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 2023 Target Term Fund, Invesco High Income
2024 Target Term 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 DYNAMIC CREDIT OPPORTUNITIES
COUNSELOR SERIES TRUST) FUND
AIM EQUITY FUNDS (INVESCO EQUITY FUNDS) INVESCO EXCHANGE FUND
AIM FUNDS GROUP (INVESCO FUNDS GROUP) INVESCO HIGH INCOME 2023 TARGET TERM
AIM GROWTH SERIES (INVESCO GROWTH FUND
SERIES) INVESCO HIGH INCOME 2024 TARGET TERM
AIM INTERNATIONAL MUTUAL FUNDS FUND
(INVESCO INTERNATIONAL MUTUAL FUNDS) INVESCO HIGH INCOME TRUST II
AIM INVESTMENT FUNDS (INVESCO INVESCO MANAGEMENT TRUST
INVESTMENT FUNDS) INVESCO MUNICIPAL INCOME OPPORTUNITIES
AIM INVESTMENT SECURITIES FUNDS TRUST
(INVESCO INVESTMENT SECURITIES FUNDS) INVESCO MUNICIPAL OPPORTUNITY TRUST
AIM SECTOR FUNDS (INVESCO SECTOR INVESCO MUNICIPAL TRUST
FUNDS) INVESCO PENNSYLVANIA VALUE MUNICIPAL
AIM TAX-EXEMPT FUNDS (INVESCO TAX- INCOME TRUST
EXEMPT FUNDS) INVESCO QUALITY MUNICIPAL INCOME TRUST
AIM TREASURER'S SERIES TRUST (INVESCO INVESCO SECURITIES TRUST
TREASURER'S SERIES TRUST) INVESCO SENIOR INCOME TRUST
AIM VARIABLE INSURANCE FUNDS (INVESCO INVESCO TRUST FOR INVESTMENT GRADE
VARIABLE INSURANCE FUNDS) MUNICIPALS
INVESCO ADVANTAGE MUNICIPAL INCOME INVESCO TRUST FOR INVESTMENT GRADE
TRUST II NEW YORK MUNICIPALS
INVESCO BOND FUND INVESCO VALUE MUNICIPAL INCOME TRUST
INVESCO CALIFORNIA VALUE MUNICIPAL
INCOME TRUST
on behalf of the Funds listed in the Exhibit
to this Memorandum of Agreement
By: /s/ Xxxx X. Xxxx
--------------------------
Title: Senior Vice President
INVESCO ADVISERS, INC.
By: /s/ Xxxx X. Xxxx
--------------------------
Title: Senior Vice President
EXHIBIT A TO ADVISORY FEE MOA
AIM COUNSELOR SERIES
TRUST (INVESCO
COUNSELOR SERIES
TRUST) WAIVER DESCRIPTION EFFECTIVE DATE EXPIRATION DATE
--------------------- ------------------------ -------------- ---------------
Invesco Strategic Invesco will waive 4/30/2014 06/30/2019
Real Return advisory fees in an
Fund amount equal to the
advisory fees earned on
underlying affiliated
investments
AIM INVESTMENT FUNDS
(INVESCO INVESTMENT
FUNDS WAIVER DESCRIPTION EFFECTIVE DATE EXPIRATION DATE
--------------------- ------------------------ -------------- ---------------
Invesco Balanced- Invesco will waive 02/24/15 06/30/2019
Risk Commodity advisory fees in an
Strategy Fund amount equal to the
advisory fees earned on
underlying affiliated
investments
Invesco Global Invesco will waive 12/17/2013 06/30/2019
Targeted Returns advisory fees in an
Fund amount equal to the
advisory fees earned on
underlying affiliated
investments
AIM TREASURER'S
SERIES TRUST (INVESCO
TREASURER'S SERIES
TRUST) WAIVER DESCRIPTION EFFECTIVE DATE EXPIRATION DATE
--------------------- ------------------------ -------------- ---------------
Invesco Premier Invesco will waive 2/1/2011 12/31/2018
Portfolio advisory fees in the
amount of 0.07% of the
Fund's average daily net
assets
Invesco Premier Invesco will waive 2/1/2011 12/31/2018
U.S. advisory fees in the
Government amount of 0.07% of the
Money Portfolio Fund's average daily net
assets
Invesco Premier Invesco will waive 06/01/2016 12/31/2018
Tax-Exempt advisory fees in the
Portfolio amount of 0.05% 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, 2019
Invesco Core Plus Bond Fund June 2, 2009 June 30, 2019
Invesco Equally-Weighted S&P 500 Fund February 12, 2010 June 30, 2019
Invesco Equity and Income Fund February 12, 2010 June 30, 2019
Invesco Floating Rate Fund July 1, 2007 June 30, 2019
Invesco Global Real Estate Income Fund July 1, 2007 June 30, 2019
