 2016
Class R5 Shares Contractual 1.75% July 1, 2009 June 30, 2016
Class R6 Shares Contractual 1.75% September 24, 2012 June 30, 2016
Class Y Shares Contractual 1.75% July 1, 2009 June 30, 2016
See page 16 for footnotes to Exhibit A.
3
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ --------------------- ------------------ -----------------
Invesco Growth and Income Fund
Class A Shares Contractual 2.00% July 1, 2012 June 30, 2016
Class B Shares Contractual 2.75% July 1, 2012 June 30, 2016
Class C Shares Contractual 2.75% July 1, 2012 June 30, 2016
Class R Shares Contractual 2.25% July 1, 2012 June 30, 2016
Class R5 Shares Contractual 1.75% July 1, 2012 June 30, 2016
Class R6 Shares Contractual 1.75% September 24, 2012 June 30, 2016
Class Y Shares Contractual 1.75% July 1, 2012 June 30, 2016
Invesco Low Volatility Equity Yield Fund
Class A Shares Contractual 2.00% July 1, 2012 June 30, 2016
Class B Shares Contractual 2.75% July 1, 2012 June 30, 2016
Class C Shares Contractual 2.75% July 1, 2012 June 30, 2016
Class R Shares Contractual 2.25% July 1, 2012 June 30, 2016
Class R5 Shares Contractual 1.75% July 1, 2012 June 30, 2016
Class Y Shares Contractual 1.75% July 1, 2012 June 30, 2016
Investor Class Shares Contractual 2.00% July 1, 2012 June 30, 0000
Xxxxxxx Xxxxxxxxxxxx Tax Free Income Fund
Class A Shares Contractual 1.50% July 1, 2012 June 30, 2016
Class B Shares Contractual 2.25% July 1, 2012 June 30, 2016
Class C Shares Contractual 2.25% July 1, 2012 June 30, 2016
Class Y Shares Contractual 1.25% July 1, 2012 June 30, 2016
Invesco S&P 500 Index Fund
Class A Shares Contractual 2.00% July 1, 2012 June 30, 2016
Class B Shares Contractual 2.75% July 1, 2012 June 30, 2016
Class C Shares Contractual 2.75% July 1, 2012 June 30, 2016
Class Y Shares Contractual 1.75% July 1, 2012 June 30, 2016
Invesco Short Duration High Yield Municipal Fund
Class A Shares Contractual 0.79% September 30, 2015 December 31, 2016
Class C Shares Contractual 1.54% September 30, 2015 December 31, 2016
Class R5 Shares Contractual 0.54% September 30, 2015 December 31, 2016
Class Y Shares Contractual 0.54% September 30, 2015 December 31, 2016
Invesco Small Cap Discovery Fund
Class A Shares Contractual 2.00% July 1, 2012 June 30, 2016
Class B Shares Contractual 2.75% July 1, 2012 June 30, 2016
Class C Shares Contractual 2.75% July 1, 2012 June 30, 2016
Class R5 Shares Contractual 1.75% September 24, 2012 June 30, 2016
Class R6 Shares Contractual 1.75% September 24, 2012 June 30, 2016
Class Y Shares Contractual 1.75% July 1, 2012 June 30, 2016
Invesco Strategic Real Return Fund
Class A Shares Contractual 0.82% less net AFFE* April 30, 2014 December 31, 2016
Class C Shares Contractual 1.57% less net AFFE* April 30, 2014 December 31, 2016
Class R Shares Contractual 1.07% less net AFFE* April 30, 2014 December 31, 2016
Class R5 Shares Contractual 0.57% less net AFFE* April 30, 2014 December 31, 2016
Class R6 Shares Contractual 0.57% less net AFFE* April 30, 2014 December 31, 2016
Class Y Shares Contractual 0.57% less net AFFE* April 30, 2014 December 31, 2016
See page 16 for footnotes to Exhibit A.
4
AIM EQUITY FUNDS (INVESCO EQUITY FUNDS)
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ ---------- ------------------ -------------
Invesco Charter Fund
Class A Shares Contractual 2.00% July 1, 2009 June 30, 2016
Class B Shares Contractual 2.75% July 1, 2009 June 30, 2016
Class C Shares Contractual 2.75% July 1, 2009 June 30, 2016
Class R Shares Contractual 2.25% July 1, 2009 June 30, 2016
Class R5 Shares Contractual 1.75% July 1, 2009 June 30, 2016
Class R6 Shares Contractual 1.75% September 24, 2012 June 30, 2016
Class S Shares Contractual 1.90% September 25, 2009 June 30, 2016
Class Y Shares Contractual 1.75% July 1, 2009 June 30, 2016
Invesco Diversified Dividend Fund
Class A Shares Contractual 2.00% July 1, 2013 June 30, 2016
Class B Shares Contractual 2.75% July 1, 2013 June 30, 2016
Class C Shares Contractual 2.75% July 1, 2013 June 30, 2016
Class R Shares Contractual 2.25% July 1, 2013 June 30, 2016
Class R5 Shares Contractual 1.75% July 1, 2013 June 30, 2016
Class R6 Shares Contractual 1.75% July 1, 2013 June 30, 2016
Class Y Shares Contractual 1.75% July 1, 2013 June 30, 2016
Investor Class Shares Contractual 2.00% July 1, 2013 June 30, 0000
Xxxxxxx Xxxxxx Fund
Class A Shares Contractual 2.00% July 1, 2009 June 30, 2016
Class B Shares Contractual 2.75% July 1, 2009 June 30, 2016
Class C Shares Contractual 2.75% July 1, 2009 June 30, 2016
Class P Shares Contractual 1.85% July 1, 2009 June 30, 2016
Class R5 Shares Contractual 1.75% July 1, 2009 June 30, 2016
Class S Shares Contractual 1.90% September 25, 2009 June 30, 2016
Class Y Shares Contractual 1.75% July 1, 2009 June 30, 2016
AIM FUNDS GROUP (INVESCO FUNDS GROUP)
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ ---------- ------------------ -------------
Invesco European Small Company Fund
Class A Shares Contractual 2.25% July 1, 2009 June 30, 2016
Class B Shares Contractual 3.00% July 1, 2009 June 30, 2016
Class C Shares Contractual 3.00% July 1, 2009 June 30, 2016
Class Y Shares Contractual 2.00% July 1, 2009 June 30, 2016
Invesco Global Core Equity Fund
Class A Shares Contractual 2.25% July 1, 2013 June 30, 2016
Class B Shares Contractual 3.00% July 1, 2013 June 30, 2016
Class C Shares Contractual 3.00% July 1, 2013 June 30, 2016
Class R Shares Contractual 2.50% July 1, 2013 June 30, 2016
Class R5 Shares Contractual 2.00% July 1, 2013 June 30, 2016
Class Y Shares Contractual 2.00% July 1, 2013 June 30, 2016
Invesco International Small Company Fund
Class A Shares Contractual 2.25% July 1, 2009 June 30, 2016
Class B Shares Contractual 3.00% July 1, 2009 June 30, 2016
Class C Shares Contractual 3.00% July 1, 2009 June 30, 2016
Class R5 Shares Contractual 2.00% July 1, 2009 June 30, 2016
Class R6 Shares Contractual 2.00% September 24, 2012 June 30, 2016
Class Y Shares Contractual 2.00% July 1, 2009 June 30, 2016
See page 16 for footnotes to Exhibit A.
5
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ ---------- ------------------ -------------
Invesco Small Cap Equity Fund
Class A Shares Contractual 2.00% July 1, 2009 June 30, 2016
Class B Shares Contractual 2.75% July 1, 2009 June 30, 2016
Class C Shares Contractual 2.75% July 1, 2009 June 30, 2016
Class R Shares Contractual 2.25% July 1, 2009 June 30, 2016
Class R5 Shares Contractual 1.75% July 1, 2009 June 30, 2016
Class R6 Shares Contractual 1.75% September 24, 2012 June 30, 2016
Class Y Shares Contractual 1.75% July 1, 2009 June 30, 2016
AIM GROWTH SERIES (INVESCO GROWTH SERIES)
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ --------------------- ------------------ --------------
Invesco Alternative Strategies Fund
Class A Shares Contractual 1.75% less net AFFE* October 14, 2014 April 30, 2017
Class C Shares Contractual 2.50% less net AFFE* October 14, 2014 April 30, 2017
Class R Shares Contractual 2.00% less net AFFE* October 14, 2014 April 30, 2017
Class R5 Shares Contractual 1.50% less net AFFE* October 14, 2014 April 30, 2017
Class R6 Shares Contractual 1.50% less net AFFE* October 14, 2014 April 30, 2017
Class Y Shares Contractual 1.50% less net AFFE* October 14, 2014 April 30, 2017
Invesco Balanced-Risk Retirement 2020 Fund
Class A Shares Contractual 0.25% November 4, 2009 April 30, 2017
Class AX Shares Contractual 0.25% February 12, 2010 April 30, 2017
Class B Shares Contractual 1.00% November 4, 2009 April 30, 2017
Class C Shares Contractual 1.00% November 4, 2009 April 30, 2017
Class CX Shares Contractual 1.00% February 12, 2010 April 30, 2017
Class R Shares Contractual 0.50% November 4, 2009 April 30, 2017
Class R5 Shares Contractual 0.00% November 4, 2009 April 30, 2017
Class R6 Shares Contractual 0.00% September 24, 2012 April 30, 2017
Class RX Shares Contractual 0.50% February 12, 2010 April 30, 2017
Class Y Shares Contractual 0.00% November 4, 2009 April 30, 2017
Invesco Balanced-Risk Retirement 2030 Fund
Class A Shares Contractual 0.25% November 4, 2009 April 30, 2017
Class AX Shares Contractual 0.25% February 12, 2010 April 30, 2017
Class B Shares Contractual 1.00% November 4, 2009 April 30, 2017
Class C Shares Contractual 1.00% November 4, 2009 April 30, 2017
Class CX Shares Contractual 1.00% February 12, 2010 April 30, 2017
Class R Shares Contractual 0.50% November 4, 2009 April 30, 2017
Class R5 Shares Contractual 0.00% November 4, 2009 April 30, 2017
Class R6 Shares Contractual 0.00% September 24, 2012 April 30, 2017
Class RX Shares Contractual 0.50% February 12, 2010 April 30, 2017
Class Y Shares Contractual 0.00% November 4, 2009 April 30, 2017
Invesco Balanced-Risk Retirement 2040 Fund
Class A Shares Contractual 0.25% November 4, 2009 April 30, 2017
Class AX Shares Contractual 0.25% February 12, 2010 April 30, 2017
Class B Shares Contractual 1.00% November 4, 2009 April 30, 2017
Class C Shares Contractual 1.00% November 4, 2009 April 30, 2017
Class CX Shares Contractual 1.00% February 12, 2010 April 30, 2017
Class R Shares Contractual 0.50% November 4, 2009 April 30, 2017
Class R5 Shares Contractual 0.00% November 4, 2009 April 30, 2017
Class R6 Shares Contractual 0.00% September 24, 2012 April 30, 2017
Class RX Shares Contractual 0.50% February 12, 2010 April 30, 2017
Class Y Shares Contractual 0.00% November 4, 2009 April 30, 2017
See page 16 for footnotes to Exhibit A.
