EX99.H134

EX-99.H134 13 d670735dex99h134.htm EX99.H134 EX99.H134

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 (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 Variable Insurance Funds (Invesco Variable Insurance Funds), Invesco Municipal Income Opportunities Trust, Invesco Quality Municipal Income Trust, Invesco Securities Trust, Invesco Value Municipal Income 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 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 Invesco agree as follows:

For the Contractual Limits (listed in Exhibits A – D), Invesco agrees until at least the expiration date set forth on the attached Exhibits A – D (the “Expiration Date”) that Invesco 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 or non-routine items, including litigation expenses; and (v) 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. Acquired fund fees and expenses are not fees or expenses incurred by a fund directly but are expenses of the investment companies in which a fund invests. These fees and expenses are incurred indirectly through the valuation of a fund’s investment in these investment companies. Acquired fund fees and expenses are required to be disclosed and included in the total annual fund operating expenses in the prospectus fee table. As a result, the net total annual fund operating expenses shown in the prospectus fee table may exceed the expense limits reflected in Exhibits A – D. With regard to the Contractual Limits, the Board of Trustees of the Trust 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.

For the Contractual Limits, Invesco agrees 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 Invesco has agreed to continue them. The Exhibits will be amended to reflect any such agreement.

For the Voluntary Limits (listed in Exhibits A – D), Invesco agrees that these are not contractual in nature and that Invesco may establish, amend and/or terminate such expense limitations at any time in its sole discretion. Any delay or failure by Invesco 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.

IN WITNESS WHEREOF, each of the Trusts and Invesco have entered into this Memorandum of Agreement as of the Effective Dates 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 VARIABLE INSURANCE FUNDS (INVESCO VARIABLE INSURANCE FUNDS)

INVESCO MUNICIPAL INCOME OPPORTUNITIES TRUST

INVESCO QUALITY MUNICIPAL INCOME TRUST

INVESCO SECURITIES TRUST

INVESCO VALUE MUNICIPAL INCOME TRUST

SHORT-TERM INVESTMENTS TRUST

on behalf of the Funds listed in the Exhibits

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

as of December 17, 2013

EXHIBIT “A” — RETAIL FUNDS¹

AIM Counselor Series Trust (Invesco Counselor Series Trust)


	Contractual/	Expense	Effective Date of	Expiration
Fund	Voluntary	Limitation	Current Limit	Date
Invesco American Franchise Fund
Class A Shares	Contractual	2.00%	July 1, 2013	June 30, 2014
Class B Shares	Contractual	2.75%	July 1, 2013	June 30, 2014
Class C Shares	Contractual	2.75%	July 1, 2013	June 30, 2014
Class R Shares	Contractual	2.25%	July 1, 2013	June 30, 2014
Class R5 Shares	Contractual	1.75%	July 1, 2013	June 30, 2014
Class R6 Shares	Contractual	1.75%	July 1, 2013	June 30, 2014
Class Y Shares	Contractual	1.75%	July 1, 2013	June 30, 2014

Invesco California Tax-Free Income Fund
Class A Shares	Contractual	1.50%	July 1, 2012	June 30, 2014
Class B Shares	Contractual	2.00%	July 1, 2012	June 30, 2014
Class C Shares	Contractual	2.00%	July 1, 2012	June 30, 2014
Class Y Shares	Contractual	1.25%	July 1, 2012	June 30, 2014

Invesco Core Plus Bond Fund
Class A Shares	Contractual	0.84%	June 6, 2011	December 31, 2014
Class B Shares	Contractual	1.59%	June 6, 2011	December 31, 2014
Class C Shares	Contractual	1.59%	June 6, 2011	December 31, 2014
Class R Shares	Contractual	1.09%	June 6, 2011	December 31, 2014
Class R5 Shares	Contractual	0.59%	June 6, 2011	December 31, 2014
Class R6 Shares	Contractual	0.59%	September 24, 2012	December 31, 2014
Class Y Shares	Contractual	0.59%	June 6, 2011	December 31, 2014

Invesco Equally-Weighted S&P 500 Fund
Class A Shares	Contractual	2.00%	July 1, 2012	June 30, 2014
Class B Shares	Contractual	2.75%	July 1, 2012	June 30, 2014
Class C Shares	Contractual	2.75%	July 1, 2012	June 30, 2014
Class R Shares	Contractual	2.25%	July 1, 2012	June 30, 2014
Class R6 Shares	Contractual	1.75%	September 24, 2012	June 30, 2014
Class Y Shares	Contractual	1.75%	July 1, 2012	June 30, 2014

Invesco Equity and Income Fund
Class A Shares	Contractual	1.50%	July 1, 2012	June 30, 2014
Class B Shares	Contractual	2.25%	July 1, 2012	June 30, 2014
Class C Shares	Contractual	2.25%	July 1, 2012	June 30, 2014
Class R Shares	Contractual	1.75%	July 1, 2012	June 30, 2014
Class R5 Shares	Contractual	1.25%	July 1, 2012	June 30, 2014
Class R6 Shares	Contractual	1.25%	September 24, 2012	June 30, 2014
Class Y Shares	Contractual	1.25%	July 1, 2012	June 30, 2014

Invesco Floating Rate Fund
Class A Shares	Contractual	1.50%	April 14, 2006	June 30, 2014
Class C Shares	Contractual	2.00%	April 14, 2006	June 30, 2014
Class R Shares	Contractual	1.75%	April 14, 2006	June 30, 2014
Class R5 Shares	Contractual	1.25%	April 14, 2006	June 30, 2014
Class R6 Shares	Contractual	1.25%	September 24, 2012	June 30, 2014
Class Y Shares	Contractual	1.25%	October 3, 2008	June 30, 2014

Invesco Global Real Estate Income Fund
Class A Shares	Contractual	2.00%	July 1, 2009	June 30, 2014
Class B Shares	Contractual	2.75%	July 1, 2009	June 30, 2014
Class C Shares	Contractual	2.75%	July 1, 2009	June 30, 2014
Class R5 Shares	Contractual	1.75%	July 1, 2009	June 30, 2014
Class R6 Shares	Contractual	1.75%	September 24, 2012	June 30, 2014
Class Y Shares	Contractual	1.75%	July 1, 2009	June 30, 2014

See page 15 for footnotes to Exhibit A.

as of December 17, 2013


	Contractual/	Expense	Effective Date of	Expiration
Fund	Voluntary	Limitation	Current Limit	Date
Invesco Growth and Income Fund Class A Shares	Contractual	2.00%	July 1, 2012	June 30, 2014
Class B Shares	Contractual	2.75%	July 1, 2012	June 30, 2014
Class C Shares	Contractual	2.75%	July 1, 2012	June 30, 2014
Class R Shares	Contractual	2.25%	July 1, 2012	June 30, 2014
Class R5 Shares	Contractual	1.75%	July 1, 2012	June 30, 2014
Class R6 Shares	Contractual	1.75%	September 24, 2012	June 30, 2014
Class Y Shares	Contractual	1.75%	July 1, 2012	June 30, 2014

Invesco Low Volatility Equity Yield Fund
Class A Shares	Contractual	2.00%	July 1, 2012	June 30, 2014
Class B Shares	Contractual	2.75%	July 1, 2012	June 30, 2014
Class C Shares	Contractual	2.75%	July 1, 2012	June 30, 2014
Class R Shares	Contractual	2.25%	July 1, 2012	June 30, 2014
Class R5 Shares	Contractual	1.75%	July 1, 2012	June 30, 2014
Class Y Shares	Contractual	1.75%	July 1, 2012	June 30, 2014
Investor Class Shares	Contractual	2.00%	July 1, 2012	June 30, 2014

Invesco Pennsylvania Tax Free Income Fund
Class A Shares	Contractual	1.50%	July 1, 2012	June 30, 2014
Class B Shares	Contractual	2.25%	July 1, 2012	June 30, 2014
Class C Shares	Contractual	2.25%	July 1, 2012	June 30, 2014
Class Y Shares	Contractual	1.25%	July 1, 2012	June 30, 2014

Invesco S&P 500 Index Fund
Class A Shares	Contractual	2.00%	July 1, 2012	June 30, 2014
Class B Shares	Contractual	2.75%	July 1, 2012	June 30, 2014
Class C Shares	Contractual	2.75%	July 1, 2012	June 30, 2014
Class Y Shares	Contractual	1.75%	July 1, 2012	June 30, 2014

