MEMORANDUM OF AGREEMENT (Expense Limitations)

Exhibit 99.h(5)(b)

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, AIM Equity Funds, AIM Funds Group, AIM Growth Series, AIM Investment Funds, AIM Investment Securities Funds, AIM Sector Funds, AIM Stock Funds, AIM Tax-Exempt Funds, AIM Variable Insurance Funds, Short-Term Investments Trust and Tax-Free 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 A I M Advisors, Inc. (“AIM”).  This Memorandum of Agreement restates the Memorandum of Agreement dated January 31, 2007 between AIM Counselor Series Trust, AIM Equity Funds, AIM Funds Group, AIM Growth Series, AIM Investment Funds, AIM Investment Securities Funds, AIM Sector Funds, AIM Stock Funds, AIM Tax-Exempt Funds, AIM Variable Insurance Funds, Short-Term Investments Trust and Tax-Free Investments Trust.  AIM 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 AIM agree as follows:

For the Contractual Limits (listed in Exhibits A – E), the Trusts and AIM agree until at least the date set forth on the attached Exhibits A – E (the “Expiration Date”) that AIM 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 items; (v) expenses related to a merger or reorganization, as approved by the Funds’ Board of Trustees; and (vi) 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.  With regard to the Contractual Limits, the Board of Trustees and AIM may terminate or modify this Memorandum of Agreement prior to the Expiration Date only by mutual written consent.  AIM will not have any right to reimbursement of any amount so waived or reimbursed.

For the Contractual Limits, each of the Trusts and AIM agree 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 the Trust and AIM have agreed to continue them.  The Exhibits will be amended to reflect any such agreement.

For the Voluntary Limits (listed in Exhibits A – E), the Trusts and AIM agree that these are not contractual in nature and that AIM may establish, amend and/or terminate such expense limitations at any time in its sole discretion after consultation with the Funds’ Board of Trustees.  Any delay or failure by AIM 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.

1

IN WITNESS WHEREOF, each of the Trusts and AIM have entered into this Memorandum of Agreement as of the Effective Date on the attached Exhibits.

	AIM COUNSELOR SERIES TRUST
	AIM EQUITY FUNDS
	AIM FUNDS GROUP
	AIM GROWTH SERIES
	AIM INVESTMENT FUNDS
	AIM INVESTMENT SECURITIES FUNDS
	AIM SECTOR FUNDS
	AIM STOCK FUNDS
	AIM TAX-EXEMPT FUNDS
	AIM VARIABLE INSURANCE FUNDS
	on behalf of the Funds listed in the Exhibits
	to this Memorandum of Agreement
	By:	/s/ Xxxx X. Xxxx
	Title:	Senior Vice President
	SHORT-TERM INVESTMENTS TRUST
	TAX-FREE INVESTMENTS TRUST
	on behalf of the Funds listed in the Exhibits
	to this Memorandum of Agreement
	By:	/s/ Xxxxx Xxxx Xxxxxx
	Title:	President
	A I M Advisors, Inc.
	By:	/s/ Xxxx X. Xxxx
	Title:	Senior Vice President

2

as of April 1, 2007

EXHIBIT “A” – RETAIL FUNDS(1)

FUNDS WITH FISCAL YEAR END OF MARCH 31

AIM Sector Funds

Fund		Contractual/ Voluntary		Expense Limitation		Effective Date of Current Limit		Expiration Date
AIM Energy Fund
Class A Shares		Voluntary		1.55%		July 1, 2005		N/A(2)
Class B Shares		Voluntary		2.30%		August 12, 2003		N/A(2)
Class C Shares		Voluntary		2.30%		August 12, 2003		N/A(2)
Investor Class Shares		Voluntary		1.55%		April 1, 2005		N/A(2)
Institutional Class Shares		Voluntary		1.30%		January 31, 2006		N/A(2)
AIM Financial Services Fund
Class A Shares		Voluntary		1.30%		July 1, 2005		N/A(2)
Class B Shares		Voluntary		2.05%		August 12, 2003		N/A(2)
Class C Shares		Voluntary		2.05%		April 1, 2005		N/A(2)
Investor Class Shares		Voluntary		1.30%		April 1, 2005		N/A(2)
AIM Leisure Fund
Class A Shares		Voluntary		1.40%		July 1, 2005		N/A(2)
Class B Shares		Voluntary		2.15%		August 12, 2003		N/A(2)
Class C Shares		Voluntary		2.15%		April 1, 2005		N/A(2)
Class R Shares		Voluntary		1.65%		October 25, 2005		N/A(2)
Investor Class Shares		Voluntary		1.40%		April 1, 2005		N/A(2)
AIM Technology Fund
Class A Shares		Contractual		1.55%		July 1, 2005		June 30, 2007
Class B Shares		Contractual		2.30%		July 1, 2005		June 30, 2007
Class C Shares		Contractual		2.30%		July 1, 2005		June 30, 2007
Investor Class Shares		Contractual		1.55%		July 1, 2005		June 30, 2007
Institutional Class Shares		Contractual		1.30%		July 1, 2005		June 30, 2007
AIM Utilities Fund
Class A Shares		Contractual		1.30%		April 1, 2006		June 30, 2007
Class B Shares		Contractual		2.05%		April 1, 2006		June 30, 2007
Class C Shares		Contractual		2.05%		April 1, 2006		June 30, 2007
Investor Class Shares		Contractual		1.30%		April 1, 2006		June 30, 2007
Institutional Class Shares		Contractual		1.05%		April 1, 2006		June 30, 2007

