EX-99.H5 23 h43839bexv99wh5.txt MEMORANDUM OF AGREEMENT 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, AIM Equity Funds, AIM Funds Group, AIM Growth Series, AIM International Mutual Funds, AIM Investment Funds, AIM Investment Securities Funds, AIM Sector Funds, AIM Stock Funds, AIM Variable Insurance Funds, Short-Term Investments Trust and Tax-Free 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 A I M Advisors, Inc. ("AIM"). This Memorandum of Agreement restates the Memorandum of Agreement dated July 1, 2006 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 Stock Funds, AIM Variable Insurance Funds, Short-Term Investments Trust and Tax-Free Investments Trust. AIM 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 AIM agree as follows: For the Contractual Limits (listed in Exhibits A - E), the Trusts and AIM agree until at least the date set forth on the attached Exhibits A - E (the "Expiration Date") that AIM 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 items; (v) expenses related to a merger or reorganization, as approved by the Funds' Board of Trustees; and (vi) 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. With regard to the Contractual Limits, the Board of Trustees and AIM may terminate or modify this Memorandum of Agreement prior to the Expiration Date only by mutual written consent. AIM will not have any right to reimbursement of any amount so waived or reimbursed. For the Contractual Limits, each of the Trusts and AIM agree 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 the Trust and AIM have agreed to continue them. The Exhibits will be amended to reflect any such agreement. For the Voluntary Limits (listed in Exhibits A - E), the Trusts and AIM agree that these are not contractual in nature and that AIM may establish, amend and/or terminate such expense limitations at any time in its sole discretion after consultation with the Funds' Board of Trustees. Any delay or failure by AIM 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. 1 IN WITNESS WHEREOF, each of the Trusts and 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 STOCK FUNDS AIM TAX-EXEMPT FUNDS AIM VARIABLE INSURANCE FUNDS on behalf of the Funds listed in the Exhibits to this Memorandum of Agreement By: /s/ Philip A. Taylor ------------------------------------ Title: President SHORT-TERM INVESTMENTS TRUST TAX-FREE INVESTMENTS TRUST on behalf of the Funds listed in the Exhibits to this Memorandum of Agreement By: /s/ Karen Dunn Kelley ------------------------------------ Title: President A I M Advisors, Inc. By: /s/ Philip A. Taylor ------------------------------------ Title: President 2 as of January 31, 2007 EXHIBIT "A" - RETAIL FUNDS(1) FUNDS WITH FISCAL YEAR END OF MARCH 31 AIM SECTOR FUNDS
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE ---- ------------ ---------- ------------------ ----------------- AIM Energy Fund Class A Shares Voluntary 1.55% July 1, 2005 N/A(2) Class B Shares Voluntary 2.30% August 12, 2003 N/A(2) Class C Shares Voluntary 2.30% August 12, 2003 N/A(2) Investor Class Shares Voluntary 1.55% April 1, 2005 N/A(2) Institutional Class Shares Voluntary 1.30% January 31, 2006 N/A(2) AIM Financial Services Fund Class A Shares Voluntary 1.30% July 1, 2005 N/A(2) Class B Shares Voluntary 2.05% August 12, 2003 N/A(2) Class C Shares Voluntary 2.05% April 1, 2005 N/A(2) Investor Class Shares Voluntary 1.30% April 1, 2005 N/A(2) AIM Leisure Fund Class A Shares Voluntary 1.40% July 1, 2005 N/A(2) Class B Shares Voluntary 2.15% August 12, 2003 N/A(2) Class C Shares Voluntary 2.15% April 1, 2005 N/A(2) Class R Shares Voluntary 1.65% October 25, 2005 N/A(2) Investor Class Shares Voluntary 1.40% April 1, 2005 N/A(2) AIM Technology Fund Class A Shares Contractual 1.55% July 1, 2005 June 30, 2007 Class B Shares Contractual 2.30% July 1, 2005 June 30, 2007 Class C Shares Contractual 2.30% July 1, 2005 June 30, 2007 Investor Class Shares Contractual 1.55% July 1, 2005 June 30, 2007 Institutional Class Shares Contractual 1.30% July 1, 2005 June 30, 2007 AIM Utilities Fund Class A Shares Contractual 1.30% April 1, 2006 June 30, 2007 Class B Shares Contractual 2.05% April 1, 2006 June 30, 2007 Class C Shares Contractual 2.05% April 1, 2006 June 30, 2007 Investor Class Shares Contractual 1.30% April 1, 2006 June 30, 2007 Institutional Class Shares Contractual 1.05% April 1, 2006 June 30, 2007
AIM TAX-EXEMPT FUNDS
