<SEC-DOCUMENT>0000950123-12-009823.txt : 20120703
<SEC-HEADER>0000950123-12-009823.hdr.sgml : 20120703
<ACCEPTANCE-DATETIME>20120703144641
ACCESSION NUMBER:		0000950123-12-009823
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20120717
FILED AS OF DATE:		20120703
DATE AS OF CHANGE:		20120703
EFFECTIVENESS DATE:		20120703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Invesco Van Kampen Municipal Trust
		CENTRAL INDEX KEY:			0000877463
		IRS NUMBER:				363779776
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06362
		FILM NUMBER:		12944126

	BUSINESS ADDRESS:	
		STREET 1:		1555 PEACHTREE STREET, N.E.
		STREET 2:		SUITE 1800
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30309
		BUSINESS PHONE:		404-439-3217

	MAIL ADDRESS:	
		STREET 1:		1555 PEACHTREE STREET, N.E.
		STREET 2:		SUITE 1800
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30309

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VAN KAMPEN MUNICIPAL TRUST
		DATE OF NAME CHANGE:	19981006

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VAN KAMPEN AMERICAN CAPITAL MUNICIPAL TRUST
		DATE OF NAME CHANGE:	19960102

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VAN KAMPEN MERRITT MUNICIPAL TRUST
		DATE OF NAME CHANGE:	19920929

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Invesco Van Kampen Ohio Quality Municipal Trust
		CENTRAL INDEX KEY:			0000877649
		IRS NUMBER:				363779778
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06364
		FILM NUMBER:		12944128

	BUSINESS ADDRESS:	
		STREET 1:		1555 PEACHTREE STREET, N.E.
		STREET 2:		SUITE 1800
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30309
		BUSINESS PHONE:		404-439-3217

	MAIL ADDRESS:	
		STREET 1:		1555 PEACHTREE STREET, N.E.
		STREET 2:		SUITE 1800
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30309

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VAN KAMPEN OHIO QUALITY MUNICIPAL TRUST
		DATE OF NAME CHANGE:	19981006

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VAN KAMPEN AMERICAN CAPITAL OHIO QUALITY MUNICIPAL TRUST
		DATE OF NAME CHANGE:	19960102

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VAN KAMPEN MERRITT OHIO QUALITY MUNICIPAL TRUST
		DATE OF NAME CHANGE:	19920929

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Invesco Van Kampen Trust for Investment Grade New Jersey Municipals
		CENTRAL INDEX KEY:			0000883269
		IRS NUMBER:				366981631
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06536
		FILM NUMBER:		12944127

	BUSINESS ADDRESS:	
		STREET 1:		1555 PEACHTREE STREET, N.E.
		STREET 2:		SUITE 1800
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30309
		BUSINESS PHONE:		404-439-3217

	MAIL ADDRESS:	
		STREET 1:		1555 PEACHTREE STREET, N.E.
		STREET 2:		SUITE 1800
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30309

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Invesco Van Kampen Trust for Investment Grade New Jerset Municipals
		DATE OF NAME CHANGE:	20100601

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VAN KAMPEN TRUST FOR INVESTMENT GRADE NEW JERSEY MUNICIPALS
		DATE OF NAME CHANGE:	19981006

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VAN KAMPEN AMERICAN CAPITAL TR FOR INVT GRADE NEW JERSEY MUN
		DATE OF NAME CHANGE:	19960102

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Invesco Van Kampen Massachusetts Value Municipal Income Trust
		CENTRAL INDEX KEY:			0000890515
		IRS NUMBER:				367017428
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07088
		FILM NUMBER:		12944129

	BUSINESS ADDRESS:	
		STREET 1:		1555 PEACHTREE STREET, N.E.
		STREET 2:		SUITE 1800
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30309
		BUSINESS PHONE:		404-439-3217

	MAIL ADDRESS:	
		STREET 1:		1555 PEACHTREE STREET, N.E.
		STREET 2:		SUITE 1800
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30309

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VAN KAMPEN MASSACHUSETTS VALUE MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	19981006

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VAN KAMPEN AMERICAN CAPITAL MASS VALUE MUNICIPAL INCOME TRUS
		DATE OF NAME CHANGE:	19960102

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VAN KAMPEN MERRITT MASSACHUSETTS VALUE MUNICIPAL INCOME TRUS
		DATE OF NAME CHANGE:	19930528
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>h86669ddef14a.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: 18pt; margin-top: 12pt"><B>SCHEDULE 14A INFORMATION</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>Proxy Statement Pursuant to Section&nbsp;14(a) of the<BR>
Securities Exchange Act of 1934<BR>
(Amendment No. )</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Filed by the Registrant <FONT style="font-family: Wingdings">&#254;</FONT><BR>
Filed by a Party other than the Registrant <FONT style="font-family: Wingdings">&#111;</FONT>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box:

</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 style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Preliminary Proxy Statement</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 style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Confidential, for Use of the Commission Only (as permitted by Rule&nbsp;14a-6(e)(2))</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 style="font-family: Wingdings">&#254;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Definitive Proxy Statement</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 style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Definitive Additional Materials</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 style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Soliciting Material Pursuant to Sec. 240.14a-11(c) or Sec. 240.14a-12</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center" style="font-size: 16pt; margin-top: 12pt"><B>Invesco Van Kampen Municipal Trust<BR>
Invesco Van Kampen Massachusetts Value Municipal Income Trust<BR>
Invesco Van Kampen Ohio Quality Municipal Trust<BR>
<FONT style="border-bottom: 1px solid #000000">Invesco Van Kampen Trust for Investment Grade New Jersey Municipals</FONT></B>
</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: 12pt">(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Payment of Filing Fee (Check the appropriate box):

</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 style="font-family: 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 style="font-family: 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 0-11.</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="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">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">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">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">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Total fee paid:</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 style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fee paid previously with preliminary proxy materials.</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 style="font-family: 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: 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="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: 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>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: 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">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: 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">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="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Invesco Van Kampen Municipal Trust<BR>
Invesco Van Kampen Massachusetts Value Municipal Income Trust<BR>
Invesco Van Kampen Ohio Quality Municipal Trust<BR>
Invesco Van Kampen Trust for Investment Grade New Jersey Municipals</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>1555 Peachtree Street, N.E.</B><BR>
<B>Atlanta, GA 30309<BR>
(800)&nbsp;341-2929</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>NOTICE OF JOINT ANNUAL MEETING OF SHAREHOLDERS<BR>
To Be Held on July&nbsp;17, 2012</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice is hereby given to holders of preferred shares of beneficial interest designated
as Variable Rate Muni Term Preferred Shares (&#147;VMTP Shares&#148;) of Invesco Van Kampen Massachusetts
Value Municipal Income Trust (&#147;VMV&#148;), Invesco Van Kampen Ohio Quality Municipal Trust (&#147;VOQ&#148;),
Invesco Van Kampen Trust for Investment Grade New Jersey Municipals (&#147;VTJ,&#148; and together with VMV
and VOQ, the &#147;Target Funds&#148;), and Invesco Van Kampen Municipal Trust (the &#147;Acquiring Fund&#148; or
&#147;VKQ&#148;) that the Funds will hold a joint annual meeting of shareholders (the &#147;Meeting&#148;) on July&nbsp;17,
2012, at 1555 Peachtree Street, N.E., Atlanta, Georgia 30309. The Meeting will begin at 2:00 p.m.
Eastern time. The Target Funds and the Acquiring Fund collectively are referred to as the &#147;Funds&#148;
and each is referred to individually as a &#147;Fund.&#148; At the Meeting, holders of VMTP Shares (&#147;VMTP
Shareholders&#148;) will be asked to vote on the following proposals:
</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For each Fund, approval of an Agreement and Plan of Redomestication that provides for
the reorganization of such Fund as a Delaware statutory trust.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Approval of the merger of each Target Fund into the Acquiring Fund, which shall require
the following shareholder actions:</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(a)&nbsp;For each Target Fund, approval of an Agreement and Plan of Merger that provides for such
Target Fund to merge with and into the Acquiring Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(b)&nbsp;For the Acquiring Fund, approval of the following sub-proposals:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 7%">(i)&nbsp;Approval of an Agreement and Plan of Merger that provides for VMV to merge with and
into the Acquiring Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 7%">(ii)&nbsp;Approval of an Agreement and Plan of Merger that provides for VOQ to merge with and
into the Acquiring Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 7%">(iii)&nbsp;Approval of an Agreement and Plan of Merger that provides for VTJ to merge with
and into the Acquiring Fund.
</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For each Fund, the election of Trustees to its Board of Trustees, as follows:</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(a)&nbsp;For VMV, the election of three Trustees to its Board of Trustees by the holders of VMTP
Shares and Common Shares voting together as a single class.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(b)&nbsp;For VTJ, VOQ and the Acquiring Fund, the election of one Trustee to its Board of
Trustees by the holders of VMTP Shares and Common Shares voting together as a single class.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(c)&nbsp;For VTJ, VOQ and the Acquiring Fund, the election of one Trustee to its Board of
Trustees solely by the holders of VMTP Shares.
</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">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund may also transact such other business as may properly come before the Meeting or any
adjournment or postponement thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VMTP Shareholders of record as of the close of business on May&nbsp;25, 2012, are entitled to
notice of, and to vote at, the Meeting or any adjournment or postponement thereof. Holders of the
Funds&#146; common shares of beneficial interest, whose voting instructions are being separately
solicited, will also vote on certain matters at the Meeting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Trustees of each Fund requests that you vote your shares by either (i)
completing the enclosed proxy card and returning it in the enclosed postage paid return envelope,
or (ii)&nbsp;voting by telephone or via the internet using the instructions on the proxy card. Please
vote your shares promptly regardless of the number of shares you own.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Target Fund&#146;s governing documents provide that shareholders do not have dissenters&#146;
appraisal rights, and each Target Fund does not believe that its shareholders are entitled to
appraisal rights in connection with its merger.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Each Fund&#146;s Board unanimously recommends that you cast your vote for the above proposals and
for all the Trustee nominees as described in the Joint Proxy Statement.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">By order of the Board of Trustees:
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>

    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>

<TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/
John M. Zerr&nbsp;
&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">John M. Zerr&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Senior Vice President, Secretary and
<br>Chief Legal Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">June 29, 2012</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE JOINT<BR>
ANNUAL MEETING OF SHAREHOLDERS TO BE HELD JULY 17, 2012:</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>The proxy statement and annual report to shareholders are available at www.invesco.com/us.</B>
</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">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Invesco Van Kampen Municipal Trust<BR>
Invesco Van Kampen Massachusetts Value Municipal Income Trust<BR>
Invesco Van Kampen Ohio Quality Municipal Trust<BR>
Invesco Van Kampen Trust for Investment Grade New Jersey Municipals</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>1555 Peachtree Street, N.E.<BR>
Atlanta, GA 30309<BR>
(800)&nbsp;341-2929</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>JOINT PROXY STATEMENT<BR>
June 29, 2012</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Introduction</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Joint Proxy Statement (the &#147;Proxy Statement&#148;) contains information that holders of
preferred shares of beneficial interest designated as Variable Rate Muni Term Preferred Shares
(&#147;VMTP Shares&#148;) of Invesco Van Kampen Massachusetts Value Municipal Income Trust (&#147;VMV&#148;), Invesco
Van Kampen Ohio Quality Municipal Trust (&#147;VOQ&#148;), Invesco Van Kampen Trust for Investment Grade New
Jersey Municipals (&#147;VTJ,&#148; and together with VMV and VOQ, the &#147;Target Funds&#148;), and Invesco Van
Kampen Municipal Trust (the &#147;Acquiring Fund&#148; or &#147;VKQ&#148;) should know before voting on the proposals
that are described herein. The Target Funds and the Acquiring Fund collectively are referred to as
the &#147;Funds&#148; and each is referred to individually as a &#147;Fund.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A joint annual meeting of the shareholders of the Funds (the &#147;Meeting&#148;) will be held on July
17, 2012 at 1555 Peachtree Street, N.E., Atlanta, Georgia 30309. The Meeting will begin at 2:00
p.m. Eastern time. The following describes the proposals to be voted on by holders of VMTP Shares
(&#147;VMTP Shareholders&#148;) at the Meeting:
</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For each Fund, approval of an Agreement and Plan of Redomestication that provides for
the reorganization of such Fund as a Delaware statutory trust.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Approval of the merger of each Target Fund into the Acquiring Fund, which shall require
the following shareholder actions:</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(a)&nbsp;For each Target Fund, approval of an Agreement and Plan of Merger that provides for such
Target Fund to merge with and into the Acquiring Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(b)&nbsp;For the Acquiring Fund, approval of the following sub-proposals:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">(i)&nbsp;Approval of an Agreement and Plan of Merger that provides for VMV to merge with and
into the Acquiring Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">(ii)&nbsp;Approval of an Agreement and Plan of Merger that provides for VOQ to merge with and
into the Acquiring Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">(iii)&nbsp;Approval of an Agreement and Plan of Merger that provides for VTJ to merge with
and into the Acquiring Fund.
</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For each Fund, the election of Trustees to its Board of Trustees, as follows:</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(a)&nbsp;For VMV, the election of three Trustees to its Board of Trustees by the holders of VMTP
Shares and Common Shares voting together as a single class.
</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="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(b)&nbsp;For VTJ, VOQ and the Acquiring Fund, the election of one Trustee to its Board of
Trustees by the holders of VMTP Shares and Common Shares voting together as a single class.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(c)&nbsp;For VTJ, VOQ and the Acquiring Fund, the election of one Trustee to its Board of
Trustees solely by the holders of VMTP Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund may also transact such other business as may properly come before the Meeting or any
adjournment or postponement thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The redomestications contemplated by Proposal 1 are referred to herein each individually as a
&#147;Redomestication&#148; and together as the &#147;Redomestications.&#148; The mergers contemplated by Proposal 2
are referred to herein each individually as a &#147;Merger&#148; and together as the &#147;Mergers.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Boards of Trustees of the Funds (the &#147;Boards&#148;) have fixed the close of business on May&nbsp;25,
2012, as the record date (&#147;Record Date&#148;) for the determination of shareholders entitled to notice
of and to vote at the Meeting and at any adjournment or postponement thereof. Shareholders will be
entitled to one vote for each share held (and a proportionate fractional vote for each fractional
share). Holders of the common shares of beneficial interest (&#147;Common Shares&#148;) of the Funds, whose
voting instructions are being separately solicited, will also vote on certain matters at the
Meeting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Proxy Statement, the enclosed Notice of Joint Annual Meeting of Shareholders, and the
enclosed proxy card will be mailed on or about July 5, 2012, to all VMTP Shareholders eligible
to vote at the Meeting. Each Fund is a closed-end management investment company registered under
the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;). The Common Shares of each Fund
are listed on the Chicago Stock Exchange. The Common Shares of VOQ, VTJ and the Acquiring Fund are
also listed on the New York Stock Exchange, and the Common Shares of VMV are also listed on NYSE
MKT (formerly NYSE Amex) (collectively with the New York Stock Exchange and the Chicago Stock
Exchange, the &#147;Exchanges&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Meeting is scheduled as a joint meeting of the shareholders of the Funds and certain
affiliated funds, whose votes on proposals applicable to such funds are being solicited separately,
because the shareholders of the funds are expected to consider and vote on similar matters.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A joint Proxy Statement is being used in order to reduce the preparation, printing, handling
and postage expenses that would result from the use of separate proxy materials for each Fund. You
should retain this Proxy Statement for future reference, as it sets forth concisely information
about the Funds that you should know before voting on the proposals. Additional information about
each Fund is available in the annual and semi-annual reports to shareholders of such Fund. Each
Fund&#146;s most recent annual report to shareholders, which contains audited financial statements for
the Funds&#146; most recently completed fiscal year, and each Fund&#146;s most recent semi-annual report to
shareholders have been previously mailed to shareholders and are available on the Funds&#146; website at
www.invesco.com/us. These documents are on file with the U.S. Securities and Exchange Commission
(the &#147;SEC&#148;). Copies of all of these documents are also available upon request without charge by
writing to the Funds at 11 Greenway Plaza, Suite&nbsp;1000, Houston, Texas 77046, or by calling (800)
341-2929.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You also may view or obtain these documents from the SEC&#146;s Public Reference Room, which is
located at 100 F Street, N.E., Washington, D.C. 20549, or from the SEC&#146;s website at www.sec.gov.
Information on the operation of the SEC&#146;s Public Reference Room may be obtained by calling the SEC
at (202)&nbsp;551-8090. You can also request copies of these materials, upon payment at the prescribed
rates of the duplicating fee, by electronic request to the SEC&#146;s e-mail address
(publicinfo@sec.gov) or by writing to the Public Reference Branch, Office of Consumer Affairs and
Information Services, U.S. Securities and Exchange Commission, Washington, D.C. 20549-1520. You
may also inspect reports, proxy material and other information concerning each of the Funds at the
Exchanges.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The VMTP Shares have not been registered under the Securities Act of 1933, as amended (the
&#147;Securities Act&#148;), or any state securities laws and, unless so registered, may not be offered or
sold except pursuant to an exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act and applicable state securities laws. Accordingly, VMTP Shares
to be issued in a Merger are not offered for sale hereby, and may not be transferred or resold
except in compliance with the Securities Act. No person has been authorized to give any
information or make any representations not contained herein and, if so given or made, such
information or representation must not be relied upon as having been authorized.
</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="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TABLE OF CONTENTS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">PROPOSAL 1: APPROVAL OF REDOMESTICATION</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">On what am I being asked to vote?</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Has my Fund&#146;s Board of Trustees approved the Redomestication?</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Will VMTP Shares issued in connection with the Redomestications be the same as
my current VMTP Shares?</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">What are the reasons for the proposed Redomestications?</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">What effect will a Redomestication have on me as a shareholder?</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">How do the laws governing each Fund pre- and post- Redomestication compare?</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">How do the governing documents of each Fund pre- and post- Redomestication compare?</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Will there be any tax consequences resulting from a Redomestication?</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">What is the Tax Treatment of the VMTP Shares of the DE Fund?</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">When are the Redomestications expected to occur?</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">What will happen if shareholders of a Fund do not approve Proposal 1?</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->

    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">PROPOSAL 2: APPROVAL OF MERGERS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->

    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">On what am I being asked to vote?</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->

    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Has my Fund&#146;s Board of Trustees approved the Merger(s)?</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Will VMTP Shares issued in connection with the Mergers be the same as my current VMTP Shares?</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">What are the reasons for the proposed Mergers?</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">What effect will a Merger have on me as a VMTP Shareholder?</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">How do the Funds&#146; investment objectives and principal investment strategies compare?</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">How do the Funds&#146; principal risks compare?</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">How do the Funds&#146; expenses compare?</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">How do the management, investment adviser and other service providers of the Funds compare?</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Does the Acquiring Fund have the same portfolio managers as the Target Funds?</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">How do the distribution policies of the Funds compare?</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Will there be any tax consequences resulting from the Mergers?</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">When are the Mergers expected to occur?</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">What will happen if shareholders of a Fund do not approve a Merger?</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Where can I find more information about the Funds and the Mergers?</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->

    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ADDITIONAL INFORMATION ABOUT THE FUNDS AND THE MERGERS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->

    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Principal Investment Strategies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Principal Risks of an Investment in the Funds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Portfolio Managers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Trading of  VMTP Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Capital Structures of the Funds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Description of Securities to be Issued</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Pending Litigation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Portfolio Turnover</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Terms and Conditions of the Mergers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Additional Information About the Funds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Federal Income Tax Matters Associated with Investment in the Funds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Board Considerations in Approving the Mergers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Federal Income Tax Considerations of the Mergers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Tax Treatment of the VMTP Shares of the Acquiring Fund</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Where to Find More Information</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->

    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">PROPOSAL 3: ELECTION OF TRUSTEES BY VMV, VTJ, VOQ AND THE ACQUIRING FUND</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->

    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VOTING INFORMATION</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">How to Vote Your Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Why are you sending me the Proxy Statement?</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">About the Proxy Statement and the Meeting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Quorum Requirement and Adjournment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Votes Necessary to Approve the Proposals</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Proxy Solicitation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->

    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">OTHER MATTERS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->

    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Share Ownership by Large Shareholders, Management and Trustees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Annual Meetings of the Funds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Shareholder Proposals</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Shareholder Communications</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;16(a) Beneficial Ownership Reporting Compliance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Other Meeting Matters</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->

    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">WHERE TO FIND ADDITIONAL INFORMATION</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Exhibits</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Exhibit&nbsp;A Form of Agreement and Plan of Redomestication</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">A-1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Exhibit&nbsp;B Comparison of Governing Documents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">B-1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Exhibit&nbsp;C Comparison of State Laws</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">C-1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Exhibit&nbsp;D Form of Agreement and Plan of Merger</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">D-1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Exhibit&nbsp;E Executive Officers of the Funds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">E-1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Exhibit&nbsp;F Information Regarding the Trustees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">F-1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Exhibit&nbsp;G Board Leadership Structure, Role in Risk Oversight and Committees and Meetings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">G-1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Exhibit&nbsp;H Remuneration of Trustees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">H-1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Exhibit&nbsp;I Independent Auditor Information</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">I-1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Exhibit&nbsp;J Outstanding Shares of the Funds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">J-1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Exhibit&nbsp;K Ownership of the Funds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">K-1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD><DIV style="margin-left:15px; text-indent:-15px">Exhibit&nbsp;L
Form of Statement of Preferences of the VMTP Shares of the Acquiring Fund</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">L-1</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>No dealer, salesperson or any other person has been authorized to give any information or to
make any representations other than those contained in this Proxy Statement or related solicitation
materials on file with the Securities and Exchange Commission, and you should not rely on such
other information or representations.</I>
</DIV>


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

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

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




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PROPOSAL 1: APPROVAL OF REDOMESTICATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>On what am I being asked to vote?</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund&#146;s shareholders are being asked to approve an Agreement and Plan of Redomestication
(a &#147;Plan of Redomestication&#148;) providing for the reorganization of the Fund as a Delaware statutory
trust (referred to herein as a &#147;DE Fund&#148;). Each Fund is currently a Massachusetts business trust.
Each Fund&#146;s Plan of Redomestication provides for the Fund to transfer all of its assets and
liabilities to a newly formed Delaware statutory trust whose capital structure will be
substantially the same as the Fund&#146;s current structure, after which Fund shareholders will own
shares of the Delaware statutory trust and the Massachusetts business trust will be liquidated and
terminated. The Redomestication is only a change to your Fund&#146;s legal form of organization and
there will be no change to the Fund&#146;s investments, management, fee levels or federal income tax
status as a result of the Redomestication.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund&#146;s Redomestication may proceed even if other Redomestications are not approved by
shareholders or are for any other reason not completed. A form of the Plan of Redomestication is
available in Exhibit&nbsp;A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By voting for this Proposal 1, you will be voting to become a shareholder of a fund organized
as a Delaware statutory trust with portfolio characteristics, investment objective(s), strategies,
risks, trustees, advisory agreements, subadvisory arrangements and other arrangements that are
substantially the same as those currently in place for your Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Has my Fund&#146;s Board of Trustees approved the Redomestication?</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes. Each Fund&#146;s Board has reviewed and unanimously approved the Plan of Redomestication and
this Proposal 1. <B>The Board of each Fund unanimously recommends that shareholders vote for Proposal
1.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Will VMTP Shares issued in connection with the Redomestications be the same as my current VMTP
Shares?</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes. In connection with each Redomestication, the applicable DE Fund will issue VMTP Shares
with terms that are substantially identical to the terms of the Fund&#146;s currently outstanding VMTP
Shares. Important information regarding the VMTP Shares to be issued in connection with each
Redomestication is set forth below.
</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>It is a condition of closing of each Redomestication that the Fund will have
satisfied all of its obligations set forth in certain documents related to the VMTP
Shares immediately prior to the Redomestication and that the DE Fund will satisfy all
of the obligations of the corresponding documents related to the VMTP Shares to be
issued by the DE Fund immediately after the Redomestication.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The terms of the Declaration of Trust of a DE Fund are identical to those terms
agreed upon by the initial purchaser of VMTP Shares of a Fund.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The terms of the bylaws of a DE Fund are identical to those terms agreed upon
by the initial purchaser of VMTP Shares of the Fund.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The terms of the VMTP Shares issued by a DE Fund, as set forth in the Statement
of Preferences of VMTP Shares of the DE Fund, are identical to those terms agreed upon
by the initial purchaser of VMTP Shares of the Fund.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the Redomestications, VMTP Shareholders of a Fund will receive VMTP Shares
of the DE Fund and no VMTP Shares of the DE Fund will be issued to persons who are not
holders of VMTP Shares of the Fund.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>It is a condition of closing of each Redomestication that upon closing of such
Redomestication the VMTP Shares of the DE Fund be rated at least AA-/Aa3 by each rating
agency that is rating, at the request of the DE Fund, such VMTP Shares.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(7)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Redomestications are scheduled to occur on or prior to December&nbsp;31, 2012.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A form of the Statement of Preferences of VMTP Shares of the Acquiring Fund is attached hereto
as Exhibit&nbsp;L. The Statement of Preferences of VMTP Shares of the DE Fund for each Target Fund will
be identical in
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

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

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">all material respects. The description of VMTP Shares of the DE Funds included
herein is subject to and qualified in its entirety by reference to the more detailed description of
the VMTP Shares set forth in such form of Statement of Preferences.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>What are the reasons for the proposed Redomestications?</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Redomestications will serve to standardize the governing documents and certain agreements
of the Funds with each other and with other funds managed by Invesco Advisers, Inc. (the
&#147;Adviser&#148;). This standardization is expected to streamline the administration of the Funds, which
may result in cost savings and more effective administration by eliminating differences in
governing documents or controlling law. In addition, the legal requirements governing business
trusts under Massachusetts law are less certain and less developed than those under Delaware law,
which sometimes necessitates the Funds bearing the cost to engage counsel to advise on the
interpretation of such law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Redomestications are also a necessary step for the completion of the Mergers described in
Proposal 2 because, as Delaware statutory trusts, the Funds may merge with no delay in transactions
that are expected to qualify as tax-free reorganizations. However, the Redomestications may
proceed even if the Mergers described in Proposal 2 are not approved.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>What effect will a Redomestication have on me as a shareholder?</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Redomestication will have no direct economic effect on Fund shareholders&#146; investments, other
than the cost savings described herein. Each redomesticated Fund will have investment advisory
agreements, subadvisory arrangements, administration agreements, custodian agreements, transfer
agency agreements, and other service provider arrangements that are identical in all material
respects to those in place immediately before the Redomestication, with certain non-substantive
revisions to standardize such agreements across the Funds. For example, after the
Redomestications, the investment advisory agreements of the Funds will contain standardized
language describing how investment advisory fees are calculated, but there will be no change to the
actual calculation methodology. Each Fund will continue to be served by the same individuals as
trustees and officers, and each Fund will continue to retain the same independent registered public
accounting firm. The portfolio characteristics, investment objective(s), strategies and risks of
each Fund will not change as a result of the Redomestications. Each Fund&#146;s new governing documents
will be similar to its current governing documents, but will contain certain material differences.
These changes are intended to benefit shareholders by streamlining and promoting the efficient
administration and operation of the Funds. However, as a result of these changes, shareholders
will have fewer rights to vote on certain matters affecting the Fund and, therefore, less control
over the operations of the Fund. These changes to shareholder voting rights, and the benefits that
management believes will result from these changes, are described below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund will distribute to VMTP Shareholders all accrued but unpaid dividends on the VMTP
Shares through the closing date for its Redomestication. Dividends will begin accruing on the
VMTP Shares issued by the DE Fund as of the closing date for the Redomestication at the same rate
that was in effect immediately prior to the Redomestication. Agreements of each Fund related to
the VMTP Shares, including the purchase agreement, the redemption and paying agent agreement and
the registration rights agreement, will be assigned to the corresponding DE Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, each Fund&#146;s capital structure will be substantially the same as its current
capital structure. The Common Shares of each Fund will continue to have equal rights to the
payment of dividends and the distribution of assets upon liquidation, and each Fund may not declare
distributions on Common Shares unless all accrued dividends on the Fund&#146;s preferred shares have
been paid, and unless asset coverage with respect to the Fund&#146;s preferred shares would be at least
200% after giving effect to the distributions. In addition, under the terms of each Fund&#146;s VMTP
Shares, the Fund will continue to be required to maintain minimum asset coverage of 225%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder approval of a Redomestication will be deemed to constitute approval of the
advisory and subadvisory agreements, as well as a vote for the election of the trustees, of the
Delaware statutory trust. Accordingly, each Plan of Redomestication provides that the sole initial
shareholder of each Delaware statutory trust will vote to approve the advisory and subadvisory
agreements (which, as noted above, will be identical in all material respects to the Fund&#146;s current
agreements) and to elect the trustees of the Delaware statutory trust (which, as noted above, will
be the same as the Fund&#146;s current Trustees) after shareholder approval of the Redomestication but
prior to the closing of the Redomestication.
</DIV>