AIM Tax-Exempt Funds

Fund		Contractual/ Voluntary		Expense Limitation		Effective Date of Current Limit		Expiration Date
AIM High Income Municipal Fund
Class A Shares		Voluntary		0.70%		April 1, 2007		N/A(2)
Class B Shares		Voluntary		1.45%		April 1, 2007		N/A(2)
Class C Shares		Voluntary		1.45%		April 1, 2007		N/A(2)
Institutional Class Shares		Voluntary		0.45%		April 1, 2007		N/A(2)

See page 8 for footnotes to Exhibit A.

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FUNDS WITH FISCAL YEAR END OF JULY 31

AIM Investment Securities Funds

Fund		Contractual/ Voluntary		Expense Limitation		Effective Date of Current Limit		Expiration Date
AIM Global Real Estate Fund
Class A Shares		Contractual		1.40%		July 1, 2005		June 30, 2007
Class B Shares		Contractual		2.15%		April 29, 2005		June 30, 2007
Class C Shares		Contractual		2.15%		April 29, 2005		June 30, 2007
Class R Shares		Contractual		1.65%		April 29, 2005		June 30, 2007
Institutional Class Shares		Contractual		1.15%		April 29, 2005		June 30, 2007
AIM Short Term Bond Fund
Class A Shares		Contractual		0.85%		July 1, 2005		June 30, 2007
Class C Shares		Contractual		1.10%(3)		February 1, 2006		June 30, 2007
Class R Shares		Contractual		1.10%		August 30, 2002		June 30, 2007
Institutional Class Shares		Contractual		0.60%		August 30, 2002		June 30, 2007
AIM Total Return Bond Fund
Class A Shares		Contractual		1.15%		July 1, 2005		June 30, 2007
Class B Shares		Contractual		1.90%		July 1, 2002		June 30, 2007
Class C Shares		Contractual		1.90%		July 1, 2002		June 30, 2007
Class R Shares		Contractual		1.40%		July 1, 2002		June 30, 2007
Institutional Class Shares		Contractual		0.90%		July 1, 2002		June 30, 2007
AIM Total Return Bond Fund
Class A Shares		Voluntary		1.00%		July 1, 2002		N/A(2)
Class B Shares		Voluntary		1.75%		July 1, 2002		N/A(2)
Class C Shares		Voluntary		1.75%		July 1, 2002		N/A(2)
Class R Shares		Voluntary		1.25%		April 30, 2004		N/A(2)
Institutional Class Shares		Voluntary		0.75%		April 30, 2004		N/A(2)

AIM Stock Funds

Fund		Contractual/ Voluntary		Expense Limitation		Effective Date of Current Limit		Expiration  Date
AIM Dynamics Fund
Class A Shares		Voluntary		1.20%		July 1, 2005		N/A(2)
Class B Shares		Voluntary		1.95%		August 12, 2003		N/A(2)
Class C Shares		Voluntary		1.95%		August 12, 2003		N/A(2)
Class R Shares		Voluntary		1.45%		October 25, 2005		N/A(2)
Investor Class Shares		Voluntary		1.20%		August 12, 2003		N/A(2)
Institutional Class Shares		Voluntary		0.95%		August 12, 2003		N/A(2)
AIM S&P 500 Index Fund
Investor Class Shares		Contractual		0.60%		August 1, 2005		June 30, 2007
Institutional Class Shares		Contractual		0.35%		August 12, 2003		June 30, 2007

See page 8 for footnotes to Exhibit A.

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FUNDS WITH FISCAL YEAR END OF AUGUST 31

AIM Counselor Series Trust

Fund		Contractual/ Voluntary		Expense Limitation		Effective Date of  Current Limit		Expiration Date
AIM Floating Rate Fund
Class A Shares		Voluntary		1.50%		April 14, 2006		N/A(2)
Class B1 Shares		Voluntary		1.50%		May 1, 1997		N/A(2)
Class C Shares		Voluntary		2.00%		April 14, 2006		N/A(2)
Class R Shares		Voluntary		1.75%		April 14, 2006		N/A(2)
Institutional Class Shares		Voluntary		1.25%		April 14, 2006		N/A(2)
AIM Structured Core Fund
Class A		Contractual		1.00%		March 31, 2006		June 30, 2007
Class B		Contractual		1.75%		March 31, 2006		June 30, 2007
Class C		Contractual		1.75%		March 31, 2006		June 30, 2007
Class R		Contractual		1.25%		March 31, 2006		June 30, 2007
Institutional Class		Contractual		0.75%		March 31, 2006		June 30, 2007
AIM Structured Growth Fund
Class A		Contractual		1.00%		March 31, 2006		June 30, 2007
Class B		Contractual		1.75%		March 31, 2006		June 30, 2007
Class C		Contractual		1.75%		March 31, 2006		June 30, 2007
Class R		Contractual		1.25%		March 31, 2006		June 30, 2007
Institutional Class		Contractual		0.75%		March 31, 2006		June 30, 2007
AIM Structured Value Fund
Class A		Contractual		1.00%		March 31, 2006		June 30, 2007
Class B		Contractual		1.75%		March 31, 2006		June 30, 2007
Class C		Contractual		1.75%		March 31, 2006		June 30, 2007
Class R		Contractual		1.25%		March 31, 2006		June 30, 2007
Institutional Class		Contractual		0.75%		March 31, 2006		June 30, 2007

