EX-99.H.5 17 d165457dex99h5.htm EX-99.H.5 EX-99.H.5

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 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 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 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

INVESCO VALUE MUNICIPAL INCOME TRUST

on behalf of the Funds listed in the Exhibit

to this Memorandum of Agreement

  By:  

 

  Title:   Senior Vice President
  INVESCO ADVISERS, INC.
  By:  

 

  Title:   Senior Vice President

Exhibit A to Advisory Fee MOA

 

AIM Counselor Series Trust

(Invesco Counselor Series Trust)

   

Waiver Description

   

Effective Date

   

Expiration Date

Invesco Strategic Real Return Fund    Invesco will waive advisory fees in an amount equal to the advisory fees earned on underlying affiliated investments    4/30/2014    06/30/2017

AIM Investment Funds

(Invesco Investment Funds

   

Waiver Description

   

Effective Date

   

Expiration Date

Invesco Balanced-Risk Commodity Strategy Fund    Invesco will waive advisory fees in an amount equal to the advisory fees earned on underlying affiliated investments    02/24/15    06/30/2017
Invesco Global Targeted Returns Fund    Invesco will waive advisory fees in an amount equal to the advisory fees earned on underlying affiliated investments    12/17/2013    06/30/2017
Invesco Strategic Income Fund    Invesco will waive advisory fees in an amount equal to the advisory fees earned on underlying affiliated investments    5/2/2014    06/30/2017
Invesco Unconstrained Bond Fund    Invesco will waive advisory fees in an amount equal to the advisory fees earned on underlying affiliated investments    10/14/2014    06/30/2017

AIM Treasurer’s Series Trust

(Invesco Treasurer’s Series Trust)

   

Waiver Description

   

Effective Date

   

Expiration 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    12/31/2016
Premier U.S. Government Money Portfolio    Invesco will waive advisory fees in the amount of 0.07% of the Fund’s average daily net assets    2/1/2011    12/31/2016
Premier Tax-Exempt Portfolio    Invesco will waive advisory fees in the amount of 0.05% of the Fund’s average daily net assets    06/01/2016    05/31/2017

EXHIBIT “B”

AIM COUNSELOR SERIES TRUST (INVESCO COUNSELOR SERIES TRUST)

 

PORTFOLIO

   

EFFECTIVE DATE

   

COMMITTED UNTIL

Invesco American Franchise Fund    February 12, 2010    June 30, 2017
Invesco California Tax-Free Income Fund    February 12, 2010    June 30, 2017
Invesco Core Plus Bond Fund    June 2, 2009    June 30, 2017
Invesco Equally-Weighted S&P 500 Fund    February 12, 2010    June 30, 2017
Invesco Equity and Income Fund    February 12, 2010    June 30, 2017
Invesco Floating Rate Fund    July 1, 2007    June 30, 2017
Invesco Global Real Estate Income Fund    July 1, 2007    June 30, 2017
Invesco Growth and Income Fund    February 12, 2010    June 30, 2017
Invesco Low Volatility Equity Yield Fund    July 1, 2007    June 30, 2017
Invesco Pennsylvania Tax Free Income Fund    February 12, 2010    June 30, 2017
Invesco S&P 500 Index Fund    February 12, 2010    June 30, 2017
Invesco Short Duration High Yield Municipal Fund    September 30, 2015    June 30, 2017
Invesco Small Cap Discovery Fund    February 12, 2010    June 30, 2017
Invesco Strategic Real Return Fund    April 30, 2014    June 30, 2017

AIM EQUITY FUNDS (INVESCO EQUITY FUNDS)

 

PORTFOLIO

   

EFFECTIVE DATE

   

COMMITTED UNTIL

Invesco Charter Fund    July 1, 2007    June 30, 2017
Invesco Diversified Dividend Fund    July 1, 2007    June 30, 2017
Invesco Summit Fund    July 1, 2007    June 30, 2017

AIM FUNDS GROUP (INVESCO FUNDS GROUP)

 

FUND

   

EFFECTIVE DATE

   

COMMITTED UNTIL

Invesco European Small Company Fund    July 1, 2007    June 30, 2017
Invesco Global Core Equity Fund    July 1, 2007    June 30, 2017
Invesco International Small Company Fund    July 1, 2007    June 30, 2017
Invesco Small Cap Equity Fund    July 1, 2007    June 30, 2017

AIM GROWTH SERIES (INVESCO GROWTH SERIES)

 

FUND

    EFFECTIVE DATE   

COMMITTED UNTIL

Invesco Alternative Strategies Fund    October 14, 2014    June 30, 2017
Invesco Convertible Securities Fund    February 12, 2010    June 30, 2017
Invesco Global Low Volatility Equity Yield Fund    July 1, 2007    June 30, 2017
Invesco Mid Cap Core Equity Fund    July 1, 2007    June 30, 2017
Invesco Multi-Asset Inflation Fund    October 14, 2014    June 30, 2017
Invesco Small Cap Growth Fund    July 1, 2007    June 30, 2017
Invesco U.S. Mortgage Fund    February 12, 2010    June 30, 2017