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</DIV>



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


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>How do the laws governing each Fund pre- and post-Redomestication compare?</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After the Redomestications, each Fund will be a Delaware statutory trust governed by the
Delaware Statutory Trust Act (&#147;DE Statute&#148;). The DE Statute is similar in many respects to the
laws governing the Fund&#146;s current structure, a Massachusetts business trust, but they differ in
certain respects. Both the Massachusetts business trust law (&#147;MA Statute&#148;) and the DE Statute
permit a trust&#146;s governing instrument to contain provisions relating to shareholder rights and
removal of trustees, and provide trusts with the ability to amend or restate the trust&#146;s governing
instruments. However, the MA Statute is silent on many of the salient features of a Massachusetts
business trust whereas the DE Statute provides guidance and offers a significant amount of
operational flexibility to Delaware statutory trusts. The DE Statute provides explicitly that the
shareholders and trustees of a Delaware statutory trust are not liable for obligations of the trust
to the same extent as under corporate law. While the governing documents of each Fund contain an
express disclaimer of liability of shareholders, certain Massachusetts judicial decisions have
determined that shareholders of a Massachusetts business trust may, in certain circumstances, be
assessed or held personally liable as partners for the obligations of a Massachusetts business
trust. Therefore, the Funds believe that shareholders will benefit from the express statutory
protections of the DE Statute. The DE Statute authorizes the trustees to take various actions
without requiring shareholder approval if permitted by a Fund&#146;s governing instruments. For
example, trustees of a Delaware statutory trust may have the power to amend the trust&#146;s governing
instrument, merge or consolidate a Fund with another entity, and to change the Delaware statutory
trust&#146;s domicile, in each case without a shareholder vote. The Funds believe that the guidance and
flexibility afforded by the DE Statute and the explicit limitation on liability contained in the DE
Statute will benefit the Funds and shareholders. A more detailed comparison of certain provisions
of the DE Statute and the MA Statute is included in Exhibit&nbsp;C.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>How do the governing documents of each Fund pre- and post-Redomestication compare?</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The governing documents of a Fund before and after its Redomestication will be similar, but
will contain certain material differences. In general, these changes to each Fund&#146;s new governing
documents are intended to benefit shareholders by streamlining the administration and operation of
each Fund to save shareholders money and by making it more difficult for short-term speculative
investors to engage in practices that benefit such short-term investors at the expense of the Fund
and to the detriment of its long-term investors. For example, the new governing documents permit
termination of a Fund without shareholder approval, provided that at least 75% of the Trustees have
approved such termination, thereby avoiding the expense of a shareholder meeting in connection with
a termination of a Fund, which expense would reduce the amount of assets available for distribution
to shareholders. The current governing documents require shareholder approval to terminate a Fund
regardless of whether the Trustees have approved such termination. Also, the Fund&#146;s new bylaws may
be altered, amended, or repealed by the Trustees, without the vote or approval of shareholders.
The Fund&#146;s current bylaws may be altered, amended, or repealed by the Trustees, provided that
bylaws adopted by the shareholders may only be altered, amended, or repealed by the shareholders.
None of the Funds currently have any bylaws that were adopted by shareholders. As a result of
these changes, shareholders will generally have fewer rights to vote on certain matters affecting
the Fund and, therefore, less control over the operations of the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The new governing documents include new procedures intended to provide the Board the
opportunity to better evaluate proposals submitted by shareholders and provide additional
information to shareholders for their consideration in connection with such proposals. For
example, the new governing documents require shareholders to provide additional information with
respect to shareholder proposals, including nominations, brought before a meeting of shareholders.
These additional procedures include, among others, deadlines for providing advance notice of
shareholder proposals, certain required information that must be included with such advance notice
and a requirement that the proposing shareholder appear before the annual or special meeting of
shareholders to present about the nomination or proposed business. Trustees will be elected by a
majority vote (i.e., nominees must receive the vote of a majority of the outstanding shares present
and entitled to vote at a shareholder meeting at which a quorum is present), while under the
current governing documents, Trustees are generally elected by a plurality vote (i.e., the nominees
receiving the greatest number of votes are elected). Also, the new governing documents will
provide for election of Trustees by all shareholders voting together as a single class, except for
those Trustees specifically designated to be elected solely by the holders of VMTP Shares (&#147;VMTP
Shareholders&#148;). The new governing documents will not provide shareholders the ability to remove
Trustees or to call special meetings of shareholders, which powers are provided under the current
governing documents.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The new governing documents contain provisions the Trustees believe will benefit shareholders
by deterring frivolous lawsuits and actions by short-term, speculative investors that are contrary
to the long-term best interests of the Fund and long-term shareholders and limiting the extent to
which Fund assets will be expended defending against such lawsuits. These provisions include a
different shareholder voting standard with respect to a Fund&#146;s merger, consolidation, or conversion
to an open-end company that, in certain circumstances, may be a lower voting standard than under
the current governing documents. The new governing documents also impose certain obligations on
shareholders seeking to initiate a derivative action on behalf of a Fund that are not imposed under
the current governing documents, which may make it more difficult for shareholders to initiate
derivative actions and are intended to save the Fund money by requiring reimbursement of the Fund
for frivolous lawsuits brought by shareholders. To further protect the Fund and its shareholders
from frivolous lawsuits, the new governing documents also provide that shareholders will indemnify
the Fund for all costs, expenses, penalties, fines or other amounts arising from any action against
the Fund to the extent that the shareholder is not the prevailing party and that the Fund is
permitted to redeem shares of and/or set off against any distributions due to the shareholder for
such amounts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A comparison of the current and proposed governing documents of the Funds is available in
Exhibit&nbsp;B and a form of the Statement of Preferences of the VMTP Shares of the Acquiring Fund is
available in Exhibit&nbsp;L.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Will there be any tax consequences resulting from a Redomestication?</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a general summary of the material U.S. federal income tax considerations of
the Redomestications and is based upon the current provisions of the Internal Revenue Code of 1986,
as amended (the &#147;Code&#148;), the existing U.S. Treasury Regulations thereunder, current administrative
rulings of the Internal Revenue Service (&#147;IRS&#148;) and published judicial decisions, all of which are
subject to change. These considerations are general in nature and individual shareholders should
consult their own tax advisors as to the federal, state, local, and foreign tax considerations
applicable to them and their individual circumstances. These same considerations generally do not
apply to shareholders who hold their shares in a tax-deferred account.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Redomestication is intended to be a tax-free reorganization pursuant to Section 368(a) of
the Code. Each Fund is currently a Massachusetts business trust. Each Redomestication will be
completed pursuant to a Plan of Redomestication that provides for the applicable Fund to transfer
all of its assets and liabilities to a newly formed Delaware statutory trust (&#147;DE-Fund&#148;), after
which Fund shareholders will own shares of the Delaware statutory trust and the Massachusetts
business trust will be liquidated. Even though the Redomestication of a Fund is part of an overall
plan to effect the Merger of each Target Fund with the Acquiring Fund, the Redomestications will be
treated as separate transactions for U.S. federal income tax purposes. The principal federal income
tax considerations that are expected to result from the Redomestication of an applicable Fund are
as follows:
</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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>no gain or loss will be recognized by the Fund or the shareholders of the Fund
as a result of the Redomestication;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>no gain or loss will be recognized by the DE-Fund as a result of the
Redomestication;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the aggregate tax basis of the shares of the DE-Fund to be received by a
shareholder of the Fund will be the same as the shareholder&#146;s aggregate tax basis
of the shares of the Fund; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the holding period of the shares of the DE-Fund received by a shareholder of the
Fund will include the period that a shareholder held the shares of the Fund
(provided that such shares of the Fund are capital assets in the hands of such
shareholder as of the Closing (as defined herein)).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither the Funds nor the DE-Funds have requested or will request an advance ruling from the
IRS as to the federal tax consequences of the Redomestications. As a condition to Closing, Stradley
Ronon Stevens &#038; Young, LLP will render a favorable opinion to each Fund and DE-Fund as to the
foregoing federal income tax consequences of each Redomestication, which opinion will be
conditioned upon, among other things, the accuracy, as of the Closing Date (as defined herein), of
certain representations of each Fund and DE-Fund upon which Stradley Ronon Stevens &#038; Young, LLP
will rely in rendering its opinion. A copy of the opinion will be filed with the SEC and will be
available for public inspection. See &#147;Where to Find Additional Information.&#148; Opinions of counsel
are not binding upon the IRS or the courts. If a Redomestication is consummated but the IRS or the
courts determine that the Redomestication does not qualify as a tax-free reorganization under the
Code, and thus is taxable, each Fund
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">would recognize gain or loss on the transfer of its assets to
its corresponding DE-Fund and each shareholder of the Fund would recognize a taxable gain or loss
equal to the difference between its tax basis in its Fund shares and the fair market value of the
shares of the DE-Fund it receives. The failure of one Redomestication to qualify as a tax-free
reorganization would not adversely affect any other Redomestication.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>What is the Tax Treatment of the VMTP Shares of the DE Fund?</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund expects that the VMTP Shares issued by the DE Fund in connection with the
Redomestications will be treated as equity of the DE Fund for U.S. federal income tax purposes.
Each Fund has received a private letter ruling from the IRS to the effect that VMTP Shares issued
by it prior to its Redomestication will be treated as equity of such Fund for U.S. federal income
tax purposes. Skadden, Arps, Slate, Meagher &#038; Flom LLP (&#147;Special VMTP Federal Income Tax Counsel&#148;)
is of the opinion that, and as a condition to the closing of the Redomestications will deliver to
the Funds an opinion that, the VMTP Shares issued by the DE Fund in connection with a
Redomestication will be treated as equity of the DE Fund for U.S. federal income tax purposes. An
opinion of counsel is not binding on the IRS or any court. Thus, no assurance can be given that
the IRS would not assert, or that a court would not sustain, a position contrary to Special VMTP
Federal Income Tax Counsel&#146;s opinion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The discussion herein assumes that the VMTP Shares issued by the DE Fund in connection with
Redomestication will be treated as equity of the DE Fund for U.S. federal income tax purposes.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>When are the Redomestications expected to occur?</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If shareholders of a Fund approve Proposal 1, it is anticipated that such Fund&#146;s
Redomestication will occur in the third quarter of 2012.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>What will happen if shareholders of a Fund do not approve Proposal 1?</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If Proposal 1 is not approved by a Fund&#146;s shareholders or if a Redomestication is for other
reasons not able to be completed, that Fund would not be redomesticated. In addition, that Fund
would not participate in a Merger, even if that Fund&#146;s shareholders approve the Merger under
Proposal 2. If Acquiring Fund Shareholders do not approve Proposal 1 or if the Acquiring Fund&#146;s
Redomestication is for any other reason not completed, no Mergers would be completed. If Proposal
1 is not approved by shareholders, the applicable Fund&#146;s Board will consider other possible courses
of action for that Fund, including continuing to operate as a
Massachusetts business trust.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>THE BOARDS UNANIMOUSLY RECOMMEND THAT YOU VOTE FOR THE APPROVAL OF PROPOSAL 1.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>PROPOSAL 2: APPROVAL OF MERGERS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>On what am I being asked to vote?</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders of each Target Fund are being asked to consider and approve a Merger of their
Target Fund with and into the Acquiring Fund, as summarized below. Shareholders of the Acquiring
Fund are also being asked to consider and approve each such Merger, which involves the issuance of
new Common Shares and VMTP Shares by the Acquiring Fund. If a Merger is approved, VMTP Shares of
the Target Funds will be exchanged on a one-for-one basis for newly issued Acquiring Fund VMTP
Shares with substantially similar terms, including equal aggregate liquidation preferences; and
Common Shares of the Target Funds will be exchanged for newly issued Acquiring Fund Common Shares
of equal aggregate net asset value. VMTP Shareholders are not expected to bear any costs of the
Mergers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Merger will be completed pursuant to an Agreement and Plan of Merger (&#147;Merger Agreement&#148;)
that provides for the applicable Target Fund to merge with and into the Acquiring Fund pursuant to
the Delaware Statutory Trust Act. A form of the Merger Agreement is attached hereto as Exhibit&nbsp;D.
Each Merger Agreement is substantially the same. The merger of one Target Fund and the Acquiring
Fund may proceed even if the merger of one or both of the other Target Funds is not approved by
shareholders or is for any other reason not completed. A Merger can proceed only if both the
Target Fund and the Acquiring Fund have also approved their respective Redomestications.
</DIV>

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</DIV>

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

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SUMMARY OF KEY INFORMATION REGARDING THE MERGERS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of certain information contained elsewhere in this Proxy Statement
and in the Merger Agreement. Shareholders should read the entire Proxy Statement carefully for
more complete information.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Has my Fund&#146;s Board of Trustees approved the Merger(s)?</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes. Each Fund&#146;s Board has reviewed and unanimously approved the Merger Agreement and this
Proposal 2. Each Fund&#146;s Board determined that the Mergers are in the best interest of each Fund
and will not dilute the interests of the existing shareholders of any Fund. <B>Each Fund&#146;s Board
recommends that shareholders vote for Proposal 2.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Will VMTP Shares issued in connection with the Mergers be the same as my current VMTP Shares?</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes. In connection with the Mergers, the Acquiring Fund will issue VMTP Shares in exchange
for each Target Fund&#146;s VMTP Shares. The terms of the Acquiring Fund VMTP Shares will be
substantially similar to the terms of each Target Fund&#146;s VMTP Shares outstanding immediately prior
to the closing of a Mergers. The primary difference between the terms of the Acquiring Fund VMTP
Shares and the terms of each Target Fund&#146;s VMTP Shares is that the Acquiring Fund VMTP Shares have
a term redemption date of December&nbsp;1, 2015 whereas the Target Fund VMTP Shares have a term
redemption date of June&nbsp;1, 2015. In addition, while the VMV VMTP Shares currently have the same
ratings spread as the Acquiring Fund VMTP Shares, beginning on January&nbsp;1, 2013, the VMV VMTP Shares
would have a higher ratings spread than the Acquiring Fund VMTP Shares, meaning that VMV&#146;s VMTP
Shares would pay a higher dividend (assuming an equal credit rating) than the Acquiring Fund VMTP
Shares. As a result, in connection with the Mergers, Target Fund shareholders will receive VMTP
Shares that have a longer duration and, in the case of VMV, would pay a lower dividend beginning on
January&nbsp;1, 2013 (assuming an equal credit rating). Important information regarding the Acquiring
Fund VMTP Shares to be issued in connection with the Mergers is set forth below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;It is a condition of closing of each Merger that the Target Fund and the Acquiring Fund
will have satisfied all of its obligations set forth in certain documents related to its
respective VMTP Shares immediately prior to the Merger and that the Acquiring Fund will satisfy all
of the obligations of such documents related to the VMTP Shares immediately after giving effect to
the Merger.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;The terms of the Declaration of Trust of the Acquiring Fund (after giving effect to the
Merger) are identical to those terms agreed upon by the initial purchaser of VMTP Shares of the
Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;The terms of the bylaws of the Acquiring Fund (after giving effect to the Merger) are
identical to those terms agreed upon by the initial purchaser of VMTP Shares of the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;The terms of the VMTP Shares issued by the Acquiring Fund, as set forth in the Statement
of Preferences of VMTP Shares of the DE Fund, are identical to those terms agreed upon by the
initial purchaser of VMTP Shares of the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;In the Merger, VMTP Shares of the Target Fund will be exchanged for VMTP Shares of the
Acquiring Fund and after giving effect to all Mergers, all VMTP Shares of the Acquiring Fund will
be held by the current holders of the VMTP Shares of the Target Funds and the Acquiring Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;It is a condition of closing of each Merger that upon closing of such Merger the VMTP
Shares of the Acquiring Fund be rated at least AA-/Aa3 by each rating agency that is rating, at the
request of the Acquiring Fund, such VMTP Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;The Mergers are scheduled to occur on or prior to December&nbsp;31, 2012.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A form of the Statement of Preferences of VMTP Shares of the Acquiring Fund (after giving effect to
its Redomestication) is attached hereto as Exhibit&nbsp;L. The description of VMTP Shares of the
Acquiring Fund included herein is subject to and qualified in its entirety by reference to the more
detailed description of the VMTP Shares set forth in such form of Statement of Preferences.
</DIV>


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</DIV>

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




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>What are the reasons for the proposed Mergers?</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Mergers proposed in this Proxy Statement are part of a larger group of transactions across
the Adviser&#146;s fund platform that began in early 2011. The Mergers seek to combine Funds with
investment objectives, strategies and related risks that are similar, except that each Target Fund focuses on investing in municipal bonds that pay interest
exempt from taxation by a specific state while the Acquiring Fund invests in municipal
bonds that pay interest exempt from U.S. federal income tax, issued by issuers throughout
the nation,  and that are managed by
substantially the same portfolio management team.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VMTP Shareholders are expected to benefit from the larger size of the combined fund due to a
larger fund&#146;s ability to invest in a larger pool of securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In considering the Mergers and the Merger Agreements, the Board of each Fund considered that
the Common Shareholders of each Fund may benefit from the Mergers by becoming shareholders of a
larger fund that may have a more diversified investment portfolio, greater market liquidity, more
analyst coverage, smaller spreads and trading discounts, improved purchasing power and lower
transaction costs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the benefits mentioned above, the Board of the Acquiring Fund also considered
that the combined fund on a <I>pro forma </I>  basis would have a 0.30% higher distribution yield (as a
percentage of net asset value) than the Acquiring Fund, even after giving effect to the slightly
higher total expenses anticipated to be incurred by the combined fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of each Target Fund also considered that, in addition to the benefits mentioned
above:
</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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the combined fund is anticipated to have lower total operating expenses than
each Target Fund;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the combined fund on a <I>pro forma </I>basis (and therefore not
guaranteed in the future) had more than a 0.20% higher Common Share
distribution yield (as a percentage of net asset value) than each Target Fund, even
after giving effect to the higher management fees and total expense ratio that
would apply to the combined fund before and after the expiration of fee waivers;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>as of July&nbsp;31, 2011, the Acquiring Fund&#146;s Common Shares had traded at an average
premium of 1.72% to its net asset value over the preceding 52&nbsp;week period and, over
the same period, the Target Funds&#146; Common Shares had traded at average premiums of
4.39% (VMV), 1.11% (VOQ)&nbsp;and 2.32% (VTJ);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>as of July&nbsp;31, 2011, the Acquiring Fund&#146;s Common Shares traded at an average
discount of -2.80% to its net asset value for the preceding month and, over the
same period, the Target Funds&#146; Common Shares had traded at average discounts of
-1.30% (VMV), -0.50% (VOQ)&nbsp;and -3.50 (VTJ);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the average daily trading volume for the Acquiring Fund&#146;s Common Shares was more
than 20 times greater than the average daily trading volume of VMV&#146;s Common Shares,
more than 11 times greater than the average daily trading volume of VOQ&#146;s Common
Shares and more than eight times greater than the average daily trading volumes of
VTJ&#146;s Common Shares; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>as of July&nbsp;31, 2011, the Acquiring Fund owned 434 different municipal bonds and
the Target Funds owned 73 (VMV), 102 (VOQ)&nbsp;and 99 (VTJ), which means that the
combined fund would provide shareholders with a more diverse investment portfolio.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Boards also considered the expected tax free nature of the Mergers for each Fund and its
shareholders for federal income tax purposes. However, the Boards of the Target Funds considered
that Target Fund shareholders living in Massachusetts, Ohio or New Jersey, respectively, will lose the benefit of their
respective Massachusetts, Ohio or New Jersey state tax exemption to the extent that the Acquiring Fund invests in securities
whose distributions are not exempt from Massachusetts, Ohio or New Jersey state income tax, respectively,
or to the extent that the Acquiring Fund is no longer eligible to pass through to investors the tax-exempt nature of
its income for state tax purposes. The Board considered the information regarding each Fund&#146;s Common Share
distribution rate on an actual and tax-equivalent basis, (reflecting the effect of both state and
federal income taxes), noting that before giving effect to the Mergers, the after federal tax
equivalent Common Share distribution yield (as a percentage of net asset value) of the Acquiring
Fund was within 0.50% of the after federal and state tax equivalent Common Share
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">yield of each Target Fund. The Board weighed this factor in light of the benefits of the Mergers to Target Fund
shareholders described herein, including the benefits of increased portfolio diversification.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, each Board considered the allocation of expenses of the Mergers, including the
Adviser paying all of the Merger costs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of each Fund considered these and other factors in concluding that the Mergers would
be in the best interest of the Funds and would not dilute the interests of the existing
shareholders of any Fund. The Boards&#146; considerations are described in more detail below in the
section entitled &#147;Additional Information About the Funds and the Mergers&#151;Board Considerations in
Approving the Mergers.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>What effect will a Merger have on me as a VMTP Shareholder?</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you own Target Fund VMTP Shares, you will, after the Merger, own VMTP Shares of the
Acquiring Fund with an aggregate liquidation preference equal to, and other terms that are
substantially similar to, the Target Fund VMTP Shares you held immediately before the Merger. The
primary difference between the terms of the Acquiring Fund VMTP Shares and the terms of each Target
Fund&#146;s VMTP Shares is that the Acquiring Fund VMTP Shares have a term redemption date of December
1, 2015 whereas the Target Fund VMTP Shares have a term redemption date of June&nbsp;1, 2015. In
addition, while the VMV VMTP Shares currently have the same ratings spread as the Acquiring Fund
VMTP Shares, beginning on January&nbsp;1, 2013, the VMV VMTP Shares would have a higher ratings spread
than the Acquiring Fund VMTP Shares, meaning that VMV&#146;s VMTP Shares would pay a higher dividend
(assuming an equal credit rating) than the Acquiring Fund VMTP Shares. As a result, in connection
with the Mergers, Target Fund shareholders will receive VMTP Shares that have a longer duration
and, in the case of VMV, would pay a lower dividend beginning on January&nbsp;1, 2013 (assuming an equal
credit rating). As discussed under Proposal 1, before the closing of the Mergers, the Funds will
be reorganized as Delaware statutory trusts, which will all have substantially identical Statements
of Preferences of VMTP Shares. A form of the Statement of Preferences of VMTP Shares of the
Acquiring Fund (after giving effect to its Redomestication) is attached hereto as Exhibit&nbsp;L. The
Statement of Preferences of VMTP Shares of each Fund (after giving effect to each Fund&#146;s
Redomestication) will be identical in all material respects.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you are a VMTP Shareholder of the Acquiring Fund, your VMTP Shares of the Acquiring Fund
will not be changed by a Merger.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is expected that neither the Funds nor their shareholders will recognize any gain or loss
for federal income tax purposes as a result of the Mergers. <B>After the Merger of VMV, VOQ, or VTJ
into the Acquiring Fund, shareholders of VMV, VOQ and VTJ living in the state of Massachusetts,
Ohio or New Jersey, respectively, will lose the benefit of their respective Massachusetts, Ohio or
New Jersey state tax exemption to the extent that the Acquiring Fund invests in securities whose
distributions are not exempt from Massachusetts, Ohio or New Jersey state income tax, respectively,
or to the extent that the Fund is no longer eligible to pass through to investors the tax-exempt
nature of its income for state tax purposes. </B>Shareholders should consult their own tax advisor
regarding the effect, if any, of the Merger in light of their individual circumstances. For more
information about the Federal tax consequences of the Merger, see the section below entitled
&#147;Summary of Key Information Regarding the Mergers&#151;Will there be any tax consequences resulting from
the Mergers?&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The principal differences between the Target Funds and the Acquiring Fund are described in the
following sections.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>How do the Funds&#146; investment objectives and principal investment strategies compare?</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Funds&#146;  investment objectives are shown in the table below. The primary
difference between the Funds&#146; investment objectives is that, in addition to seeking to provide
income that is exempt from federal income tax, each Target Fund seeks to provide income that is
also exempt from the income tax of its respective state. Each Fund&#146;s investment objective is
fundamental and may be changed only with shareholder approval.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="24%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="5" style="border-bottom: 1px solid #000000"><B>Investment Objectives</B></TD>

</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>VTJ</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="LEFT"><B>Acquiring Fund (VKQ)</B></TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:0px">To provide a high level of current income exempt from
federal income taxes and New Jersey gross income taxes, consistent with preservation of
capital.</DIV></TD>
    <TD>&nbsp;</TD>

<TD colspan="3" align="LEFT" VALIGN="TOP"><DIV style="margin-left:30px; text-indent:0px">To provide a high level of current income exempt from federal income
tax, consistent with preservation of capital.</div></TD>
</TR>

<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>VMV</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:0px">To provide a high level of
current income exempt from
federal income taxes and
Massachusetts personal income
tax, consistent with preservation
of capital.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>VOQ</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent: 0px">To provide a high level of
current income exempt from
federal and Ohio income taxes,
consistent with preservation of
capital.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The principal investment strategies of the Acquiring Fund are similar to the principal
investment strategies of the Target Funds, except that each Target Fund focuses on investing in
municipal bonds that pay interest exempt from taxation by a specific state while the Acquiring Fund
invests in municipal bonds that pay interest exempt from U.S. federal income tax, issued by issuers
throughout the nation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The section below entitled &#147;Additional Information About the Funds and the Mergers&#151;Principal
Investment Strategies&#148; provides more information on the principal investment strategies of the
Target Funds and the Acquiring Fund and highlights certain key differences.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>How do the Funds&#146; principal risks compare?</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The principal risks that may affect each Fund&#146;s investment portfolio are similar. Each Fund
is subject to the same risks, except that the Acquiring Fund is not subject to special risk
considerations regarding state municipal securities to the same degree as the Target Funds because
it does not typically invest all of its assets in issuers located in the same state. As a result
of the Mergers, however, immediately after the closing of the Mergers the Acquiring Fund will have
a greater portion of its total assets invested in issuers located in Massachusetts, New Jersey or
Ohio as compared to its current investments, in which case it will be more susceptible to adverse
economic, business or regulatory conditions in those states. On a <I>pro forma </I>basis after giving
effect to the Mergers, based on the Funds&#146; portfolio investments as of February&nbsp;29, 2012, the
Acquiring Fund&#146;s investments in issuers located in Massachusetts, New Jersey and Ohio would equal
7.8%, 12.7% and 14.3% of its total assets, respectively. The Acquiring Fund has no policy limiting
its investments in municipal securities whose issuers are located in the same state.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment in any of the Funds involves risks, including the risk that shareholders may
receive little or no return on their investment and the risk that shareholders may lose part or all
of the money they invest. There can be no guarantee against losses resulting from an investment in
a Fund, nor can there be any assurance that a Fund will achieve its investment objective(s).
Whether a Fund achieves its investment objective(s) depends on market conditions generally and on
the Adviser&#146;s analytical and portfolio management skills. As with any managed fund, the Adviser
may not be successful in selecting the best-performing securities or investment techniques, and a
Fund&#146;s performance may lag behind that of similar funds. The risks associated with an investment
in a Fund can increase during times of significant market volatility. An investment in a Fund is
not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance
Corporation or any other government agency. Before investing in a Fund, potential shareholders
should carefully evaluate the risks.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The risks associated with an investment in VMTP Shares are substantially similar for the
Target Funds and the Acquiring Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional information on the principal risks of each Fund is included in such Fund&#146;s
shareholder reports SAI.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /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">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>How do the Funds&#146; expenses compare?</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table below provides a summary comparison of the expenses of the Funds. The table also
shows estimated expenses on a <I>pro forma </I>basis giving effect to the proposed Merger with VMV and
giving effect to all of the Mergers. The <I>pro forma </I>expense ratios show projected estimated
expenses, but actual expenses may be greater or less than those shown.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is anticipated that the lowest expense ratio will be achieved for the Acquiring Fund if all
of the Mergers are completed and that the highest expense ratio will result if VMV is the only
Target Fund that participates in a Merger with the Acquiring Fund. The range of impact to
Acquiring Fund expenses after the Mergers is reflected in the following table. Note that Acquiring
Fund Total Annual Fund Operating Expenses on a <I>pro forma </I>basis will be higher than the Acquiring
Fund&#146;s current expenses because the Acquiring Fund will after the Mergers have more leverage as a
result of the higher leverage levels of certain Target Funds and therefore slightly higher Interest
and Related Expenses. Therefore, such increased expenses will be offset by the benefits of such
increased leverage to the extent that leverage continues to be beneficial to the Fund. VMTP
Shareholders are not expected to bear any of the costs of the Mergers.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="top">
    <TD width="37%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

    <TD width="4%">&nbsp;</TD>


    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

    <TD width="4%">&nbsp;</TD>


    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

    <TD width="4%">&nbsp;</TD>


    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

    <TD width="4%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

    <TD width="4%">&nbsp;</TD>


    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="15" style="border-bottom: 1px solid #000000"><B>Current(a)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B><I>Pro Forma</I></B>(b)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B><I>Pro Forma</I></B>(b)</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD nowrap align="center" colspan="2"><B>Invesco Van</B></TD>

    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Invesco Van &nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B> Kampen</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>VMV</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>VMV, VOQ, VTJ</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Kampen</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Invesco Van &nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Trust for</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>&#043;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>&#043;</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Massachusetts Value</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Kampen</B></TD>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>


    <TD nowrap align="center" colspan="2"><B>Investment Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Invesco Van</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Acquiring Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Acquiring Fund</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Municipal Income</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Ohio Quality</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>New Jersey</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Kampen</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(assumes only</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(assumes all of the</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Trust</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Municipal Trust</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Municipals</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Municipal Trust</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Merger with VMV is</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Mergers are</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(VMV)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(VOQ)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(VTJ)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Acquiring Fund)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>completed)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>completed)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Shareholder Fees </B>(Fees paid
directly from your investment)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Maximum
Sales Charge (Load) Imposed on Purchases (as a percentage of
offering price) (c)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right" valign="top">None</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right" valign="top">None</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right" valign="top">None</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right" valign="top">None</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right" valign="top">None</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right" valign="top">None</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dividend Reinvestment <BR>
Plan (d)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right" valign="top">None</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right" valign="top">None</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right" valign="top">None</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right" valign="top">None</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right" valign="top">None</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right" valign="top">None</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Annual Fund Operating Expenses</B>
(expenses that you pay each year as
a percentage of the value of your
investment)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Management Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.94</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.87</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.92</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.90</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.90</TD>
    <TD nowrap>%<SUP style="FONT-size: 85%; vertical-align: text-top"> </SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.90</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest and Related <BR>
Expenses (e)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.03</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.74</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.84</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.71</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.73</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.73</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other Expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.61</TD>
    <TD nowrap>%<SUP style="FONT-size: 85%; vertical-align: text-top"> </SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.30</TD>
    <TD nowrap>%<SUP style="FONT-size: 85%; vertical-align: text-top"> </SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%<SUP style="FONT-size: 85%; vertical-align: text-top"> </SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.15</TD>
    <TD nowrap>%<SUP style="FONT-size: 85%; vertical-align: text-top"> </SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.16</TD>
    <TD nowrap>%<SUP style="FONT-size: 85%; vertical-align: text-top"> </SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.15</TD>
    <TD nowrap>%<SUP style="FONT-size: 85%; vertical-align: text-top"> </SUP></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total Annual Fund Operating Expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.58</TD>
    <TD nowrap>%<SUP style="FONT-size: 85%; vertical-align: text-top"> </SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.91</TD>
    <TD nowrap>%<SUP style="FONT-size: 85%; vertical-align: text-top">  </SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.01</TD>
    <TD nowrap>%<SUP style="FONT-size: 85%; vertical-align: text-top"> </SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.76</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.79</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.78</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>

</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(a)</TD>
    <TD>&nbsp;</TD>
    <TD>Expense ratios reflect estimated amounts for the current fiscal year. VMTP Shares do not bear
any transaction or operating expenses of the Funds.</TD>
</TR>

<TR style="font-size: 6pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(b)</TD>
    <TD>&nbsp;</TD>
    <TD><I>Pro forma </I>numbers are estimated as if the Mergers had been completed as of March&nbsp;1, 2011.
The Funds are not bearing any Merger costs.</TD>
</TR>

<TR style="font-size: 6pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(c)</TD>
    <TD>&nbsp;</TD>
    <TD>Common Shares of each Fund purchased on the secondary market are not subject to sales
charges, but may be subject to brokerage commissions or other charges.</TD>
</TR>

<TR style="font-size: 6pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(d)</TD>
    <TD>&nbsp;</TD>
    <TD>Each participant in a Fund&#146;s dividend reinvestment plan pays a proportionate share of the
brokerage commissions incurred with respect to open market purchases in connection with such
plan. For each Fund&#146;s last fiscal year, participants in the plan incurred brokerage
commissions representing $0.03 per Common Share.</TD>
</TR>

<TR style="font-size: 6pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(e)</TD>
    <TD>&nbsp;</TD>
    <TD>Interest and Related Expenses includes interest and other costs of providing leverage to the
Funds, such as the costs to maintain lines of credit, issue and administer preferred shares,
and establish and administer floating rate note obligations.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>How do the management, investment adviser and other service providers of the Funds
compare?</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund is overseen by a Board composed of the same individuals and each Fund&#146;s affairs are
managed by the same officers, as described in Exhibit&nbsp;E. The Adviser, a registered investment
adviser, serves as investment adviser for each Fund pursuant to an investment advisory agreement
that contains substantially identical terms for each Fund. The Adviser oversees the management of
each Fund&#146;s portfolio, manages each Fund&#146;s business affairs and provides certain clerical,
bookkeeping and other administrative services. The Adviser has acted as an
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /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">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">investment adviser since its organization in 1976. As of March&nbsp;31, 2012, the Adviser had $309.2&nbsp;billion in assets
under management. The Adviser is located at 1555 Peachtree Street, N.E., Atlanta, Georgia 30309.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Adviser is an indirect, wholly-owned subsidiary of Invesco Ltd. (&#147;Invesco&#148;). Invesco is a
leading independent global investment management company, dedicated to helping people worldwide
build their financial security. Invesco provides a comprehensive array of enduring solutions for
retail, institutional and high-net-worth clients around the world. Invesco had $672.8&nbsp;billion in
assets under management as of March&nbsp;31, 2012. Invesco is organized under the laws of Bermuda, and
its common shares are listed and traded on the New York Stock Exchange under the symbol &#147;IVZ.&#148;
Invesco is located at 1555 Peachtree Street, N.E., Atlanta, Georgia 30309.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All of the ordinary business expenses incurred in the operations of a Fund are borne by the
Fund unless specifically provided otherwise in the advisory agreement. Expenses borne by the Funds
include but are not limited to brokerage commissions, taxes, legal, accounting, auditing, or
governmental fees, the cost of preparing share certificates, custodian, transfer and shareholder
service agent costs, expenses of registering and qualifying shares for sale, expenses relating to
Trustee and shareholder meetings, the cost of preparing and distributing reports and notices to
shareholders, and the fees and other expenses incurred by the Funds in connection with membership
in investment company organizations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A discussion of the basis for each Board&#146;s 2011 approval of each Fund&#146;s investment advisory
agreements is included in the Fund&#146;s semiannual report for the six months ended August&nbsp;31, 2011. A
discussion of the basis for each Board&#146;s most recent approval of each Fund&#146;s investment advisory
agreements will be included in the Fund&#146;s semiannual report for the six months ending August&nbsp;31,
2012, if any.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The contractual advisory fee rate of the Acquiring Fund is the same as the contractual
advisory fee rate of each Target Fund. The following table compares the advisory fee rates of the
Funds.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>VMV</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>VOQ</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>VTJ</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Acquiring Fund (VKQ)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top"><DIV style="margin-left:15px; text-indent:-15px">Contractual Fee Rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>0.55% of managed assets</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>0.55% of managed assets</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>0.55% of managed assets</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>0.55% of managed assets</TD>
</TR>
<TR valign="bottom">
    <TD align="left"><DIV style="margin-left:15px; text-indent:-15px">Net Effective Fee
Rate*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.94%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.87%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.92%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.90%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Varies based on the amount of financial leverage used by the Fund.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the Funds calculates its advisory fee as a percentage of its &#147;managed assets,&#148; which
for this purpose means the Fund&#146;s net assets, plus assets attributable to outstanding preferred
shares and the amount of any borrowings incurred for the purpose of leverage (whether or not such
borrowed amounts are reflected in the Fund&#146;s financial statements for purposes of generally
accepted accounting principles). As a result, the actual amount paid by each Fund, as a percentage
of NAV, will typically exceed the contractual rate. For more information, see the table above
under &#147;How do the Funds&#146; expenses compare?&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund&#146;s advisory agreement provides that the Adviser may delegate any and all of its
rights, duties, and obligations to one or more wholly-owned affiliates of Invesco as sub-advisers
(the &#147;Invesco Sub-Advisers&#148;). Pursuant to each Fund&#146;s Master Intergroup Sub-Advisory Contract, the
Invesco Sub-Advisers may be appointed by the Adviser from time to time to provide discretionary
investment management services, investment advice, and/or order execution services. Each Invesco
Sub-Adviser is registered with the SEC as an investment adviser.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other key service providers to the Target Funds, including the administrator, transfer agent,
custodian, and auditor, provide substantially the same services to the Acquiring Fund. Each Fund
has entered into a master administrative services agreement with the Adviser, pursuant to which the
Adviser performs or arranges for the provision of accounting and other administrative services to
the Funds that are not required to be performed by the Adviser under its investment advisory
agreements with the Funds. The custodian for the Funds is State Street Bank and Trust Company, 225
Franklin Street, Boston, Massachusetts 02110-2801. The transfer agent and dividend paying agent
for the Funds is Computershare Trust Company, N.A., P.O. Box 43078, Providence, Rhode Island
02940-3078.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /Folio -->
</DIV>