FUNDS WITH FISCAL YEAR END OF OCTOBER 31

AIM Equity Funds

Fund		Contractual/ Voluntary		Expense Limitation		Effective Date of Current Limit		Expiration Date
AIM Capital Development Fund
Class A Shares		Voluntary		1.55%		July 18, 2005		N/A(2)
Class B Shares		Voluntary		2.30%		July 18, 2005		N/A(2)
Class C Shares		Voluntary		2.30%		July 18, 2005		N/A(2)
Class R Shares		Voluntary		1.80%		July 18, 2005		N/A(2)
Investor Class Shares		Voluntary		1.55%		July 18, 2005		N/A(2)
Institutional Class Shares		Voluntary		1.30%		July 18, 2005		N/A(2)
AIM Diversified Dividend Fund
Class A Shares		Contractual		1.40%		July 1, 2005		June 30, 2007
Class B Shares		Contractual		2.15%		May 2, 2003		June 30, 2007
Class C Shares		Contractual		2.15%		May 2, 2003		June 30, 2007
Class R Shares		Contractual		1.65%		October 25, 2005		June 30, 2007
Investor Class Shares		Contractual		1.40%		July 15, 2005		June 30, 2007
Institutional Class Shares		Contractual		1.15%		October 25, 2005		June 30, 2007

See page 8 for footnotes to Exhibit A.

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Fund		Contractual/ Voluntary		Expense Limitation		Effective Date of Current Limit		Expiration Date
AIM Diversified Dividend Fund
Class A Shares		Voluntary		1.00%		May 2, 2003		N/A(2)
Class B Shares		Voluntary		1.65%		May 2, 2003		N/A(2)
Class C Shares		Voluntary		1.65%		May 2, 2003		N/A(2)
Class R Shares		Voluntary		1.25%		October 25, 2005		N/A(2)
Investor Class Shares		Voluntary		1.00%		July 15, 2005		N/A(2)
Institutional Class Shares		Voluntary		0.75%		October 25, 2005		N/A(2)
AIM Large Cap Basic Value Fund
Class A Shares		Contractual		1.22%		July 1, 2005		June 30, 2007
Class B Shares		Contractual		1.97%		July 1, 2005		June 30, 2007
Class C Shares		Contractual		1.97%		July 1, 2005		June 30, 2007
Class R Shares		Contractual		1.47%		July 1, 2005		June 30, 2007
Investor Class Shares		Contractual		1.22%		July 1, 2005		June 30, 2007
Institutional Class Shares		Contractual		0.97%		July 1, 2005		June 30, 2007
AIM Large Cap Growth Fund
Class A Shares		Contractual		1.32%		July 1, 2005		June 30, 2007
Class B Shares		Contractual		2.07%		July 1, 2005		June 30, 2007
Class C Shares		Contractual		2.07%		July 1, 2005		June 30, 2007
Class R Shares		Contractual		1.57%		July 1, 2005		June 30, 2007
Investor Class Shares		Contractual		1.32%		July 1, 2005		June 30, 2007
Institutional Class Shares		Contractual		1.07%		July 1, 2005		June 30, 2007

AIM Investment Funds

Fund		Contractual/ Voluntary		Expense Limitation		Effective Date of Current Limit		Expiration Date
AIM China Fund
Class A Shares		Contractual		2.05%		March 31, 2006		June 30, 2007
Class B Shares		Contractual		2.80%		March 31, 2006		June 30, 2007
Class C Shares		Contractual		2.80%		March 31, 2006		June 30, 2007
Institutional Class Shares		Contractual		1.80%		March 31, 2006		June 30, 2007

See page 8 for footnotes to Exhibit A.

