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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000950123-09-043049.txt : 20090914
<SEC-HEADER>0000950123-09-043049.hdr.sgml : 20090914
<ACCEPTANCE-DATETIME>20090914172507
ACCESSION NUMBER:		0000950123-09-043049
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20091023
FILED AS OF DATE:		20090914
DATE AS OF CHANGE:		20090914
EFFECTIVENESS DATE:		20090914

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MORGAN STANLEY MUNICIPAL INCOME OPPORTUNITIES TRUST III
		CENTRAL INDEX KEY:			0000861069
		IRS NUMBER:				136946092
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06052
		FILM NUMBER:		091068210

	BUSINESS ADDRESS:	
		STREET 1:		522 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		800-869-6397

	MAIL ADDRESS:	
		STREET 1:		522 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER MUNICIPAL INCOME OPPORTUNITIES TR
		DATE OF NAME CHANGE:	19981221

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MUNICIPAL INCOME OPPORTUNITIES TRUST III/MA
		DATE OF NAME CHANGE:	19930721

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALLSTATE MUNICIPAL INCOME OPPORTUNITIES TRUST III
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MORGAN STANLEY INSURED MUNICIPAL INCOME TRUST
		CENTRAL INDEX KEY:			0000885601
		IRS NUMBER:				133647663
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06590
		FILM NUMBER:		091068214

	BUSINESS ADDRESS:	
		STREET 1:		C/O MORGAN STANLEY TRUST
		STREET 2:		HARBORSIDE FINANCIAL CENTER, PLAZA TWO
		CITY:			JERSEY CITY
		STATE:			NJ
		ZIP:			07311
		BUSINESS PHONE:		(212) 869-6397

	MAIL ADDRESS:	
		STREET 1:		522 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY  INSURED MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	20011220

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER INSURED MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	19981221

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERCAPITAL INSURED MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	19930211

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MORGAN STANLEY INSURED MUNICIPAL TRUST
		CENTRAL INDEX KEY:			0000880161
		IRS NUMBER:				136993836
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06434
		FILM NUMBER:		091068215

	BUSINESS ADDRESS:	
		STREET 1:		522 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		800-869-6397

	MAIL ADDRESS:	
		STREET 1:		522 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER INSURED MUNICIPAL TRUST
		DATE OF NAME CHANGE:	19981221

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERCAPITAL INSURED MUNICIPAL TRUST
		DATE OF NAME CHANGE:	19920929

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MORGAN STANLEY INSURED MUNICIPAL BOND TRUST
		CENTRAL INDEX KEY:			0000861185
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06053
		FILM NUMBER:		091068209

	BUSINESS ADDRESS:	
		STREET 1:		522 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		800-869-6397

	MAIL ADDRESS:	
		STREET 1:		522 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER INSURED MUNICIPAL BOND TRUST
		DATE OF NAME CHANGE:	19981221

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERCAPITAL INSURED MUNICIPAL BOND TRUST
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALLSTATE MUNICIPAL PREMIUM INCOME TRUST II
		DATE OF NAME CHANGE:	19901202

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MORGAN STANLEY QUALITY MUNICIPAL INVESTMENT TRUS
		CENTRAL INDEX KEY:			0000876982
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06346
		FILM NUMBER:		091068211

	BUSINESS ADDRESS:	
		STREET 1:		522 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		800-869-6397

	MAIL ADDRESS:	
		STREET 1:		522 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY QUALITY MUNICIPAL INVESTMENT TRUST
		DATE OF NAME CHANGE:	20011220

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER QUALITY MUNICIPAL INVESTMENT TRUS
		DATE OF NAME CHANGE:	19981221

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERCAPITAL QUALITY MUNICIPAL INVESTMENT TRUST
		DATE OF NAME CHANGE:	19920929

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MORGAN STANLEY QUALITY MUNICIPAL INCOME TRUST
		CENTRAL INDEX KEY:			0000885125
		IRS NUMBER:				136993836
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06591
		FILM NUMBER:		091068212

	BUSINESS ADDRESS:	
		STREET 1:		522 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		800-869-6397

	MAIL ADDRESS:	
		STREET 1:		522 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER QUALITY MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	19981221

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERCAPITAL QUALITY MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	19920929

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERCAPITAL QUALITY MUNICIPAL INVESTMENT TRUST II
		DATE OF NAME CHANGE:	19600201

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MORGAN STANLEY CALIFORNIA INSURED MUNICIPAL INCOME TRUST
		CENTRAL INDEX KEY:			0000894146
		IRS NUMBER:				133701273
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07344
		FILM NUMBER:		091068213

	BUSINESS ADDRESS:	
		STREET 1:		522 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		800-869-6397

	MAIL ADDRESS:	
		STREET 1:		522 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY CA INSURED MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	20090827

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY CALIFORNIA INSURED MUNICIPAL INCO
		DATE OF NAME CHANGE:	20011220

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER CALIFORNIA INSURED MUNICIPAL INCO
		DATE OF NAME CHANGE:	19981221
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>y02225def14a.htm
<DESCRIPTION>DEF 14A
<TEXT>
<HTML>
<HEAD>
<TITLE>def14a</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>SCHEDULE 14A</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 0pt"><B>(Rule&nbsp;14a-101)</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>INFORMATION REQUIRED IN PROXY STATEMENT<BR>
SCHEDULE 14A INFORMATION</B>
</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE SECURITIES<BR>
EXCHANGE ACT OF 1934 (AMENDMENT NO. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</B></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Filed by the Registrant <FONT face="Wingdings">&#254;</FONT><BR>
Filed by a Party other than the Registrant <FONT face="Wingdings">&#111;</FONT><BR>
Check the appropriate box:<BR>
<FONT face="Wingdings">&#111;</FONT> Preliminary Proxy Statement<BR>
<FONT face="Wingdings">&#111;</FONT> Confidential, for Use of the Commission Only (as permitted by Rule&nbsp;14a-6(e)(2))<BR>
<FONT face="Wingdings">&#254;</FONT> Definitive Proxy Statement<BR>
<FONT face="Wingdings">&#111;</FONT> Definitive Additional Materials<BR>
<FONT face="Wingdings">&#111;</FONT> Soliciting Material Pursuant to Section&nbsp;240.14a-11(c) or Section&nbsp;240.14a-2.

</DIV>
<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>MORGAN STANLEY INSURED MUNICIPAL BOND TRUST<BR>
MORGAN STANLEY INSURED MUNICIPAL TRUST<BR>
MORGAN STANLEY INSURED MUNICIPAL INCOME TRUST<BR>
MORGAN STANLEY CALIFORNIA INSURED MUNICIPAL INCOME TRUST<BR>
MORGAN STANLEY QUALITY MUNICIPAL INCOME TRUST<BR>
MORGAN STANLEY QUALITY MUNICIPAL INVESTMENT TRUST<BR>
MORGAN STANLEY MUNICIPAL INCOME OPPORTUNITIES TRUST III</B>
</DIV>

<DIV align="center" style="font-size: 10pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></DIV>


<DIV align="center" style="font-size: 10pt">(Name of Registrant as Specified In Its Charter)</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">
<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 10pt">(Name of Person(s) Filing Proxy Statement, if other than Registrant)</DIV>



<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD colspan="3">Payment of Filing Fee (Check the appropriate box):</TD>
</TR>

<TR>
    <TD style="font-size: 0pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#254;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No fee required.</TD>
</TR>

<TR>
    <TD style="font-size: 0pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fee computed on table below per Exchange Act Rules&nbsp;14a-6(i)(4) and 0-12.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Title of each class of securities to which transaction applies:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>


<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Aggregate number of securities to which transaction applies:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 2pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule&nbsp;0-11 (Set forth the amount on which the
filing fee is calculated and state how it was determined):</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 2pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Proposed maximum aggregate value of transaction:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 2pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Total fee paid:</TD>
</TR>
<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fee paid previously with preliminary materials.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Check box if any part of the fee is offset as provided by Exchange
Act Rule&nbsp;0-11(a)(2) and identify the filing for which the offsetting
fee was paid previously. Identify the previous filing by
registration statement number, or the Form or Schedule and the date
of its filing.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 2pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amount Previously Paid:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 2pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form, Schedule or Registration Statement No.:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 2pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Filing Party:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 2pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Date Filed:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>


</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">MORGAN
    STANLEY INSURED MUNICIPAL BOND TRUST<BR>
    MORGAN STANLEY INSURED MUNICIPAL TRUST<BR>
    MORGAN STANLEY INSURED MUNICIPAL INCOME TRUST<BR>
    MORGAN STANLEY CALIFORNIA INSURED MUNICIPAL INCOME TRUST<BR>
    MORGAN STANLEY QUALITY MUNICIPAL INCOME TRUST<BR>
    MORGAN STANLEY QUALITY MUNICIPAL INVESTMENT TRUST<BR>
    MORGAN STANLEY MUNICIPAL INCOME OPPORTUNITIES
    TRUST&#160;III</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">
    <FONT style="white-space: nowrap">c/o&#160;Morgan</FONT>
    Stanley Investment Advisors Inc.</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">522&#160;Fifth Avenue, New York,
    New York 10036</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">NOTICE OF ANNUAL MEETINGS OF
    SHAREHOLDERS</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">TO BE HELD OCTOBER 23,
    2009</FONT></B>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Annual Meetings of Shareholders (&#147;Meeting(s)&#148;) of
    MORGAN STANLEY INSURED MUNICIPAL BOND TRUST, MORGAN STANLEY
    INSURED MUNICIPAL TRUST, MORGAN STANLEY INSURED MUNICIPAL INCOME
    TRUST, MORGAN STANLEY CALIFORNIA INSURED MUNICIPAL INCOME TRUST,
    MORGAN STANLEY QUALITY MUNICIPAL INCOME TRUST, MORGAN STANLEY
    QUALITY MUNICIPAL INVESTMENT TRUST and MORGAN STANLEY MUNICIPAL
    INCOME OPPORTUNITIES TRUST&#160;III (individually, a
    &#147;Trust&#148; and, collectively, the &#147;Trusts&#148;),
    unincorporated business trusts organized under the laws of the
    Commonwealth of Massachusetts, will be held jointly in
    Conference Room&#160;C,
    3<SUP style="font-size: 85%; vertical-align: top">rd</SUP>

    Floor, 522&#160;Fifth Avenue, New York, New York 10036, on
    October&#160;23, 2009 at 9:00&#160;a.m., New York City time, for
    the following purposes:
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Matters
    to be Voted on By All Shareholders:</FONT></B>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    1.&#160;For MORGAN STANLEY INSURED MUNICIPAL TRUST, MORGAN
    STANLEY QUALITY MUNICIPAL INCOME TRUST, MORGAN STANLEY QUALITY
    MUNICIPAL INVESTMENT TRUST and MORGAN STANLEY MUNICIPAL INCOME
    OPPORTUNITIES TRUST&#160;III, to elect three Trustees to serve
    until the year 2012 Annual Meeting of each Trust or until their
    successors shall have been elected and qualified;&#160;and
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    2.&#160;For MORGAN STANLEY INSURED MUNICIPAL BOND TRUST, MORGAN
    STANLEY INSURED MUNICIPAL INCOME TRUST and MORGAN STANLEY
    CALIFORNIA INSURED MUNICIPAL INCOME TRUST, to elect two Trustees
    to serve until the year 2012 Annual Meeting of each Trust or
    until their successors shall have been elected and
    qualified;&#160;and
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    3.&#160;To transact such other business as may properly come
    before the Meetings or any adjournments thereof.
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Matters
    to be Voted on only by Preferred Shareholders:</FONT></B>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    1.&#160;For MORGAN STANLEY INSURED MUNICIPAL BOND TRUST, MORGAN
    STANLEY INSURED MUNICIPAL TRUST, MORGAN STANLEY INSURED
    MUNICIPAL INCOME TRUST, MORGAN STANLEY CALIFORNIA INSURED
    MUNICIPAL INCOME TRUST, MORGAN STANLEY QUALITY MUNICIPAL INCOME
    TRUST and MORGAN STANLEY QUALITY MUNICIPAL INVESTMENT TRUST, to
    elect one Trustee to serve until the year 2012 Annual Meeting or
    until his successor shall have been elected and qualified.
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Shareholders of record of each Trust as of the close of business
    on August&#160;25, 2009 are entitled to notice of and to vote at
    the Meeting. If you cannot be present in person, your management
    would greatly appreciate your filling in, signing and returning
    the enclosed Proxy promptly in the envelope provided for that
    purpose. Alternatively, if you are eligible to vote
    telephonically by touchtone telephone or electronically on the
    Internet (as discussed in the enclosed Joint Proxy Statement)
    you may do so in lieu of attending the Meetings in person.
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the event that holders of a majority of each Trust&#146;s
    shares issued and outstanding and entitled to vote (a
    &#147;Quorum&#148;) are not present at the Meeting of any Trust
    in person or by Proxy, or the vote required to approve or reject
    any proposal is not obtained at the Meeting of any Trust, the
    persons named as proxies may propose one or more adjournments of
    the Meeting to permit further solicitation of proxies. Any such
    adjournment will require the affirmative vote of the holders of
    a majority of the applicable Trust&#146;s shares present in
    person or by Proxy at the Meeting. The persons named as Proxies
    will vote in favor of such adjournment those Proxies which have
    been received by the date of the Meetings.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 59%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 8pt; font-variant: SMALL-CAPS">Mary E.
    Mullin
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 59%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left" style="margin-left: 59%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 8pt">&#160;&#160;&#160;&#160;&#160;<I>Secretary</I>
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 8pt">September&#160;14, 2009
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 8pt">New York, New York
    </FONT>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 85%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">


