EX-99.D.1.J 2 d716903dex99d1j.htm EX-99.D.1.J EX-99.D.1.J

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

 

2

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 % 

 

3

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.

 

4

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/ Peter Davidson

       By:   

/s/ Jeffrey H. Kupor

   Assistant Secretary              (Jeffrey H. Kupor)
                Senior Vice President
            INVESCO ADVISERS, INC.
Attest:   

/s/ Peter Davidson

       By:   

/s/ Jeffrey H. Kupor

   Assistant Secretary          (Jeffrey H. Kupor)
            Senior Vice President

 

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