6
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ ---------- ------------------ --------------
Invesco Balanced-Risk Retirement 2050 Fund
Class A Shares Contractual 0.25% November 4, 2009 April 30, 2017
Class AX Shares Contractual 0.25% February 12, 2010 April 30, 2017
Class B Shares Contractual 1.00% November 4, 2009 April 30, 2017
Class C Shares Contractual 1.00% November 4, 2009 April 30, 2017
Class CX Shares Contractual 1.00% February 12, 2010 April 30, 2017
Class R Shares Contractual 0.50% November 4, 2009 April 30, 2017
Class R5 Shares Contractual 0.00% November 4, 2009 April 30, 2017
Class R6 Shares Contractual 0.00% September 24, 2012 April 30, 2017
Class RX Shares Contractual 0.50% February 12, 2010 April 30, 2017
Class Y Shares Contractual 0.00% November 4, 2009 April 30, 2017
Invesco Balanced-Risk Retirement Now Fund
Class A Shares Contractual 0.25% November 4, 2009 April 30, 2017
Class AX Shares Contractual 0.25% February 12, 2010 April 30, 2017
Class B Shares Contractual 1.00% November 4, 2009 April 30, 2017
Class C Shares Contractual 1.00% November 4, 2009 April 30, 2017
Class CX Shares Contractual 1.00% February 12, 2010 April 30, 2017
Class R Shares Contractual 0.50% November 4, 2009 April 30, 2017
Class R5 Shares Contractual 0.00% November 4, 2009 April 30, 2017
Class R6 Shares Contractual 0.00% September 24, 2012 April 30, 2017
Class RX Shares Contractual 0.50% February 12, 2010 April 30, 2017
Class Y Shares Contractual 0.00% November 4, 2009 April 30, 2017
Invesco Conservative Allocation Fund
Class A Shares Contractual 1.50% July 1, 2012 June 30, 2016
Class B Shares Contractual 2.25% July 1, 2012 June 30, 2016
Class C Shares Contractual 2.25% July 1, 2012 June 30, 2016
Class R Shares Contractual 1.75% July 1, 2012 June 30, 2016
Class R5 Shares Contractual 1.25% July 1, 2012 June 30, 2016
Class S Shares Contractual 1.40% July 1, 2012 June 30, 2016
Class Y Shares Contractual 1.25% July 1, 2012 June 30, 2016
Invesco Convertible Securities Fund
Class A Shares Contractual 1.50% July 1, 2012 June 30, 2016
Class B Shares Contractual 2.25% July 1, 2012 June 30, 2016
Class C Shares Contractual 2.25% July 1, 2012 June 30, 2016
Class R5 Shares Contractual 1.25% July 1, 2012 June 30, 2016
Class R6 Shares Contractual 1.25% September 24, 2012 June 30, 2016
Class Y Shares Contractual 1.25% July 1, 2012 June 30, 2016
Invesco Global Low Volatility Equity Yield Fund
Class A Shares Contractual 1.46% May 1, 2015 April 30, 2016
Class B Shares Contractual 2.21% May 1, 2015 April 30, 2016
Class C Shares Contractual 2.21% May 1, 2015 April 30, 2016
Class R Shares Contractual 1.71% May 1, 2015 April 30, 2016
Class R5 Shares Contractual 1.21% May 1, 2015 April 30, 2016
Class Y Shares Contractual 1.21% May 1, 2015 April 30, 2016
Invesco Growth Allocation Fund
Class A Shares Contractual 2.00% July 1, 2012 June 30, 2016
Class B Shares Contractual 2.75% July 1, 2012 June 30, 2016
Class C Shares Contractual 2.75% July 1, 2012 June 30, 2016
Class R Shares Contractual 2.25% July 1, 2012 June 30, 2016
Class R5 Shares Contractual 1.75% July 1, 2012 June 30, 2016
Class S Shares Contractual 1.90% July 1, 2012 June 30, 2016
Class Y Shares Contractual 1.75% July 1, 2012 June 30, 2016
See page 16 for footnotes to Exhibit A.
7
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ --------------------- ------------------ --------------
Invesco Income Allocation Fund
Class A Shares Contractual 0.25% May 1, 2012 April 30, 2017
Class B Shares Contractual 1.00% May 1, 2012 April 30, 2017
Class C Shares Contractual 1.00% May 1, 2012 April 30, 2017
Class R Shares Contractual 0.50% May 1, 2012 April 30, 2017
Class R5 Shares Contractual 0.00% May 1, 2012 April 30, 2017
Class Y Shares Contractual 0.00% May 1, 2012 April 30, 2017
Invesco International Allocation Fund
Class A Shares Contractual 2.25% May 1, 2012 June 30, 2016
Class B Shares Contractual 3.00% May 1, 2012 June 30, 2016
Class C Shares Contractual 3.00% May 1, 2012 June 30, 2016
Class R Shares Contractual 2.50% May 1, 2012 June 30, 2016
Class R5 Shares Contractual 2.00% May 1, 2012 June 30, 2016
Class Y Shares Contractual 2.00% May 1, 2012 June 30, 2016
Invesco Mid Cap Core Equity Fund
Class A Shares Contractual 2.00% July 1, 2009 June 30, 2016
Class B Shares Contractual 2.75% July 1, 2009 June 30, 2016
Class C Shares Contractual 2.75% July 1, 2009 June 30, 2016
Class R Shares Contractual 2.25% July 1, 2009 June 30, 2016
Class R5 Shares Contractual 1.75% July 1, 2009 June 30, 2016
Class R6 Shares Contractual 1.75% September 24, 2012 June 30, 2016
Class Y Shares Contractual 1.75% July 1, 2009 June 30, 2016
Invesco Moderate Allocation Fund
Class A Shares Contractual 1.50% July 1, 2012 June 30, 2016
Class B Shares Contractual 2.25% July 1, 2012 June 30, 2016
Class C Shares Contractual 2.25% July 1, 2012 June 30, 2016
Class R Shares Contractual 1.75% July 1, 2012 June 30, 2016
Class R5 Shares Contractual 1.25% July 1, 2012 June 30, 2016
Class S Shares Contractual 1.40% July 1, 2012 June 30, 2016
Class Y Shares Contractual 1.25% July 1, 2012 June 30, 2016
Invesco Multi-Asset Inflation Fund
Class A Shares Contractual 1.36% less net AFFE* October 14, 2014 April 30, 2017
Class C Shares Contractual 2.11% less net AFFE* October 14, 2014 April 30, 2017
Class R Shares Contractual 1.61% less net AFFE* October 14, 2014 April 30, 2017
Class R5 Shares Contractual 1.11% less net AFFE* October 14, 2014 April 30, 2017
Class R6 Shares Contractual 1.11% less net AFFE* October 14, 2014 April 30, 2017
Class Y Shares Contractual 1.11% less net AFFE* October 14, 2014 April 30, 2017
Invesco Small Cap Growth Fund
Class A Shares Contractual 2.00% July 1, 2009 June 30, 2016
Class B Shares Contractual 2.75% July 1, 2009 June 30, 2016
Class C Shares Contractual 2.75% July 1, 2009 June 30, 2016
Class R Shares Contractual 2.25% July 1, 2009 June 30, 2016
Class R5 Shares Contractual 1.75% July 1, 2009 June 30, 2016
Class R6 Shares Contractual 1.75% September 24, 2012 June 30, 2016
Class Y Shares Contractual 1.75% July 1, 2009 June 30, 2016
Investor Class Shares Contractual 2.00% July 1, 2009 June 30, 0000
Xxxxxxx X.X. Mortgage Fund
Class A Shares Contractual 1.50% July 1, 2012 June 30, 2016
Class B Shares Contractual 2.25% July 1, 2012 June 30, 2016
Class C Shares Contractual 2.25% July 1, 2012 June 30, 2016
Class R5 Shares Contractual 1.25% July 1, 2012 June 30, 2016
Class Y Shares Contractual 1.25% July 1, 2012 June 30, 2016
See page 16 for footnotes to Exhibit A.
