Exhibit 99.(d)(1)(d)

AMENDMENT NO. 3

TO

AMENDED AND RESTATED MASTER INVESTMENT ADVISORY AGREEMENT

This Amendment No. 3, dated as of December 9, 2025 (this “Amendment”), 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 parties desire to amend the Agreement to remove Invesco Environmental Focus Municipal Fund from the Agreement, effective February 24, 2026.

NOW, THEREFORE, the parties agree that:

APPENDIX A

NAME OF FUNDS AND EFFECTIVE DATES

APPENDIX B

COMPENSATION TO THE ADVISER

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*

Invesco California Municipal Fund*

Invesco High Yield Municipal Fund

Invesco Intermediate Term Municipal Income Fund

Invesco Limited Term California Municipal Fund*

Invesco Limited Term Municipal Income Fund

Invesco Municipal Income Fund

Invesco New Jersey Municipal Fund*

Invesco Pennsylvania Municipal Fund*

Invesco Rochester® Limited Term New York Municipal Fund*

Invesco Rochester® Municipal Opportunities Fund*

Invesco Rochester® New York Municipals Fund*

* 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 have caused this Amendment to be executed by their respective officers on the date first written above.