AMENDMENT NO. 20

TO THE

MASTER DISTRIBUTION AGREEMENT

This Amendment, dated as of November 1, 2018, amends the Master Distribution Agreement, made as of the 1^st day of July, 2014 (the “Agreement”), is between each Delaware statutory trust set forth on Schedule A to the Agreement (each, a “Trust”), on behalf of itself and its series portfolios, severally, and Invesco Distributors, Inc., a Delaware corporation (the “Distributor”).

WHEREAS, the parties agree to amend the Agreement to change the name of Invesco Emerging Markets Equity Fund to Invesco Emerging Markets Select Equity Fund, a series portfolio of AIM Investment Funds (Invesco Investment Funds), effective November 1, 2018; and to change the name of Invesco International Companies Fund to Invesco International Select Equity Fund, a series portfolio of AIM International Mutual Funds (Invesco International Mutual Funds), effective 11/30/2018;

Schedule A of the Agreement is hereby deleted in its entirety and replaced with the following:

“SCHEDULE A

TO

MASTER DISTRIBUTION AGREEMENT

AIM Counselor Series Trust (Invesco Counselor Series Trust)    

Invesco American Franchise Fund    

Invesco California Tax-Free Income Trust    

Invesco Core Plus Bond Fund    

Invesco Equally-Weighted S&P 500 Fund    

Invesco Equity and Income Fund    

Invesco Floating Rate Fund     

Invesco Global Real Estate Income Fund    

Invesco Growth and Income Fund    

Invesco Low Volatility Equity Yield Fund    

Invesco Pennsylvania Tax Free Income Fund

Invesco S&P 500 Index Fund

Invesco Short Duration High Yield Municipal Fund    

Invesco Small Cap Discovery Fund    

Invesco Strategic Real Return Fund    

AIM Equity Funds (Invesco Equity Funds)

Invesco Charter Fund    

Invesco Diversified Dividend Fund     

Invesco Summit Fund    

AIM Funds Group (Invesco Funds Group)    

Invesco European Small Company Fund     

Invesco Global Core Equity Fund    

Invesco International Small Company Fund    

Invesco Small Cap Equity Fund     

AIM Growth Series (Invesco Growth Series)

Invesco Alternative Strategies Fund    

Invesco Balanced-Risk Retirement Now Fund     

Invesco Balanced-Risk Retirement 2020 Fund     

Invesco Balanced-Risk Retirement 2030 Fund     

Invesco Balanced-Risk Retirement 2040 Fund     

Invesco Balanced-Risk Retirement 2050 Fund     

Invesco Conservative Allocation Fund    

Invesco Convertible Securities Fund    

Invesco Global Low Volatility Equity Yield Fund     

Invesco Growth Allocation Fund     

Invesco Income Allocation Fund    

Invesco International Allocation Fund    

Invesco Mid Cap Core Equity Fund     

Invesco Multi-Asset Inflation Fund    

Invesco Moderate Allocation Fund    

Invesco Small Cap Growth 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

Invesco Peak Retirement™ 2055 Fund

Invesco Peak Retirement™ 2060 Fund

Invesco Peak Retirement™ 2065 Fund

Invesco Peak Retirement™ Now Fund    

Invesco Quality Income Fund

AIM International Mutual Funds (Invesco International Mutual Funds)

Invesco Asia Pacific Growth Fund     

Invesco European Growth Fund     

Invesco Global Growth Fund     

Invesco Global Opportunities Fund

Invesco Global Small & Mid Cap Growth Fund

Invesco Global Responsibility Equity Fund

Invesco International Select Equity Fund

Invesco International Core Equity Fund     

Invesco International Growth Fund     

Invesco Select Opportunities Fund    

AIM Investment Funds (Invesco Investment Funds)

