EX-99.H.5 8 dex99h5.txt MEMORANDUM OF AGREEMENT REGARDING EXPENSE LIMITATIONS 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 International Mutual Funds, AIM Investment Funds, AIM Investment Securities Funds, AIM Sector Funds, AIM Stock 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 April 1, 2006 between AIM Counselor Series Trust, AIM Equity Funds, AIM Funds Group, AIM Growth Series, AIM International Mutual Funds, AIM Investment Funds, AIM Investment Securities Funds, AIM Sector Funds, AIM Stock 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 SHORT-TERM INVESTMENTS TRUST TAX-FREE INVESTMENTS TRUST on behalf of the Funds listed in the Exhibits to this Memorandum of Agreement By: /s/ Robert H. Graham ------------------------------ Title: President A I M Advisors, Inc. By: /s/ Philip A. Taylor ------------------------------ Title: President 2 as of July 1, 2006 EXHIBIT "A" - RETAIL FUNDS/1/ FUNDS WITH FISCAL YEAR END OF MARCH 31 AIM Sector Funds
Contractual/ Expense Effective Date of Expiration Fund Voluntary Limitation Current Limit 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
Effective Date Contractual/ Expense of Current Expiration Fund Voluntary Limitation Limit Date ---- ------------ ---------- -------------- ---------- AIM High Income Municipal Fund Class A Shares............. Voluntary 0.65% April 1, 2006 N/A/2/ Class B Shares............. Voluntary 1.40% April 1, 2006 N/A/2/ Class C Shares............. Voluntary 1.40% April 1, 2006 N/A/2/
See page 9 for footnotes to Exhibit A. 3 FUNDS WITH FISCAL YEAR END OF JULY 31 AIM Investment Securities Funds
Contractual/ Expense Effective Date of Expiration Fund Voluntary Limitation Current Limit 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
Contractual/ Expense Effective Date of Expiration Fund Voluntary Limitation Current Limit Date ---- ------------ ---------- ----------------- ------------- AIM Dynamics Fund Class A Shares............... Contractual 1.90% July 1, 2005 July 31, 2006 Class B Shares............... Contractual 2.65% August 12, 2003 July 31, 2006 Class C Shares............... Contractual 2.65% August 12, 2003 July 31, 2006 Class R Shares............... Contractual 2.15% October 25, 2005 July 31, 2006 Investor Class Shares........ Contractual 1.90% August 12, 2003 July 31, 2006 Institutional Class Shares... Contractual 1.65% August 12, 2003 July 31, 2006 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 9 for footnotes to Exhibit A. 4 FUNDS WITH FISCAL YEAR END OF AUGUST 31 AIM Counselor Series Trust
Contractual/ Expense Effective Date of Expiration Fund Voluntary Limitation Current Limit 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 Multi-Sector Fund Class A Shares............... Contractual 1.90% July 1, 2005 August 31, 2006 Class B Shares............... Contractual 2.65% August 12, 2003 August 31, 2006 Class C Shares............... Contractual 2.65% August 12, 2003 August 31, 2006 Institutional Class Shares... Contractual 1.65% August 12, 2003 August 31, 2006 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
Contractual/ Expense Effective Date of Expiration Fund Voluntary Limitation Current Limit 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 9 for footnotes to Exhibit A. 5
Contractual/ Expense Effective Date of Expiration Fund Voluntary Limitation Current Limit 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 Select Basic Value Fund Class A Shares............... Voluntary 1.75%/3/ August 30, 2002 N/A/2/ Class B Shares............... Voluntary 1.75%/3/ August 30, 2002 N/A/2/ Class C Shares............... Voluntary 1.75%/3/ August 30, 2002 N/A/2/
AIM International Mutual Funds
Contractual/ Expense Effective Date of Expiration Fund Voluntary Limitation Current Limit Date ---- ------------ ---------- ----------------- ---------------- AIM International Core Equity Fund Class A Shares............... Contractual 2.00% July 1, 2005 October 31, 2006 Class B Shares............... Contractual 2.75% August 12, 2003 October 31, 2006 Class C Shares............... Contractual 2.75% August 12, 2003 October 31, 2006 Class R Shares............... Contractual 2.25% November 24, 2003 October 31, 2006 Investor Class Shares........ Contractual 2.00% August 12, 2003 October 31, 2006 Institutional Class Shares... Contractual 1.75% April 30, 2004 October 31, 2006
AIM Investment Funds
Contractual/ Expense Effective Date of Expiration Fund Voluntary Limitation Current Limit 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 9 for footnotes to Exhibit A. 6
