MEMORANDUM OF AGREEMENT
This Memorandum of Agreement is entered into as of this 1st day of
November, 2004, between AIM Equity Funds, AIM Funds Group, AIM Growth Series,
AIM International Mutual Funds and AIM Investment Securities Funds, (each a
"Trust" and collectively, the "Trusts"), on behalf of the funds listed on
Exhibit "A" to this Memorandum of Agreement (the "Funds"), and AIM Investment
Services, Inc. ("AIS"). This Memorandum of Agreement restates the Memorandum of
Agreement dated as of July 1, 2003, as restated November 25, 2003, and as
restated August 1, 2004, between AIM Equity Funds, AIM Funds Group, AIM Growth
Series, AIM International Funds, Inc. (now known as AIM International Mutual
Funds), AIM Investment Securities Funds and A I M Fund Services, Inc. (now known
as AIM Investment Services, Inc.). AIM shall and hereby agrees to waive fees or
reimburse expenses of each Fund, on behalf of its respective classes as
applicable, severally and not jointly, as indicated in Exhibit A.
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 AIS as follows:
Each Trust and AIS agree until the date set forth on the attached Exhibit
"A" that AIS will limit transfer agency expenses of each Fund's Institutional
Class at the rates, on an annualized basis, set forth on Exhibit "A". The Boards
of Trustees and AIS may terminate or modify this Memorandum of Agreement prior
to the date set forth on Exhibit "A" only by mutual written consent. AIS will
not have any right to reimbursement of any amount so waived.
The Trusts and AIS agree to review the then-current waivers or expense
limitations for each class of each Fund listed on Exhibit "A" on a date prior to
the date listed on that Exhibit to determine whether such waivers or limitations
should be amended, continued or terminated. Unless the Trusts, by vote of its
Boards of Trustees, or AIS terminate the waivers or limitations, or the Trusts
and AIS are unable to reach an agreement on the amount of the waivers or
limitations to which the Trusts and AIS desire to be bound, the waivers or
limitations will continue for additional one-year terms at the rate to which the
Trusts and AIS mutually agree. Exhibit "A" will be amended to reflect that rate
and the new date through which the Trusts and AIS agree to be bound.
It is expressly agreed that the obligations of the Trust hereunder shall not be
binding upon any of the Trustees, shareholders, nominees, officers, agents or
employees of the Trust personally, but shall only bind the assets and property
of the Funds, as provided in the Trust's Agreement and Declaration of Trust. The
execution and delivery of this Memorandum of Agreement have been authorized by
the Trustees of the Trust, and this Memorandum of Agreement has been executed
and delivered by an authorized officer of the 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 the Trust's Agreement and Declaration of Trust.
1
IN WITNESS WHEREOF, each Trust, on behalf of itself and its Funds listed
in Exhibit "A" to this Memorandum of Agreement, and AIS have entered into this
Memorandum of Agreement as of the date written above.
AIM EQUITY FUNDS AIM FUNDS GROUP AIM
GROWTH SERIES AIM INTERNATIONAL
MUTUAL FUNDS AIM INVESTMENT FUNDS AIM
INVESTMENT SECURITIES FUNDS on behalf
of the Funds listed in Exhibit "A" to
this Memorandum of Agreement
By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
__________________________________
Title: President
_______________________________
AIM INVESTMENT SERVICES, INC.
By: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
__________________________________
Title: President
_______________________________
2
EXHIBIT "A"
FUNDS WITH FISCAL YEAR END OF JULY 31
AIM INVESTMENT SECURITIES FUNDS
FUND EXPENSE LIMITATION COMMITTED UNTIL
---- ------------------ ---------------
AIM Limited Maturity Treasury Fund
Institutional Class 0.10% July 31, 2005
FUNDS WITH FISCAL YEAR END OF OCTOBER 31
AIM EQUITY FUNDS
FUND EXPENSE LIMITATION COMMITTED UNTIL
---- ------------------ ---------------
AIM Aggressive Growth Fund
Institutional Class 0.10% October 31, 2005
AIM Blue Chip Fund
Institutional Class 0.10% October 31, 2005
AIM Capital Development Fund
Institutional Class 0.10% October 31, 2005
AIM Charter Fund
Institutional Class 0.10% October 31, 2005
AIM Constellation Fund
Institutional Class 0.10% October 31, 2005
AIM Large Cap Basic Value fund
Institutional Class 0.10% October 31, 2005
AIM Large Cap Growth Fund
Institutional Class 0.10% October 31, 2005
AIM Mid Cap Growth Fund
Institutional Class 0.10% October 31, 2005
AIM ▇▇▇▇▇▇▇▇▇▇ Fund
Institutional Class 0.10% October 31, 2005
AIM INTERNATIONAL MUTUAL FUNDS
FUND EXPENSE LIMITATION COMMITTED UNTIL
---- ------------------ ---------------
AIM International Growth Fund
Institutional Class 0.10% October 31, 2005
INVESCO International Core Equity Fund
Institutional Class 0.10% October 31, 2005
3
AIM INVESTMENT FUNDS
FUND EXPENSE LIMITATION COMMITTED UNTIL
---- ------------------ ---------------
AIM Trimark Endeavor Fund
Institutional Class 0.10% October 31, 2005
AIM Trimark Fund
Institutional Class 0.10% October 31, 2005
AIM Trimark Small Companies Fund
Institutional Class 0.10% October 31, 2005
FUNDS WITH FISCAL YEAR END OF DECEMBER 31
AIM FUNDS GROUP
FUND EXPENSE LIMITATION COMMITTED UNTIL
---- ------------------ ---------------
AIM Balanced Fund
Institutional Class 0.10% December 31, 2005
AIM Basic Balanced Fund
Institutional Class 0.10% December 31, 2005
AIM Mid Cap Basic Value Fund
Institutional Class 0.10% December 31, 2005
AIM Premier Equity Fund
Institutional Class 0.10% December 31, 2005
AIM GROWTH SERIES
FUND EXPENSE LIMITATION COMMITTED UNTIL
---- ------------------ ---------------
AIM Aggressive Allocation Fund
Institutional Class 0.10% December 31, 2005
AIM Basic Value Fund
Institutional Class 0.10% December 31, 2005
AIM Conservative Allocation Fund
Institutional Class 0.10% December 31, 2005
AIM Global Equity Fund
Institutional Class 0.10% December 31, 2005
AIM Mid Cap Core Equity Fund
Institutional Class 0.10% December 31, 2005
AIM Moderate Allocation Fund
Institutional Class 0.10% December 31, 2005
AIM Small Cap Growth Fund
Institutional Class 0.10% December 31, 2005
4