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Fund		Contractual/ Voluntary		Expense Limitation		Effective Date of Current Limit		Expiration Date
AIM Developing Markets Fund
Class A Shares		Contractual		1.75%		July 1, 2005		June 30, 2007
Class B Shares		Contractual		2.50%		July 1, 2002		June 30, 2007
Class C Shares		Contractual		2.50%		July 1, 2002		June 30, 2007
Institutional Class Shares		Contractual		1.50%		October 25, 2005		June 30, 2007
AIM Global Health Care Fund
Class A Shares		Voluntary		1.30%		July 18, 2005		N/A(2)
Class B Shares		Voluntary		2.05%		July 18, 2005		N/A(2)
Class C Shares		Voluntary		2.05%		July 18, 2005		N/A(2)
Investor Class Shares		Voluntary		1.30%		July 18, 2005		N/A(2)
AIM International Total Return Fund
Class A Shares		Contractual		1.10%		March 31, 2006		June 30, 2007
Class B Shares		Contractual		1.85%		March 31, 2006		June 30, 2007
Class C Shares		Contractual		1.85%		March 31, 2006		June 30, 2007
Institutional Class Shares		Contractual		0.85%		Xxxxx 00, 0000		Xxxx 00, 0000
XXX Xxxxx Fund
Class A Shares		Contractual		1.70%		March 31, 2006		June 30, 2007
Class B Shares		Contractual		2.45%		March 31, 2006		June 30, 2007
Class C Shares		Contractual		2.45%		March 31, 2006		June 30, 2007
Institutional Class Shares		Contractual		1.45%		March 31, 2006		June 30, 2007
AIM LIBOR Alpha Fund
Class A Shares		Contractual		0.85%		March 31, 2006		June 30, 2007
Class C Shares		Contractual		1.10%(3)		March 31, 2006		June 30, 2007
Class R Shares		Contractual		1.10%		March 31, 2006		June 30, 2007
Institutional Class Shares		Contractual		0.60%		March 31, 2006		June 30, 2007
AIM Trimark Endeavor Fund
Class A Shares		Contractual		1.90%		July 1, 2005		June 30, 2007
Class B Shares		Contractual		2.65%		November 1, 2004		June 30, 2007
Class C Shares		Contractual		2.65%		November 1, 2004		June 30, 2007
Class R Shares		Contractual		2.15%		November 1, 2004		June 30, 2007
Institutional Class Shares		Contractual		1.65%		November 1, 2004		June 30, 2007
AIM Trimark Fund
Class A Shares		Contractual		2.15%		July 1, 2005		June 30, 2007
Class B Shares		Contractual		2.90%		November 1, 2004		June 30, 2007
Class C Shares		Contractual		2.90%		November 1, 2004		June 30, 2007
Class R Shares		Contractual		2.40%		November 1, 2004		June 30, 2007
Institutional Class Shares		Contractual		1.90%		November 1, 2004		June 30, 2007
AIM Trimark Small Companies Fund
Class A Shares		Contractual		1.50%		September 30, 2005		June 30, 2007
Class B Shares		Contractual		2.25%		September 30, 2005		June 30, 2007
Class C Shares		Contractual		2.25%		September 30, 2005		June 30, 2007
Class R Shares		Contractual		1.75%		September 30, 2005		June 30, 2007
Institutional Class Shares		Contractual		1.25%		September 30, 2005		June 30, 2007

See page 8 for footnotes to Exhibit A.

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FUNDS WITH FISCAL YEAR END OF DECEMBER 31

AIM Funds Group

Fund		Contractual/ Voluntary		Expense  Limitation		Effective Date of Current Limit		Expiration  Date
AIM Basic Balanced Fund
Class A Shares		Voluntary		1.25%		July 18, 2005		N/A(2)
Class B Shares		Voluntary		2.00%		July 18, 2005		N/A(2)
Class C Shares		Voluntary		2.00%		July 18, 2005		N/A(2)
Class R. Shares		Voluntary		1.50%		July 18, 2005		N/A(2)
Investor Class Shares		Voluntary		1.25%		July 18, 2005		N/A(2)
Institutional Class Shares		Voluntary		1.00%		July 18, 2005		N/A(2)
AIM European Small Company Fund
Class A Shares		Contractual		1.90%		July 1, 2005		June 30, 2007
Class B Shares		Contractual		2.65%		May 1, 2002		June 30, 2007
Class C Shares		Contractual		2.65%		May 1, 2002		June 30, 2007
AIM Global Value Fund
Class A Shares		Contractual		1.90%		July 1, 2005		June 30, 2007
Class B Shares		Contractual		2.65%		May 1, 2002		June 30, 2007
Class C Shares		Contractual		2.65%		May 1, 2002		June 30, 2007
Institutional Class Shares		Contractual		1.65%		May 1, 2002		June 30, 2007
AIM Mid Cap Basic Value Fund
Class A Shares		Voluntary		1.70%		July 1, 2005		N/A(2)
Class B Shares		Voluntary		2.45%		December 31, 2001		N/A(2)
Class C Shares		Voluntary		2.45%		December 31, 2001		N/A(2)
Class R Shares		Voluntary		1.95%		December 31, 2001		N/A(2)
Institutional Class Shares		Voluntary		1.45%		December 31, 2001		N/A(2)