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Does the Acquiring Fund have the same portfolio managers as the Target Funds?</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The portfolio management teams of the Funds are similar, but certain portfolio managers are
not the same. Information on the portfolio managers of the Funds is included below under
&#147;Additional Information About the Funds and the Mergers&#151;Portfolio Managers&#148; and in the SAI.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>How do the distribution policies of the Funds compare?</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund declares and pays dividends monthly from net investment income to Common
Shareholders. Each Fund declares daily and pays monthly dividends from net investment income on
VMTP Shareholders. Distributions from net realized capital gain, if any, are generally paid
annually and are distributed on a pro rata basis to Common Shareholders and VMTP Shareholders.
Each Fund may also declare and pay capital gains distributions more frequently, if necessary, in
order to reduce or eliminate federal excise or income taxes on the Fund. Each Fund offers a
dividend reinvestment plan for holders of the Fund&#146;s Common Shares (&#147;Common Shareholders&#148;), which
is more fully described in the Fund&#146;s shareholder reports.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Will there be any tax consequences resulting from the Mergers?</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Merger is designed to qualify as a tax-free reorganization for federal income tax
purposes and each Fund anticipates receiving a legal opinion to that effect (although there can be
no assurance that the Internal Revenue Service will adopt a similar position). This means that the
shareholders of each Target Fund will recognize no gain or loss for federal income tax purposes
upon the exchange of all of their shares in such Target Fund for shares in the Acquiring Fund.
After the Merger of VMV, VOQ, or VTJ into the Acquiring Fund, shareholders of VMV, VOQ and VTJ
living in the state of Massachusetts, Ohio or New Jersey, respectively, will lose the benefit of
their respective Massachusetts, Ohio or New Jersey state tax exemption to the extent that the
Acquiring Fund invests in securities whose distributions are not exempt from Massachusetts, Ohio or
New Jersey state income tax, respectively, or to the extent that the Fund is no longer eligible to
pass through to investors the tax-exempt nature of its income for state tax purposes. Shareholders
should consult their tax advisor about state and local tax consequences of the Mergers, if any,
because the information about tax consequences in this Proxy Statement relates only to the federal
income tax consequences of the Mergers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to the closing of each Merger, each Target Fund will declare to its Common Shareholders
one or more dividends, and the Acquiring Fund may, but is not required to, declare to its Common
Shareholders a dividend, payable at or near the time of closing to their respective shareholders to
the extent necessary to avoid entity level tax or as otherwise deemed desirable. Such
distributions, if made, are anticipated to be made in the 2012 calendar year and, to the extent a
distribution is not an &#147;exempt-interest dividend&#148; (as defined in the Code), the distribution may be
taxable to shareholders in such year for federal income tax purposes. It is anticipated that Fund
distributions will be primarily dividends that are exempt from regular federal income tax, although
a portion of such dividends may be taxable to shareholders as ordinary income or capital gains. To
the extent the distribution is attributable to ordinary income or capital gains, such ordinary
income and capital gains will be allocated to Common Shareholders and VMTP Shareholders in
accordance with each class&#146;s proportionate share of the total dividends paid by the Fund during the
year. In certain circumstances, each Fund will make additional payments to VMTP Shareholders to
offset the tax effects of such taxable distributions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, Skadden, Arps, Slate, Meagher &#038; Flom LLP\ will deliver an opinion to the Funds,
subject to certain representations, assumptions and conditions, to the effect that the Acquiring
Fund VMTP Shares received in the Mergers by holders of VMTP Shares of a Target Fund will qualify as
equity of the Acquiring Fund for federal income tax purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>When are the Mergers expected to occur?</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If shareholders of a Target Fund and the Acquiring Fund approve the Merger and the
Redomestication (Proposal 1), it is anticipated that the Merger will occur in the third quarter of
2012.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>What will happen if shareholders of a Fund do not approve a Merger?</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a Merger is not approved by shareholders or is for other reasons unable to be completed,
the applicable Fund will continue to operate without merging and the Fund&#146;s Board will consider other possible
courses of action for the Fund.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->12<!-- /Folio -->
</DIV>

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Where can I find more information about the Funds and the Mergers?</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The remainder of this Proxy Statement contains additional information about the Funds and the
Mergers, as well as information on the other proposals to be voted on at the Meeting. You are
encouraged to read the entire document. Additional information about each Fund can be found in the
statement of additional information (&#147;SAI&#148;) to the registration statement for the Acquiring Fund&#146;s
Common Shares on Form N-14, dated June&nbsp;8, 2012 (which is not part of this Proxy Statement and is
not incorporated by reference herein), and in each Fund&#146;s shareholder reports. If you need any
assistance, or have any questions regarding the Mergers or how to vote, please call Invesco Client
Services at (800)&nbsp;341-2929.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>ADDITIONAL INFORMATION ABOUT THE FUNDS AND THE MERGERS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Principal Investment Strategies</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following section compares the principal investment strategies of the Target Funds with
the principal investment strategies of the Acquiring Fund and highlights any key differences. In
addition to the principal investment strategies described below, each Fund may use other investment
strategies and is also subject to certain additional investment policies and limitations, which are
described in the SAI and in each Fund&#146;s shareholder reports. The cover page of this Proxy
Statement describes how you can obtain copies of these documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Investment Strategies. </I>For the Acquiring Fund, VTJ and VMV, under normal market conditions, at
least 80% of the Fund&#146;s total assets will be invested in municipal securities. For VOQ, under
normal market conditions, at least 80% of the Fund&#146;s total assets will be invested in Ohio
municipal securities. Each policy stated in the foregoing sentences is a fundamental policy and
may not be changed without shareholder approval of a majority of the applicable Fund&#146;s outstanding
voting securities, as defined in the 1940 Act. Under normal market conditions, the Adviser seeks
to achieve the Acquiring Fund&#146;s investment objective by investing at least 80% of the Fund&#146;s total
assets in investment grade municipal securities. Under normal market conditions, the Adviser seeks
to achieve VOQ&#146;s investment objective by investing at least 80% of the Fund&#146;s total assets in Ohio
municipal securities rated investment grade at the time of investment. Under normal market
conditions, the Adviser seeks to achieve VTJ&#146;s investment objective by investing at least 80% of
the Fund&#146;s total assets in investment grade New Jersey municipal securities. Finally, under normal
market conditions, the Adviser seeks to achieve VMV&#146;s investment objective by investing at least
80% of the Fund&#146;s total assets in Massachusetts municipal securities rated investment grade at the
time of investment. Although the Acquiring Fund has no present intention to invest more than 25%
of its assets in issuers located in the same state, it has no policy limiting its investments in
municipal securities whose issuers are located in the same state and the Mergers may result in the
Acquiring Fund having substantial holdings of Massachusetts, New Jersey and Ohio municipal
securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund defines investment grade securities as: (i)&nbsp;securities rated BBB- or higher by
Standard &#038; Poor&#146;s Financial Services LLC, a subsidiary of the McGraw-Hill Companies, Inc. (&#147;S&#038;P&#148;)
or Baa3 or higher by Moody&#146;s Investors Service, Inc. (&#147;Moody&#146;s&#148;) or an equivalent rating by another
nationally recognized statistical rating organization (&#147;NRSRO&#148;), (ii)&nbsp;comparably rated short term
securities, or (iii)&nbsp;unrated municipal securities determined by the Adviser to be of comparable
quality at the time of purchase.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under normal market conditions, each of the Acquiring Fund, VMV and VOQ may invest up to 20%
of its total assets, and VTJ may invest up to 20% of its net assets, in municipal securities rated
below investment grade or that are unrated but determined by the Adviser to be of comparable
quality at the time of purchase. Lower-grade securities are commonly referred to as junk bonds and
involve greater risks than investments in higher-grade securities. No Fund purchases securities
that are in default or rated in categories lower than B- by S&#038;P or B3 by Moody&#146;s or unrated
securities of comparable quality.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing percentage and rating limitations apply at the time of acquisition of a security
based on the last previous determination of a Fund&#146;s net asset value. Any subsequent change in any
rating by a rating service or change in percentages resulting from market fluctuations or other
changes in the Fund&#146;s total assets will not require elimination of any security from the Fund&#146;s
portfolio.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund may invest all or a substantial portion of its total assets in municipal securities
that may subject certain investors to the federal alternative minimum tax and, therefore, a
substantial portion of the income produced
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">by a Fund may be taxable for such investors under the
federal alternative minimum tax. Accordingly, the Funds may not be suitable investments for
investors who are already subject to the federal alternative minimum tax or could become subject to
the federal alternative minimum tax as a result of an investment in a Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Adviser buys and sells securities for each Fund with a view towards seeking a high level
of current income exempt from federal income taxes and, for VTJ, VOQ and VMV, New Jersey gross
income taxes, Ohio income taxes and Massachusetts income taxes, respectively, subject to reasonable
credit risk. As a result, a Fund will not necessarily invest in the highest yielding municipal
securities permitted by its investment policies if the Adviser determines that market risks or
credit risks associated with such investments would subject the Fund&#146;s portfolio to undue risk. The
potential realization of capital gains or losses resulting from possible changes in interest rates
will not be a major consideration and frequency of portfolio turnover generally will not be a
limiting factor if the Adviser considers it advantageous to purchase or sell securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Adviser employs a bottom-up, research-driven approach to identify securities that have
attractive risk/reward characteristics for the sectors in which each Fund invests. The Adviser also
integrates macroeconomic analysis and forecasting into its evaluation and ranking of various
sectors and individual securities. Finally, each Fund employs leverage in an effort to enhance the
Fund&#146;s income and total return. Sell decisions for each Fund are based on: (i)&nbsp;a deterioration or
likely deterioration of an individual issuer&#146;s capacity to meet its debt obligations on a timely
basis; (ii)&nbsp;a deterioration or likely deterioration of the broader fundamentals of a particular
industry or sector; and (iii)&nbsp;opportunities in the secondary or primary market to purchase a
security with better relative value.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Municipal Securities</I>. The Funds define municipal securities as obligations issued by or on
behalf of states, territories or possessions of the United States, the District of Columbia and
their cities, counties, political subdivisions, agencies and instrumentalities, the interest on
which, in the opinion of bond counsel or other counsel to the issuers of such securities, is, at
the time of issuance, exempt from federal income tax. Ohio municipal securities, Massachusetts
municipal securities and New Jersey municipal securities are municipal securities the interest on
which, in the opinion of bond counsel or other counsel to the issuer of such securities, is, at the
time of issuance, exempt from Ohio income tax, Massachusetts personal income tax or New Jersey
gross income tax, respectively. The Adviser does not conduct its own analysis of the tax status of
the interest paid by municipal securities held by the Funds, but will rely on the opinion of
counsel to the issuer of each such instrument.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The issuers of municipal securities obtain funds for various public purposes, including the
construction of a wide range of public facilities such as airports, highways, bridges, schools,
hospitals, housing, mass transportation, streets and water and sewer works. Other public purposes
for which municipal securities may be issued include refunding outstanding obligations, obtaining
funds for general operating expenses and obtaining funds to lend to other public institutions and
facilities. Certain types of municipal securities are issued to obtain funding for privately
operated facilities. Neither VTJ nor the Acquiring Fund generally will invest more than 5% of its
total assets in the securities of any single issue.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The yields of municipal securities depend on, among other things, general money market
conditions, general conditions of the municipal securities market, size of a particular offering,
the maturity of the obligation and rating of the issue. There is no limitation as to the maturity
of municipal securities in which the Funds may invest. The ratings of NRSROs represent their
opinions of the quality of the municipal securities they undertake to rate. These ratings are
general and are not absolute standards of quality. Consequently, municipal securities with the same
maturity, coupon and rating may have different yields while municipal securities of the same
maturity and coupon with different ratings may have the same yield.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Adviser may adjust the average maturity of each Fund&#146;s portfolio from time to time,
depending on its assessment of the relative yields available on securities of different maturities
and its expectations of future changes in interest rates. VMV generally expects primarily to
invest and hold until maturity longer-term Massachusetts municipal securities because, under normal
conditions, longer-term Massachusetts municipal securities generally provide a higher yield than
shorter-term Massachusetts municipal securities of similar credit quality. VMV may, however,
invest in short-term Massachusetts municipal securities when yields are greater than yields
available on longer-term Massachusetts municipal securities, to stabilize net asset value and as
reserves for expenses, Share repurchases, dividends and other distributions to shareholders.
</DIV>

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</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The two principal classifications of municipal securities are general obligation and revenue
or special delegation securities. General obligation securities are secured by the issuer&#146;s pledge
of its faith, credit and taxing power for the payment of principal and interest. Revenue securities
are usually payable only from the revenues derived from a particular facility or class of
facilities or, in some cases, from the proceeds of a special excise tax or other specific revenue
source. Industrial development bonds are usually revenue securities, the credit quality of which is
normally directly related to the credit standing of the industrial user involved.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Within these principal classifications of municipal securities, there are a variety of types
of municipal securities, including:
</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Variable rate securities, which bear rates of interest that are adjusted periodically
according to formulae intended to reflect market rates of interest.</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Municipal notes, including tax, revenue and bond anticipation notes of short maturity,
generally less than three years, which are issued to obtain temporary funds for various
public purposes.</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Variable rate demand notes, which are obligations that contain a floating or variable
interest rate adjustment formula and which are subject to a right of demand for payment of
the principal balance plus accrued interest either at any time or at specified intervals.
The interest rate on a variable rate demand note may be based on a known lending rate, such
as a bank&#146;s prime rate, and may be adjusted when such rate changes, or the interest rate may
be a market rate that is adjusted at specified intervals. The adjustment formula maintains
the value of the variable rate demand note at approximately the par value of such note at the
adjustment date.</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Municipal leases, which are obligations issued by state and local governments or
authorities to finance the acquisition of equipment and facilities. Certain municipal lease
obligations may include non-appropriation clauses which provide that the municipality has no
obligation to make lease or installment purchase payments in future years unless money is
appropriated for such purpose on a yearly basis.</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Private activity bonds, which are issued by, or on behalf of, public authorities to
finance privately operated facilities.</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Participation certificates, which are obligations issued by state or local governments or
authorities to finance the acquisition of equipment and facilities. They may represent
participations in a lease, an installment purchase contract or a conditional sales contract.</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Municipal securities that may not be backed by the faith, credit and taxing power of the
issuer.</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Municipal securities that are privately placed and that may have restrictions on the
Fund&#146;s ability to resell, such as timing restrictions or requirements that the securities
only be sold to qualified institutional investors.</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Municipal securities that are insured by financial insurance companies.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Derivatives. </I>The Funds are substantially similar in their use of derivatives. Each Fund
principally uses derivative instruments for a variety of purposes, including hedging and risk
management, and (other than for futures or swaps) for portfolio management or to earn income.
However, VMV may also use futures and swaps for portfolio management. Derivatives are financial
instruments whose value is based on the value of another underlying asset, interest rate, index or
financial instrument.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative instruments and techniques that each Fund may use include:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Futures</U>. A futures contract is a standardized agreement between two parties to buy or
sell a specific quantity of an underlying instrument at a specific price at a specific future time.
The value of a futures contract tends to increase and decrease in tandem with the value of the
underlying instrument. Futures contracts are bilateral agreements, with both the purchaser and the
seller equally obligated to complete the transaction. Depending on the terms of the particular
contract, futures contracts are settled through either physical delivery of the underlying
instrument on the settlement date or by payment of a cash settlement amount on the settlement date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Swaps</U>. A swap contract is an agreement between two parties pursuant to which the
parties exchange payments at specified dates on the basis of a specified notional amount, with the
payments calculated by reference to specified securities, indexes, reference rates, currencies or
other instruments. Most swap agreements provide that when the period payment dates for both parties
are the same, the payments are made on a net basis (i.e., the two payment streams are netted out,
with only the net amount paid by one party to the other). The Fund&#146;s obligations or
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">rights under a swap contract entered into on a net basis will generally be equal only to the net amount to be paid
or received under the agreement, based on the relative values of the positions held by each
counterparty.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Inverse Floating Rate Obligations</I>. Each Fund may invest in inverse floating rate obligations.
Inverse floating rate obligations are variable rate debt instruments that pay interest at rates
that move in the opposite direction of prevailing interest rates. Because the interest rate paid to
holders of such obligations is generally determined by subtracting a variable or floating rate from
a predetermined amount, the interest rate paid to holders of such obligations will decrease as such
variable or floating rate increases and increase as such variable or floating rate decreases. The
inverse floating rate obligations in which the Fund may invest include derivative instruments such
as residual interest bonds (&#147;RIBs&#148;) or tender option bonds (&#147;TOBs&#148;). Such instruments are
typically created by a special purpose trust that holds long-term fixed rate bonds and sells two
classes of beneficial interests: short-term floating rate interests, which are sold to third party
investors, and inverse floating residual interests, which are purchased by the Fund. The short-term
floating rate interests have first priority on the cash flow from the bond held by the special
purpose trust and the Fund (as holder of the inverse floating residual interests) is paid the
residual cash flow from the bond held by the special purpose trust.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>When-Issued and Delayed Delivery Transactions. </I>Each Fund may purchase and sell securities on
a when-issued and delayed delivery basis, which means that the Fund buys or sells a security with
payment and delivery taking place in the future. The payment obligation and the interest rate are
fixed at the time a Fund enters into the commitment. No income accrues on such securities until the
date the Fund actually takes delivery of the securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Preferred Shares. </I>Each Fund uses leverage in the form of preferred Shares. Dividends on the
preferred Shares will typically be comparable to the yields on investment grade short-term
municipal securities, although the assets attributable to the preferred Shares will generally be
invested in longer-term municipal securities, which typically have higher yields than short-term
municipal securities. Assuming such a yield differential, this leveraged capital structure enables
a Fund to pay a potentially higher yield on its Common Shares than similar investment companies
that do not use leverage.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As required by the 1940 Act, each Fund will generally maintain an asset coverage of the value
of its total assets, less all liabilities and indebtedness of the Fund not represented by preferred
shares, of 200% of the aggregate liquidation value of its preferred shares. The liquidation value
of the preferred shares is their aggregate original purchase price, plus any accrued and unpaid
dividends. In addition, under the terms of each Fund&#146;s outstanding VMTP Shares, the Fund is
required to maintain minimum asset coverage of 225%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Portfolio Turnover. </I>The Funds generally will not engage in the trading of securities for the
purpose of realizing short-term profits, but each Fund will adjust its portfolio as it deems
advisable in view of prevailing or anticipated market conditions to accomplish the Fund&#146;s
investment objective. For example, a Fund may sell portfolio securities in anticipation of a
movement in interest rates. Other than for tax purposes, frequency of portfolio turnover will not
be a limiting factor if a Fund considers it advantageous to purchase or sell securities. The Funds
do not anticipate that the annual portfolio turnover rate of a Fund will be in excess of 100%. A
high rate of portfolio turnover involves correspondingly greater brokerage commission and
transaction expenses than a lower rate, which expenses must be borne by a Fund and its Common
Shareholders. High portfolio turnover may also result in the realization of substantial net
short-term capital gains, and any distributions resulting from such gains will be taxable at
ordinary income rates for federal income tax purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Temporary Defensive Strategy. </I>When market conditions dictate a more defensive investment
strategy, each Fund may, on a temporary basis, hold cash or invest a portion or all of its assets
in high-quality, short-term municipal securities. If such municipal securities are not available
or, in the judgment of the Adviser, do not afford sufficient protection against adverse market
conditions, each Fund may invest in taxable instruments. Such taxable securities may include
securities issued or guaranteed by the U.S. government, its agencies or instrumentalities, other
investment grade quality fixed income securities, prime commercial paper, certificates of deposit,
bankers&#146; acceptances and other obligations of domestic banks, repurchase agreements and money
market funds (including money market funds affiliated with the Adviser). In taking a defensive
position, a Fund would temporarily not be pursuing its principal investment strategies and may not
achieve its investment objective.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Zero Coupon / PIK Bonds</I>. The Funds may invest in securities not producing immediate cash
income, including zero coupon securities or pay-in-kind (&#147;PIK&#148;) securities, when their effective
yield over comparable
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">instruments producing cash income makes these investments attractive. PIK
securities are debt securities that pay interest through the issuance of additional securities.
Zero coupon securities are debt securities that do not entitle the holder to any periodic payment
of interest prior to maturity or a specified date when the securities begin paying current
interest. They are issued and traded at a discount from their face amounts or par value, which
discount varies depending on the time remaining until cash payments begin, prevailing interest
rates, liquidity of the security and the perceived credit quality of the issuer. The securities do
not entitle the holder to any periodic payments of interest prior to maturity, which prevents any
reinvestment of interest payments at prevailing interest rates if prevailing interest rates rise.
On the other hand, because there are no periodic interest payments to be reinvested prior to
maturity, zero coupon securities eliminate the reinvestment risk and may lock in a favorable rate
of return to maturity if interest rates drop. In addition, each Fund would be required to
distribute the income on these instruments as it accrues, even though the Fund will not receive all
of the income on a current basis or in cash. Thus, the Fund may have to sell other investments,
including when it may not be advisable to do so, to make income distributions to the Common
Shareholders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As required by Rule&nbsp;35d-1 under the 1940 Act, in addition to the investment strategies and
policies discussed above, VTJ has a fundamental policy to invest, under normal circumstances, at
least 80% of its total assets in New Jersey municipal securities, and VMV has a fundamental policy
to invest, under normal circumstances, at least 80% of its total assets in Massachusetts municipal
securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Principal Risks of an Investment in the Funds</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A comparison of the principal risks associated with the Funds&#146; investment strategies is
included above under &#147;How do the Funds&#146; principal risks compare?&#148; The following table provides
further information on the principal risks that apply to the Funds&#146; investment in the portfolios.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="70%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Principal Risk</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Funds Subject to Risk</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Municipal Securities Risk</I>.
Under normal market conditions,
longer-term municipal securities
generally provide a higher yield
than shorter-term municipal
securities. The Adviser may adjust
the average maturity of the Fund&#146;s
portfolio from time to time
depending on its assessment of the
relative yields available on
securities of different maturities
and its expectations of future
changes in interest rates. The
yields of municipal securities may
move differently and adversely
compared to the yields of the
overall debt securities markets.
Certain kinds of municipal
securities are subject to specific
risks that could cause a decline in
the value of those securities:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">All Funds</TD>
</TR><TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><u>Lease
Obligations</u>. Certain lease
obligations contain
non-appropriation clauses that
provide that the governmental
issuer has no obligation to make
future payments under the lease or
contract unless money is
appropriated for that purpose by
the appropriate legislative body on
an annual or other periodic basis.
Consequently, continued lease
payments on those lease obligations
containing non-appropriation
clauses are dependent on future
legislative actions. If these
legislative actions do not occur,
the holders of the lease obligation
may experience difficulty in
exercising their rights, including
disposition of the property.</DIV></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>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><u>Private
Activity Bonds</u>. The issuers
of private activity bonds in which
the Fund may invest may be
negatively impacted by conditions
affecting either the general credit
of the user of the private activity
project or the project itself.
Conditions such as regulatory and
environmental restrictions and
economic downturns may lower the
need for these facilities and the
ability of users of the project to
pay for the facilities. Private
activity bonds may also pay
interest subject to the alternative
minimum tax.</DIV></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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">In 2011, S&#038;P lowered its long-term
sovereign credit rating on the U.S.
to &#147;AA&#043;&#148; from &#147;AAA&#148; with a negative
outlook. Following S&#038;P&#146;s downgrade
of the long-term sovereign credit
rating on the U.S., the major
rating agencies have also placed
many municipalities on review for
potential downgrades, which could
impact the market price, liquidity
and volatility of the municipal
securities held by the Fund in its
portfolio. If the universe of
municipal securities meeting the
Fund&#146;s ratings and credit quality
requirements shrinks, it may be
more difficult for the Fund to meet
its investment objective and the
Fund&#146;s investments may become more
concentrated in fewer issues.
Future downgrades by other rating
agencies could have significant
adverse effects on the economy
generally and could </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->17<!-- /Folio -->
</DIV>

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="70%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Principal Risk</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Funds Subject to Risk</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">result in
significant adverse impacts on
municipal issuers and the Fund.</DIV></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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Many state and municipal
governments that issue securities
are under significant economic and
financial stress and may not be
able to satisfy their obligations.
In response to the national
economic downturn, governmental
cost burdens have been and may
continue to be reallocated among
federal, state and local
governments. The ability of
municipal issuers to make timely
payments of interest and principal
may be diminished during general
economic downturns and as
governmental cost burdens are
reallocated among federal, state
and local governments. Also, as a
result of the downturn and related
unemployment, declining income and
loss of property values, many state
and local governments have
experienced significant reductions
in revenues and consequently
difficulties meeting ongoing
expenses. As a result, certain of
these state and local governments
may have difficulty paying or
default in the payment of principal
or interest on their outstanding
debt, may experience ratings
downgrades of their debt. The
taxing power of any governmental
entity may be limited by provisions
of state constitutions or laws and
an entity&#146;s credit will depend on
many factors, including the
entity&#146;s tax base, the extent to
which the entity relies on federal
or state aid, and other factors
which are beyond the entity&#146;s
control. In addition, laws enacted
in the future by Congress or state
legislatures or referenda could
extend the time for payment of
principal and/or interest, or
impose other constraints on
enforcement of such obligations or
on the ability of municipalities to
levy taxes.</DIV></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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">In addition, municipalities might
seek protection under the
bankruptcy laws, thereby affecting
the repayment of their outstanding
debt. Issuers of municipal
securities might seek protection
under the bankruptcy laws. In the
event of bankruptcy of such an
issuer, holders of municipal
securities could experience delays
in collecting principal and
interest and such holders may not
be able to collect all principal
and interest to which they are
entitled. Certain provisions of
the U.S. Bankruptcy Code governing
such bankruptcies are unclear.
Further, the application of state
law to municipal securities issuers
could produce varying results among
the states or among municipal
securities issuers within a state.
These uncertainties could have a
significant impact on the prices of
the municipal securities in which
the Fund invests. The value of
municipal securities generally may
be affected by uncertainties in the
municipal markets as a result of
legislation or litigation,
including legislation or litigation
that changes the taxation of
municipal securities or the rights
of municipal securities holders in
the event of a bankruptcy. To
enforce its rights in the event of
a default in the payment of
interest or repayment of principal,
or both, the Fund may take
possession of and manage the assets
securing the issuer&#146;s obligations
on such securities, which may
increase the Fund&#146;s operating
expenses. Any income derived from
the Fund&#146;s ownership or operation
of such assets may not be
tax-exempt and could jeopardize the
Fund&#146;s status as a regulated
investment company under the
Internal Revenue Code.</DIV></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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The U.S. economy may be in the
process of &#147;deleveraging,&#148; with
individuals, companies and
municipalities reducing
expenditures and paying down
borrowings. In such event, the
number of municipal borrowers and
the amount of outstanding municipal
securities may contract,
potentially without corresponding
reductions in investor demand for
municipal securities. As a result,
the Fund may have fewer investment
alternatives, may invest in
securities that it previously would
have declined and may concentrate
its investments in a smaller number
of issuers.</DIV></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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Insurance Risk.</I> Financial insurance guarantees that interest
payments on a bond will be made on
time and that principal will be
repaid when the bond matures.
Insured municipal obligations would
generally be assigned a lower
rating if the rating were based
primarily on the credit quality of
the issuer without regard to the
insurance feature. If the
claims-paying ability of the
insurer were downgraded, the
ratings on the municipal
obligations it insures may also be
downgraded. Insurance does not
protect the Fund against losses
caused by declines in a bond&#146;s
value due to a change in market
conditions.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">All Funds</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Market Risk</I>. Market risk is the possibility that the market values
of securities owned by the Fund
will decline. The net asset value
of the Fund will change with
changes in the</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">All Funds</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->18<!-- /Folio -->
</DIV>

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="70%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Principal Risk</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Funds Subject to Risk</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">value of its portfolio securities, and the value
of the Fund&#146;s investments can be
expected to fluctuate over time.
The financial markets in general
are subject to volatility and may
at times experience extreme
volatility and uncertainty, which
may affect all investment
securities, including debt
securities and derivative
instruments. Volatility may be
greater during periods of general
economic uncertainty.</DIV></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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Interest Rate Risk</I>. Because the
Fund invests primarily in fixed
income municipal securities, the
net asset value of the Fund can be
expected to change as general
levels of interest rates fluctuate.
When interest rates decline, the
value of a portfolio invested in
fixed income securities generally
can be expected to rise.
Conversely, when interest rates
rise, the value of a portfolio
invested in fixed income securities
generally can be expected to
decline. The prices of longer term
municipal securities generally are
more volatile with respect to
changes in interest rates than the
prices of shorter term municipal
securities. These risks may be
greater in the current market
environment because certain
interest rates are near
historically low levels.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">All Funds</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Credit Risk</I>. Credit risk refers to
an issuer&#146;s ability to make timely
payments of interest and principal
when due. Municipal securities,
like other debt obligations, are
subject to the credit risk of
nonpayment. The ability of issuers
of municipal securities to make
timely payments of interest and
principal may be adversely affected
by general economic downturns and
as relative governmental cost
burdens are allocated and
reallocated among federal, state
and local governmental units.
Private activity bonds used to
finance projects, such as
industrial development and
pollution control, may also be
negatively impacted by the general
credit of the user of the project.
Nonpayment would result in a
reduction of income to the Fund,
and a potential decrease in the net
asset value of the Fund. The
Adviser continuously monitors the
issuers of securities held in the
Fund.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">All Funds</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The Fund will rely on the Adviser&#146;s
judgment, analysis and experience
in evaluating the creditworthiness
of an issuer. In its analysis, the
Adviser may consider the credit
ratings of NRSROs in evaluating
securities, although the Adviser
does not rely primarily on these
ratings. Credit ratings of NRSROs
evaluate only the safety of
principal and interest payments,
not the market risk. In addition,
ratings are general and not
absolute standards of quality, and
the creditworthiness of an issuer
may decline significantly before an
NRSRO lowers the issuer&#146;s rating.
A rating downgrade does not require
the Fund to dispose of a security.</DIV></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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Medium-grade obligations (for
example, bonds rated BBB by S&#038;P)
possess speculative characteristics
so that changes in economic
conditions or other circumstances
are more likely to lead to a
weakened capacity of the issuer to
make principal and interest
payments than in the case of
higher-rated securities. Securities
rated below investment grade are
considered speculative by NRSROs
with respect to the issuer&#146;s
continuing ability to pay interest
and principal.</DIV></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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Income Risk</I>. The income you receive
from the Fund is based primarily on
prevailing interest rates, which
can vary widely over the short and
long term. If interest rates
decrease, your income from the Fund
may decrease as well.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">All Funds</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Call Risk</I>. If interest rates fall,
it is possible that issuers of
securities with high interest rates
will prepay or call their
securities before their maturity
dates. In this event, the proceeds
from the called securities would
likely be reinvested by the Fund in
securities bearing the new, lower
interest rates, resulting in a
possible decline in the Fund&#146;s
income and distributions to
shareholders.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">All Funds</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Market Segment Risk</I>. The Fund
generally considers investments in
municipal securities issued by
governments or political
subdivisions not to be subject to
industry concentration policies
(because such issuers are not in
any industry). The Fund may,
however, invest in municipal
securities issued by entities
having similar characteristics. For
example, the issuers may be located
in the same geographic area or may
pay their interest obligations from
revenue of similar projects, such
as hospitals, airports, utility
systems and housing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">All Funds</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->19<!-- /Folio -->
</DIV>

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

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="70%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Principal Risk</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Funds Subject to Risk</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">finance agencies. This may make the Fund&#146;s
investments more susceptible to
similar economic, political or
regulatory occurrences, which could
increase the volatility of the
Fund&#146;s net asset value. The Fund
may invest more than 25% of its
total assets in a segment of the
municipal securities market with
similar characteristics if the
Adviser determines that the yields
available from obligations in a
particular segment justify the
additional risks of a larger
investment in that segment. The
Fund may not, however, invest more
than 25% of its total assets in
municipal securities, such as many
private activity bonds or
industrial development revenue
bonds, issued for non-governmental
entities that are in the same
industry.</DIV></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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Tax Risk</I>. To qualify for the
favorable U.S. federal income tax
treatment generally accorded to
regulated investment companies,
among other things, the Fund must
derive in each taxable year at
least 90% of its gross income from
certain prescribed sources. If for
any taxable year the Fund does not
qualify as a regulated investment
company, all of its taxable income
(including its net capital gain)
would be subject to federal income
tax at regular corporate rates
without any deduction for
distributions to shareholders, and
all distributions from the Fund
(including underlying distributions
attributable to tax-exempt interest
income) would be taxable to
shareholders as ordinary dividends
to the extent of the Fund&#146;s current
and accumulated earnings and
profits.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">All Funds</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The value of the Fund&#146;s investments
and its net asset value may be
adversely affected by changes in
tax rates and policies. Because
interest income from municipal
securities is normally not subject
to regular federal income taxation,
the attractiveness of municipal
securities in relation to other
investment alternatives is affected
by changes in federal income tax
rates or changes in the tax-exempt
status of interest income from
municipal securities. Any proposed
or actual changes in such rates or
exempt status, therefore, can
significantly affect the demand for
and supply, liquidity and
marketability of municipal
securities. This could, in turn,
affect the Fund&#146;s net asset value
and ability to acquire and dispose
of municipal securities at
desirable yield and price levels.
Additionally, the Fund may not be a
suitable investment for individual
retirement accounts, for other
tax-exempt or tax-deferred accounts
or for investors who are not
sensitive to the federal income tax
consequences of their investments.</DIV></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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The Fund may invest all or a
substantial portion of its total
assets in municipal securities
subject to the federal alternative
minimum tax. Accordingly, an
investment in the Fund could cause
shareholders to be subject to (or
result in an increased liability
under) the federal alternative
minimum tax. As a result, the Fund
may not be a suitable investment
for investors who are already
subject to the federal alternative
minimum tax or who could become
subject to the federal alternative
minimum tax as a result of an
investment in the Fund.</DIV></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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Subsequent to the Fund&#146;s
acquisition of a municipal
security, the security may be
determined to pay, or to have paid,
taxable income. As a result, the
treatment of dividends previously
paid or to be paid by the Fund as
&#147;exempt-interest dividends&#148; could
be adversely affected, subjecting
the Fund&#146;s shareholders to
increased federal income tax
liabilities.</DIV></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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">For federal income tax purposes,
distributions of ordinary taxable
income (including any net
short-term capital gain) will be
taxable to shareholders as ordinary
income (and not eligible for
favorable taxation as &#147;qualified
dividend income&#148;), and capital gain
dividends will be taxed at
long-term capital gain rates. In
certain circumstances, the Fund
will make payments to holders of
VMTP Shares to offset the tax
effects of a taxable distribution.</DIV></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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Generally, to the extent the Fund&#146;s
distributions are derived from
interest on municipal securities of
a particular state (and, in some
cases, qualifying obligations of
U.S. territories and possessions),
its distributions are exempt from
the personal income tax of that
state. In some cases, the Fund&#146;s
shares may (to the extent
applicable) also be exempt from
personal property taxes of such
state. However, some states
require that the Fund meet certain
thresholds with respect to the
portion of its portfolio consisting
of municipal securities of such
state in order for such exemption
to apply.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->20<!-- /Folio -->
</DIV>