AIM INTERNATIONAL MUTUAL FUNDS (INVESCO INTERNATIONAL MUTUAL FUNDS)

 

FUND

   

EFFECTIVE DATE

   

COMMITTED UNTIL

Invesco Asia Pacific Growth Fund    July 1, 2007    June 30, 2017
Invesco European Growth Fund    July 1, 2007    June 30, 2017
Invesco Global Growth Fund    July 1, 2007    June 30, 2017
Invesco Global Opportunities Fund    August 3, 2012    June 30, 2017
Invesco Global Small & Mid Cap Growth Fund    July 1, 2007    June 30, 2017
Invesco International Companies Fund    December 21, 2015    June 30, 2017
Invesco International Core Equity Fund    July 1, 2007    June 30, 2017
Invesco International Growth Fund    July 1, 2007    June 30, 2017
Invesco Select Opportunities Fund    August 3, 2012    June 30, 2017

AIM INVESTMENT FUNDS (INVESCO INVESTMENT FUNDS)

 

FUND

   

EFFECTIVE DATE

   

COMMITTED UNTIL

Invesco All Cap Market Neutral Fund    December 17, 2013    June 30, 2017
Invesco Balanced-Risk Allocation Fund1    May 29, 2009    June 30, 2017
Invesco Balanced-Risk Commodity Strategy Fund2    November 29, 2010    June 30, 2017
Invesco Developing Markets Fund    July 1, 2007    June 30, 2017
Invesco Emerging Markets Equity Fund    May 11, 2011    June 30, 2017
Invesco Emerging Markets Flexible Bond Fund3    June 14, 2010    June 30, 2017
Invesco Endeavor Fund    July 1, 2007    June 30, 2017
Invesco Global Health Care Fund    July 1, 2007    June 30, 2017
Invesco Global Infrastructure Fund    May 2, 2014    June 30, 2017
Invesco Global Market Neutral Fund    December 17, 2013    June 30, 2017
Invesco Global Markets Strategy Fund4    September 25, 2012    June 30, 2017
Invesco Global Targeted Returns Fund5    December 17, 2013    June 30, 2017
Invesco Greater China Fund    July 1, 2007    June 30, 2017
Invesco International Total Return Fund    July 1, 2007    June 30, 2017
Invesco Long/Short Equity Fund    December 17, 2013    June 30, 2017
Invesco Low Volatility Emerging Markets Fund    December 17, 2013    June 30, 2017
Invesco Macro International Equity Fund    December 17, 2013    June 30, 2017
Invesco Macro Long/Short Fund    December 17, 2013    June 30, 2017
Invesco MLP Fund    August 29, 2014    June 30, 2017
Invesco Pacific Growth Fund    February 12, 2010    June 30, 2017
Invesco Premium Income Fund6    December 13, 2011    June 30, 2017
Invesco Select Companies Fund    July 1, 2007    June 30, 2017
Invesco Strategic Income Fund    May 2, 2014    June 30, 2017
Invesco Unconstrained Bond Fund    October 14, 2014    June 30, 2017

 

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 Global Markets 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 Premium Income Fund also include advisory fees that Invesco receives on the Uninvested Cash from the Affiliated Money Market Fund in which Invesco Premium Income Cayman, Ltd. invests.

AIM INVESTMENT SECURITIES FUNDS (INVESCO INVESTMENT SECURITIES FUNDS)

 

FUND

   

EFFECTIVE DATE

   

COMMITTED UNTIL

Invesco Corporate Bond Fund    February 12, 2010    June 30, 2017
Invesco Global Real Estate Fund    July 1, 2007    June 30, 2017
Invesco Government Money Market Fund    July 1, 2007    June 30, 2017
Invesco High Yield Fund    July 1, 2007    June 30, 2017
Invesco Real Estate Fund    July 1, 2007    June 30, 2017
Invesco Short Duration Inflation Protected Fund    July 1, 2007    June 30, 2017
Invesco Short Term Bond Fund    July 1, 2007    June 30, 2017
Invesco U.S. Government Fund    July 1, 2007    June 30, 2017

AIM SECTOR FUNDS (INVESCO SECTOR FUNDS)

 

FUND

   

EFFECTIVE DATE

   

COMMITTED UNTIL

Invesco American Value Fund    February 12, 2010    June 30, 2017
Invesco Comstock Fund    February 12, 2010    June 30, 2017
Invesco Energy Fund    July 1, 2007    June 30, 2017
Invesco Dividend Income Fund    July 1, 2007    June 30, 2017
Invesco Gold & Precious Metals Fund    July 1, 2007    June 30, 2017
Invesco Mid Cap Growth Fund    February 12, 2010    June 30, 2017
Invesco Small Cap Value Fund    February 12, 2010    June 30, 2017
Invesco Technology Fund    July 1, 2007    June 30, 2017
Invesco Technology Sector Fund    February 12, 2010    June 30, 2017
Invesco Value Opportunities Fund    February 12, 2010    June 30, 2017