Contractual/ Expense Effective Date of Expiration Fund Voluntary Limitation Current Limit 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 Enhanced Short Bond 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 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 Bond 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% March 31, 2006 June 30, 2007 AIM Japan 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 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 9 for footnotes to Exhibit A. 7 FUNDS WITH FISCAL YEAR END OF DECEMBER 31 AIM Funds Group
Contractual/ Expense Effective Date of Expiration Fund Voluntary Limitation Current Limit 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 International Small Company Fund Class A Shares............... Contractual 1.90% July 1, 2005 December 31, 2006 Class B Shares............... Contractual 2.65% May 1, 2002 December 31, 2006 Class C Shares............... Contractual 2.65% May 1, 2002 December 31, 2006 Institutional Class Shares... Contractual 1.65% May 1, 2002 December 31, 2006 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
Contractual/ Expense Effective Date of Expiration Fund Voluntary Limitation Current Limit Date ---- ------------ ---------- ----------------- ------------- AIM Small Cap Growth Fund Class A Shares............... Contractual 1.90% April 10, 2006 July 31, 2006 Class B Shares............... Contractual 2.65% April 10, 2006 July 31, 2006 Class C Shares............... Contractual 2.65% April 10, 2006 July 31, 2006 Class R Shares............... Contractual 2.15% April 10, 2006 July 31, 2006 Investor Class Shares........ Contractual 1.90% April 10, 2006 July 31, 2006 Institutional Class Shares... Contractual 1.65% April 10, 2006 July 31, 2006 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/
See page 9 for footnotes to Exhibit A. 8
Contractual/ Expense Effective Date of Expiration Fund Voluntary Limitation Current Limit Date ---- ------------ ---------- ----------------- ------------- 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. 9 EXHIBIT "B" - ASSET ALLOCATION FUNDS/1/ AIM Growth Series
Effective Date Contractual/ Expense of Current Expiration Fund Voluntary Limitation/2/ Limit Date ---- ------------ ------------- --------------- -------------- AIM Conservative Allocation Fund Class A Shares Contractual Limit Other Expenses to 0.23% of January 1, 2006 June 30, 2007 average daily net assets Class B Shares Contractual Limit Other Expenses to 0.23% of January 1, 2006 June 30, 2007 average daily net assets Class C Shares Contractual Limit Other Expenses to 0.23% of January 1, 2006 June 30, 2007 average daily net assets Class R Shares Contractual Limit Other Expenses to 0.23% of January 1, 2006 June 30, 2007 average daily net assets Institutional Contractual Limit Other Expenses to 0.23% of January 1, 2006 June 30, 2007 Class Shares average daily net assets AIM Growth Allocation Fund Class A Shares Contractual Limit Other Expenses to 0.21% of January 1, 2006 June 30, 2007 average daily net assets Class B Shares Contractual Limit Other Expenses to 0.21% of January 1, 2006 June 30, 2007 average daily net assets Class C Shares Contractual Limit Other Expenses to 0.21% of January 1, 2006 June 30, 2007 average daily net assets Class R Shares Contractual Limit Other Expenses to 0.21% of January 1, 2006 June 30, 2007 average daily net assets Institutional Contractual Limit Other Expenses to 0.21% of January 1, 2006 June 30, 2007 Class Shares average daily net assets AIM Income Allocation Fund Class A Contractual Limit Other Expenses to 0.03% of January 1, 2006 June 30, 2007 average daily net assets Class B Contractual Limit Other Expenses to 0.03% of January 1, 2006 June 30, 2007 average daily net assets Class C Contractual Limit Other Expenses to 0.03% of January 1, 2006 June 30, 2007 average daily net assets Class R Contractual Limit Other Expenses to 0.03% of January 1, 2006 June 30, 2007 average daily net assets Institutional Contractual Limit Other Expenses to 0.03% of January 1, 2006 June 30, 2007 Class average daily net assets
See page 12 for footnotes to Exhibit B. 10
Contractual/ Expense Effective Date Expiration Fund Voluntary Limitation/2/ of Current Limit Date ---- ------------ ------------- ---------------- -------------- AIM International Allocation Fund Class A Contractual Limit Other Expenses to 0.18% of October 31, 2005 June 30, 2007 average daily net assets Class B Contractual Limit Other Expenses to 0.18% of October 31, 2005 June 30, 2007 average daily net assets Class C Contractual Limit Other Expenses to 0.18% of October 31, 2005 June 30, 2007 average daily net assets Class R Contractual Limit Other Expenses to 0.18% of October 31, 2005 June 30, 2007 average daily net assets Institutional Contractual Limit Other Expenses to 0.18% of October 31, 2005 June 30, 2007 Class average daily net assets AIM Moderate Allocation Fund Class A Shares Contractual Limit Other Expenses to 0.12% of January 1, 2006 June 30, 2007 average