Invesco Small Cap Discovery Fund
Class A Shares	Contractual	2.00%	July 1, 2012	June 30, 2014
Class B Shares	Contractual	2.75%	July 1, 2012	June 30, 2014
Class C Shares	Contractual	2.75%	July 1, 2012	June 30, 2014
Class R5 Shares	Contractual	1.75%	September 24, 2012	June 30, 2014
Class R6 Shares	Contractual	1.75%	September 24, 2012	June 30, 2014
Class Y Shares	Contractual	1.75%	July 1, 2012	June 30, 2014
AIM Equity Funds (Invesco Equity Funds)
	Contractual/	Expense	Effective Date of	Expiration
Fund	Voluntary	Limitation	Current Limit	Date
Invesco Charter Fund
Class A Shares	Contractual	2.00%	July 1, 2009	June 30, 2014
Class B Shares	Contractual	2.75%	July 1, 2009	June 30, 2014
Class C Shares	Contractual	2.75%	July 1, 2009	June 30, 2014
Class R Shares	Contractual	2.25%	July 1, 2009	June 30, 2014
Class R5 Shares	Contractual	1.75%	July 1, 2009	June 30, 2014
Class R6 Shares	Contractual	1.75%	September 24, 2012	June 30, 2014
Class S Shares	Contractual	1.90%	September 25, 2009	June 30, 2014
Class Y Shares	Contractual	1.75%	July 1, 2009	June 30, 2014

Invesco Disciplined Equity Fund
Class Y Shares	Contractual	1.75%	July 14, 2009	June 30, 2014

See page 15 for footnotes to Exhibit A.

as of December 17, 2013


	Contractual/	Expense	Effective Date of	Expiration
Fund	Voluntary	Limitation	Current Limit	Date
Invesco Diversified Dividend Fund
Class A Shares	Contractual	2.00%	July 1, 2013	June 30, 2014
Class B Shares	Contractual	2.75%	July 1, 2013	June 30, 2014
Class C Shares	Contractual	2.75%	July 1, 2013	June 30, 2014
Class R Shares	Contractual	2.25%	July 1, 2013	June 30, 2014
Class R5 Shares	Contractual	1.75%	July 1, 2013	June 30, 2014
Class R6 Shares	Contractual	1.75%	July 1, 2013	June 30, 2014
Class Y Shares	Contractual	1.75%	July 1, 2013	June 30, 2014
Investor Class Shares	Contractual	2.00%	July 1, 2013	June 30, 2014

Invesco Summit Fund
Class A Shares	Contractual	2.00%	July 1, 2009	June 30, 2014
Class B Shares	Contractual	2.75%	July 1, 2009	June 30, 2014
Class C Shares	Contractual	2.75%	July 1, 2009	June 30, 2014
Class P Shares	Contractual	1.85%	July 1, 2009	June 30, 2014
Class R5 Shares	Contractual	1.75%	July 1, 2009	June 30, 2014
Class S Shares	Contractual	1.90%	September 25, 2009	June 30, 2014
Class Y Shares	Contractual	1.75%	July 1, 2009	June 30, 2014
AIM Funds Group (Invesco Funds Group)
	Contractual/	Expense	Effective Date of	Expiration
Fund	Voluntary	Limitation	Current Limit	Date
Invesco European Small Company Fund
Class A Shares	Contractual	2.25%	July 1, 2009	June 30, 2014
Class B Shares	Contractual	3.00%	July 1, 2009	June 30, 2014
Class C Shares	Contractual	3.00%	July 1, 2009	June 30, 2014
Class Y Shares	Contractual	2.00%	July 1, 2009	June 30, 2014

Invesco Global Core Equity Fund
Class A Shares	Contractual	2.25%	July 1, 2013	June 30, 2014
Class B Shares	Contractual	3.00%	July 1, 2013	June 30, 2014
Class C Shares	Contractual	3.00%	July 1, 2013	June 30, 2014
Class R Shares	Contractual	2.50%	July 1, 2013	June 30, 2014
Class R5 Shares	Contractual	2.00%	July 1, 2013	June 30, 2014
Class Y Shares	Contractual	2.00%	July 1, 2013	June 30, 2014

Invesco International Small Company Fund
Class A Shares	Contractual	2.25%	July 1, 2009	June 30, 2014
Class B Shares	Contractual	3.00%	July 1, 2009	June 30, 2014
Class C Shares	Contractual	3.00%	July 1, 2009	June 30, 2014
Class R5 Shares	Contractual	2.00%	July 1, 2009	June 30, 2014
Class R6 Shares	Contractual	2.00%	September 24, 2012	June 30, 2014
Class Y Shares	Contractual	2.00%	July 1, 2009	June 30, 2014

Invesco Small Cap Equity Fund
Class A Shares	Contractual	2.00%	July 1, 2009	June 30, 2014
Class B Shares	Contractual	2.75%	July 1, 2009	June 30, 2014
Class C Shares	Contractual	2.75%	July 1, 2009	June 30, 2014
Class R Shares	Contractual	2.25%	July 1, 2009	June 30, 2014
Class R5 Shares	Contractual	1.75%	July 1, 2009	June 30, 2014
Class R6 Shares	Contractual	1.75%	September 24, 2012	June 30, 2014
Class Y Shares	Contractual	1.75%	July 1, 2009	June 30, 2014

See page 15 for footnotes to Exhibit A.

as of December 17, 2013

AIM Growth Series (Invesco Growth Series)


	Contractual/	Expense	Effective Date of	Expiration
Fund	Voluntary	Limitation	Current Limit	Date
Invesco Alternative Strategies Fund
Class A Shares	Contractual	0.82%	December 17, 2013	December 31, 2015
Class C Shares	Contractual	1.57%	December 17, 2013	December 31, 2015
Class R Shares	Contractual	1.07%	December 17, 2013	December 31, 2015
Class R5 Shares	Contractual	0.57%	December 17, 2013	December 31, 2015
Class R6 Shares	Contractual	0.57%	December 17, 2013	December 31, 2015
Class Y Shares	Contractual	0.57%	December 17, 2013	December 31, 2015

Invesco Balanced-Risk Retirement 2030 Fund
Class A Shares	Contractual	0.25%	November 4, 2009	April 30, 2015
Class AX Shares	Contractual	0.25%	February 12, 2010	April 30, 2015
Class B Shares	Contractual	1.00%	November 4, 2009	April 30, 2015
Class C Shares	Contractual	1.00%	November 4, 2009	April 30, 2015
Class CX Shares	Contractual	1.00%	February 12, 2010	April 30, 2015
Class R Shares	Contractual	0.50%	November 4, 2009	April 30, 2015
Class R5 Shares	Contractual	0.00%	November 4, 2009	April 30, 2015
Class R6 Shares	Contractual	0.00%	September 24, 2012	April 30, 2015
Class RX Shares	Contractual	0.50%	February 12, 2010	April 30, 2015
Class Y Shares	Contractual	0.00%	November 4, 2009	April 30, 2015

Invesco Balanced-Risk Retirement 2040 Fund
Class A Shares	Contractual	0.25%	November 4, 2009	April 30, 2015
Class AX Shares	Contractual	0.25%	February 12, 2010	April 30, 2015
Class B Shares	Contractual	1.00%	November 4, 2009	April 30, 2015
Class C Shares	Contractual	1.00%	November 4, 2009	April 30, 2015
Class CX Shares	Contractual	1.00%	February 12, 2010	April 30, 2015
Class R Shares	Contractual	0.50%	November 4, 2009	April 30, 2015
Class R5 Shares	Contractual	0.00%	November 4, 2009	April 30, 2015
Class R6 Shares	Contractual	0.00%	September 24, 2012	April 30, 2015
Class RX Shares	Contractual	0.50%	February 12, 2010	April 30, 2015
Class Y Shares	Contractual	0.00%	November 4, 2009	April 30, 2015

Invesco Balanced-Risk Retirement 2050 Fund
Class A Shares	Contractual	0.25%	November 4, 2009	April 30, 2015
Class AX Shares	Contractual	0.25%	February 12, 2010	April 30, 2015
Class B Shares	Contractual	1.00%	November 4, 2009	April 30, 2015
Class C Shares	Contractual	1.00%	November 4, 2009	April 30, 2015
Class CX Shares	Contractual	1.00%	February 12, 2010	April 30, 2015
Class R Shares	Contractual	0.50%	November 4, 2009	April 30, 2015
Class R5 Shares	Contractual	0.00%	November 4, 2009	April 30, 2015
Class R6 Shares	Contractual	0.00%	September 24, 2012	April 30, 2015
Class RX Shares	Contractual	0.50%	February 12, 2010	April 30, 2015
Class Y Shares	Contractual	0.00%	November 4, 2009	April 30, 2015