AIM TAX-EXEMPT FUNDS (INVESCO TAX-EXEMPT FUNDS)

 

FUND

   

EFFECTIVE DATE

   

COMMITTED UNTIL

Invesco High Yield Municipal Fund    February 12, 2010    June 30, 2017
Invesco Intermediate Term Municipal Income Fund    February 12, 2010    June 30, 2017
Invesco Municipal Income Fund    February 12, 2010    June 30, 2017
Invesco New York Tax Free Income Fund    February 12, 2010    June 30, 2017
Invesco Tax-Exempt Cash Fund    July 1, 2007    June 30, 2017
Invesco Limited Term Municipal Income Fund    July 1, 2007    June 30, 2017

AIM VARIABLE INSURANCE FUNDS (INVESCO VARIABLE INSURANCE FUNDS)

 

FUND

   

EFFECTIVE DATE

   

COMMITTED UNTIL

Invesco V.I. American Franchise Fund    February 12, 2010    June 30, 2017
Invesco V.I. American Value Fund    February 12, 2010    June 30, 2017
Invesco V.I. Balanced-Risk Allocation Fund7    December 22, 2010    June 30, 2017
Invesco V.I. Comstock Fund    February 12, 2010    June 30, 2017
Invesco V.I. Core Equity Fund    July 1, 2007    June 30, 2017
Invesco V.I. Core Plus Bond Fund    April 30, 2015    June 30, 2017
Invesco V.I. Diversified Dividend Fund    February 12, 2010    June 30, 2017
Invesco V.I. Equally-Weighted S&P 500 Fund    February 12, 2010    June 30, 2017
Invesco V.I. Equity and Income Fund    February 12, 2010    June 30, 2017
Invesco V.I. Global Core Equity Fund    February 12, 2010    June 30, 2017
Invesco V.I. Global Health Care Fund    July 1, 2007    June 30, 2017
Invesco V.I. Global Real Estate Fund    July 1, 2007    June 30, 2017
Invesco V.I. Government Money Market Fund    July 1, 2007    June 30, 2017
Invesco V.I. Government Securities Fund    July 1, 2007    June 30, 2017
Invesco V.I. Growth and Income Fund    February 12, 2010    June 30, 2017
Invesco V.I. High Yield Fund    July 1, 2007    June 30, 2017
Invesco V.I. International Growth Fund    July 1, 2007    June 30, 2017
Invesco V.I. Managed Volatility Fund    July 1, 2007    June 30, 2017
Invesco V.I. Mid Cap Core Equity Fund    July 1, 2007    June 30, 2017
Invesco V.I. Mid Cap Growth Fund    February 12, 2010    June 30, 2017
Invesco V.I. S&P 500 Index Fund    February 12, 2010    June 30, 2017
Invesco V.I. Small Cap Equity Fund    July 1, 2007    June 30, 2017
Invesco V.I. Technology Fund    July 1, 2007    June 30, 2017
Invesco V.I. Value Opportunities Fund    July 1, 2007    June 30, 2017

 

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, 2017

INVESCO SECURITIES TRUST

 

FUND

   

EFFECTIVE DATE

   

COMMITTED UNTIL

Invesco Balanced-Risk Aggressive Allocation Fund8    January 16, 2013    June 30, 2017

INVESCO MANAGEMENT TRUST

 

FUND

   

EFFECTIVE DATE

   

COMMITTED UNTIL

Invesco Conservative Income Fund    July 1, 2014    June 30, 2017

CLOSED-END FUNDS

 

FUND

   

EFFECTIVE DATE

   

COMMITTED UNTIL

Invesco Advantage Municipal Income Trust II    May 15, 2012    June 30, 2017
Invesco Bond Fund    August 26, 2015    June 30, 2017
Invesco California Value Municipal Income Trust    May 15, 2012    June 30, 2017
Invesco Dynamic Credit Opportunities Fund    May 15, 2012    June 30, 2017
Invesco High Income Trust II    May 15, 2012    June 30, 2017
Invesco Municipal Income Opportunities Trust    August 26, 2015    June 30, 2017
Invesco Municipal Opportunity Trust    May 15, 2012    June 30, 2017
Invesco Municipal Trust    May 15, 2012    June 30, 2017
Invesco Pennsylvania Value Municipal Income Trust    May 15, 2012    June 30, 2017
Invesco Quality Municipal Income Trust    August 26, 2015    June 30, 2017
Invesco Senior Income Trust    May 15, 2012    June 30, 2017
Invesco Trust for Investment Grade Municipals    May 15, 2012    June 30, 2017
Invesco Trust for Investment Grade New York Municipals    May 15, 2012    June 30, 2017
Invesco Value Municipal Income Trust    June 1, 2010    June 30, 2017

 

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.