0001193125-14-166187.txt : 20140429 0001193125-14-166187.hdr.sgml : 20140429 20140429125453 ACCESSION NUMBER: 0001193125-14-166187 CONFORMED SUBMISSION TYPE: NSAR-B PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20140228 FILED AS OF DATE: 20140429 DATE AS OF CHANGE: 20140429 EFFECTIVENESS DATE: 20140429 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Invesco Quality Municipal Income Trust CENTRAL INDEX KEY: 0000885125 IRS NUMBER: 136993836 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: NSAR-B SEC ACT: 1940 Act SEC FILE NUMBER: 811-06591 FILM NUMBER: 14792688 BUSINESS ADDRESS: STREET 1: 1555 PEACHTREE STREET, N.E. STREET 2: SUITE 1800 CITY: ATLANTA STATE: 2Q ZIP: 30309 BUSINESS PHONE: 404-439-3217 MAIL ADDRESS: STREET 1: 1555 PEACHTREE STREET, N.E. STREET 2: SUITE 1800 CITY: ATLANTA STATE: 2Q ZIP: 30309 FORMER COMPANY: FORMER CONFORMED NAME: MORGAN STANLEY QUALITY MUNICIPAL INCOME TRUST DATE OF NAME CHANGE: 20011220 FORMER COMPANY: FORMER CONFORMED NAME: MORGAN STANLEY DEAN WITTER QUALITY MUNICIPAL INCOME TRUST DATE OF NAME CHANGE: 19981221 FORMER COMPANY: FORMER CONFORMED NAME: INTERCAPITAL QUALITY MUNICIPAL INCOME TRUST DATE OF NAME CHANGE: 19920929 NSAR-B 1 d707690dnsarb.fil NSAR-B PAGE 1 000 B000000 02/28/2014 000 C000000 0000885125 000 D000000 N 000 E000000 NF 000 F000000 Y 000 G000000 N 000 H000000 N 000 I000000 6.1 000 J000000 A 001 A000000 INVESCO QUALITY MUNICIPAL INCOME TRUST 001 B000000 811-06591 001 C000000 8002415477 002 A000000 1555 PEACHTREE ST., NE 002 B000000 ATLANTA 002 C000000 GA 002 D010000 30309 003 000000 N 004 000000 N 005 000000 N 006 000000 N 007 A000000 N 007 B000000 0 007 C010100 1 008 A000001 Invesco Advisers, Inc. 008 B000001 A 008 C000001 801-33949 008 D010001 HOUSTON 008 D020001 TX 008 D030001 77046 008 D040001 1173 008 A000002 Invesco Asset Management Deutschland GmbH 008 B000002 S 008 C000002 801-67712 008 D010002 Frankfurt 008 D050002 Germany 008 D060002 60313 008 A000003 Invesco Asset Management Limited 008 B000003 S 008 C000003 801-50197 008 D010003 London 008 D050003 United Kingdom 008 D060003 EC2A1AG 008 A000004 Invesco Asset Management (Japan) Ltd. 008 B000004 S 008 C000004 801-52601 008 D010004 Tokyo 008 D050004 Japan 008 D060004 105-6025 008 A000005 Invesco Australia Limited 008 B000005 S 008 C000005 801-68638 PAGE 2 008 D010005 Melbourne 008 D050005 Australia 008 D060005 3000 008 A000006 Invesco Hong Kong Limited 008 B000006 S 008 C000006 801-47856 008 D010006 HONG KONG 008 D050006 HONG KONG 008 A000007 Invesco Senior Secured Management, Inc. 008 B000007 S 008 C000007 801-38119 008 D010007 NEW YORK 008 D020007 NY 008 D030007 10036 008 D040007 2727 008 A000008 Invesco Canada Ltd. 008 B000008 S 008 C000008 801-62166 008 D010008 TORONTO 008 D050008 CANADA 008 D060008 M2N 6X7 010 A000001 Invesco Management Group Inc. 010 B000001 33-67866 010 C010001 Houston 010 C020001 TX 010 C030001 77046 012 A000001 COMPUTERSHARE TRUST COMPANY, N.A. 012 B000001 84-00000 012 C010001 PROVIDENCE 012 C020001 RI 012 C030001 02940 012 C040001 3078 013 A000001 PRICEWATERHOUSE COOPERS, LLP 013 B010001 HOUSTON 013 B020001 TX 013 B030001 77002 015 A000001 STATE STREET BANK AND TRUST COMPANY 015 B000001 C 015 C010001 BOSTON 015 C020001 MA 015 C030001 02111 015 E010001 X 018 000000 Y 019 A000000 Y 019 B000000 136 019 C000000 INVESCOFDS 021 000000 0 022 A000001 CITIGROUP GLOBAL MARKETS INC. 022 B000001 11-2418191 022 C000001 75399 022 D000001 43044 PAGE 3 022 A000002 J.P. 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Invesco Quality Municipal Income Trust: In planning and performing our audits of the financial statements of Invesco Quality Municipal Income Trust (hereafter referred to as the "Trust") as of and for the year ended February 28, 2014, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Trust'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-SAR, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Trust's internal control over financial reporting. The management of the Trust 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 trust'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 trust'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 trust; (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 trust are being made only in accordance with authorizations of management and trustees of the trust; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a trust'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 Trust's annual or interim financial statements will not be prevented or detected on a timely basis. Our consideration of the Trust'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 Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Trust's internal control over financial reporting and its operation, including controls over safeguarding securities that we consider to be material weaknesses as defined above as of February 28, 2014. This report is intended solely for the information and use of management and the Board of Trustees of the 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 Houston, TX April 28, 2014 EX-99.77E 3 d707690dex9977e.txt EX-99.77E Sub-Item 77E LEGAL PROCEEDINGS INVESCO QUALITY MUNICIPAL INCOME TRUST The Trust received two shareholder demand letters dated July 16, 2010 and March 25, 2011. Furthermore, the Invesco Quality Municipal Investment Trust ("Trust"), which merged into the Invesco Quality Municipal Income Trust, received a shareholder demand letter dated September 1, 2010. The shareholders in all three demand letters claimed that, prior to the tenure of the current adviser, the adviser and certain individuals breached their fiduciary duties and wasted Trust assets by causing the Trust to redeem Auction Rate Preferred Securities ("ARPS") at their liquidation value at the expense of the Trust and common shareholders, the Trust was not obliged to provide liquidity to the preferred shareholders, the redemptions were improperly motivated to benefit the Adviser and its affiliates, and the market value and fair value of the ARPS were less than liquidation value at the time they were redeemed. The shareholders demanded that: 1) the Board takes action against the Adviser and individuals to recover damages; 2) the Board refrains from authorizing further redemptions or repurchases of ARPS by the Trust at prices in excess of fair value or market value at the time of the transaction; and 3) the Board institute corporate governance measures. The Board formed a Special Litigation Committee ("SLC") to investigate these demands and make a recommendation to the Board regarding whether pursuit of the demands and attendant claims is in the best interests of the Trust. Upon completion of its investigation, the SLC recommended that the Board reject the demands specified in the shareholder demand letters. The Board publicly announced on July 12, 2011, that the Independent Trustees had voted to adopt the SLC's recommendation and reject the demands. The Trust is not the subject of a lawsuit in connection with these demand letters. Management of Invesco and the Trust believe that the outcome of the demand letters described above will have no material adverse effect on the Trust or on the ability of Invesco to provide ongoing services to the Trust. EX-99.77Q1E 4 d707690dex9977q1e.txt EX-99.77Q1E SUB-ITEM 77Q1(e) MEMORANDUM OF AGREEMENT (ADVISORY FEE WAIVERS) This Memorandum of Agreement is entered into as of the effective date on the attached Exhibit A and B (each an "Exhibit" or, collectively the "Exhibits"), between AIM Counselor Series Trust (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 Securities Trust, Invesco, Invesco Quality Municipal Income Trust 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. 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 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. 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 QUALITY MUNICIPAL INCOME TRUST INVESCO SECURITIES TRUST INVESCO VALUE MUNICIPAL INCOME 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 INVESTMENT FUNDS (INVESCO EXPIRATION INVESTMENT FUNDS WAIVER DESCRIPTION EFFECTIVE DATE DATE ---------------- ----------------------------------------------------------- -------------- ---------- Invesco Global Targeted Invesco will waive advisory fees in an amount equal to the 12/17/2013 12/31/2015 Returns Fund advisory fees earned on underlying affiliated investments
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 2/1/2011 12/31/2014 the Fund's average daily net assets Premier U.S. Government Invesco will waive advisory fees in the amount of 0.07% of 2/1/2011 12/31/2014 Money Portfolio the Fund's average daily net assets
EXHIBIT "B" AIM COUNSELOR SERIES TRUST (INVESCO COUNSELOR SERIES TRUST) -----------------------------------------------------------