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE ---- ------------ ---------- ------------------ ----------------- AIM High Income Municipal Fund Class A Shares Voluntary 0.65% April 1, 2006 N/A(2) Class B Shares Voluntary 1.40% April 1, 2006 N/A(2) Class C Shares Voluntary 1.40% April 1, 2006 N/A(2)
See page 9 for footnotes to Exhibit A. 3 as of January 31, 2007 FUNDS WITH FISCAL YEAR END OF JULY 31 AIM INVESTMENT SECURITIES FUNDS
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE ---- ------------ ---------- ------------------ ----------------- AIM Global Real Estate Fund Class A Shares Contractual 1.40% July 1, 2005 June 30, 2007 Class B Shares Contractual 2.15% April 29, 2005 June 30, 2007 Class C Shares Contractual 2.15% April 29, 2005 June 30, 2007 Class R Shares Contractual 1.65% April 29, 2005 June 30, 2007 Institutional Class Shares Contractual 1.15% April 29, 2005 June 30, 2007 AIM Short Term Bond Fund Class A Shares Contractual 0.85% July 1, 2005 June 30, 2007 Class C Shares Contractual 1.10%(3) February 1, 2006 June 30, 2007 Class R Shares Contractual 1.10% August 30, 2002 June 30, 2007 Institutional Class Shares Contractual 0.60% August 30, 2002 June 30, 2007 AIM Total Return Bond Fund Class A Shares Contractual 1.15% July 1, 2005 June 30, 2007 Class B Shares Contractual 1.90% July 1, 2002 June 30, 2007 Class C Shares Contractual 1.90% July 1, 2002 June 30, 2007 Class R Shares Contractual 1.40% July 1, 2002 June 30, 2007 Institutional Class Shares Contractual 0.90% July 1, 2002 June 30, 2007 AIM Total Return Bond Fund Class A Shares Voluntary 1.00% July 1, 2002 N/A(2) Class B Shares Voluntary 1.75% July 1, 2002 N/A(2) Class C Shares Voluntary 1.75% July 1, 2002 N/A(2) Class R Shares Voluntary 1.25% April 30, 2004 N/A(2) Institutional Class Shares Voluntary 0.75% April 30, 2004 N/A(2)
AIM STOCK FUNDS
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE ---- ------------ ---------- ------------------ ----------------- AIM Dynamics Fund Class A Shares Contractual 1.90% July 1, 2005 July 31, 2006 Class B Shares Contractual 2.65% August 12, 2003 July 31, 2006 Class C Shares Contractual 2.65% August 12, 2003 July 31, 2006 Class R Shares Contractual 2.15% October 25, 2005 July 31, 2006 Investor Class Shares Contractual 1.90% August 12, 2003 July 31, 2006 Institutional Class Shares Contractual 1.65% August 12, 2003 July 31, 2006 AIM Dynamics Fund Class A Shares Voluntary 1.20% July 1, 2005 N/A(2) Class B Shares Voluntary 1.95% August 12, 2003 N/A(2) Class C Shares Voluntary 1.95% August 12, 2003 N/A(2) Class R Shares Voluntary 1.45% October 25, 2005 N/A(2) Investor Class Shares Voluntary 1.20% August 12, 2003 N/A(2) Institutional Class Shares Voluntary 0.95% August 12, 2003 N/A(2) AIM S&P 500 Index Fund Investor Class Shares Contractual 0.60% August 1, 2005 June 30, 2007 Institutional Class Shares Contractual 0.35% August 12, 2003 June 30, 2007
See page 9 for footnotes to Exhibit A. 4 as of January 31, 2007 FUNDS WITH FISCAL YEAR END OF AUGUST 31 AIM COUNSELOR SERIES TRUST
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE ---- ------------ ---------- ------------------ ----------------- AIM Floating Rate Fund Class A Shares Voluntary 1.50% April 14, 2006 N/A(2) Class B1 Shares Voluntary 1.50% May 1, 1997 N/A(2) Class C Shares Voluntary 2.00% April 14, 2006 N/A(2) Class R Shares Voluntary 1.75% April 14, 2006 N/A(2) Institutional Class Shares Voluntary 1.25% April 14, 2006 N/A(2) AIM Multi-Sector Fund Class A Shares Contractual 1.90% July 1, 2005 August 31, 2006 Class B Shares Contractual 2.65% August 12, 2003 August 31, 2006 Class C Shares Contractual 2.65% August 12, 2003 August 31, 2006 Institutional Class Shares Contractual 1.65% August 12, 2003 August 31, 2006 AIM Structured Core Fund Class A Contractual 1.00% March 31, 2006 June 30, 2007 Class B Contractual 1.75% March 31, 2006 June 30, 2007 Class C Contractual 1.75% March 31, 2006 June 30, 2007 Class R Contractual 1.25% March 31, 2006 June 30, 2007 Institutional Class Contractual 0.75% March 31, 2006 June 30, 2007 AIM Structured Growth Fund Class A Contractual 1.00% March 31, 2006 June 30, 2007 Class B Contractual 1.75% March 31, 2006 June 30, 2007 Class C Contractual 1.75% March 31, 2006 June 30, 2007 Class R Contractual 1.25% March 31, 2006 June 30, 2007 Institutional Class Contractual 0.75% March 31, 2006 June 30, 2007 AIM Structured Value Fund Class A Contractual 1.00% March 31, 2006 June 30, 2007 Class B Contractual 1.75% March 31, 2006 June 30, 2007 Class C Contractual 1.75% March 31, 2006 June 30, 2007 Class R Contractual 1.25% March 31, 2006 June 30, 2007 Institutional Class Contractual 0.75% March 31, 2006 June 30, 2007
FUNDS WITH FISCAL YEAR END OF OCTOBER 31 AIM EQUITY FUNDS
