SUB-ITEM 77Q1(E)
MEMORANDUM OF AGREEMENT
(ADVISORY FEE WAIVERS)
This Memorandum of Agreement is entered into as of the effective date on
the attached Exhibit A and B (each an "Exhibit" or, collectively the
"Exhibits"), between AIM Counselor Series Trust, AIM Equity Funds, AIM Funds
Group, AIM Growth Series, AIM International Mutual Funds, AIM Investment Funds,
AIM Investment Securities Funds, AIM Sector Funds, AIM Tax-Exempt Funds, AIM
Treasurer's Series Trust, AIM Variable Insurance Funds 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 Aim Advisors, Inc. ("Invesco Aim"). Invesco Aim 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 Aim 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 Aim 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 Aim 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 Aim will waive advisory fees payable by an Investing
Trust in an amount equal to 100% of the net advisory fee Invesco Aim
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 Aim'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 Aim may remove or amend the Waiver to a
Trust's detriment prior to requesting and receiving the approval of
the Portfolio's Board of Trustee to
1
remove or amend such Waiver. Invesco Aim will not have any right to
reimbursement of any amount so waived.
The Boards of Trustees and Invesco Aim may terminate or modify this
Memorandum of Agreement prior to the Expiration Date only by mutual written
consent. Invesco Aim 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 Aim
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 Aim 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 Aim have
entered into this Memorandum of Agreement as of the Effective Date on the
attached Exhibits.
AIM COUNSELOR SERIES TRUST
AIM EQUITY FUNDS
AIM FUNDS GROUP
AIM GROWTH SERIES
AIM INTERNATIONAL MUTUAL FUNDS
AIM INVESTMENT FUNDS
AIM INVESTMENT SECURITIES FUNDS
AIM SECTOR FUNDS
AIM TAX-EXEMPT FUNDS
AIM TREASURER'S SERIES TRUST
AIM VARIABLE INSURANCE FUNDS
SHORT-TERM INVESTMENTS TRUST
on behalf of the Funds listed in the
Exhibit to this Memorandum of Agreement
By: /s/ Xxxx X. Xxxx
------------------------------------
Title: Senior Vice President
INVESCO AIM ADVISORS, INC.
By: /s/ Xxxx X. Xxxx
------------------------------------
Title: Senior Vice President
2
EXHIBIT A TO ADVISORY FEE MOA
AIM EQUITY FUNDS WAIVER DESCRIPTION EFFECTIVE DATE EXPIRATION DATE
---------------------------- ---------------------------------------------------- -------------- ---------------
AIM Charter Fund Invesco Aim will waive advisory fees to the extent 1/1/2005 12/31/2012
necessary so that advisory fees Invesco Aim receives
do not exceed the annualized rates listed below.
0.75% of the first $150M
0.615% of the next $4.85B
0.57% of the next $2.5B
0.545% of the next $2.5B
0.52% of the excess over $10B
AIM Constellation Fund Invesco Aim will waive advisory fees to the extent 3/27/2006 12/31/2012
necessary so that advisory fees Invesco Aim receives
do not exceed the annualized rates listed below.
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 FUNDS GROUP WAIVER DESCRIPTION EFFECTIVE DATE EXPIRATION DATE
---------------------------- ---------------------------------------------------- -------------- ---------------
AIM Basic Balanced Fund Invesco Aim will waive advisory fees to the extent 1/1/2005 12/31/2012
necessary so that advisory fees Invesco Aim receives
do not exceed the annualized rates listed below.
0.62% of the first $250M
0.605% of the next $250M
0.59% of the next $500M
0.575% of the next $1.5B
0.56% of the next $2.5B
0.545% of the next $2.5B
0.53% of the next $2.5B
0.515% of the excess over $10B
3
AIM SECTOR FUNDS WAIVER DESCRIPTION EFFECTIVE DATE EXPIRATION DATE
---------------------------- ---------------------------------------------------- -------------- ---------------
AIM Gold & Precious Metals Invesco Aim will waive advisory fees to the extent 1/1/2005 6/30/2010
Fund necessary so that advisory fees Invesco Aim
receives do not exceed the annualized rates listed
below.
0.75% of the first $250M
0.74% of the next $250M
0.73% of the next $500M
0.72% of the next $1.5B
0.71% of the next $2.5B
0.70% of the next $2.5B
0.69% of the next $2.5B
0.68% of the excess over $10B
AIM TREASURER'S SERIES TRUST WAIVER DESCRIPTION EFFECTIVE DATE EXPIRATION DATE
---------------------------- ---------------------------------------------------- -------------- ---------------
Premier Portfolio Invesco Aim will waive advisory fees in the amount 2/25/2005 6/30/2010
of 0.03% of the Fund's average daily net assets
Premier U.S. Government Invesco Aim will waive advisory fees in the amount 2/25/2005 6/30/2010
Money Portfolio of 0.03% of the Fund's average daily net assets
AIM VARIABLE INSURANCE FUNDS WAIVER DESCRIPTION EFFECTIVE DATE EXPIRATION DATE
---------------------------- ---------------------------------------------------- -------------- ---------------
AIM V. I. Basic Balanced Invesco Aim will waive advisory fees to the extent 1/1/2010 04/30/2011
Fund necessary so that advisory fees Invesco Aim receives
do not exceed the annualized rates listed below.