PORTFOLIO EFFECTIVE DATE COMMITTED UNTIL --------- --------------------- --------------------- Invesco American Franchise Fund February 12, 2010 December 31, 2014 Invesco California Tax-Free Income Fund February 12, 2010 December 31, 2014 Invesco Core Plus Bond Fund June 2, 2009 December 31, 2014 Invesco Equally-Weighted S&P 500 Fund February 12, 2010 December 31, 2014 Invesco Equity and Income Fund February 12, 2010 December 31, 2014 Invesco Floating Rate Fund July 1, 2007 December 31, 2014 Invesco Global Real Estate Income Fund July 1, 2007 December 31, 2014 Invesco Growth and Income Fund February 12, 2010 December 31, 2014 Invesco Low Volatility Equity Yield Fund July 1, 2007 December 31, 2014 Invesco Pennsylvania Tax Free Income Fund February 12, 2010 December 31, 2014 Invesco S&P 500 Index Fund February 12, 2010 December 31, 2014 Invesco Small Cap Discovery Fund February 12, 2010 December 31, 2014
AIM EQUITY FUNDS (INVESCO EQUITY FUNDS) ---------------------------------------
PORTFOLIO EFFECTIVE DATE COMMITTED UNTIL --------- --------------------- --------------------- Invesco Charter Fund July 1, 2007 February 28, 2015 Invesco Disciplined Equity Fund July 14, 2009 February 28, 2015 Invesco Diversified Dividend Fund July 1, 2007 February 28, 2015 Invesco Summit Fund July 1, 2007 February 28, 2015
AIM FUNDS GROUP (INVESCO FUNDS GROUP) -------------------------------------
FUND EFFECTIVE DATE COMMITTED UNTIL ---- --------------------- --------------------- Invesco European Small Company Fund July 1, 2007 April 30, 2015 Invesco Global Core Equity Fund July 1, 2007 April 30, 2015 Invesco International Small Company Fund July 1, 2007 April 30, 2015 Invesco Small Cap Equity Fund July 1, 2007 April 30, 2015
AIM GROWTH SERIES (INVESCO GROWTH SERIES) -----------------------------------------
FUND EFFECTIVE DATE COMMITTED UNTIL ---- --------------------- --------------------- Invesco Convertible Securities Fund February 12, 2010 April 30, 2015 Invesco Global Low Volatility Equity Yield Fund July 1, 2007 April 30, 2015 Invesco Mid Cap Core Equity Fund July 1, 2007 April 30, 2015 Invesco Small Cap Growth Fund July 1, 2007 April 30, 2015 Invesco U.S. Mortgage Fund February 12, 2010 April 30, 2015
AIM INTERNATIONAL MUTUAL FUNDS (INVESCO INTERNATIONAL MUTUAL FUNDS) -------------------------------------------------------------------
FUND EFFECTIVE DATE COMMITTED UNTIL ---- --------------------- --------------------- Invesco Asia Pacific Growth Fund July 1, 2007 February 28, 2015 Invesco European Growth Fund July 1, 2007 February 28, 2015 Invesco Global Growth Fund July 1, 2007 February 28, 2015 Invesco Global Opportunities Fund August 3, 2012 February 28, 2015 Invesco Global Small & Mid Cap Growth Fund July 1, 2007 February 28, 2015 Invesco International Core Equity Fund July 1, 2007 February 28, 2015 Invesco International Growth Fund July 1, 2007 February 28, 2015 Invesco Select Opportunities Fund August 3, 2012 February 28, 2015
AIM INVESTMENT FUNDS (INVESCO INVESTMENT FUNDS) -----------------------------------------------
FUND EFFECTIVE DATE COMMITTED UNTIL ---- --------------------- --------------------- Invesco All Cap Market Neutral Fund December 17, 2013 December 31, 2015 Invesco Balanced-Risk Allocation Fund* May 29, 2009 February 28, 2015 Invesco Balanced-Risk Commodity Strategy Fund** November 29, 2010 February 28, 2015 Invesco China Fund July 1, 2007 February 28, 2015 Invesco Developing Markets Fund July 1, 2007 February 28, 2015 Invesco Emerging Markets Equity Fund May 11, 2011 February 28, 2015 Invesco Emerging Market Local Currency Debt Fund June 14, 2010 February 28, 2015 Invesco Endeavor Fund July 1, 2007 February 28, 2015 Invesco Global Health Care Fund July 1, 2007 February 28, 2015 Invesco Global Market Neutral Fund December 17, 2013 December 31, 2015 Invesco Global Markets Strategy Fund September 25, 2012 February 28, 2015 Invesco Global Targeted Returns Fund December 17, 2013 December 31, 2015 Invesco International Total Return Fund July 1, 2007 February 28, 2015 Invesco Long/Short Equity Fund December 17, 2013 December 31, 2015 Invesco Low Volatility Emerging Markets Fund December 17, 2013 December 31, 2015 Invesco Macro International Equity Fund December 17, 2013 December 31, 2015 Invesco Macro Long/Short Fund December 17, 2013 December 31, 2015 Invesco Pacific Growth Fund February 12, 2010 February 28, 2015 Invesco Premium Income Fund December 13, 2011 February 28, 2015 Invesco Select Companies Fund July 1, 2007 February 28, 2015
AIM INVESTMENT SECURITIES FUNDS (INVESCO INVESTMENT SECURITIES FUNDS) ---------------------------------------------------------------------
FUND EFFECTIVE DATE COMMITTED UNTIL ---- --------------------- --------------------- Invesco Corporate Bond Fund February 12, 2010 June 30, 2014 Invesco Dynamics Fund July 1, 2007 June 30, 2014 Invesco Global Real Estate Fund July 1, 2007 June 30, 2014 Invesco High Yield Fund July 1, 2007 June 30, 2014 Invesco Limited Maturity Treasury Fund July 1, 2007 June 30, 2014 Invesco Money Market Fund July 1, 2007 June 30, 2014 Invesco Municipal Bond Fund July 1, 2007 June 30, 2014 Invesco Real Estate Fund July 1, 2007 June 30, 2014 Invesco Short Term Bond Fund July 1, 2007 June 30, 2014 Invesco U.S. Government Fund July 1, 2007 June 30, 2014
-------- * 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. SUB-ITEM 77Q1(e) AIM SECTOR FUNDS (INVESCO SECTOR FUNDS) ---------------------------------------
FUND EFFECTIVE DATE COMMITTED UNTIL ---- --------------------- --------------------- Invesco American Value Fund February 12, 2010 June 30, 2014 Invesco Comstock Fund February 12, 2010 June 30, 2014 Invesco Energy Fund July 1, 2007 June 30, 2014 Invesco Dividend Income Fund July 1, 2007 June 30, 2014 Invesco Gold & Precious Metals Fund July 1, 2007 June 30, 2014 Invesco Mid Cap Growth Fund February 12, 2010 June 30, 2014 Invesco Small Cap Value Fund February 12, 2010 June 30, 2014 Invesco Technology Fund July 1, 2007 June 30, 2014 Invesco Technology Sector Fund February 12, 2010 June 30, 2014 Invesco Value Opportunities Fund February 12, 2010 June 30, 2014
AIM TAX-EXEMPT FUNDS (INVESCO TAX-EXEMPT FUNDS) -----------------------------------------------
FUND EFFECTIVE DATE COMMITTED UNTIL ---- --------------------- --------------------- Invesco High Yield Municipal Fund February 12, 2010 June 30, 2014 Invesco Intermediate Term Municipal Income Fund February 12, 2010 June 30, 2014 Invesco Municipal Income Fund February 12, 2010 June 30, 2014 Invesco New York Tax Free Income Fund February 12, 2010 June 30, 2014 Invesco Tax-Exempt Cash Fund July 1, 2007 June 30, 2014 Invesco Tax-Free Intermediate Fund July 1, 2007 June 30, 2014
AIM VARIABLE INSURANCE FUNDS (INVESCO VARIABLE INSURANCE FUNDS) ---------------------------------------------------------------
FUND EFFECTIVE DATE COMMITTED UNTIL ---- --------------------- --------------------- Invesco V.I. American Franchise Fund February 12, 2010 April 30, 2015 Invesco V.I. American Value Fund February 12, 2010 April 30, 2015 Invesco V.I. Balanced-Risk Allocation Fund*** December 22, 2010 April 30, 2015 Invesco V.I. Comstock Fund February 12, 2010 April 30, 2015 Invesco V.I. Core Equity Fund July 1, 2007 April 30, 2015 Invesco V.I. Diversified Dividend Fund February 12, 2010 April 30, 2015 Invesco V.I. Diversified Income Fund July 1, 2007 April 30, 2015 Invesco V.I. Equally-Weighted S&P 500 Fund February 12, 2010 April 30, 2015 Invesco V.I. Equity and Income Fund February 12, 2010 April 30, 2015 Invesco V.I. Global Core Equity Fund February 12, 2010 April 30, 2015 Invesco V.I. Global Health Care Fund July 1, 2007 April 30, 2015 Invesco V.I. Global Real Estate Fund July 1, 2007 April 30, 2015 Invesco V.I. Government Securities Fund July 1, 2007 April 30, 2015 Invesco V.I. Growth and Income Fund February 12, 2010 April 30, 2015 Invesco V.I. High Yield Fund July 1, 2007 April 30, 2015 Invesco V.I. International Growth Fund July 1, 2007 April 30, 2015 Invesco V.I. Mid Cap Core Equity Fund July 1, 2007 April 30, 2015 Invesco V.I. Money Market Fund July 1, 2007 April 30, 2015 Invesco V.I. S&P 500 Index Fund February 12, 2010 April 30, 2015 Invesco V.I. Small Cap Equity Fund July 1, 2007 April 30, 2015 Invesco V.I. Technology Fund July 1, 2007 April 30, 2015 Invesco V.I. Utilities Fund July 1, 2007 April 30, 2015 Invesco V.I. Value Opportunities Fund July 1, 2007 April 30, 2015
-------- *** Advisory fees to be waived by Invesco for Invesco V.I. Balanced-Risk Allocation Fund also include an amount equal to advisory fees that Invesco receives from any money market fund or similarly pooled cash equivalent investment vehicle advised by Invesco and/or Invesco's affiliates in which Invesco Cayman Commodity Fund IV, Ltd. invests. INVESCO SECURITIES TRUST ------------------------
FUND EFFECTIVE DATE COMMITTED UNTIL ---- --------------------- --------------------- Invesco Balanced-Risk Aggressive Allocation Fund January 16, 2013 February 28, 2015
CLOSED-END FUNDS ----------------
FUND EFFECTIVE DATE COMMITTED UNTIL ---- --------------------- --------------------- Invesco Municipal Income Opportunities Trust June 1, 2010 June 30, 2014 Invesco Quality Municipal Income Trust June 1, 2010 June 30, 2014 Invesco Value Municipal Income Trust June 1, 2010 June 30, 2014