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE ---- ------------ ---------- ------------------ ----------------- AIM Capital Development Fund Class A Shares Voluntary 1.55% July 18, 2005 N/A(2) Class B Shares Voluntary 2.30% July 18, 2005 N/A(2) Class C Shares Voluntary 2.30% July 18, 2005 N/A(2) Class R Shares Voluntary 1.80% July 18, 2005 N/A(2) Investor Class Shares Voluntary 1.55% July 18, 2005 N/A(2) Institutional Class Shares Voluntary 1.30% July 18, 2005 N/A(2) AIM Diversified Dividend Fund Class A Shares Contractual 1.40% July 1, 2005 June 30, 2007 Class B Shares Contractual 2.15% May 2, 2003 June 30, 2007 Class C Shares Contractual 2.15% May 2, 2003 June 30, 2007 Class R Shares Contractual 1.65% October 25, 2005 June 30, 2007 Investor Class Shares Contractual 1.40% July 15, 2005 June 30, 2007 Institutional Class Shares Contractual 1.15% October 25, 2005 June 30, 2007
See page 9 for footnotes to Exhibit A. 5 as of January 31, 2007
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE ---- ------------ ---------- ------------------ ----------------- AIM Diversified Dividend Fund Voluntary 1.00% May 2, 2003 N/A(2) Class A Shares Voluntary 1.65% May 2, 2003 N/A(2) Class B Shares Voluntary 1.65% May 2, 2003 N/A(2) Class C Shares Voluntary 1.25% October 25, 2005 N/A(2) Class R Shares Voluntary 1.00% July 15, 2005 N/A(2) Investor Class Shares Voluntary 0.75% October 25, 2005 N/A(2) Institutional Class Shares AIM Large Cap Basic Value Fund Class A Shares Contractual 1.22% July 1, 2005 June 30, 2007 Class B Shares Contractual 1.97% July 1, 2005 June 30, 2007 Class C Shares Contractual 1.97% July 1, 2005 June 30, 2007 Class R Shares Contractual 1.47% July 1, 2005 June 30, 2007 Investor Class Shares Contractual 1.22% July 1, 2005 June 30, 2007 Institutional Class Shares Contractual 0.97% July 1, 2005 June 30, 2007 AIM Large Cap Growth Fund Class A Shares Contractual 1.32% July 1, 2005 June 30, 2007 Class B Shares Contractual 2.07% July 1, 2005 June 30, 2007 Class C Shares Contractual 2.07% July 1, 2005 June 30, 2007 Class R Shares Contractual 1.57% July 1, 2005 June 30, 2007 Investor Class Shares Contractual 1.32% July 1, 2005 June 30, 2007 Institutional Class Shares Contractual 1.07% July 1, 2005 June 30, 2007 AIM Select Basic Value Fund Class A Shares Voluntary 1.75%(3) August 30, 2002 N/A(2) Class B Shares Voluntary 1.75%(3) August 30, 2002 N/A(2) Class C Shares Voluntary 1.75%(3) August 30, 2002 N/A(2)
AIM INTERNATIONAL MUTUAL FUNDS
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE ---- ------------ ---------- ------------------ ----------------- AIM International Core Equity Fund Class A Shares Contractual 2.00% July 1, 2005 October 31, 2006 Class B Shares Contractual 2.75% August 12, 2003 October 31, 2006 Class C Shares Contractual 2.75% August 12, 2003 October 31, 2006 Class R Shares Contractual 2.25% November 24, 2003 October 31, 2006 Investor Class Shares Contractual 2.00% August 12, 2003 October 31, 2006 Institutional Class Shares Contractual 1.75% April 30, 2004 October 31, 2006
AIM INVESTMENT FUNDS
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE ---- ------------ ---------- ------------------ ----------------- AIM China Fund Class A Shares Contractual 2.05% March 31, 2006 June 30, 2007 Class B Shares Contractual 2.80% March 31, 2006 June 30, 2007 Class C Shares Contractual 2.80% March 31, 2006 June 30, 2007 Institutional Class Shares Contractual 1.80% March 31, 2006 June 30, 2007
See page 9 for footnotes to Exhibit A. 6 as of January 31, 2007
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE ---- ------------ ---------- ------------------ ----------------- AIM Developing Markets Fund Contractual 1.75% July 1, 2005 June 30, 2007 Class A Shares Contractual 2.50% July 1, 2002 June 30, 2007 Class B Shares Contractual 2.50% July 1, 2002 June 30, 2007 Class C Shares Contractual 1.50% October 25, 2005 June 30, 2007 Institutional Class Shares AIM Enhanced Short Bond Fund Class A Shares Contractual 0.85% March 31, 2006 June 30, 2007 Class C Shares Contractual 1.10%(3) March 31, 2006 June 30, 2007 Class R Shares Contractual 1.10% March 31, 2006 June 30, 2007 Institutional Class Shares Contractual 0.60% March 31, 2006 June 30, 2007 AIM Global Health Care Fund Class A Shares Voluntary 1.30% July 18, 2005 N/A(2) Class B Shares Voluntary 2.05% July 18, 2005 N/A(2) Class C Shares Voluntary 2.05% July 18, 2005 N/A(2) Investor Class Shares Voluntary 1.30% July 18, 2005 N/A(2) AIM International Bond Fund Class A Shares Contractual 1.10% March 31, 