8
AIM INTERNATIONAL MUTUAL FUNDS (INVESCO INTERNATIONAL MUTUAL FUNDS)
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ ---------- ------------------ -----------------
Invesco Asia Pacific Growth Fund
Class A Shares Contractual 2.25% July 1, 2009 June 30, 2016
Class B Shares Contractual 3.00% July 1, 2009 June 30, 2016
Class C Shares Contractual 3.00% July 1, 2009 June 30, 2016
Class Y Shares Contractual 2.00% July 1, 2009 June 30, 2016
Invesco European Growth Fund Contractual 2.25% July 1, 2009 June 30, 2016
Class A Shares Contractual 3.00% July 1, 2009 June 30, 2016
Class B Shares Contractual 3.00% July 1, 2009 June 30, 2016
Class C Shares Contractual 2.50% July 1, 2009 June 30, 2016
Class R Shares Contractual 2.00% July 1, 2009 June 30, 2016
Class Y Shares Contractual 2.25% July 1, 2009 June 30, 2016
Investor Class Shares
Invesco Global Growth Fund
Class A Shares Contractual 1.31% October 1, 2015 February 28, 2017
Class B Shares Contractual 2.06% October 1, 2015 February 28, 2017
Class C Shares Contractual 2.06% October 1, 2015 February 28, 2017
Class R5 Shares Contractual 1.06% October 1, 2015 February 28, 2017
Class R6 Shares Contractual 1.06% October 1, 2015 February 28, 2017
Class Y Shares Contractual 1.06% October 1, 2015 February 28, 2017
Invesco Global Opportunities Fund
Class A Shares Contractual 1.36% August 1, 2012 February 28, 2017
Class C Shares Contractual 2.11% August 1, 2012 February 28, 2017
Class R Shares Contractual 1.61% August 1, 2012 February 28, 2017
Class R5 Shares Contractual 1.11% August 1, 2012 February 28, 2017
Class R6 Shares Contractual 1.11% September 24, 2012 February 28, 2017
Class Y Shares Contractual 1.11% August 1, 2012 February 28, 2017
Invesco Global Small & Mid Cap Growth Fund
Class A Shares Contractual 2.25% July 1, 2009 June 30, 2016
Class B Shares Contractual 3.00% July 1, 2009 June 30, 2016
Class C Shares Contractual 3.00% July 1, 2009 June 30, 2016
Class R5 Shares Contractual 2.00% July 1, 2009 June 30, 2016
Class Y Shares Contractual 2.00% July 1, 2009 June 30, 2016
Invesco International Companies Fund
Class A Shares Contractual 1.33% December 21, 2015 February 28, 2017
Class C Shares Contractual 2.08% December 21, 2015 February 28, 2017
Class R Shares Contractual 1.58% December 21, 2015 February 28, 2017
Class R5 Shares Contractual 1.08% December 21, 2015 February 28, 2017
Class R6 Shares Contractual 1.08% December 21, 2015 February 28, 2017
Class Y Shares Contractual 1.08% December 21, 2015 February 28, 2017
Invesco International Core Equity Fund
Class A Shares Contractual 1.33% April 1, 2016 March 31, 2017
Class B Shares Contractual 2.08% April 1, 2016 March 31, 2017
Class C Shares Contractual 2.08% April 1, 2016 March 31, 2017
Class R Shares Contractual 1.58% April 1, 2016 March 31, 2017
Class R5 Shares Contractual 1.08% April 1, 2016 March 31, 2017
Class R6 Shares Contractual 1.08% April 1, 2016 March 31, 2017
Class Y Shares Contractual 1.08% April 1, 2016 March 31, 2017
Investor Class Shares Contractual 1.33% April 1, 2016 March 31, 2017
See page 16 for footnotes to Exhibit A.
9
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ ---------- ------------------ -----------------
Invesco International Growth Fund
Class A Shares Contractual 2.25% July 1, 2013 June 30, 2016
Class B Shares Contractual 3.00% July 1, 2013 June 30, 2016
Class C Shares Contractual 3.00% July 1, 2013 June 30, 2016
Class R Shares Contractual 2.50% July 1, 2013 June 30, 2016
Class R5 Shares Contractual 2.00% July 1, 2013 June 30, 2016
Class R6 Shares Contractual 2.00% July 1, 2013 June 30, 2016
Class Y Shares Contractual 2.00% July 1, 2013 June 30, 2016
Invesco Select Opportunities Fund
Class A Shares Contractual 1.51% August 1, 2012 February 28, 2017
Class C Shares Contractual 2.26% August 1, 2012 February 28, 2017
Class R Shares Contractual 1.76% August 1, 2012 February 28, 2017
Class R5 Shares Contractual 1.26% August 1, 2012 February 28, 2017
Class R6 Shares Contractual 1.26% September 24, 2012 February 28, 2017
Class Y Shares Contractual 1.26% August 1, 2012 February 28, 2017
AIM INVESTMENT FUNDS (INVESCO INVESTMENT FUNDS)
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ ---------- ------------------ -----------------
Invesco All Cap Market Neutral Fund
Class A Shares Contractual 1.62% December 17, 2013 February 28, 2017
Class C Shares Contractual 2.37% December 17, 2013 February 28, 2017
Class R Shares Contractual 1.87% December 17, 2013 February 28, 2017
Class R5 Shares Contractual 1.37% December 17, 2013 February 28, 2017
Class R6 Shares Contractual 1.37% December 17, 2013 February 28, 2017
Class Y Shares Contractual 1.37% December 17, 2013 February 28, 2017
Invesco Balanced-Risk Allocation Fund/3/
Class A Shares Contractual 2.00% July 1, 2012 June 30, 2016
Class B Shares Contractual 2.75% July 1, 2012 June 30, 2016
Class C Shares Contractual 2.75% July 1, 2012 June 30, 2016
Class R Shares Contractual 2.25% July 1, 2012 June 30, 2016
Class R5 Shares Contractual 1.75% July 1, 2012 June 30, 2016
Class R6 Shares Contractual 1.75% September 24, 2012 June 30, 2016
Class Y Shares Contractual 1.75% July 1, 2012 June 30, 2016
Invesco Balanced-Risk Commodity Strategy Fund/4/
Class A Shares Contractual 2.00% July 1, 2014 June 30, 2016
Class B Shares Contractual 2.75% July 1, 2014 June 30, 2016
Class C Shares Contractual 2.75% July 1, 2014 June 30, 2016
Class R Shares Contractual 2.25% July 1, 2014 June 30, 2016
Class R5 Shares Contractual 1.75% July 1, 2014 June 30, 2016
Class R6 Shares Contractual 1.75% July 1, 2014 June 30, 2016
Class Y Shares Contractual 1.75% July 1, 2014 June 30, 2016
Invesco Developing Markets Fund
Class A Shares Contractual 2.25% July 1, 2012 June 30, 2016
Class B Shares Contractual 3.00% July 1, 2012 June 30, 2016
Class C Shares Contractual 3.00% July 1, 2012 June 30, 2016
Class R5 Shares Contractual 2.00% July 1, 2012 June 30, 2016
Class R6 Shares Contractual 2.00% September 24, 2012 June 30, 2016
Class Y Shares Contractual 2.00% July 1, 2012 June 30, 2016
See page 16 for footnotes to Exhibit A.
10
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ ---------- ------------------ -----------------
Invesco Emerging Markets Equity Fund
Class A Shares Contractual 1.54% April 1, 2016 March 31, 2017
Class C Shares Contractual 2.29% April 1, 2016 March 31, 2017
Class R Shares Contractual 1.79% April 1, 2016 March 31, 2017
Class R5 Shares Contractual 1.29% April 1, 2016 March 31, 2017
Class R6 Shares Contractual 1.29% April 1, 2016 March 31, 2017
Class Y Shares Contractual 1.29% April 1, 2016 March 31, 2017
Invesco Emerging Market Local Currency Debt Fund
Class A Shares Contractual 1.24% June 14, 2010 February 28, 2017
Class B Shares Contractual 1.99% June 14, 2010 February 28, 2017
Class C Shares Contractual 1.99% June 14, 2010 February 28, 2017
Class R Shares Contractual 1.49% June 14, 2010 February 28, 2017
Class Y Shares Contractual 0.99% June 14, 2010 February 28, 2017
Class R5 Shares Contractual 0.99% June 14, 2010 February 28, 2017
Class R6 Shares Contractual 0.99% September 24, 2012 February 28, 2017
Invesco Endeavor Fund
Class A Shares Contractual 2.00% July 1, 2009 June 30, 2016
Class B Shares Contractual 2.75% July 1, 2009 June 30, 2016
Class C Shares Contractual 2.75% July 1, 2009 June 30, 2016
Class R Shares Contractual 2.25% July 1, 2009 June 30, 2016
Class R5 Shares Contractual 1.75% July 1, 2009 June 30, 2016
Class R6 Shares Contractual 1.75% September 24, 2012 June 30, 2016
Class Y Shares Contractual 1.75% July 1, 2009 June 30, 2016
Invesco Global Health Care Fund
Class A Shares Contractual 2.00% July 1, 2012 June 30, 2016
Class B Shares Contractual 2.75% July 1, 2012 June 30, 2016
Class C Shares Contractual 2.75% July 1, 2012 June 30, 2016
Class Y Shares Contractual 1.75% July 1, 2012 June 30, 2016
Investor Class Shares Contractual 2.00% July 1, 2012 June 30, 2016
Invesco Global Infrastructure Fund
Class A Shares Contractual 1.40% May 2, 2014 February 28, 2017
Class C Shares Contractual 2.15% May 2, 2014 February 28, 2017
Class R Shares Contractual 1.65% May 2, 2014 February 28, 2017
Class Y Shares Contractual 1.15% May 2, 2014 February 28, 2017
Class R5 Shares Contractual 1.15% May 2, 2014 February 28, 2017
Class R6 Shares Contractual 1.15% May 2, 2014 February 28, 2017
Invesco Global Markets Strategy Fund/5/
Class A Shares Contractual 1.65% March 1, 2016 February 28, 2017
Class C Shares Contractual 2.40% March 1, 2016 February 28, 2017
Class R Shares Contractual 1.90% March 1, 2016 February 28, 2017
Class R5 Shares Contractual 1.40% March 1, 2016 February 28, 2017
Class R6 Shares Contractual 1.40% March 1, 2016 February 28, 2017
Class Y Shares Contractual 1.40% March 1, 2016 February 28, 2017
Invesco Global Market Neutral Fund
Class A Shares Contractual 1.62% December 17, 2013 February 28, 2017
Class C Shares Contractual 2.37% December 17, 2013 February 28, 2017
Class R Shares Contractual 1.87% December 17, 2013 February 28, 2017
Class R5 Shares Contractual 1.37% December 17, 2013 February 28, 2017
Class R6 Shares Contractual 1.37% December 17, 2013 February 28, 2017
Class Y Shares Contractual 1.37% December 17, 2013 February 28, 2017
See page 16 for footnotes to Exhibit A.