SUB-ITEM 77Q1(e) 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 (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 Variable Insurance Funds (Invesco Variable Insurance Funds), Invesco Municipal Income Opportunities Trust, Invesco Quality Municipal Income Trust, Invesco Securities Trust, Invesco Value Municipal Income 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 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 Invesco agree as follows: For the Contractual Limits (listed in Exhibits A - D), Invesco agrees until at least the expiration date set forth on the attached Exhibits A - D (the "Expiration Date") that Invesco 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 or non-routine items, including litigation expenses; and (v) 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. Acquired fund fees and expenses are not fees or expenses incurred by a fund directly but are expenses of the investment companies in which a fund invests. These fees and expenses are incurred indirectly through the valuation of a fund's investment in these investment companies. Acquired fund fees and expenses are required to be disclosed and included in the total annual fund operating expenses in the prospectus fee table. As a result, the net total annual fund operating expenses shown in the prospectus fee table may exceed the expense limits reflected in Exhibits A - D. With regard to the Contractual Limits, the Board of Trustees of the Trust 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. For the Contractual Limits, Invesco agrees 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 Invesco has agreed to continue them. The Exhibits will be amended to reflect any such agreement. For the Voluntary Limits (listed in Exhibits A - D), Invesco agrees that these are not contractual in nature and that Invesco may establish, amend and/or terminate such expense limitations at any time in its sole discretion. Any delay or failure by Invesco 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. IN WITNESS WHEREOF, each of the Trusts and Invesco have entered into this Memorandum of Agreement as of the Effective Dates 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 VARIABLE INSURANCE FUNDS (INVESCO VARIABLE INSURANCE FUNDS) INVESCO MUNICIPAL INCOME OPPORTUNITIES TRUST INVESCO QUALITY MUNICIPAL INCOME TRUST INVESCO SECURITIES TRUST INVESCO VALUE MUNICIPAL INCOME TRUST SHORT-TERM INVESTMENTS TRUST on behalf of the Funds listed in the Exhibits 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 2 as of December 17, 2013 EXHIBIT "A" - RETAIL FUNDS/1/ ----------------------------- AIM COUNSELOR SERIES TRUST (INVESCO COUNSELOR SERIES TRUST)
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE ---- ------------ ---------- ------------------ ----------------- Invesco American Franchise Fund Class A Shares Contractual 2.00% July 1, 2013 June 30, 2014 Class B Shares Contractual 2.75% July 1, 2013 June 30, 2014 Class C Shares Contractual 2.75% July 1, 2013 June 30, 2014 Class R Shares Contractual 2.25% July 1, 2013 June 30, 2014 Class R5 Shares Contractual 1.75% July 1, 2013 June 30, 2014 Class R6 Shares Contractual 1.75% July 1, 2013 June 30, 2014 Class Y Shares Contractual 1.75% July 1, 2013 June 30, 2014 Invesco California Tax-Free Income Fund Class A Shares Contractual 1.50% July 1, 2012 June 30, 2014 Class B Shares Contractual 2.00% July 1, 2012 June 30, 2014 Class C Shares Contractual 2.00% July 1, 2012 June 30, 2014 Class Y Shares Contractual 1.25% July 1, 2012 June 30, 2014 Invesco Core Plus Bond Fund Class A Shares Contractual 0.75% June 6, 2011 December 31, 2013 Class B Shares Contractual 1.50% June 6, 2011 December 31, 2013 Class C Shares Contractual 1.50% June 6, 2011 December 31, 2013 Class R Shares Contractual 1.00% June 6, 2011 December 31, 2013 Class R5 Shares Contractual 0.50% June 6, 2011 December 31, 2013 Class R6 Shares Contractual 0.50% September 24, 2012 December 31, 2013 Class Y Shares Contractual 0.50% June 6, 2011 December 31, 2013 Invesco Core Plus Bond Fund Class A Shares Contractual 0.84% January 1, 2014 December 31, 2014 Class B Shares Contractual 1.59% January 1, 2014 December 31, 2014 Class C Shares Contractual 1.59% January 1, 2014 December 31, 2014 Class R Shares Contractual 1.09% January 1, 2014 December 31, 2014 Class R5 Shares Contractual 0.59% January 1, 2014 December 31, 2014 Class R6 Shares Contractual 0.59% January 1, 2014 December 31, 2014 Class Y Shares Contractual 0.59% January 1, 2014 December 31, 2014 Invesco Equally-Weighted S&P 500 Fund Class A Shares Contractual 2.00% July 1, 2012 June 30, 2014 Class B Shares Contractual 2.75% July 1, 2012 June 30, 2014 Class C Shares Contractual 2.75% July 1, 2012 June 30, 2014 Class R Shares Contractual 2.25% July 1, 2012 June 30, 2014 Class R6 Shares Contractual 1.75% September 24, 2012 June 30, 2014 Class Y Shares Contractual 1.75% July 1, 2012 June 30, 2014 Invesco Equity and Income Fund Class A Shares Contractual 1.50% July 1, 2012 June 30, 2014 Class B Shares Contractual 2.25% July 1, 2012 June 30, 2014 Class C Shares Contractual 2.25% July 1, 2012 June 30, 2014 Class R Shares Contractual 1.75% July 1, 2012 June 30, 2014 Class R5 Shares Contractual 1.25% July 1, 2012 June 30, 2014 Class R6 Shares Contractual 1.25% September 24, 2012 June 30, 2014 Class Y Shares Contractual 1.25% July 1, 2012 June 30, 2014 Invesco Floating Rate Fund Class A Shares Contractual 1.50% April 14, 2006 June 30, 2014 Class C Shares Contractual 2.00% April 14, 2006 June 30, 2014 Class R Shares Contractual 1.75% April 14, 2006 June 30, 2014 Class R5 Shares Contractual 1.25% April 14, 2006 June 30, 2014 Class R6 Shares Contractual 1.25% September 24, 2012 June 30, 2014 Class Y Shares Contractual 1.25% October 3, 2008 June 30, 2014
See page 15 for footnotes to Exhibit A. 3 as of December 17, 2013
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE ---- ------------ ---------- ------------------ ------------- Invesco Global Real Estate Income Fund Class A Shares Contractual 2.00% July 1, 2009 June 30, 2014 Class B Shares Contractual 2.75% July 1, 2009 June 30, 2014 Class C Shares Contractual 2.75% July 1, 2009 June 30, 2014 Class R5 Shares Contractual 1.75% July 1, 2009 June 30, 2014 Class R6 Shares Contractual 1.75% September 24, 2012 June 30, 2014 Class Y Shares Contractual 1.75% July 1, 2009 June 30, 2014 Invesco Growth and Income Fund Class A Shares Contractual 2.00% July 1, 2012 June 30, 2014 Class B Shares Contractual 2.75% July 1, 2012 June 30, 2014 Class C Shares Contractual 2.75% July 1, 2012 June 30, 2014 Class R Shares Contractual 2.25% July 1, 2012 June 30, 2014 Class R5 Shares Contractual 1.75% July 1, 2012 June 30, 2014 Class R6 Shares Contractual 1.75% September 24, 2012 June 30, 2014 Class Y Shares Contractual 1.75% July 1, 2012 June 30, 2014 Invesco Low Volatility Equity Yield Fund Class A Shares Contractual 2.00% July 1, 2012 June 30, 2014 Class B Shares Contractual 2.75% July 1, 2012 June 30, 2014 Class C Shares Contractual 2.75% July 1, 2012 June 30, 2014 Class R Shares Contractual 2.25% July 1, 2012 June 30, 2014 Class R5 Shares Contractual 1.75% July 1, 2012 June 30, 2014 Class Y Shares Contractual 1.75% July 1, 2012 June 30, 2014 Investor Class Shares Contractual 2.00% July 1, 2012 June 30, 2014 Invesco Pennsylvania Tax Free Income Fund Class A Shares Contractual 1.50% July 1, 2012 June 30, 2014 Class B Shares Contractual 2.25% July 1, 2012 June 30, 2014 Class C Shares Contractual 2.25% July 1, 2012 June 30, 2014 Class Y Shares Contractual 1.25% July 1, 2012 June 30, 2014 Invesco S&P 500 Index Fund Class A Shares Contractual 2.00% July 1, 2012 June 30, 2014 Class B Shares Contractual 2.75% July 1, 2012 June 30, 2014 Class C Shares Contractual 2.75% July 1, 2012 June 30, 2014 Class Y Shares Contractual 1.75% July 1, 2012 June 30, 2014 Invesco Small Cap Discovery Fund Class A Shares Contractual 2.00% July 1, 2012 June 30, 2014 Class B Shares Contractual 2.75% July 1, 2012 June 30, 2014 Class C Shares Contractual 2.75% July 1, 2012 June 30, 2014 Class R5 Shares Contractual 1.75% September 24, 2012 June 30, 2014 Class R6 Shares Contractual 1.75% September 24, 2012 June 30, 2014 Class Y Shares Contractual 1.75% July 1, 2012 June 30, 2014
AIM EQUITY FUNDS (INVESCO EQUITY FUNDS)
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE ---- ------------ ---------- ------------------ ------------- Invesco Charter Fund Class A Shares Contractual 2.00% July 1, 2009 June 30, 2014 Class B Shares Contractual 2.75% July 1, 2009 June 30, 2014 Class C Shares Contractual 2.75% July 1, 2009 June 30, 2014 Class R Shares Contractual 2.25% July 1, 2009 June 30, 2014 Class R5 Shares Contractual 1.75% July 1, 2009 June 30, 2014 Class R6 Shares Contractual 1.75% September 24, 2012 June 30, 2014 Class S Shares Contractual 1.90% September 25, 2009 June 30, 2014 Class Y Shares Contractual 1.75% July 1, 2009 June 30, 2014
See page 15 for footnotes to Exhibit A. 4 as of December 17, 2013
