EX-99.13.D.1 4 h87344pexv99w13wdw1.htm EX-99.13.D.1 exv99w13wdw1
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 Municipal Income Opportunities Trust, Invesco, Invesco Municipal Premium Income Trust, Invesco Quality Municipal Income Trust, Invesco Quality Municipal Investment Trust, Invesco Quality Municipal Securities, Invesco Value Municipal Bond Trust, Invesco Value Municipal Income Trust, Invesco Value Municipal Securities, Invesco Value Municipal Trust, and Short-Term Investments Trust (each a “Trust” or, collectively, the “Trusts”), on behalf of the funds listed on the Exhibits to this Memorandum of Agreement (the “Funds”), and Invesco Advisers, Inc. (“Invesco”). Invesco shall and hereby agrees to waive fees of the Funds, on behalf of their respective classes as applicable, severally and not jointly, as indicated in the Exhibits.
     For and in consideration of the mutual terms and agreements set forth herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Invesco agrees that until at least the expiration date set forth on Exhibit A (the “Expiration Date”) and with respect to those Funds listed on the Exhibit, Invesco will waive its advisory fees at the rate set forth on the Exhibit.
     For and in consideration of the mutual terms and agreements set forth herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Trusts and Invesco agree as follows:
  1.   Invesco agrees that until the expiration date, if any, of the commitment set forth on the attached Exhibit B occurs, as such Exhibit B is amended from time to time, Invesco will waive advisory fees payable by an Investing Fund (defined below) in an amount equal to 100% of the net advisory fee Invesco receives on the Uninvested Cash (defined below) from the Affiliated Money Market Fund (defined below) in which the Investing Fund invests (the “Waiver”).
  i.   Invesco’s Fund Accounting Group will calculate, and apply, the Waiver monthly, based upon the average investment of Uninvested Cash made by the Investing Fund during the previous month in an Affiliated Money Market Fund.
 
  ii.   The Waiver will not apply to those Investing Funds that do not charge an advisory fee, either due to the terms of their advisory agreement, or as a result of contractual or voluntary fee waivers.
 
  iii.   The Waiver will not apply to cash collateral for securities lending.
      For purposes of the paragraph above, the following terms shall have the following meanings:
  (a)   “Affiliated Money Market Fund” — any existing or future Trust that holds itself out as a money market fund and complies with Rule 2a-7 under the Investment Company Act of 1940, as amended;
 
  (b)   “Investing Fund” — any Fund investing Cash Balances and/or Cash Collateral in an Affiliated Money Market Fund; and
(c) “Uninvested Cash” — cash available and uninvested by a Trust that may result from a variety of sources, including dividends or interest received on portfolio securities, unsettled securities transactions, strategic reserves, matured investments, proceeds from liquidation of investment securities, dividend payments, or new investor capital.

 

 

  2.   Neither a Trust nor Invesco may remove or amend the Waiver to a Trust’s detriment prior to requesting and receiving the approval of the Board of Trustee of the applicable Fund’s Trust to remove or amend such Waiver. Invesco will not have any right to reimbursement of any amount so waived.
     The Boards of Trustees and Invesco may terminate or modify this Memorandum of Agreement prior to the Expiration Date only by mutual written consent. Invesco will not have any right to reimbursement of any amount so waived or reimbursed.
     Subject to the foregoing paragraphs, Invesco agrees to review the then-current waivers for each class of the Funds listed on the Exhibits on a date prior to the Expiration Date to determine whether such waivers should be amended, continued or terminated. The waivers will expire upon the Expiration Date unless the Trusts and Invesco have agreed to continue them. The Exhibits will be amended to reflect any such agreement.
     It is expressly agreed that the obligations of the Trusts hereunder shall not be binding upon any of the Trustees, shareholders, nominees, officers, agents or employees of the Trusts personally, but shall only bind the assets and property of the Funds, as provided in each Trust’s Agreement and Declaration of Trust. The execution and delivery of this Memorandum of Agreement have been authorized by the Trustees of each Trust, and this Memorandum of Agreement has been executed and delivered by an authorized officer of each Trust acting as such; neither such authorization by such Trustees nor such execution and delivery by such officer shall be deemed to have been made by any of them individually or to impose any liability on any of them personally, but shall bind only the assets and property of the Funds, as provided in each Trust’s Agreement and Declaration of Trust.
     IN WITNESS WHEREOF, each of the Trusts, on behalf of itself and its Funds listed in Exhibit A and B to this Memorandum of Agreement, and Invesco have entered into this Memorandum of Agreement as of the Effective Date on the attached Exhibits.
AIM COUNSELOR SERIES TRUST (INVESCO COUNSELOR SERIES TRUST)
AIM EQUITY FUNDS (INVESCO EQUITY FUNDS)
AIM FUNDS GROUP (INVESCO FUNDS GROUP)
AIM GROWTH SERIES (INVESCO GROWTH SERIES)
AIM INTERNATIONAL MUTUAL FUNDS (INVESCO INTERNATIONAL MUTUAL FUNDS)
AIM INVESTMENT FUNDS (INVESCO INVESTMENT FUNDS)
AIM INVESTMENT SECURITIES FUNDS (INVESCO INVESTMENT SECURITIES FUNDS)
AIM SECTOR FUNDS (INVESCO SECTOR FUNDS)
AIM TAX-EXEMPT FUNDS (INVESCO TAX-EXEMPT FUNDS)
AIM TREASURER’S SERIES TRUST (INVESCO TREASURER’S SERIES TRUST)
AIM VARIABLE INSURANCE FUNDS (INVESCO VARIABLE INSURANCE FUNDS)
INVESCO MUNICIPAL INCOME OPPORTUNITIES TRUST
INVESCO MUNICIPAL PREMIUM INCOME TRUST
INVESCO QUALITY MUNICIPAL INCOME TRUST
INVESCO QUALITY MUNICIPAL INVESTMENT TRUST
INVESCO QUALITY MUNICIPAL SECURITIES
INVESCO VALUE MUNICIPAL BOND TRUST
INVESCO VALUE MUNICIPAL INCOME TRUST
INVESCO VALUE MUNICIPAL SECURITIES
INVESCO VALUE MUNICIPAL TRUST
SHORT-TERM INVESTMENTS TRUST
on behalf of the Funds listed in the Exhibit
to this Memorandum of Agreement
             