</DIV>
<DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 9pt">IMPORTANT</FONT></B>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>You can help avoid the necessity and expense of sending
    <FONT style="white-space: nowrap">follow-up</FONT>
    letters to ensure a Quorum by promptly returning the enclosed
    Proxy. If you are unable to be present in person, please fill
    in, sign and return the enclosed Proxy in order that the
    necessary Quorum may be represented at the Meetings. The
    enclosed envelope requires no postage if mailed in the United
    States. Shareholders will be able to vote telephonically by
    touchtone telephone or electronically over the Internet by
    following instructions contained on their </B>P<B>roxy Cards or
    on the enclosed Voting Information Card.</B>
</DIV>
</DIV><!-- End box 1 -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">IMPORTANT
    NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE
    ANNUAL MEETINGS OF SHAREHOLDERS TO BE HELD ON OCTOBER 23,
    2009:</FONT></B>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Joint Proxy Statement for the Annual Meetings of
    Shareholders is available on the Internet at the website address
    located on the enclosed Proxy Card(s).
</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 85%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>MORGAN STANLEY INSURED MUNICIPAL BOND TRUST<BR>
    MORGAN STANLEY INSURED MUNICIPAL TRUST<BR>
    MORGAN STANLEY INSURED MUNICIPAL INCOME TRUST<BR>
    MORGAN STANLEY CALIFORNIA INSURED MUNICIPAL INCOME TRUST<BR>
    MORGAN STANLEY QUALITY MUNICIPAL INCOME TRUST<BR>
    MORGAN STANLEY QUALITY MUNICIPAL INVESTMENT TRUST<BR>
    MORGAN STANLEY MUNICIPAL INCOME OPPORTUNITIES TRUST&#160;III</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="white-space: nowrap">c/o&#160;Morgan</FONT>
    Stanley Investment Advisors Inc.</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>522&#160;Fifth Avenue, New York, New York 10036</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 27%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=438 length=120 -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>JOINT PROXY STATEMENT</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 27%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=438 length=120 -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Annual
    Meetings of Shareholders</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">October&#160;23,
    2009</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This Joint Proxy Statement is furnished in connection with the
    solicitation of proxies by the Boards of Trustees (the
    &#147;Board(s)&#148;) of MORGAN STANLEY INSURED MUNICIPAL BOND
    TRUST (&#147;IMC&#148;), MORGAN STANLEY INSURED MUNICIPAL TRUST
    (&#147;IMT&#148;), MORGAN STANLEY INSURED MUNICIPAL INCOME TRUST
    (&#147;IIM&#148;), MORGAN STANLEY CALIFORNIA INSURED MUNICIPAL
    INCOME TRUST (&#147;IIC&#148;), MORGAN STANLEY QUALITY MUNICIPAL
    INCOME TRUST (&#147;IQI&#148;), MORGAN STANLEY QUALITY MUNICIPAL
    INVESTMENT TRUST (&#147;IQT&#148;) and MORGAN STANLEY MUNICIPAL
    INCOME OPPORTUNITIES TRUST&#160;III (&#147;OIC&#148;)
    (individually, a &#147;Trust&#148; and, collectively, the
    &#147;Trusts&#148;), for use at the Annual Meetings of
    Shareholders of the Trusts to be held jointly on
    October&#160;23, 2009 (the &#147;Meeting(s)&#148;), and at any
    adjournments thereof. The first mailing of this Joint Proxy
    Statement is expected to be made on or about September&#160;23,
    2009.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If the enclosed form of Proxy is properly executed and returned
    in time, or is submitted by telephone or Internet, to be voted
    at the Meetings, the proxies named therein will vote the shares
    (&#147;Shares&#148;) represented by the Proxy in accordance with
    the instructions marked thereon. Unmarked proxies submitted by
    shareholders of a Trust (&#147;Shareholders&#148;) will be voted
    for each of the nominees for election as Trustee to be elected
    by all Shareholders of that Trust, and, if the Shareholder holds
    preferred shares of the Trust, for the nominee for election as
    Trustee to be elected by only the preferred shareholders
    (&#147;Preferred Shareholders&#148;), with respect to that Trust
    set forth in the attached Notice of Annual Meetings of
    Shareholders. A Proxy may be revoked at any time prior to its
    exercise by any of the following: written notice of revocation
    to the Secretary of the Trusts, execution and delivery of a
    later dated Proxy to the Secretary of the Trusts (whether by
    mail or, as discussed below, by touchtone telephone or the
    Internet) (if returned and received in time to be voted), or
    attendance and voting at the Meetings. Attendance at the
    Meetings will not in and of itself revoke a Proxy.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Shareholders of record of each Trust as of the close of business
    on August&#160;25, 2009, the record date for the determination
    of Shareholders entitled to notice of and to vote at the
    Meetings (the &#147;Record Date&#148;), are entitled to one vote
    for each Share held and a fractional vote for a fractional
    Share. The percentage ownership of Shares of each Trust changes
    from time to time depending on purchases and sales by
    Shareholders and the total number of Shares outstanding.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The table below sets forth the total number of Common Shares and
    Preferred Shares outstanding for each Trust as of the Record
    Date:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="61%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="15%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="15%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Number of Common<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Number of Preferred<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Shares Outstanding as<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Shares Outstanding as<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>of August&#160;25,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>of August&#160;25,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Name of Trust</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009 (Record Date)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009 (Record Date)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IMC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,942,543
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    465
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IMT
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17,484,370
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,878
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IIM
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20,694,674
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,177
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IIC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,660,578
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,168
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IQI
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23,505,263
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,090
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IQT
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,865,371
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,620
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    OIC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,501,253
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    N/A
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The cost of soliciting proxies for the Meeting of each Trust,
    consisting principally of printing and mailing expenses, will be
    borne by each respective Trust. The solicitation of proxies will
    be by mail, telephone or otherwise through Trustees, officers of
    the Trusts or officers and employees of Morgan Stanley
    Investment Advisors Inc. (&#147;Morgan Stanley Investment
    Advisors&#148; or the &#147;Investment Adviser&#148;), Morgan
    Stanley Trust, Morgan Stanley Services Company Inc.
    (&#147;Morgan Stanley Services&#148; or the
    &#147;Administrator&#148;)
    <FONT style="white-space: nowrap">and/or</FONT>
    Morgan Stanley&#160;&#038; Co. Incorporated
    <FONT style="white-space: nowrap">and/or</FONT>
    Morgan Stanley Smith Barney LLC, without special compensation
    therefor. In addition, each Trust may employ Computershare
    Fund&#160;Services, Inc. (&#147;Computershare&#148;) to make
    telephone calls to Shareholders to remind them to vote. Each
    Trust may also employ Computershare as Proxy solicitor if it
    appears that the required number of votes to achieve a Quorum
    will not be received. The transfer agent services for each Trust
    are currently provided by Computershare Trust&#160;Company, N.A.
    (the &#147;Transfer Agent&#148;).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Shareholders will be able to vote their shares by touchtone
    telephone or by Internet by following the instructions on the
    Proxy Card or on the Voting Information Card accompanying this
    Joint Proxy Statement. The Internet procedures are designed to
    authenticate a Shareholder&#146;s identity to allow Shareholders
    to vote their Shares and confirm that their instructions have
    been properly recorded. To vote by touchtone telephone or by
    Internet, Shareholders can access the website or call the
    toll-free number listed on the Proxy Card or noted in the
    enclosed voting instructions. To vote by touchtone telephone or
    by Internet, Shareholders will need the number that appears on
    the Proxy Card in the shaded box.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In certain instances, Computershare may call Shareholders to ask
    if they would be willing to have their votes recorded by
    telephone. The telephone voting procedure is designed to
    authenticate Shareholders&#146; identities, to allow
    Shareholders to authorize the voting of their shares in
    accordance with their instructions and to confirm that their
    instructions have been recorded properly. No recommendation will
    be made as to how a Shareholder should vote on any proposal
    other than to refer to the recommendations of the Board. The
    Trusts have been advised by counsel that these procedures are
    consistent with the requirements of applicable law. Shareholders
    voting by telephone in this manner will be asked for their
    social security number or other identifying information and will
    be given an opportunity to authorize proxies to vote their
    shares in accordance with their instructions. To ensure that the
    Shareholders&#146; instructions have been recorded correctly,
    they will receive a confirmation of their instructions in the
    mail. A special toll-free number set forth in the confirmation
    will be available in case the information contained in the
    confirmation is incorrect. Although a Shareholder&#146;s vote
    may be taken by telephone, each Shareholder will receive a copy
    of this Joint Proxy Statement and may vote by mail using the
    enclosed Proxy Card or by touchtone telephone or the Internet as
    set forth above. The last
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    3
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Proxy vote received in time to be voted, whether by Proxy Card,
    touchtone telephone or Internet, will be the vote that is
    counted and will revoke all previous votes by the Shareholder.
    In the event that Computershare is retained as Proxy solicitor,
    Computershare will be paid a project management fee as well as
    telephone solicitation expenses incurred for reminder calls,
    outbound telephone voting, confirmation of telephone votes,
    inbound telephone contacts, obtaining Shareholders&#146;
    telephone numbers, and providing additional materials upon
    Shareholder request, at an estimated cost of $2,000, which would
    be borne by each respective Trust.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This Joint Proxy Statement is being used in order to reduce the
    preparation, printing, handling and postage expenses that would
    result from the use of a separate proxy statement for each Trust
    and, because Shareholders may own Shares of more than one Trust,
    to potentially avoid burdening Shareholders with more than one
    proxy statement. Shares of a Trust are entitled to one vote each
    at the respective Trust&#146;s Meeting. To the extent
    information relating to common ownership is available to the
    Trusts, a Shareholder that owns record shares in two or more of
    the Trusts will receive a package containing a Joint Proxy
    Statement and Proxy Cards for the Trusts in which such
    Shareholder is a record owner. If the information relating to
    common ownership is not available to the Trusts, a Shareholder
    that beneficially owns shares in two or more Trusts may receive
    two or more packages each containing a Joint Proxy Statement and
    a Proxy Card for each Trust in which such Shareholder is a
    beneficial owner. If the proposed election of Trustees are
    approved by Shareholders of one Trust and disapproved by
    Shareholders of other Trusts, the proposals will be implemented
    for the Trust that approved the proposals and will not be
    implemented for any Trust that did not approve the proposals.
    Thus, it is essential that Shareholders complete, date, sign and
    return each enclosed Proxy Card or vote by telephone or Internet
    as indicated in each Trust&#146;s Proxy Card.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Only one copy of this Joint Proxy Statement will be delivered to
    multiple Shareholders sharing an address unless we have received
    contrary instructions from one or more of the Shareholders. Upon
    written or oral request, we will deliver a separate copy of this
    Joint Proxy Statement to a Shareholder at a shared address to
    which a single copy of this Joint Proxy Statement was delivered.
    Should any Shareholder wish to receive a separate proxy
    statement or should Shareholders sharing an address wish to
    receive a single proxy statement in the future, please contact
    <FONT style="white-space: nowrap">(888)&#160;421-4015</FONT>
    (toll-free).
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    4
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ELECTION
    OF TRUSTEES FOR EACH TRUST</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The number of Trustees of each Trust has been fixed by the
    Trustees, pursuant to each Trust&#146;s Declaration of Trust, at
    ten. There are presently ten Trustees for each Trust. At the
    Meetings, pursuant to each Trust&#146;s Declaration of Trust,
    three nominees (two nominees with respect to IMC,&#160;IIM and
    IIC)&#160;are standing for election to each Trust&#146;s Board
    of Trustees to serve until the year 2012 Annual Meetings by the
    holders of the Common Shares and the Preferred Shares of each
    respective Trust voting together as a single class.
    Additionally, pursuant to each Trust&#146;s Declaration of Trust
    and the Investment Company Act of 1940, as amended (the
    &#147;1940 Act&#148;), one Trustee is to be elected to the Board
    of Trustees of IMC, IMT,&#160;IIM,&#160;IIC, IQI and IQT by the
    holders of the Preferred Shares of each respective Trust voting
    separately as a single class, all as set forth below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="34%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="32%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="32%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>IMT, IQI and IQT&#160;&#151; <BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>IMC,&#160;IIM and IIC&#160;&#151; <BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>OIC&#160;&#151; <BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Until the year 2012 Annual Meeting</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Until the year 2012 Annual Meeting</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Until the year 2012 Annual Meeting</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    By all Shareholders:<BR>
    &#160;&#160;Kathleen A. Dennis<BR>
    &#160;&#160;Joseph J. Kearns<BR>
    &#160;&#160;Fergus Reid<BR>
    By Preferred Shareholders only:<BR>
    &#160;&#160;Manuel H. Johnson
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By all Shareholders:<BR>
    &#160;&#160;Michael F. Klein<BR>
    &#160;&#160;W. Allen Reed<BR>
    By Preferred Shareholders only:<BR>
    &#160;&#160;Michael E. Nugent
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By all Shareholders:<BR>
    &#160;&#160;Michael F. Klein<BR>
    &#160;&#160;Michael E. Nugent<BR>
    &#160;&#160;W. Allen Reed
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Nine of the current ten Trustees (Frank L. Bowman, Michael
    Bozic, Kathleen A. Dennis, Manuel H. Johnson, Joseph J. Kearns,
    Michael F. Klein, Michael E. Nugent, W. Allen Reed and Fergus
    Reid) are &#147;Independent Trustees,&#148; that is, Trustees
    who are not &#147;interested persons&#148; of the Trusts, as
    that term is defined in the 1940 Act. The other current Trustee,
    James F. Higgins, is an &#147;interested trustee,&#148; that is,
    a Trustee who is an &#147;interested person&#148; (as that term
    is defined in the 1940 Act) of the Trusts and Morgan Stanley
    Investment Advisors and thus, is not an Independent Trustee. The
    nominees for election as Trustee have been proposed by the
    Trustees now serving, or, in the case of the nominees for
    positions as Independent Trustees, by the Independent Trustees
    now serving. All of the members of the Boards have previously
    been elected by the shareholders of the Trusts.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The nominees of the Boards of Trustees for election as Trustee
    of each Trust are listed below. It is the intention of the
    persons named in the enclosed form of Proxy, unless instructed
    by Proxy to withhold authority to vote for the nominees, to vote
    all validly executed proxies for the election of the following
    nominees: for IMT, IQI and IQT&#160;&#151; Kathleen A. Dennis,
    Joseph J. Kearns, Fergus Reid and Manuel H. Johnson (Manuel H.
    Johnson with respect to Preferred Shareholder proxies only), and
    for IMC,&#160;IIM,&#160;IIC and OIC&#160;&#151; Michael F.
    Klein, W. Allen Reed and Michael E. Nugent (Michael E. Nugent
    with respect to Preferred Shareholder proxies only). Should any
    of the nominees become unable or unwilling to accept nomination
    or election, the persons named in the Proxy will exercise their
    voting power in favor of such person or persons as the Boards
    may recommend or, in the case of an Independent Trustee nominee,
    as the Independent Trustees of each Trust may recommend. All of
    the nominees have consented to being named in this Joint Proxy
    Statement and to serve if elected. The Trusts know of no reason
    why any of the said nominees would be unable or unwilling to
    accept nomination or election. With respect to each Trust, the
    election of the nominees listed above to be elected by all
    Shareholders requires the approval of a majority of the shares
    of the Trust represented and entitled to vote at the Meeting
    (Common Shares and Preferred Shares voting together as a single
    class). The election of the nominee listed above to be elected
    by only the Preferred Shareholders of each Trust requires the
    approval of a majority of the Preferred Shares of the Trust
    represented and entitled to vote at the Meetings (voting
    separately as a single class).
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    5
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<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the provisions of the Declaration of Trust of each
    Trust, in certain cases as amended, the Trustees are divided
    into three separate classes, each class having a term of three
    years. The term of office of one of each of the three classes
    will expire each year.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Board of each Trust has previously determined that any
    nominee for election as Trustee for each Trust will stand for
    election as Trustee and serve as Trustee in one of the three
    classes of Trustees as follows: Class&#160;I&#160;&#151;
    Messrs.&#160;Bowman, Bozic and Higgins;
    Class&#160;II&#160;&#151; Ms.&#160;Dennis and
    Messrs.&#160;Johnson, Kearns and Reid; and
    Class&#160;III&#160;&#151; Messrs.&#160;Klein, Nugent and Reed.
    Each nominee will, if elected, serve a term of up to
    approximately three years running for the period assigned to
    that class and terminating at the date of the Annual Meeting of
    Shareholders so designated by the Boards, or any adjournments
    thereof. In addition, pursuant to each Trust&#146;s Declaration
    of Trust and the 1940 Act, the Board of each Trust (except OIC)
    previously determined that one of each of the Class&#160;II
    Trustees and Class&#160;III Trustees will be designated to be
    elected by the Preferred Shareholders voting separately. In this
    regard, with respect to all Trusts except for OIC, Manuel H.
    Johnson and Michael E. Nugent serve as Trustees of each
    Trust&#146;s Board of Trustees on behalf of the Preferred
    Shareholders, the terms of each to expire with his designated
    Class. As a consequence of this method of election, the
    replacement of a majority of each of the Boards could be delayed
    for up to two years. In accordance with the above, four Trustees
    in Class&#160;II for IMT, IQI and IQT and three Trustees in
    Class&#160;III for IMC,&#160;IIM,&#160;IIC and OIC are standing
    for election at the Meetings and will, if elected, serve until
    the 2012 Annual Meetings for each Trust as set forth above or,
    in each case, until their successors shall have been elected and
    qualified.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The current Trustees of the Trust also serve as trustees for
    certain of the funds advised by the Investment Adviser (the
    &#147;Retail Funds&#148;) and certain of the funds advised by
    Morgan Stanley Investment Management Inc. and Morgan Stanley AIP
    GP LP (the &#147;Institutional Funds&#148;). The table below
    sets forth the following information regarding the nominees for
    election as Trustee, and each of the other Trustees (both the
    Independent Trustees and the Interested Trustee), as well as the
    executive officers of the Trusts: their age, address, term of
    office and length of time served, their principal business
    occupations during the past five years, the number of portfolios
    in the Fund&#160;Complex (defined below) overseen by each
    Trustee or nominee Trustee (as of December&#160;31,
    2008)&#160;and other directorships, if any, held by the
    Trustees. The Fund&#160;Complex includes all open-end and
    closed-end funds (including all of their portfolios) advised by
    the Investment Adviser and any funds that have an investment
    adviser that is an affiliated person of the Investment Adviser
    (including, but not limited to, Morgan Stanley Investment
    Management Inc.).
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    6
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">INDEPENDENT
    TRUSTEES:</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="23%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="8%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="9%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="32%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="13%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Portfolios in<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Other<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Fund Complex<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Directorships<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Name, Age and<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Position(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Length of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Overseen by<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Held by<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Address of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Held with<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Time<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal Occupation(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Independent<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Independent<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Independent Trustee</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>the Trusts</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Served<SUP style="font-size: 85%; vertical-align: top">*</SUP></B>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>During Past 5&#160;Years</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Trustee</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Trustee</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Frank L. Bowman (64)<BR>
    <FONT style="white-space: nowrap">c/o&#160;Kramer</FONT>
    Levin Naftalis&#160;&#038; Frankel LLP<BR>
    Counsel to the Independent Trustees <BR>
    1177 Avenue of the Americas <BR>
    New York, NY 10036
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Trustee
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since<BR>
    August 2006
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    President, Strategic Decisions, LLC (consulting) (since February
    2009); Director or Trustee of various Retail Funds and
    Institutional Funds (since August 2006); Chairperson of the
    Insurance Sub-Committee of the Compliance and Insurance
    Committee (since February 2007); served as President and Chief
    Executive Officer of the Nuclear Energy Institute (policy
    organization) through November 2008; retired as Admiral, U.S.
    Navy in January 2005 after serving over 8&#160;years as Director
    of the Naval Nuclear Propulsion Program and Deputy Administrator
    -- Naval Reactors in the National Nuclear Security
    Administration at the U.S. Department of Energy (1996-2004);
    Knighted as Honorary Knight Commander of the Most Excellent
    Order of the British Empire; Awarded the Officer de l&#146;Orde
    National du M&#233;rite by the French Government.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    168
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of the Armed Services YMCA of the USA; member, BP
    America External Advisory Council (energy); member, National
    Academy of Engineers.
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Michael Bozic (68)<BR>
    <FONT style="white-space: nowrap">c/o&#160;Kramer</FONT>
    Levin Naftalis&#160;&#038; Frankel LLP<BR>
    Counsel to the Independent Trustees <BR>
    1177 Avenue of the Americas <BR>
    New York, NY 10036
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Trustee
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since<BR>
    April 1994
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Private investor; Chairperson of the Compliance and Insurance
    Committee (since October 2006); Director or Trustee of the
    Retail Funds (since April 1994) and Institutional Funds (since
    July 2003); formerly, Chairperson of the Insurance Committee
    (July 2006-September 2006); Vice Chairman of Kmart Corporation
    (December
    <FONT style="white-space: nowrap">1998-October</FONT>
    2000), Chairman and Chief Executive Officer of Levitz Furniture
    Corporation (November 1995-November 1998) and President and
    Chief Executive Officer of Hills Department Stores (May
    1991-July 1995); variously Chairman, Chief Executive Officer,
    President and Chief Operating Officer (1987-1991) of the Sears
    Merchandise Group of Sears, Roebuck &#038; Co.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    170
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of various business organizations.
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Kathleen A. Dennis (56)<BR>
    <FONT style="white-space: nowrap">c/o&#160;Kramer</FONT>
    Levin Naftalis&#160;&#038; Frankel LLP<BR>
    Counsel to the Independent Trustees <BR>
    1177 Avenue of the Americas <BR>
    New York, NY 10036
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Nominee/ Trustee
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since<BR>
    August 2006
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    President, Cedarwood Associates (mutual fund and investment
    management consulting) (since July 2006); Chairperson of the
    Money Market and Alternatives Sub-Committee of the Investment
    Committee (since October 2006) and Director or Trustee of
    various Retail Funds and Institutional Funds (since August
    2006); formerly, Senior Managing Director of Victory Capital
    Management (1993-2006).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    168
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of various non-profit organizations.
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Dr.&#160;Manuel H. <BR>
    Johnson (60)<BR>
    <FONT style="white-space: nowrap">c/o&#160;Johnson</FONT>
    Smick<BR>
    Group, Inc. <BR>
    888 16th&#160;Street, N.W. Suite&#160;740 Washington,&#160;D.C.
    20006
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Nominee/ Trustee
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since<BR>
    July 1991
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Senior Partner, Johnson Smick International, Inc. (consulting
    firm); Chairperson of the Investment Committee (since October
    2006) and Director or Trustee of the Retail Funds (since July
    1991) and Institutional Funds (since July 2003); Co-Chairman and
    a founder of the Group of Seven Council (G7C) (international
    economic commission); formerly, Chairperson of the Audit
    Committee (July 1991-September 2006); Vice Chairman of the Board
    of Governors of the Federal Reserve System and Assistant
    Secretary of the U.S. Treasury.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    170
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of NVR, Inc. (home construction); Director of Evergreen
    Energy.
</TD>
</TR>
</TABLE>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=456 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">*
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">This is the earliest date the
    Trustee began serving the Retail Funds or Institutional Funds.
    Trustees are elected every three years or until his or her
    successor is elected.
    </FONT></TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    7
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="23%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="8%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="9%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="32%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="13%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Portfolios in<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Other<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Fund Complex<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Directorships<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Name, Age and<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Position(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Length of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Overseen by<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Held by<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Address of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Held with<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Time<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal Occupation(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Independent<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Independent<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Independent Trustee</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>the Trusts</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Served<SUP style="font-size: 85%; vertical-align: top">*</SUP></B>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>During Past 5&#160;Years</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Trustee</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Trustee</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Joseph J. Kearns (67)<BR>
    <FONT style="white-space: nowrap">c/o&#160;Kearns&#160;&#038;</FONT>
    Associates LLC<BR>
    PMB754 <BR>
    23852 Pacific Coast Highway <BR>
    Malibu, CA 90265
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Nominee/ Trustee
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since<BR>
    August 1994
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    President, Kearns &#038; Associates LLC (investment consulting);
    Chairperson of the Audit Committee (since October 2006) and
    Director or Trustee of the Retail Funds (since July 2003) and
    Institutional Funds (since August 1994); formerly, Deputy
    Chairperson of the Audit Committee (July
    <FONT style="white-space: nowrap">2003-September</FONT>
    2006) and Chairperson of the Audit Committee of the
    Institutional Funds (October 2001-July 2003); CFO of the J. Paul
    Getty Trust.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    171
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of Electro Rent Corporation (equipment leasing) and The
    Ford Family Foundation.
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Michael F. Klein (50)<BR>
    <FONT style="white-space: nowrap">c/o&#160;Kramer</FONT>
    Levin Naftalis&#160;&#038; Frankel LLP<BR>
    Counsel to the Independent Trustees <BR>
    1177 Avenue of the Americas <BR>
    New York, NY 10036
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Nominee/ Trustee
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since<BR>
    August 2006
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Managing Director, Aetos Capital, LLC (since March 2000) and
    Co-President, Aetos Alternative Management, LLC (since January
    2004); Chairperson of the Fixed Income Sub-Committee of the
    Investment Committee (since October 2006) and Director or
    Trustee of various Retail Funds and Institutional Funds (since
    August 2006); formerly, Managing Director, Morgan Stanley &#038;
    Co. Inc. and Morgan Stanley Dean Witter Investment Management,
    President, Morgan Stanley Institutional Funds (June 1998-March
    2000) and Principal, Morgan Stanley &#038; Co. Inc. and Morgan
    Stanley Dean Witter Investment Management (August 1997-December
    1999).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    168
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of certain investment funds managed or sponsored by
    Aetos Capital, LLC. Director of Sanitized AG and Sanitized
    Marketing AG (specialty chemicals).
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Michael E. Nugent (73)<BR>
    <FONT style="white-space: nowrap">c/o&#160;Triumph</FONT>
    Capital, L.P.<BR>
    445 Park Avenue <BR>
    New York, NY 10022
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chairperson of the Board and Nominee/ Trustee
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chairperson of<BR>
    the Boards<BR>
    since July<BR>
    2006 and<BR>
    Trustee since<BR>
    July 1991
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    General Partner, Triumph Capital, L.P. (private investment
    partnership); Chairperson of the Boards of the Retail Funds and
    Institutional Funds (since July 2006); Director or Trustee of
    the Retail Funds (since July 1991) and Institutional Funds
    (since July 2001); formerly, Chairperson of the Insurance
    Committee (until July 2006).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    170
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    None.
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    W. Allen Reed (62)<BR>
    <FONT style="white-space: nowrap">c/o&#160;Kramer</FONT>
    Levin Naftalis&#160;&#038; Frankel LLP<BR>
    Counsel to the Independent Trustees <BR>
    1177 Avenue of the Americas <BR>
    New York, NY 10036
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Nominee/ Trustee
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since<BR>
    August 2006
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chairperson of the Equity Sub-Committee of the Investment
    Committee (since October 2006) and Director or Trustee of
    various Retail Funds and Institutional Funds (since August
    2006); formerly, President and CEO of General Motors Asset
    Management; Chairman and Chief Executive Officer of the GM Trust