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

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="70%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Principal Risk</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Funds Subject to Risk</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Risks of Using Derivative
Instruments</I>. A derivative
instrument often has risks similar
to its underlying instrument and
may have additional risks,
including imperfect correlation
between the value of the derivative
and the underlying instrument or
instrument being hedged, risks of
default by the other party to
certain transactions, magnification
of losses incurred due to changes
in the market value of the
securities, instruments, indices or
interest rates to which they
relate, and risks that the
derivatives may not be liquid. The
use of derivatives involves risks
that are different from, and
potentially greater than, the risks
associated with other portfolio
investments. Derivatives may
involve the use of highly
specialized instruments that
require investment techniques and
risk analyses different from those
associated with other portfolio
investments. Certain derivative
transactions may give rise to a
form of leverage. Leverage
associated with derivative
transactions may cause the Fund to
liquidate portfolio positions when
it may not be advantageous to do so
to satisfy its obligations or to
meet earmarking or segregation
requirements, pursuant to
applicable SEC rules and
regulations, or may cause the Fund
to be more volatile than if the
Fund had not been leveraged. The
Fund could suffer losses related to
its derivative positions as a
result of unanticipated market
movements, which losses may
potentially be unlimited. Although
the Adviser may seek to use
derivatives to further the Fund&#146;s
investment objective, the Fund is
not required to use derivatives and
may choose not to do so and there
is no assurance that the use of
derivatives will achieve this
result.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">All Funds</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Counterparty Risk</U>. The Fund will
be subject to credit risk with
respect to the counterparties to
the derivative transactions entered
into by the Fund. If a counterparty
becomes bankrupt or otherwise fails
to perform its obligations under a
derivative contract due to
financial difficulties, the Fund
may experience significant delays
in obtaining any recovery under the
derivative contract in bankruptcy
or other reorganization proceeding.
The Fund may obtain only a limited
recovery or may obtain no recovery
in such circumstances.</DIV></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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Futures Risk</U>. A decision as to
whether, when and how to use
futures involves the exercise of
skill and judgment and even a
well-conceived futures transaction
may be unsuccessful because of
market behavior or unexpected
events. In addition to the
derivatives risks discussed above,
the prices of futures can be highly
volatile, using futures can lower
total return, and the potential
loss from futures can exceed the
Fund&#146;s initial investment in such
contracts.</DIV></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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Swaps Risk</U>. Swap agreements are
not entered into or traded on
exchanges and there is no central
clearing or guaranty function for
swaps. Therefore, swaps are subject
to credit risk or the risk of
default or non-performance by the
counterparty. Swaps could result in
losses if interest rate or credit
quality changes are not correctly
anticipated by the Fund or if the
reference index, security or
investments do not perform as
expected.</DIV></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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Tax Risk</U>. The use of derivatives
may generate taxable income. In
addition, the Fund&#146;s use of
derivatives may be limited by the
requirements for taxation as a
regulated investment company or the
Fund&#146;s intention to pay dividends
that are exempt from federal income
taxes and, for VTJ, VOQ and VMV,
New Jersey, Ohio and Massachusetts
income taxes, respectively. The tax
treatment of derivatives may be
adversely affected by changes in
legislation, regulations or other
legal authority, subjecting the
Fund&#146;s shareholders to increased
federal income tax liabilities.</DIV></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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Inverse Floating Rate Obligations
Risk</I>. Like most other
fixed-income securities, the value
of inverse floating rate
obligations will decrease as
interest rates increase. They are
more volatile, however, than most
other fixed-income securities
because the coupon rate on an
inverse floating rate obligation
typically changes at a multiple of
the change in the relevant index
rate. Thus, any rise in the index
rate (as a consequence of an
increase in interest rates) causes
a correspondingly greater drop in
the coupon rate of an inverse
floating rate obligation while a
drop in the index rate causes a
correspondingly greater increase in
the coupon of an inverse floating
rate obligation. Some inverse
floating rate obligations may
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">All Funds</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->21<!-- /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">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="70%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Principal Risk</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Funds Subject to Risk</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">also increase or decrease substantially
because of changes in the rate of
prepayments. Inverse floating rate
obligations tend to underperform
the market for fixed rate bonds in
a rising interest rate environment,
but tend to outperform the market
for fixed rate bonds when interest
rates decline or remain relatively
stable. Inverse floating rate
obligations have varying degrees of
liquidity.</DIV></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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The Fund generally invests in
inverse floating rate obligations
that include embedded leverage,
thus exposing the Fund to greater
risks and increased costs. The
market value of a &#147;leveraged&#148;
inverse floating rate obligation
generally will fluctuate in
response to changes in market rates
of interest to a greater extent
than the value of an unleveraged
investment. The extent of increases
and decreases in the value of
inverse floating rate obligations
generally will be larger than
changes in an equal principal
amount of a fixed rate security
having similar credit quality,
redemption provisions and maturity,
which may cause the Fund&#146;s net
asset value to be more volatile
than if it had not invested in
inverse floating rate obligations.</DIV></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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">In certain instances, the
short-term floating rate interests
created by a special purpose trust
may not be able to be sold to third
parties or, in the case of holders
tendering (or putting) such
interests for repayment of
principal, may not be able to be
remarketed to third parties. In
such cases, the special purpose
trust holding the long-term fixed
rate bonds may be collapsed. In the
case of inverse floating rate
obligations created by the Fund,
the Fund would then be required to
repay the principal amount of the
tendered securities. During times
of market volatility, illiquidity
or uncertainty, the Fund could be
required to sell other portfolio
holdings at a disadvantageous time
to raise cash to meet that
obligation.</DIV></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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The use of short-term floating rate
obligations may require the Fund to
segregate or earmark cash or liquid
assets to cover its obligations.
Securities so segregated or
earmarked will be unavailable for
sale by the Fund (unless replaced
by other securities qualifying for
segregation requirements), which
may limit the Fund&#146;s flexibility
and may require that the Fund sell
other portfolio investments at a
time when it may be disadvantageous
to sell such assets.</DIV></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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Risks of Investing in Lower-Grade
Securities</I>. Securities that are in
the lower-grade categories
generally offer higher yields than
are offered by higher-grade
securities of similar maturities,
but they also generally involve
greater risks, such as greater
credit risk, market risk,
volatility and liquidity risk. In
addition, the amount of available
information about the financial
condition of certain lower-grade
issuers may be less extensive than
other issuers, making the Fund more
dependent on the Adviser&#146;s credit
analysis than a fund investing only
in higher-grade securities. To
minimize the risks involved in
investing in lower-grade
securities, the Fund does not
purchase securities that are in
default or rated in categories
lower than B- by S&#038;P or B3 by
Moody&#146;s or unrated securities of
comparable quality.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">All Funds</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Secondary market prices of
lower-grade securities generally
are less sensitive than
higher-grade securities to changes
in interest rates and are more
sensitive to general adverse
economic changes or specific
developments with respect to the
particular issuers. A significant
increase in interest rates or a
general economic downturn may
significantly affect the ability of
municipal issuers of lower-grade
securities to pay interest and to
repay principal, or to obtain
additional financing, any of which
could severely disrupt the market
for lower-grade municipal
securities and adversely affect the
market value of such securities.
Such events also could lead to a
higher incidence of default by
issuers of lower-grade securities.
In addition, changes in credit
risks, interest rates, the credit
markets or periods of general
economic uncertainty can be
expected to result in increased
volatility in the price of the
lower-grade securities and the net
asset value of the Fund. Adverse
publicity and investor perceptions,
whether or not based on rational
analysis, may affect the value,
volatility and liquidity of
lower-grade securities.</DIV></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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">In the event that an issuer of
securities held by the Fund
experiences difficulties in the
timely payment of principal and
interest and such issuer seeks to
restructure the terms of its</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->22<!-- /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">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="70%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Principal Risk</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Funds Subject to Risk</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">borrowings, the Fund may incur
additional expenses and may
determine to invest additional
assets with respect to such issuer
or the project or projects to which
the Fund&#146;s securities relate.
Further, the Fund may incur
additional expenses to the extent
that it is required to seek
recovery upon a default in the
payment of interest or the
repayment of principal on its
portfolio holdings and the Fund may
be unable to obtain full recovery
on such amounts.</DIV></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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Investments in debt obligations
that are at risk of or in default
present special tax issues for the
Fund. Federal income tax rules are
not entirely clear about issues
such as when the Fund may cease to
accrue interest, original issue
discount or market discount, when
and to what extent deductions may
be taken for bad debts or worthless
securities, how payments received
on obligations in default should be
allocated between principal and
interest and whether certain
exchanges of debt obligations in a
workout context are taxable. These
and other issues will be addressed
by the Fund, in the event it
invests in or holds such
securities, in order to seek to
ensure that it distributes
sufficient income to preserve its
status as a regulated investment
company.</DIV></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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Liquidity Risk</I>. Liquidity relates
to the ability of a fund to sell a
security in a timely manner at a
price which reflects the value of
that security. The amount of
available information about the
financial condition of municipal
securities issuers is generally
less extensive than that for
corporate issuers with publicly
traded securities, and the market
for municipal securities is
generally considered to be less
liquid than the market for
corporate debt obligations. Certain
municipal securities in which the
Fund may invest, such as special
obligation bonds, lease
obligations, participation
certificates and variable rate
instruments, may be particularly
less liquid. To the extent the
Fund owns or may acquire illiquid
or restricted securities, these
securities may involve special
registration requirements,
liabilities and costs, and
liquidity and valuation
difficulties.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">All Funds</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The effects of adverse publicity
and investor perceptions may be
more pronounced for securities for
which no established retail market
exists as compared with the effects
on securities for which such a
market does exist. An economic
downturn or an increase in interest
rates could severely disrupt the
market for such securities and
adversely affect the value of
outstanding securities or the
ability of the issuers to repay
principal and interest. Further,
the Fund may have more difficulty
selling such securities in a timely
manner and at their stated value
than would be the case for
securities for which an established
retail market does exist.
<BR>
<BR style="font-size: 6pt">

The markets for lower-grade
securities may be less liquid than
the markets for higher-grade
securities. To the extent that
there is no established retail
market for some of the lower-grade
securities in which the Fund may
invest, trading in such securities
may be relatively inactive. Prices
of lower-grade securities may
decline rapidly in the event a
significant number of holders
decide to sell. Changes in
expectations regarding an
individual issuer of lower-grade
securities generally could reduce
market liquidity for such
securities and make their sale by
the Fund at their current valuation
more difficult.</DIV></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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">From time to time, the Fund&#146;s
investments may include securities
as to which the Fund, by itself or
together with other funds or
accounts managed by the Adviser,
holds a major portion or all of an
issue of municipal securities.
Because there may be relatively few
potential purchasers for such
investments and, in some cases,
there may be contractual
restrictions on resales, the Fund
may find it more difficult to sell
such securities at a time when the
Adviser believes it is advisable to
do so.</DIV></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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Preferred Shares Risk</I>. The Fund&#146;s
use of leverage through preferred
shares may result in higher
volatility of the net asset value
of the Common Shares, and
fluctuations in the dividend rates
on the preferred shares (which are
expected to reflect yields on
short-term municipal securities)
may affect the yield to the Common
Shareholders. So long as the Fund
is able to realize a higher net
return on its investment portfolio
than the then current dividend rate
of the preferred shares, the effect
of the leverage provided by the
preferred shares will be to cause
the Common Shareholders to realize
a higher current rate of return
than if the Fund were not so
leveraged. On the other hand, to
the extent that the then
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">All Funds</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->23<!-- /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">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="70%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Principal Risk</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Funds Subject to Risk</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">current dividend rate on the preferred
shares approaches the net return on
the Fund&#146;s investment portfolio,
the benefit of leverage to the
Common Shareholders will be
reduced, and if the then current
dividend rate on the preferred
shares were to exceed the net
return on the Fund&#146;s portfolio, the
Fund&#146;s leveraged capital structure
would result in a lower rate of
return to the Common Shareholders
than if the Fund were not so
structured.</DIV></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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Similarly, because any decline in
the net asset value of the Fund&#146;s
investments will be borne entirely
by the Common Shareholders, the
effect of leverage in a declining
market would result in a greater
decrease in net asset value to the
Common Shareholders than if the
Fund were not so leveraged. Any
such decrease would likely be
reflected in a decline in the
market price for Common Shares. If
the Fund&#146;s current investment
income were not sufficient to meet
dividend requirements on the
preferred shares, the Fund might
have to liquidate certain of its
investments in order to meet
required dividend payments, thereby
reducing the net asset value
attributable to the Fund&#146;s Common
Shares.</DIV></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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The amount of preferred shares
outstanding from time to time may
vary, depending on the Adviser&#146;s
analysis of conditions in the
municipal securities market and
interest rate movements. Management
of the amount of outstanding
preferred shares places greater
reliance on the ability of the
Adviser to predict trends in
interest rates than if the Fund did
not use leverage. In the event the
Adviser later determines that all
or a portion of such preferred
shares should be reissued so as to
increase the amount of leverage, no
assurance can be given that the
Fund will subsequently be able to
reissue preferred shares on terms
and/or with dividend rates that are
beneficial to the Common
Shareholders. Further, redemption
and reissuance of the preferred
shares, and any related trading of
the Fund&#146;s portfolio securities,
results in increased transaction
costs to the Fund and its Common
Shareholders. Because the Common
Shareholders bear these expenses,
changes to the Fund&#146;s outstanding
leverage and any losses resulting
from related portfolio trading will
have a proportionately larger
impact on the Common Shares&#146; net
asset value and market price.</DIV></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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">In addition, the Fund is not
permitted to declare any cash
dividend or other distribution on
its Common Shares unless, at the
time of such declaration, the Fund
has an asset coverage of at least
200%, as required by the 1940 Act
(determined after deducting the
amount of such dividend or
distribution). In addition, under
the terms of each Fund&#146;s
outstanding VMTP Shares, the Fund
is required to maintain minimum
asset coverage of 225%. This
prohibition on the payment of
dividends or other distributions
might impair the ability of the
Fund to maintain its qualification
as a regulated investment company
for federal income tax purposes.
The Fund intends, however, to the
extent possible, to purchase or
redeem VMTP Shares from time to
time to maintain an asset coverage
of the VMTP Shares of at least
225%.</DIV></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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">If a determination were made by the
IRS to treat the Fund&#146;s preferred
shares as debt rather than equity
for U.S. federal income tax
purposes, the Common Shareholders
might be subject to increased
federal income tax liabilities.</DIV></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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Unrated Securities Risk.</I> Many
lower-grade securities are not
listed for trading on any national
securities exchange, and many
issuers of lower-grade securities
choose not to have a rating
assigned to their obligations by
any NRSRO. As a result, the Fund&#146;s
portfolio may consist of a higher
portion of unlisted or unrated
securities as compared with an
investment company that invests
solely in higher-grade, listed
securities. Unrated securities are
usually not as attractive to as
many buyers as are rated
securities, a factor which may make
unrated securities less marketable.
These factors may limit the
ability of the Fund to sell such
securities at their fair value.
The Fund may be more reliant on the
Adviser&#146;s judgment and analysis in
evaluating the creditworthiness of
an issuer of unrated securities.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">All Funds</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>When-Issued and Delayed Delivery
Risks.</I> When-issued and delayed
delivery transactions are subject
to market risk as the value or
yield of a security at delivery may
be more or less than the purchase
price or the yield generally
available on securities when
delivery occurs. In addition, the
Fund is subject to counterparty
risk because it relies on the buyer
or seller,
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">All Funds</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->24<!-- /Folio -->
</DIV>