Invesco Growth and Income Fund February 12, 2010 June 30, 2019
Invesco Low Volatility Equity Yield Fund July 1, 2007 June 30, 0000
Xxxxxxx Xxxxxxxxxxxx Tax Free Income Fund February 12, 2010 June 30, 2019
Invesco S&P 500 Index Fund February 12, 2010 June 30, 2019
Invesco Short Duration High Yield September 30, 2015 June 30, 2019
Municipal Fund
Invesco Small Cap Discovery Fund February 12, 2010 June 30, 2019
Invesco Strategic Real Return Fund April 30, 2014 June 30, 2019
AIM EQUITY FUNDS (INVESCO EQUITY FUNDS)
PORTFOLIO EFFECTIVE DATE COMMITTED UNTIL
--------- -------------- ---------------
Invesco Charter Fund July 1, 2007 June 30, 2019
Invesco Diversified Dividend Fund July 1, 2007 June 30, 0000
Xxxxxxx Xxxxxx Fund July 1, 2007 June 30, 2019
AIM FUNDS GROUP (INVESCO FUNDS GROUP)
FUND EFFECTIVE DATE COMMITTED UNTIL
---- -------------- ---------------
Invesco European Small Company Fund July 1, 2007 June 30, 2019
Invesco Global Core Equity Fund July 1, 2007 June 30, 2019
Invesco International Small Company Fund July 1, 2007 June 30, 2019
Invesco Small Cap Equity Fund July 1, 2007 June 30, 2019
AIM GROWTH SERIES (INVESCO GROWTH SERIES)
FUND EFFECTIVE DATE COMMITTED UNTIL
---- ------------------ ---------------
Invesco Alternative Strategies Fund October 14, 2014 June 30, 2019
Invesco Convertible Securities Fund February 12, 2010 June 30, 2019
Invesco Global Low Volatility Equity Yield July 1, 2007 June 30, 2019
Fund
Invesco Mid Cap Core Equity Fund July 1, 2007 June 30, 2019
Invesco Multi-Asset Inflation Fund October 14, 2014 June 30, 2019
Invesco Quality Income Fund February 12, 2010 June 30, 2019
Invesco Small Cap Growth Fund July 1, 2007 June 30, 2019
AIM INTERNATIONAL MUTUAL FUNDS (INVESCO INTERNATIONAL MUTUAL FUNDS)
FUND EFFECTIVE DATE COMMITTED UNTIL
---- ------------------ ---------------
Invesco Asia Pacific Growth Fund July 1, 2007 June 30, 2019
Invesco European Growth Fund July 1, 2007 June 30, 2019
Invesco Global Growth Fund July 1, 2007 June 30, 2019
Invesco Global Opportunities Fund August 3, 2012 June 30, 2019
Invesco Global Responsibility Equity June 30, 2016 June 30, 2019
Fund
Invesco Global Small & Mid Cap Growth July 1, 2007 June 30, 2019
Fund
Invesco International Companies Fund December 21, 2015 June 30, 2019
Invesco International Core Equity Fund July 1, 2007 June 30, 2019
Invesco International Growth Fund July 1, 2007 June 30, 2019
Invesco Select Opportunities Fund August 3, 2012 June 30, 2019
AIM INVESTMENT FUNDS (INVESCO INVESTMENT FUNDS)
FUND EFFECTIVE DATE COMMITTED UNTIL
---- ------------------- ---------------
Invesco All Cap Market Neutral Fund December 17, 2013 June 30, 2019
Invesco Balanced-Risk Allocation May 29, 2009 June 30, 2019
Fund/1/
Invesco Balanced-Risk Commodity November 29, 2010 June 30, 2019
Strategy Fund/2/
Invesco Developing Markets Fund July 1, 2007 June 30, 2019
Invesco Emerging Markets Equity Fund May 11, 2011 June 30, 2019
Invesco Emerging Markets Flexible June 14, 2010 June 30, 2019
Bond Fund/3/
Invesco Endeavor Fund July 1, 2007 June 30, 2019
Invesco Global Health Care Fund July 1, 2007 June 30, 2019
Invesco Global Infrastructure Fund May 2, 2014 June 30, 2019
Invesco Global Market Neutral Fund December 17, 2013 June 30, 2019
Invesco Global Targeted Returns December 17, 2013 June 30, 2019
Fund/5/
Invesco Greater China Fund July 1, 2007 June 30, 2019
Invesco Long/Short Equity Fund December 17, 2013 June 30, 2019
Invesco Low Volatility Emerging December 17, 2013 June 30, 2019
Markets Fund
Invesco Macro Allocation Strategy September 25, 2012 June 30, 2019
Fund/4/
Invesco MLP Fund August 29, 2014 June 30, 2019