2006 June 30, 2007 Class B Shares Contractual 1.85% March 31, 2006 June 30, 2007 Class C Shares Contractual 1.85% March 31, 2006 June 30, 2007 Institutional Class Shares Contractual 0.85% March 31, 2006 June 30, 2007 AIM Japan Fund Class A Shares Contractual 1.70% March 31, 2006 June 30, 2007 Class B Shares Contractual 2.45% March 31, 2006 June 30, 2007 Class C Shares Contractual 2.45% March 31, 2006 June 30, 2007 Institutional Class Shares Contractual 1.45% March 31, 2006 June 30, 2007 AIM Trimark Endeavor Fund Class A Shares Contractual 1.90% July 1, 2005 June 30, 2007 Class B Shares Contractual 2.65% November 1, 2004 June 30, 2007 Class C Shares Contractual 2.65% November 1, 2004 June 30, 2007 Class R Shares Contractual 2.15% November 1, 2004 June 30, 2007 Institutional Class Shares Contractual 1.65% November 1, 2004 June 30, 2007 AIM Trimark Fund Class A Shares Contractual 2.15% July 1, 2005 June 30, 2007 Class B Shares Contractual 2.90% November 1, 2004 June 30, 2007 Class C Shares Contractual 2.90% November 1, 2004 June 30, 2007 Class R Shares Contractual 2.40% November 1, 2004 June 30, 2007 Institutional Class Shares Contractual 1.90% November 1, 2004 June 30, 2007 AIM Trimark Small Companies Fund Class A Shares Contractual 1.50% September 30, 2005 June 30, 2007 Class B Shares Contractual 2.25% September 30, 2005 June 30, 2007 Class C Shares Contractual 2.25% September 30, 2005 June 30, 2007 Class R Shares Contractual 1.75% September 30, 2005 June 30, 2007 Institutional Class Shares Contractual 1.25% September 30, 2005 June 30, 2007
See page 9 for footnotes to Exhibit A. 7 as of January 31, 2007 FUNDS WITH FISCAL YEAR END OF DECEMBER 31 AIM FUNDS GROUP
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE ---- ------------ ---------- ------------------ ----------------- AIM Basic Balanced Fund Class A Shares Voluntary 1.25% July 18, 2005 N/A(2) Class B Shares Voluntary 2.00% July 18, 2005 N/A(2) Class C Shares Voluntary 2.00% July 18, 2005 N/A(2) Class R. Shares Voluntary 1.50% July 18, 2005 N/A(2) Investor Class Shares Voluntary 1.25% July 18, 2005 N/A(2) Institutional Class Shares Voluntary 1.00% July 18, 2005 N/A(2) AIM European Small Company Fund Class A Shares Contractual 1.90% July 1, 2005 June 30, 2007 Class B Shares Contractual 2.65% May 1, 2002 June 30, 2007 Class C Shares Contractual 2.65% May 1, 2002 June 30, 2007 AIM Global Value Fund Class A Shares Contractual 1.90% July 1, 2005 June 30, 2007 Class B Shares Contractual 2.65% May 1, 2002 June 30, 2007 Class C Shares Contractual 2.65% May 1, 2002 June 30, 2007 Institutional Class Shares Contractual 1.65% May 1, 2002 June 30, 2007 AIM International Small Company Fund Class A Shares Class B Shares Contractual 1.90% July 1, 2005 December 31, 2006 Class C Shares Contractual 2.65% May 1, 2002 December 31, 2006 Institutional Class Shares Contractual 2.65% May 1, 2002 December 31, 2006 Contractual 1.65% May 1, 2002 December 31, 2006 AIM Mid Cap Basic Value Fund Class A Shares Voluntary 1.70% July 1, 2005 N/A(2) Class B Shares Voluntary 2.45% December 31, 2001 N/A(2) Class C Shares Voluntary 2.45% December 31, 2001 N/A(2) Class R Shares Voluntary 1.95% December 31, 2001 N/A(2) Institutional Class Shares Voluntary 1.45% December 31, 2001 N/A(2)
AIM GROWTH SERIES
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE ---- ------------ ---------- ------------------ ----------------- AIM Small Cap Growth Fund Class A Shares Contractual 1.90% April 10, 2006 July 31, 2006 Class B Shares Contractual 2.65% April 10, 2006 July 31, 2006 Class C Shares Contractual 2.65% April 10, 2006 July 31, 2006 Class R Shares Contractual 2.15% April 10, 2006 July 31, 2006 Investor Class Shares Contractual 1.90% April 10, 2006 July 31, 2006 Institutional Class Shares Contractual 1.65% April 10, 2006 July 31, 2006 AIM Small Cap Growth Fund Class A Shares Voluntary 1.50% April 10, 2006 N/A(2) Class B Shares Voluntary 2.25% April 10, 2006 N/A(2) Class C Shares Voluntary 2.25% April 10, 2006 N/A(2) Class R Shares Voluntary 1.75% April 10, 2006 N/A(2) Investor Class Shares Voluntary 1.50% April 10, 2006 N/A(2) Institutional Class Shares Voluntary 1.25% April 10, 2006 N/A(2)
See page 9 for footnotes to Exhibit A. 8 as of January 31, 2007
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE ---- ------------ ---------- ------------------ ----------------- AIM Global Equity Fund Class A Shares Contractual 1.75% July 1, 2005 June 30, 2007 Class B Shares Contractual 2.50% August 27, 1999 June 30, 2007 Class C Shares Contractual 2.50% August 27, 1999 June 30, 2007 Class R Shares Contractual 2.00% August 27, 1999 June 30, 2007 Institutional Class Shares Contractual 1.50% August 27, 1999 June 30, 2007