    Bank and Corporate Vice President of General Motors Corporation
    (August 1994-December 2005).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    168
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of Temple-Inland Industries (packaging and forest
    products); Director of Legg Mason, Inc. and Director of the
    Auburn University Foundation.
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Fergus Reid
    <FONT style="white-space: nowrap">(77)&#160;c/o&#160;Lumelite</FONT>
    Plastics Corporation <BR>
    85 Charles Colman<BR>
    Blvd.<BR>
    Pawling, NY 12564
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Nominee/ Trustee
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since<BR>
    June 1992
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chairman, Lumelite Plastics Corporation; Chairperson of the
    Governance Committee and Director or Trustee of the Retail Funds
    (since July 2003) and Institutional Funds (since June 1992).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    171
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Trustee and Director of certain investment companies in the
    JPMorgan Funds complex managed by JP Morgan Investment
    Management Inc.
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=438 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">*
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">This is the earliest date the
    Trustee began serving the Retail Funds or Institutional Funds.
    Trustees are elected every three years or until his or her
    successor is elected.
    </FONT></TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    8
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Trustee who is affiliated with the Investment Adviser or
    affiliates of the Investment Adviser (as set forth below) and
    executive officers of the Trusts, their age, address, term of
    office and length of time served, their principal business
    occupations during the past five years, the number of portfolios
    in the Fund&#160;Complex overseen by the Interested Trustee (as
    of December&#160;31, 2008)&#160;and the other directorships, if
    any, held by the Interested Trustee, are shown below.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">INTERESTED
    TRUSTEE:</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="20%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="8%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="8%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="30%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="15%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Portfolios in<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Name, Age and<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Fund Complex<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Other Directorships<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Address of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Position(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Length of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Overseen by<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Held<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Interested<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Held with<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Time<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal Occupation(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Interested<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>by Interested<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Trustee</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>the Trusts</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Served*</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>During Past 5&#160;Years</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Trustee</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Trustee</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    James F. Higgins (61)<BR>
    <FONT style="white-space: nowrap">c/o&#160;Morgan</FONT>
    Stanley Trust<BR>
    Harborside Financial Center<BR>
    Plaza Two<BR>
    Jersey City, NJ 07311
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Trustee
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Since June 2000
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director or Trustee of the Retail Funds (since June 2000) and
    Institutional Funds (since July 2003); Senior Advisor of Morgan
    Stanley (since August 2000).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    169
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of AXA Financial, Inc. and The Equitable Life Assurance
    Society of the United States (financial services).
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=438 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">*
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">This is the earliest date the
    Trustee began serving the Retail Funds or Institutional Funds.
    Trustees are elected every three years or until his or her
    successor is elected.
    </FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">EXECUTIVE
    OFFICERS OF THE TRUSTS:</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="25%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="16%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="13%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="41%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Name, Age and<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Address of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Position(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Executive<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Held with<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Length of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Officer</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>the Trusts</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Time
    Served<SUP style="font-size: 85%; vertical-align: top">*</SUP></B>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Principal Occupation(s) During Past 5&#160;Years</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Randy Takian (35)<BR>
    522&#160;Fifth Avenue<BR>
    New York, NY 10036
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    President and<BR>
    Principal<BR>
    Executive<BR>
    Officer
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since<BR>
    September 2008
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    President and Principal Executive Officer (since September 2008)
    of funds in the Fund Complex; President and Chief Executive
    Officer of Morgan Stanley Services Company Inc. (since September
    2008).  President of the Investment Adviser (since July 2008).
    Head of the Retail and Intermediary business with Morgan Stanley
    Investment Management (since July 2008).  Head of Liquidity and
    Bank Trust business (since July 2008) and the Latin American
    franchise (since July 2008) at Morgan Stanley Investment
    Management.  Managing Director, Director and/or Officer of the
    Investment Adviser and various entities affiliated with the
    Investment Adviser.  Formerly Head of Strategy and Product
    Development for the Alternatives Group and Senior Loan
    Investment Management.  Formerly with Bank of America (July
    1996-March 2006), most recently as Head of the Strategy, Mergers
    and Acquisitions team for Global Wealth and Investment
    Management.
</TD>
</TR>
</TABLE>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=456 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">*
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">This is the earliest date the
    Officer began serving the Retail Funds or Institutional Funds.
    Each Officer serves an indefinite term, until his or her
    successor is elected.
    </FONT></TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    9
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="25%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="16%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="13%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="41%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Name, Age and<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Address of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Position(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Executive<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Held with<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Length of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Officer</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>the Trusts</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Time
    Served<SUP style="font-size: 85%; vertical-align: top">*</SUP></B>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Principal Occupation(s) During Past 5&#160;Years</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Kevin Klingert (47)<BR>
    522&#160;Fifth Avenue<BR>
    New York, NY 10036
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Vice President
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since<BR>
    June 2008
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Global Head, Chief Operating Officer and acting Chief Investment
    Officer of the Global Fixed Income Group of Morgan Stanley
    Investment Management Inc. and the Investment Adviser (since
    April 2008); Head of Global Liquidity Portfolio Management and
    co-Head of Liquidity Credit Research of Morgan Stanley
    Investment Management (since December 2007); Managing Director
    of Morgan Stanley Investment Management Inc. and the Investment
    Adviser (since December 2007).  Previously, Managing Director on
    the Management Committee and head of Municipal Portfolio
    Management and Liquidity at BlackRock (October 1991 to January
    2007).
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Carsten Otto (45)<BR>
    522&#160;Fifth Avenue<BR>
    New York, NY 10036
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Chief Compliance<BR>
    Officer
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since<BR>
    October 2004
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Managing Director and Global Head of Compliance for Morgan
    Stanley Investment Management (since April 2007) and Chief
    Compliance Officer of the Retail Funds and Institutional Funds
    (since October 2004). Formerly, U.S. Director of Compliance
    (October 2004-April 2007) and Assistant Secretary and Assistant
    General Counsel of the Retail Funds.
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Stefanie V. Chang Yu (42)<BR>
    522&#160;Fifth Avenue<BR>
    New York, NY 10036
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Vice President
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since<BR>
    December 1997
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Managing Director and Secretary of the Investment Adviser and
    various entities affiliated with the Investment Adviser; Vice
    President of the Retail Funds (since July 2002) and
    Institutional Funds (since December 1997).
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Francis J. Smith (44)<BR>
    <FONT style="white-space: nowrap">c/o&#160;Morgan</FONT>
    Stanley Trust<BR>
    Harborside Financial Center<BR>
    Plaza Two<BR>
    Jersey City, NJ 07311
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Treasurer and Chief<BR>
    Financial Officer
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Treasurer since July 2003 and Chief Financial Officer since
    September 2002
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Executive Director of the Investment Adviser and various
    entities affiliated with the Investment Adviser; Treasurer and
    Chief Financial Officer of the Retail Funds (since July 2003).
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Mary E. Mullin (42)<BR>
    522&#160;Fifth Avenue<BR>
    New York, NY 10036
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Secretary
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since<BR>
    June 1999
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Executive Director of the Investment Adviser and various
    entities affiliated with the Investment Adviser; Secretary of
    the Retail Funds (since July 2003) and Institutional Funds
    (since June 1999).
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=438 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">*
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">This is the earliest date the
    Officer began serving the Retail Funds or Institutional Funds.
    Each Officer serves an indefinite term, until his or her
    successor is elected.
    </FONT></TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    10
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For each Trustee, the dollar range of equity securities
    beneficially owned by the Trustees in the Trusts and in the
    Family of Investment Companies (Family of Investment Companies
    includes all of the registered investment companies advised by
    the Investment Adviser, Morgan Stanley Investment Management
    Inc. and Morgan Stanley AIP GP LP) for the calendar year ended
    December&#160;31, 2008 is shown below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="21%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="37%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="37%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Aggregate Dollar Range of Equity Securities in<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>All Registered Investment Companies Overseen<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Dollar Range of Equity Securities in the Trusts<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>by Trustee in Family of Investment<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Name of Trustee</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(As of December&#160;31, 2008)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Companies (As of December&#160;31, 2008)</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Independent</B>:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Frank
    L.&#160;Bowman<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    over $100,000
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Michael Bozic
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    over $100,000
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Kathleen A. Dennis
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    over $100,000
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Manuel H. Johnson
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    over $100,000
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Joseph J.
    Kearns<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    over $100,000
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Michael F. Klein
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    over $100,000
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Michael E. Nugent
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    over $100,000
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    W. Allen Reed
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    over $100,000
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Fergus
    Reid<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    over $100,000
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Interested</B>:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    James F. Higgins
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    over $100,000
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=438 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Includes the total amount of
    compensation deferred by the Trustee at his election pursuant to
    a deferred compensation plan. Such deferred compensation is
    placed in a deferral account and deemed to be invested in one or
    more of the Retail Funds or Institutional Funds (or portfolio
    thereof) that are offered as investment options under the plan.
    </FONT></TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(2)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">$50,001-$100,000 (IMT); over
    $100,000 (IQT).
    </FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As to each Independent Trustee and his or her immediate family
    members, no person owned beneficially or of record securities in
    an investment adviser or principal underwriter of the Trusts, or
    a person (other than a registered investment company) directly
    or indirectly controlling, controlled by or under common control
    with an investment adviser or principal underwriter of the
    Trusts as of the record date.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Independent
    Trustees and the Committees</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Law and regulation establish both general guidelines and
    specific duties for the Independent Trustees. The Retail Funds
    seek as Independent Trustees individuals of distinction and
    experience in business and finance, government service or
    academia; these are people whose advice and counsel are in
    demand by others and for whom there is often competition. To
    accept a position on the Retail Funds&#146; Boards, such
    individuals may reject other attractive assignments because the
    Retail Funds make substantial demands on their time. The Board
    has four committees: (1)&#160;Audit Committee,
    (2)&#160;Governance Committee, (3)&#160;Compliance and Insurance
    Committee and (4)&#160;Investment Committee. Three of the
    Independent Trustees serve as members of the Audit Committee,
    three Independent Trustees serve as members of the Governance
    Committee, four Trustees, including three Independent Trustees,
    serve as members of the Compliance and Insurance Committee and
    all of the Trustees serve as members of the Investment Committee.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Independent Trustees are charged with recommending to the
    full Board approval of management, advisory and administration
    contracts, and distribution and underwriting agreements;
    continually reviewing
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    11
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    fund performance; checking on the pricing of portfolio
    securities, brokerage commissions, transfer agent costs and
    performance and trading among funds in the same complex; and
    approving fidelity bond and related insurance coverage and
    allocations, as well as other matters that arise from time to
    time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Board of Trustees of each Trust has a separately-designated
    standing Audit Committee established in accordance with
    Section&#160;3(a)(58)(A) of the Securities Exchange Act of 1934,
    as amended (the &#147;Exchange Act&#148;). Each Audit Committee
    is charged with recommending to the full Board the engagement or
    discharge of the Trusts&#146; independent registered public
    accounting firm; directing investigations into matters within
    the scope of the independent registered public accounting
    firms&#146; duties, including the power to retain outside
    specialists; reviewing with the independent registered public
    accounting firm the audit plan and results of the auditing
    engagement; approving professional services provided by the
    independent registered public accounting firm and other
    accounting firms prior to the performance of such services;
    reviewing the independence of the independent registered public
    accounting firm; considering the range of audit and non-audit
    fees; reviewing the adequacy of each Trust&#146;s system of
    internal controls and reviewing the valuation process.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The members of the Audit Committee of each Trust are Joseph J.
    Kearns, Michael E. Nugent and W. Allen Reed. None of the members
    of the Trusts&#146; Audit Committees is an &#147;interested
    person,&#148; as defined under the 1940 Act, of any of the
    Trusts (with such disinterested Trustees being &#147;Independent
    Trustees&#148; or individually, &#147;Independent
    Trustee&#148;). Each Independent Trustee is also
    &#147;independent&#148; from each Trust under the listing
    standards of the New York Stock Exchange, Inc.
    (&#147;NYSE&#148;). The Chairperson of the Audit Committees of
    each of the Trusts is Joseph J. Kearns. The Board of Trustees
    for each Trust has adopted a formal written charter for the
    Audit Committee which sets forth the Audit Committee&#146;s
    responsibilities. A copy of the Audit Committee Charter is
    attached to this Joint Proxy Statement as Exhibit&#160;A.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Board of Trustees of each Trust also has a Governance
    Committee. The Governance Committee identifies individuals
    qualified to serve as Independent Trustees on each Trust&#146;s
    Board and on committees of such Board and recommends such
    qualified individuals for nomination by the Trusts&#146;
    Independent Trustees as candidates for election as Independent
    Trustees, advises each Trust&#146;s Board with respect to Board
    composition, procedures and committees, develops and recommends
    to each Trust&#146;s Board a set of corporate governance
    principles applicable to the Trusts, monitors and makes
    recommendations on corporate governance matters and policies and
    procedures of the Trusts&#146; Board of Trustees and any Board
    committees and oversees periodic evaluations of the Trusts&#146;
    Board and its committees. The members of the Governance
    Committee of each Trust are Kathleen A. Dennis, Michael F. Klein
    and Fergus Reid, each of whom is an Independent Trustee. The
    Chairperson of the Governance Committee is Fergus Reid. The
    Board of Trustees for each Trust has adopted a formal written
    charter for the Governance Committee which sets forth the
    Governance Committee&#146;s responsibilities. A copy of the
    Governance Committee Charter is attached to the 2007 Joint Proxy
    Statement filed for the Trusts with the Securities and Exchange
    Commission (the &#147;SEC&#148;) on September&#160;11, 2007.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Trusts do not have a separate nominating committee. While
    each Trust&#146;s Governance Committee recommends qualified
    candidates for nominations as Independent Trustees, the Board of
    Trustees of each Trust believes that the task of nominating
    prospective Independent Trustees is important enough to require
    the participation of all current Independent Trustees, rather
    than a separate committee consisting of only certain Independent
    Trustees. Accordingly, each current Independent Trustee (Frank
    L. Bowman, Michael Bozic, Kathleen A. Dennis, Manuel H. Johnson,
    Joseph J. Kearns, Michael F. Klein, Michael E. Nugent, W. Allen
    Reed and Fergus Reid) for all Trusts participates in the
    election and nomination of candidates for election as
    Independent Trustees for the respective Trusts for which the
    Independent Trustee serves. Persons recommended by each
    Trust&#146;s Governance Committee as candidates for nomination
    as Independent Trustees shall
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    12
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    possess such knowledge, experience, skills, expertise and
    diversity so as to enhance the Board&#146;s ability to manage
    and direct the affairs and business of the Trusts, including,
    when applicable, to enhance the ability of committees of the
    Board to fulfill their duties
    <FONT style="white-space: nowrap">and/or</FONT> to
    satisfy any independence requirements imposed by law, regulation
    or any listing requirements of the NYSE. While the Independent
    Trustees of each of the Trusts expect to be able to continue to
    identify from their own resources an ample number of qualified
    candidates for each Trust&#146;s Board as they deem appropriate,
    they will consider nominations from Shareholders to the Board.
    Nominations from Shareholders should be in writing and sent to
    the Independent Trustees as described below under the caption
    &#147;Shareholder Communications.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Board formed the Compliance and Insurance Committee to
    address insurance coverage and oversee the compliance function
    for each Trust and its Board. The Compliance and Insurance
    Committee consists of Frank L. Bowman, Michael Bozic, James F.
    Higgins and Manuel H. Johnson. Frank L. Bowman, Michael Bozic
    and Manuel H. Johnson are Independent Trustees. The Chairperson
    of the Compliance and Insurance Committee is Michael Bozic. The
    Compliance and Insurance Committee has an Insurance
    <FONT style="white-space: nowrap">Sub-Committee</FONT>
    to review and monitor the insurance coverage maintained by each
    Trust. The Chairperson of the Insurance
    <FONT style="white-space: nowrap">Sub-Committee</FONT>
    is Frank L. Bowman.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Investment Committee oversees the portfolio investment
    process for and reviews the performance of each Trust. The
    Investment Committee also recommends to the Board to approve or
    renew each Trust&#146;s Investment Advisory and Administration
    Agreements. The members of the Investment Committee are Frank L.
    Bowman, Michael Bozic, Kathleen A. Dennis, James F. Higgins,
    Manuel H. Johnson, Joseph J. Kearns, Michael F. Klein, Michael
    E. Nugent, W. Allen Reed and Fergus Reid. The Chairperson of the
    Investment Committee is Manuel H. Johnson.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Investment Committee has three
    <FONT style="white-space: nowrap">Sub-Committees,</FONT>
    each with its own Chairperson. Each
    <FONT style="white-space: nowrap">Sub-Committee</FONT>
    focuses on the Trusts&#146; primary areas of investment, namely
    equities, fixed income and money market/alternatives. The
    <FONT style="white-space: nowrap">Sub-Committees</FONT>
    and their members are as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;Equity&#160;&#150; W. Allen Reed (Chairperson), Frank
    L. Bowman and Michael E. Nugent.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;Fixed Income&#160;&#150; Michael F. Klein
    (Chairperson), Michael Bozic and Fergus Reid.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (3)&#160;Money Market and Alternatives&#160;&#150; Kathleen A.
    Dennis (Chairperson), James F. Higgins and Joseph J. Kearns.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following chart sets forth the number of meetings of the
    Board, the Audit Committee, the Compliance and Insurance
    Committee, the Governance Committee and the Investment Committee
    of each Trust during its most recent fiscal year. During each
    Trust&#146;s fiscal year ended October&#160;31, 2008
    (March&#160;31, 2009 for OIC), each
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    13
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Trustee attended at least seventy-five percent of the aggregate
    number of meetings of the Board and any committee on which he or
    she served held during the time such Trustee was a member of the
    Board.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Number of
    Board and Committee Meetings Held During Last Fiscal
    Year</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    During each Trust&#146;s fiscal year ended October&#160;31, 2008
    (IMC, IMT,&#160;IIM,&#160;IIC, IQI and IQT) and March&#160;31,
    2009 (OIC), the Board of Trustees held the following meetings:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="62%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=08 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=08 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=08 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=08 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IMC</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IMT</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IIM</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IIC</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IQI</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IQT</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>OIC</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Board of Trustees
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <U><FONT style="white-space: nowrap">Committee/Sub-Committee:</FONT></U>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Audit Committee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Governance Committee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Compliance and Insurance Committee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Insurance
    <FONT style="white-space: nowrap">Sub-Committee</FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Investment Committee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For annual or special shareholder meetings, Trustees may but are
    not required to attend the meetings; and for each Trust&#146;s
    last annual shareholder meeting, no Trustees attended the
    meeting.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Shareholder
    Communications</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Shareholders may send communications to each Trust&#146;s Board
    of Trustees. Shareholders should send communications intended
    for each Trust&#146;s Board by addressing the communications
    directly to that Board (or individual Board members)
    <FONT style="white-space: nowrap">and/or</FONT>
    otherwise clearly indicating in the salutation that the
    communication is for the Board (or individual Board members) and
    by sending the communication to either the Trust&#146;s office
    or directly to such Board member(s) at the address specified for
    each Trustee previously noted. Other shareholder communications
    received by a Trust not directly addressed and sent to the
    Trust&#146;s Board will be reviewed and generally responded to
    by management, and will be forwarded to the Board only at
    management&#146;s discretion based on the matters contained
    therein.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each of the nominees for Trustee has consented to be named in
    this Joint Proxy Statement and to serve as a Trustee of the
    Trusts if elected. The Board of Trustees of each Trust has no
    reason to believe that any of the nominees named above will
    become unavailable for election as a Trustee, but if that should
    occur before the Meeting for that Trust, the persons named as
    proxies on the Proxy Card will vote for such persons as the
    Board of Trustees of the Trust may recommend.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Share
    Ownership by Trustees</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Trustees have adopted a policy pursuant to which each
    Trustee
    <FONT style="white-space: nowrap">and/or</FONT> his
    or her spouse is required to invest at least $100,000 in any of
    the funds in the Morgan Stanley Retail and Institutional Funds
    on whose boards the Trustee serves. In addition, the policy
    contemplates that the Trustees will, over time, increase their
    aggregate investment in the funds above the $100,000 minimum
    requirement. The Trustees may allocate their investments among
    specific funds in any manner they determine is appropriate based
    on their individual investment objectives. Any future Trustee
    will be given a one year period following his or her election
    within
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    14
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    which to comply with the foregoing. As of the date of this Joint
    Proxy Statement, each Trustee is in compliance with the policy.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As of the Record Date for these Meetings, the aggregate number
    of shares of each Trust owned by the respective Trust&#146;s
    officers and Trustees as a group was less than one percent of
    each Trust&#146;s outstanding shares.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Section&#160;16(a)
    Beneficial Ownership Reporting Compliance</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Section&#160;16(a) of the Exchange Act requires that each
    Trust&#146;s executive officers and Trustees, and beneficial
    owners of more than 10% of its shares, make certain filings on a
    timely basis under Section&#160;16(a) of the Exchange Act. Based
    solely on each Trust&#146;s review of copies of such reports of
    ownership furnished to the Trusts, the Trusts believe that
    during the past fiscal year all of its officers, Trustees and
    greater than 10% beneficial holders complied with all applicable
    filing requirements.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Compensation
    of Trustees</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each Trustee (except for the Chairperson of the Boards) receives
    an annual retainer fee of $200,000 for serving the Retail Funds
    and the Institutional Funds. The Chairperson of the Audit
    Committee receives an additional annual retainer fee of $75,000
    and the Investment Committee Chairperson receives an additional
    annual retainer fee of $60,000. Other Committee Chairpersons
    receive an additional annual retainer fee of $30,000 and the
    Investment
    <FONT style="white-space: nowrap">Sub-Committee</FONT>
    Chairpersons receive an additional annual retainer fee of
    $15,000. The aggregate compensation paid to each Trustee is paid
    by the Retail Funds and the Institutional Funds, and is
    allocated on a <I>pro rata</I> basis among each of the
    operational funds/portfolios of the Retail Funds and the
    Institutional Funds based on the relative net assets of each of
    the funds/portfolios. Michael E. Nugent receives a total annual
    retainer fee of $400,000 for his services as Chairperson of the
    Boards of the Retail Funds and the Institutional Funds and for
    administrative services provided to each Board.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Trusts also reimburse the Trustees for travel and other
    <FONT style="white-space: nowrap">out-of-pocket</FONT>
    expenses incurred by them in connection with attending such
    meetings. Trustees of the Trusts who are employed by the
    Investment Adviser receive no compensation or expense
    reimbursement from the Trusts for their services as Trustee.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Effective April&#160;1, 2004, the Trusts began a Deferred
    Compensation Plan (the &#147;DC Plan&#148;), which allows each
    Trustee to defer payment of all, or a portion, of the fees he or
    she receives for serving on the Board of Trustees throughout the
    year. Each eligible Trustee generally may elect to have the
    deferred amounts credited with a return equal to the total
    return on one or more of the Retail Funds or Institutional Funds
    (or portfolios thereof) that are offered as investment options
    under the DC Plan. At the Trustee&#146;s election, distributions
    are either in one lump sum payment, or in the form of equal
    annual installments over a period of five years. The rights of
    an eligible Trustee and the beneficiaries to the amounts held
    under the DC Plan are unsecured and such amounts are subject to
    the claims of the creditors of the Trusts.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Prior to April&#160;1, 2004, the Institutional Funds maintained
    a similar Deferred Compensation Plan (the &#147;Prior DC
    Plan&#148;), which also allowed each Independent Trustee to
    defer payment of all, or a portion, of the fees he or she
    received for serving on the Board of Trustees throughout the
    year. The DC Plan amends and supersedes the Prior DC Plan and
    all amounts payable under the Prior DC Plan are now subject to
    the terms of the DC Plan (except for amounts paid during the
    calendar year 2004, which remain subject to the terms of the
    Prior DC Plan).
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    15
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table shows aggregate compensation payable to each
    of the Trustees from each Trust for the fiscal year ended
    October&#160;31, 2008 (IMC, IMT,&#160;IIM,&#160;IIC, IQI and
    IQT) or March&#160;31, 2009 (OIC) and the aggregate compensation
    payable to each of the Trust&#146;s Trustees by the
    Fund&#160;Complex (which includes all of the Retail Funds and
    Institutional Funds) for the calendar year ended
    December&#160;31, 2008.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Compensation<SUP style="font-size: 85%; vertical-align: top">(1)</SUP></FONT></B>