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="70%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Principal Risk</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Funds Subject to Risk</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">as the case may be, to
consummate the transaction, and
failure by the other party to
complete the transaction may result
in the Fund missing the opportunity
of obtaining a price or yield
considered to be advantageous.</DIV></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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Zero Coupon / PIK Bond Risk.</I>
Prices on non-cash-paying
instruments may be more sensitive
to changes in the issuer&#146;s
financial condition, fluctuations
in interest rates and market
demand/supply imbalances than
cash-paying securities with similar
credit ratings, and thus may be
more speculative than are
securities that pay interest
periodically in cash. These
securities are also subject to the
risk of default. These securities
may subject the Fund to greater
market risk than a fund that does
not own these types of securities.
Special tax considerations are
associated with investing in
non-cash-paying instruments, such
as zero coupon or PIK securities.
The Adviser will weigh these
concerns against the expected total
returns from such instruments.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">All Funds</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Special Risk Considerations
Regarding State Municipal
Securities.</I> Because each Target
Fund invests substantially all of
its assets in a portfolio of one
state&#146;s municipal securities, each
of VTJ, VMV and VOQ is more
susceptible to political, economic,
regulatory or other factors
affecting issuers of New Jersey,
Massachusetts or Ohio municipal
securities, respectively, than a
fund such as the Acquiring Fund,
which does not limit its
investments to such issuers. These
risks include possible legislative,
state constitutional or regulatory
amendments that may affect the
ability of state and local
governments or regional
governmental authorities to raise
money to pay principal and interest
on their municipal securities.
Economic, fiscal and budgetary
conditions throughout the state may
also influence the Fund&#146;s
performance.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Target Funds (and to a certain
extent post-Mergers, Acquiring Fund)</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Although the Acquiring Fund is
subject to the risks associated
with investing in New Jersey,
Massachusetts or Ohio municipal
securities to the extent it invests
in such securities, it is subject
to these risks to a much lower
degree because its investments are
diversified across the nation.
Following completion of the
Mergers, the Acquiring Fund&#146;s
exposure to New Jersey,
Massachusetts and Ohio municipal
securities will increase, as will
the related risks of investing in
these securities, although the
Acquiring Fund will remain much
more geographically diversified
than any Target Fund.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The risks associated with an investment in VMTP Shares are identical for the Target Funds and
the Acquiring Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Portfolio Managers</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomas Byron, Robert Stryker and Robert Wimmel are portfolio managers for all of the Funds.
In addition, Julius Williams is a portfolio manager for the Target Funds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Byron, Portfolio Manager, has been associated with Invesco and/or its affiliates since
2010. Mr.&nbsp;Byron was associated with the Funds&#146; previous investment adviser or its investment
advisory affiliates in an investment management capacity from 1981 to 2010 and began managing the
Acquiring Fund in 2000, VMV and VOQ in 2005 and VTJ in 2011. Mr.&nbsp;Byron earned a B.S. in finance
from Marquette University and an M.B.A. in finance from DePaul University.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Stryker, Portfolio Manager, has been associated with Invesco and/or its affiliates since
2010. Mr.&nbsp;Stryker was associated with the Funds&#146; previous investment adviser or its investment
advisory affiliates in an investment management capacity from 1994 to 2010 and began managing the
Acquiring Fund in 2009 and the Target Funds in 2011. Mr.&nbsp;Stryker earned a B.S. in finance from the
University of Illinois, Chicago.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Williams, Portfolio Manager, has been associated with Invesco and/or its affiliates since
2010. Mr.&nbsp;Williams was associated with the Funds&#146; previous investment adviser or its investment
advisory affiliates in an investment management capacity from 2000 to 2010 and began managing the
Target Funds in 2009. Mr.&nbsp;Williams earned a B.A. in economics and sociology, as well as a Master
of Education degree in educational psychology from the University of Virginia.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->25<!-- /Folio -->
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Wimmel, Portfolio Manager, has been associated with Invesco and/or its affiliates since
2010. Mr.&nbsp;Wimmel was associated with the Funds&#146; previous investment adviser or its investment
advisory affiliates in an investment management capacity from 1996 to 2010 and began managing the
Acquiring Fund in 2001 and the Target Funds in 2011. Mr.&nbsp;Wimmel earned a B.A. in anthropology from
the University of Cincinnati and an M.A. in economics from the University of Illinois, Chicago.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The SAI provides additional information about the portfolio managers&#146; compensation, other
accounts managed by the portfolio managers, and the portfolio managers&#146; ownership of securities in
each Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Trading of VMTP Shares</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VMTP Shares are a new issue of securities and there is currently no established trading market
for such shares. No Fund intends to apply for a listing of the VMTP Shares on a securities
exchange or an automated dealer quotation system or to seek to facilitate transfers by retaining a
remarketing or other similar agent with respect to the VMTP Shares. Accordingly, there can be no
assurance as to the development or liquidity of any market for the VMTP Shares. The VMTP Shares
are not registered under the Securities Act or any other applicable securities law. Accordingly,
the VMTP Shares are subject to restrictions on transferability and resale. The VMTP Shares are
offered for sale only pursuant to Rule&nbsp;144A under the Securities Act, and may not be offered, sold
or otherwise transferred except in compliance with the registration requirements of the Securities
Act or any other applicable securities law, pursuant to an exemption therefrom or in a transaction
not subject thereto and in each case in compliance with contractual conditions applicable to
transfers of VMTP Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Capital Structures of the Funds</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund is currently organized as a Massachusetts business trust. The Acquiring Fund was
organized on July&nbsp;19, 1991, VMV was organized on August&nbsp;6, 1992, VOQ was organized on July&nbsp;24, 1991
and VTJ was organized on January&nbsp;21, 1992. As discussed under Proposal 1, before the closing of
the Mergers, the Funds will be reorganized as Delaware statutory trusts, which will all have
identical governing documents and capital structures. Proposal 1 discusses the material
differences between each Fund&#146;s current Massachusetts business trust structure and its proposed
Delaware statutory trust structure. The Funds&#146; governing documents will therefore be substantially
identical immediately prior to the Mergers. Because each such Delaware statutory trust will have
the same structure, each Fund&#146;s capital structure will not be affected by the Merger except that
after the Merger each Fund&#146;s shareholders will hold shares of a single, larger fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Description of Securities to be Issued</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before any Merger can be completed, each merging Fund must have completed a redomestication to
a Delaware statutory trust, as discussed in Proposal 1. Accordingly, the following discussion
reflects that each Fund would be a Delaware statutory trust as of the time of its Merger. A
discussion of the changes a Fund would undergo as part of a Redomestication is included under
Proposal 1.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>VMTP Shares</I>. Each Fund has an outstanding class of VMTP Shares. The terms of the VMTP Shares
of each Fund are substantially similar. The primary difference between the terms of the Acquiring
Fund VMTP Shares and the terms of each Target Fund&#146;s VMTP Shares is that the Acquiring Fund VMTP
Shares have a term redemption date of December&nbsp;1, 2015 whereas the Target Fund VMTP Shares have a
term redemption date of June&nbsp;1, 2015. In addition, while the VMV VMTP Shares currently have the
same ratings spread as the Acquiring Fund VMTP Shares, beginning on January&nbsp;1, 2013, the VMV VMTP
Shares would have a higher ratings spread than the Acquiring Fund VMTP Shares, meaning that VMV&#146;s
VMTP Shares would pay a higher dividend (assuming an equal credit rating) than the Acquiring Fund
VMTP Shares. As a result, in connection with the Mergers, Target Fund shareholders will receive
VMTP Shares that have a longer duration and, in the case of VMV, would pay a lower dividend
beginning on January&nbsp;1, 2013 (assuming an equal credit rating). As of the closing of the Merger,
the Acquiring Fund will be authorized by its Amended and Restated Agreement and Declaration of
Trust to issue an unlimited number of preferred shares. In the Merger, VMTP Shares of a Target
Fund will be exchanged for VMTP Shares of the Acquiring Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Funds have entered into a Redemption and Paying Agent Agreement with Deutsche Bank Trust
Company Americas. The Redemption and Paying Agent serves as the Fund&#146;s transfer agent, registrar,
dividend disbursing agent, paying agent and redemption price disbursing agent and calculation agent
in connection with the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->26<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">payment of dividends with respect to VMTP Shares, and carry out certain
other procedures provided in the Redemption and Paying Agent Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The currently outstanding VMTP Shares of VKQ have a long-term issue credit rating of Aa1 from
Moody&#146;s and the currently outstanding VMTP Shares of each Target Fund have a long-term issue credit
rating of Aa2 from Moody&#146;s. The currently outstanding VMTP Shares of each Fund have a long-term
issue credit rating of AAA from Fitch Ratings, a part of the Fitch Group, which is a majority-owned
subsidiary of Fimalac, S.A. (&#147;Fitch&#148;), and it is a condition of closing of each Merger that the
VMTP Shares of the Acquiring Fund be rated at least AA-/Aa3 by each rating agency that is rating,
at the request of the Acquiring Fund, such VMTP Shares. An explanation of the significance of
ratings may be obtained from the rating agencies. Generally, rating agencies base their ratings on
such material and information, and such of their own investigations, studies and assumptions, as
they deem appropriate. The ratings of the VMTP Shares should be evaluated independently from
similar ratings of other securities. A rating of a security is not a recommendation to buy, sell
or hold securities and may be subject to review, revision, suspension, reduction or withdrawal at
any time by the assigning rating agency.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends on the VMTP Shares are declared daily and generally paid monthly on the first (1st)
business day of each month. For each rate period, the dividend rate on VMTP Shares will, except as
otherwise provided in the Statement of Preferences, be equal to the rate per annum that results
from the sum of the (1)&nbsp;Securities Industry and Financial Markets Association (&#147;SIFMA&#148;) Municipal
Swap Index and (2)&nbsp;the ratings spread as determined pursuant to the rate determination process set
forth in the Statement of Preferences. VMTP Shares rank on a parity with each other, with shares
of any other Series of VMTP Shares and with shares of any other series of preferred shares as to
the payment of dividends by the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund does not intend to apply for a listing of the VMTP Shares on a securities exchange
or an automated dealer quotation system or to seek to facilitate transfers by retaining a
remarketing or other similar agent with respect to the VMTP Shares. Accordingly, there can be no
assurance as to the development or liquidity of any market for the VMTP Shares. The VMTP Shares
are not registered under the Securities Act. Accordingly, the VMTP Shares are subject to
restrictions on transferability and resale.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise approved in writing by a Fund, VMTP Shareholders may sell, transfer or
otherwise dispose of VMTP Shares only in whole shares and only to persons it reasonably believes
are either (i)&nbsp;qualified institutional buyers (&#147;QIBs&#148;) that are registered closed-end management
investment companies, the shares of which are traded on a national securities exchange (&#147;Closed-End
Funds&#148;), banks (and their direct or indirect wholly-owned subsidiaries), insurance companies,
Broker-Dealers (as defined the Statement of Preferences), Foreign Entities (as defined in the
Statement of Preferences) (and their direct or indirect wholly-owned subsidiaries), companies that
are included in the S&#038;P 500 Index (and their direct or indirect wholly-owned subsidiaries) or
registered open-end management investment companies or (ii)&nbsp;tender option bond trusts in which all
Beneficial Owners are QIBs that are Closed-End Funds, banks (and their direct or indirect
wholly-owned subsidiaries), insurance companies, Broker-Dealers, Foreign Entities (and their direct
or indirect wholly-owned subsidiaries), companies that are included in the S&#038;P 500 Index (and their
direct or indirect wholly-owned subsidiaries) or registered open-end management investment
companies, in each case, in accordance with Rule&nbsp;144A of the Securities Act or another available
exemption from registration under the Securities Act, in a manner not involving any public offering
within the meaning of Section&nbsp;4(2) of the Securities Act. Any transfer in violation of the
foregoing restrictions will be void <I>ab initio </I>and any transferee of VMTP Shares transferred in
violation of the foregoing restrictions shall be deemed to agree to hold all payments it received
on any such improperly transferred VMTP Shares in trust for the benefit of the transferor of such
VMTP Shares. The foregoing restrictions on transfer will not apply to any VMTP Shares registered
under the Securities Act pursuant to the registration rights agreement entered into by the Fund or
any subsequent transfer of such VMTP Shares thereafter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund is required to redeem, out of funds legally available therefor under applicable law
and otherwise in accordance with applicable law, all outstanding VMTP Shares on December&nbsp;1, 2015 or
such later date to which it may be extended, if any, in accordance with the provisions of the
Statement of Preferences.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to certain conditions, VMTP Shares may be redeemed at any time, at the option of the
Fund (as a whole or from time to time, in part), out of funds legally available therefor under
applicable law and otherwise in accordance with applicable law, at a redemption price equal to the
sum of (i)&nbsp;the liquidation preference, (ii)
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->27<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">accumulated but unpaid dividends thereon (whether or
not declared) to, but not including, the date fixed for redemption and (iii)&nbsp;the redemption
premium, if any, in respect of such VMTP Shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VMTP Shares will rank on a parity with each other and with shares of any other series of
preferred shares as to the distribution of assets upon the dissolution, liquidation or winding up
of the affairs of a Fund, whether voluntary or involuntary. After the payment of the full
preferential amounts, VMTP Shareholders as such will have no right or claim to any of the remaining
assets of a Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise provided in the Declaration of Trust or as otherwise required by law, (i)
each VMTP Shareholder is entitled to one vote for each VMTP Share held by such shareholder on each
matter submitted to a vote of shareholders of the Fund, and (ii)&nbsp;the holders of outstanding
preferred shares, including each VMTP Share, and Common Shares will vote together as a single
class; provided, however, that the holders of outstanding preferred shares, including VMTP Shares,
voting as a class, to the exclusion of the holders of all other securities and classes of shares of
beneficial interests of the Fund, will be entitled to elect two trustees of the Fund at all times,
each preferred share, including each VMTP Share, entitled to one vote. Subject to the rights of
the holders of preferred shares during a Voting Period (as defined in the Statement of
Preferences), the holders of outstanding preferred shares, including VMTP Shares, and outstanding
Common Shares, voting together as a single class, will elect the balance of the trustees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The VMTP Shares, including the Acquiring Fund VMTP Shares to be issued in the Mergers, are
issued in book-entry form, as global securities. The global securities will be deposited with, or
on behalf of, The Depository Trust Company (&#147;DTC&#148;) and registered in the name of Cede &#038; Co., the
nominee of DTC. Beneficial interests in the global securities will be held only through DTC and
any of its participants.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing is a brief description of the terms of the VMTP Shares. This description does
not purport to be complete and is subject to and qualified in its entirety by reference to the more
detailed description of the VMTP Shares in the Statement of Preferences of each Fund, which is
available upon request by any VMTP Shareholder, and the form of Statement of Preferences of the
Acquiring Fund (after giving effect to its Redomestication) attached hereto as Exhibit&nbsp;L.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Common Shares</I>. Each Common Share represents an equal proportionate interest with each other
Common Share of the Fund, with each such share entitled to equal dividend, liquidation, redemption
and voting rights. Each Fund also has outstanding VMTP Shares that vote separately from Common
Shares in some circumstances. Each Fund&#146;s Common Shares have no preemptive, conversion or exchange
rights, nor any right to cumulative voting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of the closing of a Merger, the Acquiring Fund will be authorized by its Amended and
Restated Agreement and Declaration of Trust to issue an unlimited number of Acquiring Fund Common
Shares, with no par value.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Dividends and Distributions</I>. The dividend and distribution policies of each Target Fund are
identical to those of the Acquiring Fund. The Acquiring Fund intends to make regular monthly
distributions of all or a portion of its net investment income after payment of dividends on the
Acquiring Fund&#146;s preferred shares outstanding to holders of the Acquiring Fund&#146;s Common Shares. The
Acquiring Fund&#146;s net investment income consists of all interest income accrued on portfolio assets
less all expenses of the Acquiring Fund. The Acquiring Fund is required to allocate net capital
gains and other taxable income, if any, received by the Acquiring Fund among its shareholders on a
pro rata basis in the year for which such capital gains and other income is realized. In certain
circumstances, the Acquiring Fund will make additional payments to preferred shareholders to offset
the tax effects of such taxable distributions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While there are any preferred shares of the Acquiring Fund outstanding, the Acquiring Fund may
not declare any cash dividend or other distribution on its Common Shares, unless at the time of
such declaration, (i)&nbsp;all accrued preferred shares dividends have been paid, (ii)&nbsp;to the extent
necessary, the Fund has redeemed all of the preferred shares subject to mandatory redemption under
the terms of the preferred shares, and (iii)&nbsp;the value of the Acquiring Fund&#146;s total assets
(determined after deducting the amount of such dividend or other distribution), less all
liabilities and indebtedness of the Fund, is at least 200% of the liquidation preference of the
outstanding preferred shares (expected to equal the aggregate original purchase price of the
outstanding preferred shares plus any accrued and unpaid dividends thereon, whether or not earned
or declared on a cumulative basis). This limitation on the
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Acquiring Fund&#146;s ability to make distributions on its Common Shares could in certain circumstances impair the ability of the
Acquiring Fund to maintain its qualification for taxation as a regulated investment company under
the Code. The Acquiring Fund intends, however, to the extent possible, to purchase or redeem
preferred shares from time to time to maintain compliance with such asset coverage requirements and
may pay special dividends to the holders of the preferred shares in certain circumstances in
connection with any such impairment of the Acquiring Fund&#146;s status as a regulated investment
company under the Code.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The tax treatment and characterization of the Acquiring Fund&#146;s distributions may vary
significantly from time to time because of the varied nature of its investments. The Acquiring Fund
will indicate the proportion of its capital gains distributions that constitute long-term and
short-term gains annually. The ultimate tax characterization of the Acquiring Fund&#146;s distributions
made in a calendar or fiscal year cannot finally be determined until after the end of that fiscal
year. As a result, there is a possibility that the Acquiring Fund may make total distributions
during a calendar or fiscal year in an amount that exceeds the Acquiring Fund&#146;s net investment
income and net capital gains for the relevant fiscal year and its previously undistributed earnings
and profits from prior years. In such situations, the amount by which the Acquiring Fund&#146;s total
distributions exceed its net investment income and net capital gains generally will be treated as a
tax-free return of capital reducing the amount of a shareholder&#146;s tax basis in such shareholder&#146;s
shares, with any amounts exceeding such basis treated as gain from the sale of shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Various factors will affect the level of the Acquiring Fund&#146;s net investment income, such as
the rate at which dividends are payable on outstanding VMTP Shares, the Acquiring Fund&#146;s asset mix,
its level of retained earnings, the amount of leverage utilized by it and the effects thereof and
the movement of interest rates for municipal bonds. These factors, among others, may result in the
Acquiring Fund&#146;s level of net investment income being different from the level of net investment
income for a Target Fund if the Mergers were not completed. To permit the Acquiring Fund to
maintain more stable monthly distributions, it may from time to time distribute less than the
entire amount earned in a particular period. The income would be available to supplement future
distributions. As a result, the distributions paid by the Acquiring Fund for any particular month
may be more or less than the amount actually earned by the Fund during that month. Undistributed
earnings will add to the Acquiring Fund&#146;s net asset value and, correspondingly, distributions from
undistributed earnings and from capital, if any, will deduct from the Fund&#146;s net asset value.
Although it does not now intend to do so, the Board may change the Acquiring Fund&#146;s dividend policy
and the amount or timing of the distributions based on a number of factors, including the amount of
the Fund&#146;s undistributed net investment income and historical and projected investment income and
the amount of the expenses and dividend rates on the outstanding VMTP Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Provisions for Delaying or Preventing Changes in Control. </I>Each Fund&#146;s governing documents
contain provisions designed to prevent or delay changes in control of that Fund. As of the time of
the Mergers, each Fund&#146;s governing documents will provide that such Fund&#146;s Board of Trustees may
cause the Fund to merge or consolidate with or into other entities; cause the Fund to sell, convey
and transfer all or substantially all of the assets of the Fund; cause the Fund to convert to a
different type of entity; or cause the Fund to convert from a closed-end fund to an open-end fund,
each only so long as such action has previously received the approval of either (i)&nbsp;the Board,
followed by the affirmative vote of the holders of not less than 75% of the outstanding shares
entitled to vote; or (ii)&nbsp;the affirmative vote of at least two thirds (66 2/3%) of the Board and an
affirmative Majority Shareholder Vote (which generally means the vote of &#147;a majority of the
outstanding voting securities&#148; as defined in the 1940 Act of the Fund, with each class and series
of shares voting together as a single class, except to the extent otherwise required by the 1940
Act). Under each Fund&#146;s governing documents that will be applicable as of the time of the Merger,
shareholders will have no right to call special meetings of shareholders or to remove Trustees. In
addition, each Fund&#146;s Board is divided into three classes, each of which stands for election only
once in three years. As a result of this system, only those Trustees in one class may be changed
in any one year, and it would require two years or more to change a majority of the Trustees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Pending Litigation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On January&nbsp;17, 2011, a Consolidated Amended Shareholder Derivative Complaint (the &#147;Complaint&#148;)
entitled Clifford Rotz, et al. v. Van Kampen Asset Management et al., was filed on behalf of
Invesco Van Kampen Advantage Municipal Income Trust II (VKI), Invesco Van Kampen High Income Trust
II (VLT), Invesco Van Kampen Municipal Opportunity Trust (VMO), the Acquiring Fund and Invesco Van
Kampen Senior Income Trust (VVR) (collectively, the &#147;Trusts&#148;) against Van Kampen Asset Management,
Morgan Stanley and certain current and former executive officers of the Trusts (collectively, the
&#147;Defendants&#148;) alleging that they breached their fiduciary
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">duties to common shareholders by causing
the Trusts to redeem Auction Rate Preferred Securities (&#147;ARPS&#148;) at their liquidation value.
Specifically, the shareholders claim that the Board and officers had no obligation to provide
liquidity to the ARPS shareholders, the redemptions were improperly motivated to benefit the prior
adviser by preserving business relationships with the ARPS holders, i.e., institutional investors,
and the market value and fair value of the ARPS were less than par at the time they were redeemed.
The Complaint alleges that the redemption of the ARPS occurred at the expense of the Trusts and
their common shareholders. This Complaint amends and consolidates two separate complaints that
were filed by Clifford T. Rotz, Jr., Robert Fast and Gene Turban on July&nbsp;22, 2010, and by Harry
Suleski, Leon McDermott, Marilyn Morrison and John Johnson on August&nbsp;3, 2010. Each of the Trusts
initially received a demand letter from the plaintiffs on April&nbsp;8, 2010. Plaintiffs seek judgment
that: 1) orders Defendants to refrain from redeeming any ARPS at their liquidation value using
Trust assets; 2) awards monetary damages against all Defendants, individually, jointly or
severally, in favor of the Trusts, for all losses and damages allegedly suffered as a result of the
redemptions of ARPS at their liquidation value; 3) grants appropriate equitable relief to remedy
the Defendants&#146; breaches of fiduciary duties; and 4) awards to Plaintiffs the costs and
disbursements of the action. The Board of each of the Trusts formed a Special Litigation Committee
(&#147;SLC&#148;) to investigate these claims and to make a recommendation to the Board regarding whether
pursuit of these claims is in the best interests of the Trusts. After reviewing the findings of the
SLC, the Board announced on June&nbsp;24, 2011, that it had adopted the SLC&#146;s recommendation to seek
dismissal of the action. On October&nbsp;4, 2011, the Trusts filed a motion to dismiss, which remains
pending. On November&nbsp;28, 2011, the plaintiffs filed a motion asking the court to hold the motion
to dismiss in abeyance while the plaintiffs conduct limited discovery. The plaintiffs&#146; request for
discovery has been briefed and the court&#146;s decision whether the plaintiffs are entitled to
discovery is pending. This matter is pending.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management of the Adviser and each of the Funds believe that the outcome of the proceedings
described above will have no material adverse effect on the Funds or on the ability of the Adviser
to provide ongoing services to the Funds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Portfolio Turnover</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Funds&#146; historical portfolio turnover rates are similar. Because the Funds have similar
investment policies, management does not expect to dispose of a material amount of portfolio
securities of any Fund in connection with the Mergers. No securities of the Target Funds need be
sold in order for the Acquiring Fund to comply with its investment restrictions or policies. The
Funds will continue to buy and sell securities in the normal course of their operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Terms and Conditions of the Mergers</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The terms and conditions under which a Merger may be consummated are set forth in the Merger
Agreement. Significant provisions of the Merger Agreement are summarized below; however, this
summary is qualified in its entirety by reference to the Merger Agreement, a form of which is
attached as Exhibit&nbsp;D.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In each Merger, a Target Fund will merge with and into the Acquiring Fund pursuant to the
Merger Agreement and in accordance with the Delaware Statutory Trust Act. As a result of each
Merger, all of the assets and liabilities of the merging Target Fund will become assets and
liabilities of the Acquiring Fund, and the Target Fund&#146;s shareholders will become shareholders of
the Acquiring Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the terms of the Merger Agreement, the Acquiring Fund will issue new Acquiring Fund
Common Shares in exchange for Target Fund Common Shares. The number of Acquiring Fund Common
Shares issued will be based on the relative NAVs and shares outstanding of the Acquiring Fund and
the applicable Target Fund as of the business day immediately preceding the Merger&#146;s closing date.
All Acquiring Fund Common Shares issued pursuant to the Merger Agreement will be fully paid and
non-assessable, and will be listed for trading on the Exchanges. The terms of the Acquiring Fund
Common Shares to be issued in each Merger will be identical to the terms of the Acquiring Fund
Common Shares already outstanding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the terms of the Merger Agreement, the Acquiring Fund will also issue new Acquiring Fund
VMTP Shares in exchange for Target Fund VMTP Shares. The number of additional Acquiring Fund VMTP
Shares issued for each Merger will equal the number of outstanding Target Fund VMTP Shares, and
such Acquiring Fund VMTP Shares will have liquidation preferences, rights, and privileges
substantially similar to those of the then outstanding
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">VMTP Shares for the merging Target Fund.
The primary difference between the liquidation preferences, rights and privileges of the Acquiring
Fund VMTP Shares and those of each Target Fund&#146;s VMTP Shares is that the Acquiring Fund VMTP Shares
have a term redemption date of December&nbsp;1, 2015 whereas the Target Fund VMTP Shares have a term
redemption date of June&nbsp;1, 2015. As a result, in connection with the Mergers, Target Fund
shareholders will receive VMTP Shares that have a longer duration.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to the closing of each Merger, each Target Fund will declare to its Common Shareholders
one or more dividends, and the Acquiring Fund may, but is not required to, declare to its Common
Shareholders a dividend, payable at or near the time of closing to their respective shareholders to
the extent necessary to avoid entity level tax or as otherwise deemed desirable. Such
distributions, if made, are anticipated to be made in the 2012 calendar year and, to the extent a
distribution is not an &#147;exempt-interest dividend&#148; (as defined in the Code), the distribution may be
taxable to shareholders in such year for federal income tax purposes. It is anticipated that Fund
distributions will be primarily dividends that are exempt from regular federal income tax, although
a portion of such dividends may be taxable to shareholders as ordinary income or capital gains. To
the extent the distribution is attributable to ordinary income or capital gains, such ordinary
income and capital gains will be allocated to Common Shareholders and VMTP Shareholders in
accordance with each class&#146;s proportionate share of the total dividends paid by the Fund during the
year. In certain circumstances, each Fund will make additional payments to VMTP Shareholders to
offset the tax effects of such taxable distributions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If shareholders approve the Mergers and if all of the closing conditions set forth in the
Merger Agreement are satisfied or waived, including the condition that each Fund complete its
Redomestication (Proposal 1), consummation of the Mergers (the &#147;Closing&#148;) is expected to occur in
the third quarter of 2012 on a date mutually agreed upon by the Funds (the &#147;Closing Date&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund will be required to make representations and warranties in the Merger Agreement that
are customary in matters such as the Mergers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If shareholders of a Fund do not approve a Merger or if a Merger does not otherwise close, the
Board will consider what additional action to take, including allowing the Fund to continue
operating as it currently does. The Merger Agreement may be terminated and the Merger may be
abandoned at any time by mutual agreement of the parties. The Merger Agreement may be amended or
modified in a writing signed by the parties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Additional Information About the Funds</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of the time of the Mergers, each Fund will be a newly organized Delaware statutory trust,
as discussed in Proposal 1. Each Fund is registered under the 1940 Act, as a diversified,
closed-end management investment company. &#147;Diversified&#148; means that the Fund is limited in the
amount it can invest in a single issuer. A closed-end fund (unlike an &#147;open-end&#148; or &#147;mutual&#148; fund)
does not continuously sell and redeem its shares; in the case of the Funds, Common Shares are
bought and sold on the Exchanges. A &#147;management&#148; investment company is managed by an investment
adviser &#151; the Adviser in the case of the Funds &#151; that buys and sells portfolio securities on behalf
of the investment company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Federal Income Tax Matters Associated with Investment in the Funds</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following information is meant as a general summary of certain federal income tax matters
for U.S. shareholders. Investors should rely on their own tax advisor for advice about the
particular federal, state and local tax consequences to them of investing in the Funds (for
purposes of this section, the &#147;Fund&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund has elected to be treated and intends to qualify each year (including the taxable
year in which the Merger occurs) as a regulated investment company (&#147;RIC&#148;) under Subchapter M of
the Code. In order to qualify as a RIC, the Fund must satisfy certain requirements regarding the
sources of its income, the diversification of its assets and the distribution of its income. As a
RIC, the Fund is not expected to be subject to federal income tax on the income and gains it
distributes to its shareholders. If, for any taxable year, the Fund does not qualify for taxation
as a RIC, it will be treated as a U.S. corporation subject to U.S. federal income tax, thereby
subjecting any income earned by the Fund to tax at the corporate level and to a further tax at the
shareholder level when such income is distributed. In lieu of losing its status as a RIC, the Fund
is permitted to pay a tax for certain failures to satisfy the asset diversification test or income
requirement, which, in general, are limited to those due to reasonable cause and
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">not willful neglect, for taxable years of the Fund with respect to which the extended due date of the return is
after December&nbsp;22, 2010.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Code imposes a 4% nondeductible excise tax on the Fund to the extent it does not
distribute by the end of any calendar year at least the sum of (i)&nbsp;98% of its taxable ordinary
income for that year, and (ii)&nbsp;98.2% of its capital gain net income (both long-term and short-term)
for the one-year period ending, as a general rule, on October&nbsp;31 of that year. For this purpose,
however, any ordinary income or capital gain net income retained by the Fund that is subject to
corporate income tax will be considered to have been distributed by year-end. In addition, the
minimum amounts that must be distributed in any year to avoid the excise tax will be increased or
decreased to reflect any underdistribution or overdistribution, as the case may be, from the
previous year. The Fund anticipates that it will pay such dividends and will make such
distributions as are necessary in order to avoid or minimize the application of this excise tax.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund primarily invests in municipal securities. Thus, substantially all of the Fund&#146;s
dividends paid to you from net investment income should qualify as &#147;exempt-interest dividends.&#148; A
shareholder treats an exempt-interest dividend as interest on state and local bonds exempt from
regular federal income tax. Exempt-interest dividends from interest earned on municipal securities
of a state, or its political subdivisions, generally are exempt from that state&#146;s personal income
tax. Most states, however, do not grant tax-free treatment to interest from municipal securities
of other states.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal income tax law imposes an alternative minimum tax with respect to corporations,
individuals, trusts and estates. Interest on certain municipal obligations, such as certain private
activity bonds, is included as an item of tax preference in determining the amount of a taxpayer&#146;s
alternative minimum taxable income. To the extent that the Fund receives income from such municipal
obligations, a portion of the dividends paid by the Fund, although exempt from regular federal
income tax, will be taxable to shareholders to the extent that their tax liability is determined
under the federal alternative minimum tax. The Fund will annually provide a report indicating the
percentage of the Fund&#146;s income attributable to municipal obligations subject to the federal
alternative minimum tax. Corporations are subject to special rules in calculating their federal
alternative minimum taxable income with respect to interest from such municipal obligations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to exempt-interest dividends, the Fund may also distribute to its shareholders
amounts that are treated as long-term capital gain or ordinary income (which may include short-term
capital gains). These distributions may be subject to federal, state and local taxation, depending
on a shareholder&#146;s situation. If so, they are taxable whether or not such distributions are
reinvested. Net capital gain distributions (the excess of net long-term capital gain over net
short-term capital loss) are generally taxable at rates applicable to long-term capital gains
regardless of how long a shareholder has held its shares. Long-term capital gains are currently
taxable to noncorporate shareholders at a maximum federal income tax rate of 15%. Absent further
legislation, the maximum 15% rate on long-term capital gains will cease to apply to taxable years
beginning after December&nbsp;31, 2012. The Fund does not expect that any part of its distributions to
shareholders from its investments will qualify for the dividends-received deduction available to
corporate shareholders or as &#147;qualified dividend income&#148; available to noncorporate shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions by the Fund in excess of the Fund&#146;s current and accumulated earnings and profits
will be treated as a return of capital to the extent of the shareholder&#146;s tax basis in its shares
and will reduce such basis. Any such amount in excess of that basis will be treated as gain from
the sale of shares, as discussed below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a RIC, the Fund will not be subject to federal income tax in any taxable year on the income
and gains it distributes to shareholders provided that it meets certain distribution requirements.
The Fund may retain for investment some (or all) of its net capital gain. If the Fund retains any
net capital gain or investment company taxable income, it will be subject to tax at regular
corporate rates on the amount retained. If the Fund retains any net capital gain, it may designate
the retained amount as undistributed capital gains in a notice to its shareholders who, if subject
to federal income tax on long-term capital gains, (i)&nbsp;will be required to include in income for
federal income tax purposes, as long-term capital gain, their share of such undistributed amount;
(ii)&nbsp;will be entitled to credit their proportionate shares of the federal income tax paid by the
Fund on such undistributed amount against their federal income tax liabilities, if any; and (iii)
may claim refunds to the extent the credit exceeds such liabilities. For federal income tax
purposes, the basis of shares owned by a shareholder of the Fund will be increased by an amount
equal
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">to the difference between the amount of undistributed capital gains included in the
shareholder&#146;s gross income and the tax deemed paid by the shareholder under clause (ii)&nbsp;of the
preceding sentence.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The IRS currently requires that a RIC that has two or more classes of stock allocate to each
such class proportionate amounts of each type of its income (such as exempt interest, ordinary
income and capital gains). Accordingly, the Fund designates dividends made with respect to the
Common Shares and the VMTP Shares as consisting of particular types of income (e.g., exempt
interest, net capital gain and ordinary income) in accordance with each class&#146;s proportionate share
of the total dividends paid by the Fund during the year. A class&#146;s proportionate share of a
particular type of income is determined according to the percentage of total dividends paid by the
regulated investment company to such class.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends declared by the Fund to shareholders of record in October, November or December and
paid during the following January may be treated as having been received by shareholders in the
year the distributions were declared.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the time of an investor&#146;s purchase of Fund shares, a portion of the purchase price may be
attributable to realized or unrealized appreciation in the Fund&#146;s portfolio or to undistributed
ordinary income or capital gains of the Fund. Consequently, subsequent distributions by the Fund
with respect to these shares from such appreciation, income or gains may be taxable to such
investor even if the net asset value of the investor&#146;s shares is, as a result of the
distributions, reduced below the investor&#146;s cost for such shares and the distributions economically
represent a return of a portion of the investment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each shareholder will receive an annual statement summarizing the shareholder&#146;s dividend and
capital gains distributions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The redemption, sale or exchange of shares normally will result in capital gain or loss to
shareholders who hold their shares as capital assets. Generally, a shareholder&#146;s gain or loss will
be long-term capital gain or loss if the shares have been held for more than one year. The gain or
loss on shares held for one year or less will generally be treated as short-term capital gain or
loss. Present law taxes both long-term and short-term capital gains of corporations at the same
rates applicable to ordinary income. Long-term capital gains are currently taxable to noncorporate
shareholders at a maximum federal income tax rate of 15%. As noted above, absent further
legislation, the maximum 15% rate on long-term capital gains will cease to apply to taxable years
beginning after December&nbsp;31, 2012. Any loss on the sale of shares that have been held for six
months or less will be disallowed to the extent of any distribution of exempt-interest dividends
received with respect to such shares and any remaining loss will be treated as a long-term capital
loss to the extent of any long-term capital gain distributed to you by the Fund on those shares.
Any loss realized on a sale or exchange of shares of a Fund will be disallowed to the extent those
shares of the Fund are replaced by other substantially identical shares of the Fund or other
substantially identical stock or securities (including through reinvestment of dividends) within a
period of 61&nbsp;days beginning 30&nbsp;days before and ending 30&nbsp;days after the date of disposition of the
original shares. In that event, the basis of the replacement shares of the Fund will be adjusted to
reflect the disallowed loss.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Treasury regulations, if a shareholder recognizes a loss with respect to Fund shares of
$2&nbsp;million or more for an individual shareholder, or $10&nbsp;million or more for a corporate
shareholder, in any single taxable year (or of certain greater amounts over a combination of
years), generally the shareholder must file with the IRS a disclosure statement on Form&nbsp;8886.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders that are exempt from U.S. federal income tax, such as retirement plans that are
qualified under Section&nbsp;401 of the Code, generally are not subject to U.S. federal income tax on
otherwise-taxable Fund dividends or distributions, or on sales or exchanges of Fund shares unless
the Fund shares are &#147;debt-financed property&#148; within the meaning of the Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any interest on indebtedness incurred or continued to purchase or carry the Fund&#146;s shares to
which exempt-interest dividends are allocated is not deductible. Under certain applicable rules,
the purchase or ownership of shares may be considered to have been made with borrowed funds even
though such funds are not directly used for the purchase or ownership of the shares. In addition,
if you receive Social Security or certain railroad retirement benefits, you may be subject to U.S.
federal income tax on a portion of such benefits as a result of receiving investment income,
including exempt-interest dividends and other distributions paid by the Fund.
</DIV>

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</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in debt obligations that are at risk of or in default present special tax issues
for the Fund. Federal income tax rules are not entirely clear about issues such as when the Fund
may cease to accrue interest, original issue discount or market discount, when and to what extent
deductions may be taken for bad debts or worthless securities, how payments received on obligations
in default should be allocated between principal and interest and whether certain exchanges of debt
obligations in a workout context are taxable. These and other issues will be addressed by the Fund,
in the event it invests in or holds such securities, in order to seek to ensure that it distributes
sufficient income to preserve its status as a RIC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Fund invests in certain pay-in-kind securities, zero coupon securities, deferred
interest securities or, in general, any other securities with original issue discount (or with
market discount if the Fund elects to include market discount in income currently), the Fund must
accrue income on such investments for each taxable year, which generally will be prior to the
receipt of the corresponding cash payments. However, the Fund must distribute to shareholders, at
least annually, all or substantially all of its investment company taxable income (determined
without regard to the deduction for dividends paid), including such accrued income, to qualify as a
RIC and to avoid federal income and excise taxes. Therefore, the Fund may have to dispose of its
portfolio securities under disadvantageous circumstances to generate cash, or may have to leverage
itself by borrowing the cash, to satisfy these distribution requirements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may hold or acquire municipal obligations that are market discount bonds. A market
discount bond is a security acquired in the secondary market at a price below its redemption value
(or its adjusted issue price if it is also an original issue discount bond). If the Fund invests in
a market discount bond, it will be required to treat any gain recognized on the disposition of such
market discount bond as ordinary taxable income to the extent of the accrued market discount.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By law, if you do not provide the Fund with your proper taxpayer identification number and
certain required certifications, you may be subject to backup withholding on any distributions of
income, capital gains, or proceeds from the sale of your shares. The Fund also must withhold if the
IRS instructs it to do so. When withholding is required, the amount will be 28% of any
distributions or proceeds paid, including exempt interest dividends (for distributions and proceeds
paid after December&nbsp;31, 2012, the rate is scheduled to rise to 31% unless the 28% rate is extended
or made permanent).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For taxable years beginning after December&nbsp;31, 2012, an additional 3.8% Medicare tax will be
imposed on certain net investment income (including ordinary dividends and capital gain
distributions received from the Fund and net gains from redemptions or other taxable dispositions
of Fund shares) of US individuals, estates and trusts to the extent that such person&#146;s &#147;modified
adjusted gross income&#148; (in the case of an individual) or &#147;adjusted gross income&#148; (in the case of an
estate or trust) exceeds a threshold amount.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The description of certain federal tax provisions above relates only to U.S. federal income
tax consequences for shareholders who are U.S. persons, i.e., generally, U.S. citizens or residents
or U.S. corporations, partnerships, trusts or estates, and who are subject to U.S. federal income
tax and hold their shares as capital assets. Except as otherwise provided, this description does
not address the special tax rules that may be applicable to particular types of investors, such as
financial institutions, insurance companies, securities dealers, other regulated investment
companies, or tax-exempt or tax-deferred plans, accounts or entities. Investors other than U.S.
persons may be subject to different U.S. federal income tax treatment, including a non-resident
alien U.S. withholding tax at the rate of 30% or any lower applicable treaty rate on amounts
treated as ordinary dividends from the Fund, special certification requirements to avoid U.S.
backup withholding and claim any treaty benefits and U.S. estate tax. Shareholders should consult
their own tax advisors on these matters and on state, local, foreign and other applicable tax laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under recently enacted legislation and administrative guidance, the relevant withholding agent
may be required to withhold 30% of any (a)&nbsp;income dividends paid after December&nbsp;31, 2013 and (b)
certain capital gains distributions and the proceeds of a sale of shares paid after December&nbsp;31,
2014 to (i)&nbsp;a foreign financial institution unless such foreign financial institution agrees to
verify, report and disclose certain of its U.S. accountholders and meets certain other specified
requirements or (ii)&nbsp;a non-financial foreign entity that is the beneficial owner of the payment
unless such entity certifies that it does not have any substantial U.S. owners or provides the
name, address
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and taxpayer identification number of each substantial U.S. owner and such entity
meets certain other specified requirements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Board Considerations in Approving the Mergers</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On June&nbsp;1, 2010, Invesco acquired the retail fund management business of Morgan Stanley, which
included 32 Morgan Stanley and Van Kampen branded closed-end funds. This transaction filled gaps
in Invesco&#146;s product line and has enabled Invesco to expand its investment offerings to retail
customers. The transaction also resulted in product overlap. The Mergers proposed in this Proxy
Statement are part of a larger group of mergers across Invesco&#146;s fund platform that began in early
2011. The larger group of mergers is designed to put forth Invesco&#146;s most compelling investment
processes and strategies, reduce product overlap and create scale in the resulting funds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Boards of the Funds considered each Merger over a series of meetings. The Nominating
Committee of the Boards, which consists solely of trustees who are not &#147;interested persons,&#148; as
that term is defined in the 1940 Act, of the Target Funds (the &#147;Independent Trustees&#148;), met on
November&nbsp;1, 2011 to consider each Merger and to assist the Boards in their consideration of such
Mergers. The Nominating Committee considered presentations from the Adviser on the proposed
Mergers and identified to the Adviser certain supplemental information to be prepared in connection
with the presentation of the proposed Mergers to the full Boards. Prior to the November&nbsp;15, 2011
meeting of the full Boards, the Boards met in executive session with the Nominating Committee to
discuss the Committee&#146;s consideration and review of the proposed Mergers. The full Boards met
twice, on November&nbsp;15, 2011 and November&nbsp;28, 2011, to review and consider each Merger. The Boards
requested and received from the Adviser written materials containing relevant information about the
Funds and the proposed Mergers, including fee and expense information on an actual and <I>pro forma</I>
estimated basis, and comparative portfolio composition and performance data.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Boards reviewed, among other information they deemed relevant, information comparing the
following for each Fund on a current and <I>pro forma </I>basis: (1)&nbsp;investment objective, policies and
restrictions; (2)&nbsp;portfolio management; (3)&nbsp;portfolio composition; (4)&nbsp;comparative short-term and
long-term investment performance and distribution yields; (5)&nbsp;expense ratios and expense
structures, including contractual investment advisory fees and fee waiver agreements; (6)&nbsp;expected
federal income tax consequences to the Funds, including any impact on capital loss carry forwards;
(7)&nbsp;relative asset size; (8)&nbsp;trading information such as trading premiums/discounts for the Funds&#146;
Common Shares; and (9)&nbsp;use of leverage and outstanding VMTP Shares. The Boards discussed with the
Adviser the Adviser&#146;s process for selecting and analyzing the Funds that had been proposed to
participate in the Mergers and possible alternatives to the Mergers, including liquidation and
maintaining stand alone funds, among other alternatives. The Boards also discussed with the
Adviser the Mergers in the context of the larger group of completed and proposed reorganizations of
funds in the fund complex, which were designed to rationalize the Invesco funds to seek to enhance
visibility in the market place.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The potential benefits to the Funds of the Mergers considered by the Boards included (1)
potential benefits resulting from the larger size of the combined fund, including the potential for (i)&nbsp;increased
attention from the investment community, (ii)&nbsp;increased trading volume and tighter spreads and improved
premium/discount levels for the combined fund&#146;s Common Shares, (iii)&nbsp;improved purchasing power and more efficient transaction
costs, and (iv)&nbsp;increased diversification of portfolio investments; (2)&nbsp;maintaining consistent portfolio
management teams, processes and investment objectives (other than as it relates to each Target Fund&#146;s focus on
investing in municipal securities of a single state); and (3)&nbsp;reducing market confusion caused by similar product
offerings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Boards also considered the anticipated economic effects of the Mergers on the combined
fund&#146;s fees and expenses, earnings, distribution rates, undistributed net investment company income
and market price of Common Shares. The Boards considered that (1)&nbsp;the Acquiring Fund&#146;s management
fee schedule will apply to the combined fund; (2)&nbsp;the investment objective, strategies and related
risks of each Target Fund and the Acquiring Fund are similar (other than as it relates to each
Target Fund&#146;s focus on investing in municipal securities of a single state); (3)&nbsp;the Funds have
substantially similar portfolio management teams; (4)&nbsp;shareholders would become shareholders of the
larger combined fund; and (5)&nbsp;the allocation of expenses of the Mergers, including the Adviser&#146;s
paying all of the Merger costs. In addition, the Boards of the Target Funds considered the
Acquiring Fund&#146;s contractual advisory fee rate in light of the benefits of retaining the Adviser as
the Acquiring Fund&#146;s investment adviser, the services provided, and those expected to be provided,
to the Acquiring Fund by the Adviser, and the terms and conditions of the Acquiring Fund&#146;s advisory
agreement.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Boards also considered the expected tax free nature of the Mergers for each Fund and its
shareholders for federal income tax purposes. However, the Boards of the Target Funds considered
that Target Fund shareholders living in Massachusetts, Ohio or New Jersey, respectively, will lose
the benefit of their respective Massachusetts, Ohio or New Jersey state tax exemption to the extent
that the Acquiring Fund invests in securities whose distributions are not exempt from
Massachusetts, Ohio or New Jersey state income tax, respectively, or to the extent that the
Acquiring Fund is no longer eligible to pass through to investors the tax-exempt nature of its
income for state tax purposes. The Boards considered the information regarding each Fund&#146;s Common
Share distribution rate on an actual and tax-equivalent basis (reflecting the effect of both state
and federal taxes), noting that before giving effect to the Mergers, the after federal tax
equivalent distribution Common Share yield (as a percentage of net asset value) of the Acquiring
Fund was within 0.50% of the after federal and state tax equivalent Common Share yield of each
Target Fund. The Boards weighed this factor in light of the benefits of the Mergers to Target Fund
shareholders described herein, including the benefits of increased portfolio diversification.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">After considering the foregoing, the Board noted that:
</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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the combined fund is anticipated to have lower total operating expenses than
each Target Fund;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the combined fund on a <I>pro forma </I>  basis (and therefore not
guaranteed in the future) had more than a 0.20% higher Common Share
distribution yield (as a percentage of net asset value) than each Target Fund, even
after giving effect to the higher management fees and total expense ratio that
would apply to the combined fund before and after the expiration of fee waivers;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>as of July&nbsp;31, 2011, the Acquiring Fund&#146;s Common Shares had traded at an average
premium of 1.72% to its net asset value over the preceding 52&nbsp;week period and, over
the same period, the Target Funds&#146; Common Shares had traded at average premiums of
4.39% (VMV), 1.11% (VOQ)&nbsp;and 2.32% (VTJ);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>as of July&nbsp;31, 2011, the Acquiring Fund&#146;s Common Shares traded at an average
discount of -2.80% to its net asset value for the preceding month and, over the
same period, the Target Funds&#146; Common Shares had traded at average discounts of
-1.30% (VMV), -0.50% (VOQ)&nbsp;and -3.50% (VTJ);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the average daily trading volume for the Acquiring Fund&#146;s Common Shares was more
than 20 times greater than the average daily trading volume of VMV&#146;s Common Shares,
more than 11 times greater than the average daily trading volume of VOQ&#146;s Common
Shares and more than eight times greater than the average daily trading volumes of
VTJ&#146;s Common Shares; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>as of July&nbsp;31, 2011, the Acquiring Fund owned 434 different municipal bonds and
the Target Funds owned 73 (VMV), 102 (VOQ)&nbsp;and 99 (VTJ), which means that the
combined fund would provide shareholders with a more diverse portfolio.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based upon the information and considerations summarized above, each Board unanimously
concluded that each applicable Merger are in the best interests of its respective Fund and the
shareholders of such Fund and that no dilution of net asset value would result to the shareholders
of such Fund from each applicable Merger. Consequently, on November&nbsp;28, 2011, each Board,
including the Independent Trustees voting separately, unanimously approved the Merger Agreement and
each applicable Merger and unanimously recommended that the shareholders of each Fund vote in favor
of each applicable Merger.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The discussion above summarizes certain information regarding the Funds considered by the
Boards, which was accurate as of the time of the Boards&#146; consideration of the Mergers. There can
be no assurance that the information considered by the Boards, including with respect to the Funds&#146;
trading at a premium or discount, remains accurate as of the date hereof or at the closing of the
Mergers.
</DIV>

