Report of Independent Registered Public Accounting Firm
To the Board of Trustees and Shareholders of Invesco Municipal Trust
In planning and performing our audit of the financial statements of Invesco Municipal Trust as of and for the year ended February 29, 2020, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Fund’s internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Fund’s internal control over financial reporting.
The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis.
Our consideration of the Fund’s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control over financial reporting that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Fund’s internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of February 29, 2020.
PricewaterhouseCoopers LLP, 1000 Louisiana Street, Suite 5800, Houston, TX 77002
T: (713) 356 4000, F: (713) 356 4717, www.pwc.com/us
This report is intended solely for the information and use of the Board of Trustees of Invesco Municipal Trust and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.
/s/ PricewaterhouseCoopers LLP
April 28, 2020
2
MEMORANDUM OF AGREEMENT
(Advisory Fee Waivers)
This Memorandum of Agreement is entered into as of the effective date on the attached Exhibit A and B (each an “Exhibit” or, collectively the “Exhibits”), between AIM Counselor Series Trust (Invesco Counselor Series Trust), AIM Equity Funds (Invesco Equity Funds), AIM Funds Group (Invesco Funds Group), AIM Growth Series (Invesco Growth Series), AIM International Mutual Funds (Invesco International Mutual Funds), AIM Investment Funds (Invesco Investment Funds), AIM Investment Securities Funds (Invesco Investment Securities Funds), AIM Sector Funds (Invesco Sector Funds), AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds), AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), AIM Variable Insurance Funds (Invesco Variable Insurance Funds), Invesco Advantage Municipal Income Trust II, Invesco Bond Fund, Invesco California Value Municipal Income Trust, Invesco Dynamic Credit Opportunities Fund, Invesco Exchange Fund, Invesco High Income 2023 Target Term Fund, Invesco High Income 2024 Target Term Fund, Invesco High Income Trust II, Invesco Management Trust, Invesco Municipal Income Opportunities Trust, Invesco Municipal Opportunity Trust, Invesco Municipal Trust, Invesco Pennsylvania Value Municipal Income Trust, Invesco Quality Municipal Income Trust, Invesco Securities Trust, Invesco Senior Income Trust, Invesco Trust for Investment Grade Municipals, Invesco Trust for Investment Grade New York Municipals and Invesco Value Municipal Income Trust (each a “Trust” or, collectively, the “Trusts”), on behalf of the funds listed on the Exhibits to this Memorandum of Agreement (the “Funds”), and Invesco Advisers, Inc. (“Invesco”). Invesco shall and hereby agrees to waive fees of the Funds, on behalf of their respective classes as applicable, severally and not jointly, as indicated in the Exhibits.
For and in consideration of the mutual terms and agreements set forth herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Invesco agrees that until at least the expiration date set forth on Exhibit A (the “Expiration Date”) and with respect to those Funds listed on the Exhibit, Invesco will waive its advisory fees at the rate set forth on the Exhibit.
For and in consideration of the mutual terms and agreements set forth herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Trusts and Invesco agree as follows:
| 1. | Invesco agrees that until the expiration date, if any, of the commitment set forth on the attached Exhibit B occurs, as such Exhibit B is amended from time to time, Invesco will waive advisory fees payable by an Investing Fund (defined below) in an amount equal to 100% of the net advisory fee Invesco receives on the Uninvested Cash (defined below) from the Affiliated Money Market Fund (defined below) in which the Investing Fund invests (the “Waiver”). |
| i. | Invesco’s Fund Accounting Group will calculate, and apply, the Waiver monthly, based upon the average investment of Uninvested Cash made by the Investing Fund during the previous month in an Affiliated Money Market Fund. |
| ii. | The Waiver will not apply to those Investing Funds that do not charge an advisory fee, either due to the terms of their advisory agreement, or as a result of contractual or voluntary fee waivers. |
| iii. | The Waiver will not apply to cash collateral for securities lending. |
For purposes of the paragraph above, the following terms shall have the following meanings:
| (a) | “Affiliated Money Market Fund” - any existing or future Trust that holds itself out as a money market fund and complies with Rule 2a-7 under the Investment Company Act of 1940, as amended; |
| (b) | “Investing Fund” - any Fund investing Cash Balances and/or Cash Collateral in an Affiliated Money Market Fund; and |
| (c) | “Uninvested Cash” - cash available and uninvested by a Trust that may result from a variety of sources, including dividends or interest received on portfolio securities, unsettled securities transactions, strategic reserves, matured investments, proceeds from liquidation of investment securities, dividend payments, or new investor capital. |
| 2. | Neither a Trust nor Invesco may remove or amend the Waiver to a Trust’s detriment prior to the Expiration Date without requesting and receiving the approval of the Board of Trustee of the applicable Fund’s Trust to remove or amend such Waiver. Invesco will not have any right to reimbursement of any amount so waived. |
Subject to the foregoing paragraphs, Invesco agrees to review the then-current waivers for each class of the Funds listed on the Exhibits on a date prior to the Expiration Date to determine whether such waivers should be amended, continued or terminated. The waivers will expire upon the Expiration Date unless Invesco has agreed to continue them. The Exhibits will be amended to reflect any such agreement.
