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 (the "Exhibit"), between AIM Equity Funds, AIM Funds
Group, AIM Investment Funds, AIM Sector Funds, AIM Stock Funds, AIM Treasurer's
Series Trust and AIM Variable Insurance Funds (each a "Trust" or, collectively,
the "Trusts"), on behalf of the funds listed on the Exhibit to this Memorandum
of Agreement (the "Funds"), and A I M Advisors, Inc. ("AIM"). This Memorandum of
Agreement restates the following: (i) Amended and Restated Memorandum of
Agreement dated July 1, 2006, between AIM Counselor Series Trust, AIM Equity
Funds, AIM Funds Group, AIM Growth Series, AIM International Mutual Funds, AIM
Investment Funds, AIM Investment Securities Funds, AIM Sector Funds, AIM Special
Opportunities Funds, AIM Stock Funds, AIM Summit Fund, AIM Treasurer's Series
Trust, AIM Variable Insurance Funds and AIM; (ii) Memorandum of Agreement as of
the effective dates indicated on the Exhibit between AIM Counselor Series Trust,
AIM Special Opportunities Fund and AIM; and (iii) Memorandum of Agreement as of
the effective dates indicated on the Exhibit between AIM Funds Group, AIM
International Mutual Funds, AIM Treasurer's Series Trust, AIM Variable Insurance
Funds and AIM. AIM 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 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 AIM agree that until at least the
expiration date set forth on the Exhibit (the "Expiration Date") and with
respect to those Funds listed on the Exhibit, AIM will waive its advisory fees
at the rate set forth on the Exhibit.
The Boards of Trustees and AIM may terminate or modify this Memorandum
of Agreement prior to the Expiration Date only by mutual written consent. AIM
will not have any right to reimbursement of any amount so waived or reimbursed.
Subject to the foregoing paragraphs, each of the Trusts and AIM agree
to review the then-current waivers for each class of the Funds listed on the
Exhibit 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 the Trusts and AIM have agreed to continue them. The
Exhibit 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.
1
IN WITNESS WHEREOF, each of the Trusts and AIM have entered into this Memorandum
of Agreement as of the Effective Date on the attached Exhibit.
AIM EQUITY FUNDS
AIM FUNDS GROUP
AIM INVESTMENT FUNDS
AIM SECTOR FUNDS
AIM STOCK FUNDS
AIM Treasurer's Series Trust
AIM VARIABLE INSURANCE FUNDS
on behalf of the Funds listed in the Exhibit
to this Memorandum of Agreement
By: /s/ ▇▇▇▇ ▇. ▇▇▇▇
----------------------------------------
Title: Senior Vice President
A I M ADVISORS, INC.
By: /s/ ▇▇▇▇ ▇. ▇▇▇▇
----------------------------------------
Title: Senior Vice President
2
----------------------------------------------------------------------------------------------------------------------
EXHIBIT TO ADVISORY FEE MOA
----------------------------------------------------------------------------------------------------------------------
AIM EQUITY FUNDS WAIVER DESCRIPTION EFFECTIVE DATE EXPIRATION DATE
--------------------------- ----------------------------------------------------- ------------------ -----------------
AIM Charter Fund AIM will waive advisory fees to the extent 1/1/2005 12/31/2012
necessary so that advisory fees AIM receives do not
exceed the annualized rates listed below.
0.75% of the first $150M 0.615% of the next $4.85B
0.57% of the next $2.5B 0.545% of the next $2.5B
0.52% of the excess over $10B
--------------------------- ----------------------------------------------------- ------------------ -----------------
AIM Constellation Fund AIM will waive advisory fees to
the extent 3/27/2005 12/31/2012 necessary so that
advisory fees AIM receives do not exceed the
annualized rates listed below.
0.695% of the first $250M 0.615% of the next $4B
0.595% of the next $750M 0.57% of the next $2.5B
0.545% of the next $2.5B 0.52% of the excess over
$10B
--------------------------- ----------------------------------------------------- ------------------ -----------------
AIM FUNDS GROUP WAIVER DESCRIPTION EFFECTIVE DATE EXPIRATION DATE
--------------------------- ----------------------------------------------------- ------------------ -----------------
AIM Basic Balanced Fund AIM will waive advisory fees to the extent 1/1/2005 12/31/2012
necessary so that advisory fees AIM receives do not
exceed the annualized rates listed below.
0.62% of the first $250M 0.605% of the next $250M
0.59% of the next $500M 0.575% of the next $1.5B
0.56% of the next $2.5B 0.545% of the next $2.5B
0.53% of the next $2.5B 0.515% of the excess over
$10B
--------------------------- ----------------------------------------------------- ------------------ -----------------
3
--------------------------- ----------------------------------------------------- ------------------ -----------------
AIM INVESTMENT FUNDS WAIVER DESCRIPTION EFFECTIVE DATE EXPIRATION DATE
--------------------------- ----------------------------------------------------- ------------------ -----------------
AIM Global Health Care AIM will waive advisory fees to the extent 1/1/2005 12/31/2009
necessary so that advisory fees AIM receives do not
Fund exceed the annualized rates listed below.
