On October 8, 2004, the SEC instituted settled administrative and cease-and-desist proceedings against Invesco Funds Group, Inc. ("IFG"), AIM Advisors, Inc., and AIM Distributors, Inc. ("ADI"). According to the SEC: "This is a proceeding against IFG, AIM Advisors, and ADI based on market timing agreements that allowed certain individuals and entities to make frequent trades in the Invesco Funds advised by IFG and AIM Mutual Funds advised by AIM Advisors."

The Commission ordered that: "for good cause shown, the time for entering an Order approving or disapproving the proposed distribution plan is extended to November 30, 2007."

The SEC stated: "IT IS ORDERED that: Pursuant to Rule 1104 of the Rules on Fair Fund and Disgorgement Plans, 17 C.F.R. § 201.1104, for good cause shown, the time for entering an Order approving or disapproving the proposed distribution plan is extended to December 28, 2007."

The Commission stated: "On October 8, 2004, the Commission instituted and simultaneously settled public administrative and cease-and-desist proceedings (the "October Order") against former Commission registered investment adviser Invesco Funds Group, Inc. ("IFG") for violations of the federal securities laws in connection with the market timing of certain mutual funds within the Invesco fund complex (Securities Exchange Act of 1934 Release No. 50506). Among other relief, the October Order required IFG to pay disgorgement of $215 million and a civil penalty of $110 million. The total amount of $325 million was designated a Fair Fund (the "IFG Fair Fund") under Section 308(a) of the SarbanesOxley Act of 2002. The October Order further required that the IFG Fair Fund be distributed to investors injured by market timing activity pursuant to a distribution plan (the "IFG Plan") to be developed by an independent distribution consultant ("IDC"). On July 6, 2007, the Commission published the proposed IFG Plan and issued a Notice of Proposed Distribution Plan and Opportunity for Comment (Exchange Act Release No. 56025A) pursuant to Rule 1103 of the Fair Fund Rules, 17 C.F.R. § 201.1103. In response to the Notice, Merrill Lynch & Co., Inc. ("Merrill Lynch"), the Spark Institute, Inc. ("Spark"), and four individuals submitted comments to the Office of the Secretary regarding the IFG Plan. After careful consideration, the Commission has concluded that the IFG Plan should be modified to further clarify the Fund Administrator's responsibility to ensure that other parties maintain shareholder information in confidence, to include an additional alternative for retirement plan service providers to distribute proceeds among retirement plans, to include a process by which certain individuals and entities can contest their otherwise ineligible status under the Plan, to remove provisions so that no monies associated with the relief ordered against four former employees of IFG will be distributed as part of the IFG Fair Fund, to create more clarity in the distribution process and to correct various typographical errors, and approved with such modifications. Furthermore, the Commission appoints BFDS as Fund Administrator as proposed in the Plan, and has determined that, for good cause shown, the bond required under Fair Fund Rule 1105(c) will be waived. Finally, the Commission directs that the monies associated with the relief ordered against the four former employees of IFG, Raymond R. Cunningham, Timothy J. Miller, Thomas A. Kolbe, and Michael D. Legoski, be transferred to Treasury."

The SEC " announced the Fair Fund distribution of more than $78 million to more than 590,000 investors who were affected by undisclosed market timing in certain AIM mutual funds."

On November 20, 2009, the SEC issued an Amended Order Directing Disbursement of Fair Fund.

On May 11, 2011, the SEC ordered the amendment of the distribution plan for the Fair Fund. The SEC also ordered that: "The Fund Administrator shall disburse the Residual ... to the affected Invesco Funds in the amount stated in the validated payment file of $57,821,352.37". According to the SEC: "The current balance of the Fair Fund less the Reserved Amount shall be considered the Residual and shall be distributed to the affected Invesco Funds in accordance with the Plan." The SEC also ordered that: "The Fund Administrator shall disburse payments to the 58 eligible investors ... from the IFG Fair Fund based on the IDC [Independent Distribution Consultant]'s use of the approved alternative distribution methodology in the amount stated in the validated payment file of $26,838.97." According to the SEC: "After the Fund Administrator had distributed the Fair Fund monies ... following the Commission's November 20, 2009 Order, the IDC determined that fifty-eight (58) additional investors were eligible to receive a distribution under this process...."

On April 15, 2013, the SEC entered an Order amending its earlier May 11, 2011 Order. The SEC ordered the amendment of the distribution plan for the Fair Fund. The SEC also ordered that: "The Fund Administrator shall disburse the Residual ... to the affected Invesco Funds in the amount stated in the validated payment file of $57,821,352.37". According to the SEC: "The current balance of the Fair Fund less the Reserved Amount shall be considered the Residual and shall be distributed to the affected Invesco Funds in accordance with the Plan." The SEC also ordered that: "The Fund Administrator shall disburse payments to the 58 eligible investors ... from the IFG Fair Fund based on the IDC [Independent Distribution Consultant]'s use of the approved alternative distribution methodology in the amount stated in the validated payment file of $26,838.97." According to the SEC: "After the Fund Administrator had distributed the Fair Fund monies ... following the Commission's November 20, 2009 Order, the IDC determined that fifty-eight (58) additional investors were eligible to receive a distribution under this process...."

On November 6, 2013, the SEC ordered the termination of the Invesco Funds Group ("IFG") Fair Fund and the discharge of the Fund Administrator. The SEC also ordered that: "The remaining funds of $5,433,979.05 in the Fair Fund shall be transferred to the U.S. Treasury, and any future funds received by the Fair Fund shall also be transferred to the U.S. Treasury". According to the SEC, "the IFG Modified Plan provides that the Fair Fund is eligible for termination after the final accounting has been submitted by the Fund Administrator and approved by the Commission and all taxes and fees have been paid.... The staff of the Commission has verified that all taxes and fees have been paid and that the Commission is in possession of the remaining funds."