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</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Federal Income Tax Considerations of the Mergers</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a general summary of the material U.S. federal income tax considerations of
the Mergers and is based upon the current provisions of the Code, the existing U.S. Treasury
Regulations thereunder, current administrative rulings of the IRS and published judicial decisions,
all of which are subject to change. These considerations are general in nature and individual
shareholders should consult their own tax advisors as to the federal, state, local, and foreign tax
considerations applicable to them and their individual circumstances. These same considerations
generally do not apply to shareholders who hold their shares in a tax-deferred account.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Merger is intended to be a tax-free reorganization pursuant to Section 368(a) of the
Code. As described above, the Mergers will occur following the Redomestication of each Target Fund
and the Acquiring Fund. The principal federal income tax considerations that are expected to result
from the Merger of each Target Fund into the Acquiring Fund are as follows:
</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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>no gain or loss will be recognized by the Target Fund or the shareholders of the
Target Fund as a result of the Merger;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>no gain or loss will be recognized by the Acquiring Fund as a result of the
Merger;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the aggregate tax basis of the shares of the Acquiring Fund to be received by a
shareholder of the Target Fund will be the same as the shareholder&#146;s aggregate tax
basis of the shares of the Target Fund; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the holding period of the shares of the Acquiring Fund received by a
shareholder of the Target Fund will include the period that a shareholder held the
 shares of the Target Fund (provided that such shares of the Target Fund are
capital assets in the hands of such shareholder as of the Closing).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither the Target Funds nor the Acquiring Fund have requested or will request an advance
ruling from the IRS as to the federal tax consequences of the Mergers. As a condition to Closing,
Stradley Ronon Stevens &#038; Young, LLP will render a favorable opinion to each Target Fund and the
Acquiring Fund as to the foregoing federal income tax consequences of each Merger, which opinion
will be conditioned upon, among other things, the accuracy, as of the Closing Date, of certain
representations of each Target Fund and the Acquiring Fund upon which Stradley Ronon Stevens &#038;
Young, LLP will rely in rendering its opinion. Such opinion of counsel may state that no opinion
is expressed as to the effect of the Mergers on the Target Funds, Acquiring Fund, or any Target
Fund shareholder with respect to any transferred asset as to which any unrealized gain or loss is
required to be recognized for federal income tax purposes at the end of a taxable year (or on the
termination or transfer thereof) under a mark-to-market system of accounting. A copy of the
opinion will be filed with the SEC and will be available for public inspection. See &#147;Where to Find
Additional Information.&#148; In addition, Skadden, Arps, Slate, Meagher &#038; Flom LLP will deliver an
opinion to the Funds, subject to certain representations, assumptions and conditions, to the effect
that the Acquiring Fund VMTP Shares received in the Mergers by holders of VMTP Shares of a Target
Fund will qualify as equity in the Acquiring Fund for federal income tax purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opinions of counsel are not binding upon the IRS or the courts. If a Merger is consummated
but the IRS or the courts determine that the Merger does not qualify as a tax-free reorganization
under the Code, and thus is taxable, the Target Fund would recognize gain or loss on the transfer
of its assets to the Acquiring Fund and each shareholder of the Target Fund would recognize a
taxable gain or loss equal to the difference between its tax basis in its Target Fund shares and
the fair market value of the shares of the Acquiring Fund it receives. The failure of one Merger to
qualify as a tax-free reorganization would not adversely affect any other Merger.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to the closing of each Merger, each Target Fund will declare to its Common Shareholders
one or more dividends, and the Acquiring Fund may, but is not required to, declare to its Common
Shareholders a dividend, payable at or near the time of closing to their respective shareholders to
the extent necessary to avoid entity level tax or as otherwise deemed desirable. Such
distributions, if made, are anticipated to be made in the 2012 calendar year and, to the extent a
distribution is not an &#147;exempt-interest dividend&#148; (as defined in the Code), the distribution may be
taxable to shareholders in such year for federal income tax purposes. It is anticipated that Fund
distributions will be primarily dividends that are exempt from regular federal income tax, although
a portion of such dividends may be
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">taxable to shareholders as ordinary income or capital gains. To
the extent the distribution is attributable to ordinary income or capital gains, such ordinary
income and capital gains will be allocated to Common Shareholders and VMTP Shareholders in
accordance with each class&#146;s proportionate share of the total dividends paid by the Fund during the
year. In certain circumstances, each Fund will make additional payments to VMTP Shareholders to
offset the tax effects of such taxable distributions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund may invest all or a substantial portion of its total assets in municipal securities
that may subject certain investors to the federal alternative minimum tax (&#147;AMT bonds&#148;) and,
therefore, a substantial portion of the income produced by each Fund may be taxable for such
investors under the federal alternative minimum tax. If the Acquiring Fund following the Mergers
has a greater portion of its portfolio investments in AMT bonds than a Target Fund, a greater
portion of the dividends paid by the Acquiring Fund to shareholders of the Target Fund,
post-Closing, may be taxable under the federal alternative minimum tax. However, the portion of a
Fund&#146;s total assets invested in AMT Bonds on the Closing Date or in the future and the portion of
income subject to federal alternative minimum tax cannot be known in advance. See the Schedule of
Investments available in each Fund&#146;s Annual Report for the portion of a Fund&#146;s total assets that
are invested in AMT Bonds at February&nbsp;29, 2012.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The tax attributes, including capital loss carryovers, of the Target Funds move to the
Acquiring Fund in the Mergers. The capital loss carryovers of the Target Funds and the Acquiring
Fund are available to offset future gains recognized by the combined Fund, subject to limitations
under the Code. Where these limitations apply, all or a portion of a Fund&#146;s capital loss
carryovers may become unavailable, the effect of which may be to accelerate the recognition of
taxable gain to the combined Fund and its shareholders post-Closing. <I>First</I>, the capital loss
carryovers of each Fund that experiences a more than 50% ownership change in a Merger (e.g., in a
reorganization of two Funds, the smaller Fund), increased by any current year loss or decreased by
any current year gain, together with any net unrealized depreciation in the value of its portfolio
investments (collectively, its &#147;aggregate capital loss carryovers&#148;), are expected to become subject
to an annual limitation. Losses in excess of that limitation may be carried forward to succeeding
tax years, subject, in the case of net capital losses that arise in taxable years beginning on or
before December&nbsp;22, 2010 as discussed below, to an overall eight-year carryover period. The annual
limitation will generally equal the net asset value of a Fund on the Closing Date multiplied by the
&#147;long-term tax-exempt rate&#148; published by the IRS. In the case of a Fund with net unrealized
built-in gains at the time of Closing of a Merger (i.e., unrealized appreciation in value of the
Fund&#146;s investments), the annual limitation for a taxable year will be increased by the amount of
such built-in gains that are recognized in the taxable year. <I>Second</I>, if a Fund has built-in gains
at the time of Closing that are realized by the combined Fund in the five-year period following a
Merger, such built-in gains, when realized, may not be offset by the losses (including any capital
loss carryovers and &#147;built in losses&#148;) of another Fund. <I>Third</I>, the capital losses of a Target Fund
that may be used by the Acquiring Fund (including to offset any &#147;built-in gains&#148; of a Target Fund
itself) for the first taxable year ending after the Closing Date will be limited to an amount equal
to the capital gain net income of the Acquiring Fund for such taxable year (excluding capital loss
carryovers) treated as realized post-Closing based on the number of days remaining in such year.
<I>Fourth</I>, a Merger may result in an earlier expiration of a Fund&#146;s capital loss carryovers because a
Merger may cause a Target Fund&#146;s tax year to close early in the year of the Merger.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Regulated Investment Company Modernization Act of 2010 eliminated the eight-year carryover
period for capital losses that arise in taxable years beginning after its enactment date (December
22, 2010) for regulated investment companies regardless of whether such regulated investment
company is a party to a reorganization. Consequently, these capital losses can be carried forward
indefinitely. However, capital losses incurred in pre-enactment taxable years may not be used to
offset capital gains until all net capital losses arising in post-enactment taxable years have been
utilized. As a result, some net capital loss carryovers incurred in pre-enactment taxable years
which otherwise would have been utilized under prior law may expire.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The aggregate capital loss carryovers of the Funds and the approximate annual limitation on
the use by the Acquiring Fund, post-Closing, of each Target Fund&#146;s aggregate capital loss
carryovers following the Mergers are as follows:
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->38<!-- /Folio -->
</DIV>



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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>VMV</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>VOQ</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>VTJ</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>VKQ</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(Target Fund)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(Target Fund)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(Target Fund)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(Acquiring Fund)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>(000,000s)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>(000,000s)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>(000,000s)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>(000,000s)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">at 2/29/2012</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">at 2/29/2012</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">at 2/29/2012</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">at 2/29/2012</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Aggregate Capital Loss
Carryovers on a Tax
Basis</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$&nbsp;</TD>
    <TD align="right">(6.3</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$&nbsp;</TD>
    <TD align="right">(7.2</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$&nbsp;</TD>
    <TD align="right">(7.3</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$&nbsp;</TD>
    <TD align="right">(90.0</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unrealized Net
Appreciation
(Depreciation) in
Investments on a Tax
Basis</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">15.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">56.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Aggregate Net Asset Value</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">36.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">93.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">104.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">556.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Approximate Annual
Limitation (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Based on the long-term tax-exempt rate for ownership changes during May&nbsp;2012 of 3.26%.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based upon each Target Fund&#146;s capital loss position at February&nbsp;29, 2012, the annual
limitations on the use of each Target Fund&#146;s aggregate capital loss carryovers may not prevent the
combined Fund from utilizing a substantial portion of such losses, albeit over a period of time.
However, the effect of these annual limitations may be to cause the combined Fund, post-Closing, to
distribute more capital gains in a taxable year than might otherwise have been the case if no such
limitation had applied. The aggregate capital loss carryovers of the Acquiring Fund may continue
to be available. The ability of the Acquiring Fund to absorb its own aggregate capital loss
carryovers and those of the Target Funds post-Closing depends upon a variety of factors that cannot
be known in advance. For more information with respect to each Fund&#146;s capital loss carryovers,
please refer to the Fund&#146;s shareholder report.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders of a Target Fund will receive a proportionate share of any taxable income and
gains realized by the Acquiring Fund and not distributed to its shareholders prior to the Merger
when such income and gains are eventually distributed by the Acquiring Fund. As a result,
shareholders of a Target Fund may receive a greater amount of taxable distributions than they would
have had the Merger not occurred. In addition, if the Acquiring Fund following the Mergers has
proportionately greater unrealized appreciation in its portfolio investments as a percentage of its
net asset value than a Target Fund, shareholders of the Target Fund, post-Closing, may receive
greater amounts of taxable gain as such portfolio investments are sold than they otherwise might
have if the Mergers had not occurred. At February&nbsp;29, 2012, the unrealized appreciation
(depreciation)&nbsp;in value of the portfolio investments of each Target Fund on a tax basis as a
percentage of its net asset value is 14% for VMV, 12% for VOQ, and 15% for VTJ, compared to that of
the Acquiring Fund of 10%, and 11% on a combined basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After the Mergers, shareholders will continue to be responsible for tracking the adjusted tax
basis and holding period of their shares for federal income tax purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Tax Treatment of the VMTP Shares of the Acquiring Fund</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund expects that the VMTP Shares issued by the Acquiring Fund in the Merger in exchange
for Target Fund VMTP Shares will be treated as equity of the Acquiring Fund for U.S. federal income
tax purposes. Each Fund has received a private letter ruling from the IRS to the effect that VMTP
Shares issued by it prior to its Redomestication and Merger will be treated as equity of such Fund
for U.S. federal income tax purposes. Skadden, Arps, Slate, Meagher &#038; Flom LLP (&#147;Special VMTP
Federal Income Tax Counsel&#148;) is of the opinion that, and as a condition to the closing of the
Mergers will deliver to the Funds an opinion that, the VMTP Shares issued by the Acquiring Fund in
a Merger in exchange for Target Fund VMTP Shares will be treated as equity of the Acquiring Fund
for U.S. federal income tax purposes. An opinion of counsel is not binding on the IRS or any
court. Thus, no assurance can be given that the IRS would not assert, or that a court would not
sustain, a position contrary to Special VMTP Federal Income Tax Counsel&#146;s opinion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The discussion herein assumes that the VMTP Shares issued by the Acquiring Fund in a Merger in
exchange for Target Fund VMTP Shares will be treated as equity of the Acquiring Fund for U.S.
federal income tax purposes.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->39<!-- /Folio -->
</DIV>

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Where to Find More Information</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The SAI and each Fund&#146;s shareholder reports contain further information on the Funds,
including their investment policies, strategies and risks.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>THE BOARDS UNANIMOUSLY RECOMMEND THAT YOU VOTE FOR THE APPROVAL OF<BR>
PROPOSAL 2.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>PROPOSAL 3: ELECTION OF TRUSTEES BY VMV, VTJ, VOQ AND THE ACQUIRING FUND</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the Meeting, VMTP Shareholders and Common Shareholders of the Funds, voting together as a
single class, will vote to elect Trustees as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(a)&nbsp;With respect to VMV, to elect three Trustees (David C. Arch, Jerry D. Choate, and
Suzanne H. Woolsey are the nominees).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(b)&nbsp;With respect to VTJ, VOQ and the Acquiring Fund, to elect one Trustee (Wayne W. Whalen
is the nominee).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the Meeting, the VMTP Shareholders of VTJ, VOQ and the Acquiring Fund, will also vote as a
separate class on the election of one Trustee, designated to be elected solely by the VMTP
Shareholders, as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(c)&nbsp;With respect to VTJ, VOQ and the Acquiring Fund, to elect one Trustee (Linda Hutton Heagy
is the nominee).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If elected, each nominee will serve until the later of the Funds&#146; annual meeting of
shareholders in 2015 or until his or her successor has been duly elected and qualified, or his or
her earlier retirement, resignation or removal. As in the past, only one class of Trustees is
being submitted to shareholders of each Fund for election at the Meeting. The Declaration of Trust
of each Fund provides that the Board shall be divided into three classes, which must be as nearly
equal in number as possible. For each Fund, the Trustees of only one class are elected at each
annual meeting, so that the regular term of only one class of Trustees will expire annually and any
particular Trustee stands for election only once in each three-year period. This type of
classification may prevent replacement of a majority of Trustees of a Fund for up to a two-year
period. The foregoing is subject to the provisions of the 1940 Act, applicable state law, each
Fund&#146;s Declaration of Trust and each Fund&#146;s bylaws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustees who make up the various classes of the Boards of the Funds are shown in the chart
below:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="33%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Class I</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Class II</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Class III</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">David C. Arch <BR>

Jerry D. Choate <BR>

Howard J Kerr<SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP><BR>

Suzanne H. Woolsey, Ph.D.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wayne W. Whalen <BR>

Rodney F. Dammeyer<SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP><BR>

Linda Hutton Heagy<SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Colin D. Meadows <BR>

R. Craig Kennedy <BR>

Jack E. Nelson<SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP><BR>

Hugo F. Sonnenschein<SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</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"><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD width="1%">&nbsp;</TD>
    <TD> Linda Hutton Heagy and Hugo F. Sonnenschein are designated to be elected
solely by the VMTP Shareholders voting as a separate class.<U></U></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"><SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP> </TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pursuant to the Funds&#146; Trustee retirement policy, Howard J Kerr and Jack E.
Nelson are retiring from the Boards effective as of the Meeting. Rodney Dammeyer is
not standing for reelection and his term of office as Trustee of VOQ, VTJ and the
Acquiring Fund will expire at the Meeting. Therefore, Mr.&nbsp;Dammeyer is also stepping
down from the Board of VMV effective as of the Meeting. Each Fund&#146;s Board has reduced
the size of the Board to eight Trustees effective as of the Meeting.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The business and affairs of the Funds are managed under the direction of their Boards of
Trustees. The Board overseeing the Funds seeks to provide shareholders with a highly qualified,
highly capable and diverse group of Board members reflecting the diversity of investor interests
underlying the Funds and with a diversity of backgrounds, experience and skills that the Board
considers desirable and necessary to its primary goal &#151; protecting
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->40<!-- /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">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and promoting shareholders&#146;
interests. While the Board does not require that its members meet specific qualifications, the
Board has historically sought to recruit and continues to value individual Board members that add
to the overall diversity of the Board &#151; the objective is to bring varied backgrounds, experience
and skills reflective of the wide range of the shareholder base and provide both contrasting and
complementary skills relative to the other Board members to best protect and promote shareholders&#146;
interests. Board diversity means bringing together different viewpoints, professional experience,
investment experience, education, and other skills. As can be seen in the individual biographies
below, the Board brings together a wide variety of business experience (including chairman/chief
executive officer-level and director-level experience, including board committee experience, of
several different types of organizations); varied public and private investment-related experience;
not-for-profit experience; customer service and other back office operations experience; a wide
variety of accounting, finance, legal, and marketing experience; academic experience; consulting
experience; and government, political and military service experience. All of this experience
together results in important leadership and management knowledge, skills and perspective that
provide the Board understanding and insight into the operations of the Funds and add range and
depth to the Board. As part of its governance oversight, the Board conducts an annual
self-effectiveness survey which includes, among other things, evaluating the Board&#146;s (and each
committee&#146;s) agendas, meetings and materials, conduct of the meetings, committee structures,
interaction with management, strategic planning, etc., and also includes evaluating the Board&#146;s
(and each committee&#146;s) size, composition, qualifications (including diversity of characteristics,
experience and subject matter expertise) and overall performance.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board evaluates all of the foregoing and does not believe any single factor or group of
factors controls or dominates the qualifications of any individual trustee or the qualifications of
the trustees as a group. After considering all factors together, the Board believes that each
Trustee is qualified to serve as a Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Independent Trustees.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>David C. Arch</I>. Formerly, Mr.&nbsp;Arch was the Chairman and Chief Executive Officer of Blistex, Inc., a
consumer health care products manufacturer. Mr.&nbsp;Arch is a member of the Heartland Alliance Advisory
Board, a nonprofit organization serving human needs based in Chicago and member of the Board of the
Illinois Manufacturers&#146; Association. Mr.&nbsp;Arch is also a member of the Board of Visitors, Institute
for the Humanities, University of Michigan. From 1984 to 2010, Mr.&nbsp;Arch served as Director or
Trustee of investment companies in the Van Kampen Funds complex. The Board believes that Mr.
Arch&#146;s experience as the CEO of a public company and his experience with investment companies
benefits the Funds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Jerry D. Choate</I>. Mr.&nbsp;Choate has been a member of the Board of one or more funds in the Invesco
fund complex since 2003. The Board believes that Mr.&nbsp;Choate&#146;s experience as the chairman and chief
executive officer of a public company and a director of several public companies, his service as a
Trustee of the funds in the Invesco fund complex and his experience as a director of other
investment companies benefits the Funds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Rodney F. Dammeyer</I>. Since 2001, Mr.&nbsp;Dammeyer has been Chairman of CAC, LLC, a private company
offering capital investment and management advisory services. Previously, Mr.&nbsp;Dammeyer served as
Managing Partner at Equity Group Corporate Investments; Chief Executive Officer of Anixter
International; Senior Vice President and Chief Financial Officer of Household International, Inc.;
and Executive Vice President and Chief Financial Officer of Northwest Industries, Inc. Mr.&nbsp;Dammeyer
was a Partner of Arthur Andersen &#038; Co., an international accounting firm. Mr.&nbsp;Dammeyer currently
serves as a Director of Quidel Corporation and Stericycle, Inc. Previously, Mr.&nbsp;Dammeyer served as
a Trustee of The Scripps Research Institute; and a Director of Ventana Medical Systems, Inc.; GATX
Corporation; TheraSense, Inc.; TeleTech Holdings Inc.; and Arris Group, Inc. From 1987 to 2010, Mr.
Dammeyer served as Director or Trustee of investment companies in the Van Kampen Funds complex.
The Board believes that Mr.&nbsp;Dammeyer&#146;s experience in executive positions at a number of public
companies, his accounting experience and his experience serving as a director of investment
companies benefits the Funds. Mr.&nbsp;Dammeyer is not standing for reelection and his term of office
as Trustee of VOQ, VTJ and the Acquiring Fund will expire at the Meeting. Therefore, Mr.&nbsp;Dammeyer
is also stepping down from the Board of VMV effective as of the Meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Linda Hutton Heagy</I>. Ms.&nbsp;Heagy has been a member of the Board of one or more funds in the Invesco
fund complex since 2003. The Board believes that Ms.&nbsp;Heagy&#146;s experience in executive positions at a
number of bank and trust companies and as a member of the board of several organizations, her
service as a Trustee of the funds in the Invesco fund complex and her experience serving as a
director of other investment companies benefits the Funds.
</DIV>


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</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>R. Craig Kennedy</I>. Mr.&nbsp;Kennedy has been a member of the Board of one or more funds in the Invesco
fund complex since 2003. The Board believes that Mr.&nbsp;Kennedy&#146;s experience in executive positions at
a number of foundations, his investment experience, his service as a Trustee of the funds in the
Invesco fund complex and his experience serving as a director of other investment companies
benefits the Funds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Howard J Kerr</I>. Mr.&nbsp;Kerr has been a member of the Board of one or more funds in the Invesco fund
complex since 1992. The Board believes that Mr.&nbsp;Kerr&#146;s experience in executive positions at a
number of companies, his experience in public service, his service as a Trustee of the Acquiring
Fund and his experience serving as a director of other investment companies benefits the Acquiring
Fund. Pursuant to the Board&#146;s Trustee retirement policy, Mr.&nbsp;Kerr is retiring from the Board
effective as of the Meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Jack E. Nelson</I>. Mr.&nbsp;Nelson has been a member of the Board of one or more funds in the Invesco fund
complex since 2003. The Board believes that Mr.&nbsp;Nelson&#146;s experience in executive positions at a
number of companies and as a member of several financial and investment industry organizations, his
service as a Trustee of the Acquiring Fund and his experience serving as a director of other
investment companies benefits the Acquiring Fund. Pursuant to the Board&#146;s Trustee retirement
policy, Mr.&nbsp;Nelson is retiring from the Board effective as of the Meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Hugo F. Sonnenschein</I>. Mr.&nbsp;Sonnenschein is the Distinguished Service Professor and President
Emeritus of the University of Chicago and the Adam Smith Distinguished Service Professor in the
Department of Economics at the University of Chicago. Until July&nbsp;2000, Mr.&nbsp;Sonnenschein served as
President of the University of Chicago. Mr.&nbsp;Sonnenschein is a Trustee of the University of
Rochester and a member of its investment committee. He is also a member of the National Academy of
Sciences and the American Philosophical Society, and a Fellow of the American Academy of Arts and
Sciences. From 1994 to 2010, Mr.&nbsp;Sonnenschein served as Director or Trustee of investment companies
in the Van Kampen Funds complex. The Board believes that Mr.&nbsp;Sonnenschein&#146;s experiences in
academia and in running a university, and his experience as a director of investment companies
benefits the Funds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Suzanne H. Woolsey</I>. Ms.&nbsp;Woolsey has been a member of the Board of one or more funds in the Invesco
fund complex since 2003. The Board believes that Ms.&nbsp;Woolsey&#146;s experience as a director of numerous
organizations, her service as a Trustee of the funds in the Invesco fund complex and her experience
as a director of other investment companies benefits the Funds.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Interested Trustees.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Colin D. Meadows</I>. Mr.&nbsp;Meadows has been a member of the Board of one or more funds in the Invesco
fund complex since 2010. The Board believes that Mr.&nbsp;Meadows&#146; financial services and asset
management experience benefits the Funds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Wayne W. Whalen</I>. Mr.&nbsp;Whalen is Of Counsel and, prior to 2010, was a partner in the law firm of
Skadden, Arps, Slate, Meagher &#038; Flom LLP. Mr.&nbsp;Whalen is a Director of the Mutual Fund Directors
Forum, a nonprofit membership organization for investment company directors, Chairman and Director
of the Abraham Lincoln Presidential Library Foundation, and Director of the Stevenson Center for
Democracy. From 1995 to 2010, Mr.&nbsp;Whalen served as Director and Trustee of investment companies in
the Van Kampen Funds complex. The Target Fund Board believes that Mr.&nbsp;Whalen&#146;s experience as a law
firm partner and his experience as a director of investment companies benefits the Target Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional biographical information regarding the Trustees can be found in Exhibit&nbsp;F.
Information on each Board&#146;s leadership structure, role in risk oversight, and committees and
meetings can be found in Exhibit&nbsp;G. Information on the remuneration of Trustees can be found in
Exhibit&nbsp;H. Information on the executive officers of the Funds is available in Exhibit&nbsp;E.
Information on the Funds&#146; independent registered public accounting firm is available in Exhibit&nbsp;I.
</DIV>



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</DIV>

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


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>THE BOARDS UNANIMOUSLY RECOMMEND A VOTE FOR ALL OF THE NOMINEES.</B>
</DIV>



<DIV align="Center" style="font-size: 10pt; margin-top: 18pt"><B>VOTING INFORMATION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>How to Vote Your Shares</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There are several ways you can vote your shares, including in person at the Meeting, by mail,
by telephone, or via the Internet. The proxy card that accompanies this Proxy Statement provides
detailed instructions on how you may vote your shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you properly fill in and sign your proxy card and send it to us in time to vote at the
Meeting, your &#147;proxy&#148; (the individuals named on your proxy card) will vote your shares as you have
directed. If you sign your proxy card but do not make specific choices, your proxy will vote your
shares for each Proposal and for all of the Trustee nominees, in accordance with the
recommendations of the Board of your Fund, and in the proxy&#146;s best judgment on other matters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Why are you sending me the Proxy Statement?</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You are receiving this Proxy Statement because you own VMTP Shares of a Fund as of the Record
Date and have the right to vote on the very important proposals described herein concerning your
Fund. This Proxy Statement contains information that shareholders of the Funds should know before
voting on the proposals.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>About the Proxy Statement and the Meeting</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are sending you this Proxy Statement and the enclosed proxy card because the Board is
soliciting your proxy to vote at the Meeting and at any adjournments or postponements of the
Meeting. This Proxy Statement gives you information about the business to be conducted at the
Meeting. Fund shareholders may vote by appearing in person at the Meeting and following the
instructions below. You do not need to attend the Meeting to vote, however. Instead, you may
simply complete, sign, and return the enclosed proxy card or vote by following the instructions on
the enclosed proxy card to vote via telephone or the Internet.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders of record of the Funds as of the close of business on the Record Date are
entitled to vote at the Meeting. The number of outstanding shares of each class of each Fund on
the Record Date can be found at Exhibit&nbsp;J. Each shareholder is entitled to one vote for each full
share held and a proportionate fractional vote for each fractional share held. The Funds expect
that Common Shares will also be voted at the Meeting. This Proxy Statement is not a solicitation
for any votes of the Common Shares of any Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attendance at the Meeting is generally limited to shareholders and their authorized
representatives. All shareholders must bring an acceptable form of identification, in order to
attend the Meeting in person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proxies will have the authority to vote and act on behalf of shareholders at any adjournment
of the Meeting. It is the intention of the persons named in the enclosed proxy card to vote the
shares represented by them for each proposal and for all of the Trustee nominees, unless the proxy
card is marked otherwise. If a shareholder gives a proxy, the shareholder may revoke the
authorization at any time before it is exercised by sending in another proxy card with a later date
or by notifying the Secretary of the Fund in writing at the address of the Fund set forth on the
cover page of this Proxy Statement before the Meeting that the shareholder has revoked its proxy.
In addition, although merely attending the Meeting will not revoke your proxy, if a shareholder is
present at the Meeting, the shareholder may withdraw the proxy and vote in person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Quorum Requirement and Adjournment</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A quorum of shareholders is necessary to hold a valid shareholder meeting for each Fund.
Under the governing documents of each Fund, the holders of a majority of outstanding shares of each
class or series or combined class entitled to vote thereat of the Fund present in person or by
proxy shall constitute a quorum at the Meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a quorum is not present at the Meeting, it may be adjourned, with the vote of the majority
of the votes present or represented by proxy, to allow additional solicitations of proxies in order
to attain a quorum. The shareholders present in person or represented by proxy and entitled to
vote at the Meeting will also have the power
</DIV>

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</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">
to adjourn the Meeting from time to time if the vote
required to approve or reject any proposal described herein is not obtained, with proxies,
including abstentions and broker non-votes, being voted for adjournment, provided the proxies
determine that such an adjournment and additional solicitation is reasonable and in the interest of
shareholders based on a consideration of all relevant factors, including the nature of the relevant
proposal, the percentage of votes then cast, the percentage of negative votes then cast, the nature
of the proposed solicitation activities and the nature of the reasons for such
further solicitation. The affirmative vote of the holders of a majority of a Fund&#146;s shares then
present in person or represented by proxy shall be required to so adjourn the Meeting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that a shareholder of a Fund present at the Meeting objects to the holding of a
joint meeting and moves for an adjournment of the meeting of such Fund to a time immediately after
the Meeting so that such Fund&#146;s meeting may be held separately, the persons named as proxies will
vote in favor of such adjournment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abstentions and broker non-votes (described below) are counted as present and will be included
for purposes of determining whether a quorum is present for each Fund at the Meeting, but are not
considered votes cast at the Meeting. Abstentions and broker non-votes will have the same effect as
a vote against Proposals 1 or 2, because their approval requires the affirmative vote of a
percentage of the outstanding shares of the applicable Fund or of a certain proportion of the
shares present at the Meeting, as opposed to a percentage of votes cast. For Proposal 3,
abstentions and broker non-votes will have no effect because only a plurality of votes is required
to elect a Trustee nominee. A proxy card marked &#147;withhold&#148; with respect to the election of
Trustees would have the same effect as an abstention.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broker non-votes occur when a proposal that is routine (such as the election of trustees) is
voted on at a meeting alongside a proposal that is non-routine (such as the Redomestication or
Merger proposals). Under New York Stock Exchange rules, brokers may generally vote in their
discretion on routine proposals, but are generally not able to vote on a non-routine proposal in
the absence of express voting instructions from beneficial owners. As a result, where both routine
and non-routine proposals are voted on at the same meeting, proxies voted by brokers on the routine
proposals are considered votes present but are not votes on any non-routine proposals. Because
both routine and non-routine proposals will be voted on at the Meeting, the Funds anticipate
receiving broker non-votes with respect to Proposals 1 and 2. No broker non-votes are anticipated
with respect to Proposal 3 because it is considered a routine proposal on which brokers typically
may vote in their discretion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broker-dealers who are not members of the New York Stock Exchange may be subject to other
rules, which may or may not permit them to vote your Common Shares without instruction. Therefore,
you are encouraged to contact your broker and record your voting instructions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Votes Necessary to Approve the Proposals</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Shares and VMTP Shares of each Fund are entitled to vote at the Meeting. This Proxy
Statement is not a solicitation for any votes of the Common Shares of any Fund. Each Fund will
solicit the vote of its Common Shares via a separate proxy statement. VMTP Shares are subject to a
voting trust requiring that certain voting rights of the VMTP Shares must be exercised as directed
by an unaffiliated third party. Votes by VMTP Shares to elect Trustees are subject to the voting
trust, but votes regarding the Redomestications and the Mergers are not subject to the voting
trust.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund&#146;s Board has unanimously approved the Fund&#146;s Plan of Redomestication discussed in
Proposal 1. Shareholder approval of a Fund&#146;s Plan of Redomestication requires the approval of the
holders of a majority of the Common Shares and VMTP Shares outstanding and entitled to vote, voting
as separate classes, of such Fund. Proposal 1 may be approved and implemented for a Fund
regardless of whether shareholders approve any other Proposal applicable to the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund&#146;s Board has unanimously approved the Fund&#146;s Plan of Merger discussed in Proposal 2.
Shareholder approval of each Plan of Merger requires the vote of a majority of the Common Shares
and the VMTP Shares outstanding, voting as separate classes, of the applicable Target Fund and the
Acquiring Fund. Proposal 2 may be approved and implemented for a Target Fund only if Proposal 1 is
also approved by both such Target Fund and the Acquiring Fund and regardless of whether
shareholders approve any other Proposal applicable to such Funds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to Proposals 3(a) and 3(b), the affirmative vote of a plurality of the Common Shares and VMTP
Shares of a Fund, voting as a single class, present at the Meeting in person or by proxy is
required to elect each nominee for
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Trustee
for such Fund. With respect to Proposal 3(c), the affirmative  vote
of a plurality of the VMTP Shares of a Fund, voting as a separate
class, present at the Meeting in person or by proxy is required to
elect the Trustee designated to be elected solely by the VMTP
Shareholders for such Fund.   Proposal 3 may be approved and
implemented for a Fund regardless of whether shareholders approve any other Proposal applicable to
the Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Proxy Solicitation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Funds have engaged the services of Computershare Fund Services (the &#147;Solicitor&#148;) to assist
in the solicitation of proxies for the Meeting. Costs of this proxy solicitation are estimated to
be $10,000 for each of the Target Funds and $40,000 for the Acquiring Fund. The VMTP Shareholders
are not expected do not bear any of these costs. The Funds&#146; officers may also solicit proxies but
will not receive any additional or special compensation for any such solicitation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the agreement with the Solicitor, the Solicitor 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 contact, obtaining shareholders&#146; telephone
numbers, and providing additional materials upon shareholder request. The agreement also provides
that the Solicitor shall be indemnified against certain liabilities and expenses, including
liabilities under the federal securities laws.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>OTHER MATTERS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Share Ownership by Large Shareholders, Management and Trustees</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information on each person who, as of the Record Date, to the knowledge of each Fund, owned 5%
or more of the outstanding shares of a class of such Fund can be found at Exhibit&nbsp;K. Information
regarding Trustee ownership of shares of the Funds and of shares of all registered investment
companies in the Fund Complex overseen by such Trustee can be found at Exhibit&nbsp;F. To the best
knowledge of each Fund, the ownership of shares of such Fund by executive officers and Trustees of
such Fund as a group constituted less than 1% of each outstanding class of shares of such Fund as
of the Record Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Annual Meetings of the Funds</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a Merger is completed, the merged Target Fund will not hold an annual meeting in 2013. If
a Merger does not take place, that Target Fund&#146;s Board will announce the date of such Target Fund&#146;s
2013 annual meeting. The Acquiring Fund will hold an annual meeting in 2013 regardless of whether
a Merger is consummated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Shareholder Proposals</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder proposals intended to be presented at the year 2013 annual meeting of shareholders
for a Fund pursuant to Rule&nbsp;14a-8 under the Securities Exchange Act of 1934, as amended (the
&#147;Exchange Act&#148;), must be received by the Fund&#146;s Secretary at the Fund&#146;s principal executive offices
by February&nbsp;18, 2013 in order to be considered for inclusion in the Fund&#146;s proxy statement and
proxy card relating to that meeting. Timely submission of a proposal does not necessarily mean
that such proposal will be included in the Fund&#146;s proxy statement. Pursuant to each Fund&#146;s
governing documents as anticipated to be in effect before the 2013 annual meeting, if a shareholder
wishes to make a proposal at the year 2013 annual meeting of shareholders without having the
proposal included in a Fund&#146;s proxy statement, then such proposal must be received by the Fund&#146;s
Secretary at the Fund&#146;s principal executive offices not earlier than March&nbsp;19, 2013 and not later
than April&nbsp;18, 2013. If a shareholder fails to provide timely notice, then the persons named as
proxies in the proxies solicited by the Board for the 2013 annual meeting of shareholders may
exercise discretionary voting power with respect to any such proposal. Any shareholder who wishes
to submit a proposal for consideration at a meeting of such shareholder&#146;s Fund should send such
proposal to the Fund&#146;s Secretary at 1555 Peachtree Street, N.E., Atlanta, Georgia 30309, Attn:
Secretary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Shareholder Communications</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders may send communications to each Fund&#146;s Board. Shareholders should send
communications intended for a Board or for a Trustee by addressing the communication directly to
the Board or individual Trustee and/or otherwise clearly indicating that the communication is for
the Board or individual Trustee and by sending the communication to either the office of the
Secretary of the applicable Fund or directly to such Trustee at the address specified for such
Trustee in Exhibit&nbsp;F. Other shareholder communications received by any Fund not directly
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">addressed
and sent to the 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 align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;16(a) Beneficial Ownership Reporting Compliance</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;30(h) of the 1940 Act and Section 16(a) of the Exchange Act require each of the Funds&#146;
Trustees, officers, and investment advisers, affiliated persons of the investment advisers, and
persons who own more than 10% of a registered class of a Fund&#146;s equity securities to file forms
with the SEC and the Exchanges, reporting their affiliation with the Fund and reports of ownership
and changes in ownership of such securities. These persons and entities are required by SEC
regulations to furnish such Fund with copies of all such forms they file. Based on a review of
these forms furnished to each Fund, each Fund believes that during its last fiscal year, its
Trustees, its officers, the Adviser and affiliated persons of the Adviser complied with the
applicable filing requirements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Other Meeting Matters</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management of each Fund does not intend to present, and does not have reason to believe that
others will present, any other items of business at the Meeting. The Funds know of no business
other than the proposals described in this Proxy Statement that will, or are proposed to, be
presented for consideration at the Meeting. If any other matters are properly presented, the
persons named on the enclosed proxy cards shall vote proxies in accordance with their best
judgment.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>WHERE TO FIND ADDITIONAL INFORMATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Proxy Statement does not contain all the information set forth in the annual and
semi-annual reports filed by the Funds as such documents have been filed with the SEC. The
financial highlights of each Fund for the year ended February&nbsp;29, 2012 are available in the Fund&#146;s
annual report for the year ended February&nbsp;29, 2012 on Form N-CSR. The SAI (which is part of the
registration statement for the Acquiring Fund&#146;s Common Shares and is not incorporated herein by
reference or deemed to be part of this Proxy Statement) includes additional information about the
Funds. The SEC file number of each Fund, which contains the Fund&#146;s shareholder reports and other
filings with the SEC, is 811-06362 for the Acquiring Fund, 811-07088 for VMV, 811-06364 for VOQ and
811-06536 for VOQ.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund is subject to the informational requirements of the Exchange Act and the 1940 Act
and in accordance therewith, each Fund files reports and other information with the SEC. Reports,
proxy materials, registration statements and other information filed may be inspected without
charge and copied at the public reference facilities maintained by the SEC at Room&nbsp;1580, 100 F
Street, N.E., Washington, D.C. 20549. Copies of such material may also be obtained from the Public
Reference Section of the SEC at 100 F Street, N.E., Washington, D.C. 20549, at the prescribed
rates. The SEC maintains a website at www.sec.gov that contains information regarding the Funds
and other registrants that file electronically with the SEC. Reports, proxy materials and other
information concerning the Funds can also be inspected at the Exchanges.
</DIV>