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="39%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=08 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=08 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=08 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=08 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=09 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=09 type=lead -->
    <TD width="19%" align="right">&nbsp;</TD>	<!-- colindex=09 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=09 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="22" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>Total Compensation from the<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="22" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Aggregate Compensation
    from<SUP style="font-size: 85%; vertical-align: top">(2)</SUP></B>

</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Trusts and the Fund</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name of Independent Trustee</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IMC</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IMT</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IIM</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IIC</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IQI</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IQT</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>OIC</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Complex Paid to
    Trustee<SUP style="font-size: 85%; vertical-align: top">(3)</SUP></B>

</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Frank L.
    Bowman<SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    106
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    470
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    567
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    275
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    653
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    369
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    102
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    215,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Michael Bozic
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    112
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    497
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    599
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    290
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    689
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    390
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    107
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    230,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Kathleen A. Dennis
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    106
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    470
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    567
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    275
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    653
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    369
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    102
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    215,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Manuel H. Johnson
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    126
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    561
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    677
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    328
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    779
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    441
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    122
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    260,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Joseph J.
    Kearns<SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    133
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    594
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    716
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    347
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    824
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    466
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    129
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    286,250
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Michael F. Klein
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    106
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    470
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    567
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    275
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    653
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    369
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    102
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    215,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Michael E. Nugent
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    194
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    864
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,041
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    504
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,199
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    678
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    187
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    400,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    W. Allen
    Reed<SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    106
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    470
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    567
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    275
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    653
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    369
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    102
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    215,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Fergus Reid
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    112
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    497
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    599
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    290
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    689
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    390
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    107
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    241,250
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><U><FONT style="font-size: 8pt">Name of Interested
    Trustee</FONT></U></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    James F. Higgins
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    97
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    432
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    521
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    252
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    600
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    339
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    93
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    200,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=438 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Includes all amounts paid for
    serving as director/trustee of the funds, as well as serving as
    Chairperson of the Boards or a Chairperson of a Committee or
    <FONT style="white-space: nowrap">Sub-Committee.</FONT>
    </FONT></TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(2)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">The amounts shown in this column
    represent the aggregate compensation before deferral with
    respect to each Trust&#146;s fiscal year. The following Trustees
    deferred compensation from IMC, IMT,&#160;IIM,&#160;IIC, IQI,
    IQT and OIC during the fiscal years ended October&#160;31, 2008
    and March&#160;31, 2009, respectively: Mr.&#160;Bowman, $106,
    $470, $567, $275, $653, $369 and $46, respectively;
    Mr.&#160;Kearns, $67, $297, $358, $173, $412, $233 and $29,
    respectively; Mr.&#160;Reed, $106, $470, $567, $275, $653, $369
    and $102, respectively.
    </FONT></TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(3)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">The amounts shown in this column
    represent the aggregate compensation paid by all of the funds in
    the Fund&#160;Complex as of December&#160;31, 2008 before
    deferral by the Trustees under the DC Plan. As of
    December&#160;31, 2008, the value (including interest) of the
    deferral accounts across the Funds Complex for
    Messrs.&#160;Bowman, Kearns, Reed and Reid pursuant to the
    deferred compensation plan was $397,110, $761,543, $332,876 and
    $474,242, respectively. Because the funds in the
    Fund&#160;Complex have different fiscal year ends, the amounts
    shown in this column are presented on a calendar year basis.
    </FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Prior to December&#160;31, 2003, 49 of the Retail Funds (the
    &#147;Adopting Funds&#148;), including the Trust&#146;s, had
    adopted a retirement program under which an Independent Trustee
    who retired after serving for at least five years as an
    Independent Trustee of any such fund (an &#147;Eligible
    Trustee&#148;) would have been entitled to retirement payments,
    based on factors such as length of service, upon reaching the
    eligible retirement age. On December&#160;31, 2003 the amount of
    accrued retirement benefits for each Eligible Trustee was
    frozen, and will be payable, together with a return of 8% per
    annum, at or following each such Eligible Trustee&#146;s
    retirement as shown in the table below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following tables illustrate the retirement benefits accrued
    to the Trusts&#146; Independent Trustees by IMC,
    IMT,&#160;IIM,&#160;IIC, IQI, IQT and OIC for the fiscal years
    ended October&#160;31, 2008 and March&#160;31, 2009,
    respectively, and by the Adopting Funds for the calendar year
    ended December&#160;31, 2008, and the estimated retirement
    benefits for the Independent Trustees from IMC,
    IMT,&#160;IIM,&#160;IIC, IQI and IQT as of the fiscal year ended
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    16
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    October&#160;31, 2008 and OIC as of the fiscal year ended
    March&#160;31, 2009, and from the Adopting Funds for each
    calendar year following retirement. Only the Trustees listed
    below participated in the retirement program.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="37%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=08 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=08 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=08 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=08 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=09 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=09 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=09 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=09 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="30" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Retirement Benefits Accrued as Trust Expenses</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>By<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>By<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>By<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>By<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>By<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>By<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>By<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>By All<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name of Independent Trustee:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IMC</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IMT</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IIM</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IIC</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IQI</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IQT</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>OIC</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Adopting Funds</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Michael Bozic
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    422
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    420
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    419
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    422
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    422
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    420
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    422
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    17,198
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Manuel H. Johnson
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    435
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    434
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    434
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    435
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    435
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    434
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    410
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18,179
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Michael E. Nugent
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    221
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    220
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    220
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    221
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    221
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    220
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,512
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="37%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=08 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=08 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=08 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=08 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=09 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=09 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=09 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=09 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="30" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Estimated Annual Benefits Upon
    Retirement<SUP style="font-size: 85%; vertical-align: top">(1)</SUP></B>

</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>From<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>From<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>From<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>From<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>From<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>From<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>From<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>From All<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name of Independent Trustee:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IMC</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IMT</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IIM</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IIC</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IQI</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IQT</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>OIC</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Adopting Funds</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Michael Bozic
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    997
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    997
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    997
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    997
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    997
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    997
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    997
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    45,874
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Manuel H. Johnson
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,451
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,451
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,451
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,451
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,451
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,451
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,451
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    67,179
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Michael E. Nugent
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,299
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,299
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,299
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,299
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,299
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,299
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,299
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    60,077
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=438 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Total compensation accrued under
    the retirement plan, together with a return of 8% per annum,
    will be paid annually commencing upon retirement and continuing
    for the remainder of the Trustee&#146;s life.
    </FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Assuming a Quorum is present, approval of the Proposal with
    respect to each Trust will require the affirmative vote of a
    majority of each Trust&#146;s shares represented in person or by
    Proxy at the Meeting and entitled to vote at the Meeting.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>The Board of Trustees of each Trust unanimously recommends
    that Shareholders vote FOR the election of each of the Trustees
    nominated for election.</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Security
    Ownership of Certain Beneficial Owners</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To the knowledge of the management of each Trust, the following
    persons owned beneficially more than 5% of the noted
    Trust&#146;s outstanding shares at the Record Date. This
    information is based on publicly available Schedule&#160;13D and
    13G disclosures filed with the SEC.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="28%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="25%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="25%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Name and Address<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Amount and Nature<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Fund</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>of Beneficial Owner</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>of Beneficial
    Ownership<SUP style="font-size: 85%; vertical-align: top">(1)</SUP></B>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Percent of
    Class<SUP style="font-size: 85%; vertical-align: top">(1)</SUP></B>

