AMENDMENT NO. 1 TO AMENDED AND RESTATED MASTER INVESTMENT ADVISORY AGREEMENT
AMENDMENT NO. 1
TO
AMENDED AND RESTATED MASTER INVESTMENT ADVISORY AGREEMENT
This Amendment dated as of September 4, 2020, amends the Master Investment Advisory Agreement (the “Agreement”), dated July 1, 2020, 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 change the following Funds name, effective September 4, 2020:
| FUND NAME | NEW FUND NAME | |
| Invesco Oppenheimer Municipal Fund | Invesco Environmental Focus Municipal Fund: |
WHEREAS, the Trust desires to amend the Agreement to change the following Funds’ names, effective September 30, 2020:
| FUND NAME | NEW FUND NAME | |
| Invesco Oppenheimer Rochester AMT-Free Municipal Fund | Invesco AMT-Free Municipal Income Fund | |
| Invesco Oppenheimer Rochester AMT-Free New York Municipal Fund | Invesco Rochester® AMT-Free New York Municipal Fund | |
| Invesco Oppenheimer Rochester California Municipal Fund | Invesco California Municipal Fund | |
| Invesco Oppenheimer Rochester High Yield Municipal Fund | Invesco Rochester® Municipal Opportunities Fund | |
| Invesco Oppenheimer Rochester Limited Term California Municipal Fund | Invesco Limited Term California Municipal Fund | |
| Invesco Oppenheimer Rochester Limited Term New York Municipal Fund | Invesco Rochester® Limited Term New York Municipal Fund | |
| Invesco Oppenheimer Rochester New Jersey Municipal Fund | Invesco New Jersey Municipal Fund | |
| Invesco Oppenheimer Rochester New York Municipals Fund | Invesco Rochester® New York Municipals Fund | |
| Invesco Oppenheimer Rochester Pennsylvania Municipal Fund | Invesco 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 AMT-Free Municipal Income Fund | May 24,2019 | |
| Invesco California Municipal Fund | May 24,2019 | |
| Invesco Environmental Focus Municipal Fund | May 24,2019 | |
| Invesco High Yield Municipal Fund | February 12, 2010 | |
| Invesco Intermediate Term Municipal Income Fund | February 12, 2010 | |
| Invesco Limited Term California Municipal Fund | May 24,2019 | |
| Invesco Limited Term Municipal Income Fund | June 1, 2000 | |
| Invesco Municipal Income Fund | February 12, 2010 | |
| Invesco New Jersey Municipal Fund | May 24,2019 | |
| Invesco Pennsylvania Municipal Fund | May 24,2019 | |
| Invesco Rochester® AMT-Free New York Municipal Fund | May 24,2019 | |
| Invesco Rochester® Limited Term New York Municipal Fund | May 24,2019 | |
| Invesco Rochester® Municipal Opportunities Fund | May 24,2019 | |
| Invesco Rochester® New York Municipals 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 AMT-Free Municipal Income Fund*
Invesco Rochester® AMT-Free New York 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 California Municipal Fund*
| Net Assets |
Annual Rate | |||
| First $500 million |
0.480 | % | ||
| Next $250 million |
0.455 | % | ||
| Next $250 million |
0.425 | % | ||
| Next $500 million |
0.380 | % | ||
| Next $500 million |
0.370 | % | ||
| Next $500 million |
0.355 | % | ||
| Next $1.5 billion |
0.3500 | % | ||
| Over $4 billion |
0.330 | % | ||
Invesco Environmental Focus Municipal Fund*
| Net Assets |
Annual Rate | |||
| First $500 million |
0.40 | % | ||
| Next $500 million |
0.35 | % | ||
| Next $500 million |
0.30 | % | ||
| Over $1.5 billion |
0.28 | % | ||
Invesco High Yield Municipal Fund
| Net Assets |
Annual Rate | |||
| First $300 million |
0.60 | % | ||
| Next $300 million |
0.55 | % | ||
| Over $600 million |
0.50 | % | ||
| * | 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 Intermediate Term Municipal Income Fund
| Net Assets |
Annual Rate | |||
| First $500 million |
0.50 | % | ||
| Next $250 million |
0.45 | % | ||
| Next $250 million |
0.425 | % | ||
| Over $1 billion |
0.3325 | % | ||
Invesco 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 | % | ||
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 Municipal Income Fund
| Net Assets |
Annual Rate | |||
| First $500 million |
0.50 | % | ||
| Over $500 million |
0.45 | % | ||
Invesco 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 Pennsylvania Municipal Fund*
| Net Assets |
Annual Rate | |||
| First $500 million |
0.510 | % | ||
| Next $250 million |
0.410 | % | ||
| Next $250 million |
0.400 | % | ||
| Next $1 billion |
0.380 | % | ||
| Next $3 billion |
0.345 | % | ||
| Over $5 billion |
0.330 | % | ||
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Invesco 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 Rochester® Municipal Opportunities 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 Rochester® New York Municipals Fund*
| Net Assets |
Annual Rate | |||
| First $500 million |
0.480 | % | ||
| Next $4.5 billion |
0.455 | % | ||
| Next $3 billion |
0.450 | % | ||
| Next $6 billion |
0.440 | % | ||
| Over $14 billion |
0.420 | %” | ||
| * | 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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| 2. | In all other respects, the Agreement is hereby confirmed and remains in full force and effect. |
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) | ||
| By: | /s/ Xxxxxxx X. Xxxxx | |
| Xxxxxxx X. Xxxxx | ||
| Secretary, Senior Vice President and Chief Legal Officer | ||
| INVESCO ADVISERS, INC. | ||
| By: | /s/ Xxxxxxx X. Xxxxx | |
| Xxxxxxx X. Xxxxx | ||
| Senior Vice President & Secretary | ||
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