Invesco Multi-Asset Income Fund/6/ December 13, 2011 June 30, 2019
Invesco Pacific Growth Fund February 12, 2010 June 30, 2019
Invesco Select Companies Fund July 1, 2007 June 30, 2019
Invesco World Bond Fund July 1, 2007 June 30, 0000
Xxxxxxx X.X. Managed Volatility Fund December 18, 2017 June 30, 2019
AIM INVESTMENT SECURITIES FUNDS (INVESCO INVESTMENT SECURITIES FUNDS)
FUND EFFECTIVE DATE COMMITTED UNTIL
---- ------------------ ---------------
Invesco Corporate Bond Fund February 12, 2010 June 30, 2019
Invesco Global Real Estate Fund July 1, 2007 June 30, 2019
Invesco Government Money Market Fund July 1, 2007 June 30, 2019
Invesco High Yield Fund July 1, 2007 June 30, 2019
--------
/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 Macro Allocation 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 Multi-Asset Income Fund
also include advisory fees that Invesco receives on the Uninvested Cash from
the Affiliated Money Market Fund in which Invesco Multi-Asset Income Cayman,
Ltd. invests.
Invesco Real Estate Fund July 1, 2007 June 30, 2019
Invesco Short Duration Inflation July 1, 2007 June 30, 2019
Protected Fund
Invesco Short Term Bond Fund July 1, 2007 June 30, 0000
Xxxxxxx X.X. Government Fund July 1, 2007 June 30, 2019
AIM SECTOR FUNDS (INVESCO SECTOR FUNDS)
FUND EFFECTIVE DATE COMMITTED UNTIL
---- ------------------ ---------------
Invesco American Value Fund February 12, 2010 June 30, 2019
Invesco Xxxxxxxx Fund February 12, 2010 June 30, 2019
Invesco Energy Fund July 1, 2007 June 30, 2019
Invesco Dividend Income Fund July 1, 2007 June 30, 2019
Invesco Gold & Precious Metals Fund July 1, 2007 June 30, 2019
Invesco Mid Cap Growth Fund February 12, 2010 June 30, 2019
Invesco Small Cap Value Fund February 12, 2010 June 30, 2019
Invesco Technology Fund July 1, 2007 June 30, 2019
Invesco Technology Sector Fund February 12, 2010 June 30, 2019
Invesco Value Opportunities Fund February 12, 2010 June 30, 2019
AIM TAX-EXEMPT FUNDS (INVESCO TAX-EXEMPT FUNDS)
FUND EFFECTIVE DATE COMMITTED UNTIL
---- ------------------ ---------------
Invesco High Yield Municipal Fund February 12, 2010 June 30, 2019
Invesco Intermediate Term Municipal February 12, 2010 June 30, 2019
Income Fund
Invesco Municipal Income Fund February 12, 2010 June 30, 2019
Invesco New York Tax Free Income Fund February 12, 2010 June 30, 2019
Invesco Tax-Exempt Cash Fund July 1, 2007 June 30, 2019
Invesco Limited Term Municipal Income July 1, 2007 June 30, 2019
Fund
AIM VARIABLE INSURANCE FUNDS (INVESCO VARIABLE INSURANCE FUNDS)
FUND EFFECTIVE DATE COMMITTED UNTIL
---- ------------------ ---------------
Invesco V.I. American Franchise Fund February 12, 2010 June 30, 2019
Invesco V.I. American Value Fund February 12, 2010 June 30, 2019
Invesco V.I. Balanced-Risk Allocation December 22, 2010 June 30, 2019
Fund/7/
Invesco V.I. Xxxxxxxx Fund February 12, 2010 June 30, 2019
Invesco V.I. Core Equity Fund July 1, 2007 June 30, 2019
Invesco V.I. Core Plus Bond Fund April 30, 2015 June 30, 2019
Invesco V.I. Diversified Dividend Fund February 12, 2010 June 30, 2019
Invesco V.I. Equally-Weighted S&P 500 February 12, 2010 June 30, 2019
Fund
Invesco V.I. Equity and Income Fund February 12, 2010 June 30, 2019
Invesco V.I. Global Core Equity Fund February 12, 2010 June 30, 2019
Invesco V.I. Global Health Care Fund July 1, 2007 June 30, 2019
Invesco V.I. Global Real Estate Fund July 1, 2007 June 30, 2019
Invesco V.I. Government Money Market July 1, 2007 June 30, 2019
Fund
Invesco V.I. Government Securities July 1, 2007 June 30, 2019
Fund