11
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ ---------- ------------------ -----------------
Invesco Global Targeted Returns Fund/6/
Class A Shares Contractual 1.65% March 1, 2016 February 28, 2017
Class C Shares Contractual 2.40% March 1, 2016 February 28, 2017
Class R Shares Contractual 1.90% March 1, 2016 February 28, 2017
Class R5 Shares Contractual 1.40% March 1, 2016 February 28, 2017
Class R6 Shares Contractual 1.40% March 1, 2016 February 28, 2017
Class Y Shares Contractual 1.40% March 1, 2016 February 28, 2017
Invesco Greater China Fund
Class A Shares Contractual 2.25% July 1, 2009 June 30, 2016
Class B Shares Contractual 3.00% July 1, 2009 June 30, 2016
Class C Shares Contractual 3.00% July 1, 2009 June 30, 2016
Class R5 Shares Contractual 2.00% July 1, 2009 June 30, 2016
Class Y Shares Contractual 2.00% July 1, 2009 June 30, 2016
Invesco International Total Return Fund
Class A Shares Contractual 1.10% March 31, 2006 February 28, 2017
Class B Shares Contractual 1.85% March 31, 2006 February 28, 2017
Class C Shares Contractual 1.85% March 31, 2006 February 28, 2017
Class R5 Shares Contractual 0.85% October 3, 2008 February 28, 2017
Class R6 Shares Contractual 0.85% September 24, 2012 February 28, 2017
Class Y Shares Contractual 0.85% March 31, 2006 February 28, 2017
Invesco Long/Short Equity Fund
Class A Shares Contractual 1.87% December 17, 2013 February 28, 2017
Class C Shares Contractual 2.62% December 17, 2013 February 28, 2017
Class R Shares Contractual 2.12% December 17, 2013 February 28, 2017
Class R5 Shares Contractual 1.62% December 17, 2013 February 28, 2017
Class R6 Shares Contractual 1.62% December 17, 2013 February 28, 2017
Class Y Shares Contractual 1.62% December 17, 2013 February 28, 2017
Invesco Low Volatility Emerging Markets Fund
Class A Shares Contractual 1.72% December 17, 2013 February 28, 2017
Class C Shares Contractual 2.47% December 17, 2013 February 28, 2017
Class R Shares Contractual 1.97% December 17, 2013 February 28, 2017
Class R5 Shares Contractual 1.47% December 17, 2013 February 28, 2017
Class R6 Shares Contractual 1.47% December 17, 2013 February 28, 2017
Class Y Shares Contractual 1.47% December 17, 2013 February 28, 2017
Invesco MLP Fund
Class A Shares Contractual 1.50% August 29, 2014 February 28, 2017
Class C Shares Contractual 2.25% August 29, 2014 February 28, 2017
Class R Shares Contractual 1.75% August 29, 2014 February 28, 2017
Class R5 Shares Contractual 1.25% August 29, 2014 February 28, 2017
Class R6 Shares Contractual 1.25% August 29, 2014 February 28, 2017
Class Y Shares Contractual 1.25% August 29, 2014 February 28, 2017
Invesco Macro International Equity Fund
Class A Shares Contractual 1.43% December 17, 2013 February 28, 2017
Class C Shares Contractual 2.18% December 17, 2013 February 28, 2017
Class R Shares Contractual 1.68% December 17, 2013 February 28, 2017
Class R5 Shares Contractual 1.18% December 17, 2013 February 28, 2017
Class R6 Shares Contractual 1.18% December 17, 2013 February 28, 2017
Class Y Shares Contractual 1.18% December 17, 2013 February 28, 2017
Invesco Macro Long/Short Fund
Class A Shares Contractual 1.87% December 17, 2013 February 28, 2017
Class C Shares Contractual 2.62% December 17, 2013 February 28, 2017
Class R Shares Contractual 2.12% December 17, 2013 February 28, 2017
Class R5 Shares Contractual 1.62% December 17, 2013 February 28, 2017
Class R6 Shares Contractual 1.62% December 17, 2013 February 28, 2017
Class Y Shares Contractual 1.62% December 17, 2013 February 28, 2017
See page 16 for footnotes to Exhibit A.
12
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ --------------------- ----------------- -----------------
Invesco Pacific Growth Fund
Class A Shares Contractual 2.25% July 1, 2012 June 30, 2016
Class B Shares Contractual 3.00% July 1, 2012 June 30, 2016
Class C Shares Contractual 3.00% July 1, 2012 June 30, 2016
Class R Shares Contractual 2.50% July 1, 2012 June 30, 2016
Class R5 Shares Contractual 2.00% July 1, 2012 June 30, 2016
Class Y Shares Contractual 2.00% July 1, 2012 June 30, 2016
Invesco Premium Income Fund
Class A Shares Contractual 1.05% March 1, 2015 February 28, 2017
Class C Shares Contractual 1.80% March 1, 2015 February 28, 2017
Class R Shares Contractual 1.30% March 1, 2015 February 28, 2017
Class R5 Shares Contractual 0.80% March 1, 2015 February 28, 2017
Class R6 Shares Contractual 0.80% March 1, 2015 February 28, 2017
Class Y Shares Contractual 0.80% March 1, 2015 February 28, 2017
Invesco Select Companies Fund
Class A Shares Contractual 2.00% July 1, 2009 June 30, 2016
Class B Shares Contractual 2.75% July 1, 2009 June 30, 2016
Class C Shares Contractual 2.75% July 1, 2009 June 30, 2016
Class R Shares Contractual 2.25% July 1, 2009 June 30, 2016
Class R5 Shares Contractual 1.75% July 1, 2009 June 30, 2016
Class Y Shares Contractual 1.75% July 1, 2009 June 30, 2016
Invesco Strategic Income Fund
Class A Shares Contractual 0.85% less net AFFE* May 2, 2014 February 28, 2017
Class C Shares Contractual 1.60% less net AFFE* May 2, 2014 February 28, 2017
Class R Shares Contractual 1.10% less net AFFE* May 2, 2014 February 28, 2017
Class Y Shares Contractual 0.60% less net AFFE* May 2, 2014 February 28, 2017
Class R5 Shares Contractual 0.60% less net AFFE* May 2, 2014 February 28, 2017
Class R6 Shares Contractual 0.60% less net AFFE* May 2, 2014 February 28, 2017
Invesco Unconstrained Bond Fund
Class A Shares Contractual 1.04% less net AFFE* October 14, 2014 February 28, 2017
Class C Shares Contractual 1.79% less net AFFE* October 14, 2014 February 28, 2017
Class R Shares Contractual 1.29% less net AFFE* October 14, 2014 February 28, 2017
Class Y Shares Contractual 0.79% less net AFFE* October 14, 2014 February 28, 2017
Class R5 Shares Contractual 0.79% less net AFFE* October 14, 2014 February 28, 2017
Class R6 Shares Contractual 0.79% less net AFFE* October 14, 2014 February 28, 2017
AIM INVESTMENT SECURITIES FUNDS (INVESCO INVESTMENT SECURITIES FUNDS)
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ ---------- ------------------ -------------
Invesco Corporate Bond Fund
Class A Shares Contractual 1.50% July 1, 2012 June 30, 2016
Class B Shares Contractual 2.25% July 1, 2012 June 30, 2016
Class C Shares Contractual 2.25% July 1, 2012 June 30, 2016
Class R Shares Contractual 1.75% July 1, 2012 June 30, 2016
Class R5 Shares Contractual 1.25% July 1, 2012 June 30, 2016
Class R6 Shares Contractual 1.25% September 24, 2012 June 30, 2016
Class Y Shares Contractual 1.25% July 1, 2012 June 30, 2016
Invesco Global Real Estate Fund
Class A Shares Contractual 2.00% July 1, 2009 June 30, 2016
Class B Shares Contractual 2.75% July 1, 2009 June 30, 2016
Class C Shares Contractual 2.75% July 1, 2009 June 30, 2016
Class R Shares Contractual 2.25% July 1, 2009 June 30, 2016
Class R5 Shares Contractual 1.75% July 1, 2009 June 30, 2016
Class R6 Shares Contractual 1.75% September 24, 2012 June 30, 2016
Class Y Shares Contractual 1.75% July 1, 2009 June 30, 2016
See page 16 for footnotes to Exhibit A.
