AMENDMENT NO. 13 TO THE AMENDED AND RESTATED MASTER INVESTMENT ADVISORY AGREEMENT
Exhibit 99.d(1)(n)
AMENDMENT NO. 13
TO THE
AMENDED AND RESTATED MASTER INVESTMENT ADVISORY AGREEMENT
This Amendment, dated as of December 11, 2024, amends the Amended and Restated Master Investment Advisory Agreement (the "Agreement"), dated July 1, 2020, between AIM Investment Funds (Invesco Investment Funds), a Delaware statutory trust (the “Trust”), and Invesco Advisers, Inc., a Delaware corporation, as follows:
WITNESSETH:
WHEREAS, the Trust desires to amend the Agreement to remove Invesco Global Infrastructure Fund and Invesco Macro Allocation Strategy Fund, effective March 20, 2025.
NOW, THEREFORE, the parties agree as follows:
| 1. | Appendix A and Appendix B to the Agreement are deleted in their entirety and replaced with the following: |
“APPENDIX A
FUNDS AND EFFECTIVE DATES
| Name of Fund | Effective Date of Advisory Agreement |
| Invesco Balanced-Risk Allocation Fund | May 29, 2009 |
| Invesco Balanced-Risk Commodity Strategy Fund | November 29, 2010 |
| Invesco Core Bond Fund | May 24, 2019 |
| Invesco Developing Markets Fund | May 24, 2019 |
| Invesco Discovery Mid Cap Growth Fund | May 24, 2019 |
| Invesco EQV Emerging Markets All Cap Fund | September 1, 2001 |
| Invesco Emerging Markets Local Debt Fund | May 24, 2019 |
| Invesco Global Allocation Fund | May 24, 2019 |
| Invesco Global Strategic Income Fund | May 24, 2019 |
| Invesco Health Care Fund | September 1, 2001 |
| Invesco International Bond Fund | May 24, 2019 |
| Invesco Multi-Asset Income Fund | December 14, 2011 |
| Invesco Multi-Strategy Fund | May 24, 2019 |
| Invesco SteelPath MLP Alpha Fund | May 24, 2019 |
| Invesco SteelPath MLP Alpha Plus Fund | May 24, 2019 |
| Invesco SteelPath MLP Income Fund | May 24, 2019 |
| Invesco SteelPath MLP Select 40 Fund | May 24, 2019 |
APPENDIX B
COMPENSATION TO THE ADVISOR
The Trust shall pay the Adviser, out of the assets of each Fund, as full compensation for all services rendered, an advisory fee for such Funds as set forth below. Such fee shall be calculated by applying the following annual rates to the average daily net assets of such Funds for the calendar year computed in the manner used for the determination of the net asset value of shares of such Funds.
Invesco Balanced-Risk Allocation Fund
| Net Assets | Annual Rate* | |||
| First $250 million | 0.95 | % | ||
| Next $250 million | 0.925 | % | ||
| Next $500 million | 0.90 | % | ||
| Next $1.5 billion | 0.875 | % | ||
| Next $2.5 billion | 0.85 | % | ||
| Next $2.5 billion | 0.825 | % | ||
| Next $2.5 billion | 0.80 | % | ||
| Over $10 billion | 0.775 | % | ||
*To the extent Invesco Balanced-Risk Allocation Fund invests its assets in Invesco Cayman Commodity Fund I Ltd., a direct wholly-owned subsidiary of Invesco Balanced-Risk Allocation Fund, the Adviser shall not collect the portion of the advisory fee that the Adviser would otherwise be entitled to collect from Invesco Balanced-Risk Allocation Fund, in an amount equal to 100% of the advisory fee that the Adviser receives from Invesco Cayman Commodity Fund I Ltd.