Invesco V.I. Growth and Income Fund February 12, 2010 June 30, 2019
Invesco V.I. High Yield Fund July 1, 2007 June 30, 2019
Invesco V.I. International Growth Fund July 1, 2007 June 30, 2019
Invesco V.I. Managed Volatility Fund July 1, 2007 June 30, 2019
Invesco V.I. Mid Cap Core Equity Fund July 1, 2007 June 30, 2019
Invesco V.I. Mid Cap Growth Fund February 12, 2010 June 30, 2019
Invesco V.I. S&P 500 Index Fund February 12, 2010 June 30, 2019
Invesco V.I. Small Cap Equity Fund July 1, 2007 June 30, 2019
Invesco V.I. Technology Fund July 1, 2007 June 30, 2019
Invesco V.I. Value Opportunities Fund July 1, 2007 June 30, 2019
/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, 2019
INVESCO SECURITIES TRUST
FUND EFFECTIVE DATE COMMITTED UNTIL
---- ----------------- ---------------
Invesco Balanced-Risk Aggressive January 16, 2013 June 30, 2019
Allocation Fund/8/
INVESCO MANAGEMENT TRUST
FUND EFFECTIVE DATE COMMITTED UNTIL
---- -------------- ---------------
Invesco Conservative Income Fund July 1, 2014 June 30, 2019
CLOSED-END FUNDS
FUND EFFECTIVE DATE COMMITTED UNTIL
---- ------------------- ---------------
Invesco Advantage Municipal Income May 15, 2012 June 30, 2019
Trust II
Invesco Bond Fund August 26, 2015 June 30, 0000
Xxxxxxx Xxxxxxxxxx Value Municipal May 15, 2012 June 30, 2019
Income Trust
Invesco Dynamic Credit Opportunities Fund May 15, 2012 June 30, 2019
Invesco High Income 2023 Target Term Fund November 28, 20016 June 30, 2019
Invesco High Income 2024 Target Term Fund November 30, 2017 June 30, 2019
Invesco High Income Trust II May 15, 2012 June 30, 2019
Invesco Municipal Income Opportunities August 26, 2015 June 30, 2019
Trust
Invesco Municipal Opportunity Trust May 15, 2012 June 30, 2019
Invesco Municipal Trust May 15, 2012 June 30, 0000
Xxxxxxx Xxxxxxxxxxxx Value Municipal May 15, 2012 June 30, 2019
Income Trust
Invesco Quality Municipal Income Trust August 26, 2015 June 30, 2019
Invesco Senior Income Trust May 15, 2012 June 30, 2019
Invesco Trust for Investment Grade May 15, 2012 June 30, 2019
Municipals
Invesco Trust for Investment Grade New May 15, 2012 June 30, 2019
York Municipals
Invesco Value Municipal Income Trust June 1, 2010 June 30, 2019
/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)
AMENDMENT NO. 5
TO
MASTER INVESTMENT ADVISORY AGREEMENT
This Amendment dated as of December 15, 2017, amends the Master Investment
Advisory Agreement (the "Agreement"), dated November 25, 2003, between AIM
Treasurer's Series Trust (Invesco Treasurer's Series Trust) , a Delaware
statutory trust, and A I M Advisors, 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
Premier Portfolio to Invesco Premier Portfolio, Premier Tax-Exempt Portfolio to
Invesco Premier Tax-Exempt Portfolio and Premier U.S. Government Money
Portfolio to Invesco Premier U.S. Government Money Portfolio;
NOW, THEREFORE, the parties agree as follows;
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
NAME OF FUND EFFECTIVE DATE OF ADVISORY AGREEMENT
------------ -------------------------------------
Invesco Premier Portfolio November 25, 2003
Invesco Premier Tax-Exempt Portfolio November 25, 2003
Invesco Premier U.S. Government Money February 25, 2005
Portfolio
APPENDIX B
COMPENSATION TO THE ADVISOR
The Trust shall pay the Advisor, 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 PREMIER PORTFOLIO
INVESCO PREMIER TAX-EXEMPT PORTFOLIO
INVESCO PREMIER U.S. GOVERNMENT MONEY PORTFOLIO
NET ASSETS ANNUAL RATE
---------- -----------
All Assets 0.25%"
2. In all other respects, the Agreement is hereby confirmed and remains in
full force and effect.
IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by
their respective officers on the date first written above.
INVESCO ADVISERS, INC.
Attest: /s/ Xxxxx X. Xxxxxxxx By: /s/ Xxxx X. Xxxx
------------------------------------- ----------------------
Assistant Secretary Xxxx X. Xxxx
Senior Vice President
(SEAL)
AIM TREASURER'S SERIES TRUST
(INVESCO TREASURER'S SERIES TRUST)
Attest: /s/ Xxxxx X. Xxxxxxxx By: /s/ Xxxx X. Xxxx
------------------------------------- ----------------------
Assistant Secretary Xxxx X. Xxxx
Senior Vice President
(SEAL)
3
Sub-Item 77Q1(e)
AMENDMENT NO. 3
TO
MASTER INTERGROUP SUB-ADVISORY CONTRACT FOR MUTUAL FUNDS
This Amendment dated as of December 15, 2017, 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 Treasurer's
Series Trust (Invesco Treasurer's Series Trust), 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 Trust desires to amend the Agreement to change the name of
Premier Portfolio to Invesco Premier Portfolio, Premier Tax-Exempt Portfolio to
Invesco Premier Tax-Exempt Portfolio and Premier U.S. Government Money
Portfolio to Invesco Premier U.S. Government Money Portfolio;
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
Funds
Invesco Premier Portfolio
Invesco Premier Tax-Exempt Portfolio
Invesco Premier U.S. Government Money Portfolio"
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/ X. Xxxxxxx /s/ X. Xxxxxxx
------------------------------
Name: X. Xxxxxxx X. Xxxxxxx
Title: Director Proxy Holder
4
INVESCO ASSET MANAGEMENT LIMITED
Sub-Adviser
By: /s/ X. Xxxxxxx
------------------------------
Name: X. Xxxxxxx
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/ Xxxx Xxxx
------------------------------
Name: Xxxxx Xxx Xxxx Xxxx
Title: Authorized Signatories
7
INVESCO SENIOR SECURED MANAGEMENT, INC.
Sub-Adviser
By: /s/ Xxxxx Xxxxxxx
---------------------------------
Name: Xxxxx Xxxxxxx
Title: President
8
Sub-Item 77Q1(e)
AMENDMENT NO. 16
TO
SUB-ADVISORY CONTRACT
This Amendment dated as of December 15, 2017, amends the Sub-Advisory
Contract (the "Contract") between Invesco Advisers, Inc. (the "Advisor") and
Invesco PowerShares Capital Management LLC (the "Sub-Advisor").
WHEREAS, the parties agree to amend the Contract to change the name of
Premier Portfolio to Invesco Premier Portfolio and Premier Tax-Exempt Portfolio
to Invesco Premier Tax-Exempt Portfolio, series portfolios of AIM Treasurer's
Series Trust (Invesco Treasurer's Series Trust); and to change the name of
Government & Agency Portfolio to Invesco Government & Agency Portfolio,
Treasury Obligations Portfolio to Invesco Treasury Obligations Portfolio,
Tax-Free Cash Reserve Portfolio to Invesco Tax-Free Cash Reserve Portfolio,
series portfolios of Short-Term Investments Trust, as listed on the attached
Exhibit A, which were approved by shareholders;
NOW THEREFORE, in consideration of the promises and the mutual covenants
herein contained, it is agreed between the parties hereto as follows:
1. The Contract is hereby amended to include the Funds listed on Exhibit A
to the Contract as a recipient of the sub-advisory services by revising
recital A) at the beginning of the Agreement to read as follows:
The Advisor has entered into an investment advisory agreement with AIM
Counselor Series Trust (Invesco Counselor Series Trust) ("ACST"), AIM
Funds Group (Invesco Funds Group) ("AFG"), AIM Growth Series (Invesco
Growth Series) ("AGS"), AIM International Mutual Funds (Invesco
International Mutual Funds) ("AIMF"), AIM Investment Funds (Invesco
Investment Funds) ("AIF"), AIM Investment Securities Funds (Invesco
Investment Securities Funds) ("AIS"), AIM Tax-Exempt Funds (Invesco
Tax-Exempt Funds) ("XXXX"), AIM Treasurer's Series Trust (Invesco
Treasurer's Series Trust) ("ATST"), AIM Variable Insurance Funds
(Invesco Variable Insurance Funds) ("AVIF"), Invesco Exchange Fund,
Invesco Management Trust ("IMT"), Invesco Securities Trust ("IST") and
Short-Term Investments Trust ("STIT") (collectively, the "Trusts"),
open-end management investment companies registered under the Investment
Company Act of 1940, as amended (the "1940 Act"), with respect the funds
set forth in Exhibit A attached hereto (each a "Fund" and collectively,
the "Funds"); and
2. All other terms and provisions of the Contract not amended shall remain
in full force and effect.