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</DIV>

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<A name='H86669170'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">FORM OF
    AGREEMENT AND PLAN OF REDOMESTICATION</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: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    THIS AGREEMENT AND PLAN OF REDOMESTICATION
    (&#147;Agreement&#148;) is made as of the&#160;&#160; day
    of&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2012 by and among (i)&#160;each of the Invesco closed-end
    registered investment companies identified as a Predecessor Fund
    on Exhibit&#160;A hereto (each a &#147;Predecessor Fund&#148;);
    (ii)&#160;each of the Invesco closed-end investment companies
    identified as a Successor Fund on Exhibit&#160;A hereto (each a
    &#147;Successor Fund&#148;); and (iii)&#160;Invesco Advisers,
    Inc. (&#147;IAI&#148;).
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This Agreement contemplates a redomestication of each
    Predecessor Fund from a Massachusetts Business Trust, Maryland
    corporation or Pennsylvania business trust to a Delaware
    Statutory Trust, as applicable. For certain Predecessor Funds,
    such redomestication is the only corporate action contemplated
    (referred to herein and identified on Exhibit&#160;A as a
    &#147;Redomesticating Fund&#148; and, together, as the
    &#147;Redomesticating Funds&#148;). For other Predecessor Funds,
    the redomestication is the first step in a two-step transaction
    that will, subject to approval by shareholders, also involve the
    merger of the Successor Fund with another closed-end registered
    investment company in the Invesco Fund complex (each such
    Predecessor Fund whose Successor Fund will participate in such a
    merger being referred to herein and identified on Exhibit&#160;A
    as a &#147;Merging Fund&#148; and, together, as the
    &#147;Merging Funds&#148;) pursuant to a separate Agreement and
    Plan of Merger (the &#147;Merger Agreement&#148;).
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This Agreement is intended to be and is adopted as a &#147;plan
    of reorganization&#148; with respect to each Reorganization (as
    defined below) within the meaning of Section&#160;368(a) of the
    United States Internal Revenue Code of 1986, as amended (the
    &#147;Code&#148;), and Treasury Regulations
    <FONT style="white-space: nowrap">Sections&#160;1.368-2(g)</FONT>
    and 1.368-3(a), and is intended to effect the reorganization of
    each Predecessor Fund as a Successor Fund (each such
    transaction, a &#147;Reorganization&#148; and collectively, the
    &#147;Reorganizations&#148;). Each Reorganization will include
    the transfer of all of the assets of a Predecessor Fund to the
    Successor Fund solely in exchange for (1)&#160;the assumption by
    the Successor Fund of all liabilities of the Predecessor Fund,
    (2)&#160;the issuance by the Successor Fund to the Predecessor
    Fund of shares of beneficial interest of the Successor Fund,
    (3)&#160;the distribution of the shares of beneficial interest
    of the Successor Fund to the holders of shares of beneficial
    interest of the Predecessor Fund according to their respective
    interests in complete liquidation of the Predecessor Fund; and
    (4)&#160;the dissolution of the Predecessor Fund as soon as
    practicable after the Closing provided for in
    paragraph&#160;3.1, all upon and subject to the terms and
    conditions of this Agreement hereinafter set forth.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In consideration of the promises and of the covenants and
    agreements hereinafter set forth, the parties hereto covenant
    and agree as follows.
</DIV>

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">1.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">TRANSFER
    OF ASSETS OF THE PREDECESSOR FUNDS IN EXCHANGE FOR ASSUMPTION OF
    LIABILITIES AND ISSUANCE OF SUCCESSOR FUND&#160;SHARES</FONT></B>
</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: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    1.1.&#160;&#160;It is the intention of the parties hereto that
    each Reorganization described herein shall be conducted
    separately from the others, and a party that is not a party to a
    Reorganization shall incur no obligations, duties or
    liabilities, and makes no representations, warranties, or
    covenants with respect to such Reorganization by reason of being
    a party to this Agreement. If any one or more Reorganizations
    should fail to be consummated, such failure shall not affect the
    other Reorganizations in any way.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    1.2.&#160;&#160;Subject to the terms and conditions set forth
    herein and on the basis of the representations and warranties
    contained herein, each Predecessor Fund agrees to transfer all
    of its Assets (as defined in paragraph&#160;1.3) and to assign
    and transfer all of its liabilities, debts, obligations,
    restrictions and duties (whether known or unknown, absolute or
    contingent, accrued or unaccrued and including, without
    limitation, any liabilities of the Predecessor Fund to indemnify
    the trustees or officers of the Predecessor Fund or any other
    persons under the Predecessor Fund&#146;s Declaration of Trust
    or otherwise, and including, without limitation, any liabilities
    of the Predecessor Fund under the Merger Agreement) to the
    corresponding Successor Fund, organized solely for the purpose
    of acquiring all of the assets and assuming all of the
    liabilities of that Predecessor Fund. Each Successor Fund agrees
    that in exchange for all of the assets of the corresponding
    Predecessor Fund: (1)&#160;the Successor Fund shall assume all
    of the liabilities of such Predecessor Fund, whether contingent
    or otherwise and (2)&#160;the Successor Fund shall issue common
    shares of beneficial interest (together, the &#147;Successor
    Fund&#160;Common Shares&#148;) and preferred shares of
    beneficial interest (together, the &#147;Successor
    Fund&#160;Preferred Shares&#148; and, together with the
    Successor Fund&#160;Preferred Shares, the &#147;Successor
    Fund&#160;Shares&#148;) to the Predecessor Fund. The number of
    Successor Fund&#160;Common Shares issued by the Successor Fund
    to holders of common shares of the Predecessor Fund will be
    identical to the number of shares of common stock of the
    Predecessor Fund (together, the &#147;Predecessor
    Fund&#160;Common Shares&#148;) outstanding on the Valuation Date
    provided for in paragraph&#160;3.1. The Successor Fund shall
    issue Successor Fund&#160;Preferred Shares to holders of
    preferred shares of the Predecessor Fund (together, Predecessor
    Fund&#160;Preferred Shares&#148; and, together with the
    Predecessor Fund&#160;Common Shares, the &#147;Predecessor
    Fund&#160;Shares&#148;), if any, having an aggregate liquidation
    preference equal to the aggregate liquidation preference of the
    outstanding Predecessor Fund&#160;Preferred Shares. The terms of
    the Predecessor Fund&#160;Preferred Shares shall be
    substantially the same as the terms of the Successor
    Fund&#160;Preferred Shares. Such transactions shall take place
    at the Closing provided for in paragraph&#160;3.1.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    1.3.&#160;&#160;The assets of each Predecessor Fund to be
    acquired by the corresponding Successor Fund
    (&#147;Assets&#148;) shall include all assets, property and
    goodwill, including, without limitation, all cash, securities,
    commodities and futures interests, claims (whether absolute or
    contingent, known or unknown, accrued or unaccrued and
    including, without limitation, any interest in pending or future
    legal claims in connection with past or present portfolio
    holdings, whether in the form of class action claims, opt-out or
    other direct litigation claims, or
</DIV>
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    <BR>
    A-1
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 94%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->
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<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: transparent">
    regulator or government-established investor recovery fund
    claims, and any and all resulting recoveries), dividends or
    interest receivable, and any deferred or prepaid expense shown
    as an asset on the books of the Predecessor Fund on the Closing
    Date.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    1.4&#160;&#160;On the Closing Date each Predecessor Fund will
    distribute, in complete liquidation, the Successor
    Fund&#160;Shares to each Predecessor Fund shareholder,
    determined as of the close of business on the Valuation Date, of
    the corresponding class of the Predecessor Fund pro rata in
    proportion to such shareholder&#146;s beneficial interest in
    that class and in exchange for that shareholder&#146;s
    Predecessor Fund shares. Such distribution will be accomplished
    by recording on the books of the Successor Fund, in the name of
    each Predecessor Fund shareholder, the number of Successor
    Fund&#160;Shares representing the pro rata number of Successor
    Fund&#160;Shares received from the Successor Fund which is due
    to such Predecessor Fund shareholder. Fractional Successor
    Fund&#160;Shares shall be rounded to the third place after the
    decimal point.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    1.5.&#160;&#160;At the Closing, any outstanding certificates
    representing Predecessor Fund&#160;Shares will be cancelled. The
    Successor Fund shall not issue certificates representing
    Successor Fund&#160;Common Shares in connection with such
    exchange, irrespective of whether Predecessor Fund shareholders
    hold their Predecessor Fund&#160;Common Shares in certificated
    form. Ownership of the Successor Fund&#160;Common Shares by each
    Successor Fund shareholder shall be recorded separately on the
    books of the Successor Fund&#146;s transfer agent.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    1.6.&#160;&#160;The legal existence of each Predecessor Fund
    shall be terminated as promptly as reasonably practicable after
    the Closing Date. After the Closing Date, each Predecessor Fund
    shall not conduct any business except in connection with its
    termination and dissolution and except as provided in
    paragraph&#160;1.7 of this Agreement.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    1.7.&#160;&#160;Subject to approval of this Agreement by the
    requisite vote of the applicable Predecessor Fund&#146;s
    shareholders but before the Closing Date, a duly authorized
    officer of such Predecessor Fund shall cause such Predecessor
    Fund, as the sole shareholder of the corresponding Successor
    Fund, to (i)&#160;elect the Trustees of the Successor Fund;
    (ii)&#160;ratify the selection of the Successor Fund&#146;s
    independent auditors; (iii)&#160;approve the investment advisory
    and
    <FONT style="white-space: nowrap">sub-advisory</FONT>
    agreements for the Successor Fund in substantially the same form
    as the investment advisory and
    <FONT style="white-space: nowrap">sub-advisory</FONT>
    agreements in effect with respect to the Predecessor Fund
    immediately prior to the Closing; and (iv)&#160;implement any
    actions approved by the shareholders of the Predecessor Fund at
    a meeting of shareholders scheduled
    for&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2012 (the &#147;Shareholder Meeting&#148;) including, without
    limitation, if applicable, a merger with another closed-end fund
    in the Invesco Fund complex.
</DIV>

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">2.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">VALUATION</FONT></B>
</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: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    2.1.&#160;&#160;The value of each Predecessor Fund&#146;s Assets
    shall be the value of such Assets computed as of immediately
    after the close of regular trading on the New York Stock
    Exchange (&#147;NYSE&#148;) on the business day immediately
    preceding the Closing Date (the &#147;Valuation Date&#148;),
    using the Predecessor Fund&#146;s valuation procedures
    established by the Predecessor Fund&#146;s Board of
    Directors/Trustees.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    2.2.&#160;&#160;The net asset value per share of Successor
    Fund&#160;Common Shares, and the liquidation preference of
    Successor Fund&#160;Preferred Shares, together issued in
    exchange for the Assets of the corresponding Predecessor Fund,
    shall be equal to the net asset value per share of the Successor
    Fund&#160;Common Shares and the liquidation preference per share
    of the Successor Fund&#160;Preferred Shares, respectively, on
    the Closing Date, and the number of such Successor
    Fund&#160;Shares of each class shall equal the number of full
    and fractional Predecessor Fund&#160;Shares outstanding on the
    Closing Date.
</DIV>

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">3.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">CLOSING
    AND CLOSING DATE</FONT></B>
</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: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    3.1.&#160;&#160;Each Reorganization shall close
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2012 or such other date as the parties may agree with respect to
    any or all Reorganizations (the &#147;Closing Date&#148;). All
    acts taking place at the closing of a Reorganization (the
    &#147;Closing&#148;) shall be deemed to take place
    simultaneously as of 9:00&#160;a.m., Eastern Time on the Closing
    Date of that Reorganization unless otherwise agreed to by the
    parties (the &#147;Closing Time&#148;).
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    3.2.&#160;&#160;At the Closing each party shall deliver to the
    other such bills of sale, checks, assignments, stock
    certificates, receipts or other documents as such other party or
    its counsel may reasonably request.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    3.3.&#160;&#160;Immediately prior to the Closing the Predecessor
    Fund shall pay all accumulated but unpaid dividends on the
    Predecessor Fund&#160;Preferred Shares through the date thereof.
</DIV>

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">4.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">REPRESENTATIONS
    AND WARRANTIES</FONT></B>
</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: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    4.1.&#160;&#160;Each Predecessor Fund represents and warrants to
    the corresponding Successor Fund as follows:
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    4.1.1.&#160;&#160;At the Closing Date, each Predecessor Fund
    will have good and marketable title to the Assets to be
    transferred to the Successor Fund pursuant to
    paragraph&#160;1.2, and will have full right, power and
    authority to sell, assign, transfer and deliver such Assets
    hereunder. Upon delivery and in payment for such Assets, the
    Successor Fund will acquire good and marketable title thereto
    subject to no restrictions on the full transfer thereof,
    including, without limitation, such restrictions as might arise
    under the Securities Act of 1933, as amended (the
    &#147;1933&#160;Act&#148;), provided that the Successor Fund
    will acquire Assets that are segregated as collateral for the
    Predecessor Fund&#146;s derivative positions, including, without
    limitation, as collateral for swap positions and as margin for
    futures positions, subject to such segregation and liens that
    apply to such Assets;
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    A-2
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 94%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    4.1.2.&#160;&#160;The execution, delivery and performance of
    this Agreement will have been duly authorized prior to the
    Closing Date by all necessary action on the part of the
    Predecessor Fund and, subject to the approval of the Predecessor
    Fund&#146;s shareholders and the due authorization, execution
    and delivery of this Agreement by the Successor Fund and IAI,
    this Agreement will constitute a valid and binding obligation of
    the Predecessor Fund enforceable in accordance with its terms,
    except as such enforceability may be limited by applicable
    bankruptcy laws and any other similar laws affecting the rights
    and remedies of creditors generally and by equitable principles;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    4.1.3.&#160;&#160;No consent, approval, authorization, or order
    of any court, governmental authority, the Financial Industry
    Regulatory Authority (&#147;FINRA&#148;) or any stock exchange
    on which shares of the Predecessor Fund are listed is required
    for the consummation by the Predecessor Fund of the transactions
    contemplated herein, except such as have been or will be
    obtained (at or prior to the Closing Date);&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    4.1.4.&#160;&#160;The Predecessor Fund will have filed with the
    Securities and Exchange Commission (&#147;SEC&#148;) proxy
    materials, which, for the Merging Funds, may be in the form of a
    proxy statement/prospectus on
    <FONT style="white-space: nowrap">Form&#160;N-14</FONT>
    (the &#147;Proxy Statement&#148;), complying in all material
    respects with the requirements of the Securities Exchange Act of
    1934, as amended, the Investment Company Act of 1940, as amended
    (the &#147;1940 Act&#148;), the 1933&#160;Act (if applicable)
    and applicable rules and regulations thereunder, relating to a
    meeting of its shareholders to be called to consider and act
    upon the Reorganization contemplated herein.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    4.2.&#160;&#160;Each Successor Fund represents and warrants to
    the corresponding Predecessor Fund as follows:
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    4.2.1.&#160;&#160;At the Closing Time, the Successor Fund will
    be duly formed as a statutory trust, validly existing, and in
    good standing under the laws of the State of Delaware;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    4.2.2&#160;&#160;The Successor Fund&#160;Shares to be issued and
    delivered to the Predecessor Fund pursuant to the terms of this
    Agreement will, at the Closing Time, have been duly authorized
    and, when so issued and delivered, will be duly and validly
    issued and outstanding and fully paid and non-assessable by the
    Successor Fund;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    4.2.3&#160;&#160;At the Closing Time, the Successor Fund shall
    succeed to the Predecessor Fund&#146;s registration statement
    filed under the 1940 Act with the SEC and thus will become duly
    registered under the 1940 Act as a closed-end management
    investment company;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    4.2.4&#160;&#160;Prior to the Closing Time, the Successor Fund
    shall not have commenced operations and there will be no issued
    and outstanding shares in the Successor Fund, except shares
    issued by the Successor Fund to an initial sole shareholder for
    the purpose of enabling the sole shareholder to take such
    actions as are required to be taken by shareholders under the
    1940 Act in connection with establishing a new fund;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    4.2.5.&#160;&#160;The execution, delivery and performance of
    this Agreement will have been duly authorized prior to the
    Closing Date by all necessary action on the part of the
    Successor Fund, and, subject to the approval of the Predecessor
    Fund&#146;s shareholders and the due authorization, execution
    and delivery of this Agreement by the Predecessor Fund and IAI,
    this Agreement will constitute a valid and binding obligation of
    the Successor Fund enforceable in accordance with its terms,
    except as such enforceability may be limited by applicable
    bankruptcy laws and any other similar laws affecting the rights
    and remedies of creditors generally and by equitable principles;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    4.2.6.&#160;&#160;No consent, approval, authorization, or order
    of any court, governmental authority, FINRA or stock exchange on
    which shares of the Successor Fund are listed is required for
    the consummation by the Successor Fund of the transactions
    contemplated herein, except such as have been or will be
    obtained (at or prior to the Closing Date);
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    4.2.7.&#160;&#160;The Successor Fund shall use all reasonable
    efforts to obtain the approvals and authorizations required by
    the 1933&#160;Act, the 1940 Act and such state or District of
    Columbia securities laws as it may deem appropriate in order to
    operate after the Closing Date;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    4.2.8&#160;&#160;The Successor Fund is, and will be at the
    Closing Time, a newly created Delaware statutory trust, without
    assets (other than seed capital) or liabilities, formed for the
    purpose of receiving the Assets of the Predecessor Fund in
    connection with the Reorganization.
</DIV>

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">5.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">CONDITIONS
    PRECEDENT TO OBLIGATIONS OF THE PREDECESSOR FUNDS AND THE
    SUCCESSOR FUNDS</FONT></B>
</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: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    With respect to each Reorganization, the obligations of the
    Predecessor Fund and the corresponding Successor Fund are each
    subject to the conditions that on or before the Closing Date:
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    5.1.&#160;&#160;This Agreement and the transactions contemplated
    herein shall have been approved by the Board of
    Directors/Trustees of each of the Predecessor Fund and the
    Successor Fund and by the requisite vote of the Predecessor
    Fund&#146;s shareholders;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    5.2.&#160;&#160;All consents of other parties and all other
    consents, orders and permits of federal, state and local
    regulatory authorities (including those of the SEC and of state
    or District of Columbia securities authorities) and stock
    exchanges on which shares of the Funds are, or will be, listed
    in accordance with this Agreement deemed necessary by the
    Predecessor Fund or the Successor Fund to permit consummation,
    in all material respects, of the transactions contemplated
    hereby shall have been obtained, except where
</DIV>
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    <BR>
    A-3
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<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    failure to obtain any such consent, order or permit would not
    involve a risk of a material adverse effect on the assets or
    properties of the Predecessor Fund or the Successor Fund,
    provided that either party hereto may waive any of such
    conditions for itself;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    5.3.&#160;&#160;Prior to or at the Closing, the Successor Fund
    shall enter into or adopt such agreements as are necessary for
    the Successor Fund&#146;s operation as a closed-end investment
    company and such agreements shall be substantially similar to
    any corresponding agreement of the Predecessor Fund;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    5.4.&#160;&#160;The Predecessor Fund and the Successor Fund
    shall have received on or before the Closing Date an opinion of
    Stradley Ronon Stevens&#160;&#038; Young, LLP (&#147;Stradley
    Ronon&#148;), in form and substance reasonably acceptable to the
    Predecessor Fund and the Successor Fund, as to the matters set
    forth on Schedule&#160;5.4. In rendering such opinion, Stradley
    Ronon may request and rely upon representations contained in
    certificates of officers of the Predecessor Fund and the
    Successor Fund and others, and the officers of the Predecessor
    Fund and the Successor Fund shall use their best efforts to make
    available such truthful certificates.
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    5.5.&#160;&#160;If the Predecessor Fund has outstanding
    Predecessor Fund&#160;Preferred Shares designated as
    &#147;variable rate muni term preferred shares&#148; (&#147;VMTP
    Shares&#148;), the Predecessor Fund and the Successor Fund shall
    have received on or before the Closing Date an opinion of
    Skadden, Arps, Slate, Meagher&#160;&#038; Flom LLP
    (&#147;Skadden&#148;) in form and substance reasonably
    acceptable to the Predecessor Fund and the Successor Fund, as to
    the matters set forth on Schedule&#160;5.5. In rendering such
    opinion, Skadden may request and rely upon representations
    contained in certificates of officers of the Predecessor Fund
    and the Successor Fund and others, and the officers of the
    Predecessor Fund and the Successor Fund shall use their best
    efforts to make available such truthful certificates.
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    5.6.&#160;&#160;If the Predecessor Fund has outstanding
    Predecessor Fund&#160;Preferred Shares designated as VMTP
    Shares, immediately prior to Closing the Predecessor Fund shall
    have satisfied all of its obligations set forth in its
    declaration of trust, certificate of designation of the
    Predecessor Fund&#160;Preferred Shares, registration rights
    agreement relating to the Predecessor Fund&#160;Preferred Shares
    and the Predecessor Fund&#160;Preferred Shares certificate
    (including, without limitation, satisfaction of the effective
    leverage ratio and minimum asset coverage covenants set forth in
    its statement of preferences).
</DIV>

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">6.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">POST-CLOSING
    COVENANTS</FONT></B>
</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: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    6.1.&#160;&#160;If the Predecessor Fund has outstanding
    Predecessor Fund&#160;Preferred Shares designated as VMTP
    Shares, immediately after Closing, the Successor Fund shall
    satisfy all of its obligations set forth in its declaration of
    trust, statement of preferences of the Successor
    Fund&#160;Preferred Shares, registration rights agreement
    relating to the Successor Fund&#160;Preferred Shares (including,
    without limitation, satisfaction of the effective leverage ratio
    and minimum asset coverage covenants set forth in its statement
    of preferences).
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    6.2.&#160;&#160;If the Predecessor Fund has outstanding
    Predecessor Fund&#160;Preferred Shares designated as VMTP
    Shares,&#148; immediately after Closing, the Successor
    Fund&#160;Preferred Shares shall be rated at least AA-/Aa3 by
    each rating agency rating, at the request of the Successor Fund,
    the Successor Fund&#160;Preferred Shares.
</DIV>

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">7.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">FEES AND
    EXPENSES</FONT></B>
</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: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each Fund will bear its expenses relating to its Reorganization
    to the extent that the Fund&#146;s total annual fund operating
    expenses did not exceed the expense limit under the expense
    limitation arrangement in place with IAI at the time such
    expenses were discussed with the Board (the &#147;Expense
    Cap&#148;). The Fund will bear these expenses regardless of
    whether its Reorganization is consummated. IAI will bear the
    Reorganization costs of any Fund that had total annual fund
    operating expenses which exceeded the Expense Cap at the time
    such expenses were discussed with the Board.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each Successor Fund and corresponding Predecessor Fund
    represents and warrants to the other that there are no
    broker&#146;s or finder&#146;s fees payable in connection with
    the transactions contemplated hereby.
</DIV>

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">8.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">TERMINATION</FONT></B>
</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: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    With respect to each Reorganization, this Agreement may be
    terminated by the mutual agreement of the Predecessor Fund and
    the corresponding Successor Fund, notwithstanding approval
    thereof by the shareholders of the Predecessor Fund, at any time
    prior to Closing, if circumstances should develop that, in such
    parties&#146; judgment, make proceeding with this Agreement
    inadvisable.
</DIV>

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">9.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">AMENDMENT</FONT></B>
</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: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This Agreement may be amended, modified or supplemented in such
    manner as may be mutually agreed upon in writing by the parties;
    provided, however, that following the approval of this Agreement
    by any Predecessor Fund&#146;s shareholders, no such amendment
    may have the effect of changing the provisions for determining
    the number of Successor Fund&#160;Shares to be distributed to
    that Predecessor Fund&#146;s shareholders under this Agreement
    to the detriment of such Predecessor Fund shareholders without
    their further approval.
</DIV>

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">10.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">HEADINGS;
    COUNTERPARTS; GOVERNING LAW; ASSIGNMENT; SURVIVAL;
    WAIVER</FONT></B>
</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: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    10.1.&#160;&#160;The article and paragraph headings contained in
    this Agreement are for reference purposes only and shall not
    affect in any way the meaning or interpretation of this
    Agreement.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    10.2.&#160;&#160;This Agreement may be executed in any number of
    counterparts, each of which shall be deemed an original.
</DIV>
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    <BR>
    A-4
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<DIV style="width: 94%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    10.3.&#160;&#160;This Agreement shall be governed by and
    construed in accordance with the laws of the State of Delaware,
    without regard to its principles of conflicts of laws.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    10.4.&#160;&#160;This Agreement shall be binding upon and inure
    to the benefit of the parties hereto with respect to each
    Predecessor Fund and its corresponding Successor Fund, as
    applicable, and their respective successors and assigns. Nothing
    herein expressed or implied is intended or shall be construed to
    confer upon or give any person, firm or corporation other than
    the applicable Predecessor Fund and its corresponding Successor
    Fund and their respective successors and assigns any rights or
    remedies under or by reason of this Agreement.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    10.5.&#160;&#160;It is expressly agreed that the obligations of
    the parties hereunder shall not be binding upon any of their
    respective directors, trustees, shareholders, nominees,
    officers, agents, or employees personally, but shall bind only
    the property of the applicable Predecessor Fund or the
    applicable Successor Fund as provided in the governing documents
    of such Funds. The execution and delivery by such officers shall
    not be deemed to have been made by any of them individually or
    to impose any liability on any of them personally, but shall
    bind only the property of such party.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    10.6.&#160;&#160;The representations, warranties, covenants and
    agreements of the parties contained herein shall not survive the
    Closing Date; provided that the covenants to be performed after
    the Closing shall survive the Closing.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    10.7.&#160;&#160;Each of the Predecessor Funds and the Successor
    Funds, after consultation with their respective counsel and by
    consent of their respective Board of Directors/Trustees or any
    officer, may waive any condition to its obligations hereunder
    if, in its or such officer&#146;s judgment, such waiver will not
    have a material adverse effect on the interests of the
    shareholders of the applicable Predecessor Fund.
</DIV>

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">11.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">NOTICES</FONT></B>
</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: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any notice, report, statement or demand required or permitted by
    any provisions of this Agreement shall be in writing and shall
    be given by fax or certified mail addressed to the Predecessor
    Fund and the Successor Fund, each at 1555 Peachtree Street, N.E.
    Atlanta, GA 30309, Attention: Secretary, fax
    number&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.
</DIV>
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    <BR>
    A-5
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<DIV style="width: 94%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    IN WITNESS WHEREOF, each of the parties hereto has caused this
    Agreement to be executed by its duly authorized officer.
</DIV>

<DIV style="margin-top: 24pt; 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: transparent">

</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: transparent">
    <B>[&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;],
    a [Massachusetts business trust] [Maryland corporation]
    [Pennsylvania business trust]</B>
</DIV>

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

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    By:&#160;</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">&#160;&#160;&#160;<FONT style="font-variant: SMALL-CAPS">&#160;</FONT></DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 3%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 48pt; 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: transparent">

</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: transparent">
    <B>Invesco Advisers, Inc.</B>
</DIV>

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

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    By:&#160;</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">&#160;&#160;&#160;<FONT style="font-variant: SMALL-CAPS">&#160;</FONT></DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 3%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Name:&#160;&#160;&#160;&#160;&#160;
</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Title:
</DIV>

<DIV style="margin-top: 29pt; 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: transparent">

</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: transparent">
    <B>[&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;]
    a Delaware statutory trust</B>
</DIV>

<DIV style="margin-top: 36pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    By:&#160;</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">&#160;&#160;&#160;<FONT style="font-variant: SMALL-CAPS">&#160;</FONT></DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 3%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
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    <BR>
    A-6
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<DIV style="width: 94%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

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

    <B><FONT style="font-family: 'Times New Roman', Times">CHART OF
    REDOMESTICATIONS</FONT></B>
</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: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="35%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="31%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="31%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
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<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Predecessor
    Funds<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Successor
    Funds<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Redomesticating
    Fund<BR>
    </FONT></B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-family: Arial, Helvetica">(and Share
    Classes)</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-family: Arial, Helvetica">(and Share
    Classes)</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-family: Arial, Helvetica">or Merging
    Fund</FONT></B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
</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: transparent">