Invesco Balanced-Risk Commodity Strategy Fund
| Net Assets | Annual Rate* | |||
| First $250 million | 1.050 | % | ||
| Next $250 million | 1.025 | % | ||
| Next $500 million | 1.000 | % | ||
| Next $1.5 billion | 0.975 | % | ||
| Next $2.5 billion | 0.950 | % | ||
| Next $2.5 billion | 0.925 | % | ||
| Next $2.5 billion | 0.900 | % | ||
| Over $10 billion | 0.875 | % | ||
*To the extent Invesco Balanced-Risk Commodity Strategy Fund invests its assets in Invesco Cayman Commodity Fund III Ltd., a direct wholly-owned subsidiary of Invesco Balanced-Risk Commodity Strategy Fund, the Adviser shall not collect the portion of the advisory fee that the Adviser would otherwise be entitled to collect from Invesco Balanced-Risk Commodity Strategy Fund, in an amount equal to 100% of the advisory fee that the Adviser receives from Invesco Cayman Commodity Fund III Ltd.
Invesco Core Bond Fund*
| Net Assets | Annual Rate | |||
| First $500 million | 0.40 | % | ||
| Next $500 million | 0.35 | % | ||
| Next $4 billion | 0.33 | % | ||
| Over $5 billion | 0.31 | % | ||
Invesco Developing Markets Fund*
| Net Assets | Annual Rate | |||
| First $250 million | 1.00 | % | ||
| Next $250 million | 0.95 | % | ||
| Next $500 million | 0.90 | % | ||
| Next $6 billion | 0.85 | % | ||
| Next $3 billion | 0.80 | % | ||
| Next $20 billion | 0.75 | % | ||
| Next $15 billion | 0.74 | % | ||
| Over $45 billion | 0.73 | % | ||
Invesco Discovery Mid Cap Growth Fund*
| Net Assets | Annual Rate | |||
| First $500 million | 0.68 | % | ||
| Next $500 million | 0.65 | % | ||
| Next $4 billion | 0.62 | % | ||
| Over $5 billion | 0.60 | % | ||
Invesco EQV Emerging Markets All Cap Fund
| Net Assets | Annual Rate | |||
| First $250 million | 0.935 | % | ||
| Next $250 million | 0.91 | % | ||
| Next $500 million | 0.885 | % | ||
| Next $1.5 billion | 0.86 | % | ||
| Next $2.5 billion | 0.835 | % | ||
| Next $2.5 billion | 0.81 | % | ||
| Next $2.5 billion | 0.785 | % | ||
| Over $10 billion | 0.76 | % | ||
Invesco Emerging Markets Local Debt Fund*
| Net Assets | Annual Rate | |||
| First $500 million | 0.70 | % | ||
| Next $500 million | 0.65 | % | ||
| Next $4 billion | 0.60 | % | ||
| Over $5 billion | 0.58 | % | ||
* 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.
Invesco Global Allocation Fund*
| Net Assets | Annual Rate** | |||
| First $1 billion | 0.80 | % | ||
| Next $2 billion | 0.76 | % | ||
| Next $1 billion | 0.71 | % | ||
| Next $1 billion | 0.66 | % | ||
| Next $1 billion | 0.60 | % | ||
| Next $1 billion | 0.55 | % | ||
| Next $2 billion | 0.50 | % | ||
| Over $9 billion | 0.48 | % | ||
**To the extent Invesco Global Allocation Fund invests its assets in Invesco Global Allocation Fund (Cayman) Ltd., a direct wholly-owned subsidiary of Invesco Global Allocation Fund, the Adviser shall not collect the portion of the advisory fee that the Adviser would otherwise be entitled to collect from Invesco Global Allocation Fund, in an amount equal to 100% of the advisory fee that the Adviser receives from Invesco Global Allocation Fund (Cayman) Ltd.
Invesco Global Strategic Income Fund*
| Net Assets | Annual Rate** | |||
| First $200 million | 0.75 | % | ||
| Next $200 million | 0.72 | % | ||
| Next $200 million | 0.69 | % | ||
| Next $200 million | 0.66 | % | ||
| Next $200 million | 0.60 | % | ||
| Next $4 billion | 0.50 | % | ||
| Next $5 billion | 0.48 | % | ||
| Over $10 billion | 0.46 | % | ||
**To the extent Invesco Global Strategic Income Fund invests its assets in Invesco Global Strategic Income Fund (Cayman) Ltd., a direct wholly-owned subsidiary of Invesco Global Strategic Income Fund, the Adviser shall not collect the portion of the advisory fee that the Adviser would otherwise be entitled to collect from Invesco Global Strategic Income Fund, in an amount equal to 100% of the advisory fee that the Adviser receives from Invesco Global Strategic Income Fund (Cayman) Ltd.