1
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.
Advisor
BY: /s/ Xxxx X. Xxxx
--------------------------
NAME: Xxxx X. Xxxx
TITLE: Senior Vice President
2
INVESCO POWERSHARES CAPITAL MANAGEMENT LLC
Sub-Advisor
BY: /s/ Xxxxxx X. Xxxxxx
------------------------------
NAME: Xxx Xxxxxx
TITLE: Managing Director - Invesco
PowerShares Global ETFs
3
EXHIBIT A
AIM COUNSELOR SERIES TRUST (INVESCO COUNSELOR SERIES TRUST)
Invesco Equally-Weighted S&P 500 Fund
Invesco Floating Rate Fund
Invesco Pennsylvania Tax Free Income Fund
Invesco Short Duration High Yield Municipal Fund
Invesco Strategic Real Return Fund
AIM FUNDS GROUP (INVESCO FUNDS GROUP)
Invesco European Small Company Fund
Invesco Small Cap Equity Fund
AIM GROWTH SERIES (INVESCO GROWTH SERIES)
Invesco Alternative Strategies Fund
Invesco Balanced-Risk Retirement Now Fund
Invesco Convertible Securities Fund
Invesco Multi-Asset Inflation Fund
Invesco Quality Income Fund
Invesco Small Cap Growth Fund
AIM INTERNATIONAL MUTUAL FUNDS (INVESCO INTERNATIONAL MUTUAL FUNDS)
Invesco European Growth Fund
Invesco Global Opportunities Fund
Invesco Global Responsibility Equity Fund
Invesco International Companies Fund
Invesco International Core Equity Fund
Invesco International Growth Fund
Invesco Select Opportunities Fund
AIM INVESTMENT FUNDS (INVESCO INVESTMENT FUNDS)
Invesco All Cap Market Neutral Fund
Invesco Balanced-Risk Allocation Fund
Invesco Balanced-Risk Commodity Strategy Fund
Invesco Developing Markets Fund
Invesco Emerging Markets Equity Fund
Invesco Emerging Markets Flexible Bond Fund
Invesco Endeavor Fund
Invesco Global Infrastructure Fund
Invesco Global Market Neutral Fund
Invesco Global Targeted Returns Fund
Invesco Long/Short Equity Fund
Invesco Low Volatility Emerging Markets Fund
Invesco Macro Allocation Strategy Fund
Invesco MLP Fund
Invesco Multi-Asset Income Fund
AIM INVESTMENT SECURITIES FUNDS (INVESCO INVESTMENT SECURITIES FUND)
Invesco Global Real Estate Fund
Invesco High Yield Fund
4
AIM TAX-EXEMPT FUNDS (INVESCO TAX-EXEMPT FUNDS)
Invesco High Yield Municipal Fund
Invesco Intermediate Term Municipal Income Fund
Invesco Limited Term Municipal Income Fund
Invesco Municipal Income Fund
Invesco Tax-Exempt Cash Fund
AIM TREASURER'S SERIES TRUST (INVESCO TREASURER'S SERIES TRUST)
Invesco Premier Portfolio
Invesco Premier Tax-Exempt Portfolio
AIM VARIABLE INSURANCE FUNDS (INVESCO VARIABLE INSURANCE FUNDS)
Invesco V.I. American Franchise Fund
Invesco V.I. American Value Fund
Invesco V.I. Balanced-Risk Allocation Fund
Invesco V.I. Xxxxxxxx Fund
Invesco V.I. Core Equity Fund
Invesco V.I. Core Plus Bond Fund
Invesco V.I. Diversified Dividend Fund
Invesco V.I. Equally-Weighted S&P 500 Fund
Invesco V.I. Equity and Income Fund
Invesco V.I. Global Core Equity Fund
Invesco V.I. Global Health Care Fund
Invesco V.I. Global Real Estate Fund
Invesco V.I. Government Money Market Fund
Invesco V.I. Government Securities Fund
Invesco V.I. Growth and Income Fund
Invesco V.I. High Yield Fund
Invesco V.I. International Growth Fund
Invesco V.I. Managed Volatility Fund
Invesco V.I. Mid Cap Core Equity Fund
Invesco V.I. Mid Cap Growth Fund
Invesco V.I. S&P 500 Index Fund
Invesco V.I. Small Cap Equity Fund
Invesco V.I. Technology Fund
Invesco V.I. Value Opportunities Fund
INVESCO EXCHANGE FUND
INVESCO MANAGEMENT TRUST
Invesco Conservative Income Fund
INVESCO SECURITIES TRUST
Invesco Balanced-Risk Aggressive Allocation Fund
SHORT-TERM INVESTMENTS TRUST
Invesco Government & Agency Portfolio
Invesco Tax-Free Cash Reserve Portfolio
Invesco Treasury Obligations Portfolio
5
Sub-Item 77Q1(e)
AMENDMENT NO. 17
TO
SUB-ADVISORY CONTRACT
This Amendment dated as of December 18, 2017, amends the Sub-Advisory
Contract (the "Contract") between Invesco Advisers, Inc. (the "Advisor") and
Invesco PowerShares Capital Management LLC (the "Sub-Advisor").