Invesco Balanced-Risk Retirement Now Fund
Class A Shares	Contractual	0.25%	November 4, 2009	April 30, 2015
Class AX Shares	Contractual	0.25%	February 12, 2010	April 30, 2015
Class B Shares	Contractual	1.00%	November 4, 2009	April 30, 2015
Class C Shares	Contractual	1.00%	November 4, 2009	April 30, 2015
Class CX Shares	Contractual	1.00%	February 12, 2010	April 30, 2015
Class R Shares	Contractual	0.50%	November 4, 2009	April 30, 2015
Class R5 Shares	Contractual	0.00%	November 4, 2009	April 30, 2015
Class R6 Shares	Contractual	0.00%	September 24, 2012	April 30, 2015
Class RX Shares	Contractual	0.50%	February 12, 2010	April 30, 2015
Class Y Shares	Contractual	0.00%	November 4, 2009	April 30, 2015

See page 15 for footnotes to Exhibit A.

as of December 17, 2013


	Contractual/	Expense	Effective Date of	Expiration
Fund	Voluntary	Limitation	Current Limit	Date
Invesco Conservative Allocation Fund
Class A Shares	Contractual	1.50%	July 1, 2012	June 30, 2014
Class B Shares	Contractual	2.25%	July 1, 2012	June 30, 2014
Class C Shares	Contractual	2.25%	July 1, 2012	June 30, 2014
Class R Shares	Contractual	1.75%	July 1, 2012	June 30, 2014
Class R5 Shares	Contractual	1.25%	July 1, 2012	June 30, 2014
Class S Shares	Contractual	1.40%	July 1, 2012	June 30, 2014
Class Y Shares	Contractual	1.25%	July 1, 2012	June 30, 2014

Invesco Convertible Securities Fund
Class A Shares	Contractual	1.50%	July 1, 2012	June 30, 2014
Class B Shares	Contractual	2.25%	July 1, 2012	June 30, 2014
Class C Shares	Contractual	2.25%	July 1, 2012	June 30, 2014
Class R5 Shares	Contractual	1.25%	July 1, 2012	June 30, 2014
Class R6 Shares	Contractual	1.25%	September 24, 2012	June 30, 2014
Class Y Shares	Contractual	1.25%	July 1, 2012	June 30, 2014

Invesco Global Low Volatility Equity Yield Fund
Class A Shares	Contractual	2.25%	July 1, 2009	June 30, 2014
Class B Shares	Contractual	3.00%	July 1, 2009	June 30, 2014
Class C Shares	Contractual	3.00%	July 1, 2009	June 30, 2014
Class R Shares	Contractual	2.50%	July 1, 2009	June 30, 2014
Class R5 Shares	Contractual	2.00%	July 1, 2009	June 30, 2014
Class Y Shares	Contractual	2.00%	July 1, 2009	June 30, 2014

Invesco Growth Allocation Fund
Class A Shares	Contractual	2.00%	July 1, 2012	June 30, 2014
Class B Shares	Contractual	2.75%	July 1, 2012	June 30, 2014
Class C Shares	Contractual	2.75%	July 1, 2012	June 30, 2014
Class R Shares	Contractual	2.25%	July 1, 2012	June 30, 2014
Class R5 Shares	Contractual	1.75%	July 1, 2012	June 30, 2014
Class S Shares	Contractual	1.90%	July 1, 2012	June 30, 2014
Class Y Shares	Contractual	1.75%	July 1, 2012	June 30, 2014

Invesco Income Allocation Fund
Class A Shares	Contractual	0.25%	May 1, 2012	April 30, 2015
Class B Shares	Contractual	1.00%	May 1, 2012	April 30, 2015
Class C Shares	Contractual	1.00%	May 1, 2012	April 30, 2015
Class R Shares	Contractual	0.50%	May 1, 2012	April 30, 2015
Class R5 Shares	Contractual	0.00%	May 1, 2012	April 30, 2015
Class Y Shares	Contractual	0.00%	May 1, 2012	April 30, 2015

Invesco International Allocation Fund
Class A Shares	Contractual	2.25%	May 1, 2012	June 30, 2014
Class B Shares	Contractual	3.00%	May 1, 2012	June 30, 2014
Class C Shares	Contractual	3.00%	May 1, 2012	June 30, 2014
Class R Shares	Contractual	2.50%	May 1, 2012	June 30, 2014
Class R5 Shares	Contractual	2.00%	May 1, 2012	June 30, 2014
Class Y Shares	Contractual	2.00%	May 1, 2012	June 30, 2014

Invesco Mid Cap Core Equity Fund
Class A Shares	Contractual	2.00%	July 1, 2009	June 30, 2014
Class B Shares	Contractual	2.75%	July 1, 2009	June 30, 2014
Class C Shares	Contractual	2.75%	July 1, 2009	June 30, 2014
Class R Shares	Contractual	2.25%	July 1, 2009	June 30, 2014
Class R5 Shares	Contractual	1.75%	July 1, 2009	June 30, 2014
Class R6 Shares	Contractual	1.75%	September 24, 2012	June 30, 2014
Class Y Shares	Contractual	1.75%	July 1, 2009	June 30, 2014

See page 15 for footnotes to Exhibit A.

as of December 17, 2013


	Contractual/	Expense	Effective Date of	Expiration
Fund	Voluntary	Limitation	Current Limit	Date
Invesco Moderate Allocation Fund
Class A Shares	Contractual	1.50%	July 1, 2012	June 30, 2014
Class B Shares	Contractual	2.25%	July 1, 2012	June 30, 2014
Class C Shares	Contractual	2.25%	July 1, 2012	June 30, 2014
Class R Shares	Contractual	1.75%	July 1, 2012	June 30, 2014
Class R5 Shares	Contractual	1.25%	July 1, 2012	June 30, 2014
Class S Shares	Contractual	1.40%	July 1, 2012	June 30, 2014
Class Y Shares	Contractual	1.25%	July 1, 2012	June 30, 2014

Invesco Small Cap Growth Fund
Class A Shares	Contractual	2.00%	July 1, 2009	June 30, 2014
Class B Shares	Contractual	2.75%	July 1, 2009	June 30, 2014
Class C Shares	Contractual	2.75%	July 1, 2009	June 30, 2014
Class R Shares	Contractual	2.25%	July 1, 2009	June 30, 2014
Class R5 Shares	Contractual	1.75%	July 1, 2009	June 30, 2014
Class R6 Shares	Contractual	1.75%	September 24, 2012	June 30, 2014
Class Y Shares	Contractual	1.75%	July 1, 2009	June 30, 2014
Investor Class Shares	Contractual	2.00%	July 1, 2009	June 30, 2014

Invesco U.S. Mortgage Fund
Class A Shares	Contractual	1.50%	July 1, 2012	June 30, 2014
Class B Shares	Contractual	2.25%	July 1, 2012	June 30, 2014
Class C Shares	Contractual	2.25%	July 1, 2012	June 30, 2014
Class R5 Shares	Contractual	1.25%	July 1, 2012	June 30, 2014
Class Y Shares	Contractual	1.25%	July 1, 2012	June 30, 2014
AIM International Mutual Funds (Invesco International Mutual Funds)
	Contractual/	Expense	Effective Date of	Expiration
Fund	Voluntary	Limitation	Current Limit	Date
Invesco Asia Pacific Growth Fund
Class A Shares	Contractual	2.25%	July 1, 2009	June 30, 2014
Class B Shares	Contractual	3.00%	July 1, 2009	June 30, 2014
Class C Shares	Contractual	3.00%	July 1, 2009	June 30, 2014
Class Y Shares	Contractual	2.00%	July 1, 2009	June 30, 2014