Invesco Health Care Fund
| Net Assets | Annual Rate | |||
| First $350 million | 0.75 | % | ||
| Next $350 million | 0.65 | % | ||
| Next $1.3 billion | 0.55 | % | ||
| Next $2 billion | 0.45 | % | ||
| Next $2 billion | 0.40 | % | ||
| Next $2 billion | 0.375 | % | ||
| Over $8 billion | 0.35 | % | ||
Invesco International Bond Fund*
| Net Assets | Annual Rate** | |||
| First $200 million | 0.75 | % | ||
| Next $200 million | 0.72 | % | ||
| Next $200 million | 0.69 | % | ||
| Next $200 million | 0.66 | % | ||
| Next $200 million | 0.60 | % | ||
| Next $4 billion | 0.50 | % | ||
| Next $10 billion | 0.48 | % | ||
| Over $15 billion | 0.45 | % | ||
**To the extent Invesco International Bond Fund invests its assets in Invesco International Bond Fund (Cayman) Ltd., a direct wholly-owned subsidiary of Invesco International Bond Fund, the Adviser shall not collect the portion of the advisory fee that the Adviser would otherwise be entitled to collect from Invesco ▇▇▇▇▇▇▇▇▇▇▇ International Bond Fund, in an amount equal to 100% of the advisory fee that the Adviser receives from Invesco International Bond Fund (Cayman) Ltd.
Invesco Multi-Asset Income Fund
| Net Assets | Annual Rate | |||
| First $500 million | 0.50 | % | ||
| Next $500 million | 0.45 | % | ||
| Next $500 million | 0.40 | % | ||
| Over $1.5 billion | 0.39 | % | ||
Invesco Multi-Strategy Fund*
| Net Assets | Annual Rate** | |||
| First $1 billion | 0.85 | % | ||
| Next $500 million | 0.80 | % | ||
| Next $500 million | 0.75 | % | ||
| Next $500 million | 0.70 | % | ||
| Next $500 million | 0.65 | % | ||
| Next $500 million | 0.60 | % | ||
| Next $500 million | 0.55 | % | ||
| Over $4 billion | 0.50 | % | ||
**To the extent Invesco Multi-Strategy Fund invests its assets in Invesco Multi-Strategy Fund (Cayman) Ltd., a direct wholly-owned subsidiary of Invesco Multi-Strategy Fund, the Adviser shall not collect the portion of the advisory fee that the Adviser would otherwise be entitled to collect from Invesco Multi-Strategy Fund, in an amount equal to 100% of the advisory fee that the Adviser receives from Invesco Multi-Strategy Fund (Cayman) Ltd.
Invesco SteelPath MLP Alpha Fund*
| Net Assets | Annual Rate | |||
| First $3 billion | 1.10 | % | ||
| Next $2 billion | 1.08 | % | ||
| Over $5 billion | 1.05 | % | ||
Invesco SteelPath MLP Alpha Plus Fund*
| Net Assets | Annual Rate | |||
| First $3 billion | 1.25 | % | ||
| Next $2 billion | 1.23 | % | ||
| Over $5 billion | 1.20 | % | ||
Invesco SteelPath MLP Income Fund*
| Net Assets | Annual Rate | |||
| First $3 billion | 0.95 | % | ||
| Next $2 billion | 0.93 | % | ||
| Over $5 billion | 0.90 | % | ||
Invesco SteelPath MLP Select 40 Fund*
| Net Assets | Annual Rate | |||
| First $3 billion | 0.70 | % | ||
| Next $2 billion | 0.68 | % | ||
| Over $5 billion | 0.65 | % | ||
| 2. | All other terms and provisions of the Agreement not amended herein shall remain 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.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed in duplicate by their respective officers on the day and year first written above.
| AIM INVESTMENT FUNDS | ||
| (INVESCO INVESTMENT FUNDS) | ||
| By: | /s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ | |
| ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ | ||
| Chief Legal Officer, Senior Vice President & Secretary | ||
| INVESCO ADVISERS, INC. | ||
| By: | /s/ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ | |
| ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ | ||
| Senior Vice President |