AIM Growth Series

Fund		Contractual/ Voluntary		Expense Limitation		Effective Date of Current Limit		Expiration  Date
AIM Small Cap Growth Fund
Class A Shares		Voluntary		1.50%		April 10, 2006		N/A(2)
Class B Shares		Voluntary		2.25%		April 10, 2006		N/A(2)
Class C Shares		Voluntary		2.25%		April 10, 2006		N/A(2)
Class R Shares		Voluntary		1.75%		April 10, 2006		N/A(2)
Investor Class Shares		Voluntary		1.50%		April 10, 2006		N/A(2)
Institutional Class Shares		Voluntary		1.25%		April 10, 2006		N/A(2)
AIM Global Equity Fund
Class A Shares		Contractual		1.75%		July 1, 2005		June 30, 2007
Class B Shares		Contractual		2.50%		August 27, 1999		June 30, 2007
Class C Shares		Contractual		2.50%		August 27, 1999		June 30, 2007
Class R Shares		Contractual		2.00%		August 27, 1999		June 30, 2007
Institutional Class Shares		Contractual		1.50%		August 27, 1999		June 30, 2007

(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) AIM may establish, amend or terminate voluntary waivers at any time in its sole discretion after consultation with the Trust.

(3) The expense limit shown is the expense limit after Rule 12b-1 fee waivers by A I M Distributors, Inc.

8

EXHIBIT “B” – ASSET ALLOCATION FUNDS(1)

AIM Growth Series

Fund		Contractual/ Voluntary		Expense Limitation(2)		Effective Date of Current Limit		Expiration Date
AIM Conservative Allocation Fund
Class A Shares		Contractual		Limit Other Expenses to 0.23% of average daily net assets		January 1, 2006		June 30, 2007
Class B Shares		Contractual		Limit Other Expenses to 0.23% of average daily net assets		January 1, 2006		June 30, 2007
Class C Shares		Contractual		Limit Other Expenses to 0.23% of average daily net assets		January 1, 2006		June 30, 2007
Class R Shares		Contractual		Limit Other Expenses to 0.23% of average daily net assets		January 1, 2006		June 30, 2007
Institutional Class Shares		Contractual		Limit Other Expenses to 0.23% of average daily net assets		January 1, 2006		June 30, 2007
AIM Growth Allocation Fund
Class A Shares		Contractual		Limit Other Expenses to 0.21% of average daily net assets		January 1, 2006		June 30, 2007
Class B Shares		Contractual		Limit Other Expenses to 0.21% of average daily net assets		January 1, 2006		June 30, 2007
Class C Shares		Contractual		Limit Other Expenses to 0.21% of average daily net assets		January 1, 2006		June 30, 2007
Class R Shares		Contractual		Limit Other Expenses to 0.21% of average daily net assets		January 1, 2006		June 30, 2007
Institutional Class Shares		Contractual		Limit Other Expenses to 0.21% of average daily net assets		January 1, 2006		June 30, 2007
AIM Income Allocation Fund
Class A		Contractual		Limit Other Expenses to 0.03% of average daily net assets		January 1, 2006		June 30, 2007
Class B		Contractual		Limit Other Expenses to 0.03% of average daily net assets		January 1, 2006		June 30, 2007
Class C		Contractual		Limit Other Expenses to 0.03% of average daily net assets		January 1, 2006		June 30, 2007
Class R		Contractual		Limit Other Expenses to 0.03% of average daily net assets		January 1, 2006		June 30, 2007
Institutional Class		Contractual		Limit Other Expenses to 0.03% of average daily net assets		January 1, 2006		June 30, 2007

See page 13 for footnotes to Exhibit B.

9

Fund		Contractual/ Voluntary		Expense Limitation(2)		Effective Date of Current Limit		Expiration Date
AIM Independence Now Fund
Class A		Contractual		Limit Other Expenses to 0.16% of average daily net assets		January 31, 2007		June 30, 2008
Class B		Contractual		Limit Other Expenses to 0.16% of average daily net assets		January 31, 2007		June 30, 2008
Class C		Contractual		Limit Other Expenses to 0.16% of average daily net assets		January 31, 2007		June 30, 2008
Class R		Contractual		Limit Other Expenses to 0.16% of average daily net assets		January 31, 2007		June 30, 2008
Institutional Class		Contractual		Limit Other Expenses to 0.16% of average daily net assets		January 31, 2007		June 30, 2008
AIM Independence 2010 Fund
Class A		Contractual		Limit Other Expenses to 0.17% of average daily net assets		January 31, 2007		June 30, 2008
Class B		Contractual		Limit Other Expenses to 0.17% of average daily net assets		January 31, 2007		June 30, 2008
Class C		Contractual		Limit Other Expenses to 0.17% of average daily net assets		January 31, 2007		June 30, 2008
Class R		Contractual		Limit Other Expenses to 0.17% of average daily net assets		January 31, 2007		June 30, 2008
Institutional Class		Contractual		Limit Other Expenses to 0.17% of average daily net assets		January 31, 2007		June 30, 2008
AIM Independence 2020 Fund
Class A		Contractual		Limit Other Expenses to 0.24% of average daily net assets		January 31, 2007		June 30, 2008
Class B		Contractual		Limit Other Expenses to 0.24% of average daily net assets		January 31, 2007		June 30, 2008
Class C		Contractual		Limit Other Expenses to 0.24% of average daily net assets		January 31, 2007		June 30, 2008
Class R		Contractual		Limit Other Expenses to 0.24% of average daily net assets		January 31, 2007		June 30, 2008
Institutional Class		Contractual		Limit Other Expenses to 0.24% of average daily net assets		January 31, 2007		June 30, 2008

See page 13 for footnotes to Exhibit B.