13
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ ---------- ------------------ -----------------
Invesco High Yield Fund
Class A Shares Contractual 1.50% July 1, 2013 June 30, 2016
Class B Shares Contractual 2.25% July 1, 2013 June 30, 2016
Class C Shares Contractual 2.25% July 1, 2013 June 30, 2016
Class R5 Shares Contractual 1.25% July 1, 2013 June 30, 2016
Class R6 Shares Contractual 1.25% July 1, 2013 June 30, 2016
Class Y Shares Contractual 1.25% July 1, 2013 June 30, 2016
Investor Class Shares Contractual 1.50% July 1, 2013 June 30, 2016
Invesco Short Duration Inflation Protected Fund
Class A Shares Contractual 0.55% December 31, 2015 December 31, 2016
Class A2 Shares Contractual 0.45% December 31, 2015 December 31, 2016
Class R5 Shares Contractual 0.30% December 31, 2015 December 31, 2016
Class R6 Shares Contractual 0.30% December 31, 2015 December 31, 2016
Class Y Shares Contractual 0.30% December 31, 2015 December 31, 2016
Invesco Real Estate Fund
Class A Shares Contractual 2.00% July 1, 2012 June 30, 2016
Class B Shares Contractual 2.75% July 1, 2012 June 30, 2016
Class C Shares Contractual 2.75% July 1, 2012 June 30, 2016
Class R Shares Contractual 2.25% July 1, 2012 June 30, 2016
Class R5 Shares Contractual 1.75% July 1, 2012 June 30, 2016
Class R6 Shares Contractual 1.75% September 24, 2012 June 30, 2016
Class Y Shares Contractual 1.75% July 1, 2012 June 30, 2016
Investor Class Shares Contractual 2.00% July 1, 2012 June 30, 2016
Invesco Short Term Bond Fund
Class A Shares Contractual 1.40% July 1, 2013 June 30, 2016
Class C Shares Contractual 1.75%/2/ July 1, 2013 June 30, 2016
Class R Shares Contractual 1.75% July 1, 2013 June 30, 2016
Class R5 Shares Contractual 1.25% July 1, 2013 June 30, 2016
Class R6 Shares Contractual 1.25% July 1, 2013 June 30, 2016
Class Y Shares Contractual 1.25% July 1, 2013 June 30, 0000
Xxxxxxx X.X. Government Fund
Class A Shares Contractual 1.50% July 1, 2012 June 30, 2016
Class B Shares Contractual 2.25% July 1, 2012 June 30, 2016
Class C Shares Contractual 2.25% July 1, 2012 June 30, 2016
Class R Shares Contractual 1.75% July 1, 2012 June 30, 2016
Class R5 Shares Contractual 1.25% July 1, 2012 June 30, 2016
Class Y Shares Contractual 1.25% July 1, 2012 June 30, 2016
Investor Class Shares Contractual 1.50% July 1, 2012 June 30, 2016
AIM SECTOR FUNDS (INVESCO SECTOR FUNDS)
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ ---------- ------------------ -------------
Invesco American Value Fund
Class A Shares Contractual 2.00% July 1, 2013 June 30, 2016
Class B Shares Contractual 2.75% July 1, 2013 June 30, 2016
Class C Shares Contractual 2.75% July 1, 2013 June 30, 2016
Class R Shares Contractual 2.25% July 1, 2013 June 30, 2016
Class R5 Shares Contractual 1.75% July 1, 2013 June 30, 2016
Class R6 Shares Contractual 1.75% July 1, 2013 June 30, 2016
Class Y Shares Contractual 1.75% July 1, 2013 June 30, 2016
Invesco Xxxxxxxx Fund
Class A Shares Contractual 2.00% July 1, 2012 June 30, 2016
Class B Shares Contractual 2.75% July 1, 2012 June 30, 2016
Class C Shares Contractual 2.75% July 1, 2012 June 30, 2016
Class R Shares Contractual 2.25% July 1, 2012 June 30, 2016
Class R5 Shares Contractual 1.75% July 1, 2012 June 30, 2016
Class R6 Shares Contractual 1.75% September 24, 2012 June 30, 2016
Class Y Shares Contractual 1.75% July 1, 2012 June 30, 2016
See page 16 for footnotes to Exhibit A.
14
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ ---------- ----------------- ---------------
Invesco Energy Fund
Class A Shares Contractual 2.00% July 1, 2009 June 30, 2016
Class B Shares Contractual 2.75% July 1, 2009 June 30, 2016
Class C Shares Contractual 2.75% July 1, 2009 June 30, 2016
Class R5 Shares Contractual 1.75% July 1, 2009 June 30, 2016
Class Y Shares Contractual 1.75% July 1, 2009 June 30, 2016
Investor Class Shares Contractual 2.00% July 1, 2009 June 30, 2016
Invesco Dividend Income Fund
Class A Shares Contractual 1.14% September 1, 2014 August 31, 2016
Class B Shares Contractual 1.89% September 1, 2014 August 31, 2016
Class C Shares Contractual 1.89% September 1, 2014 August 31, 2016
Class R5 Shares Contractual 0.89% September 1, 2014 August 31, 2016
Class R6 Shares Contractual 0.89% September 1, 2014 August 31, 2016
Class Y Shares Contractual 0.89% September 1, 2014 August 31, 2016
Investor Class Shares Contractual 1.14% September 1, 2014 August 31, 2016
Invesco Gold & Precious Metals Fund
Class A Shares Contractual 2.00% July 1, 2009 June 30, 2016
Class B Shares Contractual 2.75% July 1, 2009 June 30, 2016
Class C Shares Contractual 2.75% July 1, 2009 June 30, 2016
Class Y Shares Contractual 1.75% July 1, 2009 June 30, 2016
Investor Class Shares Contractual 2.00% July 1, 2009 June 30, 2016
Invesco Mid Cap Growth Fund
Class A Shares Contractual 2.00% August 1, 2015 June 30, 2016
Class B Shares Contractual 2.75% August 1, 2015 June 30, 2016
Class C Shares Contractual 2.75% August 1, 2015 June 30, 2016
Class R Shares Contractual 2.25% August 1, 2015 June 30, 2016
Class R5 Shares Contractual 1.75% August 1, 2015 June 30, 2016
Class R6 Shares Contractual 1.75% August 1, 2015 June 30, 2016
Class Y Shares Contractual 1.75% August 1, 2015 June 30, 2016
Invesco Small Cap Value Fund
Class A Shares Contractual 2.00% July 1, 2012 June 30, 2016
Class B Shares Contractual 2.75% July 1, 2012 June 30, 2016
Class C Shares Contractual 2.75% July 1, 2012 June 30, 2016
Class Y Shares Contractual 1.75% July 1, 2012 June 30, 2016
Invesco Technology Fund
Class A Shares Contractual 2.00% July 1, 2012 June 30, 2016
Class B Shares Contractual 2.75% July 1, 2012 June 30, 2016
Class C Shares Contractual 2.75% July 1, 2012 June 30, 2016
Class R5 Shares Contractual 1.75% July 1, 2012 June 30, 2016
Class Y Shares Contractual 1.75% July 1, 2012 June 30, 2016
Investor Class Shares Contractual 2.00% July 1, 2012 June 30, 2016
Invesco Technology Sector Fund
Class A Shares Contractual 2.00% February 12, 2010 June 30, 2016
Class B Shares Contractual 2.75% February 12, 2010 June 30, 2016
Class C Shares Contractual 2.75% February 12, 2010 June 30, 2016
Class Y Shares Contractual 1.75% February 12, 2010 June 30, 2016
Invesco Value Opportunities Fund
Class A Shares Contractual 2.00% July 1, 2012 June 30, 2016
Class B Shares Contractual 2.75% July 1, 2012 June 30, 2016
Class C Shares Contractual 2.75% July 1, 2012 June 30, 2016
Class R Shares Contractual 2.25% July 1, 2012 June 30, 2016
Class R5 Shares Contractual 1.75% July 1, 2012 June 30, 2016
Class Y Shares Contractual 1.75% July 1, 2012 June 30, 2016
See page 16 for footnotes to Exhibit A.
15
AIM TAX-EXEMPT FUNDS (INVESCO TAX-EXEMPT FUNDS)
Contractual/ Expense Effective Date of Expiration
Fund Voluntary Limitation Current Limit Date
---- ------------ ---------- ----------------- -------------
Invesco High Yield Municipal Fund
Class A Shares Contractual 1.50% July 1, 2012 June 30, 2016
Class B Shares Contractual 2.25% July 1, 2012 June 30, 2016
Class C Shares Contractual 2.25% July 1, 2012 June 30, 2016
Class R5 Shares Contractual 1.25% July 1, 2012 June 30, 2016
Class Y Shares Contractual 1.25% July 1, 2012 June 30, 2016
Invesco Intermediate Term Municipal Income Fund
Class A Shares Contractual 0.80% July 1, 2013 June 30, 2016
Class B Shares Contractual 1.55% July 1, 2013 June 30, 2016
Class C Shares Contractual 1.55% July 1, 2013 June 30, 2016
Class Y Shares Contractual 0.55% July 1, 2013 June 30, 2016
Invesco Municipal Income Fund
Class A Shares Contractual 1.50% July 1, 2013 June 30, 2016
Class B Shares Contractual 2.25% July 1, 2013 June 30, 2016
Class C Shares Contractual 2.25% July 1, 2013 June 30, 2016
Class Y Shares Contractual 1.25% July 1, 2013 June 30, 2016
Investor Class Contractual 1.50% July 15, 2013 June 30, 2016
Invesco New York Tax Free Income Fund
Class A Shares Contractual 1.50% July 1, 2012 June 30, 2016
Class B Shares Contractual 2.25% July 1, 2012 June 30, 2016
Class C Shares Contractual 2.25% July 1, 2012 June 30, 2016
Class Y Shares Contractual 1.25% July 1, 2012 June 30, 2016
Invesco Limited Term Municiipal Income Fund
Class A Shares Contractual 1.50% July 1, 2012 June 30, 2016
Class A2 Shares Contractual 1.25% July 1, 2012 June 30, 2016
Class C Shares Contractual 2.25% June 30, 2013 June 30, 2016
Class R5 Shares Contractual 1.25% July 1, 2012 June 30, 2016
Class Y Shares Contractual 1.25% July 1, 2012 June 30, 2016
INVESCO MANAGEMENT TRUST
EFFECTIVE DATE
CONTRACTUAL/ EXPENSE OF CURRENT EXPIRATION
FUND VOLUNTARY LIMITATION LIMIT DATE
---- ------------ ---------- -------------- -----------------
Invesco Conservative Income Fund
Institutional Class Contractual 0.28% July 1, 2014 December 31, 2016
INVESCO SECURITIES TRUST
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ ---------- ----------------- -----------------
Invesco Balanced-Risk Aggressive Allocation Fund Contractual 1.15% January 16, 2013 February 28, 2017
* ACQUIRED FUND FEES AND EXPENSES ("AFFE") WILL BE CALCULATED AS OF THE FUND'S
FISCAL YEAR END ACCORDING TO INSTRUCTION 3(F) OF ITEM 3 OF FORM N-1A. "NET
AFFE" WILL BE CALCULATED BY SUBTRACTING ANY WAIVERS BY INVESCO ASSOCIATED
WITH INVESTMENTS IN AFFILIATED FUNDS, SUCH AS INVESTMENTS IN AFFILIATED MONEY
MARKET FUNDS, FROM THE AFFE CALCULATED IN ACCORDANCE WITH THE PRECEDING
SENTENCE. FOR CLARITY, THE NET AFFE CALCULATED AS OF THE FUND'S FISCAL YEAR
END WILL BE USED THROUGHOUT THE WAIVER PERIOD IN ESTABLISHING THE FUND'S
WAIVER AMOUNT, REGARDLESS OF WHETHER ACTUAL AFFE IS MORE OR LESS DURING THE
WAIVER PERIOD.