Invesco European Growth Fund
Class A Shares	Contractual	2.25%	July 1, 2009	June 30, 2014
Class B Shares	Contractual	3.00%	July 1, 2009	June 30, 2014
Class C Shares	Contractual	3.00%	July 1, 2009	June 30, 2014
Class R Shares	Contractual	2.50%	July 1, 2009	June 30, 2014
Class Y Shares	Contractual	2.00%	July 1, 2009	June 30, 2014
Investor Class Shares	Contractual	2.25%	July 1, 2009	June 30, 2014

Invesco Global Growth Fund
Class A Shares	Contractual	2.25%	January 1, 2013	June 30, 2014
Class B Shares	Contractual	3.00%	January 1, 2013	June 30, 2014
Class C Shares	Contractual	3.00%	January 1, 2013	June 30, 2014
Class R5 Shares	Contractual	2.00%	January 1, 2013	June 30, 2014
Class R6 Shares	Contractual	2.00%	January 1, 2013	June 30, 2014
Class Y Shares	Contractual	2.00%	January 1, 2013	June 30, 2014

Invesco Global Opportunities Fund
Class A Shares	Contractual	1.36%	August 1, 2012	February 28, 2015
Class C Shares	Contractual	2.11%	August 1, 2012	February 28, 2015
Class R Shares	Contractual	1.61%	August 1, 2012	February 28, 2015
Class R5 Shares	Contractual	1.11%	August 1, 2012	February 28, 2015
Class R6 Shares	Contractual	1.11%	September 24, 2012	February 28, 2015
Class Y Shares	Contractual	1.11%	August 1, 2012	February 28, 2015

See page 15 for footnotes to Exhibit A.

as of December 17, 2013


	Contractual/	Expense	Effective Date of	Expiration
Fund	Voluntary	Limitation	Current Limit	Date
Invesco Global Small & Mid Cap Growth Fund
Class A Shares	Contractual	2.25%	July 1, 2009	June 30, 2014
Class B Shares	Contractual	3.00%	July 1, 2009	June 30, 2014
Class C Shares	Contractual	3.00%	July 1, 2009	June 30, 2014
Class R5 Shares	Contractual	2.00%	July 1, 2009	June 30, 2014
Class Y Shares	Contractual	2.00%	July 1, 2009	June 30, 2014

Invesco International Core Equity Fund
Class A Shares	Contractual	2.25%	July 1, 2009	June 30, 2014
Class B Shares	Contractual	3.00%	July 1, 2009	June 30, 2014
Class C Shares	Contractual	3.00%	July 1, 2009	June 30, 2014
Class R Shares	Contractual	2.50%	July 1, 2009	June 30, 2014
Class R5 Shares	Contractual	2.00%	July 1, 2009	June 30, 2014
Class R6 Shares	Contractual	2.00%	September 24, 2012	June 30, 2014
Class Y Shares	Contractual	2.00%	July 1, 2009	June 30, 2014
Investor Class Shares	Contractual	2.25%	July 1, 2009	June 30, 2014

Invesco International Growth Fund
Class A Shares	Contractual	2.25%	July 1, 2013	June 30, 2014
Class B Shares	Contractual	3.00%	July 1, 2013	June 30, 2014
Class C Shares	Contractual	3.00%	July 1, 2013	June 30, 2014
Class R Shares	Contractual	2.50%	July 1, 2013	June 30, 2014
Class R5 Shares	Contractual	2.00%	July 1, 2013	June 30, 2014
Class R6 Shares	Contractual	2.00%	July 1, 2013	June 30, 2014
Class Y Shares	Contractual	2.00%	July 1, 2013	June 30, 2014

Invesco Select Opportunities Fund
Class A Shares	Contractual	1.51%	August 1, 2012	February 28, 2015
Class C Shares	Contractual	2.26%	August 1, 2012	February 28, 2015
Class R Shares	Contractual	1.76%	August 1, 2012	February 28, 2015
Class R5 Shares	Contractual	1.26%	August 1, 2012	February 28, 2015
Class R6 Shares	Contractual	1.26%	September 24, 2012	February 28, 2015
Class Y Shares	Contractual	1.26%	August 1, 2012	February 28, 2015
AIM Investment Funds (Invesco Investment Funds)
	Contractual/	Expense	Effective Date of	Expiration
Fund	Voluntary	Limitation	Current Limit	Date
Invesco All Cap Market Neutral Fund
Class A Shares	Contractual	1.62%	December 17, 2013	December 31, 2015
Class C Shares	Contractual	2.37%	December 17, 2013	December 31, 2015
Class R Shares	Contractual	1.87%	December 17, 2013	December 31, 2015
Class R5 Shares	Contractual	1.37%	December 17, 2013	December 31, 2015
Class R6 Shares	Contractual	1.37%	December 17, 2013	December 31, 2015
Class Y Shares	Contractual	1.37%	December 17, 2013	December 31, 2015

Invesco Balanced-Risk Allocation Fund³
Class A Shares	Contractual	2.00%	July 1, 2012	June 30, 2014
Class B Shares	Contractual	2.75%	July 1, 2012	June 30, 2014
Class C Shares	Contractual	2.75%	July 1, 2012	June 30, 2014
Class R Shares	Contractual	2.25%	July 1, 2012	June 30, 2014
Class R5 Shares	Contractual	1.75%	July 1, 2012	June 30, 2014
Class R6 Shares	Contractual	1.75%	September 24, 2012	June 30, 2014
Class Y Shares	Contractual	1.75%	July 1, 2012	June 30, 2014

Invesco Balanced-Risk Commodity Strategy Fund⁴
Class A Shares	Contractual	1.22%	November 29, 2010	June 30, 2014
Class B Shares	Contractual	1.97%	November 29, 2010	June 30, 2014
Class C Shares	Contractual	1.97%	November 29, 2010	June 30, 2014
Class R Shares	Contractual	1.47%	November 29, 2010	June 30, 2014
Class R5 Shares	Contractual	0.97%	November 29, 2010	June 30, 2014
Class R6 Shares	Contractual	0.97%	September 24, 2012	June 30, 2014
Class Y Shares	Contractual	0.97%	November 29, 2010	June 30, 2014

See page 15 for footnotes to Exhibit A.

as of December 17, 2013


	Contractual/	Expense	Effective Date of	Expiration
Fund	Voluntary	Limitation	Current Limit	Date
Invesco China Fund
Class A Shares	Contractual	2.25%	July 1, 2009	June 30, 2014
Class B Shares	Contractual	3.00%	July 1, 2009	June 30, 2014
Class C Shares	Contractual	3.00%	July 1, 2009	June 30, 2014
Class R5 Shares	Contractual	2.00%	July 1, 2009	June 30, 2014
Class Y Shares	Contractual	2.00%	July 1, 2009	June 30, 2014

Invesco Developing Markets Fund
Class A Shares	Contractual	2.25%	July 1, 2012	June 30, 2014
Class B Shares	Contractual	3.00%	July 1, 2012	June 30, 2014
Class C Shares	Contractual	3.00%	July 1, 2012	June 30, 2014
Class R5 Shares	Contractual	2.00%	July 1, 2012	June 30, 2014
Class R6 Shares	Contractual	2.00%	September 24, 2012	June 30, 2014
Class Y Shares	Contractual	2.00%	July 1, 2012	June 30, 2014

Invesco Emerging Markets Equity Fund
Class A Shares	Contractual	1.85%	May 11, 2011	February 28, 2015
Class C Shares	Contractual	2.60%	May 11, 2011	February 28, 2015
Class R Shares	Contractual	2.10%	May 11, 2011	February 28, 2015
Class R5 Shares	Contractual	1.60%	May 11, 2011	February 28, 2015
Class R6 Shares	Contractual	1.60%	September 24, 2012	February 28, 2015
Class Y Shares	Contractual	1.60%	May 11, 2011	February 28, 2015

Invesco Emerging Market Local Currency Debt Fund
Class A Shares	Contractual	1.24%	June 14, 2010	February 28, 2015
Class B Shares	Contractual	1.99%	June 14, 2010	February 28, 2015
Class C Shares	Contractual	1.99%	June 14, 2010	February 28, 2015
Class R Shares	Contractual	1.49%	June 14, 2010	February 28, 2015
Class Y Shares	Contractual	0.99%	June 14, 2010	February 28, 2015
Class R5 Shares	Contractual	0.99%	June 14, 2010	February 28, 2015
Class R6 Shares	Contractual	0.99%	September 24, 2012	February 28, 2015