0.75% of the first $250M
0.74% of the next $250M
0.73% of the next $500M
0.72% of the next $1.5B
0.71% of the next $2.5B
0.70% of the next $2.5B
0.69% of the next $2.5B
0.68% of the excess over $10B
--------------------------- ----------------------------------------------------- ------------------ -----------------
AIM SECTOR FUNDS WAIVER DESCRIPTION EFFECTIVE DATE EXPIRATION DATE
--------------------------- ----------------------------------------------------- ------------------ -----------------
AIM Gold & Precious AIM will waive advisory fees to the extent 1/1/2005 6/30/2008
necessary so that advisory fees AIM receives do not
Metals Fund exceed the annualized rates listed below.
0.75% of the first $250M
0.74% of the next $250M
0.73% of the next $500M
0.72% of the next $1.5B
0.71% of the next $2.5B
0.70% of the next $2.5B
0.69% of the next $2.5B
0.68% of the excess over $10B
--------------------------- ----------------------------------------------------- ------------------ -----------------
AIM Utilities Fund AIM will waive advisory fees to the extent 1/1/2005 6/30/2008
necessary so that advisory fees AIM receives do not
exceed the annualized rates listed below.
0.75% of the first $250M 0.74% of the next $250M
0.73% of the next $500M 0.72% of the next $1.5B
0.71% of the next $2.5B 0.70% of the next $2.5B
0.69% of the next $2.5B 0.68% of the excess over
$10B
--------------------------- ----------------------------------------------------- ------------------ -----------------
4
---------------------------- ---------------------------------------------------- ------------------ -----------------
AIM STOCK FUNDS WAIVER DESCRIPTION EFFECTIVE DATE EXPIRATION DATE
---------------------------- ---------------------------------------------------- ------------------ -----------------
AIM S&P 500 Index Fund AIM will waive advisory fees to the extent 1/1/2005 6/30/2008
necessary so that advisory fees AIM receives do
not exceed the annualized rates listed below.
0.25% of the first $250M 0.24% of the next $250M
0.23% of the next $500M 0.22% of the next $1.5B
0.21% of the next $2.5B 0.20% of the next $2.5B
0.19% of the next $2.5B 0.18% of the excess over
$10B
---------------------------- ---------------------------------------------------- ------------------ -----------------
AIM TREASURER'S SERIES WAIVER DESCRIPTION EFFECTIVE DATE EXPIRATION DATE
TRUST
---------------------------- ---------------------------------------------------- ------------------ -----------------
Premier Portfolio AIM will waive advisory fees in the amount of 2/25/2005 6/30/2008
0.08% of the Fund's average daily net assets
---------------------------- ---------------------------------------------------- ------------------ -----------------
Premier U.S. Government AIM will waive advisory fees in the amount of
Money Portfolio 0.08% of the Fund's average daily net assets 2/25/2005 6/30/2008
---------------------------- ---------------------------------------------------- ------------------ -----------------
AIM VARIABLE INSURANCE WAIVER DESCRIPTION EFFECTIVE DATE EXPIRATION DATE
FUNDS
---------------------------- ---------------------------------------------------- ------------------ -----------------
AIM V. I. Basic Balanced AIM will waive advisory fees to the extent 1/1/2005 12/31/2009
necessary so that advisory fees AIM receives do
Fund not exceed the annualized rates listed below.
0.62% of the first $150M
0.50% of the next $4.85B
0.475% of the next $5B
0.45% of the excess over $10B
---------------------------- ---------------------------------------------------- ------------------ -----------------
AIM V. I. Capital AIM will waive advisory fees to the extent 5/1/2006 12/31/2009
necessary so that advisory fees AIM receives do
Appreciation Fund not exceed the annualized rates listed below.
0.695% of the first $250M
0.625% of the next $750M
0.62% of the next $1.5B
0.595% of the next $2.5B
0.57% of the next $2.5B
0.545% of the next $2.5B
0.52% of the excess over $10B
---------------------------- ---------------------------------------------------- ------------------ -----------------
5
---------------------------- ---------------------------------------------------- ------------------ -----------------
AIM VARIABLE INSURANCE WAIVER DESCRIPTION EFFECTIVE DATE EXPIRATION DATE
FUNDS - CONTINUED
---------------------------- ---------------------------------------------------- ------------------ -----------------
AIM V. I. Capital AIM will waive advisory fees to the extent 1/1/2005 4/30/2009
necessary so that advisory fees AIM receives do
Development Fund not exceed the annualized rates listed below.
0.745% of the first $250M
0.73% of the next $250M
0.715% of the next $500M
0.70% of the next $1.5B
0.685% of the next $2.5B
0.67% of the next $2.5B
0.655% of the next $2.5B
0.64% of the excess over $10B
---------------------------- ---------------------------------------------------- ------------------ -----------------
AIM V. I. Core Equity Fund AIM will waive advisory fees to the extent 1/1/2005 12/31/2009
necessary so that advisory fees AIM receives do
not exceed the annualized rates listed below.
0.695% of the first $250M 0.67% of the next $250M
0.645% of the next $500M 0.62% of the next $1.5B
0.595% of the next $2.5B 0.57% of the next $2.5B
0.545% of the next $2.5B 0.52% of the excess over
$10B
---------------------------- ---------------------------------------------------- ------------------ -----------------
6