Invesco All Cap Market Neutral Fund    

Invesco Balanced-Risk Allocation Fund    

Invesco Balanced-Risk Commodity Strategy Fund    

Invesco Greater China Fund    

Invesco Developing Markets Fund     

Invesco Emerging Markets Flexible Bond Fund

Invesco Emerging Markets Select Equity Fund    

Invesco Endeavor Fund     

Invesco Health Care Fund     

Invesco Global Infrastructure Fund    

Invesco Global Market Neutral Fund    

Invesco Global Targeted Returns Fund    

Invesco Long/Short Equity Fund    

Invesco Low Volatility Emerging Markets Fund

Invesco Macro Allocation Strategy Fund    

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Invesco MLP Fund    

Invesco Pacific Growth Fund    

Invesco Select Companies Fund

Invesco U.S. Managed Volatility Fund

Invesco World Bond Fund    

AIM Investment Securities Funds (Invesco Investment Securities Fund)    

Invesco Corporate Bond Fund    

Invesco Global Real Estate Fund     

Invesco High Yield Fund     

Invesco Short Duration Inflation Protected Fund    

Invesco Government Money Market Fund¹     

Invesco Real Estate Fund     

Invesco Short Term Bond Fund    

Invesco Income Fund

AIM Sector Funds (Invesco Sector Funds)

Invesco American Value Fund    

Invesco Comstock Fund    

Invesco Dividend Income Fund     

Invesco Energy Fund     

Invesco Gold & Precious Metals Fund     

Invesco Mid Cap Growth Fund    

Invesco Small Cap Value Fund    

Invesco Technology Fund     

Invesco Technology Sector Fund    

Invesco Value Opportunities Fund

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

Invesco Premier Portfolio

Invesco Premier Tax-Exempt Portfolio

Invesco Premier U.S. Government Money Portfolio

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

Invesco High Yield Municipal Fund    

Invesco Intermediate Term Municipal Income Fund    

Invesco Municipal Income Fund    

Invesco New York Tax Free Income Fund    

Invesco Tax-Exempt Cash Fund     

Invesco Limited Term Municipal Income Fund     

AIM Variable Insurance Funds (Invesco Variable Insurance Funds)    

Invesco V.I. American Franchise Fund     

Invesco V.I. American Value Fund    

Invesco V.I. Balanced-Risk Allocation Fund    

Invesco V.I. Comstock Fund    

Invesco V.I. Core Equity Fund     

Invesco V.I. Diversified Dividend Fund     

Invesco V.I. Core Plus Bond Fund     

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

¹  Invesco Government Money Market Fund has two prospectuses, one for Class B, C, Cash Reserve and Investor Class Shares and one for Class AX, BX and CX Shares

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Invesco V.I. Equity and Income Fund     

Invesco V.I. Global Core Equity Fund    

Invesco V.I. Health Care Fund     

Invesco V.I. Global Real Estate Fund         

Invesco V.I. Government Securities Fund     

Invesco V.I. Growth and Income Fund    

Invesco V.I. High Yield Fund     

Invesco V.I. International Growth Fund     

Invesco V.I. Managed Volatility Fund     

Invesco V.I. Mid Cap Core Equity Fund     

Invesco V.I. Mid Cap Growth Fund    

Invesco V.I. Government Money Market Fund     

Invesco V.I. S&P 500 Index Fund     

Invesco V.I. Small Cap Equity Fund     

Invesco V.I. Technology Fund     

Invesco V.I. Value Opportunities Fund     

Invesco Management Trust

Invesco Conservative Income Fund    

Invesco Securities Trust

Invesco Balanced-Risk Aggressive Allocation Fund    

Short-Term Investments Trust    

Invesco Government & Agency Portfolio     

Invesco Liquid Assets Portfolio     

Invesco STIC Prime Portfolio     

Invesco Tax-Free Cash Reserve Portfolio

Invesco Treasury Obligations Portfolio    

Invesco Treasury Portfolio”

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IN WITNESS WHEREOF, the parties have caused the Agreement to be executed in duplicate on the day and year first above written.

Each Trust (listed on Schedule A) on behalf of the Shares of each Fund listed on Schedule A
By:	/s/ Jeffrey H. Kupor
	Name: Jeffrey H. Kupor
	Title: Senior Vice President
INVESCO DISTRIBUTORS, INC.
By:	/s/ Brian Thorp
	Name: Brian Thorp
	Title: Vice President

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