WHEREAS, the parties agree to amend the Contract to add Invesco Peak
Retirement(TM) 2065 Fund, Invesco Peak Retirement(TM) 2060 Fund, Invesco Peak
Retirement(TM) 2055 Fund, Invesco Peak Retirement(TM) 2050 Fund, Invesco Peak
Retirement(TM) 2045 Fund, Invesco Peak Retirement(TM) 2040 Fund, Invesco Peak
Retirement(TM) 2035 Fund, Invesco Peak Retirement(TM) 2030 Fund, Invesco Peak
Retirement(TM) 2025 Fund, Invesco Peak Retirement(TM) 2020 Fund, Invesco Peak
Retirement(TM) 2015 Fund, Invesco Peak Retirement(TM) Now Fund, series
portfolios of AIM Growth Series (Invesco Growth Series) and Invesco U.S.
Managed Volatility Fund, a series portfolio of AIM Investment Funds (Invesco
Investment Funds);
NOW THEREFORE, in consideration of the promises and the mutual covenants
herein contained, it is agreed between the parties hereto as follows:
1. The Contract is hereby amended to include the Funds listed on Exhibit A
to the Contract as a recipient of the sub-advisory services by revising
recital A) at the beginning of the Agreement to read as follows:
The Advisor has entered into an investment advisory agreement with AIM
Counselor Series Trust (Invesco Counselor Series Trust) ("ACST"), AIM
Funds Group (Invesco Funds Group) ("AFG"), AIM Growth Series (Invesco
Growth Series) ("AGS"), AIM International Mutual Funds (Invesco
International Mutual Funds) ("AIMF"), AIM Investment Funds (Invesco
Investment Funds) ("AIF"), AIM Investment Securities Funds (Invesco
Investment Securities Funds) ("AIS"), AIM Tax-Exempt Funds (Invesco
Tax-Exempt Funds) ("XXXX"), AIM Treasurer's Series Trust (Invesco
Treasurer's Series Trust) ("ATST"), AIM Variable Insurance Funds
(Invesco Variable Insurance Funds) ("AVIF"), Invesco Exchange Fund,
Invesco Management Trust ("IMT"), Invesco Securities Trust ("IST") and
Short-Term Investments Trust ("STIT") (collectively, the "Trusts"),
open-end management investment companies registered under the Investment
Company Act of 1940, as amended (the "1940 Act"), with respect the funds
set forth in Exhibit A attached hereto (each a "Fund" and collectively,
the "Funds"); and
2. All other terms and provisions of the Contract not amended shall remain
in full force and effect.
1
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.