/1/ The total operating expenses of any class of shares established after the
date of this Memorandum of Agreement will be limited to the amount
established for Class A Shares plus the difference between the new class
12b-1 rate and the Class A 12b-1 rate.
/2/ The expense limit shown is the expense limit after Rule 12b-1 fee waivers
by Invesco Distributors, Inc.
/3/ Includes waived fees or reimbursed expenses that Invesco receives from
Invesco Cayman Commodity Fund I, Ltd.
/4/ Includes waived fees or reimbursed expenses that Invesco receives from
Invesco Cayman Commodity Fund III, Ltd.
/5/ Includes waived fees or reimbursed expenses that Invesco receives from
Invesco Cayman Commodity Fund V, Ltd.
/6/ Includes waived fees or reimbursed expenses that Invesco receives from
Invesco Cayman Commodity Fund VII, Ltd.
16
EXHIBIT "B" - INSTITUTIONAL MONEY MARKET FUNDS/1/,/2/
SHORT-TERM INVESTMENTS TRUST
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ ---------- ----------------- -----------------
Government & Agency Portfolio
Cash Management Class Contractual 0.22%/2/ July 1, 2009 December 31, 2016
Corporate Class Contractual 0.17% July 1, 2009 December 31, 2016
Institutional Class Contractual 0.14% July 1, 2009 December 31, 2016
Personal Investment Class Contractual 0.69%/2/ July 1, 2009 December 31, 2016
Private Investment Class Contractual 0.44%/2/ July 1, 2009 December 31, 2016
Reserve Class Contractual 1.01%/2/ July 1, 2009 December 31, 2016
Resource Class Contractual 0.30%/2/ July 1, 2009 December 31, 2016
Government TaxAdvantage Portfolio
Cash Management Class Contractual 0.22%/2/ July 1, 2009 December 31, 2016
Corporate Class Contractual 0.17% July 1, 2009 December 31, 2016
Institutional Class Contractual 0.14% July 1, 2009 December 31, 2016
Personal Investment Class Contractual 0.69%/2/ July 1, 2009 December 31, 2016
Private Investment Class Contractual 0.39%/2/ July 1, 2009 December 31, 2016
Reserve Class Contractual 1.01%/2/ July 1, 2009 December 31, 2016
Resource Class Contractual 0.30%/2/ July 1, 2009 December 31, 2016
Liquid Assets Portfolio
Cash Management Class Contractual 0.22%/2/ July 1, 2009 December 31, 2016
Corporate Class Contractual 0.17% July 1, 2009 December 31, 2016
Institutional Class Contractual 0.14% July 1, 2009 December 31, 2016
Personal Investment Class Contractual 0.69%/2/ July 1, 2009 December 31, 2016
Private Investment Class Contractual 0.44%/2/ July 1, 2009 December 31, 2016
Reserve Class Contractual 1.01%/2/ July 1, 2009 December 31, 2016
Resource Class Contractual 0.34% July 1, 2009 December 31, 2016
STIC Prime Portfolio
Cash Management Class Contractual 0.22%/2/ July 1, 2009 December 31, 2016
Corporate Class Contractual 0.17% July 1, 2009 December 31, 2016
Institutional Class Contractual 0.14% July 1, 2009 December 31, 2016
Personal Investment Class Contractual 0.69%/2/ July 1, 2009 December 31, 2016
Private Investment Class Contractual 0.44%/2/ July 1, 2009 December 31, 2016
Reserve Class Contractual 1.01%/2/ July 1, 2009 December 31, 2016
Resource Class Contractual 0.30%/2/ July 1, 2009 December 31, 2016
Tax-Free Cash Reserve Portfolio/3/
Cash Management Class Contractual 0.33%/2/ July 1, 2009 December 31, 2016
Corporate Class Contractual 0.28% July 1, 2009 December 31, 2016
Institutional Class Contractual 0.25% July 1, 2009 December 31, 2016
Personal Investment Class Contractual 0.80%/2/ July 1, 2009 December 31, 2016
Private Investment Class Contractual 0.50%/2/ July 1, 2009 December 31, 2016
Reserve Class Contractual 1.12%/2/ July 1, 2009 December 31, 2016
Resource Class Contractual 0.41%/2/ July 1, 2009 December 31, 2016
Treasury Portfolio
Cash Management Class Contractual 0.22%/2/ July 1, 2009 December 31, 2016
Corporate Class Contractual 0.17% July 1, 2009 December 31, 2016
Institutional Class Contractual 0.14% July 1, 2009 December 31, 2016
Personal Investment Class Contractual 0.69%/2/ July 1, 2009 December 31, 2016
Private Investment Class Contractual 0.44%/2/ July 1, 2009 December 31, 2016
Reserve Class Contractual 1.01%/2/ July 1, 2009 December 31, 2016
Resource Class Contractual 0.30%/2/ July 1, 2009 December 31, 2016
/1/ The expense rate excluding 12b-1 fees of any class of shares established
after the date of this Memorandum of Agreement will be the same as existing
classes.
/2/ The expense limit shown is the expense limit after Rule 12b-1 fee waivers
by Invesco Distributors, Inc.
/3/ The expense limitation also excludes Trustees' fees and federal
registration expenses.
17
EXHIBIT "C" - VARIABLE INSURANCE FUNDS
AIM VARIABLE INSURANCE FUNDS (INVESCO VARIABLE INSURANCE FUNDS)
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ -------------------- ----------------- --------------
Invesco V.I. American Franchise Fund
Series I Shares Contractual 2.00% July 1, 2014 June 30, 2016
Series II Shares Contractual 2.25% July 1, 2014 June 30, 2016
Invesco V.I. American Value Fund
Series I Shares Contractual 2.00% July 1, 2012 June 30, 2016
Series II Shares Contractual 2.25% July 1, 2012 June 30, 2016
Invesco V.I. Balanced-Risk Allocation Fund/1/
Series I Shares Contractual 0.80% less net AFFE* May 1, 2014 April 30, 2017
Series II Shares Contractual 1.05% less net AFFE* May 1, 2014 April 30, 2017
Invesco V.I. Xxxxxxxx Fund
Series I Shares Contractual 0.78% May 1, 2013 April 30, 2017
Series II Shares Contractual 1.03% May 1, 2013 April 30, 2017
Invesco V.I. Core Equity Fund
Series I Shares Contractual 2.00% May 1, 2013 June 30, 2016
Series II Shares Contractual 2.25% May 1, 2013 June 30, 2016
Invesco V.I. Core Plus Bond Fund
Series I Shares Contractual 0.61% April 30, 2015 April 30, 2017
Series II Shares Contractual 0.86% April 30, 2015 April 30, 2017
Invesco V.I. Diversified Dividend Fund
Series I Shares Contractual 2.00% May 1, 2013 June 30, 2016
Series II Shares Contractual 2.25% May 1, 2013 June 30, 2016
Invesco V.I. Equally-Weighted S&P 500 Fund
Series I Shares Contractual 2.00% July 1, 2012 June 30, 2016
Series II Shares Contractual 2.25% July 1, 2012 June 30, 2016
Invesco V.I. Equity and Income Fund
Series I Shares Contractual 1.50% July 1, 2012 June 30, 2016
Series II Shares Contractual 1.75% July 1, 2012 June 30, 2016
Invesco V.I. Global Core Equity Fund
Series I Shares Contractual 2.25% July 1, 2012 June 30, 2016
Series II Shares Contractual 2.50% July 1, 2012 June 30, 2016
Invesco V.I. Global Health Care Fund
Series I Shares Contractual 2.00% May 1, 2013 June 30, 2016
Series II Shares Contractual 2.25% May 1, 2013 June 30, 2016
Invesco V.I. Global Real Estate Fund
Series I Shares Contractual 2.00% May 1, 2013 June 30, 2016
Series II Shares Contractual 2.25% May 1, 2013 June 30, 2016
/1/ Includes waived fees or reimbursed expenses that Invesco receives from
Invesco Cayman Commodity Fund IV, Ltd.