10

Fund		Contractual/ Voluntary		Expense Limitation(2)		Effective Date of Current Limit		Expiration Date
AIM Independence 2030 Fund
Class A		Contractual		Limit Other Expenses to 0.24% of average daily net assets		January 31, 2007		June 30, 2008
Class B		Contractual		Limit Other Expenses to 0.24% of average daily net assets		January 31, 2007		June 30, 2008
Class C		Contractual		Limit Other Expenses to 0.24% of average daily net assets		January 31, 2007		June 30, 2008
Class R		Contractual		Limit Other Expenses to 0.24% of average daily net assets		January 31, 2007		June 30, 2008
Institutional Class		Contractual		Limit Other Expenses to 0.24% of average daily net assets		January 31, 2007		June 30, 2008
AIM Independence 2040 Fund
Class A		Contractual		Limit Other Expenses to 0.28% of average daily net assets		January 31, 2007		June 30, 2008
Class B		Contractual		Limit Other Expenses to 0.28% of average daily net assets		January 31, 2007		June 30, 2008
Class C		Contractual		Limit Other Expenses to 0.28% of average daily net assets		January 31, 2007		June 30, 2008
Class R		Contractual		Limit Other Expenses to 0.28% of average daily net assets		January 31, 2007		June 30, 2008
Institutional Class		Contractual		Limit Other Expenses to 0.28% of average daily net assets		January 31, 2007		June 30, 2008
AIM Independence 2050 Fund
Class A		Contractual		Limit Other Expenses to 0.28% of average daily net assets		January 31, 2007		June 30, 2008
Class B		Contractual		Limit Other Expenses to 0.28% of average daily net assets		January 31, 2007		June 30, 2008
Class C		Contractual		Limit Other Expenses to 0.28% of average daily net assets		January 31, 2007		June 30, 2008
Class R		Contractual		Limit Other Expenses to 0.28% of average daily net assets		January 31, 2007		June 30, 2008
Institutional Class		Contractual		Limit Other Expenses to 0.28% of average daily net assets		January 31, 2007		June 30, 2008

See page 13 for footnotes to Exhibit B.

11

Fund		Contractual/ Voluntary		Expense Limitation(2)		Effective Date of Current Limit		Expiration Date
AIM International Allocation Fund
Class A		Contractual		Limit Other Expenses to 0.18% of average daily net assets		October 31, 2005		June 30, 2007
Class B		Contractual		Limit Other Expenses to 0.18% of average daily net assets		October 31, 2005		June 30, 2007
Class C		Contractual		Limit Other Expenses to 0.18% of average daily net assets		October 31, 2005		June 30, 2007
Class R		Contractual		Limit Other Expenses to 0.18% of average daily net assets		October 31, 2005		June 30, 2007
Institutional Class		Contractual		Limit Other Expenses to 0.18% of average daily net assets		October 31, 2005		June 30, 2007
AIM Moderate Allocation Fund
Class A Shares		Contractual		Limit Other Expenses to 0.12% of average daily net assets		January 1, 2006		June 30, 2007
Class B Shares		Contractual		Limit Other Expenses to 0.12% of average daily net assets		January 1, 2006		June 30, 2007
Class C Shares		Contractual		Limit Other Expenses to 0.12% of average daily net assets		January 1, 2006		June 30, 2007
Class R Shares		Contractual		Limit Other Expenses to 0.12% of average daily net assets		January 1, 2006		June 30, 2007
Institutional Class Shares		Contractual		Limit Other Expenses to 0.12% of average daily net assets		January 1, 2006		June 30, 2007
AIM Moderate Growth Allocation Fund
Class A Shares		Contractual		Limit Other Expenses to 0.12% of average daily net assets		April 29, 2005		June 30, 2007
Class B Shares		Contractual		Limit Other Expenses to 0.12% of average daily net assets		April 29, 2005		June 30, 2007
Class C Shares		Contractual		Limit Other Expenses to 0.12% of average daily net assets		April 29, 2005		June 30, 2007
Class R Shares		Contractual		Limit Other Expenses to 0.12% of average daily net assets		April 29, 2005		June 30, 2007
Institutional Class Shares		Contractual		Limit Other Expenses to 0.12% of average daily net assets		April 29, 2005		June 30, 2007

See page 13 for footnotes to Exhibit B.