(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) AIM may establish, amend or terminate voluntary waivers at any time in its sole discretion after consultation with the Trust. (3) The expense limit shown is the expense limit after Rule 12b-1 fee waivers by A I M Distributors, Inc. 9 as of January 31, 2007 EXHIBIT "B" - ASSET ALLOCATION FUNDS(1) AIM GROWTH SERIES
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION(2) CURRENT LIMIT DATE ---- ------------ -------------------------------- ----------------- ------------- AIM Conservative Allocation Fund Class A Shares Contractual Limit Other Expenses to 0.23% of January 1, 2006 June 30, 2007 average daily net assets Class B Shares Contractual Limit Other Expenses to 0.23% of January 1, 2006 June 30, 2007 average daily net assets Class C Shares Contractual Limit Other Expenses to 0.23% of January 1, 2006 June 30, 2007 average daily net assets Class R Shares Contractual Limit Other Expenses to 0.23% of January 1, 2006 June 30, 2007 average daily net assets Institutional Class Shares Contractual Limit Other Expenses to 0.23% of January 1, 2006 June 30, 2007 average daily net assets AIM Growth Allocation Fund Class A Shares Contractual Limit Other Expenses to 0.21% of January 1, 2006 June 30, 2007 average daily net assets Class B Shares Contractual Limit Other Expenses to 0.21% of January 1, 2006 June 30, 2007 average daily net assets Class C Shares Contractual Limit Other Expenses to 0.21% of January 1, 2006 June 30, 2007 average daily net assets Class R Shares Contractual Limit Other Expenses to 0.21% of January 1, 2006 June 30, 2007 average daily net assets Institutional Class Shares Contractual Limit Other Expenses to 0.21% of January 1, 2006 June 30, 2007 average daily net assets AIM Income Allocation Fund Class A Contractual Limit Other Expenses to 0.03% of January 1, 2006 June 30, 2007 average daily net assets Class B Contractual Limit Other Expenses to 0.03% of January 1, 2006 June 30, 2007 average daily net assets Class C Contractual Limit Other Expenses to 0.03% of January 1, 2006 June 30, 2007 average daily net assets Class R Contractual Limit Other Expenses to 0.03% of January 1, 2006 June 30, 2007 average daily net assets Institutional Class Contractual Limit Other Expenses to 0.03% of January 1, 2006 June 30, 2007 average daily net assets
See page 14 for footnotes to Exhibit B. 10 as of January 31, 2007
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION(2) CURRENT LIMIT DATE ---- ------------ -------------------------------- ----------------- ------------- AIM Independence Now Fund Class A Contractual Limit Other Expenses to 0.16% of January 31, 2007 June 30, 2008 average daily net assets Class B Contractual Limit Other Expenses to 0.16% of January 31, 2007 June 30, 2008 average daily net assets Class C Contractual Limit Other Expenses to 0.16% of January 31, 2007 June 30, 2008 average daily net assets Class R Contractual Limit Other Expenses to 0.16% of January 31, 2007 June 30, 2008 average daily net assets Institutional Class Contractual Limit Other Expenses to 0.16% of January 31, 2007 June 30, 2008 average daily net assets AIM Independence 2010 Fund Class A Contractual Limit Other Expenses to 0.17% of January 31, 2007 June 30, 2008 average daily net assets Class B Contractual Limit Other Expenses to 0.17% of January 31, 2007 June 30, 2008 average daily net assets Class C Contractual Limit Other Expenses to 0.17% of January 31, 2007 June 30, 2008 average daily net assets Class R Contractual Limit Other Expenses to 0.17% of January 31, 2007 June 30, 2008 average daily net assets Institutional Class Contractual Limit Other Expenses to 0.17% of January 31, 2007 June 30, 2008 average daily net assets AIM Independence 2020 Fund Class A Contractual Limit Other Expenses to 0.24% of January 31, 2007 June 30, 2008 average daily net assets Class B Contractual Limit Other Expenses to 0.24% of January 31, 2007 June 30, 2008 average daily net assets Class C Contractual Limit Other Expenses to 0.24% of January 31, 2007 June 30, 2008 average daily net assets Class R Contractual Limit Other Expenses to 0.24% of January 31, 2007 June 30, 2008 average daily net assets Institutional Class Contractual Limit Other Expenses to 0.24% of January 31, 2007 June 30, 2008 average daily net assets
See page 14 for footnotes to Exhibit B. 11 as of January 31, 2007
