EX-99.H.3.C 10 h86660bexv99whw3wc.htm EX-99.H.3.C exv99whw3wc
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 Insured Municipal Income Trust, Invesco California Quality Municipal Securities, Invesco High Yield Fund, Inc., Invesco Insured California Municipal Securities, Invesco Insured Municipal Bond Trust, Invesco Insured Municipal Income Trust, Invesco Insured Municipal Securities, Invesco Insured Municipal Trust, 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 Prime Income Trust, Invesco Quality Municipal Income Trust, Invesco Quality Municipal Investment Trust, Invesco Quality Municipal Securities 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, the Trusts and Invesco agree 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 Aim agree as follows:
  1.   Each Trust, for itself and its Funds, and Invesco agree 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 Trust 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 Trust 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 Trust during the previous month in an Affiliated Money Market Fund.
 
  ii.   The Waiver will not apply to those investing Trusts 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; and
(b) “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, each of the Trusts and Invesco agree 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 INSURED MUNICIPAL INCOME TRUST
INVESCO CALIFORNIA QUALITY MUNICIPAL SECURITIES
INVESCO HIGH YIELD FUND, INC.
INVESCO INSURED CALIFORNIA MUNICIPAL SECURITIES
INVESCO INSURED MUNICIPAL BOND TRUST
INVESCO INSURED MUNICIPAL INCOME TRUST
INVESCO INSURED MUNICIPAL SECURITIES
INVESCO INSURED MUNICIPAL TRUST
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 PRIME INCOME TRUST
INVESCO QUALITY MUNICIPAL INCOME TRUST
INVESCO QUALITY MUNICIPAL INVESTMENT TRUST
INVESCO QUALITY MUNICIPAL SECURITIES
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            
(Invesco Equity           Expiration
Funds)   Waiver Description   Effective 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 Tax-Exempt            
Funds (Invesco Tax-           Expiration
Exempt Funds)   Waiver Description   Effective Date   Date
Invesco Van Kampen Intermediate Term
Municipal Income Fund
  Invesco will waive advisory fees in the amount of 0.10% of the Fund’s average daily net assets   2/12/2010   6/30/2012
 
            
Invesco Van Kampen New York Tax Free
Income Fund
  Invesco will waive advisory fees in the amount of 0.25% of the Fund’s average daily net assets   2/12/2010   6/30/2012
             
AIM Treasurer’s            
Series Trust            
(Invesco Treasurer’s           Expiration
Series Trust)   Waiver Description   Effective 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 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

 

 

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, 2012
Invesco Core Plus Bond Fund
  June 2, 2009   June 30, 2012
Invesco Equally-Weighted S&P 500 Fund
  February 12, 2010   June 30, 2012
Invesco Floating Rate Fund
  July 1, 2007   June 30, 2012
Invesco S&P 500 Index Fund
  February 12, 2010   June 30, 2012
Invesco Select Real Estate Income Fund
  July 1, 2007   June 30, 2012
Invesco Structured Core Fund
  July 1, 2007   June 30, 2012
Invesco Van Kampen American Franchise Fund
  February 12, 2010   June 30, 2012
Invesco Van Kampen Equity and Income Fund
  February 12, 2010   June 30, 2012
Invesco Van Kampen Growth and Income Fund
  February 12, 2010   June 30, 2012
Invesco Van Kampen Pennsylvania Tax Free Income Fund
  February 12, 2010   June 30, 2012
Invesco Van Kampen Small Cap Growth Fund
  February 12, 2010   June 30, 2012
AIM EQUITY FUNDS (INVESCO EQUITY FUNDS)
         
PORTFOLIO   EFFECTIVE DATE   COMMITTED UNTIL
Invesco Capital Development Fund
  July 1, 2007   June 30, 2012
Invesco Charter Fund
  July 1, 2007   June 30, 2012
Invesco Constellation Fund
  July 1, 2007   June 30, 2012
Invesco Disciplined Equity Fund
  July 14, 2009   June 30, 2012
Invesco Diversified Dividend Fund
  July 1, 2007   June 30, 2012
Invesco Summit Fund
  July 1, 2007   June 30, 2012
AIM FUNDS GROUP (INVESCO FUNDS GROUP)
         
FUND   EFFECTIVE DATE   COMMITTED UNTIL
Invesco European Small Company Fund
  July 1, 2007   June 30, 2012
Invesco Global Core Equity Fund
  July 1, 2007   June 30, 2012
Invesco International Small Company Fund
  July 1, 2007   June 30, 2012
Invesco Small Cap Equity Fund
  July 1, 2007   June 30, 2012
AIM GROWTH SERIES (INVESCO GROWTH SERIES)
         