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE ---- ------------ ---------- ------------------ ------------- Invesco Disciplined Equity Fund Class Y Shares Contractual 1.75% July 14, 2009 June 30, 2014 Invesco Diversified Dividend Fund Class A Shares Contractual 2.00% July 1, 2013 June 30, 2014 Class B Shares Contractual 2.75% July 1, 2013 June 30, 2014 Class C Shares Contractual 2.75% July 1, 2013 June 30, 2014 Class R Shares Contractual 2.25% July 1, 2013 June 30, 2014 Class R5 Shares Contractual 1.75% July 1, 2013 June 30, 2014 Class R6 Shares Contractual 1.75% July 1, 2013 June 30, 2014 Class Y Shares Contractual 1.75% July 1, 2013 June 30, 2014 Investor Class Shares Contractual 2.00% July 1, 2013 June 30, 2014 Invesco Summit Fund Class A Shares Contractual 2.00% July 1, 2009 June 30, 2014 Class B Shares Contractual 2.75% July 1, 2009 June 30, 2014 Class C Shares Contractual 2.75% July 1, 2009 June 30, 2014 Class P Shares Contractual 1.85% July 1, 2009 June 30, 2014 Class R5 Shares Contractual 1.75% July 1, 2009 June 30, 2014 Class S Shares Contractual 1.90% September 25, 2009 June 30, 2014 Class Y Shares Contractual 1.75% July 1, 2009 June 30, 2014
AIM FUNDS GROUP (INVESCO FUNDS GROUP)
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE ---- ------------ ---------- ------------------ ------------- Invesco European Small Company Fund Class A Shares Contractual 2.25% July 1, 2009 June 30, 2014 Class B Shares Contractual 3.00% July 1, 2009 June 30, 2014 Class C Shares Contractual 3.00% July 1, 2009 June 30, 2014 Class Y Shares Contractual 2.00% July 1, 2009 June 30, 2014 Invesco Global Core Equity Fund Class A Shares Contractual 2.25% July 1, 2013 June 30, 2014 Class B Shares Contractual 3.00% July 1, 2013 June 30, 2014 Class C Shares Contractual 3.00% July 1, 2013 June 30, 2014 Class R Shares Contractual 2.50% July 1, 2013 June 30, 2014 Class R5 Shares Contractual 2.00% July 1, 2013 June 30, 2014 Class Y Shares Contractual 2.00% July 1, 2013 June 30, 2014 Invesco International Small Company Fund Class A Shares Contractual 2.25% July 1, 2009 June 30, 2014 Class B Shares Contractual 3.00% July 1, 2009 June 30, 2014 Class C Shares Contractual 3.00% July 1, 2009 June 30, 2014 Class R5 Shares Contractual 2.00% July 1, 2009 June 30, 2014 Class R6 Shares Contractual 2.00% September 24, 2012 June 30, 2014 Class Y Shares Contractual 2.00% July 1, 2009 June 30, 2014 Invesco Small Cap Equity Fund Class A Shares Contractual 2.00% July 1, 2009 June 30, 2014 Class B Shares Contractual 2.75% July 1, 2009 June 30, 2014 Class C Shares Contractual 2.75% July 1, 2009 June 30, 2014 Class R Shares Contractual 2.25% July 1, 2009 June 30, 2014 Class R5 Shares Contractual 1.75% July 1, 2009 June 30, 2014 Class R6 Shares Contractual 1.75% September 24, 2012 June 30, 2014 Class Y Shares Contractual 1.75% July 1, 2009 June 30, 2014
See page 15 for footnotes to Exhibit A. 5 as of December 17, 2013 AIM GROWTH SERIES (INVESCO GROWTH SERIES)
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE ---- ------------ ---------- ------------------ ----------------- Invesco Alternative Strategies Fund Class A Shares Contractual 0.82% December 17, 2013 December 31, 2015 Class C Shares Contractual 1.57% December 17, 2013 December 31, 2015 Class R Shares Contractual 1.07% December 17, 2013 December 31, 2015 Class R5 Shares Contractual 0.57% December 17, 2013 December 31, 2015 Class R6 Shares Contractual 0.57% December 17, 2013 December 31, 2015 Class Y Shares Contractual 0.57% December 17, 2013 December 31, 2015 Invesco Balanced-Risk Retirement 2020 Fund Class A Shares Contractual 0.25% November 4, 2009 April 30, 2015 Class AX Shares Contractual 0.25% February 12, 2010 April 30, 2015 Class B Shares Contractual 1.00% November 4, 2009 April 30, 2015 Class C Shares Contractual 1.00% November 4, 2009 April 30, 2015 Class CX Shares Contractual 1.00% February 12, 2010 April 30, 2015 Class R Shares Contractual 0.50% November 4, 2009 April 30, 2015 Class R5 Shares Contractual 0.00% November 4, 2009 April 30, 2015 Class R6 Shares Contractual 0.00% September 24, 2012 April 30, 2015 Class RX Shares Contractual 0.50% February 12, 2010 April 30, 2015 Class Y Shares Contractual 0.00% November 4, 2009 April 30, 2015 Invesco Balanced-Risk Retirement 2030 Fund Class A Shares Contractual 0.25% November 4, 2009 April 30, 2015 Class AX Shares Contractual 0.25% February 12, 2010 April 30, 2015 Class B Shares Contractual 1.00% November 4, 2009 April 30, 2015 Class C Shares Contractual 1.00% November 4, 2009 April 30, 2015 Class CX Shares Contractual 1.00% February 12, 2010 April 30, 2015 Class R Shares Contractual 0.50% November 4, 2009 April 30, 2015 Class R5 Shares Contractual 0.00% November 4, 2009 April 30, 2015 Class R6 Shares Contractual 0.00% September 24, 2012 April 30, 2015 Class RX Shares Contractual 0.50% February 12, 2010 April 30, 2015 Class Y Shares Contractual 0.00% November 4, 2009 April 30, 2015 Invesco Balanced-Risk Retirement 2040 Fund Class A Shares Contractual 0.25% November 4, 2009 April 30, 2015 Class AX Shares Contractual 0.25% February 12, 2010 April 30, 2015 Class B Shares Contractual 1.00% November 4, 2009 April 30, 2015 Class C Shares Contractual 1.00% November 4, 2009 April 30, 2015 Class CX Shares Contractual 1.00% February 12, 2010 April 30, 2015 Class R Shares Contractual 0.50% November 4, 2009 April 30, 2015 Class R5 Shares Contractual 0.00% November 4, 2009 April 30, 2015 Class R6 Shares Contractual 0.00% September 24, 2012 April 30, 2015 Class RX Shares Contractual 0.50% February 12, 2010 April 30, 2015 Class Y Shares Contractual 0.00% November 4, 2009 April 30, 2015 Invesco Balanced-Risk Retirement 2050 Fund Class A Shares Contractual 0.25% November 4, 2009 April 30, 2015 Class AX Shares Contractual 0.25% February 12, 2010 April 30, 2015 Class B Shares Contractual 1.00% November 4, 2009 April 30, 2015 Class C Shares Contractual 1.00% November 4, 2009 April 30, 2015 Class CX Shares Contractual 1.00% February 12, 2010 April 30, 2015 Class R Shares Contractual 0.50% November 4, 2009 April 30, 2015 Class R5 Shares Contractual 0.00% November 4, 2009 April 30, 2015 Class R6 Shares Contractual 0.00% September 24, 2012 April 30, 2015 Class RX Shares Contractual 0.50% February 12, 2010 April 30, 2015 Class Y Shares Contractual 0.00% November 4, 2009 April 30, 2015
See page 15 for footnotes to Exhibit A. 6 as of December 17, 2013
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE ---- ------------ ---------- ------------------ -------------- Invesco Balanced-Risk Retirement Now Fund Class A Shares Contractual 0.25% November 4, 2009 April 30, 2015 Class AX Shares Contractual 0.25% February 12, 2010 April 30, 2015 Class B Shares Contractual 1.00% November 4, 2009 April 30, 2015 Class C Shares Contractual 1.00% November 4, 2009 April 30, 2015 Class CX Shares Contractual 1.00% February 12, 2010 April 30, 2015 Class R Shares Contractual 0.50% November 4, 2009 April 30, 2015 Class R5 Shares Contractual 0.00% November 4, 2009 April 30, 2015 Class R6 Shares Contractual 0.00% September 24, 2012 April 30, 2015 Class RX Shares Contractual 0.50% February 12, 2010 April 30, 2015 Class Y Shares Contractual 0.00% November 4, 2009 April 30, 2015 Invesco Conservative Allocation Fund Class A Shares Contractual 1.50% July 1, 2012 June 30, 2014 Class B Shares Contractual 2.25% July 1, 2012 June 30, 2014 Class C Shares Contractual 2.25% July 1, 2012 June 30, 2014 Class R Shares Contractual 1.75% July 1, 2012 June 30, 2014 Class R5 Shares Contractual 1.25% July 1, 2012 June 30, 2014 Class S Shares Contractual 1.40% July 1, 2012 June 30, 2014 Class Y Shares Contractual 1.25% July 1, 2012 June 30, 2014 Invesco Convertible Securities Fund Class A Shares Contractual 1.50% July 1, 2012 June 30, 2014 Class B Shares Contractual 2.25% July 1, 2012 June 30, 2014 Class C Shares Contractual 2.25% July 1, 2012 June 30, 2014 Class R5 Shares Contractual 1.25% July 1, 2012 June 30, 2014 Class R6 Shares Contractual 1.25% September 24, 2012 June 30, 2014 Class Y Shares Contractual 1.25% July 1, 2012 June 30, 2014 Invesco Global Low Volatility Equity Yield Fund Class A Shares Contractual 2.25% July 1, 2009 June 30, 2014 Class B Shares Contractual 3.00% July 1, 2009 June 30, 2014 Class C Shares Contractual 3.00% July 1, 2009 June 30, 2014 Class R Shares Contractual 2.50% July 1, 2009 June 30, 2014 Class R5 Shares Contractual 2.00% July 1, 2009 June 30, 2014 Class Y Shares Contractual 2.00% July 1, 2009 June 30, 2014 Invesco Growth Allocation Fund Class A Shares Contractual 2.00% July 1, 2012 June 30, 2014 Class B Shares Contractual 2.75% July 1, 2012 June 30, 2014 Class C Shares Contractual 2.75% July 1, 2012 June 30, 2014 Class R Shares Contractual 2.25% July 1, 2012 June 30, 2014 Class R5 Shares Contractual 1.75% July 1, 2012 June 30, 2014 Class S Shares Contractual 1.90% July 1, 2012 June 30, 2014 Class Y Shares Contractual 1.75% July 1, 2012 June 30, 2014 Invesco Income Allocation Fund Class A Shares Contractual 0.25% May 1, 2012 April 30, 2015 Class B Shares Contractual 1.00% May 1, 2012 April 30, 2015 Class C Shares Contractual 1.00% May 1, 2012 April 30, 2015 Class R Shares Contractual 0.50% May 1, 2012 April 30, 2015 Class R5 Shares Contractual 0.00% May 1, 2012 April 30, 2015 Class Y Shares Contractual 0.00% May 1, 2012 April 30, 2015 Invesco International Allocation Fund Class A Shares Contractual 2.25% May 1, 2012 June 30, 2014 Class B Shares Contractual 3.00% May 1, 2012 June 30, 2014 Class C Shares Contractual 3.00% May 1, 2012 June 30, 2014 Class R Shares Contractual 2.50% May 1, 2012 June 30, 2014 Class R5 Shares Contractual 2.00% May 1, 2012 June 30, 2014 Class Y Shares Contractual 2.00% May 1, 2012 June 30, 2014