18
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ ---------- ----------------- --------------
Invesco V.I. Government Money Market Fund
Series I Shares Contractual 1.50% May 1, 2013 June 30, 2016
Series II Shares Contractual 1.75% May 1, 2013 June 30, 2016
Invesco V.I. Government Securities Fund
Series I Shares Contractual 1.50% May 1, 2013 June 30, 2016
Series II Shares Contractual 1.75% May 1, 2013 June 30, 2016
Invesco V.I. Growth and Income Fund
Series I Shares Contractual 0.78% May 1, 2013 April 30, 2017
Series II Shares Contractual 1.03% May 1, 2013 April 30, 2017
Invesco V.I. High Yield Fund
Series I Shares Contractual 1.50% May 1, 2014 June 30, 2016
Series II Shares Contractual 1.75% May 1, 2014 June 30, 2016
Invesco V.I. International Growth Fund
Series I Shares Contractual 2.25% July 1, 2012 June 30, 2016
Series II Shares Contractual 2.50% July 1, 2012 June 30, 2016
Invesco V.I. Managed Volatility Fund
Series I Shares Contractual 2.00% May 1, 2015 June 30, 2016
Series II Shares Contractual 2.25% May 1, 2015 June 30, 2016
Invesco V.I. Mid Cap Core Equity Fund
Series I Shares Contractual 2.00% May 1, 2013 June 30, 2016
Series II Shares Contractual 2.25% May 1, 2013 June 30, 2016
Invesco V.I. Mid Cap Growth Fund
Series I Shares Contractual 2.00% July 1, 2014 June 30, 2016
Series II Shares Contractual 2.25% July 1, 2014 June 30, 2016
Invesco V.I. S&P 500 Index Fund
Series I Shares Contractual 2.00% July 1, 2012 June 30, 2016
Series II Shares Contractual 2.25% July 1, 2012 June 30, 2016
Invesco V.I. Small Cap Equity Fund
Series I Shares Contractual 2.00% May 1, 2013 June 30, 2016
Series II Shares Contractual 2.25% May 1, 2013 June 30, 2016
Invesco V.I. Technology Fund
Series I Shares Contractual 2.00% May 1, 2013 June 30, 2016
Series II Shares Contractual 2.25% May 1, 2013 June 30, 2016
Invesco V.I. Value Opportunities Fund
Series I Shares Contractual 2.00% May 1, 2013 June 30, 2016
Series II Shares Contractual 2.25% May 1, 2013 June 30, 2016
* ACQUIRED FUND FEES AND EXPENSES ("AFFE") WILL BE CALCULATED AS OF THE FUND'S
FISCAL YEAR END ACCORDING TO INSTRUCTION 3(F) OF ITEM 3 OF FORM N-1A. "NET
AFFE" WILL BE CALCULATED BY SUBTRACTING ANY WAIVERS BY INVESCO ASSOCIATED
WITH INVESTMENTS IN AFFILIATED FUNDS, SUCH AS INVESTMENTS IN AFFILIATED MONEY
MARKET FUNDS, FROM THE AFFE CALCULATED IN ACCORDANCE WITH THE PRECEDING
SENTENCE. FOR CLARITY, THE NET AFFE CALCULATED AS OF THE FUND'S FISCAL YEAR
END WILL BE USED THROUGHOUT THE WAIVER PERIOD IN ESTABLISHING THE FUND'S
WAIVER AMOUNT, REGARDLESS OF WHETHER ACTUAL AFFE IS MORE OR LESS DURING THE
WAIVER PERIOD.
19
EXHIBIT "D" - CLOSED-END FUNDS
INVESCO CALIFORNIA VALUE MUNICIPAL INCOME TRUST
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF COMMITMENT END
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ ---------- ----------------- --------------
Invesco California Value Municipal Income Trust Voluntary 0.73% July 1, 2015 N/A
INVESCO MUNICIPAL OPPORTUNITY TRUST
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF COMMITMENT END
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ ---------- ----------------- --------------
Invesco Municipal Opportunity Trust Voluntary 0.89% November 1, 2014 N/A
INVESCO QUALITY MUNICIPAL INCOME TRUST
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF COMMITMENT END
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ ---------- ----------------- --------------
Invesco Quality Municipal Income Trust Voluntary 0.50% October 15, 2012 N/A
INVESCO TRUST FOR INVESTMENT GRADE NEW YORK MUNICIPALS
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF COMMITMENT END
FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE
---- ------------ ---------- ----------------- --------------
Invesco Trust for Investment Grade New York Municipals Voluntary 0.69% August 27, 2012 N/A
20
Sub-item 77Q1(e)
AMENDMENT NO. 30
TO
MASTER INVESTMENT ADVISORY AGREEMENT
This amendment effective as of April 29, 2016, amends the Master Investment
Advisory Agreement (the "Agreement"), dated May 1, 2000, between AIM Variable
Insurance Funds (Invesco Variable Insurance Funds), a Delaware statutory trust,
and Invesco Advisers, Inc., a Delaware corporation.
W I T N E S S E T H:
WHEREAS, the parties desire to amend the Agreement to change the name of
Invesco V.I. Money Market Fund to Invesco V.I. Government Money Market Fund;
NOW, THEREFORE, the parties agree that:
1. Appendix A and Appendix B to the Agreement are hereby deleted in their
entirety and replaced with the following:
"APPENDIX A
FUNDS AND EFFECTIVE DATES
EFFECTIVE DATE OF
NAME OF FUND ADVISORY AGREEMENT
------------ -------------------
Invesco V.I. Balanced-Risk Allocation Fund January 7, 2011
Invesco V.I. Core Equity Fund May 1, 2000
Invesco V.I. Core Plus Bond Fund May 1, 2000
Invesco V.I. Global Health Care Fund April 30, 2004
Invesco V.I. Global Real Estate Fund April 30, 2004
Invesco V.I. Government Securities Fund May 1, 2000
Invesco V.I. High Yield Fund May 1, 2000
Invesco V.I. International Growth Fund May 1, 2000
Invesco V.I. Mid Cap Core Equity Fund September 10, 2001
Invesco V.I. Government Money Market Fund May 1, 2000
Invesco V.I. Small Cap Equity Fund September 1, 2003
Invesco V.I. Technology Fund April 30, 2004
Invesco V.I. Managed Volatility Fund April 30, 2004
Invesco V.I. Diversified Dividend Fund February 12, 2010
Invesco V.I. S&P 500 Index Fund February 12, 2010
Invesco V.I. Equally-Weighted S&P 500 Fund February 12, 2010
Invesco V.I. American Franchise Fund February 12, 2010
Invesco V.I. American Value Fund February 12, 2010
Invesco V.I. Xxxxxxxx Fund February 12, 2010
Invesco V.I. Equity and Income Fund February 12, 2010
Invesco V.I. Global Core Equity Fund February 12, 2010
Invesco V.I. Growth and Income Fund February 12, 2010
Invesco V.I. Mid Cap Growth Fund February 12, 2010
Invesco V.I. Value Opportunities Fund September 10, 0000
XXXXXXXX X
COMPENSATION TO THE ADVISOR
The Trust shall pay the Adviser, out of the assets of a Fund, as full
compensation for all services rendered, an advisory fee for such Fund set forth
below. Such fee shall be calculated by applying the following annual rates to
the average daily net assets of such Fund for the calendar year computed in the
manner used for the determination of the net asset value of shares of such Fund.
INVESCO V.I. BALANCED-RISK ALLOCATION FUND
NET ASSETS ANNUAL RATE*
---------- ------------
First $250 million............................................... 0.95%
Next $250 million................................................ 0.925%
Next $500 million................................................ 0.90%
Next $1.5 billion................................................ 0.875%
Next $2.5 billion................................................ 0.85%
Next $2.5 billion................................................ 0.825%
Next $2.5 billion................................................ 0.80%
Over $10 billion................................................. 0.775%
* To the extent Invesco V.I. Balanced-Risk Allocation Fund invests its assets
in Invesco Cayman Commodity Fund IV Ltd., a direct wholly-owned subsidiary
of Invesco V.I. Balanced-Risk Allocation Fund, the Adviser shall not collect
the portion of the advisory fee that the Adviser would otherwise be entitled
to collect from Invesco V.I. Balanced-Risk Allocation Fund, in an amount
equal to 100% of the advisory fee that the Adviser receives from Invesco
Cayman Commodity Fund IV Ltd.