</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IMC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Bank of America Corporation <BR>
    100 North Tryon Street Floor 25, Bank of America Corporate
    Center Charlotte, NC 28255
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    172 Preferred Shares with shared voting power and shared
    dispositive power
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    37.0%
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Merrill Lynch, Pierce Fenner &#038; Smith, Inc. <BR>
    4 World Financial Center 250 Vesey Street <BR>
    New York, NY 10080
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    167 Preferred Shares with shared voting power and shared
    dispositive power
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    35.9%
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=438 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">This information is based on a
    publicly available Schedule&#160;13G filed with the SEC on
    July&#160;10, 2009.
    </FONT></TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    17
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">The
    Investment Adviser</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Morgan Stanley Investment Advisors serves as each Trust&#146;s
    investment adviser pursuant to an investment advisory agreement.
    Morgan Stanley Investment Advisors maintains its offices at
    522&#160;Fifth Avenue, New York, New York 10036. Morgan Stanley
    Investment Advisors is a wholly-owned subsidiary of Morgan
    Stanley, a Delaware corporation. Morgan Stanley is a preeminent
    global financial services firm engaged in securities trading and
    brokerage activities, as well as providing investment banking,
    research and analysis, financing and financial advisory services.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Morgan Stanley Services, a wholly owned subsidiary of the
    Investment Adviser, serves as the Administrator of each Trust
    pursuant to an administration agreement. The Investment Adviser
    and the Administrator serve in various investment management,
    advisory, management and administrative capacities to investment
    companies and pension plans and other institutional and
    individual investors. The address of the Administrator is the
    same as that of the Investment Adviser set forth above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Morgan Stanley has its offices at 1585 Broadway, New York, New
    York 10036. There are various lawsuits pending against Morgan
    Stanley involving material amounts which, in the opinion of its
    management, will be resolved with no material effect on the
    consolidated financial position of the company.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Audit
    Committee Report</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    At a meeting held on September&#160;25, 2008 (IMC,
    IMT,&#160;IIM,&#160;IIC, IQI and IQT) and June&#160;19, 2009
    (OIC), the Board of Trustees of each Trust, including a majority
    of the Trustees who are not &#147;interested persons&#148; of
    the Trusts, as defined under the 1940 Act, acting on the
    recommendation of the Audit Committee of each Trust, selected
    Deloitte&#160;&#038; Touche LLP to act as the independent
    registered public accounting firm for each Trust for the fiscal
    year ending October&#160;31, 2009 (IMC, IMT,&#160;IIM,&#160;IIC,
    IQI and IQT) and March&#160;31, 2010 (OIC).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Audit Committee of each Trust has reviewed and discussed the
    financial statements of each Trust with management as well as
    with Deloitte&#160;&#038; Touche LLP, the independent registered
    public accounting firm for each Trust. In the course of its
    discussions, the Audit Committee also discussed with
    Deloitte&#160;&#038; Touche LLP any relevant matters required to
    be discussed under Statement on Auditing Standards No.&#160;61.
    Based on this review, the Audit Committee recommended to the
    Board of Trustees of each Trust that each Trust&#146;s audited
    financial statements be included in each Trust&#146;s Annual
    Report to Shareholders for the most recent fiscal year for
    filing with the SEC. The Audit Committee has received the
    written disclosures and the letter from Deloitte&#160;&#038;
    Touche LLP required under Public Company Accounting Oversight
    Board&#146;s Ethics&#160;&#038; Independence Rule&#160;3526 and
    has discussed with the independent registered public accounting
    firm its independence with respect to each Trust. Each Trust
    knows of no direct financial or material indirect financial
    interest of Deloitte&#160;&#038; Touche LLP in the Trust.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Audit Committee<BR>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Joseph J. Kearns (Chairperson)<BR>
    Michael E. Nugent<BR>
    W. Allen Reed
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Representatives from Deloitte&#160;&#038; Touche LLP are not
    expected to be present at the Meetings but are expected to be
    available by telephone. Deloitte&#160;&#038; Touche LLP will
    have the opportunity to make a statement if they desire to do so
    and the representatives from Deloitte&#160;&#038; Touche LLP
    will respond to appropriate questions from Shareholders.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    18
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">FEES
    BILLED BY THE INDEPENDENT REGISTERED PUBLIC ACCOUNTING
    FIRM</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Audit
    Fees</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The aggregate fees for professional services billed by
    Deloitte&#160;&#038; Touche LLP in connection with the annual
    audit and review of financial statements for each Trust for the
    fiscal years ended October&#160;31, 2007 and October&#160;31,
    2008 (for IMC, IMT,&#160;IIM,&#160;IIC, IQI and IQT) and
    March&#160;31, 2008 and March&#160;31, 2009 (for OIC) are set
    forth below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="71%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IMC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    31,250
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    38,775
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    N/A
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IMT
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    38,775
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    N/A
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IIM
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    38,775
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    N/A
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IIC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31,250
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    38,775
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    N/A
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IQI
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    29,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    36,275
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    N/A
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IQT
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    28,750
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    36,275
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    N/A
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    OIC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    N/A&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31,950
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $39,250
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Audit-Related
    Fees</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The aggregate audit-related fees billed by Deloitte&#160;&#038;
    Touche LLP related to the annual audit of each Trust&#146;s
    financial statements for their respective fiscal years ended
    October&#160;31, 2007 and 2008 (for IMC,
    IMT,&#160;IIM,&#160;IIC, IQI and IQT) and March&#160;31, 2008
    and March&#160;31, 2009 (for OIC), for the translation of
    financial statements for data verification and
    <FONT style="white-space: nowrap">agreed-upon</FONT>
    procedures related to asset securitizations and
    <FONT style="white-space: nowrap">agreed-upon</FONT>
    procedures engagements are set forth below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="77%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IMC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5,750
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    6,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    N/A
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IMT
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,750
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    N/A
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IIM
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,750
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    N/A
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IIC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,750
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    N/A
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IQI
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,750
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    N/A
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IQT
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,750
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    N/A
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    OIC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    N/A&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $0
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    19
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Tax
    Fees</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The aggregate fees billed by Deloitte&#160;&#038; Touche LLP in
    connection with tax compliance, tax advice and tax planning for
    each Trust for their respective fiscal years ended
    October&#160;31, 2007 and 2008 (for IMC,
    IMT,&#160;IIM,&#160;IIC, IQI and IQT) and March&#160;31, 2008
    and March&#160;31, 2009 (for OIC), which represent fees paid for
    the review of the Federal, state and local tax returns for each
    Trust, are set forth below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="74%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IMC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5,047
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5,501
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    N/A
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IMT
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,047
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,501
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    N/A
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IIM
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,047
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,501
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    N/A
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IIC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,047
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,501
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    N/A
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IQI
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,047
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,501
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    N/A
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IQT
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,047
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,501
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    N/A
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    OIC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    N/A&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,738
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $5,165
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">All Other
    Fees</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    There were no fees billed by Deloitte&#160;&#038; Touche LLP for
    any other products and services not set forth above for each
    Trust for the respective fiscal years ended October&#160;31,
    2007 and 2008 (for IMC, IMT,&#160;IIM,&#160;IIC, IQI and IQT)
    and March&#160;31, 2008 and March&#160;31, 2009 (for OIC).
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Audit
    Committee Pre-approval</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each Trust&#146;s Audit Committee&#146;s policy is to review and
    pre-approve all auditing and non-auditing services to be
    provided to the Trust by the Trust&#146;s independent registered
    public accounting firm. The Audit Committee Audit and Non-Audit
    Pre-Approval Policy and Procedures requires each Trust&#146;s
    Audit Committee to either generally pre-approve certain services
    without consideration of specific
    <FONT style="white-space: nowrap">case-by-case</FONT>
    services, or requires the specific pre-approval of services by
    the Audit Committee or its delegate. Under the Policy, unless a
    type of service has received general pre-approval, it will
    require specific pre-approval by the Audit Committee if it is to
    be provided by the independent registered public accounting
    firm. Any services that are generally pre-approved may require
    specific pre-approval by the Audit Committee if the services
    exceed pre-approved cost levels or budgeted amounts. All of the
    audit-related and the tax services described above for which
    Deloitte&#160;&#038; Touche LLP billed each of the Trust&#146;s
    fees for the respective fiscal years ended October&#160;31, 2007
    and 2008 (for IMC, IMT,&#160;IIM,&#160;IIC, IQI and IQT) and
    March&#160;31, 2008 and March&#160;31, 2009 (for OIC) were
    pre-approved by each Trust&#146;s Audit Committee.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Aggregate
    Non-Audit Fees paid by the Investment Adviser and Affiliated
    Entities</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The aggregate fees billed for professional services rendered by
    Deloitte&#160;&#038; Touche LLP for all other services provided
    to the Investment Adviser and to any entities controlling,
    controlled by or under common control with the Investment
    Adviser for the fiscal years ended October&#160;31, 2007 and
    2008 (for IMC, IMT,&#160;IIM,&#160;IIC, IQI and IQT fiscal
    year-end) amounted to approximately $5.8&#160;million and
    $7.2&#160;million, respectively, and for the fiscal years ended
    March&#160;31, 2008 and March&#160;31, 2009 (OIC fiscal
    year-end) amounted to approximately $8.1&#160;million and
    $7.3&#160;million, respectively.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    20
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<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Audit Committee of each Trust has considered whether the
    provision of non-audit services and the provision of services to
    affiliates of the Investment Adviser is compatible with
    maintaining the independence of Deloitte&#160;&#038; Touche LLP.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ADDITIONAL
    INFORMATION</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the event that the necessary Quorum to transact business or
    the vote required to approve or reject any proposal for any
    Trust is not obtained at the Meeting of any Trust, the persons
    named as proxies may propose one or more adjournments of the
    Meeting of the applicable Trust to permit further solicitation
    of proxies. Any such adjournment will require the affirmative
    vote of the holders of a majority of the applicable Trust&#146;s
    shares present in person or by Proxy at the Meeting. The persons
    named as proxies will vote in favor of such adjournment those
    proxies which have been received by the date of the Meeting.
    Abstentions and broker &#147;non-votes&#148; will not count in
    favor of or against any such vote for adjournment.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Abstentions and, if applicable, broker &#147;non-votes&#148;
    will not count as votes in favor of any proposal, but will be
    deemed to be present at the Meeting of any Trust for purposes of
    determining a Quorum. Broker &#147;non-votes&#148; are shares
    held in street name for which the broker indicates that
    instructions have not been received from the beneficial owners
    or other persons entitled to vote and for which the broker does
    not have discretionary voting authority.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SHAREHOLDER
    PROPOSALS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A shareholder&#146;s proposal intended to be presented at the
    Trust&#146;s Annual Meeting of Shareholders in 2010 must be
    received by the Trust on or before January&#160;14, 2010 in
    order to be included in the Trust&#146;s Proxy Statement and
    Proxy Card relating to that meeting. Any shareholder who desires
    to bring a proposal at the Trust&#146;s Annual Meeting of
    Shareholders in 2010, without including such proposal in the
    Trust&#146;s Proxy Statement, must deliver written notice
    thereof to the Secretary of the Trust not before March&#160;27,
    2010 and not later than April&#160;26, 2010, in the manner and
    form required by the Trust&#146;s By-Laws. The Trust will
    furnish, without charge, a copy of its By-Laws to any
    shareholder of the Trust requesting the By-Laws. Requests for
    the Trust&#146;s By-Laws should be made in writing to the Trust,
    <FONT style="white-space: nowrap">c/o&#160;Morgan</FONT>
    Stanley Investment Advisors Inc., 522&#160;Fifth Avenue, New
    York, New York 10036.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">REPORTS
    TO SHAREHOLDERS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Each Trust&#146;s most recent Annual Report for that
    Trust&#146;s most recent fiscal year end and the most recent
    Semi-Annual Report succeeding the Annual Report have been
    previously sent to Shareholders and are available without charge
    upon request from Morgan Stanley&#146;s Client Relations
    Department, 2800 Post Oak Blvd.,
    44<SUP style="font-size: 85%; vertical-align: top">th</SUP></B>

    <B>Floor, Houston, Texas 77056,
    <FONT style="white-space: nowrap">(888)&#160;421-4015</FONT>
    (toll-free) or by visiting the Investment Adviser&#146;s website
    at www.morganstanley.com/im.</B>
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    21
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<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">OTHER
    BUSINESS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The management of the Trusts knows of no other matters which may
    be presented at the Meetings. However, if any matters not now
    known properly come before the Meetings, it is the intention of
    the persons named in the enclosed form of Proxy, or their
    substitutes, to vote all shares that they are entitled to vote
    on any such matter, utilizing such Proxy in accordance with
    their best judgment on such matters.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    By Order of the Board of Trustees
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Mary E. Mullin
    </FONT>
</DIV>

<DIV align="center" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Secretary</I>
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    22
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<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">EXHIBIT&#160;A</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CHARTER<BR>
    OF THE<BR>
    AUDIT COMMITTEE<BR>
    OF THE<BR>
    MORGAN STANLEY RETAIL AND INSTITUTIONAL FUNDS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ADOPTED
    ON JULY 31, 2003<BR>
    AND<BR>
    AS AMENDED AND RESTATED ON FEBRUARY 20, 2007<BR>
    AND<BR>
    AS FURTHER AMENDED ON FEBRUARY 24, 2009</FONT></B>
</DIV>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Boards of Directors/Trustees (collectively, the
    &#147;Board&#148;) of the investment companies (each a
    &#147;Fund&#148; and collectively, the &#147;Funds&#148;)
    advised or managed by Morgan Stanley Investment Advisors Inc.,
    Morgan Stanley Investment Management Inc. and Morgan Stanley AIP
    GP LP (collectively the &#147;Adviser&#148;) listed on the
    attached Exhibit&#160;A has adopted and approved this charter
    for the audit committee of the Board (the &#147;Audit
    Committee&#148;).<SUP style="font-size: 85%; vertical-align: top">1</SUP>

</DIV>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;&#160;&#160;&#160;</TD>
    <TD align="left">
    <U>Structure And Membership of the Audit Committee</U>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <U>Independent Directors and Trustees</U>
</DIV>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each member of the Audit Committee shall be an independent
    director or trustee. A person shall be considered to be
    independent if he or she: (a)&#160;is independent as defined in
    New York Stock Exchange Listed Company Standard 303.01
    (2)&#160;and (3); (b)&#160;is not an &#147;interested
    person&#148; as defined in Section&#160;2(a)(19) of the
    Investment Company Act of 1940; and (c)&#160;does not accept,
    directly or indirectly, any consulting, advisory or other
    compensatory fee from any of the Funds or their investment
    advisor or any affiliated person of the advisor, other than fees
    from the Funds for serving as a member of the Board or
    Committees of the Board.
</DIV>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Audit Committee shall consist of not less than two members
    of the Board.
</DIV>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Audit Committee shall have a Chairperson. The Chairperson or
    <FONT style="white-space: nowrap">his/her</FONT>
    designee shall set the agenda for, and preside at, each meeting
    of the Audit Committee and shall engage in such other activities
    on behalf of the Audit Committee as shall be determined from
    time to time by the Audit Committee.
</DIV>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Chairperson and members of the Audit Committee shall be
    appointed by the Governance Committee of the Funds in
    consultation with the Board.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV><DIV style="font-size: 1pt; margin-left: 0%; width: 13%; align: left; border-bottom: 1pt solid #000000"></DIV><DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <SUP style="font-size: 85%; vertical-align: top">1</SUP>&#160;&#160;&#160;&#160;&#160;<FONT style="font-size: 8pt">Solely

    for the sake of clarity and simplicity, this Charter has been
    drafted as if there is a single Committee and a single Board.
    The terms &#147;Committee,&#148; &#147;Directors/Trustees&#148;
    and &#147;Board&#148; mean the Committee, Directors/Trustees and
    the Board of each Fund, respectively, unless the context
    otherwise requires. The Committee, Directors/Trustees and the
    Board of each Fund, however, shall act separately and in the
    best interests of its respective Fund.
    </FONT>
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-1
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 8%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <U>Financially Literate</U>
</DIV>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each member of the Audit Committee shall be &#147;financially
    literate,&#148; as such term is interpreted by the Board in its
    business judgment.
</DIV>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 8%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <U>Audit Committee Financial Expert</U>
</DIV>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Audit Committee shall determine whether at least one member
    of the Audit Committee is an &#147;audit committee financial
    expert,&#148; as that term is defined in the General
    Instructions of
    <FONT style="white-space: nowrap">Form&#160;N-SAR,</FONT>
    <FONT style="white-space: nowrap">sub-item&#160;102P3(b)(6).</FONT>
</DIV>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;&#160;&#160;&#160;</TD>
    <TD align="left">
    <U>Auditor Independence</U>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    An independent public accounting firm may serve as a Fund&#146;s
    auditor (the &#147;Auditor&#148;) only if it complies with all
    of the independence requirements set forth in
    <FONT style="white-space: nowrap">Regulation&#160;S-X</FONT>
    under the Securities Act of 1933 and the Public Company
    Accounting Oversight Board&#146;s (&#147;PCAOB&#148;) Ethics and
    Independence Rule&#160;3526, subject to such exceptions, not
    prohibited by law, as the Audit Committee may allow. The Auditor
    shall: (i)&#160;at least annually, submit to the Audit Committee
    a certification of its independence, delineating all
    relationships between the Auditor and the Fund, consistent with
    <FONT style="white-space: nowrap">Rule&#160;2-01</FONT>
    of
    <FONT style="white-space: nowrap">Regulation&#160;S-X</FONT>
    under the Securities Act of 1933 and the PCAOB&#146;s Ethics and
    Independence Rule&#160;3526, and (ii)&#160;actively engage in a
    dialogue with the Audit Committee with respect to any disclosed
    relationships or services that may affect the objectivity and
    independence of such independent accountants, including
    relationships with or services provided to the Fund&#146;s other
    service providers.
</DIV>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;&#160;&#160;&#160;</TD>
    <TD align="left">
    <U>Registration with PCAOB</U>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Auditor must be registered with the PCAOB.
</DIV>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;&#160;&#160;&#160;</TD>
    <TD align="left">
    <U>Regulatory Action</U>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Promptly upon initiation against it of any inquiry or
    investigation by a governmental authority the Auditor shall
    provide information to the Audit Committee regarding any
    material issues raised in such inquiry or investigation and any
    steps taken to deal with them.
</DIV>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;&#160;&#160;&#160;</TD>
    <TD align="left">
    <U>Duties and Powers of Audit Committee</U>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 8%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <U>The Audit Committee shall have the duty and power to:</U>
</DIV>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="15%"></TD>
    <TD width="7%"></TD>
    <TD width="78%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    make recommendations to the Board regarding selection of the
    Auditor;
</TD>
</TR>


<TR style="line-height: 10pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    oversee and evaluate the work of the Auditor;
</TD>
</TR>


<TR style="line-height: 10pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    require the Auditor to report directly to the Audit Committee;
</TD>
</TR>


<TR style="line-height: 10pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    determine the compensation of the Auditor for audit and
    non-audit services provided to the Funds and decide whether to
    continue to retain the services of the Auditor or to terminate
    them;
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-2
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="15%"></TD>
    <TD width="7%"></TD>
    <TD width="78%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    pre-approve all audit, non-audit and attest services provided to
    the Funds and any non-audit services provided to the investment
    adviser of the Funds or to any other entity in the
    Fund&#160;Complex as required by the Sarbanes-Oxley Act of 2002
    (the &#147;SOX Act&#148;) and rules promulgated by the
    Securities and Exchange Commission (the &#147;SEC&#148;) under
    the SOX Act, or establish policies and procedures pursuant to
    which any of such services is pre-approved (which are attached
    hereto as Appendix&#160;B); provided that such policies and
    procedures are detailed as to the particular service and do not
    delegate any of the Audit Committee&#146;s responsibilities to
    management but may delegate pre-approval authority to one or
    more of its members (except with respect to the annual audit of
    each Fund required by the Securities Exchange Act of 1934); and
    provided further, that pre-approval of services may be waived
    pursuant to a de minimis exception allowed by SEC rules, as
    construed by the Board&#146;s independent counsel;
</TD>
</TR>


<TR style="line-height: 10pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    consider whether any services rendered by the Auditor to the
    investment adviser and other entities in the Fund&#160;Complex,
    which were not pre-approved, are compatible with maintaining the
    Auditor&#146;s independence;
</TD>
</TR>


<TR style="line-height: 10pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    review the written certification regarding the independence
    requirements applicable to the Auditor as set forth in
    section&#160;2 above to satisfy itself that the Auditor is
    independent under the standards set forth therein;
</TD>
</TR>


<TR style="line-height: 10pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    require the Auditor to report quarterly to the Audit Committee:
    (a)&#160;all critical accounting policies and practices;
    (b)&#160;any changes in accounting or auditing procedures,
    principles, practices, standards or financial reporting;
    (c)&#160;any alternative treatments of financial information
    within generally accepted accounting principles that the Auditor
    has discussed with management, the ramifications of the use of
    any such alternative treatment or disclosure, and the treatment
    preferred by the Auditor; (d)&#160;any material issues raised by
    the most recent internal quality-control review, PCAOB or peer
    review, of the Auditor, or by inquiry or investigation by
    governmental or professional authorities, within the preceding
    five years, respecting one or more independent audits carried
    out by the Auditor, and any steps taken to deal with any such
    issue; (e)&#160;any other written communications between the
    Auditor and management, including any management letter or
    schedule of unadjusted differences; and (f)&#160;all non-audit
    services provided to a non-Fund entity in the Fund&#160;Complex
    which were not pre-approved and associated fees; provided that,
    if the report is not made within 90&#160;days of the filing of a
    Fund&#146;s financial statements with the SEC, the Auditor shall
    provide an update of any changes;
</TD>
</TR>