Advisor
BY: /s/ Xxxx X. Xxxx
--------------------------
NAME: Xxxx X. Xxxx
TITLE: Senior Vice President
2
INVESCO POWERSHARES CAPITAL MANAGEMENT LLC
Sub-Advisor
BY: /s/ Xxxxxx X. Xxxxxx
------------------------------
NAME: Xxx Xxxxxx
TITLE: Managing Director - Invesco
PowerShares Global ETFs
3
EXHIBIT A
AIM COUNSELOR SERIES TRUST (INVESCO COUNSELOR SERIES TRUST)
Invesco Equally-Weighted S&P 500 Fund
Invesco Floating Rate Fund
Invesco Pennsylvania Tax Free Income Fund
Invesco Short Duration High Yield Municipal Fund
Invesco Strategic Real Return Fund
AIM FUNDS GROUP (INVESCO FUNDS GROUP)
Invesco European Small Company Fund
Invesco Small Cap Equity Fund
AIM GROWTH SERIES (INVESCO GROWTH SERIES)
Invesco Alternative Strategies Fund
Invesco Balanced-Risk Retirement Now Fund
Invesco Convertible Securities Fund
Invesco Multi-Asset Inflation Fund
Invesco Quality Income Fund
Invesco Small Cap Growth Fund
Invesco Peak Retirement(TM) 2015 Fund
Invesco Peak Retirement(TM) 2020 Fund
Invesco Peak Retirement(TM) 2025 Fund
Invesco Peak Retirement(TM) 2030 Fund
Invesco Peak Retirement(TM) 2035 Fund
Invesco Peak Retirement(TM) 2040 Fund
Invesco Peak Retirement(TM) 2045 Fund
Invesco Peak Retirement(TM) 2050 Fund
Invesco Peak Retirement(TM) 2055 Fund
Invesco Peak Retirement(TM) 2060 Fund
Invesco Peak Retirement(TM) 2065 Fund
Invesco Peak Retirement(TM) Now Fund
AIM INTERNATIONAL MUTUAL FUNDS (INVESCO INTERNATIONAL MUTUAL FUNDS)
Invesco European Growth Fund
Invesco Global Opportunities Fund
Invesco Global Responsibility Equity Fund
Invesco International Companies Fund
Invesco International Core Equity Fund
Invesco International Growth Fund
Invesco Select Opportunities Fund
AIM INVESTMENT FUNDS (INVESCO INVESTMENT FUNDS)
Invesco All Cap Market Neutral Fund
Invesco Balanced-Risk Allocation Fund
Invesco Balanced-Risk Commodity Strategy Fund
Invesco Developing Markets Fund
Invesco Emerging Markets Equity Fund
Invesco Emerging Markets Flexible Bond Fund
Invesco Endeavor Fund
4
Invesco Global Infrastructure Fund
Invesco Global Market Neutral Fund
Invesco Global Targeted Returns Fund
Invesco Long/Short Equity Fund
Invesco Low Volatility Emerging Markets Fund
Invesco Macro Allocation Strategy Fund
Invesco MLP Fund
Invesco Multi-Asset Income Fund
Invesco U.S. Managed Volatility Fund
AIM INVESTMENT SECURITIES FUNDS (INVESCO INVESTMENT SECURITIES FUND)
Invesco Global Real Estate Fund
Invesco High Yield Fund
AIM TAX-EXEMPT FUNDS (INVESCO TAX-EXEMPT FUNDS)
Invesco High Yield Municipal Fund
Invesco Intermediate Term Municipal Income Fund
Invesco Limited Term Municipal Income Fund
Invesco Municipal Income Fund
Invesco Tax-Exempt Cash Fund
AIM TREASURER'S SERIES TRUST (INVESCO TREASURER'S SERIES TRUST)
Invesco Premier Portfolio
Invesco Premier Tax-Exempt Portfolio
AIM VARIABLE INSURANCE FUNDS (INVESCO VARIABLE INSURANCE FUNDS)
Invesco V.I. American Franchise Fund
Invesco V.I. American Value Fund
Invesco V.I. Balanced-Risk Allocation Fund
Invesco V.I. Xxxxxxxx Fund
Invesco V.I. Core Equity Fund
Invesco V.I. Core Plus Bond Fund
Invesco V.I. Diversified Dividend Fund
Invesco V.I. Equally-Weighted S&P 500 Fund
Invesco V.I. Equity and Income Fund
Invesco V.I. Global Core Equity Fund
Invesco V.I. Global Health Care Fund
Invesco V.I. Global Real Estate Fund
Invesco V.I. Government Money Market Fund
Invesco V.I. Government Securities Fund
Invesco V.I. Growth and Income Fund
Invesco V.I. High Yield Fund
Invesco V.I. International Growth Fund
Invesco V.I. Managed Volatility Fund
Invesco V.I. Mid Cap Core Equity Fund
Invesco V.I. Mid Cap Growth Fund
Invesco V.I. S&P 500 Index Fund
Invesco V.I. Small Cap Equity Fund
Invesco V.I. Technology Fund
Invesco V.I. Value Opportunities Fund
5
INVESCO EXCHANGE FUND
INVESCO MANAGEMENT TRUST
Invesco Conservative Income Fund
INVESCO SECURITIES TRUST
Invesco Balanced-Risk Aggressive Allocation Fund
SHORT-TERM INVESTMENTS TRUST
Invesco Government & Agency Portfolio
Invesco Tax-Free Cash Reserve Portfolio
Invesco Treasury Obligations Portfolio
6
