EX-99.77Q1E 4 d471001dex9977q1e.txt EX-99.77Q1E 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 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 CALIFORNIA VALUE MUNICIPAL COUNSELOR SERIES TRUST) INCOME TRUST AIM EQUITY FUNDS (INVESCO EQUITY INVESCO DYNAMIC CREDIT OPPORTUNITIES FUNDS) FUND AIM FUNDS GROUP (INVESCO FUNDS GROUP) INVESCO EXCHANGE FUND AIM GROWTH SERIES (INVESCO GROWTH INVESCO HIGH INCOME 2023 TARGET TERM SERIES) FUND AIM INTERNATIONAL MUTUAL FUNDS INVESCO HIGH INCOME TRUST II (INVESCO INTERNATIONAL MUTUAL FUNDS) INVESCO MANAGEMENT TRUST AIM INVESTMENT FUNDS (INVESCO INVESCO MUNICIPAL INCOME INVESTMENT FUNDS) OPPORTUNITIES TRUST AIM INVESTMENT SECURITIES FUNDS INVESCO MUNICIPAL OPPORTUNITY TRUST (INVESCO INVESTMENT SECURITIES FUNDS) INVESCO MUNICIPAL TRUST AIM SECTOR FUNDS (INVESCO SECTOR INVESCO PENNSYLVANIA VALUE MUNICIPAL FUNDS) INCOME TRUST AIM TAX-EXEMPT FUNDS (INVESCO INVESCO QUALITY MUNICIPAL INCOME TRUST TAX-EXEMPT FUNDS) INVESCO SECURITIES TRUST AIM TREASURER'S SERIES TRUST (INVESCO INVESCO SENIOR INCOME TRUST TREASURER'S SERIES TRUST) INVESCO TRUST FOR INVESTMENT GRADE AIM VARIABLE INSURANCE FUNDS (INVESCO MUNICIPALS VARIABLE INSURANCE FUNDS) INVESCO TRUST FOR INVESTMENT GRADE INVESCO ADVANTAGE MUNICIPAL INCOME NEW YORK MUNICIPALS TRUST II INVESCO VALUE MUNICIPAL INCOME TRUST INVESCO BOND FUND on behalf of the Funds listed in the Exhibit to this Memorandum of Agreement By: /s/ John M. Zerr -------------------------- Title: Senior Vice President INVESCO ADVISERS, INC. By: /s/ John M. Zerr -------------------------- Title: Senior Vice President EXHIBIT A TO ADVISORY FEE MOA
AIM COUNSELOR SERIES TRUST (INVESCO COUNSELOR EFFECTIVE EXPIRATION SERIES TRUST) WAIVER DESCRIPTION DATE DATE ------------------------ --------------------------------------- ---------- ---------- Invesco Strategic Real Invesco will waive advisory fees in an 4/30/2014 06/30/2019 Return Fund amount equal to the advisory fees earned on underlying affiliated investments AIM INVESTMENT FUNDS (INVESCO EFFECTIVE EXPIRATION INVESTMENT FUNDS WAIVER DESCRIPTION DATE DATE ------------------------ --------------------------------------- ---------- ---------- Invesco Balanced-Risk Invesco will waive advisory fees in an 02/24/15 06/30/2019 Commodity Strategy amount equal to the advisory fees Fund earned on underlying affiliated investments Invesco Global Targeted Invesco will waive advisory fees in an 12/17/2013 06/30/2019 Returns Fund amount equal to the advisory fees earned on underlying affiliated investments AIM TREASURER'S SERIES TRUST (INVESCO TREASURER'S EFFECTIVE EXPIRATION SERIES TRUST) WAIVER DESCRIPTION DATE DATE ------------------------ --------------------------------------- ---------- ---------- Premier Portfolio Invesco will waive advisory fees in the 2/1/2011 12/31/2017 amount of 0.07% of the Fund's average daily net assets Premier U.S. Invesco will waive advisory fees in the 2/1/2011 12/31/2017 Government Money amount of 0.07% of the Fund's average Portfolio daily net assets Premier Tax-Exempt Invesco will waive advisory fees in the 06/01/2016 12/31/2017 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, 2019 Invesco California 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, 2019 Invesco Pennsylvania 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 Municipal Fund September 30, 2015 June 30, 2019 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, 2019 Invesco Summit 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 Fund July 1, 2007 June 30, 2019 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 Fund June 30, 2016 June 30, 2019 Invesco Global Small & Mid Cap Growth Fund July 1, 2007 June 30, 2019 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 Fund/1/ May 29, 2009 June 30, 2019 Invesco Balanced-Risk Commodity Strategy Fund/2/ November 29, 2010 June 30, 2019 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 Bond Fund/3/ June 14, 2010 June 30, 2019 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 Fund/5/ December 17, 2013 June 30, 2019 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 Markets Fund December 17, 2013 June 30, 2019 Invesco Macro Allocation Strategy Fund/4/ September 25, 2012 June 30, 2019 Invesco Macro International Equity Fund December 17, 2013 June 30, 2019 Invesco Macro Long/Short Fund December 17, 2013 June 30, 2019 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, 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 Invesco Real Estate Fund July 1, 2007 June 30, 2019 Invesco Short Duration Inflation Protected Fund July 1, 2007 June 30, 2019 Invesco Short Term Bond Fund July 1, 2007 June 30, 2019 Invesco U.S. Government 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. AIM SECTOR FUNDS (INVESCO SECTOR FUNDS)
FUND EFFECTIVE DATE COMMITTED UNTIL ---- ----------------- --------------- Invesco American Value Fund February 12, 2010 June 30, 2019 Invesco Comstock 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 Income Fund February 12, 2010 June 30, 2019 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 Fund July 1, 2007 June 30, 2019
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 Fund/7/ December 22, 2010 June 30, 2019 Invesco V.I. Comstock 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 Fund February 12, 2010 June 30, 2019 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 Fund July 1, 2007 June 30, 2019 Invesco V.I. Government Securities Fund July 1, 2007 June 30, 2019 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 Allocation Fund/8/ January 16, 2013 June 30, 2019
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 Trust II May 15, 2012 June 30, 2019 Invesco Bond Fund August 26, 2015 June 30, 2019 Invesco California Value Municipal Income Trust May 15, 2012 June 30, 2019 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 Trust II May 15, 2012 June 30, 2019 Invesco Municipal Income Opportunities Trust August 26, 2015 June 30, 2019 Invesco Municipal Opportunity Trust May 15, 2012 June 30, 2019 Invesco Municipal Trust May 15, 2012 June 30, 2019 Invesco Pennsylvania Value Municipal Income Trust May 15, 2012 June 30, 2019 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 Municipals May 15, 2012 June 30, 2019 Invesco Trust for Investment Grade New York Municipals May 15, 2012 June 30, 2019 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.