<TR style="line-height: 10pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    review and discuss with the Auditor: (a)&#160;matters required
    to be communicated by the Auditor to the Audit Committee
    pursuant to the Statement of Auditing Standards Nos. 61 and 90
    and any other standards established by the PCAOB; including,
    without limitation, any adjustment to a Fund&#146;s financial
    statements recommended by the Auditor, or any other results of
    any audit; (b)&#160;any problems or difficulties encountered in
    the course of the audit; and (c)&#160;any areas of substantial
    risk in accurate reporting of financial results and operations
    of the Funds;
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-3
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="15%"></TD>
    <TD width="7%"></TD>
    <TD width="78%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    review arrangements for annual and special audits and the scope
    of such audits with the Fund&#146;s independent accountants;
</TD>
</TR>


<TR style="line-height: 10pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    review and discuss the Fund&#146;s audited financial statements
    with Fund management;
</TD>
</TR>


<TR style="line-height: 10pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    review final drafts of closed-end Fund annual financial
    statements, discuss with management and the Auditor and decide
    whether to recommend that the statements, with or without any
    revisions, be included in the Fund&#146;s annual report;
</TD>
</TR>


<TR style="line-height: 10pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    to cause to be prepared and to review and submit any report,
    including any recommendation of the Audit Committee, required by
    SEC rules to be included in the Fund&#146;s proxy statement;
</TD>
</TR>


<TR style="line-height: 10pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    review legal and regulatory matters presented by counsel and the
    Fund&#146;s Auditor that may have a material impact on the
    Fund&#146;s financial statements;
</TD>
</TR>


<TR style="line-height: 10pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    consider with the Auditor their comments with respect to the
    quality and adequacy of the Fund&#146;s accounting and financial
    reporting policies, practices and internal controls and
    management&#146;s responses thereto, including, without
    limitation, the effect on the Fund of any recommendation of
    changes in accounting principles or practices by management or
    the Auditor;
</TD>
</TR>


<TR style="line-height: 10pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    receive reports from the principal executive officer and the
    principal financial officer, or persons performing similar
    functions, regarding: (i)&#160;all significant deficiencies in
    the design or operation of a Fund&#146;s internal controls that
    could adversely affect the Fund&#146;s ability to record,
    process, summarize, and report financial data and have
    identified for the Auditor any material weaknesses in internal
    controls; (ii)&#160;any fraud, whether or not material, that
    involves Fund management or other employees who have a
    significant role in the Fund&#146;s internal controls; and
    (iii)&#160;whether or not there were significant changes in the
    Fund&#146;s internal controls or in other factors that could
    significantly affect the Fund&#146;s internal controls
    subsequent to the date of their evaluation, including any
    corrective actions with regard to significant deficiencies and
    material weaknesses;
</TD>
</TR>


<TR style="line-height: 10pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    establish procedures for the confidential, anonymous submission
    by employees and officers of the Funds or their affiliates of
    concerns or complaints regarding any accounting, internal audit
    controls or audit matter and the retention of records related to
    the retention and treatment of such concerns in accordance with
    the requirements of the SOX Act;
</TD>
</TR>


<TR style="line-height: 10pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    be informed of any (a)&#160;disagreements and
    (b)&#160;resolutions to such disagreements between management of
    a Fund and the Fund&#146;s Auditor regarding financial reporting;
</TD>
</TR>


<TR style="line-height: 10pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    require inside and outside counsel to report to the Audit
    Committee evidence of any material violation of securities law
    or breach of fiduciary duty or similar violation by a Fund or
    any agent of a Fund;&#160;and
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-4
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="15%"></TD>
    <TD width="7%"></TD>
    <TD width="78%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    perform such other functions consistent with this Audit
    Committee Charter, the Fund&#146;s Articles of Incorporation,
    the Fund&#146;s Declaration of Trust, the Fund&#146;s By-laws,
    or the Fund&#146;s partnership agreement, as applicable, and
    applicable law, as the Audit Committee or the Board deems
    necessary or appropriate.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 8%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <U>Valuation</U>
</DIV>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="15%"></TD>
    <TD width="7%"></TD>
    <TD width="78%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    develop a sufficient knowledge of the valuation process and of
    the Adviser&#146;s Valuation and Liquidity Procedures (the
    &#147;Pricing Procedures&#148;) in order to carry out its
    responsibilities;
</TD>
</TR>


<TR style="line-height: 10pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    review information provided by the Adviser or other advisers
    regarding industry developments in connection with valuation and
    pricing. The Committee may make recommendations to the Board of
    the Funds with respect to the Pricing Procedures based upon such
    review;
</TD>
</TR>


<TR style="line-height: 10pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    review minutes of all monthly Adviser Valuation Committee and
    all Adviser Ad Hoc Valuation Committee meetings;
</TD>
</TR>


<TR style="line-height: 10pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    review the reports described in the Pricing Procedures and other
    information from the Adviser Valuation Committee and Adviser Ad
    Hoc Valuation Committee regarding fair value determinations made
    pursuant to the Pricing Procedures. The Committee shall report
    to and make recommendations to the Board of the Funds in
    connection with such reports;
</TD>
</TR>


<TR style="line-height: 10pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    review and recommend to the Board any proposed amendments to the
    Pricing Procedures;
</TD>
</TR>


<TR style="line-height: 10pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    meet at least annually to review the pricing procedures and
    methodologies utilized in the valuation of portfolio securities
    of the Funds;&#160;and
</TD>
</TR>


<TR style="line-height: 10pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    review, as the Committee is informed by the Adviser,
    (a)&#160;any material changes in the pricing services
    <FONT style="white-space: nowrap">and/or</FONT>
    methodology utilized by a pricing service retained by the Funds
    <FONT style="white-space: nowrap">and/or</FONT>
    (b)&#160;any issue or significant problems that may have arisen.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 8%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <U>Authority to Engage Independent Counsel and Advisers</U>
</DIV>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Audit Committee is authorized to: (a)&#160;engage
    independent counsel, which may also be counsel to the
    Funds&#146; independent Directors/Trustees, and other advisers,
    as it determines to be necessary to carry out its duties; and
    (b)&#160;require the Funds to provide appropriate funding, as
    determined by the Audit Committee, for payment of compensation
    to the Auditor, the independent counsel and other advisers.
</DIV>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 8%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <U>Scope of Audit Committee Responsibility</U>
</DIV>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In fulfilling their responsibilities under this Audit Committee
    Charter, it is recognized that members of the Audit Committee
    are not full-time employees of the Fund. As such, it is not the
    duty or responsibility of the Audit Committee or its members to
    conduct &#147;field work&#148; or other types of auditing or
    accounting reviews or
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-5
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    procedures. Each member of the Audit Committee shall be entitled
    to rely on (i)&#160;the integrity of those persons and
    organizations inside and outside the Fund from which the Audit
    Committee receives information and (ii)&#160;the accuracy of the
    financial, valuation and other information provided to the Audit
    Committee by such persons or organizations, absent actual
    knowledge to the contrary (which actual knowledge shall be
    promptly reported to the Board).
</DIV>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Fund management is responsible for maintaining appropriate
    systems for accounting. The Auditor is responsible for
    conducting a proper audit of each Fund&#146;s financial
    statements and is ultimately accountable to the Audit Committee.
</DIV>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;&#160;&#160;&#160;</TD>
    <TD align="left">
    <U>Meetings of the Audit Committee</U>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Audit Committee shall meet independently at each regularly
    scheduled Board meeting and at such other times as deemed
    appropriate by the Audit Committee but no less frequently than
    quarterly, including to approve the scope of the proposed audit
    of a Fund&#146;s financial statements by the Auditors and to
    review the report of the Auditors following such audit. Members
    of the Audit Committee may participate in a meeting of the Audit
    Committee by means of conference call or similar communications
    equipment by means of which all persons participating in such
    meeting can hear each other.
</DIV>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;&#160;&#160;&#160;</TD>
    <TD align="left">
    <U>Interim Actions by the Audit Committee</U>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    From time to time, the Audit Committee may delegate to the
    Chairperson or other designated Audit Committee member the
    responsibility to act, on an interim basis between meetings of
    the Audit Committee or Board, on audit and valuation related
    matters, including specifically, approval of annual financial
    statements, provided that the Audit Committee or Board is not
    required by this Charter or law to take such actions or is not
    prevented by this Charter or law from delegating such actions.
    Interim actions may be taken by written consent of the Audit
    Committee. All other interim actions by the Chairperson or
    <FONT style="white-space: nowrap">his/her</FONT>
    designee will be submitted for ratification at the next meeting
    of the Audit Committee.
</DIV>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;&#160;&#160;&#160;</TD>
    <TD align="left">
    <U>Minutes of Meetings; Reporting the Board</U>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Audit Committee shall cause to be made and kept minutes of
    its meetings. The Audit Committee shall report to the Board its
    activities, findings and recommendations.
</DIV>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    &#149;&#160;&#160;&#160;&#160;</TD>
    <TD align="left">
    <U>Review of Charter</U>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Audit Committee shall review this Audit Committee Charter at
    least annually, and shall recommend any changes to the Board.
    This Audit Committee Charter may be amended only by the Board,
    with the approval of a majority of the independent
    Directors/Trustees.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">[Exhibit&#160;A
    to the Audit Committee Charter has been intentionally omitted]
    </FONT>
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-6
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">APPENDIX&#160;A</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">AUDIT
    COMMITTEE<BR>
    AUDIT AND NON-AUDIT SERVICES<BR>
    PRE-APPROVAL POLICY AND PROCEDURES<BR>
    OF THE<BR>
    MORGAN STANLEY RETAIL AND INSTITUTIONAL FUNDS<BR>
    <BR>
    AS ADOPTED AND AMENDED JULY 23,
    2004<SUP style="font-size: 85%; vertical-align: top">2</SUP></FONT></B>

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Statement
    of Principles</FONT></B>
</DIV>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Audit Committee of the Board is required to review and, in
    its sole discretion, pre-approve all Covered Services to be
    provided by the Independent Auditors to the Fund and Covered
    Entities in order to assure that services performed by the
    Independent Auditors do not impair the auditor&#146;s
    independence from the Fund.
</DIV>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The SEC has issued rules specifying the types of services that
    an independent auditor may not provide to its audit client, as
    well as the audit committee&#146;s administration of the
    engagement of the independent auditor. The SEC&#146;s rules
    establish two different approaches to pre-approving services,
    which the SEC considers to be equally valid. Proposed services
    either: may be pre-approved without consideration of specific
    <FONT style="white-space: nowrap">case-by-case</FONT>
    services by the Audit Committee (&#147;general
    pre-approval&#148;); or require the specific pre-approval of the
    Audit Committee or its delegate (&#147;specific
    pre-approval&#148;). The Audit Committee believes that the
    combination of these two approaches in this Policy will result
    in an effective and efficient procedure to pre-approve services
    performed by the Independent Auditors. As set forth in this
    Policy, unless a type of service has received general
    pre-approval, it will require specific pre-approval by the Audit
    Committee (or by any member of the Audit Committee to which
    pre-approval authority has been delegated) if it is to be
    provided by the Independent Auditors. Any proposed services
    exceeding pre-approved cost levels or budgeted amounts will also
    require specific pre-approval by the Audit Committee.
</DIV>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The appendices to this Policy describe the Audit, Audit-related,
    Tax and All Other services that have the general pre-approval of
    the Audit Committee. The term of any general pre-approval is
    12&#160;months from the date of pre-approval, unless the Audit
    Committee considers and provides a different period and states
    otherwise. The Audit Committee will annually review and
    pre-approve the services that may be provided by the Independent
    Auditors without obtaining specific pre-approval from the Audit
    Committee. The Audit Committee will add to or subtract from the
    list of general pre-approved services from time to time, based
    on subsequent determinations.
</DIV>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The purpose of this Policy is to set forth the policy and
    procedures by which the Audit Committee intends to fulfill its
    responsibilities. It does not delegate the Audit
    Committee&#146;s responsibilities to pre-approve services
    performed by the Independent Auditors to management.
</DIV>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund&#146;s Independent Auditors have reviewed this Policy
    and believes that implementation of the Policy will not
    adversely affect the Independent Auditors&#146; independence.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV><DIV style="font-size: 1pt; margin-left: 0%; width: 13%; align: left; border-bottom: 1pt solid #000000"></DIV><DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <SUP style="font-size: 85%; vertical-align: top">2</SUP>&#160;&#160;&#160;&#160;&#160;<FONT style="font-size: 8pt">This

    Audit Committee Audit and Non-Audit Services Pre-Approval Policy
    and Procedures (the &#147;Policy&#148;), adopted as of the date
    above, supersedes and replaces all prior versions that may have
    been adopted from time to time.
    </FONT>
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    Appendix A-1
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Delegation</FONT></B>
</DIV>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As provided in the Act and the SEC&#146;s rules, the Audit
    Committee may delegate either type of pre-approval authority to
    one or more of its members. The member to whom such authority is
    delegated must report, for informational purposes only, any
    pre-approval decisions to the Audit Committee at its next
    scheduled meeting.
</DIV>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Audit
    Services</FONT></B>
</DIV>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The annual Audit services engagement terms and fees are subject
    to the specific pre-approval of the Audit Committee. Audit
    services include the annual financial statement audit and other
    procedures required to be performed by the Independent Auditors
    to be able to form an opinion on the Fund&#146;s financial
    statements. These other procedures include information systems
    and procedural reviews and testing performed in order to
    understand and place reliance on the systems of internal
    control, and consultations relating to the audit. The Audit
    Committee will approve, if necessary, any changes in terms,
    conditions and fees resulting from changes in audit scope, Fund
    structure or other items.
</DIV>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition to the annual Audit services engagement approved by
    the Audit Committee, the Audit Committee may grant general
    pre-approval to other Audit services, which are those services
    that only the Independent Auditors reasonably can provide. Other
    Audit services may include statutory audits and services
    associated with SEC registration statements (on
    <FONT style="white-space: nowrap">Forms&#160;N-1A,</FONT>
    N-2, N-3, N-4, etc.), periodic reports and other documents filed
    with the SEC or other documents issued in connection with
    securities offerings.
</DIV>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Audit Committee has pre-approved the Audit services in
    Appendix&#160;B.1. All other Audit services not listed in
    Appendix&#160;B.1 must be specifically pre-approved by the Audit
    Committee (or by any member of the Audit Committee to which
    pre-approval has been delegated).
</DIV>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Audit-related
    Services</FONT></B>
</DIV>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Audit-related services are assurance and related services that
    are reasonably related to the performance of the audit or review
    of the Fund&#146;s financial statements and, to the extent they
    are Covered Services, the Covered Entities or that are
    traditionally performed by the Independent Auditors. Because the
    Audit Committee believes that the provision of Audit-related
    services does not impair the independence of the auditor and is
    consistent with the SEC&#146;s rules on auditor independence,
    the Audit Committee may grant general pre-approval to
    Audit-related services. Audit-related services include, among
    others, accounting consultations related to accounting,
    financial reporting or disclosure matters not classified as
    &#147;Audit services&#148;; assistance with understanding and
    implementing new accounting and financial reporting guidance
    from rulemaking authorities;
    <FONT style="white-space: nowrap">agreed-upon</FONT>
    or expanded audit procedures related to accounting
    <FONT style="white-space: nowrap">and/or</FONT>
    billing records required to respond to or comply with financial,
    accounting or regulatory reporting matters; and assistance with
    internal control reporting requirements under
    <FONT style="white-space: nowrap">Forms&#160;N-SAR</FONT>
    <FONT style="white-space: nowrap">and/or</FONT> N-CSR.
</DIV>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Audit Committee has pre-approved the Audit-related services
    in Appendix&#160;B.2. All other Audit-related services not
    listed in Appendix&#160;B.2 must be specifically pre-approved by
    the Audit Committee (or by any member of the Audit Committee to
    which pre-approval has been delegated).
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    Appendix A-2
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Tax
    Services</FONT></B>
</DIV>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Audit Committee believes that the Independent Auditors can
    provide Tax services to the Fund and, to the extent they are
    Covered Services, the Covered Entities, such as tax compliance,
    tax planning and tax advice without impairing the auditor&#146;s
    independence, and the SEC has stated that the Independent
    Auditors may provide such services.
</DIV>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the preceding paragraph, the Audit Committee has
    pre-approved the Tax Services in Appendix&#160;B.3. All Tax
    services in Appendix&#160;B.3 must be specifically pre-approved
    by the Audit Committee (or by any member of the Audit Committee
    to which pre-approval has been delegated).
</DIV>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">All Other
    Services</FONT></B>
</DIV>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Audit Committee believes, based on the SEC&#146;s rules
    prohibiting the Independent Auditors from providing specific
    non-audit services, that other types of non-audit services are
    permitted. Accordingly, the Audit Committee believes it may
    grant general pre-approval to those permissible non-audit
    services classified as All Other services that it believes are
    routine and recurring services, would not impair the
    independence of the auditor and are consistent with the
    SEC&#146;s rules on auditor independence.
</DIV>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Audit Committee has pre-approved the All Other services in
    Appendix&#160;B.4. Permissible All Other services not listed in
    Appendix&#160;B.4 must be specifically pre-approved by the Audit
    Committee (or by any member of the Audit Committee to which
    pre-approval has been delegated).
</DIV>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Pre-Approval
    Fee Levels or Budgeted Amounts</FONT></B>
</DIV>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pre-approval fee levels or budgeted amounts for all services to
    be provided by the Independent Auditors will be established
    annually by the Audit Committee. Any proposed services exceeding
    these levels or amounts will require specific pre-approval by
    the Audit Committee. The Audit Committee is mindful of the
    overall relationship of fees for audit and non-audit services in
    determining whether to pre-approve any such services.
</DIV>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Procedures</FONT></B>
</DIV>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All requests or applications for services to be provided by the
    Independent Auditors that do not require specific approval by
    the Audit Committee will be submitted to the Fund&#146;s Chief
    Financial Officer and must include a detailed description of the
    services to be rendered. The Fund&#146;s Chief Financial Officer
    will determine whether such services are included within the
    list of services that have received the general pre-approval of
    the Audit Committee. The Audit Committee will be informed on a
    timely basis of any such services rendered by the Independent
    Auditors. Requests or applications to provide services that
    require specific approval by the Audit Committee will be
    submitted to the Audit Committee by both the Independent
    Auditors and the Fund&#146;s Chief Financial Officer, and must
    include a joint statement as to whether, in their view, the
    request or application is consistent with the SEC&#146;s rules
    on auditor independence.
</DIV>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Audit Committee has designated the Fund&#146;s Chief
    Financial Officer to monitor the performance of all services
    provided by the Independent Auditors and to determine whether
    such services are in compliance with this Policy. The
    Fund&#146;s Chief Financial Officer will report to the Audit
    Committee on a periodic basis on the results of its monitoring.
    Both the Fund&#146;s Chief Financial Officer and management will
    immediately report to
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    Appendix A-3
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 86%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    the chairman of the Audit Committee any breach of this Policy
    that comes to the attention of the Fund&#146;s Chief Financial
    Officer or any member of management.
</DIV>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Additional
    Requirements</FONT></B>
</DIV>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Audit Committee has determined to take additional measures
    on an annual basis to meet its responsibility to oversee the
    work of the Independent Auditors and to assure the
    auditor&#146;s independence from the Fund, such as reviewing a
    formal written statement from the Independent Auditors
    delineating all relationships between the Independent Auditors
    and the Fund, consistent with the PCAOB&#146;s Ethics and
    Independence Rule&#160;3526, and discussing with the Independent
    Auditors its methods and procedures for ensuring independence.
</DIV>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Covered
    Entities</FONT></B>
</DIV>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Covered Entities include the Fund&#146;s investment adviser(s)
    and any entity controlling, controlled by or under common
    control with the Fund&#146;s investment adviser(s) that provides
    ongoing services to the Fund(s). Beginning with non-audit
    service contracts entered into on or after May&#160;6, 2003, the
    Fund&#146;s audit committee must pre-approve non-audit services
    provided not only to the Fund but also to the Covered Entities
    if the engagements relate directly to the operations and
    financial reporting of the Fund. This list of Covered Entities
    would include:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <U>Morgan Stanley Retail Funds<BR>
    </U>Morgan Stanley Investment Advisors Inc.<BR>
    Morgan Stanley&#160;&#038; Co. Incorporated<BR>
    Morgan Stanley DW Inc.<BR>
    Morgan Stanley Investment Management Inc.<BR>
    Morgan Stanley Investment Management Limited<BR>
    Morgan Stanley Investment Management Private Limited<BR>
    Morgan Stanley Asset&#160;&#038; Investment
    Trust&#160;Management Co., Limited<BR>
    Morgan Stanley Investment Management Company<BR>
    Morgan Stanley Services Company, Inc.<BR>
    Morgan Stanley Distributors Inc.<BR>
    Morgan Stanley Trust&#160;FSB<BR>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <U>Morgan Stanley Institutional Funds<BR>
    </U>Morgan Stanley Investment Management Inc.<BR>
    Morgan Stanley Investment Advisors Inc.<BR>
    Morgan Stanley Investment Management Limited<BR>
    Morgan Stanley Investment Management Private Limited<BR>
    Morgan Stanley Asset&#160;&#038; Investment
    Trust&#160;Management Co., Limited<BR>
    Morgan Stanley Investment Management Company<BR>
    Morgan Stanley&#160;&#038; Co. Incorporated<BR>
    Morgan Stanley Distribution, Inc.<BR>
    Morgan Stanley AIP GP LP<BR>
    Morgan Stanley Alternative Investment Partners LP<BR>
    Morgan Stanley Services Co.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    Appendix A-4
</DIV><!-- END PAGE WIDTH -->
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<DIV style="font-family: 'Times New Roman',Times,serif">