INVESCO V.I. VALUE OPPORTUNITIES FUND
NET ASSETS ANNUAL RATE
---------- -----------
First $250 million............................................... 0.695%
Next $250 million................................................ 0.67%
Next $500 million................................................ 0.645%
Next $1.5 billion................................................ 0.62%
Next $2.5 billion................................................ 0.595%
Next $2.5 billion................................................ 0.57%
Next $2.5 billion................................................ 0.545%
Over $10 billion................................................. 0.52%
2
INVESCO V.I. CORE EQUITY FUND
NET ASSETS ANNUAL RATE
---------- -----------
First $250 million............................................... 0.65%
Over $250 million................................................ 0.60%
INVESCO V.I. CORE PLUS BOND FUND
NET ASSETS ANNUAL RATE
---------- -----------
First $500 million............................................... 0.450%
Next $500 million................................................ 0.425%
Next $1.5 billion................................................ 0.400%
Next $2.5 billion................................................ 0.375%
Over $5 billion.................................................. 0.350%
INVESCO V.I. SMALL CAP EQUITY FUND
NET ASSETS ANNUAL RATE
---------- -----------
First $250 million............................................... 0.745%
Next $250 million................................................ 0.73%
Next $500 million................................................ 0.715%
Next $1.5 billion................................................ 0.70%
Next $2.5 billion................................................ 0.685%
Next $2.5 billion................................................ 0.67%
Next $2.5 billion................................................ 0.655%
Over $10 billion................................................. 0.64%
INVESCO V.I. GLOBAL HEALTH CARE FUND
INVESCO V.I. GLOBAL REAL ESTATE FUND
INVESCO V.I. TECHNOLOGY FUND
NET ASSETS ANNUAL RATE
---------- -----------
First $250 million............................................... 0.75%
Next $250 million................................................ 0.74%
Next $500 million................................................ 0.73%
Next $1.5 billion................................................ 0.72%
Next $2.5 billion................................................ 0.71%
Next $2.5 billion................................................ 0.70%
Next $2.5 billion................................................ 0.69%
Over $10 billion................................................. 0.68%
INVESCO V.I. GOVERNMENT SECURITIES FUND
NET ASSETS ANNUAL RATE
---------- -----------
First $250 million............................................... 0.50%
Over $250 million................................................ 0.45%
INVESCO V.I. HIGH YIELD FUND
NET ASSETS ANNUAL RATE
---------- -----------
First $200 million............................................... 0.625%
Next $300 million................................................ 0.55%
Next $500 million................................................ 0.50%
Over $1 billion.................................................. 0.45%
3
INVESCO V.I. INTERNATIONAL GROWTH FUND
NET ASSETS ANNUAL RATE
---------- -----------
First $250 million............................................... 0.75%
Over $250 million................................................ 0.70%
INVESCO V.I. MID CAP CORE EQUITY FUND
NET ASSETS ANNUAL RATE
---------- -----------
First $500 million............................................... 0.725%
Next $500 million................................................ 0.700%
Next $500 million................................................ 0.675%
Over $1.5 billion................................................ 0.65%
INVESCO V.I. GOVERNMENT MONEY MARKET FUND
NET ASSETS ANNUAL RATE
---------- -----------
First $250 million............................................... 0.40%
Over $250 million................................................ 0.35%
INVESCO V.I. MANAGED VOLATILITY FUND
NET ASSETS ANNUAL RATE
---------- -----------
All Assets....................................................... 0.60%
INVESCO V.I. DIVERSIFIED DIVIDEND FUND
NET ASSETS ANNUAL RATE
---------- -----------
First $250 million............................................... 0.545%
Next $750 million................................................ 0.42%
Next $1 billion.................................................. 0.395%
Over $2 billion.................................................. 0.37%
INVESCO V.I. GLOBAL CORE EQUITY FUND
NET ASSETS ANNUAL RATE
---------- -----------
First $1 billion................................................. 0.67%
Next $500 million................................................ 0.645%
Next $1 billion.................................................. 0.62%
Next $1 billion.................................................. 0.595%
Next $1 billion.................................................. 0.57%
Over $4.5 billion................................................ 0.545%
INVESCO V.I. S&P 500 INDEX FUND
INVESCO V.I. EQUALLY-WEIGHTED S&P 500 FUND
NET ASSETS ANNUAL RATE
---------- -----------
First $2 billion................................................. 0.12%
Over $2 billion.................................................. 0.10%
4
INVESCO V.I. AMERICAN FRANCHISE FUND
NET ASSETS ANNUAL RATE
---------- -----------
First $250 million............................................... 0.695%
Next $250 million................................................ 0.67%
Next $500 million................................................ 0.645%
Next $550 million................................................ 0.62%
Next $3.45 billion............................................... 0.60%
Next $250 million................................................ 0.595%
Next $2.25 billion............................................... 0.57%
Next $2.5 billion................................................ 0.545%
Over $10 billion ................................................ 0.52%
INVESCO V.I. XXXXXXXX FUND
INVESCO V.I. GROWTH AND INCOME FUND
NET ASSETS ANNUAL RATE
---------- -----------
First $500 million............................................... 0.60%
Over $500 million................................................ 0.55%
INVESCO V.I. EQUITY AND INCOME FUND
NET ASSETS ANNUAL RATE
---------- -----------
First $150 million............................................... 0.50%
Next $100 million................................................ 0.45%
Next $100 million................................................ 0.40%
Over $350 million................................................ 0.35%
INVESCO V.I. MID CAP GROWTH FUND
NET ASSETS ANNUAL RATE
---------- -----------
First $500 million............................................... 0.75%
Next $500 million................................................ 0.70%
Over $1 billion.................................................. 0.65%
INVESCO V.I. AMERICAN VALUE FUND
NET ASSETS ANNUAL RATE
---------- -----------
First $1 billion................................................. 0.72%
Over $1 billion.................................................. 0.65%"
2. In all other respects, the Agreement is hereby confirmed and remains in
full force and effect.
5
IN WITNESS WHEREOF, the parties have caused this Amendment to be executed by
their respective officers on the date first written above.
AIM VARIABLE INSURANCE FUNDS
(INVESCO VARIABLE INSURANCE FUNDS)
Attest: /s/ Xxxxx Xxxxxxxx By: /s/ Xxxx X. Xxxx
---------------------------------- ---------------------------------
Assistant Secretary Xxxx X. Xxxx
Senior Vice President
(SEAL)
INVESCO ADVISERS, INC.
Attest: /s/ Xxxxx Xxxxxxxx By: /s/ Xxxx X. Xxxx
---------------------------------- ---------------------------------
Assistant Secretary Xxxx X. Xxxx
Senior Vice President
(SEAL)
6
Sub-Item 77Q1(e)
AMENDMENT NO. 13
TO
MASTER INTERGROUP SUB-ADVISORY CONTRACT FOR MUTUAL FUNDS
This Amendment effective as of April 29, 2016, amends the Master Intergroup
Sub-Advisory Contract for Mutual Funds (the "Contract"), dated May 1, 2008,
between Invesco Advisers, Inc. (the "Adviser"), on behalf of AIM Variable
Insurance Funds (Invesco Variable Insurance Funds), and each of Invesco Canada
Ltd., Invesco Asset Management Deutschland GmbH, Invesco Asset Management
Limited, Invesco Asset Management (Japan) Ltd., Invesco Hong Kong Limited, and
Invesco Senior Secured Management, Inc. (each a "Sub-Adviser" and,
collectively, the "Sub-Advisers").
W I T N E S S E T H:
WHEREAS, the parties desires to change the name of Invesco V.I. Money
Market Fund to Invesco V.I. Government Money Market Fund;
NOW, THEREFORE, the parties agree that;
1. Exhibit A to the Contract is hereby deleted in its entirety and replaced
with the following:
"EXHIBIT A
Invesco V.I. Balanced-Risk Allocation Invesco V.I. Managed Volatility Fund
Fund Invesco V.I. Diversified Dividend Fund
Invesco V.I. Core Equity Fund Invesco V.I. S&P 500 Index Fund
Invesco V.I. Core Plus Bond Fund Invesco V.I. Equally-Weighted S&P 500 Fund
Invesco V.I. Global Health Care Fund Invesco V.I. American Franchise Fund
Invesco V.I. Global Real Estate Fund Invesco V.I. American Value Fund
Invesco V.I. Government Securities Fund Invesco V.I. Xxxxxxxx Fund
Invesco V.I. High Yield Fund Invesco V.I. Equity and Income Fund
Invesco V.I. International Growth Fund Invesco V.I. Global Core Equity Fund
Invesco V.I. Mid Cap Core Equity Fund Invesco V.I. Growth and Income Fund
Invesco V.I. Government Money Market Fund Invesco V.I. Mid Cap Growth Fund
Invesco V.I. Small Cap Equity Fund Invesco V.I. Value Opportunities Fund"
Invesco V.I. Technology Fund
2. All other terms and provisions of the Contract not amended shall remain
in full force and effect.
IN WITNESS WHEREOF, the parties hereto have caused this Contract to be
executed by their officers designated as of the day and year first above
written.
INVESCO ADVISERS, INC.
Adviser
By: /s/ Xxxx X. Xxxx
------------------------------
Name: Xxxx X. Xxxx
Title: Senior Vice President
2
INVESCO CANADA LTD.
Sub-Adviser
By: /s/ Harsh Damani
------------------------------
Name: Harsh Damani
Title: Chief Financial Officer, Funds
& Senior Vice President Fund
Administration
By: /s/ Xxxxx X. Xxxxxx
------------------------------
Name: Xxxxx X. Xxxxxx
Title: Executive Vice President &
Chief Financial Officer
3
INVESCO ASSET MANAGEMENT DEUTSCHLAND GMBH
Sub-Adviser
By: /s/ Xxxxxxx Xxxxx /s/ Xxxxxx Xxxxxx
-------------------------------------------------
Name: Xxxxxxx Xxxxx Xxxxxx Xxxxxx
Title: Director Director
4
INVESCO ASSET MANAGEMENT LIMITED
Sub-Adviser
By: /s/ Xxxxxxxx Xxxxx
------------------------------
Name: Xxxxxxxx Xxxxx
Title: Director
5
INVESCO ASSET MANAGEMENT (JAPAN) LTD.
Sub-Adviser
By: /s/ Xxxxxxxx Xxxxxxxx
------------------------------
Name: Xxxxxxxx Xxxxxxxx
Title: Xxxxxxxx Xxxxxxxx
0
XXXXXXX XXXX XXXX LIMITED
Sub-Adviser
By: /s/ Xxxxx Xxx /s/ Xxxxxx Xxx
---------------------------------------------
Name: Xxxxx Xxx Xxxxxx Xxx
Title: Director Director
7
INVESCO SENIOR SECURED MANAGEMENT, INC.
Sub-Adviser
By: /s/ Xxxxxxx X. Xxxxx
-----------------------------------
Name: Xxxxxxx X. Xxxxx
Title: Secretary & General Counsel
8