Invesco Endeavor Fund
Class A Shares	Contractual	2.00%	July 1, 2009	June 30, 2014
Class B Shares	Contractual	2.75%	July 1, 2009	June 30, 2014
Class C Shares	Contractual	2.75%	July 1, 2009	June 30, 2014
Class R Shares	Contractual	2.25%	July 1, 2009	June 30, 2014
Class R5 Shares	Contractual	1.75%	July 1, 2009	June 30, 2014
Class R6 Shares	Contractual	1.75%	September 24, 2012	June 30, 2014
Class Y Shares	Contractual	1.75%	July 1, 2009	June 30, 2014

Invesco Global Health Care Fund
Class A Shares	Contractual	2.00%	July 1, 2012	June 30, 2014
Class B Shares	Contractual	2.75%	July 1, 2012	June 30, 2014
Class C Shares	Contractual	2.75%	July 1, 2012	June 30, 2014
Class Y Shares	Contractual	1.75%	July 1, 2012	June 30, 2014
Investor Class Shares	Contractual	2.00%	July 1, 2012	June 30, 2014

Invesco Global Markets Strategy Fund⁵
Class A Shares	Contractual	2.25%	August 28, 2013	December 16, 2013
Class C Shares	Contractual	3.00%	August 28, 2013	December 16, 2013
Class R Shares	Contractual	2.50%	August 28, 2013	December 16, 2013
Class R5 Shares	Contractual	2.00%	August 28, 2013	December 16, 2013
Class R6 Shares	Contractual	2.00%	August 28, 2013	December 16, 2013
Class Y Shares	Contractual	2.00%	August 28, 2013	December 16, 2013

Invesco Global Markets Strategy Fund⁵
Class A Shares	Contractual	1.80%	December 17, 2013	February 28, 2015
Class C Shares	Contractual	2.55%	December 17, 2013	February 28, 2015
Class R Shares	Contractual	2.05%	December 17, 2013	February 28, 2015
Class R5 Shares	Contractual	1.55%	December 17, 2013	February 28, 2015
Class R6 Shares	Contractual	1.55%	December 17, 2013	February 28, 2015
Class Y Shares	Contractual	1.55%	December 17, 2013	February 28, 2015

See page 15 for footnotes to Exhibit A.

as of December 17, 2013


	Contractual/	Expense	Effective Date of	Expiration
Fund	Voluntary	Limitation	Current Limit	Date
Invesco Global Market Neutral Fund
Class A Shares	Contractual	1.62%	December 17, 2013	December 31, 2015
Class C Shares	Contractual	2.37%	December 17, 2013	December 31, 2015
Class R Shares	Contractual	1.87%	December 17, 2013	December 31, 2015
Class R5 Shares	Contractual	1.37%	December 17, 2013	December 31, 2015
Class R6 Shares	Contractual	1.37%	December 17, 2013	December 31, 2015
Class Y Shares	Contractual	1.37%	December 17, 2013	December 31, 2015

Invesco Global Targeted Returns Fund
Class A Shares	Contractual	1.71%	December 17, 2013	December 31, 2015
Class C Shares	Contractual	2.46%	December 17, 2013	December 31, 2015
Class R Shares	Contractual	1.96%	December 17, 2013	December 31, 2015
Class R5 Shares	Contractual	1.46%	December 17, 2013	December 31, 2015
Class R6 Shares	Contractual	1.46%	December 17, 2013	December 31, 2015
Class Y Shares	Contractual	1.46%	December 17, 2013	December 31, 2015

Invesco International Total Return Fund
Class A Shares	Contractual	1.10%	March 31, 2006	February 28, 2015
Class B Shares	Contractual	1.85%	March 31, 2006	February 28, 2015
Class C Shares	Contractual	1.85%	March 31, 2006	February 28, 2015
Class R5 Shares	Contractual	0.85%	October 3, 2008	February 28, 2015
Class R6 Shares	Contractual	0.85%	September 24, 2012	February 28, 2015
Class Y Shares	Contractual	0.85%	March 31, 2006	February 28, 2015

Invesco Long/Short Equity Fund
Class A Shares	Contractual	1.87%	December 17, 2013	December 31, 2015
Class C Shares	Contractual	2.62%	December 17, 2013	December 31, 2015
Class R Shares	Contractual	2.12%	December 17, 2013	December 31, 2015
Class R5 Shares	Contractual	1.62%	December 17, 2013	December 31, 2015
Class R6 Shares	Contractual	1.62%	December 17, 2013	December 31, 2015
Class Y Shares	Contractual	1.62%	December 17, 2013	December 31, 2015

Invesco Low Volatility Emerging Markets Fund
Class A Shares	Contractual	1.72%	December 17, 2013	December 31, 2015
Class C Shares	Contractual	2.47%	December 17, 2013	December 31, 2015
Class R Shares	Contractual	1.97%	December 17, 2013	December 31, 2015
Class R5 Shares	Contractual	1.47%	December 17, 2013	December 31, 2015
Class R6 Shares	Contractual	1.47%	December 17, 2013	December 31, 2015
Class Y Shares	Contractual	1.47%	December 17, 2013	December 31, 2015

Invesco Macro international Equity Fund
Class A Shares	Contractual	1.43%	December 17, 2013	December 31, 2015
Class C Shares	Contractual	2.18%	December 17, 2013	December 31, 2015
Class R Shares	Contractual	1.68%	December 17, 2013	December 31, 2015
Class R5 Shares	Contractual	1.18%	December 17, 2013	December 31, 2015
Class R6 Shares	Contractual	1.18%	December 17, 2013	December 31, 2015
Class Y Shares	Contractual	1.18%	December 17, 2013	December 31, 2015

Invesco Macro Long/Short Fund
Class A Shares	Contractual	1.87%	December 17, 2013	December 31, 2015
Class C Shares	Contractual	2.62%	December 17, 2013	December 31, 2015
Class R Shares	Contractual	2.12%	December 17, 2013	December 31, 2015
Class R5 Shares	Contractual	1.62%	December 17, 2013	December 31, 2015
Class R6 Shares	Contractual	1.62%	December 17, 2013	December 31, 2015
Class Y Shares	Contractual	1.62%	December 17, 2013	December 31, 2015

See page 15 for footnotes to Exhibit A.

as of December 17, 2013


	Contractual/	Expense	Effective Date of	Expiration
Fund	Voluntary	Limitation	Current Limit	Date
Invesco Pacific Growth Fund
Class A Shares	Contractual	2.25%	July 1, 2012	June 30, 2014
Class B Shares	Contractual	3.00%	July 1, 2012	June 30, 2014
Class C Shares	Contractual	3.00%	July 1, 2012	June 30, 2014
Class R Shares	Contractual	2.50%	July 1, 2012	June 30, 2014
Class R5 Shares	Contractual	2.00%	July 1, 2012	June 30, 2014
Class Y Shares	Contractual	2.00%	July 1, 2012	June 30, 2014

Invesco Premium Income Fund
Class A Shares	Contractual	0.89%	December 13, 2011	February 28, 2015
Class C Shares	Contractual	1.64%	December 13, 2011	February 28, 2015
Class R Shares	Contractual	1.14%	December 13, 2011	February 28, 2015
Class R5 Shares	Contractual	0.64%	December 13, 2011	February 28, 2015
Class R6 Shares	Contractual	0.64%	September 24, 2012	February 28, 2015
Class Y Shares	Contractual	0.64%	December 13, 2011	February 28, 2015

Invesco Select Companies Fund
Class A Shares	Contractual	2.00%	July 1, 2009	June 30, 2014
Class B Shares	Contractual	2.75%	July 1, 2009	June 30, 2014
Class C Shares	Contractual	2.75%	July 1, 2009	June 30, 2014
Class R Shares	Contractual	2.25%	July 1, 2009	June 30, 2014
Class R5 Shares	Contractual	1.75%	July 1, 2009	June 30, 2014
Class Y Shares	Contractual	1.75%	July 1, 2009	June 30, 2014
AIM Investment Securities Funds (Invesco Investment Securities Funds)
	Contractual/	Expense	Effective Date of	Expiration
Fund	Voluntary	Limitation	Current Limit	Date
Invesco Corporate Bond Fund
Class A Shares	Contractual	1.50%	July 1, 2012	June 30, 2014
Class B Shares	Contractual	2.25%	July 1, 2012	June 30, 2014
Class C Shares	Contractual	2.25%	July 1, 2012	June 30, 2014
Class R Shares	Contractual	1.75%	July 1, 2012	June 30, 2014
Class R5 Shares	Contractual	1.25%	July 1, 2012	June 30, 2014
Class R6 Shares	Contractual	1.25%	September 24, 2012	June 30, 2014
Class Y Shares	Contractual	1.25%	July 1, 2012	June 30, 2014