daily net assets Class B Shares Contractual Limit Other Expenses to 0.12% of January 1, 2006 June 30, 2007 average daily net assets Class C Shares Contractual Limit Other Expenses to 0.12% of January 1, 2006 June 30, 2007 average daily net assets Class R Shares Contractual Limit Other Expenses to 0.12% of January 1, 2006 average daily net assets June 30, 2007 Institutional Contractual Limit Other Expenses to 0.12% of January 1, 2006 June 30, 2007 Class Shares average daily net assets AIM Moderate Growth Allocation Fund Class A Shares Contractual Limit Other Expenses to 0.12% of April 29, 2005 June 30, 2007 average daily net assets Class B Shares Contractual Limit Other Expenses to 0.12% of April 29, 2005 June 30, 2007 average daily net assets Class C Shares Contractual Limit Other Expenses to 0.12% of April 29, 2005 June 30, 2007 average daily net assets Class R Shares Contractual Limit Other Expenses to 0.12% of April 29, 2005 June 30, 2007 average daily net assets Institutional Contractual Limit Other Expenses to 0.12% of April 29, 2005 June 30, 2007 Class Shares average daily net assets
See page 12 for footnotes to Exhibit B. 11
Effective Date Contractual/ Expense of Current Expiration Fund Voluntary Limitation/2/ Limit Date ---- ------------ ------------- -------------- -------------- AIM Moderately Conservative Allocation Fund Class A Shares Contractual Limit Other Expenses to 0.14% of April 29, 2005 June 30, 2007 average daily net assets Class B Shares Contractual Limit Other Expenses to 0.14% of April 29, 2005 June 30, 2007 average daily net assets Class C Shares Contractual Limit Other Expenses to 0.14% of April 29, 2005 June 30, 2007 average daily net assets Class R Shares Contractual Limit Other Expenses to 0.14% of April 29, 2005 June 30, 2007 average daily net assets Institutional Contractual Limit Other Expenses to 0.14% of April 29, 2005 June 30, 2007 Class Shares average daily net assets
/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. 12 EXHIBIT "C" - INSTITUTIONAL MONEY MARKET FUNDS/1,2/ FUNDS WITH FISCAL YEAR END OF MARCH 31 Tax-Free Investments Trust
Effective Date Contractual/ Expense of Current Expiration Fund Voluntary Limitation Limit 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
Effective Date Contractual/ Expense of Current Expiration Fund Voluntary Limitation Limit 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 14 for footnotes to Exhibit C. 13
Effective Date Contractual/ Expense of Current Expiration Fund Voluntary Limitation Limit 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. 14 EXHIBIT "D" - VARIABLE INSURANCE FUNDS AIM Variable Insurance Funds
Contractual/ Expense Effective Date of Expiration Fund Voluntary Limitation Current Limit 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. Demographic Trends 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. Diversified Dividend Fund Series I Shares.............. Contractual 1.00% May 1, 2006 April 30, 2008 Series II Shares............. Contractual 1.25% May 1, 2006 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 Equity Fund Series I Shares.............. Contractual 1.10% May 1, 2006 April 30, 2008 Series II Shares............. Contractual 1.35% May 1, 2006 April 30, 2008 AIM V.I. Global Health Care Fund Series I Shares.............. Contractual 1.30% April 30, 2004 April 30, 2008
See page 17 for footnotes to Exhibit D. 15
Contractual/ Expense Effective Date of Expiration Fund Voluntary Limitation Current Limit Date ---- ------------ ---------- ------------------ -------------- 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 AIM V.I. International Core Equity Fund Series I Shares.............. Contractual 1.10% May 1, 2006 April 30, 2008 Series II Shares............. Contractual 1.35% May 1, 2006 April 30, 2008 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. Real Estate Fund/1/ 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. 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 Company Growth Fund/2/ Series I Shares.............. Contractual 1.20% July 1, 2005 April 30, 2008 Series II Shares............. Contractual 1.45% April 30, 2004 April 30, 2008
See page 17 for footnotes to Exhibit D. 16
Contractual/ Expense Effective Date of Expiration Fund Voluntary Limitation Current Limit Date ---- ------------ ---------- ------------------ -------------- 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% September 23, 2005 April 30, 2008 Series II Shares............. Contractual 1.18% September 23, 2005 April 30, 2008
-------- /1/ AIM V.I. Real Estate Fund is scheduled to change its name to AIM V.I. Global Real Estate Fund on July 3, 2006. /2/ AIM V.I. Small Company Growth Fund is scheduled to change its name to AIM V.I. Small Cap Growth Fund on July 3, 2006. 17