0.62% of the first $250M
0.605% of the next $250M
0.59% of the next $500M
0.575% of the next $1.5B
0.56% of the next $2.5B
0.545% of the next $2.5B
0.53% of the next $2.5B
0.515% of the excess over $10B
AIM V. I. Capital Invesco Aim will waive advisory fees to the extent 1/1/2005 4/30/2011
Development Fund necessary so that advisory fees Invesco Aim
receives do not exceed the annualized rates listed
below.
0.745% of the first $250M
0.73% of the next $250M
0.715% of the next $500M
0.70% of the next $1.5B
0.685% of the next $2.5B
0.67% of the next $2.5B
0.655% of the next $2.5B
0.64% of the excess over $10B
4
EXHIBIT B
AIM COUNSELOR SERIES TRUST
PORTFOLIO EFFECTIVE DATE COMMITTED UNTIL
--------- ---------------- ---------------
AIM Core Plus Bond Fund June 2, 2009 June 30, 2010
AIM Floating Rate Fund July 1, 2007 June 30, 2010
AIM Multi-Sector Fund July 1, 2007 June 30, 2010
AIM Select Real Estate Income Fund July 1, 2007 June 30, 2010
AIM Structured Core Fund July 1, 2007 June 30, 2010
AIM Structured Growth Fund July 1, 2007 June 30, 2010
AIM Structured Value Fund July 1, 2007 June 30, 2010
AIM EQUITY FUNDS
PORTFOLIO EFFECTIVE DATE COMMITTED UNTIL
--------- ---------------- ---------------
AIM Capital Development Fund July 1, 2007 June 30, 2010
AIM Charter Fund July 1, 2007 June 30, 2010
AIM Constellation Fund July 1, 2007 June 30, 2010
AIM Disciplined Equity Fund July 14, 2009 June 30, 2010
AIM Diversified Dividend Fund July 1, 2007 June 30, 2010
AIM Large Cap Basic Value Fund July 1, 2007 June 30, 2010
AIM Large Cap Growth Fund July 1, 2007 June 30, 2010
AIM Summit Fund July 1, 2007 June 30, 2010
AIM FUNDS GROUP
FUND EFFECTIVE DATE COMMITTED UNTIL
---- ---------------- ---------------
AIM Basic Balanced Fund July 1, 2007 June 30, 2010
AIM European Small Company Fund July 1, 2007 June 30, 2010
AIM Global Core Equity Fund July 1, 2007 June 30, 2010
AIM International Small Company Fund July 1, 2007 June 30, 2010
AIM Mid Cap Basic Value Fund July 1, 2007 June 30, 2010
AIM Select Equity Fund July 1, 2007 June 30, 2010
AIM Small Cap Equity Fund July 1, 2007 June 30, 2010
AIM GROWTH SERIES
FUND EFFECTIVE DATE COMMITTED UNTIL
---- ---------------- ---------------
AIM Basic Value Fund July 1, 2007 June 30, 2010
AIM Global Equity Fund July 1, 2007 June 30, 2010
AIM Mid Cap Core Equity Fund July 1, 2007 June 30, 2010
AIM Small Cap Growth Fund July 1, 2007 June 30, 2010
5
AIM INTERNATIONAL MUTUAL FUNDS
FUND EFFECTIVE DATE COMMITTED UNTIL
---- ---------------- ---------------
AIM Asia Pacific Growth Fund July 1, 2007 June 30, 2010
AIM European Growth Fund July 1, 2007 June 30, 2010
AIM Global Growth Fund July 1, 2007 June 30, 2010
AIM Global Small & Mid Cap Growth Fund July 1, 2007 June 30, 2010
AIM International Core Equity Fund July 1, 2007 June 30, 2010
AIM International Growth Fund July 1, 2007 June 30, 2010
AIM INVESTMENT FUNDS
FUND EFFECTIVE DATE COMMITTED UNTIL
---- ---------------- ---------------
AIM Balanced-Risk Allocation Fund* May 29, 2009 Xxxx 00, 0000
XXX Xxxxx Fund July 1, 2007 June 30, 2010
AIM Developing Markets Fund July 1, 2007 June 30, 2010
AIM Global Health Care Fund July 1, 2007 June 30, 2010
AIM International Total Return Fund July 1, 2007 Xxxx 00, 0000
XXX Xxxxx Fund July 1, 2007 June 30, 2010
AIM LIBOR Alpha Fund July 1, 2007 June 30, 2010
AIM Trimark Endeavor Fund July 1, 2007 June 30, 2010
AIM Trimark Fund July 1, 2007 June 30, 2010
AIM Trimark Small Companies Fund July 1, 2007 June 30, 2010
* Advisory fees to be waived by Invesco Aim for AIM Balanced-Risk Allocation
Fund also include advisory fees that Invesco Aim receives on the Uninvested
Cash from the Affiliated Money Market Fund in which Invesco Aim Cayman
Commodity Fund I, Ltd. invests.
