AMENDMENT NO. 9 TO MASTER INVESTMENT ADVISORY AGREEMENT
AMENDMENT NO. 9
TO
MASTER INVESTMENT ADVISORY AGREEMENT
This Amendment dated as of May 24, 2019, amends the Master Investment Advisory Agreement (the “Agreement”), dated June 1, 2000, between AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds), a Delaware statutory trust, and Invesco Advisers, Inc., a Delaware corporation.
W I T N E S S E T H:
WHEREAS, the Trust desires to amend the Agreement to add Invesco Oppenheimer Intermediate Term Municipal Fund, Invesco Oppenheimer Municipal Fund, Invesco Oppenheimer Rochester® AMT-Free Municipal Fund, Invesco Oppenheimer Rochester® AMT-Free New York Municipal Fund, Invesco Oppenheimer Rochester® California Municipal Fund, Invesco Oppenheimer Rochester® Municipals Fund, Invesco Oppenheimer Rochester® High Yield Municipal Fund, Invesco Oppenheimer Rochester® Limited Term California Municipal Fund, Invesco Oppenheimer Rochester® Limited Term New York Municipal Fund, Invesco Oppenheimer Rochester® New Jersey Municipal Fund and Invesco Oppenheimer Rochester® Pennsylvania Municipal Fund;
NOW, THEREFORE, the parties agree that;
| 1. | Appendix A and Appendix B to the Agreement are hereby deleted in their entirety and replaced with the following: |
APPENDIX A
FUNDS AND EFFECTIVE DATES
| Name of Fund |
Effective Date of Advisory Agreement | |
| Invesco Tax-Exempt Cash Fund |
June 1, 2000 | |
| Invesco Limited Term Municipal Income Fund |
June 1, 2000 | |
| Invesco High Yield Municipal Fund |
February 12, 2010 | |
| Invesco Intermediate Term Municipal Income Fund |
February 12, 2010 | |
| Invesco Municipal Income Fund |
February 12, 2010 | |
| Invesco New York Tax Free Income Fund |
February 12, 2010 | |
| Invesco Oppenheimer Intermediate Term Municipal Fund |
May 24, 2019 | |
| Invesco Oppenheimer Municipal Fund |
May 24, 2019 | |
| Invesco Oppenheimer Rochester® AMT-Free Municipal Fund |
May 24, 2019 | |
| Invesco Oppenheimer Rochester® AMT-Free New York Municipal Fund |
May 24, 2019 | |
| Invesco Oppenheimer Rochester® California Municipal Fund |
May 24, 2019 | |
| Invesco Oppenheimer Rochester® Municipals Fund |
May 24, 2019 | |
| Invesco Oppenheimer Rochester® High Yield Municipal Fund |
May 24, 2019 | |
| Invesco Oppenheimer Rochester® Limited Term California Municipal Fund |
May 24, 2019 | |
| Invesco Oppenheimer Rochester® Limited Term New York Municipal Fund |
May 24, 2019 | |
| Invesco Oppenheimer Rochester® New Jersey Municipal Fund |
May 24, 2019 | |
| Invesco Oppenheimer Rochester® Pennsylvania Municipal Fund |
May 24, 2019 | |
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APPENDIX B
COMPENSATION TO THE ADVISOR
The Trust shall pay the Adviser, out of the assets of a Fund, as full compensation for all services rendered, an advisory fee for such Fund set forth below. Such fee shall be calculated by applying the following annual rates to the average daily net assets of such Fund for the calendar year computed in the manner used for the determination of the net asset value of shares of such Fund.