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION(2) CURRENT LIMIT DATE ---- ------------ -------------------------------- ----------------- ------------- AIM Independence 2030 Fund Class A Contractual Limit Other Expenses to 0.24% of January 31, 2007 June 30, 2008 average daily net assets Class B Contractual Limit Other Expenses to 0.24% of January 31, 2007 June 30, 2008 average daily net assets Class C Contractual Limit Other Expenses to 0.24% of January 31, 2007 June 30, 2008 average daily net assets Class R Contractual Limit Other Expenses to 0.24% of January 31, 2007 June 30, 2008 average daily net assets Institutional Class Contractual Limit Other Expenses to 0.24% of January 31, 2007 June 30, 2008 average daily net assets AIM Independence 2040 Fund Class A Contractual Limit Other Expenses to 0.28% of January 31, 2007 June 30, 2008 average daily net assets Class B Contractual Limit Other Expenses to 0.28% of January 31, 2007 June 30, 2008 average daily net assets Class C Contractual Limit Other Expenses to 0.28% of January 31, 2007 June 30, 2008 average daily net assets Class R Contractual Limit Other Expenses to 0.28% of January 31, 2007 June 30, 2008 average daily net assets Institutional Class Contractual Limit Other Expenses to 0.28% of January 31, 2007 June 30, 2008 average daily net assets AIM Independence 2050 Fund Class A Contractual Limit Other Expenses to 0.28% of January 31, 2007 June 30, 2008 average daily net assets Class B Contractual Limit Other Expenses to 0.28% of January 31, 2007 June 30, 2008 average daily net assets Class C Contractual Limit Other Expenses to 0.28% of January 31, 2007 June 30, 2008 average daily net assets Class R Contractual Limit Other Expenses to 0.28% of January 31, 2007 June 30, 2008 average daily net assets Institutional Class Contractual Limit Other Expenses to 0.28% of January 31, 2007 June 30, 2008 average daily net assets
See page 14 for footnotes to Exhibit B. 12 as of January 31, 2007
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION(2) CURRENT LIMIT DATE ---- ------------ -------------------------------- ----------------- ------------- AIM International Allocation Fund Class A Contractual Limit Other Expenses to 0.18% of October 31, 2005 June 30, 2007 average daily net assets Class B Contractual Limit Other Expenses to 0.18% of October 31, 2005 June 30, 2007 average daily net assets Class C Contractual Limit Other Expenses to 0.18% of October 31, 2005 June 30, 2007 average daily net assets Class R Contractual Limit Other Expenses to 0.18% of October 31, 2005 June 30, 2007 average daily net assets Institutional Class Contractual Limit Other Expenses to 0.18% of October 31, 2005 June 30, 2007 average daily net assets AIM Moderate Allocation Fund Class A Shares Contractual Limit Other Expenses to 0.12% of January 1, 2006 June 30, 2007 average daily net assets Class B Shares Contractual Limit Other Expenses to 0.12% of January 1, 2006 June 30, 2007 average daily net assets Class C Shares Contractual Limit Other Expenses to 0.12% of January 1, 2006 June 30, 2007 average daily net assets Class R Shares Contractual Limit Other Expenses to 0.12% of January 1, 2006 June 30, 2007 average daily net assets Institutional Class Shares Contractual Limit Other Expenses to 0.12% of January 1, 2006 June 30, 2007 average daily net assets AIM Moderate Growth Allocation Fund Class A Shares Contractual Limit Other Expenses to 0.12% of April 29, 2005 June 30, 2007 average daily net assets Class B Shares Contractual Limit Other Expenses to 0.12% of April 29, 2005 June 30, 2007 average daily net assets Class C Shares Contractual Limit Other Expenses to 0.12% of April 29, 2005 June 30, 2007 average daily net assets Class R Shares Contractual Limit Other Expenses to 0.12% of April 29, 2005 June 30, 2007 average daily net assets Institutional Class Shares Contractual Limit Other Expenses to 0.12% of April 29, 2005 June 30, 2007 average daily net assets
See page 14 for footnotes to Exhibit B. 13 as of January 31, 2007
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION(2) CURRENT LIMIT DATE ---- ------------ -------------------------------- ----------------- ------------- AIM Moderately Conservative Allocation Fund Class A Shares Contractual Limit Other Expenses to 0.14% of April 29, 2005 June 30, 2007 average daily net assets Class B Shares Contractual Limit Other Expenses to 0.14% of April 29, 2005 June 30, 2007 average daily net assets Class C Shares Contractual Limit Other Expenses to 0.14% of April 29, 2005 June 30, 2007 average daily net assets Class R Shares Contractual Limit Other Expenses to 0.14% of April 29, 2005 June 30, 2007 average daily net assets Institutional Class Shares Contractual Limit Other Expenses to 0.14% of April 29, 2005 June 30, 2007 average daily net assets
