Exhibit 99.d(3)(l)

AMENDMENT NO. 11

TO THE

AMENDED AND RESTATED SUB-ADVISORY CONTRACT

This Amendment, dated as of September 28, 2022, amends the Amended and Restated Sub-Advisory Contract (the “Contract”), dated July 1, 2020, between Invesco Advisers, Inc. (the “Adviser”) and Invesco Capital Management LLC (the “Sub-Adviser”).

W I T N E S S E T H:

WHEREAS, the parties desire to amend the Contract to remove Invesco Global Targeted Returns Fund, a series portfolio of AIM Investment Funds (Invesco Investment Funds) (“AIF”), effective September 28, 2022.

NOW THEREFORE, in consideration of the promises and the mutual covenants herein contained, it is agreed between the parties hereto as follows:

1.            Exhibit A to the Contract is hereby deleted in its entirety and replaced with the following:

“EXHIBIT A

AIM Counselor Series Trust (Invesco Counselor Series Trust) 

Invesco Capital Appreciation Fund 

Invesco Discovery Fund 

Invesco Equally-Weighted S&P 500 Fund 

Invesco Floating Rate ESG Fund 

Invesco Master Loan Fund 

Invesco NASDAQ 100 Index Fund

Invesco Senior Floating Rate Fund

Invesco Short Term Municipal Fund 

Invesco Short Duration High Yield Municipal Fund

AIM Equity Funds (Invesco Equity Funds) 

Invesco Main Street Fund® 

Invesco Main Street All Cap Fund® 

Invesco Rising Dividends Fund

AIM Funds Group (Invesco Funds Group)

Invesco EQV European Small Company Fund 

Invesco Small Cap Equity Fund

AIM Growth Series (Invesco Growth Series) 

Invesco Active Allocation Fund 

Invesco Convertible Securities Fund 

Invesco International Diversified Fund 

Invesco Main Street Mid Cap Fund® 

Invesco Main Street Small Cap Fund® 

Invesco Peak Retirement™ 2010 Fund 

Invesco Peak Retirement™ 2015 Fund 

Invesco Peak Retirement™ 2020 Fund 

Invesco Peak Retirement™ 2025 Fund 

Invesco Peak Retirement™ 2030 Fund 

Invesco Peak Retirement™ 2035 Fund 

Invesco Peak Retirement™ 2040 Fund 

Invesco Peak Retirement™ 2045 Fund 

Invesco Peak Retirement™ 2050 Fund

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Invesco Peak Retirement™ 2055 Fund

Invesco Peak Retirement™ 2060 Fund 

Invesco Peak Retirement™ 2065 Fund 

Invesco Peak Retirement™ Destination Fund 

Invesco Quality Income Fund 

Invesco Select Risk: Conservative Investor Fund 

Invesco Select Risk: High Growth Investor Fund 

Invesco Select Risk: Moderate Investor Fund 

Invesco Small Cap Growth Fund

AIM International Mutual Funds (Invesco International Mutual Funds) 

Invesco Advantage International Fund 

Invesco European Growth Fund 

Invesco Global Focus Fund 

Invesco Global Fund 

Invesco Global Opportunities Fund 

Invesco International Core Equity Fund 

Invesco International Equity Fund 

Invesco International Growth Fund 

Invesco International Select Equity Fund 

Invesco International Small-Mid Company Fund 

Invesco MSCI World SRI Index Fund 

Invesco Oppenheimer International Growth Fund

AIM Investment Funds (Invesco Investment Funds) 

Invesco Balanced-Risk Allocation Fund 

Invesco Balanced-Risk Commodity Strategy Fund 

Invesco Core Bond Fund 

Invesco Developing Markets Fund 

Invesco Discovery Mid Cap Growth Fund 

Invesco Emerging Markets All Cap Fund 

Invesco Emerging Markets Innovators Fund 

Invesco Emerging Markets Local Debt Fund 

Invesco Emerging Markets Select Equity Fund 

Invesco Fundamental Alternatives Fund 

Invesco Global Allocation Fund 

Invesco Global Infrastructure Fund 

Invesco Global Strategic Income Fund 

Invesco International Bond Fund 

Invesco Macro Allocation Strategy Fund 

Invesco Multi-Asset Income Fund 

Invesco SteelPath MLP Alpha Fund 

Invesco SteelPath MLP Alpha Plus Fund 

Invesco SteelPath MLP Income Fund 

Invesco SteelPath MLP Select 40 Fund 

Invesco U.S. Managed Volatility Fund

AIM Investment Securities Funds (Invesco Investment Securities Fund) 

