EX-99.77Q1 OTHR EXHB 4 dex9977q1.txt EX-99.77Q1 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 California Municipal Income Trust, Invesco California Municipal Securities, Invesco California Quality Municipal Securities, Invesco High Yield Investments Fund, Inc., Invesco Municipal Income Opportunities Trust, Invesco Municipal Income Opportunities Trust II, Invesco Municipal Income Opportunities Trust III, Invesco Municipal Premium Income Trust, Invesco New York Quality Municipal Securities, Invesco Quality Municipal Income Trust, Invesco Quality Municipal Investment Trust, Invesco Quality Municipal Securities, Invesco Value Municipal Bond Trust, Invesco Value Municipal Income Trust, Invesco Value Municipal Securities, Invesco Value Municipal Trust, and Short-Term Investments Trust (each a "Trust" or, collectively, the "Trusts"), on behalf of the funds listed on the Exhibits to this Memorandum of Agreement (the "Funds"), and Invesco Advisers, Inc. ("Invesco"). Invesco shall and hereby agrees to waive fees 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 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. The Boards of Trustees and Invesco may terminate or modify this Memorandum of Agreement prior to the Expiration Date only by mutual written consent. Invesco will not have any right to reimbursement of any amount so waived or reimbursed. 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 the Trusts and Invesco have 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 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 CALIFORNIA MUNICIPAL INCOME TRUST INVESCO CALIFORNIA MUNICIPAL SECURITIES INVESCO CALIFORNIA QUALITY MUNICIPAL SECURITIES INVESCO HIGH YIELD INVESTMENTS FUND, INC. INVESCO MUNICIPAL INCOME OPPORTUNITIES TRUST INVESCO MUNICIPAL INCOME OPPORTUNITIES TRUST II INVESCO MUNICIPAL INCOME OPPORTUNITIES TRUST III INVESCO MUNICIPAL PREMIUM INCOME TRUST INVESCO NEW YORK QUALITY MUNICIPAL SECURITIES INVESCO QUALITY MUNICIPAL INCOME TRUST INVESCO QUALITY MUNICIPAL INVESTMENT TRUST INVESCO QUALITY MUNICIPAL SECURITIES INVESCO VALUE MUNICIPAL BOND TRUST INVESCO VALUE MUNICIPAL INCOME TRUST INVESCO VALUE MUNICIPAL SECURITIES INVESCO VALUE MUNICIPAL TRUST SHORT-TERM INVESTMENTS TRUST 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 EQUITY FUNDS EFFECTIVE EXPIRATION (INVESCO EQUITY FUNDS) WAIVER DESCRIPTION DATE DATE ------------------------------ ---------------------------------------- --------- ---------- Invesco Constellation Fund.... Invesco will waive advisory fees to the extent necessary so that advisory fees Invesco receives do not exceed the annualized rates listed below. 3/27/2006 12/31/2012 0.695% of the first $250M 0.615% of the next $4B 0.595% of the next $750M 0.57% of the next $2.5B 0.545% of the next $2.5B 0.52% of the excess over $10B 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 amount of 0.07% of the Fund's average daily net assets 2/1/2011 12/31/2012 Premier U.S. Government Money Invesco will waive advisory fees in the Portfolio................... amount of 0.07% of the Fund's average daily net assets 2/1/2011 12/31/2012
EXHIBIT "B" AIM COUNSELOR SERIES TRUST (INVESCO COUNSELOR SERIES TRUST)