 
  By:   /s/ John M. Zerr
 
    
 
            
 
  Title:   Senior Vice President    
 
            
    INVESCO ADVISERS, INC.
 
            
 
  By:   /s/ John M. Zerr
 
    
 
            
 
  Title:   Senior Vice President    

 

 

             
Exhibit A to Advisory Fee MOA
AIM Equity Funds            
(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 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 American Franchise Fund
  February 12, 2010   June 30, 2013
Invesco California Tax-Free Income Fund
  February 12, 2010   June 30, 2013
Invesco Core Plus Bond Fund
  June 2, 2009   June 30, 2013
Invesco Equally-Weighted S&P 500 Fund
  February 12, 2010   June 30, 2013
Invesco Equity and Income Fund
  February 12, 2010   June 30, 2013
Invesco Floating Rate Fund
  July 1, 2007   June 30, 2013
Invesco Global Real Estate Income Fund
  July 1, 2007   June 30, 2013
Invesco Growth and Income Fund
  February 12, 2010   June 30, 2013
Invesco Pennsylvania Tax Free Income Fund
  February 12, 2010   June 30, 2013
Invesco S&P 500 Index Fund
  February 12, 2010   June 30, 2013
Invesco Small Cap Growth Fund
  February 12, 2010   June 30, 2013
Invesco U.S. Quantitative Core Fund
  July 1, 2007   June 30, 2013
AIM EQUITY FUNDS (INVESCO EQUITY FUNDS)
         
PORTFOLIO   EFFECTIVE DATE   COMMITTED UNTIL
Invesco Charter Fund
  July 1, 2007   June 30, 2013
Invesco Constellation Fund
  July 1, 2007   June 30, 2013
Invesco Disciplined Equity Fund
  July 14, 2009   June 30, 2013
Invesco Diversified Dividend Fund
  July 1, 2007   June 30, 2013
Invesco Summit Fund
  July 1, 2007   June 30, 2013
AIM FUNDS GROUP (INVESCO FUNDS GROUP)
         
FUND   EFFECTIVE DATE   COMMITTED UNTIL
Invesco European Small Company Fund
  July 1, 2007   June 30, 2013
Invesco Global Core Equity Fund
  July 1, 2007   June 30, 2013
Invesco International Small Company Fund
  July 1, 2007   June 30, 2013
Invesco Small Cap Equity Fund
  July 1, 2007   June 30, 2013
AIM GROWTH SERIES (INVESCO GROWTH SERIES)
         
FUND   EFFECTIVE DATE   COMMITTED UNTIL
Invesco Convertible Securities Fund
  February 12, 2010   June 30, 2013
Invesco Global Quantitative Core Fund
  July 1, 2007   June 30, 2013
Invesco Leaders Fund
  February 12, 2010   June 30, 2013
Invesco Mid Cap Core Equity Fund
  July 1, 2007   June 30, 2013
Invesco Small Cap Growth Fund
  July 1, 2007   June 30, 2013
Invesco U.S. Mortgage Fund
  February 12, 2010   June 30, 2013