See page 15 for footnotes to Exhibit A. 7 as of December 17, 2013
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE ---- ------------ ---------- ------------------ ------------- Invesco Mid Cap Core Equity Fund Class A Shares Contractual 2.00% July 1, 2009 June 30, 2014 Class B Shares Contractual 2.75% July 1, 2009 June 30, 2014 Class C Shares Contractual 2.75% July 1, 2009 June 30, 2014 Class R Shares Contractual 2.25% July 1, 2009 June 30, 2014 Class R5 Shares Contractual 1.75% July 1, 2009 June 30, 2014 Class R6 Shares Contractual 1.75% September 24, 2012 June 30, 2014 Class Y Shares Contractual 1.75% July 1, 2009 June 30, 2014 Invesco Moderate Allocation Fund Class A Shares Contractual 1.50% July 1, 2012 June 30, 2014 Class B Shares Contractual 2.25% July 1, 2012 June 30, 2014 Class C Shares Contractual 2.25% July 1, 2012 June 30, 2014 Class R Shares Contractual 1.75% July 1, 2012 June 30, 2014 Class R5 Shares Contractual 1.25% July 1, 2012 June 30, 2014 Class S Shares Contractual 1.40% July 1, 2012 June 30, 2014 Class Y Shares Contractual 1.25% July 1, 2012 June 30, 2014 Invesco Small Cap Growth Fund Class A Shares Contractual 2.00% July 1, 2009 June 30, 2014 Class B Shares Contractual 2.75% July 1, 2009 June 30, 2014 Class C Shares Contractual 2.75% July 1, 2009 June 30, 2014 Class R Shares Contractual 2.25% July 1, 2009 June 30, 2014 Class R5 Shares Contractual 1.75% July 1, 2009 June 30, 2014 Class R6 Shares Contractual 1.75% September 24, 2012 June 30, 2014 Class Y Shares Contractual 1.75% July 1, 2009 June 30, 2014 Investor Class Shares Contractual 2.00% July 1, 2009 June 30, 2014 Invesco U.S. Mortgage Fund Class A Shares Contractual 1.50% July 1, 2012 June 30, 2014 Class B Shares Contractual 2.25% July 1, 2012 June 30, 2014 Class C Shares Contractual 2.25% July 1, 2012 June 30, 2014 Class R5 Shares Contractual 1.25% July 1, 2012 June 30, 2014 Class Y Shares Contractual 1.25% July 1, 2012 June 30, 2014
AIM INTERNATIONAL MUTUAL FUNDS (INVESCO INTERNATIONAL MUTUAL FUNDS)
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE ---- ------------ ---------- ----------------- ------------- Invesco Asia Pacific Growth Fund Class A Shares Contractual 2.25% July 1, 2009 June 30, 2014 Class B Shares Contractual 3.00% July 1, 2009 June 30, 2014 Class C Shares Contractual 3.00% July 1, 2009 June 30, 2014 Class Y Shares Contractual 2.00% July 1, 2009 June 30, 2014 Invesco European Growth Fund Class A Shares Contractual 2.25% July 1, 2009 June 30, 2014 Class B Shares Contractual 3.00% July 1, 2009 June 30. 2014 Class C Shares Contractual 3.00% July 1, 2009 June 30, 2014 Class R Shares Contractual 2.50% July 1, 2009 June 30, 2014 Class Y Shares Contractual 2.00% July 1, 2009 June 30, 2014 Investor Class Shares Contractual 2.25% July 1, 2009 June 30, 2014 Invesco Global Growth Fund Class A Shares Contractual 2.25% January 1, 2013 June 30, 2014 Class B Shares Contractual 3.00% January 1, 2013 June 30. 2014 Class C Shares Contractual 3.00% January 1, 2013 June 30, 2014 Class R5 Shares Contractual 2.00% January 1, 2013 June 30, 2014 Class R6 Shares Contractual 2.00% January 1, 2013 June 30, 2014 Class Y Shares Contractual 2.00% January 1, 2013 June 30, 2014
See page 15 for footnotes to Exhibit A. 8 as of December 17, 2013
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE ---- ------------ ---------- ------------------ ----------------- Invesco Global Opportunities Fund Class A Shares Contractual 1.36% August 1, 2012 February 28, 2015 Class C Shares Contractual 2.11% August 1, 2012 February 28, 2015 Class R Shares Contractual 1.61% August 1, 2012 February 28, 2015 Class R5 Shares Contractual 1.11% August 1, 2012 February 28, 2015 Class R6 Shares Contractual 1.11% September 24, 2012 February 28, 2015 Class Y Shares Contractual 1.11% August 1, 2012 February 28, 2015 Invesco Global Small & Mid Cap Growth Fund Class A Shares Contractual 2.25% July 1, 2009 June 30. 2014 Class B Shares Contractual 3.00% July 1, 2009 June 30, 2014 Class C Shares Contractual 3.00% July 1, 2009 June 30, 2014 Class R5 Shares Contractual 2.00% July 1, 2009 June 30, 2014 Class Y Shares Contractual 2.00% July 1, 2009 June 30, 2014 Invesco International Core Equity Fund Class A Shares Contractual 2.25% July 1, 2009 June 30. 2014 Class B Shares Contractual 3.00% July 1, 2009 June 30, 2014 Class C Shares Contractual 3.00% July 1, 2009 June 30, 2014 Class R Shares Contractual 2.50% July 1, 2009 June 30, 2014 Class R5 Shares Contractual 2.00% July 1, 2009 June 30, 2014 Class R6 Shares Contractual 2.00% September 24, 2012 June 30, 2014 Class Y Shares Contractual 2.00% July 1, 2009 June 30, 2014 Investor Class Shares Contractual 2.25% July 1, 2009 June 30, 2014 Invesco International Growth Fund Class A Shares Contractual 2.25% July 1, 2013 June 30, 2014 Class B Shares Contractual 3.00% July 1, 2013 June 30, 2014 Class C Shares Contractual 3.00% July 1, 2013 June 30, 2014 Class R Shares Contractual 2.50% July 1, 2013 June 30, 2014 Class R5 Shares Contractual 2.00% July 1, 2013 June 30, 2014 Class R6 Shares Contractual 2.00% July 1, 2013 June 30, 2014 Class Y Shares Contractual 2.00% July 1, 2013 June 30, 2014 Invesco Select Opportunities Fund Class A Shares Contractual 1.51% August 1, 2012 February 28, 2015 Class C Shares Contractual 2.26% August 1, 2012 February 28, 2015 Class R Shares Contractual 1.76% August 1, 2012 February 28, 2015 Class R5 Shares Contractual 1.26% August 1, 2012 February 28, 2015 Class R6 Shares Contractual 1.26% September 24, 2012 February 28, 2015 Class Y Shares Contractual 1.26% August 1, 2012 February 28, 2015
AIM INVESTMENT FUNDS (INVESCO INVESTMENT FUNDS)
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE ---- ------------ ---------- ------------------ ----------------- Invesco All Cap Market Neutral Fund Class A Shares Contractual 1.62% December 17, 2013 December 31, 2015 Class C Shares Contractual 2.37% December 17, 2013 December 31, 2015 Class R Shares Contractual 1.87% December 17, 2013 December 31, 2015 Class R5 Shares Contractual 1.37% December 17, 2013 December 31, 2015 Class R6 Shares Contractual 1.37% December 17, 2013 December 31, 2015 Class Y Shares Contractual 1.37% December 17, 2013 December 31, 2015 Invesco Balanced-Risk Allocation Fund/3/ Class A Shares Contractual 2.00% July 1, 2012 June 30. 2014 Class B Shares Contractual 2.75% July 1, 2012 June 30, 2014 Class C Shares Contractual 2.75% July 1, 2012 June 30, 2014 Class R Shares Contractual 2.25% July 1, 2012 June 30, 2014 Class R5 Shares Contractual 1.75% July 1, 2012 June 30, 2014 Class R6 Shares Contractual 1.75% September 24, 2012 June 30, 2014 Class Y Shares Contractual 1.75% July 1, 2012 June 30, 2014
See page 15 for footnotes to Exhibit A. 9 as of December 17, 2013
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE ---- ------------ ---------- ------------------ ----------------- Invesco Balanced-Risk Commodity Strategy Fund/4/ Class A Shares Contractual 1.22% November 29, 2010 June 30. 2014 Class B Shares Contractual 1.97% November 29, 2010 June 30, 2014 Class C Shares Contractual 1.97% November 29, 2010 June 30, 2014 Class R Shares Contractual 1.47% November 29, 2010 June 30, 2014 Class R5 Shares Contractual 0.97% November 29, 2010 June 30, 2014 Class R6 Shares Contractual 0.97% September 24, 2012 June 30, 2014 Class Y Shares Contractual 0.97% November 29, 2010 June 30, 2014 Invesco China Fund Class A Shares Contractual 2.25% July 1, 2009 June 30, 2014 Class B Shares Contractual 3.00% July 1, 2009 June 30, 2014 Class C Shares Contractual 3.00% July 1, 2009 June 30, 2014 Class R5 Shares Contractual 2.00% July 1, 2009 June 30, 2014 Class Y Shares Contractual 2.00% July 1, 2009 June 30, 2014 Invesco Developing Markets Fund Class A Shares Contractual 2.25% July 1, 2012 June 30. 2014 Class B Shares Contractual 3.00% July 1, 2012 June 30, 2014 Class C Shares Contractual 3.00% July 1, 2012 June 30, 2014 Class R5 Shares Contractual 2.00% July 1, 2012 June 30, 2014 Class R6 Shares Contractual 2.00% September 24, 2012 June 30, 2014 Class Y Shares Contractual 2.00% July 1, 2012 June 30, 2014 Invesco Emerging Markets Equity Fund Class A Shares Contractual 1.85% May 11, 2011 February 28, 2015 Class C Shares Contractual 2.60% May 11, 2011 February 28, 2015 Class R Shares Contractual 2.10% May 11, 2011 February 28, 2015 Class R5 Shares Contractual 1.60% May 11, 2011 February 28, 2015 Class R6 Shares Contractual 1.60% September 24, 2012 February 28, 2015 Class Y Shares Contractual 1.60% May 11, 2011 February 28, 2015 Invesco Emerging Market Local Currency Debt Fund Class A Shares Contractual 1.24% June 14, 2010 February 28, 2015 Class B Shares Contractual 1.99% June 14, 2010 February 28, 2015 Class C Shares Contractual 1.99% June 14, 2010 February 28, 2015 Class R Shares Contractual 1.49% June 14, 2010 February 28, 2015 Class Y Shares Contractual 0.99% June 14, 2010 February 28, 2015 Class R5 Shares Contractual 0.99% June 14, 2010 February 28, 2015 Class R6 Shares Contractual 0.99% September 24, 2012 February 28, 2015 Invesco Endeavor Fund Class A Shares Contractual 2.00% July 1, 2009 June 30. 