PORTFOLIO EFFECTIVE DATE COMMITTED UNTIL --------- ----------------- --------------- Invesco California Tax-Free Income Fund......... February 12, 2010 June 30, 2013 Invesco Core Plus Bond Fund..................... June 2, 2009 June 30, 2013 Invesco Equally-Weighted S&P 500 Fund........... February 12, 2010 June 30, 2013 Invesco Floating Rate Fund...................... July 1, 2007 June 30, 2013 Invesco S&P 500 Index Fund...................... February 12, 2010 June 30, 2013 Invesco Global Real Estate Income Fund.......... July 1, 2007 June 30, 2013 Invesco U.S. Quantitative Core Fund............. July 1, 2007 June 30, 2013 Invesco Van Kampen American Franchise Fund...... February 12, 2010 June 30, 2013 Invesco Van Kampen Equity and Income Fund....... February 12, 2010 June 30, 2013 Invesco Van Kampen Growth and Income Fund....... February 12, 2010 June 30, 2013 Invesco Van Kampen Pennsylvania Tax Free Income Fund.......................................... February 12, 2010 June 30, 2013 Invesco Van Kampen Small Cap Growth Fund........ February 12, 2010 June 30, 2013
AIM EQUITY FUNDS (INVESCO EQUITY FUNDS)
PORTFOLIO EFFECTIVE DATE COMMITTED UNTIL --------- -------------- --------------- Invesco Charter Fund.............. July 1, 2007 June 30, 2013 Invesco Constellation Fund........ July 1, 2007 June 30, 2013 Invesco Disciplined Equity Fund... July 14, 2009 June 30, 2013 Invesco Diversified Dividend Fund. July 1, 2007 June 30, 2013 Invesco Summit Fund............... July 1, 2007 June 30, 2013
AIM FUNDS GROUP (INVESCO FUNDS GROUP)
FUND EFFECTIVE DATE COMMITTED UNTIL ---- -------------- --------------- Invesco European Small Company Fund...... July 1, 2007 June 30, 2013 Invesco Global Core Equity Fund.......... July 1, 2007 June 30, 2013 Invesco International Small Company Fund. July 1, 2007 June 30, 2013 Invesco Small Cap Equity Fund............ July 1, 2007 June 30, 2013
AIM GROWTH SERIES (INVESCO GROWTH SERIES)
FUND EFFECTIVE DATE COMMITTED UNTIL ---- ----------------- --------------- Invesco Convertible Securities Fund... February 12, 2010 June 30, 2013 Invesco Global Quantitative Core Fund. July 1, 2007 June 30, 2013 Invesco Mid Cap Core Equity Fund...... July 1, 2007 June 30, 2013 Invesco Small Cap Growth Fund......... July 1, 2007 June 30, 2013 Invesco Van Kampen Leaders Fund....... February 12, 2010 June 30, 2013 Invesco Van Kampen U.S. Mortgage Fund. February 12, 2010 June 30, 2013
AIM INTERNATIONAL MUTUAL FUNDS (INVESCO INTERNATIONAL MUTUAL FUNDS)
FUND EFFECTIVE DATE COMMITTED UNTIL ---- -------------- --------------- Invesco Asia Pacific Growth Fund........... July 1, 2007 June 30, 2013 Invesco European Growth Fund............... July 1, 2007 June 30, 2013 Invesco Global Growth Fund................. July 1, 2007 June 30, 2013 Invesco Global Opportunities Fund.......... August 1, 2012 June 30, 2013 Invesco Global Select Companies Fund....... August 1, 2012 June 30, 2013 Invesco Global Small & Mid Cap Growth Fund. July 1, 2007 June 30, 2013 Invesco International Growth Fund.......... July 1, 2007 June 30, 2013 Invesco International Core Equity Fund..... July 1, 2007 June 30, 2013
AIM INVESTMENT FUNDS (INVESCO INVESTMENT FUNDS)
FUND EFFECTIVE DATE COMMITTED UNTIL ---- ----------------- --------------- Invesco Balanced-Risk Allocation Fund*........... May 29, 2009 June 30, 2013 Invesco Balanced-Risk Commodity Strategy Fund**.. November 29, 2010 June 30, 2013 Invesco China Fund............................... July 1, 2007 June 30, 2013 Invesco Commodities Strategy Fund***............. February 12, 2010 June 30, 2013 Invesco Developing Markets Fund.................. July 1, 2007 June 30, 2013 Invesco Emerging Markets Equity Fund............. May 11, 2011 June 30, 2013 Invesco Emerging Market Local Currency Debt Fund. June 14, 2010 June 30, 2013 Invesco Endeavor Fund............................ July 1, 2007 June 30, 2013 Invesco Global Advantage Fund.................... February 12, 2010 June 30, 2013 Invesco Global Health Care Fund.................. July 1, 2007 June 30, 2013 Invesco International Total Return Fund.......... July 1, 2007 June 30, 2013 Invesco Pacific Growth Fund...................... February 12, 2010 June 30, 2013 Invesco Premium Income Fund...................... December 13, 2011 June 30, 2013 Invesco Small Companies Fund..................... July 1, 2007 June 30, 2013