Invesco Dynamics Fund
Class A Shares	Contractual	2.00%	July 1, 2009	June 30, 2014
Class B Shares	Contractual	2.75%	July 1, 2009	June 30, 2014
Class C Shares	Contractual	2.75%	July 1, 2009	June 30, 2014
Class R Shares	Contractual	2.25%	July 1, 2009	June 30, 2014
Class R5 Shares	Contractual	1.75%	July 1, 2009	June 30, 2014
Class R6 Shares	Contractual	1.75%	September 24, 2012	June 30, 2014
Class Y Shares	Contractual	1.75%	July 1, 2009	June 30, 2014
Investor Class Shares	Contractual	2.00%	July 1, 2009	June 30, 2014

Invesco Global Real Estate Fund
Class A Shares	Contractual	2.00%	July 1, 2009	June 30, 2014
Class B Shares	Contractual	2.75%	July 1, 2009	June 30, 2014
Class C Shares	Contractual	2.75%	July 1, 2009	June 30, 2014
Class R Shares	Contractual	2.25%	July 1, 2009	June 30, 2014
Class R5 Shares	Contractual	1.75%	July 1, 2009	June 30, 2014
Class R6 Shares	Contractual	1.75%	September 24, 2012	June 30, 2014
Class Y Shares	Contractual	1.75%	July 1, 2009	June 30, 2014

Invesco High Yield Fund
Class A Shares	Contractual	1.50%	July 1, 2013	June 30, 2014
Class B Shares	Contractual	2.25%	July 1, 2013	June 30, 2014
Class C Shares	Contractual	2.25%	July 1, 2013	June 30, 2014
Class R5 Shares	Contractual	1.25%	July 1, 2013	June 30, 2014
Class R6 Shares	Contractual	1.25%	July 1, 2013	June 30, 2014
Class Y Shares	Contractual	1.25%	July 1, 2013	June 30, 2014
Investor Class Shares	Contractual	1.50%	July 1, 2013	June 30, 2014

See page 15 for footnotes to Exhibit A.

as of December 17, 2013


	Contractual/	Expense	Effective Date of	Expiration
Fund	Voluntary	Limitation	Current Limit	Date
Invesco Limited Maturity Treasury Fund
Class A Shares	Contractual	1.50%	July 1, 2012	June 30, 2014
Class A2 Shares	Contractual	1.40%	July 1, 2012	June 30, 2014
Class R5 Shares	Contractual	1.25%	July 1, 2012	June 30, 2014
Class Y Shares	Contractual	1.25%	July 1, 2012	June 30, 2014

Invesco Municipal Bond Fund
Class A Shares	Contractual	1.50%	July 1, 2012	June 30, 2014
Class B Shares	Contractual	2.25%	July 1, 2012	June 30, 2014
Class C Shares	Contractual	2.25%	July 1, 2012	June 30, 2014
Class Y Shares	Contractual	1.25%	July 1, 2012	June 30, 2014
Investor Class Shares	Contractual	1.50%	July 1, 2012	June 30, 2014

Invesco Real Estate Fund
Class A Shares	Contractual	2.00%	July 1, 2012	June 30, 2014
Class B Shares	Contractual	2.75%	July 1, 2012	June 30, 2014
Class C Shares	Contractual	2.75%	July 1, 2012	June 30, 2014
Class R Shares	Contractual	2.25%	July 1, 2012	June 30, 2014
Class R5 Shares	Contractual	1.75%	July 1, 2012	June 30, 2014
Class R6 Shares	Contractual	1.75%	September 24, 2012	June 30, 2014
Class Y Shares	Contractual	1.75%	July 1, 2012	June 30, 2014
Investor Class Shares	Contractual	2.00%	July 1, 2012	June 30, 2014

Invesco Short Term Bond Fund
Class A Shares	Contractual	1.40%	July 1, 2013	June 30, 2014
Class C Shares	Contractual	1.75%²	July 1, 2013	June 30, 2014
Class R Shares	Contractual	1.75%	July 1, 2013	June 30, 2014
Class R5 Shares	Contractual	1.25%	July 1, 2013	June 30, 2014
Class R6 Shares	Contractual	1.25%	July 1, 2013	June 30, 2014
Class Y Shares	Contractual	1.25%	July 1, 2013	June 30, 2014

Invesco U.S. Government Fund
Class A Shares	Contractual	1.50%	July 1, 2012	June 30, 2014
Class B Shares	Contractual	2.25%	July 1, 2012	June 30, 2014
Class C Shares	Contractual	2.25%	July 1, 2012	June 30, 2014
Class R Shares	Contractual	1.75%	July 1, 2012	June 30, 2014
Class R5 Shares	Contractual	1.25%	July 1, 2012	June 30, 2014
Class Y Shares	Contractual	1.25%	July 1, 2012	June 30, 2014
Investor Class Shares	Contractual	1.50%	July 1, 2012	June 30, 2014

AIM Sector Funds (Invesco Sector Funds)


	Contractual/	Expense	Effective Date of	Expiration
Fund	Voluntary	Limitation	Current Limit	Date
Invesco American Value Fund
Class A Shares	Contractual	2.00%	July 1, 2013	June 30, 2014
Class B Shares	Contractual	2.75%	July 1, 2013	June 30, 2014
Class C Shares	Contractual	2.75%	July 1, 2013	June 30, 2014
Class R Shares	Contractual	2.25%	July 1, 2013	June 30, 2014
Class R5 Shares	Contractual	1.75%	July 1, 2013	June 30, 2014
Class R6 Shares	Contractual	1.75%	July 1, 2013	June 30, 2014
Class Y Shares	Contractual	1.75%	July 1, 2013	June 30, 2014

Invesco Comstock Fund
Class A Shares	Contractual	2.00%	July 1, 2012	June 30, 2014
Class B Shares	Contractual	2.75%	July 1, 2012	June 30, 2014
Class C Shares	Contractual	2.75%	July 1, 2012	June 30, 2014
Class R Shares	Contractual	2.25%	July 1, 2012	June 30, 2014
Class R5 Shares	Contractual	1.75%	July 1, 2012	June 30, 2014
Class R6 Shares	Contractual	1.75%	September 24, 2012	June 30, 2014
Class Y Shares	Contractual	1.75%	July 1, 2012	June 30, 2014

See page 15 for footnotes to Exhibit A.

as of December 17, 2013


	Contractual/	Expense	Effective Date of	Expiration
Fund	Voluntary	Limitation	Current Limit	Date
Invesco Energy Fund
Class A Shares	Contractual	2.00%	July 1, 2009	June 30, 2014
Class B Shares	Contractual	2.75%	July 1, 2009	June 30, 2014
Class C Shares	Contractual	2.75%	July 1, 2009	June 30, 2014
Class R5 Shares	Contractual	1.75%	July 1, 2009	June 30, 2014
Class Y Shares	Contractual	1.75%	July 1, 2009	June 30, 2014
Investor Class Shares	Contractual	2.00%	July 1, 2009	June 30, 2014

Invesco Dividend Income Fund
Class A Shares	Contractual	1.10%	February 6, 2013	August 31, 2014
Class B Shares	Contractual	1.85%	February 6, 2013	August 31, 2014
Class C Shares	Contractual	1.85%	February 6, 2013	August 31, 2014
Class R5 Shares	Contractual	0.85%	February 6, 2013	August 31, 2014
Class R6 Shares	Contractual	0.85%	February 6, 2013	August 31, 2014
Class Y Shares	Contractual	0.85%	February 6, 2013	August 31, 2014
Investor Class Shares	Contractual	1.10%	February 6, 2013	August 31, 2014

Invesco Gold & Precious Metals Fund
Class A Shares	Contractual	2.00%	July 1, 2009	June 30, 2014
Class B Shares	Contractual	2.75%	July 1, 2009	June 30, 2014
Class C Shares	Contractual	2.75%	July 1, 2009	June 30, 2014
Class Y Shares	Contractual	1.75%	July 1, 2009	June 30, 2014
Investor Class Shares	Contractual	2.00%	July 1, 2009	June 30, 2014