2014 Class B Shares Contractual 2.75% July 1, 2009 June 30, 2014 Class C Shares Contractual 2.75% July 1, 2009 June 30, 2014 Class R Shares Contractual 2.25% July 1, 2009 June 30, 2014 Class R5 Shares Contractual 1.75% July 1, 2009 June 30, 2014 Class R6 Shares Contractual 1.75% September 24, 2012 June 30, 2014 Class Y Shares Contractual 1.75% July 1, 2009 June 30, 2014 Invesco Global Health Care Fund Class A Shares Contractual 2.00% July 1, 2012 June 30. 2014 Class B Shares Contractual 2.75% July 1, 2012 June 30, 2014 Class C Shares Contractual 2.75% July 1, 2012 June 30, 2014 Class Y Shares Contractual 1.75% July 1, 2012 June 30, 2014 Investor Class Shares Contractual 2.00% July 1, 2012 June 30, 2014 Invesco Global Markets Strategy Fund/5/ Class A Shares Contractual 2.25% August 28, 2013 December 16, 2013 Class C Shares Contractual 3.00% August 28, 2013 December 16, 2013 Class R Shares Contractual 2.50% August 28, 2013 December 16, 2013 Class R5 Shares Contractual 2.00% August 28, 2013 December 16, 2013 Class R6 Shares Contractual 2.00% August 28, 2013 December 16, 2013 Class Y Shares Contractual 2.00% August 28, 2013 December 16, 2013
See page 15 for footnotes to Exhibit A. 10 as of December 17, 2013
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE ---- ------------ ---------- ------------------ ----------------- Invesco Global Markets Strategy Fund/5/ Class A Shares Contractual 1.80% December 17, 2013 February 28, 2015 Class C Shares Contractual 2.55% December 17, 2013 February 28, 2015 Class R Shares Contractual 2.05% December 17, 2013 February 28, 2015 Class R5 Shares Contractual 1.55% December 17, 2013 February 28, 2015 Class R6 Shares Contractual 1.55% December 17, 2013 February 28, 2015 Class Y Shares Contractual 1.55% December 17, 2013 February 28, 2015 Invesco Global Market Neutral Fund Class A Shares Contractual 1.62% December 17, 2013 December 31, 2015 Class C Shares Contractual 2.37% December 17, 2013 December 31, 2015 Class R Shares Contractual 1.87% December 17, 2013 December 31, 2015 Class R5 Shares Contractual 1.37% December 17, 2013 December 31, 2015 Class R6 Shares Contractual 1.37% December 17, 2013 December 31, 2015 Class Y Shares Contractual 1.37% December 17, 2013 December 31, 2015 Invesco Global Targeted Returns Fund Class A Shares Contractual 1.71% December 17, 2013 December 31, 2015 Class C Shares Contractual 2.46% December 17, 2013 December 31, 2015 Class R Shares Contractual 1.96% December 17, 2013 December 31, 2015 Class R5 Shares Contractual 1.46% December 17, 2013 December 31, 2015 Class R6 Shares Contractual 1.46% December 17, 2013 December 31, 2015 Class Y Shares Contractual 1.46% December 17, 2013 December 31, 2015 Invesco International Total Return Fund Class A Shares Contractual 1.10% March 31, 2006 February 28, 2015 Class B Shares Contractual 1.85% March 31, 2006 February 28, 2015 Class C Shares Contractual 1.85% March 31, 2006 February 28, 2015 Class R5 Shares Contractual 0.85% October 3, 2008 February 28, 2015 Class R6 Shares Contractual 0.85% September 24, 2012 February 28, 2015 Class Y Shares Contractual 0.85% March 31, 2006 February 28, 2015 Invesco Long/Short Equity Fund Class A Shares Contractual 1.87% December 17, 2013 December 31, 2015 Class C Shares Contractual 2.62% December 17, 2013 December 31, 2015 Class R Shares Contractual 2.12% December 17, 2013 December 31, 2015 Class R5 Shares Contractual 1.62% December 17, 2013 December 31, 2015 Class R6 Shares Contractual 1.62% December 17, 2013 December 31, 2015 Class Y Shares Contractual 1.62% December 17, 2013 December 31, 2015 Invesco Low Volatility Emerging Markets Fund Class A Shares Contractual 1.72% December 17, 2013 December 31, 2015 Class C Shares Contractual 2.47% December 17, 2013 December 31, 2015 Class R Shares Contractual 1.97% December 17, 2013 December 31, 2015 Class R5 Shares Contractual 1.47% December 17, 2013 December 31, 2015 Class R6 Shares Contractual 1.47% December 17, 2013 December 31, 2015 Class Y Shares Contractual 1.47% December 17, 2013 December 31, 2015 Invesco Macro international Equity Fund Class A Shares Contractual 1.43% December 17, 2013 December 31, 2015 Class C Shares Contractual 2.18% December 17, 2013 December 31, 2015 Class R Shares Contractual 1.68% December 17, 2013 December 31, 2015 Class R5 Shares Contractual 1.18% December 17, 2013 December 31, 2015 Class R6 Shares Contractual 1.18% December 17, 2013 December 31, 2015 Class Y Shares Contractual 1.18% December 17, 2013 December 31, 2015
See page 15 for footnotes to Exhibit A. 11 as of December 17, 2013
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE ---- ------------ ---------- ------------------ ----------------- Invesco Macro Long/Short Fund Class A Shares Contractual 1.87% December 17, 2013 December 31, 2015 Class C Shares Contractual 2.62% December 17, 2013 December 31, 2015 Class R Shares Contractual 2.12% December 17, 2013 December 31, 2015 Class R5 Shares Contractual 1.62% December 17, 2013 December 31, 2015 Class R6 Shares Contractual 1.62% December 17, 2013 December 31, 2015 Class Y Shares Contractual 1.62% December 17, 2013 December 31, 2015 Invesco Pacific Growth Fund Class A Shares Contractual 2.25% July 1, 2012 June 30. 2014 Class B Shares Contractual 3.00% July 1, 2012 June 30, 2014 Class C Shares Contractual 3.00% July 1, 2012 June 30, 2014 Class R Shares Contractual 2.50% July 1, 2012 June 30, 2014 Class R5 Shares Contractual 2.00% July 1, 2012 June 30, 2014 Class Y Shares Contractual 2.00% July 1, 2012 June 30, 2014 Invesco Premium Income Fund Class A Shares Contractual 0.89% December 13, 2011 February 28, 2015 Class C Shares Contractual 1.64% December 13, 2011 February 28, 2015 Class R Shares Contractual 1.14% December 13, 2011 February 28, 2015 Class R5 Shares Contractual 0.64% December 13, 2011 February 28, 2015 Class R6 Shares Contractual 0.64% September 24, 2012 February 28, 2015 Class Y Shares Contractual 0.64% December 13, 2011 February 28, 2015 Invesco Select Companies Fund Class A Shares Contractual 2.00% July 1, 2009 June 30. 2014 Class B Shares Contractual 2.75% July 1, 2009 June 30, 2014 Class C Shares Contractual 2.75% July 1, 2009 June 30, 2014 Class R Shares Contractual 2.25% July 1, 2009 June 30, 2014 Class R5 Shares Contractual 1.75% July 1, 2009 June 30, 2014 Class Y Shares Contractual 1.75% July 1, 2009 June 30, 2014
AIM INVESTMENT SECURITIES FUNDS (INVESCO INVESTMENT SECURITIES FUNDS)
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE ---- ------------ ---------- ------------------ ------------- Invesco Corporate Bond Fund Class A Shares Contractual 1.50% July 1, 2012 June 30, 2014 Class B Shares Contractual 2.25% July 1, 2012 June 30, 2014 Class C Shares Contractual 2.25% July 1, 2012 June 30, 2014 Class R Shares Contractual 1.75% July 1, 2012 June 30, 2014 Class R5 Shares Contractual 1.25% July 1, 2012 June 30, 2014 Class R6 Shares Contractual 1.25% September 24, 2012 June 30, 2014 Class Y Shares Contractual 1.25% July 1, 2012 June 30, 2014 Invesco Dynamics Fund Class A Shares Contractual 2.00% July 1, 2009 June 30. 2014 Class B Shares Contractual 2.75% July 1, 2009 June 30, 2014 Class C Shares Contractual 2.75% July 1, 2009 June 30, 2014 Class R Shares Contractual 2.25% July 1, 2009 June 30, 2014 Class R5 Shares Contractual 1.75% July 1, 2009 June 30, 2014 Class R6 Shares Contractual 1.75% September 24, 2012 June 30, 2014 Class Y Shares Contractual 1.75% July 1, 2009 June 30, 2014 Investor Class Shares Contractual 2.00% July 1, 2009 June 30. 2014 Invesco Global Real Estate Fund Class A Shares Contractual 2.00% July 1, 2009 June 30, 2014 Class B Shares Contractual 2.75% July 1, 2009 June 30, 2014 Class C Shares Contractual 2.75% July 1, 2009 June 30, 2014 Class R Shares Contractual 2.25% July 1, 2009 June 30, 2014 Class R5 Shares Contractual 1.75% July 1, 2009 June 30, 2014 Class R6 Shares Contractual 1.75% September 24, 2012 June 30, 2014 Class Y Shares Contractual 1.75% July 1, 2009 June 30, 2014
See page 15 for footnotes to Exhibit A. 12 as of December 17, 2013