AIM INVESTMENT SECURITIES FUNDS (INVESCO INVESTMENT SECURITIES FUNDS)
FUND EFFECTIVE DATE COMMITTED UNTIL ---- ----------------- --------------- Invesco Dynamics Fund.................. July 1, 2007 June 30, 2013 Invesco Global Real Estate Fund........ July 1, 2007 June 30, 2013 Invesco High Yield Fund................ July 1, 2007 June 30, 2013 Invesco High Yield Securities Fund..... February 12, 2010 June 30, 2013 Invesco Limited Maturity Treasury Fund. July 1, 2007 June 30, 2013 Invesco Money Market Fund.............. July 1, 2007 June 30, 2013 Invesco Municipal Bond Fund............ July 1, 2007 June 30, 2013 Invesco Real Estate Fund............... July 1, 2007 June 30, 2013 Invesco Short Term Bond Fund........... July 1, 2007 June 30, 2013 Invesco U.S. Government Fund........... July 1, 2007 June 30, 2013 Invesco Van Kampen Corporate Bond Fund. February 12, 2010 June 30, 2013
-------- * 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. ** 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. *** Advisory fees to be waived by Invesco for Invesco Commodities 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 II, Ltd. Invests. Sub-Item 77Q1(e) AIM SECTOR FUNDS (INVESCO SECTOR FUNDS)
FUND EFFECTIVE DATE COMMITTED UNTIL ---- ----------------- --------------- Invesco Energy Fund......................... July 1, 2007 June 30, 2013 Invesco Gold & Precious Metals Fund......... July 1, 2007 June 30, 2013 Invesco Leisure Fund........................ July 1, 2007 June 30, 2013 Invesco Technology Fund..................... July 1, 2007 June 30, 2013 Invesco Technology Sector Fund.............. February 12, 2010 June 30, 2013 Invesco Utilities Fund...................... July 1, 2007 June 30, 2013 Invesco Value Fund.......................... February 12, 2010 June 30, 2013 Invesco Van Kampen American Value Fund...... February 12, 2010 June 30, 2013 Invesco Van Kampen Comstock Fund............ February 12, 2010 June 30, 2013 Invesco Van Kampen Mid Cap Growth Fund...... February 12, 2010 June 30, 2013 Invesco Van Kampen Small Cap Value Fund..... February 12, 2010 June 30, 2013 Invesco Van Kampen Value Opportunities Fund. February 12, 2010 June 30, 2013
AIM TAX-EXEMPT FUNDS (INVESCO TAX-EXEMPT FUNDS)
FUND EFFECTIVE DATE COMMITTED UNTIL ---- ----------------- --------------- Invesco Tax-Exempt Cash Fund................... July 1, 2007 June 30, 2013 Invesco Tax-Free Intermediate Fund............. July 1, 2007 June 30, 2013 Invesco Van Kampen High Yield Municipal Fund... February 12, 2010 June 30, 2013 Invesco Van Kampen Intermediate Term Municipal Income....................................... Fund........................................... February 12, 2010 June 30, 2013 Invesco Van Kampen Municipal Income Fund....... February 12, 2010 June 30, 2013 Invesco Van Kampen New York Tax Free Income Fund......................................... February 12, 2010 June 30, 2013
AIM VARIABLE INSURANCE FUNDS (INVESCO VARIABLE INSURANCE FUNDS)