It is expressly agreed that the obligations of the Trusts hereunder shall not be binding upon any of the Trustees, shareholders, nominees, officers, agents or employees of the Trusts personally, but shall only bind the assets and property of the Funds, as provided in each Trust’s Agreement and Declaration of Trust. The execution and delivery of this Memorandum of Agreement have been authorized by the Trustees of each Trust, and this Memorandum of Agreement has been executed and delivered by an authorized officer of each Trust acting as such; neither such authorization by such Trustees nor such execution and delivery by such officer shall be deemed to have been made by any of them individually or to impose any liability on any of them personally, but shall bind only the assets and property of the Funds, as provided in each Trust’s Agreement and Declaration of Trust.
IN WITNESS WHEREOF, each of the Trusts, on behalf of itself and its Funds listed in Exhibit A and B to this Memorandum of Agreement, and Invesco have entered into this Memorandum of Agreement as of the Effective Date on the attached Exhibits.
| on behalf of the Funds listed in the Exhibit to this Memorandum of Agreement | ||
| By: | /s/ Jeffrey H. Kupor | |
| Title: | Senior Vice President | |
| INVESCO ADVISERS, INC. | ||
| By: | /s/ Jeffrey H. Kupor | |
| Title: | Senior Vice President | |
| Exhibit A to Advisory Fee MOA | ||||||||||
| AIM Growth Series (Invesco Growth Series) |
Waiver Description |
Effective Date | Expiration Date |
|||||||
| Invesco Oppenheimer Portfolio Series: Active Allocation Fund | Invesco will waive advisory fees in the amount of 0.04% of the Fund’s average daily net assets | 05/28/2019 | 05/31/2021 | |||||||
| Invesco Oppenheimer Portfolio Series: Conservative Investor Fund | Invesco will waive advisory fees in the amount of 0.10% of the Fund’s average daily net assets | 05/28/2019 | 05/31/2021 | |||||||
| Invesco Oppenheimer Portfolio Series: Moderate Investor Fund | Invesco will waive advisory fees in the amount of 0.07% of the Fund’s average daily net assets | 05/28/2019 | 05/31/2021 | |||||||
| AIM Investment Funds (Invesco Investment Funds |
Waiver Description |
Effective Date | Expiration Date |
|||||||
| Invesco Balanced-Risk Commodity Strategy Fund | Invesco will waive advisory fees in an amount equal to the advisory fees earned on underlying affiliated investments | 02/24/15 | 06/30/2021 | |||||||
| Invesco Global Targeted Returns Fund | Invesco will waive advisory fees in an amount equal to the advisory fees earned on underlying affiliated investments | 12/17/2013 | 06/30/2021 | |||||||
| AIM Investment Securities Funds (Invesco Investment Securities Funds |
Waiver Description |
Effective Date | Expiration Date |
|||||||
| Invesco Oppenheimer Government Cash Reserves Fund |
Limit Management Fees to 0.40% for each class | 05/28/2019 | 05/31/2021 | |||||||
| AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
Waiver Description |
Effective Date | Expiration Date |
|||||||
| Invesco Premier Portfolio | Invesco will waive advisory fees in the amount of 0.07% of the Fund’s average daily net assets | 2/1/2011 | 12/31/2020 | |||||||
| Invesco 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 | 12/31/2020 | |||||||
| Invesco Premier Tax-Exempt Portfolio | Invesco will waive advisory fees in the amount of 0.05% of the Fund’s average daily net assets | 06/01/2016 | 12/31/2020 | |||||||