Invesco Limited Term Municipal Income Fund
| Net Assets |
Annual Rate | |||
| First $500 million |
0.30 | % | ||
| Over $500 million to and including $1 billion |
0.25 | % | ||
| Over $1 billion |
0.20 | % | ||
Invesco Tax-Exempt Cash Fund
| Net Assets |
Annual Rate | |||
| All Assets |
0.20 | % | ||
Invesco High Yield Municipal Fund
| Net Assets |
Annual Rate | |||
| First $300 million |
0.60 | % | ||
| Next $300 million |
0.55 | % | ||
| Over $600 million |
0.50 | % | ||
Invesco Intermediate Term Municipal Income Fund
Invesco Municipal Income Fund
| Net Assets |
Annual Rate | |||
| First $500 million |
0.50 | % | ||
| Over $500 million |
0.45 | % | ||
Invesco New York Tax Free Income Fund
| Net Assets |
Annual Rate | |||
| First $500 million |
0.47 | % | ||
| Over $500 million |
0.445 | % | ||
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Invesco Oppenheimer Intermediate Term Municipal Fund*
Invesco Oppenheimer Rochester® New Jersey Municipal Fund*
| Net Assets |
Annual Rate | |||
| First $200 million |
0.600 | % | ||
| Next $100 million |
0.550 | % | ||
| Next $200 million |
0.500 | % | ||
| Next $250 million |
0.450 | % | ||
| Next $250 million |
0.400 | % | ||
| Over $1 billion |
0.350 | % | ||
Invesco Oppenheimer Rochester® AMT-Free Municipal Fund*
Invesco Oppenheimer Rochester® AMT-Free New York Municipal Fund*
Invesco Oppenheimer Rochester® California Municipal Fund*
Invesco Oppenheimer Rochester® Pennsylvania Municipal Fund*
| Net Assets |
Annual Rate | |||
| First $200 million |
0.600 | % | ||
| Next $100 million |
0.550 | % | ||
| Next $200 million |
0.500 | % | ||
| Next $250 million |
0.450 | % | ||
| Next $250 million |
0.400 | % | ||
| Next $4 billion |
0.350 | % | ||
| Over $5 billion |
0.330 | % | ||
Invesco Oppenheimer Rochester® High Yield Municipal Fund*
| Net Assets |
Annual Rate | |||
| First $200 million |
0.600 | % | ||
| Next $100 million |
0.550 | % | ||
| Next $200 million |
0.500 | % | ||
| Next $250 million |
0.450 | % | ||
| Next $250 million |
0.400 | % | ||
| Next $10 billion |
0.350 | % | ||
| Over $11 billion |
0.340 | % | ||
Invesco Oppenheimer Rochester® Limited Term California Municipal Fund*
| Net Assets |
Annual Rate | |||
| First $100 million |
0.500 | % | ||
| Next $150 million |
0.450 | % | ||
| Next $1.75 billion |
0.400 | % | ||
| Over $2 billion |
0.390 | % | ||
| * | The advisory fee payable by the Fund shall be reduced by any amounts paid by such Fund under the Administrative Services Agreement between such Fund and Invesco Advisers, Inc. |
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Invesco Oppenheimer Rochester® Limited Term New York Municipal Fund*
| Net Assets |
Annual Rate | |||
| First $100 million |
0.500 | % | ||
| Next $150 million |
0.450 | % | ||
| Next $1.75 billion |
0.400 | % | ||
| Next $3 billion |
0.390 | % | ||
| Next $5 billion |
0.380 | % | ||
| Over $10 billion |
0.370 | % | ||
Invesco Oppenheimer Rochester® Municipals Fund*
Invesco Oppenheimer Municipal Fund*
| Net Assets |
Annual Rate | |||
| First $100 million |
0.540 | % | ||
| Next $150 million |
0.520 | % | ||
| Next $1.75 billion |
0.470 | % | ||
| Next $3 billion |
0.460 | % | ||
| Next $3 billion |
0.450 | % | ||
| Next $6 billion |
0.440 | % | ||
| Over $14 billion |
0.420 | % | ||
Invesco Oppenheimer Rochester® Limited Term New York Municipal Fund*
| Net Assets |
Annual Rate | |||
| First $100 million |
0.500 | % | ||
| Next $150 million |
0.450 | % | ||
| Next $1.75 billion |
0.400 | % | ||
| Next $3 billion |
0.390 | % | ||
| Next $5 billion |
0.380 | % | ||
| Over $10 billion |
0.370 | %” | ||
| 2. | In all other respects, the Agreement is hereby confirmed and remains in full force and effect. |
| * | The advisory fee payable by the Fund shall be reduced by any amounts paid by such Fund under the Administrative Services Agreement between such Fund and Invesco Advisers, Inc. |
5
IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their respective officers on the date first written above.
| AIM TAX-EXEMPT FUNDS | ||||||||
| (INVESCO TAX-EXEMPT FUNDS) | ||||||||
| Attest: | /s/ Xxxxx Xxxxxxxx |
By: | /s/ Xxxxxxx X. Xxxxx | |||||
| Assistant Secretary | (Xxxxxxx X. Xxxxx) | |||||||
| Senior Vice President | ||||||||
| INVESCO ADVISERS, INC. | ||||||||
| Attest: | /s/ Xxxxx Xxxxxxxx |
By: | /s/ Xxxxxxx X. Xxxxx | |||||
| Assistant Secretary | (Xxxxxxx X. Xxxxx) | |||||||
| Senior Vice President | ||||||||
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