(1) Other expenses of any class of shares established after the date of this Memorandum of Agreement will be limited to the same amount established for Class A shares. (2) Other Expenses are defined as all normal operating expenses of the fund, excluding management fees and 12b-1 expenses, if any. The expense limitation is subject to the exclusions as listed in the Memorandum of Agreement. 14 as of January 31, 2007 EXHIBIT "C" - INSTITUTIONAL MONEY MARKET FUNDS(1, 2) FUNDS WITH FISCAL YEAR END OF MARCH 31 TAX-FREE INVESTMENTS TRUST
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE ---- ------------ ---------- ----------------- ------------- Tax-Free Cash Reserve Portfolio(3) Cash Management Class Contractual 0.22% June 30, 2005 June 30, 2007 Corporate Class Contractual 0.22% June 30, 2005 June 30, 2007 Institutional Class Contractual 0.22% June 30, 2005 June 30, 2007 Personal Investment Class Contractual 0.22% June 30, 2005 June 30, 2007 Private Investment Class Contractual 0.22% June 30, 2005 June 30, 2007 Reserve Class Contractual 0.22% June 30, 2005 June 30, 2007 Resource Class Contractual 0.22% June 30, 2005 June 30, 2007
FUNDS WITH FISCAL YEAR END OF AUGUST 31 SHORT-TERM INVETMENTS TRUST
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE ---- ------------ ---------- ----------------- ------------- Government & Agency Portfolio Cash Management Class Contractual 0.12% June 30, 2005 June 30, 2007 Corporate Class Contractual 0.12% June 30, 2005 June 30, 2007 Institutional Class Contractual 0.12% June 30, 2005 June 30, 2007 Personal Investment Class Contractual 0.12% June 30, 2005 June 30, 2007 Private Investment Class Contractual 0.12% June 30, 2005 June 30, 2007 Reserve Class Contractual 0.12% June 30, 2005 June 30, 2007 Resource Class Contractual 0.12% June 30, 2005 June 30, 2007 Government TaxAdvantage Portfolio Cash Management Class Contractual 0.12% June 30, 2005 June 30, 2007 Corporate Class Contractual 0.12% June 30, 2005 June 30, 2007 Institutional Class Contractual 0.12% June 30, 2005 June 30, 2007 Personal Investment Class Contractual 0.12% June 30, 2005 June 30, 2007 Private Investment Class Contractual 0.12% June 30, 2005 June 30, 2007 Reserve Class Contractual 0.12% June 30, 2005 June 30, 2007 Resource Class Contractual 0.12% June 30, 2005 June 30, 2007 Liquid Assets Portfolio Cash Management Class Contractual 0.12% June 30, 2005 June 30, 2007 Corporate Class Contractual 0.12% June 30, 2005 June 30, 2007 Institutional Class Contractual 0.12% June 30, 2005 June 30, 2007 Personal Investment Class Contractual 0.12% June 30, 2005 June 30, 2007 Private Investment Class Contractual 0.12% June 30, 2005 June 30, 2007 Reserve Class Contractual 0.12% June 30, 2005 June 30, 2007 Resource Class Contractual 0.12% June 30, 2005 June 30, 2007
See page 16 for footnotes to Exhibit C. 15 as of January 31, 2007
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE ---- ------------ ---------- ------------------ -------------- STIC Prime Portfolio Contractual 0.12% June 30, 2005 June 30, 2007 Cash Management Class Contractual 0.12% June 30, 2005 June 30, 2007 Corporate Class Contractual 0.12% June 30, 2005 June 30, 2007 Institutional Class Contractual 0.12% June 30, 2005 June 30, 2007 Personal Investment Class Contractual 0.12% June 30, 2005 June 30, 2007 Private Investment Class Contractual 0.12% June 30, 2005 June 30, 2007 Reserve Class Contractual 0.12% June 30, 2005 June 30, 2007 Resource Class Treasury Portfolio Cash Management Class Contractual 0.12% June 30, 2005 June 30, 2007 Corporate Class Contractual 0.12% June 30, 2005 June 30, 2007 Institutional Class Contractual 0.12% June 30, 2005 June 30, 2007 Personal Investment Class Contractual 0.12% June 30, 2005 June 30, 2007 Private Investment Class Contractual 0.12% June 30, 2005 June 30, 2007 Reserve Class Contractual 0.12% June 30, 2005 June 30, 2007 Resource Class Contractual 0.12% June 30, 2005 June 30, 2007
(1) The expense limit shown excludes Rule 12b-1 fees. (2) 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. (3) The expense limitation also excludes Trustees' fees and federal registration expenses. 16 as of January 31, 2007 EXHIBIT "D" - VARIABLE INSURANCE FUNDS AIM VARIABLE INSURANCE FUNDS