12

Fund		Contractual/ Voluntary		Expense Limitation(2)		Effective Date of Current Limit		Expiration Date
AIM Moderately Conservative Allocation Fund
Class A Shares		Contractual		Limit Other Expenses to 0.14% of average daily net assets		April 29, 2005		June 30, 2007
Class B Shares		Contractual		Limit Other Expenses to 0.14% of average daily net assets		April 29, 2005		June 30, 2007
Class C Shares		Contractual		Limit Other Expenses to 0.14% of average daily net assets		April 29, 2005		June 30, 2007
Class R Shares		Contractual		Limit Other Expenses to 0.14% of average daily net assets		April 29, 2005		June 30, 2007
Institutional Class Shares		Contractual		Limit Other Expenses to 0.14% of average daily net assets		April 29, 2005		June 30, 2007

(1) Other expenses of any class of shares established after the date of this Memorandum of Agreement will be limited to the same amount established for Class A shares.

(2) Other Expenses are defined as all normal operating expenses of the fund, excluding management fees and 12b-1 expenses, if any.  The expense limitation is subject to the exclusions as listed in the Memorandum of Agreement.

13

EXHIBIT “C” – INSTITUTIONAL MONEY MARKET FUNDS(1),(2)

FUNDS WITH FISCAL YEAR END OF MARCH 31

Tax-Free Investments Trust

Fund		Contractual/ Voluntary		Expense Limitation		Effective Date of Current Limit		Expiration Date
Tax-Free Cash Reserve Portfolio(3)
Cash Management Class		Contractual		0.22%		June 30, 2005		June 30, 2007
Corporate Class		Contractual		0.22%		June 30, 2005		June 30, 2007
Institutional Class		Contractual		0.22%		June 30, 2005		June 30, 2007
Personal Investment Class		Contractual		0.22%		June 30, 2005		June 30, 2007
Private Investment Class		Contractual		0.22%		June 30, 2005		June 30, 2007
Reserve Class		Contractual		0.22%		June 30, 2005		June 30, 2007
Resource Class		Contractual		0.22%		June 30, 2005		June 30, 2007

FUNDS WITH FISCAL YEAR END OF AUGUST 31

Short-Term Investments Trust

Fund		Contractual/ Voluntary		Expense  Limitation		Effective Date of Current Limit		Expiration Date
Government & Agency Portfolio
Cash Management Class		Contractual		0.12%		June 30, 2005		June 30, 2007
Corporate Class		Contractual		0.12%		June 30, 2005		June 30, 2007
Institutional Class		Contractual		0.12%		June 30, 2005		June 30, 2007
Personal Investment Class		Contractual		0.12%		June 30, 2005		June 30, 2007
Private Investment Class		Contractual		0.12%		June 30, 2005		June 30, 2007
Reserve Class		Contractual		0.12%		June 30, 2005		June 30, 2007
Resource Class		Contractual		0.12%		June 30, 2005		June 30, 2007
Government TaxAdvantage Portfolio
Cash Management Class		Contractual		0.12%		June 30, 2005		June 30, 2007
Corporate Class		Contractual		0.12%		June 30, 2005		June 30, 2007
Institutional Class		Contractual		0.12%		June 30, 2005		June 30, 2007
Personal Investment Class		Contractual		0.12%		June 30, 2005		June 30, 2007
Private Investment Class		Contractual		0.12%		June 30, 2005		June 30, 2007
Reserve Class		Contractual		0.12%		June 30, 2005		June 30, 2007
Resource Class		Contractual		0.12%		June 30, 2005		June 30, 2007
Liquid Assets Portfolio
Cash Management Class		Contractual		0.12%		June 30, 2005		June 30, 2007
Corporate Class		Contractual		0.12%		June 30, 2005		June 30, 2007
Institutional Class		Contractual		0.12%		June 30, 2005		June 30, 2007
Personal Investment Class		Contractual		0.12%		June 30, 2005		June 30, 2007
Private Investment Class		Contractual		0.12%		June 30, 2005		June 30, 2007
Reserve Class		Contractual		0.12%		June 30, 2005		June 30, 2007
Resource Class		Contractual		0.12%		June 30, 2005		June 30, 2007

See page 15 for footnotes to Exhibit C.

14

Fund		Contractual/ Voluntary		Expense  Limitation		Effective Date of Current Limit		Expiration Date
STIC Prime Portfolio
Cash Management Class		Contractual		0.12%		June 30, 2005		June 30, 2007
Corporate Class		Contractual		0.12%		June 30, 2005		June 30, 2007
Institutional Class		Contractual		0.12%		June 30, 2005		June 30, 2007
Personal Investment Class		Contractual		0.12%		June 30, 2005		June 30, 2007
Private Investment Class		Contractual		0.12%		June 30, 2005		June 30, 2007
Reserve Class		Contractual		0.12%		June 30, 2005		June 30, 2007
Resource Class		Contractual		0.12%		June 30, 2005		June 30, 2007
Treasury Portfolio
Cash Management Class		Contractual		0.12%		June 30, 2005		June 30, 2007
Corporate Class		Contractual		0.12%		June 30, 2005		June 30, 2007
Institutional Class		Contractual		0.12%		June 30, 2005		June 30, 2007
Personal Investment Class		Contractual		0.12%		June 30, 2005		June 30, 2007
Private Investment Class		Contractual		0.12%		June 30, 2005		June 30, 2007
Reserve Class		Contractual		0.12%		June 30, 2005		June 30, 2007
Resource Class		Contractual		0.12%		June 30, 2005		June 30, 2007

(1) The expense limit shown excludes Rule 12b-1 fees.