 

 

AIM INTERNATIONAL MUTUAL FUNDS (INVESCO INTERNATIONAL MUTUAL FUNDS)
         
FUND   EFFECTIVE DATE   COMMITTED UNTIL
Invesco Asia Pacific Growth Fund
  July 1, 2007   June 30, 2013
Invesco European Growth Fund
  July 1, 2007   June 30, 2013
Invesco Global Growth Fund
  July 1, 2007   June 30, 2013
Invesco Global Opportunities Fund
  August 1, 2012   June 30, 2013
Invesco Global Select Companies Fund
  August 1, 2012   June 30, 2013
Invesco Global Small & Mid Cap Growth Fund
  July 1, 2007   June 30, 2013
Invesco International Growth Fund
  July 1, 2007   June 30, 2013
Invesco International Core Equity Fund
  July 1, 2007   June 30, 2013
AIM INVESTMENT FUNDS (INVESCO INVESTMENT FUNDS)
         
FUND   EFFECTIVE DATE   COMMITTED UNTIL
Invesco Balanced-Risk Allocation Fund*
  May 29, 2009   June 30, 2013
Invesco Balanced-Risk Commodity Strategy Fund**
  November 29, 2010   June 30, 2013
Invesco China Fund
  July 1, 2007   June 30, 2013
Invesco Commodities Strategy Fund***
  February 12, 2010   June 30, 2013
Invesco Developing Markets Fund
  July 1, 2007   June 30, 2013
Invesco Emerging Markets Equity Fund
  May 11, 2011   June 30, 2013
Invesco Emerging Market Local Currency Debt Fund
  June 14, 2010   June 30, 2013
Invesco Endeavor Fund
  July 1, 2007   June 30, 2013
Invesco Global Advantage Fund
  February 12, 2010   June 30, 2013
Invesco Global Health Care Fund
  July 1, 2007   June 30, 2013
Invesco Global Markets Strategy Fund
  September 25, 2012   June 30, 2013
Invesco International Total Return Fund
  July 1, 2007   June 30, 2013
Invesco Pacific Growth Fund
  February 12, 2010   June 30, 2013
Invesco Premium Income Fund
  December 13, 2011   June 30, 2013
Invesco Small Companies Fund
  July 1, 2007   June 30, 2013
AIM INVESTMENT SECURITIES FUNDS (INVESCO INVESTMENT SECURITIES FUNDS)
         
FUND   EFFECTIVE DATE   COMMITTED UNTIL
Invesco Corporate Bond Fund
  February 12, 2010   June 30, 2013
Invesco Dynamics Fund
  July 1, 2007   June 30, 2013
Invesco Global Real Estate Fund
  July 1, 2007   June 30, 2013
Invesco High Yield Fund
  July 1, 2007   June 30, 2013
Invesco High Yield Securities Fund
  February 12, 2010   June 30, 2013
Invesco Limited Maturity Treasury Fund
  July 1, 2007   June 30, 2013
Invesco Money Market Fund
  July 1, 2007   June 30, 2013
Invesco Municipal Bond Fund
  July 1, 2007   June 30, 2013
Invesco Real Estate Fund
  July 1, 2007   June 30, 2013
Invesco Short Term Bond Fund
  July 1, 2007   June 30, 2013
Invesco U.S. Government Fund
  July 1, 2007   June 30, 2013
 
*   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 American Value Fund
  February 12, 2010   June 30, 2013
Invesco Comstock Fund
  February 12, 2010   June 30, 2013
Invesco Energy Fund
  July 1, 2007   June 30, 2013
Invesco Gold & Precious Metals Fund
  July 1, 2007   June 30, 2013
Invesco Leisure Fund
  July 1, 2007   June 30, 2013
Invesco Mid Cap Growth Fund
  February 12, 2010   June 30, 2013
Invesco Small Cap Value Fund
  February 12, 2010   June 30, 2013
Invesco Technology Fund
  July 1, 2007   June 30, 2013
Invesco Technology Sector Fund
  February 12, 2010   June 30, 2013
Invesco Utilities Fund
  July 1, 2007   June 30, 2013
Invesco Value Fund
  February 12, 2010   June 30, 2013
Invesco Value Opportunities Fund
  February 12, 2010   June 30, 2013
AIM TAX-EXEMPT FUNDS (INVESCO TAX-EXEMPT FUNDS)
         