<P><DIV style="position: relative; float: left; width: 45%">
</DIV>
<DIV style="position: relative; float: left; margin-left: 2%; width: 45%">

<DIV align="center" style="font-size: 8pt; margin-top: 10pt"><B>ANNUAL MEETING OF SHAREHOLDERS<BR>
TO BE HELD ON 10/23/2009</B>
</DIV>


<DIV align="center" style="font-size: 8pt; margin-top: 20pt; margin-bottom: 2pt"><B>Your vote is important. Thank you for voting.</B>
</DIV>

<DIV style="width: 100%; border: 2px solid black; padding: 2px; padding-right: 2pt; padding-left: 4pt">



<DIV align="left" style="font-size: 8pt; margin-top: 0pt"><B>To vote by Internet</B>
</DIV>


<DIV style="margin-top: 2pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="11%" nowrap align="left">1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Read the Proxy Statement and have the voting
instruction form below at hand.</TD>
</TR>

<TR>
    <TD style="font-size: 1pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="8%" nowrap align="left">2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Go to website www.proxyvote.com.</TD>
</TR>

<TR>
    <TD style="font-size: 1pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="8%" nowrap align="left">3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Follow the instructions provided on the website.</TD>
</TR>

<TR valign="bottom">
<td colspan="3">
<DIV align="left" style="font-size: 8pt; margin-top: 2pt"><B>To vote by Telephone</B>
</DIV>
</tD></tr>


<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="8%" nowrap align="left">1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Read the Proxy Statement and have the voting
instruction form below at hand.</TD>
</TR>

<TR>
    <TD style="font-size: 1pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="8%" nowrap align="left">2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Call 1-800-454-8683.</TD>
</TR>

<TR>
    <TD style="font-size: 1pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="8%" nowrap align="left">3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Follow the instructions.</TD>
</TR>

<TR valign="bottom">
<td colspan="3">

<DIV align="left" style="font-size: 8pt; margin-top: 2pt"><B>To vote by Mail</B>
</DIV>
</td></tr>

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="8%" nowrap align="left">1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Read the Proxy Statement.</TD>
</TR>

<TR>
    <TD style="font-size: 1pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="8%" nowrap align="left">2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Check the appropriate boxes on the voting
instruction form below.</TD>
</TR>

<TR>
    <TD style="font-size: 1pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="8%" nowrap align="left">3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sign and date the voting instruction form.</TD>
</TR>

<TR>
    <TD style="font-size: 1pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="8%" nowrap align="left">4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Return the voting instruction form in the envelope provided.</TD>
</TR>

</TABLE>
</DIV>
</DIV>


<DIV style="position: relative; float: right; width: 6%">
</DIV>
</DIV>
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR style="font-size: 10pt">

    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="97%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR>

    <TD align="left" valign="top">IIC</TD>
    <TD>&#150;&nbsp;</TD>
    <TD align="left" valign="top">Common</TD>
</TR>

<TR>

    <TD align="left" valign="top">IIM</TD>
    <TD>&#150;&nbsp;</TD>
    <TD align="left" valign="top">Common</TD>
</TR>

<TR>

    <TD align="left" valign="top">IMC</TD>
    <TD nowrap>&#150;&nbsp;</TD>
    <TD align="left" valign="top">Common</TD>
</TR>

</TABLE>

</DIV>

<DIV style="position: relative; float: right; width: 6%">
</DIV>
</DIV>

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR style="font-size: 10pt">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 1pt">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top" nowrap>&nbsp;&nbsp;&nbsp;TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">M16878-P84935&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="width: 99%; border: 2px solid black; padding: 11px;">

<div style="margin-left: 1%">
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR style="font-size: 4pt">
    <TD width="1%">&nbsp;</TD>
    <TD width="38%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="52%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000">
<DIV style="margin-left:0px; text-indent:-0px">Important Notice Regarding the Availability of Proxy
Materials for the Shareholder Meeting to be held on
October&nbsp;23, 2009. The following material is
available at www.proxyvote.com.<BR>
Proxy Statement
</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 0px solid #000000; border-top: 0px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="3" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="left" colspan="3" style="border-top: 0px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR style="font-size: 10pt">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD colspan="3" valign="top" align="left"><font style="font-size: 10pt"><B>This
proxy is solicited on behalf of the</B></font></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>For</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Withhold</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>For All</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">To withhold authority to vote for any individual nominee(s), mark</TD>
</TR>
<TR valign="bottom">

<TD colspan="3" valign="top" align="left"><B><font style="font-size: 10pt">Board
of Trustees.</font></B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>All</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>All</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Except</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">&#147;For All Except&#148; and write the number(s) of the nominee(s) on the</TD>
</TR>
<TR valign="bottom" style="line-height: 10pt"><!-- Blank Space -->
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">line below.</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><font style="font-size: 10pt">1.</font>
</DIV></TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top"><font style="font-size: 10pt">Election
of two Trustees:</font>
</TD>
    <TD>&nbsp;</TD>

<TD align="center" valign="top">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;
</TD>
    <TD>&nbsp;</TD>

<TD align="center" valign="top">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;
</TD>
    <TD>&nbsp;</TD>

<TD align="center" valign="top">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><font style="font-size: 10pt">Nominees:</font></B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top"><font style="font-size: 10pt">01)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michael
F. Klein</font></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">PLEASE &#147;X&#148; HERE ONLY IF YOU PLAN TO ATTEND THE</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;&nbsp;&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top"><font style="font-size: 10pt">02)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W.
Allen Reed</font></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">MEETING AND VOTE THESE SHARES IN PERSON</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
</TABLE>
</DIV>


<DIV style="margin-top: 20pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To consider and act upon any other business as may properly come before the Meeting or any
adjournment thereof.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 20pt">The Annual Meeting of Shareholders of the above-mentioned Fund will be held on October&nbsp;23, 2009 at
the principal offices of the Fund, 522 Fifth Avenue, New York, New York 10036, to vote on the
proposal set forth in the Notice of Annual Meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 20pt"><B>This proxy, when properly executed, will be voted in the manner directed herein by the undersigned
shareholder, and in the discretion of such proxies, upon any and all other matters as may properly
come before the Meeting or any adjournment thereof. If no direction is made, this proxy will be
voted &#147;FOR&#148; the Proposal.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 20pt"><B>NOTE: </B>Please sign exactly as your name appears on this voting instruction form. All joint owners
should sign. When signing as executor, administrator, attorney, trustee or guardian or as custodian
for a minor, please give full title as such. If a corporation, please sign in full corporate name
and indicate the signer&#146;s office. If a partner, sign in the partnership name.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 20pt"><B>NOTE: </B>Such other business as may properly come before the meeting or any adjournment thereof.
</DIV>
</div>
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR style="font-size: 30pt">
    <TD width="28%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="2" align="left" valign="top" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top" style="border-top: 2px solid #000000">&nbsp;</TD>

</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;Signature &#091;PLEASE SIGN ON LINE&#093;

</DIV></TD>
    <TD align="left" valign="top">Date</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;Signature &#091;Joint Owners&#093;</TD>
    <TD align="left" valign="top">Date</TD>
</TR>
<TR style="font-size: 6pt"><TD>&nbsp;</TD></TR>
<!-- End Table Body -->
</TABLE>
</DIV>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>



<DIV style="font-family: 'Times New Roman',Times,serif">



<P><DIV style="position: relative; float: left; width: 45%">
</DIV>
<DIV style="position: relative; float: left; margin-left: 2%; width: 45%">

<DIV align="center" style="font-size: 8pt; margin-top: 10pt"><B>ANNUAL MEETING OF SHAREHOLDERS<BR>
TO BE HELD ON 10/23/2009</B>
</DIV>


<DIV align="center" style="font-size: 8pt; margin-top: 10pt; margin-bottom: 2pt"><B>Your vote is important. Thank you for voting.</B>
</DIV>

<DIV style="width: 100%; border: 2px solid black; padding: 2px; padding-right: 2pt; padding-left: 4pt">



<DIV align="left" style="font-size: 8pt; margin-top: 0pt"><B>To vote by Internet</B>
</DIV>


<DIV style="margin-top: 2pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="11%" nowrap align="left">1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Read the Proxy Statement and have the voting
instruction form below at hand.</TD>
</TR>

<TR>
    <TD style="font-size: 1pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="8%" nowrap align="left">2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Go to website www.proxyvote.com.</TD>
</TR>

<TR>
    <TD style="font-size: 1pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="8%" nowrap align="left">3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Follow the instructions provided on the website.</TD>
</TR>

<TR valign="bottom">
<td colspan="3">
<DIV align="left" style="font-size: 8pt; margin-top: 2pt"><B>To vote by Telephone</B>
</DIV>
</tD></tr>


<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="8%" nowrap align="left">1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Read the Proxy Statement and have the voting
instruction form below at hand.</TD>
</TR>

<TR>
    <TD style="font-size: 1pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="8%" nowrap align="left">2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Call 1-800-454-8683.</TD>
</TR>

<TR>
    <TD style="font-size: 1pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="8%" nowrap align="left">3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Follow the instructions.</TD>
</TR>

<TR valign="bottom">
<td colspan="3">

<DIV align="left" style="font-size: 8pt; margin-top: 2pt"><B>To vote by Mail</B>
</DIV>
</td></tr>

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="8%" nowrap align="left">1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Read the Proxy Statement.</TD>
</TR>

<TR>
    <TD style="font-size: 1pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="8%" nowrap align="left">2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Check the appropriate boxes on the voting
instruction form below.</TD>
</TR>

<TR>
    <TD style="font-size: 1pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="8%" nowrap align="left">3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sign and date the voting instruction form.</TD>
</TR>

<TR>
    <TD style="font-size: 1pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="8%" nowrap align="left">4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Return the voting instruction form in the envelope provided.</TD>
</TR>

</TABLE>
</DIV>
</DIV>

<DIV style="position: relative; float: right; width: 6%">
</DIV>
</DIV>

<DIV style="position: relative; float: right; width: 6%">
</DIV>
</DIV>

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR style="font-size: 10pt">

    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="97%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR>

    <TD align="left" valign="top">IIC</TD>
    <TD nowrap>&#150;&nbsp;</TD>
    <TD align="left" valign="top">Preferred</TD>
</TR>

<TR>

    <TD align="left" valign="top">IIM</TD>
    <TD>&#150;&nbsp;</TD>
    <TD align="left" valign="top">Preferred</TD>
</TR>

<TR>

    <TD align="left" valign="top">IMC</TD>
    <TD>&#150;&nbsp;</TD>
    <TD align="left" valign="top">Preferred</TD>
</TR>

</TABLE>

</DIV>

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR style="font-size: 10pt">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 1pt">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top" nowrap>&nbsp;&nbsp;&nbsp;TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">M16878-P84935&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="width: 99%; border: 2px solid black; padding: 11px;">

<div style="margin-left: 1%">

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR style="font-size: 4pt">
    <TD width="1%">&nbsp;</TD>
    <TD width="38%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="52%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000">
<DIV style="margin-left:0px; text-indent:-0px">Important Notice Regarding the Availability of Proxy
Materials for the Shareholder Meeting to be held on
October&nbsp;23, 2009. The following material is
available at www.proxyvote.com.<BR>
Proxy Statement
</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 0px solid #000000; border-top: 0px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="3" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="left" colspan="3" style="border-top: 0px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR style="font-size: 10pt">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD colspan="3" valign="top" align="left"><font style="font-size: 10pt"><B>This
proxy is solicited on behalf of the</B></font></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>For</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Withhold</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>For All</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">To withhold authority to vote for any individual nominee(s), mark</TD>
</TR>
<TR valign="bottom">

<TD colspan="3" valign="top" align="left"><B><font style="font-size: 10pt">Board
of Trustees.</font></B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>All</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>All</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Except</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">&#147;For All Except&#148; and write the number(s) of the nominee(s) on the</TD>
</TR>
<TR valign="bottom" style="line-height: 10pt"><!-- Blank Space -->
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">line below.</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><font style="font-size: 10pt">1.</font>
</DIV></TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top"><font style="font-size: 10pt">Election
of two Trustees:</font>
</TD>
    <TD>&nbsp;</TD>

<TD align="center" valign="top">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;
</TD>
    <TD>&nbsp;</TD>

<TD align="center" valign="top">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;
</TD>
    <TD>&nbsp;</TD>

<TD align="center" valign="top">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><font style="font-size: 10pt">Nominees:</font></B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top"><font style="font-size: 10pt">01)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michael
F. Klein</font></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">PLEASE &#147;X&#148; HERE ONLY IF YOU PLAN TO ATTEND THE</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;&nbsp;&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top"><font style="font-size: 10pt">02)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W.
Allen Reed</font></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">MEETING AND VOTE THESE SHARES IN PERSON</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top"><font style="font-size: 10pt">Election
of one Preferred Trustee:</font></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top"><font style="font-size: 10pt"><B>Nominees:</B></font></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top"><font style="font-size: 10pt">03)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michael
E. Nugent</font></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To consider and act upon any other business as may properly come before the Meeting or any
adjournment thereof.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 20pt">The Annual Meeting of Shareholders of the above-mentioned Fund will be held on October&nbsp;23, 2009 at
the principal offices of the Fund, 522 Fifth Avenue, New York, New York 10036, to vote on the
proposal set forth in the Notice of Annual Meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 20pt"><B>This proxy, when properly executed, will be voted in the manner directed herein by the undersigned
shareholder, and in the discretion of such proxies, upon any and all other matters as may properly
come before the Meeting or any adjournment thereof. If no direction is made, this proxy will be
voted &#147;FOR&#148; the Proposal.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 20pt"><B>NOTE: </B>Please sign exactly as your name appears on this voting instruction form. All joint owners
should sign. When signing as executor, administrator, attorney, trustee or guardian or as custodian
for a minor, please give full title as such. If a corporation, please sign in full corporate name
and indicate the signer&#146;s office. If a partner, sign in the partnership name.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 20pt"><B>NOTE: </B>Such other business as may properly come before the meeting or any adjournment thereof.
</DIV>
</div>

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR style="font-size: 30pt">
    <TD width="28%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="2" align="left" valign="top" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top" style="border-top: 2px solid #000000">&nbsp;</TD>

</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;Signature &#091;PLEASE SIGN ON LINE&#093;

</DIV></TD>
    <TD align="left" valign="top">Date</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;Signature &#091;Joint Owners&#093;</TD>
    <TD align="left" valign="top">Date</TD>
</TR>
<TR style="font-size: 6pt"><TD>&nbsp;</TD></TR>
<!-- End Table Body -->
</TABLE>
</DIV>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P><DIV style="position: relative; float: left; width: 45%">
</DIV>

<DIV style="position: relative; float: left; margin-left: 2%; width: 45%">

<DIV align="center" style="font-size: 8pt; margin-top: 10pt"><B>ANNUAL MEETING OF SHAREHOLDERS<BR>
TO BE HELD ON 10/23/2009</B>
</DIV>


<DIV align="center" style="font-size: 8pt; margin-top: 20pt; margin-bottom: 2pt"><B>Your vote is important. Thank you for voting.</B>
</DIV>

<DIV style="width: 100%; border: 2px solid black; padding: 2px; padding-right: 2pt; padding-left: 4pt">



<DIV align="left" style="font-size: 8pt; margin-top: 0pt"><B>To vote by Internet</B>
</DIV>


<DIV style="margin-top: 2pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="11%" nowrap align="left">1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Read the Proxy Statement and have the voting
instruction form below at hand.</TD>
</TR>

<TR>
    <TD style="font-size: 1pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="8%" nowrap align="left">2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Go to website www.proxyvote.com.</TD>
</TR>

<TR>
    <TD style="font-size: 1pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="8%" nowrap align="left">3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Follow the instructions provided on the website.</TD>
</TR>

<TR valign="bottom">
<td colspan="3">
<DIV align="left" style="font-size: 8pt; margin-top: 2pt"><B>To vote by Telephone</B>
</DIV>
</tD></tr>


<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="8%" nowrap align="left">1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Read the Proxy Statement and have the voting
instruction form below at hand.</TD>
</TR>

<TR>
    <TD style="font-size: 1pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="8%" nowrap align="left">2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Call 1-800-454-8683.</TD>
</TR>

<TR>
    <TD style="font-size: 1pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="8%" nowrap align="left">3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Follow the instructions.</TD>
</TR>

<TR valign="bottom">
<td colspan="3">

<DIV align="left" style="font-size: 8pt; margin-top: 2pt"><B>To vote by Mail</B>
</DIV>
</td></tr>

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="8%" nowrap align="left">1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Read the Proxy Statement.</TD>
</TR>