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE ---- ------------ ---------- ------------------ ------------- Invesco High Yield Fund Class A Shares Contractual 1.50% July 1, 2013 June 30, 2014 Class B Shares Contractual 2.25% July 1, 2013 June 30, 2014 Class C Shares Contractual 2.25% July 1, 2013 June 30, 2014 Class R5 Shares Contractual 1.25% July 1, 2013 June 30, 2014 Class R6 Shares Contractual 1.25% July 1, 2013 June 30, 2014 Class Y Shares Contractual 1.25% July 1, 2013 June 30, 2014 Investor Class Shares Contractual 1.50% July 1, 2013 June 30, 2014 Invesco Limited Maturity Treasury Fund Class A Shares Contractual 1.50% July 1, 2012 June 30, 2014 Class A2 Shares Contractual 1.40% July 1, 2012 June 30, 2014 Class R5 Shares Contractual 1.25% July 1, 2012 June 30, 2014 Class Y Shares Contractual 1.25% July 1, 2012 June 30, 2014 Invesco Municipal Bond Fund Class A Shares Contractual 1.50% July 1, 2012 June 30, 2014 Class B Shares Contractual 2.25% July 1, 2012 June 30, 2014 Class C Shares Contractual 2.25% July 1, 2012 June 30, 2014 Class Y Shares Contractual 1.25% July 1, 2012 June 30, 2014 Investor Class Shares Contractual 1.50% July 1, 2012 June 30, 2014 Invesco Real Estate Fund Class A Shares Contractual 2.00% July 1, 2012 June 30, 2014 Class B Shares Contractual 2.75% July 1, 2012 June 30, 2014 Class C Shares Contractual 2.75% July 1, 2012 June 30, 2014 Class R Shares Contractual 2.25% July 1, 2012 June 30, 2014 Class R5 Shares Contractual 1.75% July 1, 2012 June 30, 2014 Class R6 Shares Contractual 1.75% September 24, 2012 June 30, 2014 Class Y Shares Contractual 1.75% July 1, 2012 June 30, 2014 Investor Class Shares Contractual 2.00% July 1, 2012 June 30, 2014 Invesco Short Term Bond Fund Class A Shares Contractual 1.40% July 1, 2013 June 30, 2014 Class C Shares Contractual 1.75%/2/ July 1, 2013 June 30, 2014 Class R Shares Contractual 1.75% July 1, 2013 June 30, 2014 Class R5 Shares Contractual 1.25% July 1, 2013 June 30, 2014 Class R6 Shares Contractual 1.25% July 1, 2013 June 30, 2014 Class Y Shares Contractual 1.25% July 1, 2013 June 30, 2014 Invesco U.S. Government Fund Class A Shares Contractual 1.50% July 1, 2012 June 30, 2014 Class B Shares Contractual 2.25% July 1, 2012 June 30, 2014 Class C Shares Contractual 2.25% July 1, 2012 June 30, 2014 Class R Shares Contractual 1.75% July 1, 2012 June 30, 2014 Class R5 Shares Contractual 1.25% July 1, 2012 June 30, 2014 Class Y Shares Contractual 1.25% July 1, 2012 June 30, 2014 Investor Class Shares Contractual 1.50% July 1, 2012 June 30, 2014
AIM SECTOR FUNDS (INVESCO SECTOR FUNDS)
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE ---- ------------ ---------- ----------------- ------------- Invesco American Value Fund Class A Shares Contractual 2.00% July 1, 2013 June 30, 2014 Class B Shares Contractual 2.75% July 1, 2013 June 30, 2014 Class C Shares Contractual 2.75% July 1, 2013 June 30, 2014 Class R Shares Contractual 2.25% July 1, 2013 June 30, 2014 Class R5 Shares Contractual 1.75% July 1, 2013 June 30, 2014 Class R6 Shares Contractual 1.75% July 1, 2013 June 30, 2014 Class Y Shares Contractual 1.75% July 1, 2013 June 30, 2014
See page 15 for footnotes to Exhibit A. 13 as of December 17, 2013
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE ---- ------------ ---------- ------------------ --------------- Invesco Comstock Fund Class A Shares Contractual 2.00% July 1, 2012 June 30, 2014 Class B Shares Contractual 2.75% July 1, 2012 June 30, 2014 Class C Shares Contractual 2.75% July 1, 2012 June 30, 2014 Class R Shares Contractual 2.25% July 1, 2012 June 30, 2014 Class R5 Shares Contractual 1.75% July 1, 2012 June 30, 2014 Class R6 Shares Contractual 1.75% September 24, 2012 June 30, 2014 Class Y Shares Contractual 1.75% July 1, 2012 June 30, 2014 Invesco Energy Fund Class A Shares Contractual 2.00% July 1, 2009 June 30, 2014 Class B Shares Contractual 2.75% July 1, 2009 June 30, 2014 Class C Shares Contractual 2.75% July 1, 2009 June 30, 2014 Class R5 Shares Contractual 1.75% July 1, 2009 June 30, 2014 Class Y Shares Contractual 1.75% July 1, 2009 June 30, 2014 Investor Class Shares Contractual 2.00% July 1, 2009 June 30, 2014 Invesco Dividend Income Fund Class A Shares Contractual 1.10% February 6, 2013 August 31, 2014 Class B Shares Contractual 1.85% February 6, 2013 August 31, 2014 Class C Shares Contractual 1.85% February 6, 2013 August 31, 2014 Class R5 Shares Contractual 0.85% February 6, 2013 August 31, 2014 Class R6 Shares Contractual 0.85% February 6, 2013 August 31, 2014 Class Y Shares Contractual 0.85% February 6, 2013 August 31, 2014 Investor Class Shares Contractual 1.10% February 6, 2013 August 31, 2014 Invesco Gold & Precious Metals Fund Class A Shares Contractual 2.00% July 1, 2009 June 30, 2014 Class B Shares Contractual 2.75% July 1, 2009 June 30, 2014 Class C Shares Contractual 2.75% July 1, 2009 June 30, 2014 Class Y Shares Contractual 1.75% July 1, 2009 June 30, 2014 Investor Class Shares Contractual 2.00% July 1, 2009 June 30, 2014 Invesco Mid Cap Growth Fund Class A Shares Contractual 1.15% July 15, 2013 July 31, 2015 Class B Shares Contractual 1.90% July 15, 2013 July 31, 2015 Class C Shares Contractual 1.90% July 15, 2013 July 31, 2015 Class R Shares Contractual 1.40% July 15, 2013 July 31, 2015 Class R5 Shares Contractual 0.90% July 15, 2013 July 31, 2015 Class R6 Shares Contractual 0.90% July 15, 2013 July 31, 2015 Class Y Shares Contractual 0.90% July 15, 2013 July 31, 2015 Invesco Small Cap Value Fund Class A Shares Contractual 2.00% July 1, 2012 June 30, 2014 Class B Shares Contractual 2.75% July 1, 2012 June 30, 2014 Class C Shares Contractual 2.75% July 1, 2012 June 30, 2014 Class Y Shares Contractual 1.75% July 1, 2012 June 30, 2014 Invesco Technology Fund Class A Shares Contractual 2.00% July 1, 2012 June 30, 2014 Class B Shares Contractual 2.75% July 1, 2012 June 30, 2014 Class C Shares Contractual 2.75% July 1, 2012 June 30, 2014 Class R5 Shares Contractual 1.75% July 1, 2012 June 30, 2014 Class Y Shares Contractual 1.75% July 1, 2012 June 30, 2014 Investor Class Shares Contractual 2.00% July 1, 2012 June 30, 2014 Invesco Technology Sector Fund Class A Shares Contractual 2.00% February 12, 2010 June 30, 2014 Class B Shares Contractual 2.75% February 12, 2010 June 30, 2014 Class C Shares Contractual 2.75% February 12, 2010 June 30, 2014 Class Y Shares Contractual 1.75% February 12, 2010 June 30, 2014
See page 15 for footnotes to Exhibit A. 14 as of December 17, 2013
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE ---- ------------ ---------- ----------------- ------------- Invesco Value Opportunities Fund Class A Shares Contractual 2.00% July 1, 2012 June 30, 2014 Class B Shares Contractual 2.75% July 1, 2012 June 30, 2014 Class C Shares Contractual 2.75% July 1, 2012 June 30, 2014 Class R Shares Contractual 2.25% July 1, 2012 June 30, 2014 Class R5 Shares Contractual 1.75% July 1, 2012 June 30, 2014 Class Y Shares Contractual 1.75% July 1, 2012 June 30, 2014
AIM TAX-EXEMPT FUNDS (INVESCO TAX-EXEMPT FUNDS)
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE ---- ------------ ---------- ----------------- ------------- Invesco High Yield Municipal Fund Class A Shares Contractual 1.50% July 1, 2012 June 30, 2014 Class B Shares Contractual 2.25% July 1, 2012 June 30, 2014 Class C Shares Contractual 2.25% July 1, 2012 June 30, 2014 Class R5 Shares Contractual 1.25% July 1, 2012 June 30, 2014 Class Y Shares Contractual 1.25% July 1, 2012 June 30, 2014 Invesco Intermediate Term Municipal Income Fund Class A Shares Contractual 0.80% July 1, 2013 June 30, 2014 Class B Shares Contractual 1.55% July 1, 2013 June 30, 2014 Class C Shares Contractual 1.55% July 1, 2013 June 30, 2014 Class Y Shares Contractual 0.55% July 1, 2013 June 30, 2014 Invesco Municipal Income Fund Class A Shares Contractual 1.50% July 1, 2013 June 30, 2014 Class B Shares Contractual 2.25% July 1, 2013 June 30, 2014 Class C Shares Contractual 2.25% July 1, 2013 June 30, 2014 Class Y Shares Contractual 1.25% July 1, 2013 June 30, 2014 Investor Class Contractual 1.50% July 15, 2013 June 30, 2014 Invesco New York Tax Free Income Fund Class A Shares Contractual 1.50% July 1, 2012 June 30, 2014 Class B Shares Contractual 2.25% July 1, 2012 June 30, 2014 Class C Shares Contractual 2.25% July 1, 2012 June 30, 2014 Class Y Shares Contractual 1.25% July 1, 2012 June 30, 2014 Invesco Tax-Free Intermediate Fund Class A Shares Contractual 1.50% July 1, 2012 June 30, 2014 Class A2 Shares Contractual 1.25% July 1, 2012 June 30, 2014 Class C Shares Contractual 2.25% June 30, 2013 June 30, 2014 Class R5 Shares Contractual 1.25% July 1, 2012 June 30, 2014 Class Y Shares Contractual 1.25% July 1, 2012 June 30, 2014
INVESCO SECURITIES TRUST
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE ---- ------------ ---------- ----------------- ----------------- Invesco Balanced-Risk Aggressive Allocation Fund Contractual 1.15% January 16, 2013 February 28, 2015
/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/ The expense limit shown is the expense limit after Rule 12b-1 fee waivers by Invesco Distributors, Inc. /3/ Includes waived fees or reimbursed expenses that Invesco receives from Invesco Cayman Commodity Fund I, Ltd. /4/ Includes waived fees or reimbursed expenses that Invesco receives from Invesco Cayman Commodity Fund III, Ltd. /5/ Includes waived fees or reimbursed expenses that Invesco receives from Invesco Cayman Commodity Fund V, Ltd. 15 as of December 17, 2013 EXHIBIT "B" - INSTITUTIONAL MONEY MARKET FUNDS/1,2/ --------------------------------------------------- SHORT-TERM INVESTMENTS TRUST