EXHIBIT “B”
AIM COUNSELOR SERIES TRUST (INVESCO COUNSELOR SERIES TRUST)
| PORTFOLIO |
EFFECTIVE DATE | COMMITTED UNTIL | ||
| Invesco American Franchise Fund |
February 12, 2010 | June 30, 2021 | ||
| Invesco California Tax-Free Income Fund |
February 12, 2010 | June 30, 2021 | ||
| Invesco Core Plus Bond Fund |
June 2, 2009 | June 30, 2021 | ||
| Invesco Equally-Weighted S&P 500 Fund |
February 12, 2010 | June 30, 2021 | ||
| Invesco Equity and Income Fund |
February 12, 2010 | June 30, 2021 | ||
| Invesco Floating Rate Fund |
July 1, 2007 | June 30, 2021 | ||
| Invesco Global Real Estate Income Fund |
July 1, 2007 | June 30, 2021 | ||
| Invesco Growth and Income Fund |
February 12, 2010 | June 30, 2021 | ||
| Invesco Low Volatility Equity Yield Fund |
July 1, 2007 | June 30, 2021 | ||
| Invesco Oppenheimer Capital Appreciation Fund |
May 28, 2019 | June 30, 2021 | ||
| Invesco Oppenheimer Discovery Fund |
May 28, 2019 | June 30, 2021 | ||
| Invesco Oppenheimer Equity Income Fund |
May 28, 2019 | June 30, 2021 | ||
| Invesco Oppenheimer Master Loan Fund |
May 28, 2019 | June 30, 2021 | ||
| Invesco Oppenheimer Real Estate Fund |
May 28, 2019 | June 30, 2021 | ||
| Invesco Oppenheimer Rochester® Short Duration High Yield Municipal Fund |
May 28, 2019 | June 30, 2021 | ||
| Invesco Oppenheimer Senior Floating Rate Fund |
May 28, 2019 | June 30, 2021 | ||
| Invesco Oppenheimer Senior Floating Rate Plus Fund |
May 28, 2019 | June 30, 2021 | ||
| Invesco Oppenheimer Short Term Municipal Fund |
May 28, 2019 | June 30, 2021 | ||
| Invesco Pennsylvania Tax Free Income Fund |
February 12, 2010 | June 30, 2021 | ||
| Invesco S&P 500 Index Fund |
February 12, 2010 | June 30, 2021 | ||
| Invesco Short Duration High Yield Municipal Fund |
September 30, 2015 | June 30, 2021 | ||
| Invesco Small Cap Discovery Fund |
February 12, 2010 | June 30, 2021 |
AIM EQUITY FUNDS (INVESCO EQUITY FUNDS)
| PORTFOLIO |
EFFECTIVE DATE | COMMITTED UNTIL | ||
| Invesco Charter Fund |
July 1, 2007 | June 30, 2021 | ||
| Invesco Diversified Dividend Fund |
July 1, 2007 | June 30, 2021 | ||
| Invesco Oppenheimer Dividend Opportunity Fund |
May 28, 2019 | June 30, 2021 | ||
| Invesco Oppenheimer Main Street All Cap Fund® |
May 28, 2019 | June 30, 2021 | ||
| Invesco Oppenheimer Main Street Fund® |
May 28, 2019 | June 30, 2021 | ||
| Invesco Oppenheimer Rising Dividends Fund |
May 28, 2019 | June 30, 2021 | ||
| Invesco Summit Fund |
July 1, 2007 | June 30, 2021 |
AIM FUNDS GROUP (INVESCO FUNDS GROUP)
| FUND |
EFFECTIVE DATE | COMMITTED UNTIL | ||
| Invesco European Small Company Fund |
July 1, 2007 | June 30, 2021 | ||
| Invesco Global Core Equity Fund |
July 1, 2007 | June 30, 2021 | ||
| Invesco International Small Company Fund |
July 1, 2007 | June 30, 2021 | ||
| Invesco Small Cap Equity Fund |
July 1, 2007 | June 30, 2021 |
AIM GROWTH SERIES (INVESCO GROWTH SERIES)
| FUND |
EFFECTIVE DATE | COMMITTED UNTIL | ||
| Invesco Convertible Securities Fund |
February 12, 2010 | June 30, 2021 | ||
| Invesco Global Low Volatility Equity Yield Fund | July 1, 2007 | June 30, 2021 | ||
| Invesco Mid Cap Core Equity Fund |
July 1, 2007 | June 30, 2021 | ||
| Invesco Oppenheimer Main Street Mid Cap Fund® |
May 28, 2019 | June 30, 2021 | ||
| Invesco Oppenheimer Main Street Small Cap Fund® |
May 28, 2019 | June 30, 2021 | ||
| Invesco Oppenheimer Master Event-Linked Bond Fund |