Invesco Mid Cap Growth Fund
Class A Shares	Contractual	1.15%	July 15, 2013	July 31, 2015
Class B Shares	Contractual	1.90%	July 15, 2013	July 31, 2015
Class C Shares	Contractual	1.90%	July 15, 2013	July 31, 2015
Class R Shares	Contractual	1.40%	July 15, 2013	July 31, 2015
Class R5 Shares	Contractual	0.90%	July 15, 2013	July 31, 2015
Class R6 Shares	Contractual	0.90%	July 15, 2013	July 31, 2015
Class Y Shares	Contractual	0.90%	July 15, 2013	July 31, 2015

Invesco Small Cap Value Fund
Class A Shares	Contractual	2.00%	July 1, 2012	June 30, 2014
Class B Shares	Contractual	2.75%	July 1, 2012	June 30, 2014
Class C Shares	Contractual	2.75%	July 1, 2012	June 30, 2014
Class Y Shares	Contractual	1.75%	July 1, 2012	June 30, 2014

Invesco Technology Fund
Class A Shares	Contractual	2.00%	July 1, 2012	June 30, 2014
Class B Shares	Contractual	2.75%	July 1, 2012	June 30, 2014
Class C Shares	Contractual	2.75%	July 1, 2012	June 30, 2014
Class R5 Shares	Contractual	1.75%	July 1, 2012	June 30, 2014
Class Y Shares	Contractual	1.75%	July 1, 2012	June 30, 2014
Investor Class Shares	Contractual	2.00%	July 1, 2012	June 30, 2014

Invesco Technology Sector Fund
Class A Shares	Contractual	2.00%	February 12, 2010	June 30, 2014
Class B Shares	Contractual	2.75%	February 12, 2010	June 30, 2014
Class C Shares	Contractual	2.75%	February 12, 2010	June 30, 2014
Class Y Shares	Contractual	1.75%	February 12, 2010	June 30, 2014

Invesco Value Opportunities Fund
Class A Shares	Contractual	2.00%	July 1, 2012	June 30, 2014
Class B Shares	Contractual	2.75%	July 1, 2012	June 30, 2014
Class C Shares	Contractual	2.75%	July 1, 2012	June 30, 2014
Class R Shares	Contractual	2.25%	July 1, 2012	June 30, 2014
Class R5 Shares	Contractual	1.75%	July 1, 2012	June 30, 2014
Class Y Shares	Contractual	1.75%	July 1, 2012	June 30, 2014

See page 15 for footnotes to Exhibit A.

as of December 17, 2013

AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds)


	Contractual/	Expense	Effective Date of	Expiration
Fund	Voluntary	Limitation	Current Limit	Date
Invesco High Yield Municipal Fund
Class A Shares
Class B Shares	Contractual	1.50%	July 1, 2012	June 30, 2014
Class C Shares	Contractual	2.25%	July 1, 2012	June 30, 2014
Class R5 Shares	Contractual	2.25%	July 1, 2012	June 30, 2014
Class Y Shares	Contractual	1.25%	July 1, 2012	June 30, 2014
	Contractual	1.25%	July 1, 2012	June 30, 2014

Invesco Intermediate Term Municipal Income Fund
Class A Shares	Contractual	0.80%	July 1, 2013	June 30, 2014
Class B Shares	Contractual	1.55%	July 1, 2013	June 30, 2014
Class C Shares	Contractual	1.55%	July 1, 2013	June 30, 2014
Class Y Shares	Contractual	0.55%	July 1, 2013	June 30, 2014

Invesco Municipal Income Fund
Class A Shares	Contractual	1.50%	July 1, 2013	June 30, 2014
Class B Shares	Contractual	2.25%	July 1, 2013	June 30, 2014
Class C Shares	Contractual	2.25%	July 1, 2013	June 30, 2014
Class Y Shares	Contractual	1.25%	July 1, 2013	June 30, 2014
Investor Class	Contractual	1.50%	July 15, 2013	June 30, 2014

Invesco New York Tax Free Income Fund
Class A Shares	Contractual	1.50%	July 1, 2012	June 30, 2014
Class B Shares	Contractual	2.25%	July 1, 2012	June 30, 2014
Class C Shares	Contractual	2.25%	July 1, 2012	June 30, 2014
Class Y Shares	Contractual	1.25%	July 1, 2012	June 30, 2014

Invesco Tax-Free Intermediate Fund
Class A Shares	Contractual	1.50%	July 1, 2012	June 30, 2014
Class A2 Shares	Contractual	1.25%	July 1, 2012	June 30, 2014
Class C Shares	Contractual	2.25%	June 30, 2013	June 30, 2014
Class R5 Shares	Contractual	1.25%	July 1, 2012	June 30, 2014
Class Y Shares	Contractual	1.25%	July 1, 2012	June 30, 2014

Invesco Securities Trust


	Contractual/	Expense	Effective Date of	Expiration
Fund	Voluntary	Limitation	Current Limit	Date
Invesco Balanced-Risk Aggressive Allocation Fund	Contractual	1.15%	January 16, 2013	February 28, 2015

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	The expense limit shown is the expense limit after Rule 12b-1 fee waivers by Invesco Distributors, Inc.

³	Includes waived fees or reimbursed expenses that Invesco receives from Invesco Cayman Commodity Fund I, Ltd.

⁴	Includes waived fees or reimbursed expenses that Invesco receives from Invesco Cayman Commodity Fund III, Ltd.

⁵	Includes waived fees or reimbursed expenses that Invesco receives from Invesco Cayman Commodity Fund V, Ltd.

as of December 17, 2013

EXHIBIT “B” — INSTITUTIONAL MONEY MARKET FUNDS^1,2

Short-Term Investments Trust


	Contractual/	Expense	Effective Date of	Expiration
Fund	Voluntary	Limitation	Current Limit	Date
Government & Agency Portfolio
Cash Management Class	Contractual	0.22%²	July 1, 2009	December 31, 2014
Corporate Class	Contractual	0.17%	July 1, 2009	December 31, 2014
Institutional Class	Contractual	0.14%	July 1, 2009	December 31, 2014
Personal Investment Class	Contractual	0.69%²	July 1, 2009	December 31, 2014
Private Investment Class	Contractual	0.44%²	July 1, 2009	December 31, 2014
Reserve Class	Contractual	1.01%²	July 1, 2009	December 31, 2014
Resource Class	Contractual	0.30%²	July 1, 2009	December 31, 2014

Government TaxAdvantage Portfolio
Cash Management Class	Contractual	0.22%²	July 1, 2009	December 31, 2014
Corporate Class	Contractual	0.17%	July 1, 2009	December 31, 2014
Institutional Class	Contractual	0.14%	July 1, 2009	December 31, 2014
Personal Investment Class	Contractual	0.69%²	July 1, 2009	December 31, 2014
Private Investment Class	Contractual	0.39%²	July 1, 2009	December 31, 2014
Reserve Class	Contractual	1.01%²	July 1, 2009	December 31, 2014
Resource Class	Contractual	0.30%²	July 1, 2009	December 31, 2014

Liquid Assets Portfolio
Cash Management Class	Contractual	0.22%²	July 1, 2009	December 31, 2014
Corporate Class	Contractual	0.17%	July 1, 2009	December 31, 2014
Institutional Class	Contractual	0.14%	July 1, 2009	December 31, 2014
Personal Investment Class	Contractual	0.69%²	July 1, 2009	December 31, 2014
Private Investment Class	Contractual	0.44%²	July 1, 2009	December 31, 2014
Reserve Class	Contractual	1.01%²	July 1, 2009	December 31, 2014
Resource Class	Contractual	0.34%	July 1, 2009	December 31, 2014

STIC Prime Portfolio
Cash Management Class	Contractual	0.22%²	July 1, 2009	December 31, 2014
Corporate Class	Contractual	0.17%	July 1, 2009	December 31, 2014
Institutional Class	Contractual	0.14%	July 1, 2009	December 31, 2014
Personal Investment Class	Contractual	0.69%²	July 1, 2009	December 31, 2014
Private Investment Class	Contractual	0.44%²	July 1, 2009	December 31, 2014
Reserve Class	Contractual	1.01%²	July 1, 2009	December 31, 2014
Resource Class	Contractual	0.30%²	July 1, 2009	December 31, 2014

Tax-Free Cash Reserve Portfolio³
Cash Management Class	Contractual	0.33%²	July 1, 2009	December 31, 2014
Corporate Class	Contractual	0.28%	July 1, 2009	December 31, 2014
Institutional Class	Contractual	0.25%	July 1, 2009	December 31, 2014
Personal Investment Class	Contractual	0.80%²	July 1, 2009	December 31, 2014
Private Investment Class	Contractual	0.50%²	July 1, 2009	December 31, 2014
Reserve Class	Contractual	1.12%²	July 1, 2009	December 31, 2014
Resource Class	Contractual	0.41%²	July 1, 2009	December 31, 2014

Treasury Portfolio
Cash Management Class	Contractual	0.22%²	July 1, 2009	December 31, 2014
Corporate Class	Contractual	0.17%	July 1, 2009	December 31, 2014
Institutional Class	Contractual	0.14%	July 1, 2009	December 31, 2014
Personal Investment Class	Contractual	0.69%²	July 1, 2009	December 31, 2014
Private Investment Class	Contractual	0.44%²	July 1, 2009	December 31, 2014
Reserve Class	Contractual	1.01%²	July 1, 2009	December 31, 2014
Resource Class	Contractual	0.30%²	July 1, 2009	December 31, 2014

¹	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.