AIM INVESTMENT SECURITIES FUNDS
FUND EFFECTIVE DATE COMMITTED UNTIL
---- ---------------- ---------------
AIM Core Bond Fund July 1, 2007 June 30, 2010
AIM Dynamics Fund July 1, 2007 June 30, 2010
AIM Global Real Estate Fund July 1, 2007 June 30, 2010
AIM High Yield Fund July 1, 2007 June 30, 2010
AIM Income Fund July 1, 2007 June 30, 2010
AIM Limited Maturity Treasury Fund July 1, 2007 June 30, 2010
AIM Money Market Fund July 1, 2007 June 30, 2010
AIM Municipal Bond Fund July 1, 2007 June 30, 2010
AIM Real Estate Fund July 1, 2007 June 30, 2010
AIM Short Term Bond Fund July 1, 2007 June 30, 2010
AIM U.S. Government Fund July 1, 2007 June 30, 2010
AIM SECTOR FUNDS
FUND EFFECTIVE DATE COMMITTED UNTIL
---- ---------------- ---------------
AIM Energy Fund July 1, 2007 June 30, 2010
AIM Financial Services Fund July 1, 2007 June 30, 2010
AIM Gold & Precious Metals Fund July 1, 2007 June 30, 2010
AIM Leisure Fund July 1, 2007 June 30, 2010
AIM Technology Fund July 1, 2007 June 30, 2010
AIM Utilities Fund July 1, 2007 June 30, 2010
AIM TAX-EXEMPT FUNDS
FUND EFFECTIVE DATE COMMITTED UNTIL
---- ---------------- ---------------
AIM High Income Municipal Fund July 1, 2007 June 30, 2010
AIM Tax-Exempt Cash Fund July 1, 2007 June 30, 2010
AIM Tax-Free Intermediate Fund July 1, 2007 June 30, 2010
AIM VARIABLE INSURANCE FUNDS
FUND EFFECTIVE DATE COMMITTED UNTIL
---- ---------------- ---------------
AIM V.I. Basic Balanced Fund July 1, 2007 June 30, 2010
AIM V.I. Basic Value Fund July 1, 2007 June 30, 2010
AIM V.I. Capital Appreciation Fund July 1, 2007 June 30, 2010
AIM V.I. Capital Development Fund July 1, 2007 June 30, 2010
AIM V.I. Core Equity Fund July 1, 2007 June 30, 2010
AIM V.I. Diversified Income Fund July 1, 2007 June 30, 2010
AIM V.I. Dynamics Fund July 1, 2007 June 30, 2010
AIM V.I. Financial Services Fund July 1, 2007 June 30, 2010
AIM V.I. Global Health Care Fund July 1, 2007 June 30, 2010
AIM V.I. Global Real Estate Fund July 1, 2007 June 30, 2010
AIM V.I. Government Securities Fund July 1, 2007 June 30, 2010
AIM V.I. High Yield Fund July 1, 2007 June 30, 2010
AIM V.I. International Growth Fund July 1, 2007 June 30, 2010
AIM V.I. Large Cap Growth Fund July 1, 2007 June 30, 2010
AIM V.I. Leisure Fund July 1, 2007 June 30, 2010
AIM V.I. Mid Cap Core Equity Fund July 1, 2007 June 30, 2010
AIM V.I. Money Market Fund July 1, 2007 June 30, 2010
AIM V.I. PowerShares ETF Allocation Fund October 22, 2008 June 30, 2010
AIM V.I. Small Cap Equity Fund July 1, 2007 June 30, 2010
AIM V.I. Technology Fund July 1, 2007 June 30, 2010
AIM V.I. Utilities Fund July 1, 2007 June 30, 2010
SHORT-TERM INVESTMENTS TRUST
FUND EFFECTIVE DATE COMMITTED UNTIL
---- ---------------- ---------------
Government TaxAdvantage Portfolio July 1, 2007 June 30, 2010
STIC Prime Portfolio July 1, 2007 June 30, 2010
Treasury Portfolio July 1, 2007 June 30, 2010