May 28, 2019 | June 30, 2021 | ||
| Invesco Oppenheimer Mid Cap Value Fund |
May 28, 2019 | June 30, 2021 | ||
| Invesco Oppenheimer Portfolio Series: Active Allocation Fund |
May 28, 2019 | June 30, 2021 | ||
| Invesco Quality Income Fund |
February 12, 2010 | June 30, 2021 | ||
| Invesco Small Cap Growth Fund | July 1, 2007 | June 30, 2021 |
AIM INTERNATIONAL MUTUAL FUNDS (INVESCO INTERNATIONAL MUTUAL FUNDS)
| FUND |
EFFECTIVE DATE | COMMITTED UNTIL | ||
| Invesco Asia Pacific Growth Fund |
July 1, 2007 | June 30, 2021 | ||
| Invesco European Growth Fund |
July 1, 2007 | June 30, 2021 | ||
| Invesco Global Growth Fund |
July 1, 2007 | June 30, 2021 | ||
| Invesco Global Opportunities Fund |
August 3, 2012 | June 30, 2021 | ||
| Invesco Global Responsibility Equity Fund |
June 30, 2016 | June 30, 2021 | ||
| Invesco Global Small & Mid Cap Growth Fund |
July 1, 2007 | June 30, 2021 | ||
| Invesco International Select Equity Fund |
December 21, 2015 | June 30, 2021 | ||
| Invesco International Core Equity Fund |
July 1, 2007 | June 30, 2021 | ||
| Invesco International Growth Fund |
July 1, 2007 | June 30, 2021 | ||
| Invesco Oppenheimer Global Fund |
May 28, 2019 | June 30, 2021 | ||
| Invesco Oppenheimer Global Focus Fund |
May 28, 2019 | June 30, 2021 | ||
| Invesco Oppenheimer Global Multi-Asset Growth Fund1 |
May 28, 2019 | June 30, 2021 | ||
| Invesco Oppenheimer Global Opportunities Fund |
May 28, 2019 | June 30, 2021 | ||
| Invesco Oppenheimer International Equity Fund |
May 28, 2019 | June 30, 2021 | ||
| Invesco Oppenheimer International Growth Fund |
May 28, 2019 | June 30, 2021 | ||
| Invesco Oppenheimer International Small-Mid Company Fund |
May 28, 2019 | June 30, 2021 | ||
| Invesco Select Opportunities Fund |
May 28, 2019 | June 30, 2021 |
AIM INVESTMENT FUNDS (INVESCO INVESTMENT FUNDS)
| FUND |
EFFECTIVE DATE | COMMITTED UNTIL | ||
| Invesco All Cap Market Neutral Fund | December 17, 2013 | June 30, 2021 | ||
| Invesco Balanced-Risk Allocation Fund2 | May 29, 2009 | June 30, 2021 | ||
| Invesco Balanced-Risk Commodity Strategy Fund3 | November 29, 2010 | June 30, 2021 | ||
| Invesco Developing Markets Fund | July 1, 2007 | June 30, 2021 | ||
| Invesco Emerging Markets Select Equity Fund | May 11, 2011 | June 30, 2021 | ||
| Invesco Endeavor Fund | July 1, 2007 | June 30, 2021 | ||
| Invesco Global Infrastructure Fund | May 2, 2014 | June 30, 2021 | ||
| Invesco Global Market Neutral Fund | December 17, 2013 | June 30, 2021 | ||
| Invesco Global Targeted Returns Fund4 | December 17, 2013 | June 30, 2021 | ||
| Invesco Greater China Fund | July 1, 2007 | June 30, 2021 | ||
| Invesco Health Care Fund | July 1, 2007 | June 30, 2021 | ||
| Invesco Long/Short Equity Fund | December 17, 2013 | June 30, 2021 | ||
| Invesco Low Volatility Emerging Markets Fund | December 17, 2013 | June 30, 2021 | ||
| Invesco Macro Allocation Strategy Fund5 | September 25, 2012 | June 30, 2021 | ||
| Invesco Multi-Asset Income Fund6 | December 13, 2011 | June 30, 2021 | ||
| Invesco Oppenheimer Capital Income Fund7 |
May 28, 2019 | June 30, 2021 | ||
| Invesco Oppenheimer Developing Markets Fund |
May 28, 2019 | June 30, 2021 | ||
| Invesco Oppenheimer Discovery Mid Cap Growth Fund |
May 28, 2019 | June 30, 2021 | ||
| Invesco Oppenheimer Emerging Markets Innovators Fund |
May 28, 2019 | June 30, 2021 | ||
| Invesco Oppenheimer Emerging Markets Local Debt Fund |