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE ---- ------------ ---------- ------------------ -------------- AIM V.I. Basic Balanced Fund Series I Shares Contractual 0.91% July 1, 2005 April 30, 2008 Series II Shares Contractual 1.16% July 1, 2005 April 30, 2008 AIM V.I. Basic Value Fund Series I Shares Contractual 1.30% January 1, 2005 April 30, 2008 Series II Shares Contractual 1.45% January 1, 2005 April 30, 2008 AIM V.I. Capital Appreciation Fund Series I Shares Contractual 1.30% January 1, 2005 April 30, 2008 Series II Shares Contractual 1.45% January 1, 2005 April 30, 2008 AIM V.I. Capital Development Fund Series I Shares Contractual 1.30% January 1, 2005 April 30, 2008 Series II Shares Contractual 1.45% January 1, 2005 April 30, 2008 AIM V.I. Core Equity Fund Series I Shares Contractual 1.30% January 1, 2005 April 30, 2008 Series II Shares Contractual 1.45% January 1, 2005 April 30, 2008 AIM V.I. Demographic Trends Fund Series I Shares Contractual 1.01% July 1, 2005 April 30, 2008 Series II Shares Contractual 1.26% July 1, 2005 April 30, 2008 AIM V.I. Diversified Dividend Fund Series I Shares Contractual 1.00% May 1, 2006 April 30, 2008 Series II Shares Contractual 1.25% May 1, 2006 April 30, 2008 AIM V.I. Diversified Income Fund Series I Shares Contractual 0.75% July 1, 2005 April 30, 2008 Series II Shares Contractual 1.00% July 1, 2005 April 30, 2008 AIM V.I. Dynamics Fund Series I Shares Contractual 1.30% April 30, 2004 April 30, 2008 Series II Shares Contractual 1.45% April 30, 2004 April 30, 2008 AIM V.I. Financial Services Fund Series I Shares Contractual 1.30% April 30, 2004 April 30, 2008 Series II Shares Contractual 1.45% April 30, 2004 April 30, 2008 AIM V.I. Global Equity Fund Series I Shares Contractual 1.10% May 1, 2006 April 30, 2008 Series II Shares Contractual 1.35% May 1, 2006 April 30, 2008 AIM V.I. Global Health Care Fund Series I Shares Contractual 1.30% April 30, 2004 April 30, 2008
See page 19 for footnotes to Exhibit D. 17 as of January 31, 2007
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE ---- ------------ ---------- ------------------ -------------- Series II Shares Contractual 1.45% April 30, 2004 April 30, 2008 AIM V.I. Government Securities Fund Series I Shares Contractual 0.73% July 1, 2005 April 30, 2008 Series II Shares Contractual 0.98% July 1, 2005 April 30, 2008 AIM V.I. High Yield Fund Series I Shares Contractual 0.95% July 1, 2005 April 30, 2008 Series II Shares Contractual 1.20% April 30, 2004 April 30, 2008 AIM V.I. International Core Equity Fund Series I Shares Contractual 1.10% May 1, 2006 April 30, 2008 Series II Shares Contractual 1.35% May 1, 2006 April 30, 2008 AIM V.I. International Growth Fund Series I Shares Contractual 1.30% January 1, 2005 April 30, 2008 Series II Shares Contractual 1.45% January 1, 2005 April 30, 2008 AIM V.I. Large Cap Growth Fund Series I Shares Contractual 1.01% July 1, 2005 April 30, 2008 Series II Shares Contractual 1.26% July 1, 2005 April 30, 2008 AIM V.I. Leisure Fund Series I Shares Contractual 1.01% April 30, 2004 April 30, 2008 Series II Shares Contractual 1.26% April 30, 2004 April 30, 2008 AIM V.I. Mid Cap Core Equity Fund Series I Shares Contractual 1.30% September 10, 2001 April 30, 2008 Series II Shares Contractual 1.45% September 10, 2001 April 30, 2008 AIM V.I. Money Market Fund Series I Shares Contractual 1.30% January 1, 2005 April 30, 2008 Series II Shares Contractual 1.45% January 1, 2005 April 30, 2008 AIM V.I. Real Estate Fund(1) Series I Shares Contractual 1.30% April 30, 2004 April 30, 2008 Series II Shares Contractual 1.45% April 30, 2004 April 30, 2008 AIM V.I. Small Cap Equity Fund Series I Shares Contractual 1.15% July 1, 2005 April 30, 2008 Series II Shares Contractual 1.40% July 1, 2005 April 30, 2008 AIM V.I. Small Company Growth Fund(2) Series I Shares Contractual 1.20% July 1, 2005 April 30, 2008 Series II Shares Contractual 1.45% April 30, 2004 April 30, 2008
See page 19 for footnotes to Exhibit D. 18 as of January 31, 2007
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE ---- ------------ ---------- ------------------ -------------- AIM V.I. Technology Fund Series I Shares Contractual 1.30% April 30, 2004 April 30, 2008 Series II Shares Contractual 1.45% April 30, 2004 April 30, 2008 AIM V.I. Utilities Fund Series I Shares Contractual 0.93% September 23, 2005 April 30, 2008 Series II Shares Contractual 1.18% September 23, 2005 April 30, 2008
---------- (1) AIM V.I. Real Estate Fund is scheduled to change its name to AIM V.I. Global Real Estate Fund on July 3, 2006. (2) AIM V.I. Small Company Growth Fund is scheduled to change its name to AIM V.I. Small Cap Growth Fund on July 3, 2006. 19