FUND   EFFECTIVE DATE   COMMITTED UNTIL
Invesco Convertible Securities Fund
  February 12, 2010   June 30, 2012
Invesco Global Equity Fund
  July 1, 2007   June 30, 2012
Invesco Mid Cap Core Equity Fund
  July 1, 2007   June 30, 2012
Invesco Small Cap Growth Fund
  July 1, 2007   June 30, 2012
Invesco Van Kampen Leaders Fund
  February 12, 2010   June 30, 2012
Invesco Van Kampen U.S. Mortgage Fund
  February 12, 2010   June 30, 2012

 

 

AIM INTERNATIONAL MUTUAL FUNDS (INVESCO INTERNATIONAL MUTUAL FUNDS)
         
FUND   EFFECTIVE DATE   COMMITTED UNTIL
Invesco Asia Pacific Growth Fund
  July 1, 2007   June 30, 2012
Invesco European Growth Fund
  July 1, 2007   June 30, 2012
Invesco Global Growth Fund
  July 1, 2007   June 30, 2012
Invesco Global Small & Mid Cap Growth Fund
  July 1, 2007   June 30, 2012
Invesco International Growth Fund
  July 1, 2007   June 30, 2012
Invesco International Core Equity Fund
  July 1, 2007   June 30, 2012
AIM INVESTMENT FUNDS (INVESCO INVESTMENT FUNDS)
         
FUND   EFFECTIVE DATE   COMMITTED UNTIL
Invesco Balanced-Risk Allocation Fund*
  May 29, 2009   June 30, 2012
Invesco Balanced-Risk Commodity Strategy Fund**
  November 29, 2010   June 30, 2012
Invesco China Fund
  July 1, 2007   June 30, 2012
Invesco Commodities Strategy Fund***
  February 12, 2010   June 30, 2012
Invesco Developing Markets Fund
  July 1, 2007   June 30, 2012
Invesco Emerging Markets Equity Fund
  May 11, 2011   June 30, 2012
Invesco Emerging Market Local Currency Debt Fund
  June 14, 2010   June 30, 2012
Invesco Endeavor Fund
  July 1, 2007   June 30, 2012
Invesco Global Advantage Fund
  February 12, 2010   June 30, 2012
Invesco Global Health Care Fund
  July 1, 2007   June 30, 2012
Invesco International Total Return Fund
  July 1, 2007   June 30, 2012
Invesco Pacific Growth Fund
  February 12, 2010   June 30, 2012
Invesco Premium Income Fund
  December 13, 2011   June 30, 2012
Invesco Small Companies Fund
  July 1, 2007   June 30, 2012
AIM INVESTMENT SECURITIES FUNDS (INVESCO INVESTMENT SECURITIES FUNDS)
         
FUND   EFFECTIVE DATE   COMMITTED UNTIL
Invesco Dynamics Fund
  July 1, 2007   June 30, 2012
Invesco Global Real Estate Fund
  July 1, 2007   June 30, 2012
Invesco High Yield Fund
  July 1, 2007   June 30, 2012
Invesco High Yield Securities Fund
  February 12, 2010   June 30, 2012
Invesco Limited Maturity Treasury Fund
  July 1, 2007   June 30, 2012
Invesco Money Market Fund
  July 1, 2007   June 30, 2012
Invesco Municipal Bond Fund
  July 1, 2007   June 30, 2012
Invesco Real Estate Fund
  July 1, 2007   June 30, 2012
Invesco Short Term Bond Fund
  July 1, 2007   June 30, 2012
Invesco U.S. Government Fund
  July 1, 2007   June 30, 2012
Invesco Van Kampen Corporate Bond Fund
  February 12, 2010   June 30, 2012
 
*   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.

 

 

AIM SECTOR FUNDS (INVESCO SECTOR FUNDS)
         
FUND   EFFECTIVE DATE   COMMITTED UNTIL
Invesco Energy Fund
  July 1, 2007   June 30, 2012
Invesco Gold & Precious Metals Fund
  July 1, 2007   June 30, 2012
Invesco Leisure Fund
  July 1, 2007   June 30, 2012
Invesco Technology Fund
  July 1, 2007   June 30, 2012
Invesco Technology Sector Fund
  February 12, 2010   June 30, 2012
Invesco U.S. Mid Cap Value Fund
  February 12, 2010   June 30, 2012
Invesco Utilities Fund
  July 1, 2007   June 30, 2012
Invesco Value Fund
  February 12, 2010   June 30, 2012
Invesco Van Kampen American Value Fund
  February 12, 2010   June 30, 2012
Invesco Van Kampen Comstock Fund
  February 12, 2010   June 30, 2012
Invesco Van Kampen Mid Cap Growth Fund
  February 12, 2010   June 30, 2012
Invesco Van Kampen Small Cap Value Fund
  February 12, 2010   June 30, 2012
Invesco Van Kampen Value Opportunities Fund
  February 12, 2010   June 30, 2012
AIM TAX-EXEMPT FUNDS (INVESCO TAX-EXEMPT FUNDS)
         