<TR>
    <TD style="font-size: 1pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="8%" nowrap align="left">2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Check the appropriate boxes on the voting
instruction form below.</TD>
</TR>

<TR>
    <TD style="font-size: 1pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="8%" nowrap align="left">3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sign and date the voting instruction form.</TD>
</TR>

<TR>
    <TD style="font-size: 1pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="8%" nowrap align="left">4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Return the voting instruction form in the envelope provided.</TD>
</TR>

</TABLE>
</DIV>
</DIV>


<DIV style="position: relative; float: right; width: 6%">
</DIV>
</DIV>

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR style="font-size: 10pt">

    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="97%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR>

    <TD align="left" valign="top">IQT</TD>
    <TD>&#150;</TD>
    <TD align="left" valign="top">Common</TD>
</TR>

<TR>

    <TD align="left" valign="top">IQI</TD>
    <TD>&#150;</TD>
    <TD align="left" valign="top">Common</TD>
</TR>

<TR>

    <TD align="left" valign="top">IMT</TD>
    <TD>&#150;</TD>
    <TD align="left" valign="top">Common</TD>
</TR>
</TABLE>
</DIV>

<DIV style="position: relative; float: right; width: 6%">

</DIV>

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR style="font-size: 10pt">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 1pt">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top" nowrap>&nbsp;&nbsp;&nbsp;TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">M16878-P84935&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="width: 99%; border: 2px solid black; padding: 11px;">

<div style="margin-left: 1%">

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR style="font-size: 4pt">
    <TD width="1%">&nbsp;</TD>
    <TD width="38%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="52%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000">
<DIV style="margin-left:0px; text-indent:-0px">Important Notice Regarding the Availability of Proxy
Materials for the Shareholder Meeting to be held on
October&nbsp;23, 2009. The following material is
available at www.proxyvote.com.<BR>
Proxy Statement
</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 0px solid #000000; border-top: 0px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="3" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="left" colspan="3" style="border-top: 0px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR style="font-size: 10pt">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD colspan="3" valign="top" align="left"><font style="font-size: 10pt"><B>This
proxy is solicited on behalf of the</B></font></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>For</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Withhold</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>For All</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">To withhold authority to vote for any individual nominee(s), mark</TD>
</TR>
<TR valign="bottom">

<TD colspan="3" valign="top" align="left"><B><font style="font-size: 10pt">Board
of Trustees.</font></B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>All</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>All</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Except</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">&#147;For All Except&#148; and write the number(s) of the nominee(s) on the</TD>
</TR>
<TR valign="bottom" style="line-height: 10pt"><!-- Blank Space -->
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">line below.</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><font style="font-size: 10pt">1.</font>
</DIV></TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top"><font style="font-size: 10pt">Election
of three Trustees:</font>
</TD>
    <TD>&nbsp;</TD>

<TD align="center" valign="top">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;
</TD>
    <TD>&nbsp;</TD>

<TD align="center" valign="top">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;
</TD>
    <TD>&nbsp;</TD>

<TD align="center" valign="top">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><font style="font-size: 10pt">Nominees:</font></B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top"><font style="font-size: 10pt">01)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kathleen
A. Dennis</font></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">PLEASE &#147;X&#148; HERE ONLY IF YOU PLAN TO ATTEND THE</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;&nbsp;&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top"><font style="font-size: 10pt">02)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Joseph
J. Kearns</font></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">MEETING AND VOTE THESE SHARES IN PERSON</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top"><font style="font-size: 10pt">03)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fergus
Reid</font></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To consider and act upon any other business as may properly come before the Meeting or any
adjournment thereof.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 20pt">The Annual Meeting of Shareholders of the above-mentioned Fund will be held on October&nbsp;23, 2009 at
the principal offices of the Fund, 522 Fifth Avenue, New York, New York 10036, to vote on the
proposal set forth in the Notice of Annual Meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 20pt"><B>This proxy, when properly executed, will be voted in the manner directed herein by the undersigned
shareholder, and in the discretion of such proxies, upon any and all other matters as may properly
come before the Meeting or any adjournment thereof. If no direction is made, this proxy will be
voted &#147;FOR&#148; the Proposal.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 20pt"><B>NOTE: </B>Please sign exactly as your name appears on this voting instruction form. All joint owners
should sign. When signing as executor, administrator, attorney, trustee or guardian or as custodian
for a minor, please give full title as such. If a corporation, please sign in full corporate name
and indicate the signer&#146;s office. If a partner, sign in the partnership name.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 20pt"><B>NOTE: </B>Such other business as may properly come before the meeting or any adjournment thereof.
</DIV>
</div>

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR style="font-size: 30pt">
    <TD width="28%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="2" align="left" valign="top" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top" style="border-top: 2px solid #000000">&nbsp;</TD>

</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;Signature &#091;PLEASE SIGN ON LINE&#093;

</DIV></TD>
    <TD align="left" valign="top">Date</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;Signature &#091;Joint Owners&#093;</TD>
    <TD align="left" valign="top">Date</TD>
</TR>
<TR style="font-size: 6pt"><TD>&nbsp;</TD></TR>
<!-- End Table Body -->
</TABLE>
</DIV>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<P><DIV style="position: relative; float: left; width: 45%">
</DIV>
<DIV style="position: relative; float: left; margin-left: 2%; width: 45%">

<DIV align="center" style="font-size: 8pt; margin-top: 10pt"><B>ANNUAL MEETING OF SHAREHOLDERS<BR>
TO BE HELD ON 10/23/2009</B>
</DIV>


<DIV align="center" style="font-size: 8pt; margin-top: 10pt; margin-bottom: 2pt"><B>Your vote is important. Thank you for voting.</B>
</DIV>

<DIV style="width: 100%; border: 2px solid black; padding: 2px; padding-right: 2pt; padding-left: 4pt">



<DIV align="left" style="font-size: 8pt; margin-top: 0pt"><B>To vote by Internet</B>
</DIV>


<DIV style="margin-top: 2pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="11%" nowrap align="left">1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Read the Proxy Statement and have the voting
instruction form below at hand.</TD>
</TR>

<TR>
    <TD style="font-size: 1pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="8%" nowrap align="left">2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Go to website www.proxyvote.com.</TD>
</TR>

<TR>
    <TD style="font-size: 1pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="8%" nowrap align="left">3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Follow the instructions provided on the website.</TD>
</TR>

<TR valign="bottom">
<td colspan="3">
<DIV align="left" style="font-size: 8pt; margin-top: 2pt"><B>To vote by Telephone</B>
</DIV>
</tD></tr>


<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="8%" nowrap align="left">1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Read the Proxy Statement and have the voting
instruction form below at hand.</TD>
</TR>

<TR>
    <TD style="font-size: 1pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="8%" nowrap align="left">2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Call 1-800-454-8683.</TD>
</TR>

<TR>
    <TD style="font-size: 1pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="8%" nowrap align="left">3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Follow the instructions.</TD>
</TR>

<TR valign="bottom">
<td colspan="3">

<DIV align="left" style="font-size: 8pt; margin-top: 2pt"><B>To vote by Mail</B>
</DIV>
</td></tr>

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="8%" nowrap align="left">1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Read the Proxy Statement.</TD>
</TR>

<TR>
    <TD style="font-size: 1pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="8%" nowrap align="left">2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Check the appropriate boxes on the voting
instruction form below.</TD>
</TR>

<TR>
    <TD style="font-size: 1pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="8%" nowrap align="left">3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sign and date the voting instruction form.</TD>
</TR>

<TR>
    <TD style="font-size: 1pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="8%" nowrap align="left">4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Return the voting instruction form in the envelope provided.</TD>
</TR>

</TABLE>
</DIV>
</DIV>

<DIV style="position: relative; float: right; width: 6%">
</DIV>
</DIV>


<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR style="font-size: 10pt">

    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="97%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR>

    <TD align="left" valign="top">IQT</TD>
    <TD>&nbsp;&#150;</TD>
    <TD align="left" valign="top">&nbsp;Preferred</TD>
</TR>

<TR>

    <TD align="left" valign="top">IQI</TD>
    <TD>&nbsp;&#150;</TD>
    <TD align="left" valign="top">&nbsp;Preferred</TD>
</TR>

<TR>

    <TD align="left" valign="top">IMT</TD>
    <TD>&nbsp;&#150;</TD>
    <TD align="left" valign="top">&nbsp;Preferred</TD>
</TR>

</TABLE>

</DIV>

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR style="font-size: 10pt">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 1pt">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top" nowrap>&nbsp;&nbsp;&nbsp;TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">M16878-P84935&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="width: 99%; border: 2px solid black; padding: 11px;">

<div style="margin-left: 1%">
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR style="font-size: 4pt">
    <TD width="1%">&nbsp;</TD>
    <TD width="38%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="52%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000">
<DIV style="margin-left:0px; text-indent:-0px">Important Notice Regarding the Availability of Proxy
Materials for the Shareholder Meeting to be held on
October&nbsp;23, 2009. The following material is
available at www.proxyvote.com.<BR>
Proxy Statement
</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 0px solid #000000; border-top: 0px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="3" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="left" colspan="3" style="border-top: 0px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR style="font-size: 10pt">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD colspan="3" valign="top" align="left"><font style="font-size: 10pt"><B>This
proxy is solicited on behalf of the</B></font></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>For</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Withhold</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>For All</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">To withhold authority to vote for any individual nominee(s), mark</TD>
</TR>
<TR valign="bottom">

<TD colspan="3" valign="top" align="left"><B><font style="font-size: 10pt">Board
of Trustees.</font></B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>All</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>All</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Except</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">&#147;For All Except&#148; and write the number(s) of the nominee(s) on the</TD>
</TR>
<TR valign="bottom" style="line-height: 10pt"><!-- Blank Space -->
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">line below.</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><font style="font-size: 10pt">1.</font>
</DIV></TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top"><font style="font-size: 10pt">Election
of three Trustees:</font>
</TD>
    <TD>&nbsp;</TD>

<TD align="center" valign="top">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;
</TD>
    <TD>&nbsp;</TD>

<TD align="center" valign="top">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;
</TD>
    <TD>&nbsp;</TD>

<TD align="center" valign="top">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><font style="font-size: 10pt">Nominees:</font></B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top"><font style="font-size: 10pt">01)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kathleen
A. Dennis</font></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">PLEASE &#147;X&#148; HERE ONLY IF YOU PLAN TO ATTEND THE</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;&nbsp;&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top"><font style="font-size: 10pt">02)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Joseph
J. Kearns</font></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">MEETING AND VOTE THESE SHARES IN PERSON</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><font style="font-size: 10pt">03)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fergus Reid</font></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top"><font style="font-size: 10pt">Election
of one Preferred Trustee:</font></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top"><font style="font-size: 10pt"><B>Nominees:</B></font></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top"><font style="font-size: 10pt">04)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manuel H. Johnson</font></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To consider and act upon any other business as may properly come before the Meeting or any
adjournment thereof.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 20pt">The Annual Meeting of Shareholders of the above-mentioned Fund will be held on October&nbsp;23, 2009 at
the principal offices of the Fund, 522 Fifth Avenue, New York, New York 10036, to vote on the
proposal set forth in the Notice of Annual Meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 20pt"><B>This proxy, when properly executed, will be voted in the manner directed herein by the undersigned
shareholder, and in the discretion of such proxies, upon any and all other matters as may properly
come before the Meeting or any adjournment thereof. If no direction is made, this proxy will be
voted &#147;FOR&#148; the Proposal.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 20pt"><B>NOTE: </B>Please sign exactly as your name appears on this voting instruction form. All joint owners
should sign. When signing as executor, administrator, attorney, trustee or guardian or as custodian
for a minor, please give full title as such. If a corporation, please sign in full corporate name
and indicate the signer&#146;s office. If a partner, sign in the partnership name.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 20pt"><B>NOTE: </B>Such other business as may properly come before the meeting or any adjournment thereof.
</DIV>
</div>

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR style="font-size: 30pt">
    <TD width="28%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="2" align="left" valign="top" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top" style="border-top: 2px solid #000000">&nbsp;</TD>

</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;Signature &#091;PLEASE SIGN ON LINE&#093;

</DIV></TD>
    <TD align="left" valign="top">Date</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;Signature &#091;Joint Owners&#093;</TD>
    <TD align="left" valign="top">Date</TD>
</TR>
<TR style="font-size: 6pt"><TD>&nbsp;</TD></TR>
<!-- End Table Body -->
</TABLE>
</DIV>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif">


<P><DIV style="position: relative; float: left; width: 45%">
</DIV>
<DIV style="position: relative; float: left; margin-left: 2%; width: 45%">

<DIV align="center" style="font-size: 8pt; margin-top: 10pt"><B>ANNUAL MEETING OF SHAREHOLDERS<BR>
TO BE HELD ON 10/23/2009</B>
</DIV>


<DIV align="center" style="font-size: 8pt; margin-top: 20pt; margin-bottom: 2pt"><B>Your vote is important. Thank you for voting.</B>
</DIV>

<DIV style="width: 100%; border: 2px solid black; padding: 2px; padding-right: 2pt; padding-left: 4pt">



<DIV align="left" style="font-size: 8pt; margin-top: 0pt"><B>To vote by Internet</B>
</DIV>


<DIV style="margin-top: 2pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="11%" nowrap align="left">1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Read the Proxy Statement and have the voting
instruction form below at hand.</TD>
</TR>

<TR>
    <TD style="font-size: 1pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="8%" nowrap align="left">2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Go to website www.proxyvote.com.</TD>
</TR>

<TR>
    <TD style="font-size: 1pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="8%" nowrap align="left">3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Follow the instructions provided on the website.</TD>
</TR>

<TR valign="bottom">
<td colspan="3">
<DIV align="left" style="font-size: 8pt; margin-top: 2pt"><B>To vote by Telephone</B>
</DIV>
</tD></tr>


<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="8%" nowrap align="left">1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Read the Proxy Statement and have the voting
instruction form below at hand.</TD>
</TR>

<TR>
    <TD style="font-size: 1pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="8%" nowrap align="left">2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Call 1-800-454-8683.</TD>
</TR>

<TR>
    <TD style="font-size: 1pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="8%" nowrap align="left">3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Follow the instructions.</TD>
</TR>

<TR valign="bottom">
<td colspan="3">

<DIV align="left" style="font-size: 8pt; margin-top: 2pt"><B>To vote by Mail</B>
</DIV>
</td></tr>

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="8%" nowrap align="left">1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Read the Proxy Statement.</TD>
</TR>

<TR>
    <TD style="font-size: 1pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="8%" nowrap align="left">2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Check the appropriate boxes on the voting
instruction form below.</TD>
</TR>

<TR>
    <TD style="font-size: 1pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="8%" nowrap align="left">3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sign and date the voting instruction form.</TD>
</TR>

<TR>
    <TD style="font-size: 1pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="8%" nowrap align="left">4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Return the voting instruction form in the envelope provided.</TD>
</TR>

</TABLE>
</DIV>
</DIV>

<DIV style="position: relative; float: right; width: 6%">
</DIV>
</DIV>

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR style="font-size: 10pt">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 1pt">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>




<TR valign="bottom">
    <TD align="left" valign="top" nowrap>OIC
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top" nowrap>&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>







<TR valign="bottom">
    <TD align="left" valign="top" nowrap>&nbsp;&nbsp;&nbsp;TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">M16878-P84935&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="width: 99%; border: 2px solid black; padding: 11px;">

<div style="margin-left: 1%">
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR style="font-size: 4pt">
    <TD width="1%">&nbsp;</TD>
    <TD width="38%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="52%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000">
<DIV style="margin-left:0px; text-indent:-0px">Important Notice Regarding the Availability of Proxy
Materials for the Shareholder Meeting to be held on
October&nbsp;23, 2009. The following material is
available at www.proxyvote.com.<BR>
Proxy Statement
</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 0px solid #000000; border-top: 0px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="3" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="left" colspan="3" style="border-top: 0px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR style="font-size: 10pt">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD colspan="3" valign="top" align="left"><font style="font-size: 10pt"><B>This
proxy is solicited on behalf of the</B></font></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>For</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Withhold</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>For All</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">To withhold authority to vote for any individual nominee(s), mark</TD>
</TR>
<TR valign="bottom">

<TD colspan="3" valign="top" align="left"><B><font style="font-size: 10pt">Board
of Trustees.</font></B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>All</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>All</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Except</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">&#147;For All Except&#148; and write the number(s) of the nominee(s) on the</TD>
</TR>
<TR valign="bottom" style="line-height: 10pt"><!-- Blank Space -->
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">line below.</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><font style="font-size: 10pt">1.</font>
</DIV></TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top"><font style="font-size: 10pt">Election
of three Trustees:</font>
</TD>
    <TD>&nbsp;</TD>

<TD align="center" valign="top">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;
</TD>
    <TD>&nbsp;</TD>

<TD align="center" valign="top">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;
</TD>
    <TD>&nbsp;</TD>

<TD align="center" valign="top">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><font style="font-size: 10pt">Nominees:</font></B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top"><font style="font-size: 10pt">01)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michael
F. Klein</font></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">PLEASE &#147;X&#148; HERE ONLY IF YOU PLAN TO ATTEND THE</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;&nbsp;&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top"><font style="font-size: 10pt">02)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michael E. Nugent</font></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">MEETING AND VOTE THESE SHARES IN PERSON</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top"><font style="font-size: 10pt">03)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W. Allen Reed</font></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To consider and act upon any other business as may properly come before the Meeting or any
adjournment thereof.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 20pt">The Annual Meeting of Shareholders of the above-mentioned Fund will be held on October&nbsp;23, 2009 at
the principal offices of the Fund, 522 Fifth Avenue, New York, New York 10036, to vote on the
proposal set forth in the Notice of Annual Meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 20pt"><B>This proxy, when properly executed, will be voted in the manner directed herein by the undersigned
shareholder, and in the discretion of such proxies, upon any and all other matters as may properly
come before the Meeting or any adjournment thereof. If no direction is made, this proxy will be
voted &#147;FOR&#148; the Proposal.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 20pt"><B>NOTE: </B>Please sign exactly as your name appears on this voting instruction form. All joint owners
should sign. When signing as executor, administrator, attorney, trustee or guardian or as custodian
for a minor, please give full title as such. If a corporation, please sign in full corporate name
and indicate the signer&#146;s office. If a partner, sign in the partnership name.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 20pt"><B>NOTE: </B>Such other business as may properly come before the meeting or any adjournment thereof.
</DIV>
</div>

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR style="font-size: 30pt">
    <TD width="28%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="2" align="left" valign="top" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top" style="border-top: 2px solid #000000">&nbsp;</TD>

</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;Signature &#091;PLEASE SIGN ON LINE&#093;

</DIV></TD>
    <TD align="left" valign="top">Date</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;Signature &#091;Joint Owners&#093;</TD>
    <TD align="left" valign="top">Date</TD>
</TR>
<TR style="font-size: 6pt"><TD>&nbsp;</TD></TR>
<!-- End Table Body -->
</TABLE>
</DIV>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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