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE ---- ------------ ---------- ----------------- ----------------- Government & Agency Portfolio Cash Management Class Contractual 0.22%/2/ July 1, 2009 December 31, 2014 Corporate Class Contractual 0.17% July 1, 2009 December 31, 2014 Institutional Class Contractual 0.14% July 1, 2009 December 31, 2014 Personal Investment Class Contractual 0.69%/2/ July 1, 2009 December 31, 2014 Private Investment Class Contractual 0.44%/2/ July 1, 2009 December 31, 2014 Reserve Class Contractual 1.01%/2/ July 1, 2009 December 31, 2014 Resource Class Contractual 0.30%/2/ July 1, 2009 December 31, 2014 Government TaxAdvantage Portfolio Cash Management Class Contractual 0.22%/2/ July 1, 2009 December 31, 2014 Corporate Class Contractual 0.17% July 1, 2009 December 31, 2014 Institutional Class Contractual 0.14% July 1, 2009 December 31, 2014 Personal Investment Class Contractual 0.69%/2/ July 1, 2009 December 31, 2014 Private Investment Class Contractual 0.39%/2/ July 1, 2009 December 31, 2014 Reserve Class Contractual 1.01%/2/ July 1, 2009 December 31, 2014 Resource Class Contractual 0.30%/2/ July 1, 2009 December 31, 2014 Liquid Assets Portfolio Cash Management Class Contractual 0.22%/2/ July 1, 2009 December 31, 2014 Corporate Class Contractual 0.17% July 1, 2009 December 31, 2014 Institutional Class Contractual 0.14% July 1, 2009 December 31, 2014 Personal Investment Class Contractual 0.69%/2/ July 1, 2009 December 31, 2014 Private Investment Class Contractual 0.44%/2/ July 1, 2009 December 31, 2014 Reserve Class Contractual 1.01%/2/ July 1, 2009 December 31, 2014 Resource Class Contractual 0.34% July 1, 2009 December 31, 2014 STIC Prime Portfolio Cash Management Class Contractual 0.22%/2/ July 1, 2009 December 31, 2014 Corporate Class Contractual 0.17% July 1, 2009 December 31, 2014 Institutional Class Contractual 0.14% July 1, 2009 December 31, 2014 Personal Investment Class Contractual 0.69%/2/ July 1, 2009 December 31, 2014 Private Investment Class Contractual 0.44%/2/ July 1, 2009 December 31, 2014 Reserve Class Contractual 1.01%/2/ July 1, 2009 December 31, 2014 Resource Class Contractual 0.30%/2/ July 1, 2009 December 31, 2014 Tax-Free Cash Reserve Portfolio/3/ Cash Management Class Contractual 0.33%/2/ July 1, 2009 December 31, 2014 Corporate Class Contractual 0.28% July 1, 2009 December 31, 2014 Institutional Class Contractual 0.25% July 1, 2009 December 31, 2014 Personal Investment Class Contractual 0.80%/2/ July 1, 2009 December 31, 2014 Private Investment Class Contractual 0.50%/2/ July 1, 2009 December 31, 2014 Reserve Class Contractual 1.12%/2/ July 1, 2009 December 31, 2014 Resource Class Contractual 0.41%/2/ July 1, 2009 December 31, 2014 Treasury Portfolio Cash Management Class Contractual 0.22%/2/ July 1, 2009 December 31, 2014 Corporate Class Contractual 0.17% July 1, 2009 December 31, 2014 Institutional Class Contractual 0.14% July 1, 2009 December 31, 2014 Personal Investment Class Contractual 0.69%/2/ July 1, 2009 December 31, 2014 Private Investment Class Contractual 0.44%/2/ July 1, 2009 December 31, 2014 Reserve Class Contractual 1.01%/2/ July 1, 2009 December 31, 2014 Resource Class Contractual 0.30%/2/ July 1, 2009 December 31, 2014
/1/ 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. /2/ The expense limit shown is the expense limit after Rule 12b-1 fee waivers by Invesco Distributors, Inc. /3/ The expense limitation also excludes Trustees' fees and federal registration expenses. 16 as of December 17, 2013 EXHIBIT "C" - VARIABLE INSURANCE FUNDS -------------------------------------- AIM VARIABLE INSURANCE FUNDS (INVESCO VARIABLE INSURANCE FUNDS)
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE ---- ------------ ---------- ----------------- -------------- Invesco V.I. American Franchise Fund Series I Shares Contractual 0.90% July 1, 2012 June 30, 2014 Series II Shares Contractual 1.15% July 1, 2012 June 30, 2014 Invesco V.I. American Value Fund Series I Shares Contractual 2.00% July 1, 2012 June 30, 2014 Series II Shares Contractual 2.25% July 1, 2012 June 30, 2014 Invesco V.I. Balanced-Risk Allocation Fund/1/ Series I Shares Contractual 0.78% July 1, 2013 April 30, 2014 Series II Shares Contractual 1.03% July 1, 2013 April 30, 2014 Invesco V.I. Balanced-Risk Allocation Fund/1/ Series I Shares Contractual 0.76% May 1, 2014 April 30, 2015 Series II Shares Contractual 1.01% May 1, 2014 April 30, 2015 Invesco V.I. Comstock Fund Series I Shares Contractual 0.78% May 1. 2013 April 30, 2015 Series II Shares Contractual 1.03% May 1, 2013 April 30, 2015 Invesco V.I. Core Equity Fund Series I Shares Contractual 2.00% May 1, 2013 June 30, 2014 Series II Shares Contractual 2.25% May 1, 2013 June 30, 2014 Invesco V.I. Diversified Dividend Fund Series I Shares Contractual 2.00% May 1, 2013 June 30, 2014 Series II Shares Contractual 2.25% May 1, 2013 June 30, 2014 Invesco V.I. Diversified Income Fund Series I Shares Contractual 0.75% July 1, 2005 April 30, 2015 Series II Shares Contractual 1.00% July 1, 2005 April 30, 2015 Invesco V.I. Equally-Weighted S&P 500 Fund Series I Shares Contractual 2.00% July 1, 2012 June 30, 2014 Series II Shares Contractual 2.25% July 1, 2012 June 30, 2014 Invesco V.I. Equity and Income Fund Series I Shares Contractual 1.50% July 1, 2012 June 30, 2014 Series II Shares Contractual 1.75% July 1, 2012 June 30, 2014
17 as of December 17, 2013
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE ---- ------------ ---------- ----------------- -------------- Invesco V.I. Global Core Equity Fund Series I Shares Contractual 2.25% July 1, 2012 June 30, 2014 Series II Shares Contractual 2.50% July 1, 2012 June 30, 2014 Invesco V.I. Global Health Care Fund Series I Shares Contractual 2.00% May 1. 2013 June 30, 2014 Series II Shares Contractual 2.25% May 1, 2013 June 30, 2014 Invesco V.I. Global Real Estate Fund Series I Shares Contractual 2.00% May 1. 2013 June 30, 2014 Series II Shares Contractual 2.25% May 1, 2013 June 30, 2014 Invesco V.I. Government Securities Fund Series I Shares Contractual 1.50% May 1, 2013 June 30, 2014 Series II Shares Contractual 1.75% May 1, 2013 June 30, 2014 Invesco V.I. Growth and Income Fund Series I Shares Contractual 0.78% May 1. 2013 April 30, 2015 Series II Shares Contractual 1.03% May 1, 2013 April 30, 2015 Invesco V.I. High Yield Fund Series I Shares Contractual 0.80% May 2, 2011 April 30, 2014 Series II Shares Contractual 1.05% May 2, 2011 April 30, 2014 Invesco V.I. International Growth Fund Series I Shares Contractual 2.25% July 1, 2012 June 30, 2014 Series II Shares Contractual 2.50% July 1, 2012 June 30, 2014 Invesco V.I. Mid Cap Core Equity Fund Series I Shares Contractual 2.00% May 1. 2013 June 30, 2014 Series II Shares Contractual 2.25% May 1, 2013 June 30, 2014 Invesco V.I. Mid Cap Growth Fund Series I Shares Contractual 1.09% July 1, 2012 June 30, 2014 Series II Shares Contractual 1.34% July 1, 2012 June 30, 2014 Invesco V.I. Money Market Fund Series I Shares Contractual 1.50% May 1. 2013 June 30, 2014 Series II Shares Contractual 1.75% May 1, 2013 June 30, 2014 Invesco V.I. S&P 500 Index Fund Series I Shares Contractual 2.00% July 1, 2012 June 30, 2014 Series II Shares Contractual 2.25% July 1, 2012 June 30, 2014
18 as of December 17, 2013
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE ---- ------------ ---------- ----------------- -------------- Invesco V.I. Small Cap Equity Fund Series I Shares Contractual 2.00% May 1, 2013 June 30, 2014 Series II Shares Contractual 2.25% May 1, 2013 June 30, 2014 Invesco V.I. Technology Fund Series I Shares Contractual 2.00% May 1, 2013 June 30, 2014 Series II Shares Contractual 2.25% May 1, 2013 June 30, 2014 Invesco V.I. Utilities Fund Series I Shares Contractual 2.00% May 1, 2012 June 30, 2014 Series II Shares Contractual 2.25% May 1, 2012 June 30, 2014 Invesco V.I. Managed Volatility Fund* Series I Shares Contractual 1.03% April 30, 2014 April 30, 2015 Series II Shares Contractual 1.28% April 30, 2014 April 30, 2015 Invesco V.I. Value Opportunities Fund Series I Shares Contractual 2.00% May 1, 2013 June 30, 2014 Series II Shares Contractual 2.25% May 1, 2013 June 30, 2014
* The Fund name and expense limit shown is contingent upon both Board of Trustee and shareholder approval of certain changes to the Fund. 19 as of December 17, 2013 EXHIBIT "D" - CLOSED-END FUNDS ------------------------------ INVESCO MUNICIPAL INCOME OPPORTUNITIES TRUST
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE ---- ------------ ---------- ----------------- --------------- Invesco Municipal Income Opportunities Trust Contractual 0.67% August 27, 2012 August 31, 2014
INVESCO QUALITY MUNICIPAL INCOME TRUST
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE ---- ------------ ---------- ----------------- ---------------- Invesco Quality Municipal Income Trust Contractual 0.50% October 15, 2012 October 31, 2014
INVESCO VALUE MUNICIPAL INCOME TRUST
CONTRACTUAL/ EXPENSE EFFECTIVE DATE OF EXPIRATION FUND VOLUNTARY LIMITATION CURRENT LIMIT DATE ---- ------------ ---------- ----------------- ---------------- Invesco Value Municipal Income Trust Contractual 0.46% October 15, 2012 October 31, 2014
20