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
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PAGE 2
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PAGE 3
022 A000002 J.P. MORGAN SECURITIES INC.
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022 A000003 WELLS FARGO SECURITIES, LLC
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PAGE 6
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PAGE 7
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PAGE 8
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PAGE 9
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SIGNATURE KELLI GALLEGOS
TITLE ASSISANT VP & ASSISTANT TREASURER
EX-99.77B
2
d707690dex9977b.txt
EX-99.77B
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees and Shareholders of 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