Invesco Global Real Estate Fund

Invesco High Yield Bond Factor Fund

Invesco High Yield Fund 

Invesco Intermediate Bond Factor Fund 

Invesco U.S.Government Money Portfolio

AIM Sector Funds (Invesco Sector Funds) 

Invesco Comstock Select Fund 

Invesco Gold & Special Minerals Fund

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AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) 

Invesco AMT-Free Municipal Income Fund

Invesco California Municipal Fund 

Invesco Environmental Focus 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® AMT-Free New York Municipal Fund

Invesco Rochester® Municipal Opportunities Fund 

Invesco Rochester® Limited Term New York Municipal Fund

Invesco Rochester® New York Municipals Fund

AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) 

Invesco Premier Portfolio

AIM Variable Insurance Funds (Invesco Variable Insurance Funds) 

Invesco Oppenheimer V.I. International Growth Fund

Invesco V.I. American Franchise Fund 

Invesco V.I. American Value Fund

Invesco V.I. Balanced-Risk Allocation Fund

Invesco V.I. Capital Appreciation Fund

Invesco V.I. Comstock Fund 

Invesco V.I. Conservative Balanced Fund

Invesco V.I. Core Equity Fund 

Invesco V.I. Core Plus Bond Fund 

Invesco V.I. Discovery Mid Cap Growth Fund

Invesco V.I. Diversified Dividend Fund

Invesco V.I. Equally-Weighted S&P 500 Fund

Invesco V.I. Equity and Income Fund

Invesco V.I. Global Core Equity Fund

Invesco V.I. Global Fund 

Invesco V.I. Global Real Estate Fund

Invesco V.I. Global Strategic Income Fund

Invesco V.I. Government Money Market Fund

Invesco V.I. Government Securities Fund

Invesco V.I. Growth and Income Fund

Invesco V.I. Health Care Fund 

Invesco V.I. High Yield Fund 

Invesco V.I. EQV International Equity Fund

Invesco V.I. Main Street Fund® 

Invesco V.I. Main Street Mid Cap Fund

Invesco V.I. Main Street Small Cap Fund®

Invesco V.I. S&P 500 Buffer Fund – March 

Invesco V.I. S&P 500 Buffer Fund – June 

Invesco V.I. S&P 500 Buffer Fund – September 

Invesco V.I. S&P 500 Buffer Fund – December 

Invesco V.I. NASDAQ 100 Buffer Fund – March

Invesco V.I. NASDAQ 100 Buffer Fund – June 

Invesco V.I. NASDAQ 100 Buffer Fund – September 

Invesco V.I. NASDAQ 100 Buffer Fund – December 

Invesco V.I. Small Cap Equity Fund 

Invesco V.I. Technology Fund 

Invesco V.I. U.S. Government Money Portfolio

3

Invesco Dynamic Credit Opportunity Fund

Invesco Exchange Fund

Invesco Management Trust 

Invesco Conservative Income Fund

Short-Term Investments Trust 

Invesco Government & Agency Portfolio 

Invesco Tax-Free Cash Reserve Portfolio 

Invesco Treasury Obligations Portfolio”

2. All other terms and provisions of the Contract not amended herein shall remain in full force and effect.

4

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their officers designated as of the day and year first above written.

INVESCO ADVISERS, INC.
Adviser
By:	/s/ Jeffrey H. Kupor
Name:	Jeffrey H. Kupor
Title:	Senior Vice President & Secretary

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INVESCO CAPITAL MANAGEMENT LLC
Sub-Adviser
By:	/s/ Anna Paglia
Name:	Anna Paglia
Title:	Managing Director – Global Invesco ETFs, Chief Executive Officer & Principal Executive Officer

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