FUND EFFECTIVE DATE COMMITTED UNTIL ---- ----------------- --------------- Invesco V.I. Balanced-Risk Allocation Fund****... December 22, 2010 June 30, 2013 Invesco V.I. Core Equity Fund.................... July 1, 2007 June 30, 2013 Invesco V.I. Diversified Income Fund............. July 1, 2007 June 30, 2013 Invesco V.I. Diversified Dividend Fund........... February 12, 2010 June 30, 2013 Invesco V.I. Equally-Weighted S&P 500 Fund....... February 12, 2010 June 30, 2013 Invesco V.I. Global Core Equity Fund............. February 12, 2010 June 30, 2013 Invesco V.I. Global Health Care Fund............. July 1, 2007 June 30, 2013 Invesco V.I. Global Real Estate Fund............. July 1, 2007 June 30, 2013 Invesco V.I. Government Securities Fund.......... July 1, 2007 June 30, 2013 Invesco V.I. High Yield Fund..................... July 1, 2007 June 30, 2013 Invesco V.I. High Yield Securities Fund.......... February 12, 2010 June 30, 2013 Invesco V.I. International Growth Fund........... July 1, 2007 June 30, 2013 Invesco V.I. Mid Cap Core Equity Fund............ July 1, 2007 June 30, 2013 Invesco V.I. Money Market Fund................... July 1, 2007 June 30, 2013 Invesco V.I. S&P 500 Index Fund.................. February 12, 2010 June 30, 2013 Invesco V.I. Small Cap Equity Fund............... July 1, 2007 June 30, 2013 Invesco V.I. Technology Fund..................... July 1, 2007 June 30, 2013 Invesco V.I. Utilities Fund...................... July 1, 2007 June 30, 2013 Invesco Van Kampen V.I. American FranchiseFund... February 12, 2010 June 30, 2013 Invesco Van Kampen V.I. Comstock Fund............ February 12, 2010 June 30, 2013 Invesco Van Kampen V.I. Equity and Income Fund... February 12, 2010 June 30, 2013 Invesco Van Kampen V.I. Growth and Income Fund... February 12, 2010 June 30, 2013 Invesco Van Kampen V.I. Mid Cap Growth Fund...... February 12, 2010 June 30, 2013 Invesco Van Kampen V.I. American Value Fund...... February 12, 2010 June 30, 2013 Invesco Van Kampen V.I. Value Opportunities Fund. July 1, 2007 June 30, 2013
-------- **** Advisory fees to be waived by Invesco for Invesco V.I. Balanced-Risk Allocation Fund also include an amount equal to advisory fees that Invesco receives from any money market fund or similarly pooled cash equivalent investment vehicle advised by Invesco and/or Invesco's affiliates in which Invesco Cayman Commodity Fund IV, Ltd. invests. SHORT-TERM INVESTMENTS TRUST
FUND EFFECTIVE DATE COMMITTED UNTIL ---- -------------- --------------- Government TaxAdvantage Portfolio. July 1, 2007 June 30, 2013 STIC Prime Portfolio.............. July 1, 2007 June 30, 2013 Treasury Portfolio................ July 1, 2007 June 30, 2013
CLOSED-END FUNDS
FUND EFFECTIVE DATE COMMITTED UNTIL ---- -------------- --------------- Invesco California Insured Municipal Income Trust. June 1, 2010 June 30, 2013 Invesco California Municipal Securities........... June 1, 2010 June 30, 2013 Invesco California Quality Municipal Securities... June 1, 2010 June 30, 2013 Invesco High Yield Investments Fund, Inc.......... June 1, 2010 June 30, 2013 Invesco Municipal Income Opportunities Trust...... June 1, 2010 June 30, 2013 Invesco Municipal Income Opportunities Trust II... June 1, 2010 June 30, 2013 Invesco Municipal Income Opportunities Trust III.. June 1, 2010 June 30, 2013 Invesco Municipal Premium Income Trust............ June 1, 2010 June 30, 2013 Invesco New York Quality Municipal Securities..... June 1, 2010 June 30, 2013 Invesco Quality Municipal Income Trust............ June 1, 2010 June 30, 2013 Invesco Quality Municipal Investment Trust........ June 1, 2010 June 30, 2013 Invesco Quality Municipal Securities.............. June 1, 2010 June 30, 2013 Invesco Value Municipal Bond Trust................ June 1, 2010 June 30, 2013 Invesco Value Municipal Income Trust.............. June 1, 2010 June 30, 2013 Invesco Value Municipal Securities................ June 1, 2010 June 30, 2013 Invesco Value Municipal Trust..................... June 1, 2010 June 30, 2013