²	The expense limit shown is the expense limit after Rule 12b-1 fee waivers by Invesco Distributors, Inc.

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

as of December 17, 2013

EXHIBIT “C” — VARIABLE INSURANCE FUNDS

AIM Variable Insurance Funds (Invesco Variable Insurance Funds)


	Contractual/	Expense	Effective Date of	Expiration
Fund	Voluntary	Limitation	Current Limit	Date
Invesco V.I. American Franchise Fund
Series I Shares	Contractual	0.90%	July 1, 2012	June 30, 2014
Series II Shares	Contractual	1.15%	July 1, 2012	June 30, 2014

Invesco V.I. American Value Fund
Series I Shares	Contractual	2.00%	July 1, 2012	June 30, 2014
Series II Shares	Contractual	2.25%	July 1, 2012	June 30, 2014

Invesco V.I. Balanced-Risk Allocation Fund¹
Series I Shares	Contractual	0.78%	July 1, 2013	April 30, 2014
Series II Shares	Contractual	1.03%	July 1, 2013	April 30, 2014

Invesco V.I. Balanced-Risk Allocation Fund¹
Series I Shares	Contractual	0.76%	May 1, 2014	April 30, 2015
Series II Shares	Contractual	1.01%	May 1, 2014	April 30, 2015

Invesco V.I. Comstock Fund
Series I Shares	Contractual	0.78%	May 1, 2013	April 30, 2015
Series II Shares	Contractual	1.03%	May 1, 2013	April 30, 2015

Invesco V.I. Core Equity Fund
Series I Shares	Contractual	2.00%	May 1, 2013	June 30, 2014
Series II Shares	Contractual	2.25%	May 1, 2013	June 30, 2014

Invesco V.I. Diversified Dividend Fund
Series I Shares	Contractual	2.00%	May 1, 2013	June 30, 2014
Series II Shares	Contractual	2.25%	May 1, 2013	June 30, 2014

Invesco V.I. Diversified Income Fund
Series I Shares	Contractual	0.75%	July 1, 2005	April 30, 2015
Series II Shares	Contractual	1.00%	July 1, 2005	April 30, 2015

Invesco V.I. Equally-Weighted S&P 500 Fund
Series I Shares	Contractual	2.00%	July 1, 2012	June 30, 2014
Series II Shares	Contractual	2.25%	July 1, 2012	June 30, 2014

Invesco V.I. Equity and Income Fund
Series I Shares	Contractual	1.50%	July 1, 2012	June 30, 2014
Series II Shares	Contractual	1.75%	July 1, 2012	June 30, 2014

as of December 17, 2013


	Contractual/	Expense	Effective Date of	Expiration
Fund	Voluntary	Limitation	Current Limit	Date
Invesco V.I. Global Core Equity Fund
Series I Shares	Contractual	2.25%	July 1, 2012	June 30, 2014
Series II Shares	Contractual	2.50%	July 1, 2012	June 30, 2014

Invesco V.I. Global Health Care Fund
Series I Shares	Contractual	2.00%	May 1, 2013	June 30, 2014
Series II Shares	Contractual	2.25%	May 1, 2013	June 30, 2014

Invesco V.I. Global Real Estate Fund
Series I Shares	Contractual	2.00%	May 1, 2013	June 30, 2014
Series II Shares	Contractual	2.25%	May 1, 2013	June 30, 2014

Invesco V.I. Government Securities Fund
Series I Shares	Contractual	1.50%	May 1, 2013	June 30, 2014
Series II Shares	Contractual	1.75%	May 1, 2013	June 30, 2014

Invesco V.I. Growth and Income Fund
Series I Shares	Contractual	0.78%	May 1, 2013	April 30, 2015
Series II Shares	Contractual	1.03%	May 1, 2013	April 30, 2015

Invesco V.I. High Yield Fund
Series I Shares	Contractual	0.80%	May 2, 2011	April 30, 2014
Series II Shares	Contractual	1.05%	May 2, 2011	April 30, 2014

Invesco V.I. International Growth Fund
Series I Shares	Contractual	2.25%	July 1, 2012	June 30, 2014
Series II Shares	Contractual	2.50%	July 1, 2012	June 30, 2014

Invesco V.I. Mid Cap Core Equity Fund
Series I Shares	Contractual	2.00%	May 1, 2013	June 30, 2014
Series II Shares	Contractual	2.25%	May 1, 2013	June 30, 2014

Invesco V.I. Mid Cap Growth Fund
Series I Shares	Contractual	1.09%	July 1, 2012	June 30, 2014
Series II Shares	Contractual	1.34%	July 1, 2012	June 30, 2014

Invesco V.I. Money Market Fund
Series I Shares	Contractual	1.50%	May 1, 2013	June 30, 2014
Series II Shares	Contractual	1.75%	May 1, 2013	June 30, 2014

Invesco V.I. S&P 500 Index Fund
Series I Shares	Contractual	2.00%	July 1, 2012	June 30, 2014
Series II Shares	Contractual	2.25%	July 1, 2012	June 30, 2014

as of December 17, 2013


	Contractual/	Expense	Effective Date of	Expiration
Fund	Voluntary	Limitation	Current Limit	Date
Invesco V.I. Small Cap Equity Fund
Series I Shares	Contractual	2.00%	May 1, 2013	June 30, 2014
Series II Shares	Contractual	2.25%	May 1, 2013	June 30, 2014

Invesco V.I. Technology Fund
Series I Shares	Contractual	2.00%	May 1, 2013	June 30, 2014
Series II Shares	Contractual	2.25%	May 1, 2013	June 30, 2014

Invesco V.I. Utilities Fund
Series I Shares	Contractual	2.00%	May 1, 2012	June 30, 2014
Series II Shares	Contractual	2.25%	May 1, 2012	June 30, 2014

Invesco V.I. Utilities Fund*
Series I Shares	Contractual	1.03%	April 30, 2014	April 30, 2015
Series II Shares	Contractual	1.28%	April 30, 2014	April 30, 2015

Invesco V.I. Value Opportunities Fund
Series I Shares	Contractual	2.00%	May 1, 2013	June 30, 2014
Series II Shares	Contractual	2.25%	May 1, 2013	June 30, 2014

*	The expense limit shown is contingent upon both Board of Trustee and shareholder approval of certain changes to the Fund.

as of December 17, 2013

EXHIBIT “D” — CLOSED-END FUNDS

Invesco Municipal Income Opportunities Trust


	Contractual/	Expense	Effective Date of	Expiration
Fund	Voluntary	Limitation	Current Limit	Date
Invesco Municipal Income Opportunities Trust	Contractual	0.67%	August 27, 2012	August 31, 2014

Invesco Quality Municipal Income Trust


	Contractual/	Expense	Effective Date of	Expiration
Fund	Voluntary	Limitation	Current Limit	Date
Invesco Quality Municipal Income Trust	Contractual	0.50%	October 15, 2012	October 31, 2014

Invesco Value Municipal Income Trust


	Contractual/	Expense	Effective Date of	Expiration
Fund	Voluntary	Limitation	Current Limit	Date
Invesco Value Municipal Income Trust	Contractual	0.46%	October 15, 2012	October 31, 2014