FUND   EFFECTIVE DATE   COMMITTED UNTIL
Invesco High Yield Municipal Fund
  February 12, 2010   June 30, 2013
Invesco Intermediate Term Municipal Income Fund
  February 12, 2010   June 30, 2013
Invesco Municipal Income Fund
  February 12, 2010   June 30, 2013
Invesco New York Tax Free Income Fund
  February 12, 2010   June 30, 2013
Invesco Tax-Exempt Cash Fund
  July 1, 2007   June 30, 2013
Invesco Tax-Free Intermediate Fund
  July 1, 2007   June 30, 2013
AIM VARIABLE INSURANCE FUNDS (INVESCO VARIABLE INSURANCE FUNDS)
         
FUND   EFFECTIVE DATE   COMMITTED UNTIL
Invesco V.I. Balanced-Risk Allocation Fund****
  December 22, 2010   June 30, 2013
Invesco V.I. Core Equity Fund
  July 1, 2007   June 30, 2013
Invesco V.I. Diversified Dividend Fund
  February 12, 2010   June 30, 2013
Invesco V.I. Diversified Income Fund
  July 1, 2007   June 30, 2013
Invesco V.I. Equally-Weighted S&P 500 Fund
  February 12, 2010   June 30, 2013
Invesco V.I. Global Core Equity Fund
  February 12, 2010   June 30, 2013
Invesco V.I. Global Health Care Fund
  July 1, 2007   June 30, 2013
Invesco V.I. Global Real Estate Fund
  July 1, 2007   June 30, 2013
Invesco V.I. Government Securities Fund
  July 1, 2007   June 30, 2013
Invesco V.I. High Yield Fund
  July 1, 2007   June 30, 2013
Invesco V.I. High Yield Securities Fund
  February 12, 2010   June 30, 2013
Invesco V.I. International Growth Fund
  July 1, 2007   June 30, 2013
Invesco V.I. Mid Cap Core Equity Fund
  July 1, 2007   June 30, 2013
Invesco V.I. Money Market Fund
  July 1, 2007   June 30, 2013
Invesco V.I. S&P 500 Index Fund
  February 12, 2010   June 30, 2013
Invesco V.I. Small Cap Equity Fund
  July 1, 2007   June 30, 2013
Invesco V.I. Technology Fund
  July 1, 2007   June 30, 2013
Invesco V.I. Utilities Fund
  July 1, 2007   June 30, 2013
Invesco Van Kampen V.I. American FranchiseFund
  February 12, 2010   June 30, 2013
Invesco Van Kampen V.I. American Value Fund
  February 12, 2010   June 30, 2013
Invesco Van Kampen V.I. Comstock Fund
  February 12, 2010   June 30, 2013
Invesco Van Kampen V.I. Equity and Income Fund
  February 12, 2010   June 30, 2013
Invesco Van Kampen V.I. Growth and Income Fund
  February 12, 2010   June 30, 2013
Invesco Van Kampen V.I. Mid Cap Growth Fund
  February 12, 2010   June 30, 2013
Invesco Van Kampen V.I. Value Opportunities Fund
  July 1, 2007   June 30, 2013
 
****   Advisory fees to be waived by Invesco for Invesco V.I. Balanced-Risk Allocation Fund also include an amount equal to advisory fees that Invesco receives from any money market fund or similarly pooled cash equivalent investment vehicle advised by Invesco and/or Invesco’s affiliates in which Invesco Cayman Commodity Fund IV, Ltd. invests.

 

 

SHORT-TERM INVESTMENTS TRUST
         
FUND   EFFECTIVE DATE   COMMITTED UNTIL
Government TaxAdvantage Portfolio
  July 1, 2007   June 30, 2013
STIC Prime Portfolio
  July 1, 2007   June 30, 2013
Treasury Portfolio
  July 1, 2007   June 30, 2013
CLOSED-END FUNDS
         
FUND   EFFECTIVE DATE   COMMITTED UNTIL
Invesco Municipal Income Opportunities Trust
  June 1, 2010   June 30, 2013
Invesco Municipal Premium Income Trust
  June 1, 2010   June 30, 2013
Invesco Quality Municipal Income Trust
  June 1, 2010   June 30, 2013
Invesco Quality Municipal Investment Trust
  June 1, 2010   June 30, 2013
Invesco Quality Municipal Securities
  June 1, 2010   June 30, 2013
Invesco Value Municipal Bond Trust
  June 1, 2010   June 30, 2013
Invesco Value Municipal Income Trust
  June 1, 2010   June 30, 2013
Invesco Value Municipal Securities
  June 1, 2010   June 30, 2013
Invesco Value Municipal Trust
  June 1, 2010   June 30, 2013