May 28, 2019 | June 30, 2021 | ||
| Invesco Oppenheimer Fundamental Alternatives Fund8 |
May 28, 2019 | June 30, 2021 |
| 1 | Advisory fees to be waived by Invesco for Invesco Oppenheimer Global Multi-Asset Growth Fund also include advisory fees that Invesco receives on the Uninvested Cash from the Affiliated Money Market Fund in which Invesco Oppenheimer Global Multi-Asset Growth Fund (Cayman) Ltd. invests. |
| 2 | 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. |
| 3 | 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. |
| 4 | Advisory fees to be waived by Invesco for Invesco Global Targeted Returns Fund also include advisory fees that Invesco receives on the Uninvested Cash from the Affiliated Money Market Fund in which Invesco Cayman Commodity Fund VII, Ltd. invests. |
| 5 | Advisory fees to be waived by Invesco for Invesco Macro Allocation Strategy Fund also include advisory fees that Invesco receives on the Uninvested Cash from the Affiliated Money Market Fund in which Invesco Cayman Commodity Fund V, Ltd. invests. |
| 6 | Advisory fees to be waived by Invesco for Invesco Multi-Asset Income Fund also include advisory fees that Invesco receives on the Uninvested Cash from the Affiliated Money Market Fund in which Invesco Multi-Asset Income Cayman, Ltd. invests. |
| 7 | Advisory fees to be waived by Invesco for Invesco Oppenheimer Capital Income Fund also include advisory fees that Invesco receives on the Uninvested Cash from the Affiliated Money Market Fund in which Invesco Oppenheimer Capital Income Fund (Cayman) Ltd. invests. |
| 8 | Advisory fees to be waived by Invesco for Invesco Oppenheimer Fundamental Alternatives Fund also include advisory fees that Invesco receives on the Uninvested Cash from the Affiliated Money Market Fund in which Invesco Oppenheimer Fundamental Alternatives Fund (Cayman) Ltd. invests. |
| Invesco Oppenheimer Global Allocation Fund9 |
May 28, 2019 | June 30, 2021 | ||
| Invesco Oppenheimer Global Multi-Asset Income Fund |
May 28, 2019 | June 30, 2021 | ||
| Invesco Oppenheimer Global Strategic Income Fund10 |
May 28, 2019 | June 30, 2021 | ||
| Invesco Oppenheimer International Bond Fund11 |
May 28, 2019 | June 30, 2021 | ||
| Invesco Oppenheimer Macquarie Global Infrastructure Fund |
May 28, 2019 | June 30, 2021 | ||
| Invesco Oppenheimer SteelPath MLP Alpha Fund |
May 28, 2019 | June 30, 2021 | ||
| Invesco Oppenheimer SteelPath MLP Alpha Plus Fund |
May 28, 2019 | June 30, 2021 | ||
| Invesco Oppenheimer SteelPath MLP Income Fund |
May 28, 2019 | June 30, 2021 | ||
| Invesco Oppenheimer SteelPath MLP Select 40 Fund |
May 28, 2019 | June 30, 2021 | ||
| Invesco Oppenheimer Total Return Bond Fund |
May 28, 2019 | June 30, 2021 | ||
| Invesco Pacific Growth Fund | February 12, 2010 | June 30, 2021 | ||
| Invesco Select Companies Fund | July 1, 2007 | June 30, 2021 | ||
| Invesco U.S. Managed Volatility Fund | December 18, 2017 | June 30, 2021 | ||
| Invesco World Bond Fund | July 1, 2007 | June 30, 2021 |
AIM INVESTMENT SECURITIES FUNDS (INVESCO INVESTMENT SECURITIES FUNDS)
| FUND |
EFFECTIVE DATE | COMMITTED UNTIL | ||
| Invesco Corporate Bond Fund |
February 12, 2010 | June 30, 2021 | ||
| Invesco Global Real Estate Fund |
July 1, 2007 | June 30, 2021 | ||
| Invesco Government Money Market Fund |
July 1, 2007 | June 30, 2021 | ||
| Invesco High Yield Fund |
July 1, 2007 | June 30, 2021 | ||
| Invesco Income Fund |