FUND   EFFECTIVE DATE   COMMITTED UNTIL
Invesco High Income Municipal Fund
  July 1, 2007   June 30, 2012
Invesco Tax-Exempt Cash Fund
  July 1, 2007   June 30, 2012
Invesco Tax-Free Intermediate Fund
  July 1, 2007   June 30, 2012
Invesco Van Kampen High Yield Municipal Fund
  February 12, 2010   June 30, 2012
Invesco Van Kampen Intermediate Term Municipal Income Fund
   February 12, 2010   June 30, 2012
Invesco Van Kampen Municipal Income Fund
  February 12, 2010   June 30, 2012
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, 2012
Invesco V.I. Basic Value Fund
  July 1, 2007   June 30, 2012
Invesco V.I. Capital Appreciation Fund
  July 1, 2007   June 30, 2012
Invesco V.I. Capital Development Fund
  July 1, 2007   June 30, 2012
Invesco V.I. Core Equity Fund
  July 1, 2007   June 30, 2012
Invesco V.I. Diversified Income Fund
  July 1, 2007   June 30, 2012
Invesco V.I. Dividend Growth Fund
  February 12, 2010   June 30, 2012
Invesco V.I. Global Health Care Fund
  July 1, 2007   June 30, 2012
Invesco V.I. Global Real Estate Fund
  July 1, 2007   June 30, 2012
Invesco V.I. Government Securities Fund
  July 1, 2007   June 30, 2012
Invesco V.I. High Yield Fund
  July 1, 2007   June 30, 2012
Invesco V.I. High Yield Securities Fund
  February 12, 2010   June 30, 2012
Invesco V.I. International Growth Fund
  July 1, 2007   June 30, 2012
Invesco V.I. Leisure Fund
  July 1, 2007   June 30, 2012
Invesco V.I. Mid Cap Core Equity Fund
  July 1, 2007   June 30, 2012
Invesco V.I. Money Market Fund
  July 1, 2007   June 30, 2012
Invesco V.I. S&P 500 Index Fund
  February 12, 2010   June 30, 2012
Invesco V.I. Select Dimensions Equally-Weighted S&P 500 Fund
  February 12, 2010   June 30, 2012
Invesco V.I. Small Cap Equity Fund
  July 1, 2007   June 30, 2012
Invesco V.I. Technology Fund
  July 1, 2007   June 30, 2012
Invesco V.I. Utilities Fund
  July 1, 2007   June 30, 2012
Invesco Van Kampen V.I. Capital Growth Fund
  February 12, 2010   June 30, 2012
 
****   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.

 

 

         
Invesco Van Kampen V.I. Comstock Fund
  February 12, 2010   June 30, 2012
Invesco Van Kampen V.I. Equity and Income Fund
  February 12, 2010   June 30, 2012
Invesco Van Kampen V.I. Global Value Equity Fund
  February 12, 2010   June 30, 2012
Invesco Van Kampen V.I. Growth and Income Fund
  February 12, 2010   June 30, 2012
Invesco Van Kampen V.I. Mid Cap Growth Fund
  February 12, 2010   June 30, 2012
Invesco Van Kampen V.I. Mid Cap Value Fund
  February 12, 2010   June 30, 2012
SHORT-TERM INVESTMENTS TRUST
         
FUND   EFFECTIVE DATE   COMMITTED UNTIL
Government TaxAdvantage Portfolio
  July 1, 2007   June 30, 2012
STIC Prime Portfolio
  July 1, 2007   June 30, 2012
Treasury Portfolio
  July 1, 2007   June 30, 2012
CLOSED-END FUNDS
         
FUND   EFFECTIVE DATE   COMMITTED UNTIL
Invesco California Insured Municipal Income Trust
  June 1, 2010   June 30, 2012
Invesco California Quality Municipal Securities
  June 1, 2010   June 30, 2012
Invesco High Yield Fund, Inc.
  June 1, 2010   June 30, 2012
Invesco Insured California Municipal Securities
  June 1, 2010   June 30, 2012
Invesco Insured Municipal Bond Trust
  June 1, 2010   June 30, 2012
Invesco Insured Municipal Income Trust
  June 1, 2010   June 30, 2012
Invesco Insured Municipal Securities
  June 1, 2010   June 30, 2012
Invesco Insured Municipal Trust
  June 1, 2010   June 30, 2012
Invesco Municipal Income Opportunities Trust
  June 1, 2010   June 30, 2012
Invesco Municipal Income Opportunities Trust II
  June 1, 2010   June 30, 2012
Invesco Municipal Income Opportunities Trust III
  June 1, 2010   June 30, 2012
Invesco Municipal Premium Income Trust
  June 1, 2010   June 30, 2012
Invesco New York Quality Municipal Securities
  June 1, 2010   June 30, 2012
Invesco Prime Income Trust
  June 1, 2010   June 30, 2012
Invesco Quality Municipal Income Trust
  June 1, 2010   June 30, 2012
Invesco Quality Municipal Investment Trust
  June 1, 2010   June 30, 2012
Invesco Quality Municipal Securities
  June 1, 2010   June 30, 2012