(2) 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.

(3) The expense limitation also excludes Trustees’ fees and federal registration expenses.

15

EXHIBIT “D” – VARIABLE INSURANCE FUNDS

AIM Variable Insurance Funds

Fund		Contractual/ Voluntary		Expense Limitation		Effective Date of Current Limit		Expiration  Date
AIM V.I. Basic Balanced Fund
Series I Shares		Contractual		0.91%		July 1, 2005		April 30, 2008
Series II Shares		Contractual		1.16%		July 1, 2005		April 30, 2008
AIM V.I. Basic Value Fund
Series I Shares		Contractual		1.30%		January 1, 2005		April 30, 2008
Series II Shares		Contractual		1.45%		January 1, 2005		April 30, 2008
AIM V.I. Capital Appreciation Fund
Series I Shares		Contractual		1.30%		January 1, 2005		April 30, 2008
Series II Shares		Contractual		1.45%		January 1, 2005		April 30, 2008
AIM V.I. Capital Development Fund
Series I Shares		Contractual		1.30%		January 1, 2005		April 30, 2008
Series II Shares		Contractual		1.45%		January 1, 2005		April 30, 2008
AIM V.I. Core Equity Fund
Series I Shares		Contractual		1.30%		January 1, 2005		April 30, 2008
Series II Shares		Contractual		1.45%		January 1, 2005		April 30, 2008
AIM V.I. Diversified Income Fund
Series I Shares		Contractual		0.75%		July 1, 2005		April 30, 2008
Series II Shares		Contractual		1.00%		July 1, 2005		April 30, 2008
AIM V.I. Dynamics Fund
Series I Shares		Contractual		1.30%		April 30, 2004		April 30, 2008
Series II Shares		Contractual		1.45%		April 30, 2004		April 30, 2008
AIM V.I. Financial Services Fund
Series I Shares		Contractual		1.30%		April 30, 2004		April 30, 2008
Series II Shares		Contractual		1.45%		April 30, 2004		April 30, 2008
AIM V.I. Global Health Care Fund
Series I Shares		Contractual		1.30%		April 30, 2004		April 30, 2008
Series II Shares		Contractual		1.45%		April 30, 2004		April 30, 2008
AIM V.I. Global Real Estate Fund
Series I Shares		Contractual		1.30%		April 30, 2004		April 30, 2008
Series II Shares		Contractual		1.45%		April 30, 2004		April 30, 2008
AIM V.I. Government Securities Fund
Series I Shares		Contractual		0.73%		July 1, 2005		April 30, 2008
Series II Shares		Contractual		0.98%		July 1, 2005		April 30, 2008
AIM V.I. High Yield Fund
Series I Shares		Contractual		0.95%		July 1, 2005		April 30, 2008
Series II Shares		Contractual		1.20%		April 30, 2004		April 30, 2008

16

Fund		Contractual/ Voluntary		Expense Limitation		Effective Date of Current Limit		Expiration  Date
AIM V.I. International Growth Fund
Series I Shares		Contractual		1.30%		January 1, 2005		April 30, 2008
Series II Shares		Contractual		1.45%		January 1, 2005		April 30, 2008
AIM V.I. Large Cap Growth Fund
Series I Shares		Contractual		1.01%		July 1, 2005		April 30, 2008
Series II Shares		Contractual		1.26%		July 1, 2005		April 30, 2008
AIM V.I. Leisure Fund
Series I Shares		Contractual		1.01%		April 30, 2004		April 30, 2008
Series II Shares		Contractual		1.26%		April 30, 2004		April 30, 2008
AIM V.I. Mid Cap Core Equity Fund
Series I Shares		Contractual		1.30%		September 10, 2001		April 30, 2008
Series II Shares		Contractual		1.45%		September 10, 2001		April 30, 2008
AIM V.I. Money Market Fund
Series I Shares		Contractual		1.30%		January 1, 2005		April 30, 2008
Series II Shares		Contractual		1.45%		January 1, 2005		April 30, 2008
AIM V.I. Small Cap Equity Fund
Series I Shares		Contractual		1.15%		July 1, 2005		April 30, 2008
Series II Shares		Contractual		1.40%		July 1, 2005		April 30, 2008
AIM V.I. Small Cap Growth Fund
Series I Shares		Contractual		1.20%		July 1, 2005		April 30, 2008
Series II Shares		Contractual		1.45%		April 30, 2004		April 30, 2008
AIM V.I. Technology Fund
Series I Shares		Contractual		1.30%		April 30, 2004		April 30, 2008
Series II Shares		Contractual		1.45%		April 30, 2004		April 30, 2008
AIM V.I. Utilities Fund
Series I Shares		Contractual		0.93%		Septerber 23, 2005		April 30, 2008
Series II Shares		Contractual		1.18%		Septerber 23, 2005		April 30, 2008

17