July 1, 2007 | June 30, 2021 | ||
| Invesco Oppenheimer Global High Yield Fund12 |
May 28, 2019 | June 30, 2021 | ||
| Invesco Oppenheimer Government Cash Reserves Fund |
May 28, 2019 | June 30, 2021 | ||
| Invesco Oppenheimer Government Money Market Fund |
May 28, 2019 | June 30, 2021 | ||
| Invesco Oppenheimer Intermediate Income Fund |
May 28, 2019 | June 30, 2021 | ||
| Invesco Oppenheimer Limited-Term Bond Fund |
May 28, 2019 | June 30, 2021 | ||
| Invesco Oppenheimer Limited-Term Government Fund |
May 28, 2019 | June 30, 2021 | ||
| Invesco Oppenheimer Master Inflation Protected Securities Fund |
May 28, 2019 | June 30, 2021 | ||
| Invesco Oppenheimer Ultra-Short Duration Fund |
May 28, 2019 | June 30, 2021 | ||
| Invesco Real Estate Fund |
July 1, 2007 | June 30, 2021 | ||
| Invesco Short Duration Inflation Protected Fund |
July 1, 2007 | June 30, 2021 | ||
| Invesco Short Term Bond Fund |
July 1, 2007 | June 30, 2021 |
| 9 | Advisory fees to be waived by Invesco for Invesco Oppenheimer Global Allocation Fund also include advisory fees that Invesco receives on the Uninvested Cash from the Affiliated Money Market Fund in which Invesco Oppenheimer Global Allocation Fund (Cayman) Ltd. invests. |
| 10 | Advisory fees to be waived by Invesco for Invesco Oppenheimer Global Strategic Income Fund also include advisory fees that Invesco receives on the Uninvested Cash from the Affiliated Money Market Fund in which Invesco Oppenheimer Global Strategic Income Fund (Cayman) Ltd. invests. |
| 11 | Advisory fees to be waived by Invesco for Invesco Oppenheimer International Bond Fund also include advisory fees that Invesco receives on the Uninvested Cash from the Affiliated Money Market Fund in which Invesco Oppenheimer International Bond Fund (Cayman) Ltd. invests. |
| 12 | Advisory fees to be waived by Invesco for Invesco Oppenheimer Global High Yield Fund also include advisory fees that Invesco receives on the Uninvested Cash from the Affiliated Money Market Fund in which Invesco Oppenheimer Global High Yield Fund (Cayman) Ltd. invests. |
AIM SECTOR FUNDS (INVESCO SECTOR FUNDS)
| FUND |
EFFECTIVE DATE | COMMITTED UNTIL | ||
| Invesco American Value Fund |
February 12, 2010 | June 30, 2021 | ||
| Invesco Comstock Fund |
February 12, 2010 | June 30, 2021 | ||
| Invesco Energy Fund | July 1, 2007 | June 30, 2021 | ||
| Invesco Dividend Income Fund | July 1, 2007 | June 30, 2021 | ||
| Invesco Gold & Precious Metals Fund | July 1, 2007 | June 30, 2021 | ||
| Invesco Mid Cap Growth Fund |
February 12, 2010 | June 30, 2021 | ||
| Invesco Oppenheimer Gold & Special Minerals Fund13 |
May 28, 2019 | June 30, 2021 | ||
| Invesco Oppenheimer Small Cap Value Fund |
May 28, 2019 | June 30, 2021 | ||
| Invesco Oppenheimer Value Fund |
May 28, 2019 | June 30, 2021 | ||
| Invesco Small Cap Value Fund |
February 12, 2010 | June 30, 2021 | ||
| Invesco Technology Fund | July 1, 2007 | June 30, 2021 | ||
| Invesco Technology Sector Fund | February 12, 2010 | June 30, 2021 | ||
| Invesco Value Opportunities Fund |
February 12, 2010 | June 30, 2021 |
AIM TAX-EXEMPT FUNDS (INVESCO TAX-EXEMPT FUNDS)
| FUND |
EFFECTIVE DATE | COMMITTED UNTIL | ||
| Invesco High Yield Municipal Fund |
February 12, 2010 | June 30, 2021 | ||
| Invesco Intermediate Term Municipal Income Fund |
February 12, 2010 | June 30, 2021 | ||
| Invesco Municipal Income Fund |
February 12, 2010 | June 30, 2021 | ||
| Invesco New York Tax Free Income Fund |
February 12, 2010 | June 30, 2021 | ||
| Invesco Oppenheimer Intermediate Term Municipal Fund |
May 28, 2019 | June 30, 2021 | ||
| Invesco Oppenheimer Municipal Fund |
May 28, 2019 | June 30, 2021 | ||
| Invesco Oppenheimer Rochester® AMT-Free Municipal Fund |
May 28, 2019 | June 30, 2021 | ||
| Invesco Oppenheimer Rochester® AMT-Free New York Municipal Fund |
May 28, 2019 | June 30, 2021 | ||
| Invesco Oppenheimer Rochester® California Municipal Fund |
May 28, 2019 | June 30, 2021 | ||
| Invesco Oppenheimer Rochester® High Yield Municipal Fund |
May 28, 2019 | June 30, 2021 | ||
| Invesco Oppenheimer Rochester® Limited Term California Municipal Fund |
May 28, 2019 | June 30, 2021 | ||
| Invesco Oppenheimer Rochester® Limited Term New York Municipal Fund |
May 28, 2019 | June 30, 2021 | ||
| Invesco Oppenheimer Rochester® Municipals Fund |
May 28, 2019 | June 30, 2021 | ||
| Invesco Oppenheimer Rochester® New Jersey Municipal Fund |
May 28, 2019 | June 30, 2021 | ||
| Invesco Oppenheimer Rochester® Pennsylvania Municipal Fund |
May 28, 2019 | June 30, 2021 | ||
| Invesco Limited Term Municipal Income Fund |
July 1, 2007 | June 30, 2021 |
AIM VARIABLE INSURANCE FUNDS (INVESCO VARIABLE INSURANCE FUNDS)
| FUND |
EFFECTIVE DATE | COMMITTED UNTIL | ||
| Invesco Oppenheimer V.I. Capital Appreciation Fund |
May 28, 2019 | June 30, 2021 | ||
| Invesco Oppenheimer V.I. Conservative Balanced Fund |
May 28, 2019 | June 30, 2021 | ||
| Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund |
May 28, 2019 | June 30, 2021 | ||
| Invesco Oppenheimer V.I. Global Fund |
May 28, 2019 | June 30, 2021 | ||
| Invesco Oppenheimer V.I. Global Strategic Income Fund14 |
May 28, 2019 | June 30, 2021 |
| 13 | Advisory fees to be waived by Invesco for Invesco Oppenheimer Gold & Special Minerals Fund also include advisory fees that Invesco receives on the Uninvested Cash from the Affiliated Money Market Fund in which Invesco Oppenheimer Gold & Special Minerals Fund (Cayman) Ltd. invests. |
| 14 | Advisory fees to be waived by Invesco for Invesco Oppenheimer V.I. Global Strategic Income Fund also include advisory fees that Invesco receives on the Uninvested Cash from the Affiliated Money Market Fund in which Invesco Oppenheimer V.I. Global Strategic Income Fund (Cayman) Ltd. invests. |
| Invesco Oppenheimer V.I. Government Money Fund |
May 28, 2019 | June 30, 2021 | ||
| Invesco Oppenheimer V.I. International Growth Fund | May 28, 2019 | June 30, 2021 | ||
| Invesco Oppenheimer V.I. Main Street Fund® |
May 28, 2019 | June 30, 2021 | ||
| Invesco Oppenheimer V.I. Main Street Small Cap Fund® |
May 28, 2019 | June 30, 2021 | ||
| Invesco Oppenheimer V.I. Total Return Bond Fund | May 28, 2019 | June 30, 2021 | ||
| Invesco V.I. American Franchise Fund |
February 12, 2010 | June 30, 2021 | ||
| Invesco V.I. American Value Fund |
February 12, 2010 | June 30, 2021 | ||
| Invesco V.I. Balanced-Risk Allocation Fund15 |
December 22, 2010 | June 30, 2021 | ||
| Invesco V.I. Comstock Fund |
February 12, 2010 | June 30, 2021 | ||
| Invesco V.I. Core Equity Fund |
July 1, 2007 | June 30, 2021 | ||
| Invesco V.I. Core Plus Bond Fund |
April 30, 2015 | June 30, 2021 | ||
| Invesco V.I. Diversified Dividend Fund |
February 12, 2010 | June 30, 2021 | ||
| Invesco V.I. Equally-Weighted S&P 500 Fund |
February 12, 2010 | June 30, 2021 | ||
| Invesco V.I. Equity and Income Fund |
February 12, 2010 | June 30, 2021 | ||
| Invesco V.I. Global Core Equity Fund |
February 12, 2010 | June 30, 2021 | ||
| Invesco V.I. Global Real Estate Fund |
July 1, 2007 | June 30, 2021 | ||
| Invesco V.I. Government Money Market Fund |
July 1, 2007 | June 30, 2021 | ||
| Invesco V.I. Government Securities Fund |
July 1, 2007 | June 30, 2021 | ||
| Invesco V.I. Growth and Income Fund |
February 12, 2010 | June 30, 2021 | ||
| Invesco V.I. Health Care Fund |
July 1, 2007 | June 30, 2021 | ||
| Invesco V.I. High Yield Fund |
July 1, 2007 | June 30, 2021 | ||
| Invesco V.I. International Growth Fund |
July 1, 2007 | June 30, 2021 | ||
| Invesco V.I. Managed Volatility Fund |
July 1, 2007 | June 30, 2021 | ||
| Invesco V.I. Mid Cap Core Equity Fund |
July 1, 2007 | June 30, 2021 | ||
| Invesco V.I. Mid Cap Growth Fund |
February 12, 2010 | June 30, 2021 | ||
| Invesco V.I. S&P 500 Index Fund |
February 12, 2010 | June 30, 2021 | ||
| Invesco V.I. Small Cap Equity Fund |
July 1, 2007 | June 30, 2021 | ||
| Invesco V.I. Technology Fund |
July 1, 2007 | June 30, 2021 | ||
| Invesco V.I. Value Opportunities Fund |
July 1, 2007 | June 30, 2021 |
INVESCO EXCHANGE FUND
| FUND |
EFFECTIVE DATE | COMMITTED UNTIL | ||
| Invesco Exchange Fund |
September 30, 2015 | June 30, 2021 |
INVESCO SECURITIES TRUST
| FUND |
EFFECTIVE DATE | COMMITTED UNTIL | ||
| Invesco Balanced-Risk Aggressive Allocation Fund16 |
January 16, 2013 | June 30, 2021 |
INVESCO MANAGEMENT TRUST
| FUND |
EFFECTIVE DATE | COMMITTED UNTIL | ||
| Invesco Conservative Income Fund |
July 1, 2014 | June 30, 2021 |
CLOSED-END FUNDS
| FUND |
EFFECTIVE DATE | COMMITTED UNTIL | ||
| Invesco Advantage Municipal Income Trust II | May 15, 2012 | June 30, 2021 | ||
| Invesco Bond Fund | August 26, 2015 | June 30, 2021 | ||
| Invesco California Value Municipal Income Trust | May 15, 2012 | June 30, 2021 |
| 15 | Advisory fees to be waived by Invesco for Invesco V.I. Balanced-Risk Allocation Fund also include advisory fees that Invesco receives on the Uninvested Cash from the Affiliated Money Market Fund in which Invesco Cayman Commodity Fund IV, Ltd. invests. |
| 16 | Advisory fees to be waived by Invesco for Invesco Balanced-Risk Aggressive Allocation Fund also include advisory fees that Invesco receives on the Uninvested Cash from the Affiliated Money Market Fund in which Invesco Cayman Commodity Fund VI, Ltd. invests. |
| Invesco Dynamic Credit Opportunities Fund | May 15, 2012 | June 30, 2021 | ||
| Invesco High Income 2023 Target Term Fund | November 28, 20016 | June 30, 2021 | ||
| Invesco High Income 2024 Target Term Fund | November 30, 2017 | June 30, 2021 | ||
| Invesco High Income Trust II | May 15, 2012 | June 30, 2021 | ||
| Invesco Municipal Income Opportunities Trust | August 26, 2015 | June 30, 2021 | ||
| Invesco Municipal Opportunity Trust | May 15, 2012 | June 30, 2021 | ||
| Invesco Municipal Trust | May 15, 2012 | June 30, 2021 | ||
| Invesco Pennsylvania Value Municipal Income Trust | May 15, 2012 | June 30, 2021 | ||
| Invesco Quality Municipal Income Trust | August 26, 2015 | June 30, 2021 | ||
| Invesco Senior Income Trust | May 15, 2012 | June 30, 2021 | ||
| Invesco Trust for Investment Grade Municipals | May 15, 2012 | June 30, 2021 | ||
| Invesco Trust for Investment Grade New York Municipals | May 15, 2012 | June 30, 2021 | ||
| Invesco Value Municipal Income Trust |
June 1, 2010 | June 30, 2021 |