</DIV>
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    A-7
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<DIV style="width: 94%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->
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    <B><FONT style="font-family: 'Times New Roman', Times">SCHEDULE&#160;5.4<BR>
    </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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">TAX
    OPINION</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: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (i)&#160;The acquisition by the Successor Fund of all of the
    Assets of the Predecessor Fund, as provided for in the
    Agreement, in exchange solely for Successor Fund&#160;Shares and
    the assumption by the Successor Fund of all of the liabilities
    of the Predecessor Fund, followed by the distribution by the
    Predecessor Fund to its shareholders of the Successor
    Fund&#160;Shares in complete liquidation of the Predecessor
    Fund, will qualify as a reorganization within the meaning of
    Section&#160;368(a)(1)(F) of the Code, and the Predecessor Fund
    and the Successor Fund each will be a &#147;party to the
    reorganization&#148; within the meaning of Section&#160;368(b)
    of the Code.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (ii)&#160;No gain or loss will be recognized by the Predecessor
    Fund upon the transfer of all of its Assets to, and assumption
    of its liabilities by, the Successor Fund in exchange solely for
    Successor Fund&#160;Shares pursuant to Section&#160;361(a) and
    Section&#160;357(a) of the Code.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (iii)&#160;No gain or loss will be recognized by the Successor
    Fund upon the receipt by it of all of the Assets of the
    Predecessor Fund in exchange solely for the assumption of the
    liabilities of the Predecessor Fund and issuance of the
    Successor Fund&#160;Shares pursuant to Section&#160;1032(a) of
    the Code.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (iv)&#160;No gain or loss will be recognized by the Predecessor
    Fund upon the distribution of the Successor Fund&#160;Shares by
    the Predecessor Fund to its shareholders in complete liquidation
    (in pursuance of the Agreement) pursuant to
    Section&#160;361(c)(1) of the Code.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (v)&#160;The tax basis of the Assets of the Predecessor Fund
    received by the Successor Fund will be the same as the tax basis
    of such Assets in the hands of the Predecessor Fund immediately
    prior to the transfer pursuant to Section&#160;362(b) of the
    Code.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (vi)&#160;The holding periods of the Assets of the Predecessor
    Fund in the hands of the Successor Fund will include the periods
    during which such Assets were held by the Predecessor Fund
    pursuant to Section&#160;1223(2) of the Code.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (vii)&#160;No gain or loss will be recognized by the
    shareholders of the Predecessor Fund upon the exchange of all of
    their Predecessor Fund shares solely for the Successor
    Fund&#160;Shares pursuant to Section&#160;354(a) of the Code.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (viii)&#160;The aggregate tax basis of the Successor
    Fund&#160;Shares to be received by each shareholder of the
    Predecessor Fund will be the same as the aggregate tax basis of
    Predecessor Fund shares exchanged therefor pursuant to
    Section&#160;358(a)(1) of the Code.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (ix)&#160;The holding period of Successor Fund&#160;Shares
    received by a shareholder of the Predecessor Fund will include
    the holding period of the Predecessor Fund shares exchanged
    therefor, provided that the shareholder held Predecessor Fund
    shares as a capital asset on the Closing Date pursuant to
    Section&#160;1223(1) of the Code.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (x)&#160;For purposes of Section&#160;381 of the Code, the
    Successor Fund will succeed to and take into account, as of the
    date of the transfer as defined in
    <FONT style="white-space: nowrap">Section&#160;1.381(b)-1(b)</FONT>
    of the income tax regulations issued by the United States
    Department of the Treasury (the &#147;Income Tax
    Regulations&#148;), the items of the Predecessor Fund described
    in Section&#160;381(c) of the Code as if there had been no
    Reorganization.
</DIV>
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    <BR>
    A-8
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<DIV style="width: 94%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->
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    <B><FONT style="font-family: 'Times New Roman', Times">SCHEDULE&#160;5.5<BR>
    </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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">PREFERRED
    SHARE OPINION</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: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The VMTP Shares issued by the Successor Fund in the
    Redomestication in exchange for Predecessor Fund&#160;VMTP
    Shares will be treated as equity of the Successor Fund for
    U.S.&#160;federal income tax purposes.
</DIV>
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    <BR>
    A-9
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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT B</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Comparison of Governing Documents</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund is a Massachusetts business trust. Under Proposal 1, if approved, each Fund will
reorganize into a newly formed Delaware statutory trust (each, a &#147;DE Trust&#148; and together, the &#147;DE
Trusts&#148;). The following is a discussion of certain provisions of the governing instruments and
governing laws of each Fund and its corresponding DE Trust, but is not a complete description
thereof. Further information about each Fund&#146;s governance structure is contained in the Fund&#146;s
shareholder reports and its governing documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Shares. </I>The Trustees of the Funds have the power to issue shares, including preferred shares,
without shareholder approval. The governing documents of the Funds indicate that the amount of
common shares that a Fund may issue is unlimited. Preferred shares are limited to the amount set
forth in the Declarations (defined below). Shares of the Funds have no preemptive rights.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustees of the DE Trusts have the power to issue shares, including preferred shares,
without shareholder approval. The governing documents of the DE Trusts indicate that the amount of
common and preferred shares that a DE Trust may issue is unlimited. Shares of the DE Trusts have
no preemptive rights.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Organization</I>. The Funds are organized as Massachusetts business trusts, under the laws of the
Commonwealth of Massachusetts. Each Fund is governed by its Declaration of Trust (a &#147;Declaration&#148;)
and its bylaws, each as may be amended, and its business and affairs are managed under the
supervision of its Board of Trustees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each DE Trust is organized as a Delaware statutory trust pursuant to the Delaware Statutory
Trust Act (&#147;Delaware Act&#148;). Each DE Trust is governed by its Amended and Restated Agreement and
Declaration of Trust (also, a &#147;Declaration&#148; and, together with the Declaration of each Fund, the
&#147;Declarations&#148;) and its bylaws, and its business and affairs are managed under the supervision of
its Board of Trustees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Composition of the Board of Trustees. </I>The Boards of Trustees of both the Funds and the DE
Trusts are divided into three classes, with the election of each class staggered so that each class
is only up for election once every three years.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Shareholder Meetings and Rights of Shareholders to Call a Meeting</I>. The stock exchanges on
which a Fund&#146;s shares are currently, and DE Trust&#146;s shares will be, listed requires annual meetings
to elect trustees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The governing instruments for each Fund provide that special meetings of shareholders may be
called by a majority of the Trustees. In addition, special meetings of shareholders may also be
called by any Trustee upon written request from shareholders holding in the aggregate not less than
51% of the outstanding common and/or preferred shares, if any (depending on whether they are voting
as a single class or separately).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The bylaws of the DE Trusts authorize the Trustees to call a meeting of the shareholders for
the election of Trustees. The bylaws of the DE Trusts also authorize a meeting of shareholders for
any purpose determined by the Trustees. The bylaws of the DE Trusts state that shareholders have
no power to call a special meeting of shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Submission of Shareholder Proposals</I>. The Funds do not have provisions in their governing
instruments that require shareholders to provide advance notice to the Funds in order to present a
proposal at a shareholder meeting. Nonetheless, the federal securities laws, which apply to all of
the Funds and the DE Trusts, require that certain conditions be met to present any proposal at a
shareholder meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The matters to be considered and brought before an annual or special meeting of shareholders
of the DE Trusts are limited to only those matters, including the nomination and election of
Trustees, that are properly brought before the meeting. For proposals submitted by shareholders,
the bylaws of the DE Trusts contain provisions which require that notice be given to a DE Trust by
an otherwise eligible shareholder in advance of the annual or special shareholder meeting in order
for the shareholder to present a proposal at any such meeting and requires shareholders
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->B-1<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">to provide
certain information in connection with the proposal. These requirements are intended to provide
the Board the opportunity to better evaluate the proposal and provide additional information to
shareholders for their consideration in connection with the proposal. Failure to satisfy the
requirements of these advance notice provisions means that a shareholder may not be able to present
a proposal at the annual or special shareholder meeting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In general, for nominations and any other proposals to be properly brought before an annual
meeting of shareholders by a shareholder of a DE Trust, written notice must be delivered to the
Secretary of the DE Trust not less than 90&nbsp;days, nor more than 120&nbsp;days, prior to the first
anniversary of the preceding year&#146;s annual meeting. If the annual meeting is not scheduled to be
held within a period that commences 30&nbsp;days before such anniversary and ends 30&nbsp;days after such
anniversary (an &#147;Other Annual Meeting Date&#148;), the written notice must be delivered by the later of
the 90<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day prior to the meeting or the 10<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day following the public
announcement or disclosure of the meeting date provided, however, that if the Other Annual Meeting
Date was disclosed in the proxy statement for the prior year&#146;s annual meeting, the dates for
receipt of the written notice shall be calculated based on the Other Annual Meeting Date and
disclosed in the proxy statement for the prior year&#146;s annual meeting. If the number of Trustees to
be elected to the Board is increased and either all of the nominees for Trustee or the size of the
increased Board are not publicly announced or disclosed at least 70&nbsp;days prior to the first
anniversary of the preceding year&#146;s annual meeting, written notice will be considered timely if
delivered to the Secretary of the DE Trust no later than the 10<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> date after such public
announcement or disclosure. With respect to the nomination of individuals for election to the
Board of Trustees at a special shareholder meeting, written notice must be delivered by a
shareholder of the DE Trust to the Secretary of the DE Trust no later than the 10<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> date
after such meeting is publicly announced or disclosed. Specific information, as set forth in the
bylaws, about the nominee, the shareholder making the nomination, and the proposal must also be
delivered, and updated as necessary if proposed at an annual meeting, by the shareholder of the DE
Trust. The shareholder or a qualified representative must also appear at the annual or special
meeting of shareholders to present about the nomination or proposed business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Quorum</I>. The governing instruments of the Funds provide that a quorum will exist if
shareholders representing a majority of the outstanding shares of each class or series or combined
class entitled to vote are present at the meeting in person or by proxy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The bylaws of each DE Trust provide that a quorum will exist if shareholders representing a
majority of the outstanding shares entitled to vote are present or represented by proxy, except
when a larger quorum is required by applicable law or the requirements of any securities exchange
on which shares are listed for trading, in which case the quorum must comply with such
requirements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Number of Votes; Aggregate Voting. </I>The governing instruments of the Funds and the
Declaration and bylaws of the DE Trusts provide that each shareholder is entitled to one vote for
each whole share held as to any matter on which the shareholder is entitled to vote, and a
proportionate fractional vote for each fractional share held. The Funds and the DE Trusts do not
provide for cumulative voting for the election or removal of Trustees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The governing instruments of the Funds generally provide that all share classes vote by class
or series of the Fund, except as otherwise provided by applicable law, the governing instruments or
resolution of the Trustees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Declarations for the DE Trusts generally provide that all shares are voted as a single
class, except when required by applicable law, the governing instruments, or when the Trustees have
determined that the matter affects the interests of one or more classes, in which case only the
shareholders of all such affected classes are entitled to vote on the matter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Derivative Actions. </I>Shareholders of each Fund have the power to vote as to whether or not a
court action, proceeding or claim should or should not be brought or maintained derivatively or as
a class action on behalf of the Fund or its shareholders. Such shareholders have the power to vote
to the same extent as the stockholders of a Massachusetts corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Declarations for the DE Trusts state that a shareholder may bring a derivative action on
behalf of a DE Trust only if several conditions are met. These conditions include, among other
things, a pre-suit demand upon the Board of Trustees and, unless a demand is not required,
shareholders who hold at least a majority of the outstanding
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->B-2<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">shares must join in the demand for the
Board of Trustees to commence an action, and the Board of Trustees must be afforded a reasonable
amount of time to consider such shareholder request and to investigate the basis of the claim.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Right to Vote</I>. The 1940 Act provides that shareholders of a fund have the power to vote with
respect to certain matters: specifically, for the election of trustees, the selection of auditors
(under certain circumstances), approval of investment advisory agreements and plans of
distribution, and amendments to policies, goals or restrictions deemed to be fundamental.
Shareholders also have the right to vote on certain matters affecting a fund or a particular share
class thereof under their respective governing instruments and applicable state law. The following
summarizes the matters on which shareholders have the right to vote as well as the minimum
shareholder vote required to approve the matter. For matters on which shareholders of a Fund or DE
Trust do not have the right to vote, the Trustees may nonetheless determine to submit the matter to
shareholders for approval. Where referenced below, the phrase &#147;Majority Shareholder Vote&#148; means
the vote required by the 1940 Act, which is the lesser of (a)&nbsp;67% or more of the shares present at
the meeting, if the holders of more than 50% of a fund&#146;s outstanding shares are present or
represented by proxy; or (b)&nbsp;more than 50% of a fund&#146;s outstanding shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Election and Removal of Trustees</U><I>. </I>The shareholders of the Funds are entitled to vote,
under certain circumstances, for the election and the removal of Trustees. Subject to the rights
of the preferred shareholders, if any, the Trustees of the Funds are elected by a plurality vote
(i.e., the nominees receiving the greatest number of votes are elected). Any Trustee of the Funds
may be removed at any meeting of shareholders by a vote of two-thirds of the outstanding shares of
the class or classes of shares of beneficial interest that elected such Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With regard to the DE Trusts, Trustees are elected by the affirmative vote of a majority of
the outstanding shares of the DE Trust present in person or by proxy and entitled to vote at a
meeting of the shareholders at which a quorum is present. Preferred shareholders, voting as a
separate class, solely elect at least two Trustees by the affirmative vote of a majority of the
outstanding preferred shares. Under certain circumstances, as set forth by the Trustees in
accordance with the Declaration, holders of preferred shares may elect at least a majority of the
Board&#146;s Trustees. The Declaration and bylaws of the DE Trusts do not provide shareholders with the
ability to remove Trustees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment of Governing Instruments</U><I>. </I>Except as described below, the Trustees of the
Funds and DE Trusts have the right to amend, from time to time, the governing instruments. For the
Funds, the Trustees have the power to alter, amend or repeal the bylaws or adopt new bylaws,
provided that bylaws adopted by shareholders may only be altered, amended or repealed by the
shareholders. For the DE Trusts, the bylaws may be altered, amended, or repealed by the Trustees,
without the vote or approval of shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the Funds, shareholder approval is required to amend the Declaration, except that the
Trustees may make changes necessary to comply with applicable law and to effect the provisions
regarding preferred shares, and may make certain other non-material changes, such as to correct a
mistake, without shareholder approval. When shareholder approval is required, the vote needed to
effect an amendment is a Majority Shareholder Vote of the common shares and the preferred shares,
if any, outstanding and entitled to vote, voting as separate classes, or by an instrument in
writing, without a meeting, signed by a majority of the Trustees and consented to by the holders of
not less than a majority of each of such common shares and preferred shares. Notwithstanding the
foregoing, any amendment to the Declaration that would reduce the amount payable upon liquidation
of the Funds or diminishing or eliminating shareholder voting rights pertaining thereto requires
the approval of two-thirds of the class or classes of shareholders so affected. In addition, any
amendment that would change or repeal the sections in the Declaration governing termination or
merger of the Funds or conversion of the Funds to open-end funds requires the affirmative vote of
75% of each of the common shares and preferred shares, voting as separate classes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the DE Trusts, the Board generally may amend the Declaration without shareholder approval,
except: (i)&nbsp;any amendment to the Declaration approved by the Board that would reduce the
shareholders&#146; rights to indemnification requires the vote of shareholders owning at least 75% of
the outstanding shares; and (ii)&nbsp;any amendments to the Declaration that would change shareholder
voting rights, declassify the Board or change the minimum or maximum number of Trustees permitted
require the affirmative vote or consent by the Board of Trustees followed by the affirmative vote
or consent of shareholders owning at least 75% of the outstanding shares, unless such amendments
have been previously approved, adopted or authorized by the affirmative vote of at least 66
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->B-3<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2/3% of
the Board of Trustees, in which case an affirmative Majority Shareholder Vote is required (the &#147;DE
Trusts&#146; Voting Standard&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Mergers, Reorganizations, and Conversions</U><I>. </I>The governing instruments of the Funds
provide that a merger, consolidation, sale, lease or exchange requires the affirmative vote of not
less than 66 2/3% of the common shares and the preferred shares, if any, outstanding and entitled
to vote, voting as separate classes. If the merger, consolidation, sale, lease or exchange is
recommended by the Trustees, the vote or written consent of the holders of a majority of the common
shares and preferred shares, if any, outstanding and entitled to vote, voting as separate classes,
is sufficient authorization. Conversion to an open-end company is required to be approved by at
least a majority of the Trustees, including those who are not interested persons as defined in the
1940 Act, and a Majority Shareholder Vote of each of the common shares and preferred shareholders,
if any, voting as separate classes. An incorporation or reorganization requires the approval of a
majority of the common shares and preferred shares, if any, outstanding and entitled to vote,
voting as separate classes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the DE Trusts, any such merger, consolidation, conversion, reorganization, or
reclassification requires approval pursuant to the DE Trusts&#146; Voting Standard. The vote required
is in addition to the vote or consent of shareholders otherwise required by law or by the terms of
any class of preferred shares or any agreement between the Trust and any national securities
exchange.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Principal Shareholder Transactions</U>. The Target Funds require a vote or consent of 75%
of the common shares or preferred shares, if any, outstanding and entitled to vote, voting as
separate classes, where a principal shareholder of a fund (i.e., any corporation, person or other
entity which is the beneficial owner, directly or indirectly, of more than 5% of the fund&#146;s
outstanding shares) is the party to certain transactions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Acquiring Fund requires a vote or consent of 66 2/3% of the common or preferred shares
outstanding and entitled to vote, voting as separate classes, where a principal shareholder (i.e.,
any corporation, person or other entity which is the beneficial owner, directly or indirectly, of
more than 5% of the outstanding shares) is the party to certain transactions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The DE Trusts require a vote pursuant to the DE Trusts&#146; Voting Standard for certain principal
shareholder transactions. The vote required is in addition to the vote or consent of shareholders
otherwise required by law or by the terms of any class of preferred shares or any agreement between
the Trust and any national securities exchange.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination of a Trust</U><I>. </I>With respect to the Funds, the affirmative vote of not less
than 75% of the common shares and preferred shares, if any, outstanding and entitled to vote,
voting as separate classes, at any meeting of shareholders, or by an instrument in writing, without
a meeting, signed by a majority of the Trustees and consented to by the holders of not less than
75% of each of such common shares and preferred shares, is required for termination of a Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The DE Trusts may be dissolved upon a vote pursuant to the DE Trusts&#146; Voting Standard. The
vote required is in addition to the vote or consent of shareholders otherwise required by law or by
the terms of any class of preferred shares or any agreement between a DE Trust and any national
securities exchange. In addition, to spare shareholders the expense of a shareholder meeting in
connection with the dissolution of a Fund, if the affirmative vote of at least 75% of the Board
approves the dissolution, shareholder approval is not required.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Liability of Shareholders. </I>The Massachusetts statute governing business trusts does not
include an express provision relating to the limitation of liability of the shareholders of a
Massachusetts business trust. However, the Declarations for the Funds provide that no shareholder
will be personally liable in connection with the acts, obligations or affairs of the Funds.
Consistent with Section&nbsp;3803 of the Delaware Act, the Declarations of the DE Trusts generally
provide that shareholders will not be subject to personal liability for the acts or obligations of
the DE Trust.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Liability of Trustees and Officers. </I>Consistent with the 1940 Act, the governing instruments
for both the DE Trusts and the Funds generally provide that no Trustee or officer of a DE Trust and
no Trustee, officer, employee or agent of a Fund is subject to any personal liability in connection
with the assets or affairs of the DE Trust and the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->B-4<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Fund and the, respectively, except for liability
arising from his or her own willful misfeasance, bad faith, gross negligence or reckless disregard
of the duties involved in the conduct of the office (&#147;Disabling Conduct&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Indemnification</I>. The Funds generally indemnify every person who is or has been a Trustee or
officer of the Trust to the fullest extent permitted by law against all liability and against all
expenses reasonably incurred or paid by them in connection with any claim, action, suit or
proceeding in which they becomes involved as a party or otherwise by virtue of their being or
having been a Trustee or officer and against amounts paid or incurred by them in the settlement
thereof, except otherwise for Disabling Conduct.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustees, officers, employees or agents of a DE Trust (&#147;Covered Persons&#148;) are indemnified
by the DE Trust to the fullest extent permitted by the Delaware Act, the bylaws and other
applicable law. The bylaws provide that every Covered Person is indemnified by the DE Trust for
expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred in any
proceeding to which such Covered Person is made a party or is threatened to be made a party, or is
involved as a witness, by reason of the fact that such person is a Covered Person. For proceedings
not by or in the right of the DE Trust (i.e., derivative lawsuits), every Covered Person is
indemnified by the DE Trust for expenses actually and reasonably incurred in the investigation,
defense or settlement in any proceeding to which such Covered Person is made a party or is
threatened to be made a party, or is involved as a witness, by reason of the fact that such person
is a Covered Person. No Covered Person is indemnified for any expenses, judgments, fines, amounts
paid in settlement, or other liability or loss arising by reason of Disabling Conduct or for any
proceedings by such Covered Person against the Trust. The termination of any proceeding by
conviction, or a plea of nolo contendere or its equivalent, or an entry of an order of probation
prior to judgment, creates a rebuttable presumption that the person engaged in Disabling Conduct.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A DE Trust is indemnified by any common shareholder who brings an action against the Trust for
all costs, expenses, penalties, fines or other amounts arising from such action to the extent that
the shareholder is not the prevailing party. The DE Trust is permitted to redeem shares of and set
off against any distributions to the shareholder for such amounts liable by the shareholder to the
DE Trust.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->B-5<!-- /Folio -->
</DIV>



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


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT C</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 12pt"><B>Comparison of State Laws</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The laws governing Massachusetts business trusts and Delaware statutory trusts have similar
effect, but they differ in certain respects. Both the Massachusetts business trust law (&#147;MA
Statute&#148;) and the Delaware statutory trust act (&#147;DE Statute&#148;) permit a trust&#146;s governing instrument
to contain provisions relating to shareholder rights and removal of trustees, and provide trusts
with the ability to amend or restate the trust&#146;s governing instruments. However, the MA Statute is
silent on many of the salient features of a Massachusetts business trust (a &#147;MA Trust&#148;) whereas the
DE Statute provides guidance and offers a significant amount of operational flexibility to Delaware
statutory trusts (a &#147;DE Trust&#148;). The DE Statute provides explicitly that the shareholders and
trustees of a Delaware Trust are not liable for obligations of the trust to the same extent as
under corporate law, while under the MA Statute, shareholders and trustees could potentially be
liable for trust obligations. The DE Statute authorizes the trustees to take various actions
without requiring shareholder approval if permitted by a Fund&#146;s governing instruments. For
example, trustees may have the power to amend the Delaware trust instrument, merge or consolidate a
Fund with another entity, and to change the Delaware trust&#146;s domicile, in each case without a
shareholder vote.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a discussion of only certain material differences between the DE Statute and
MA Statute, as applicable, and is not a complete description of them. Further information about
each Fund&#146;s current trust structure is contained in such Fund&#146;s organizational documents and in
relevant state law.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Delaware Statutory Trust</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Massachusetts Business Trust</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>Governing Documents/Governing <BR>
Body</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">A DE Trust is formed by the filing of a
certificate of trust with the Delaware
Secretary of State. A DE Trust is an
unincorporated association organized
under the DE Statute whose operations are
governed by its governing document (which
may consist of one or more documents).
Its business and affairs are managed by
or under the direction of one or more
trustees. As described in this chart, DE
Trusts are granted a significant amount
of organizational and operational
flexibility. Delaware law makes it easy
to obtain needed shareholder approvals,
and also permits the management of a DE
Trust to take various actions without
being required to make state filings or
obtain shareholder approval.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">A MA Trust is created by the trustees&#146;
execution of a written declaration of
trust. A MA Trust is required to file
the declaration of trust with the
Secretary of the Commonwealth of
Massachusetts and with the clerk of every
city or town in Massachusetts where the
trust has a usual place of business. A
MA Trust is a voluntary association with
transferable shares of beneficial
interests, organized under the MA
Statute. A MA Trust is considered to be
a hybrid, having characteristics of both
corporations and common law trusts. A MA
Trust&#146;s operations are governed by a
trust document and bylaws. The business
and affairs of a MA Trust are managed by
or under the direction of a board of
trustees.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- 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="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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MA Trusts are also granted a significant
amount of organizational and operational
flexibility. The MA Statute is silent on
most of the salient features of MA
Trusts, thereby allowing trustees to
freely structure the MA Trust. The MA
Statute does not specify what information
must be contained in the declaration of
trust, nor does it require a registered
officer or agent for service of process.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- 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="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><B><I>Ownership Shares of
Interest</I></B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">Under both the DE Statute and the MA Statute, the ownership interests in a DE Trust and
MA Trust are denominated as &#147;beneficial interests&#148; and are held by &#147;beneficial owners.&#148;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->C-1<!-- /Folio -->
</DIV>

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Delaware Statutory Trust</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Massachusetts Business Trust</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>Series and Classes</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Under the DE Statute, the governing
document may provide for classes, groups
or series of shares, having such relative
rights, powers and duties as shareholders
set forth in the governing document.
Such classes, groups or series may be
described in a DE Trust&#146;s governing
document or in resolutions adopted by its
trustees.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The MA Statute is silent as to any
requirements for the creation of such
series or classes.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- 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="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"><B><I>Shareholder Voting <BR>
Rights</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Under the DE Statute, the governing
document may set forth any provision
relating to trustee and shareholder
voting rights, including the withholding
of such rights from certain trustees or
shareholders. If voting rights are
granted, the governing document may
contain any provision relating to the
exercise of voting rights. No state
filing is necessary and, unless required
by the governing document, shareholder
approval is not needed.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">There is no provision in the MA Statute
addressing voting by the shareholders of
a MA Trust.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- 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="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"><B><I>Quorum</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Under the DE Statute, the governing
document may set forth any provision
relating to quorum requirements at
meetings of shareholders.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">There is no provision in the MA Statute
addressing quorum requirements at
meetings of shareholders of a MA Trust.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- 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="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><B><I>Shareholder Meetings</I></B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">Neither the DE Statute nor the MA Statute mandates an annual shareholders&#146; meeting.</TD>
</TR>
<TR valign="bottom"><!-- 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="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><B><I>Organization of
Meetings</I></B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">Neither the DE Statute nor the MA Statute contain provisions relating to the organization
of shareholder meetings.</TD>
</TR>
<TR valign="bottom"><!-- 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="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"><B><I>Record Date</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Under the DE Statute, the governing
document may provide for record dates.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">There is no record date provision in the
MA Statute.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- 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="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"><B><I>Qualification and
Election of
Trustees</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Under the DE Statute, the governing
documents may set forth the manner in
which trustees are elected and qualified.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The MA Statute does not contain
provisions relating to the election and
qualification of trustees of a MA Trust.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- 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="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"><B><I>Removal of Trustees</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Under the DE Statute, the governing
documents of a DE Trust may contain any
provision relating to the removal of
trustees; provided, however, that there
shall at all times be at least one
trustee of a DE Trust.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The MA Statute does not contain
provisions relating to the removal of
trustees.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- 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="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><B><I>Restrictions on <BR>
Transfer</I></B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">Neither the DE Statute nor the MA Statute contain provisions relating to the ability of a
DE Trust or MA Trust, as applicable, to restrict transfers of beneficial interests.</TD>
</TR>
<TR valign="bottom"><!-- 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="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><B><I>Preemptive Rights
and Redemption of
Shares</I></B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">Under each of the DE Statute and the MA Statute, a governing document may contain any
provision relating to the rights, duties and obligations of the shareholders.</TD>
</TR>
<TR valign="bottom"><!-- 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="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"><B><I>Liquidation Upon <BR>
Dissolution or <BR>
Termination Events</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Under the DE Statute, a DE Trust that has
dissolved shall first pay or make
reasonable provision to pay all known
claims and obligations, including those
that are contingent, conditional and
unmatured, and all known claims and
obligations for which the claimant is
unknown. Any remaining assets shall be
distributed to the shareholders or as
otherwise provided in the governing
document.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The MA Statute has no provisions
pertaining to the liquidation of a MA
Trust.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->C-2<!-- /Folio -->
</DIV>

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

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Delaware Statutory Trust</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Massachusetts Business Trust</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>Shareholder <BR>
Liability</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Under the DE Statute, except to the
extent otherwise provided in the
governing document of a DE Trust,
shareholders of a DE Trust are entitled
to the same limitation of personal
liability extended to shareholders of a
private corporation organized for profit
under the General Corporation Law of the
State of Delaware.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The MA Statute does not include an
express provision relating to the
limitation of liability of the
shareholders of a MA Trust. The
shareholders of a MA Trust could
potentially be held personally liable for
the obligations of the trust,
notwithstanding an express provision in
the governing document stating that the
shareholders are not personally liable in
connection with trust property or the
acts, obligations or affairs of the MA
Trust.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- 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="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"><B><I>Trustee/Director <BR>
Liability</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subject to the provisions in the
governing document, the DE Statute
provides that a trustee or any other
person managing the DE Trust, when acting
in such capacity, will not be personally
liable to any person other than the DE
Trust or a shareholder of the DE Trust
for any act, omission or obligation of
the DE Trust or any trustee. To the
extent that at law or in equity a trustee
has duties (including fiduciary duties)
and liabilities to the DE Trust and its
shareholders, such duties and liabilities
may be expanded or restricted by the
governing document.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The MA Statute does not include an
express provision limiting the liability
of the trustee of a MA Trust. The
trustees of a MA Trust could potentially
be held personally liable for the
obligations of the trust.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- 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="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"><B><I>Indemnification</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subject to such standards and
restrictions as may be contained in the
governing document of a DE Trust, the DE
Statute authorizes a DE Trust to
indemnify and hold harmless any trustee,
shareholder or other person from and
against any and all claims and demands.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The MA Statute is silent as to the
indemnification of trustees, officers and
shareholders.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- 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="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><B><I>Insurance</I></B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">Neither the DE Statute nor the MA Statute contain provisions regarding insurance.</TD>
</TR>
<TR valign="bottom"><!-- 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="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"><B><I>Shareholder Right
of Inspection</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Under the DE Statute, except to the
extent otherwise provided in the
governing document of a DE Trust and
subject to reasonable standards
established by the trustees, each
shareholder has the right, upon
reasonable demand for any purpose
reasonably related to the shareholder&#146;s
interest as a shareholder, to obtain from
the DE Trust certain information
regarding the governance and affairs of
the DE Trust, including a current list of
the name and last known address of each
beneficial owner and trustee. In
addition, the DE Statute permits the
trustees of a DE Trust to keep
confidential from shareholders for such
period of time as deemed reasonable any
information that the trustees in good
faith believe would not be in the best
interest of the DE Trust to disclose or
that could damage the DE Trust or that
the DE Trust is required by law or by
agreement with a third party to keep
confidential.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">There is no provision in the MA Statute
relating to shareholder inspection
rights.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->C-3<!-- /Folio -->
</DIV>

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

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Delaware Statutory Trust</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Massachusetts Business Trust</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>Derivative Actions</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Under the DE Statute, a shareholder may
bring a derivative action if trustees
with authority to do so have refused to
bring the action or if a demand upon the
trustees to bring the action is not
likely to succeed. A shareholder may
bring a derivative action only if the
shareholder is a shareholder at the time
the action is brought and: (a)&nbsp;was a
shareholder at the time of the
transaction complained about or (b)
acquired the status of shareholder by
operation of law or pursuant to the
governing document from a person who was
a shareholder at the time of the
transaction. A shareholder&#146;s right to
bring a derivative action may be subject
to such additional standards and
restrictions, if any, as are set forth in
the governing document.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">There is no provision under the MA
Statute regarding derivative actions.</TD>
</TR>
<TR valign="bottom"><!-- 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="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>Arbitration of
Claims</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The DE Statute provides flexibility as to
providing for arbitration pursuant to the
governing documents of a DE Trust.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">There is no provision under the MA
Statute regarding arbitration.</TD>
</TR>
<TR valign="bottom"><!-- 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="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>Amendments to
Governing Documents</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The DE Statute provides broad flexibility
as to the manner of amending and/or
restating the governing document of a DE
Trust. Amendments to the declaration
that do not change the information in the
DE Trust&#146;s certificate of trust are not
required to be filed with the Delaware
Secretary of State.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The MA Statute provides broad flexibility
as to the manner of amending and/or
restating the governing document of a MA
Trust. The MA Statute provides that the
trustees shall, within thirty days after
the adoption of any amendment to the
declaration of trust, file a copy with
the Secretary of the Commonwealth of
Massachusetts and with the clerk of every
city or town in Massachusetts where the
trust has a usual place of business.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->C-4<!-- /Folio -->
</DIV>

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<DIV style="width: 94%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='H86669173'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">FORM OF
    AGREEMENT AND PLAN OF MERGER</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: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    THIS AGREEMENT AND PLAN OF MERGER (&#147;<U>Agreement</U>&#148;)
    is adopted as of this&#160;&#160; day
    of&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2012 by and among (i)&#160;each of the Invesco closed-end
    registered investment companies identified as a Merging Fund on
    Exhibit&#160;A hereto, each a Delaware statutory trust (each a
    &#147;<U>Merging Fund</U>&#148;); (ii)&#160;each of the Invesco
    closed-end registered investment companies identified as a
    Surviving Fund on Exhibit&#160;A hereto, each a Delaware
    statutory trust (each a &#147;<U>Surviving Fund</U>&#148;); and
    (iii)&#160;Invesco Advisers, Inc. (&#147;<U>IAI</U>&#148;). The
    predecessor to each Merging Fund, each a Massachusetts business
    trust except the predecessor to the Invesco High Yield
    Investment Fund, Inc., which is a Maryland corporation (each a
    &#147;<U>Predecessor Merging Fund</U>&#148;), and the
    predecessor to each Surviving Fund, each a Massachusetts
    business trust (each a &#147;<U>Predecessor Surviving
    Fund</U>&#148;), joins this agreement solely for the purposes of
    making the representations in paragraph&#160;4.1 or 4.2, as
    applicable, and agreeing to be bound by paragraphs&#160;5.1(a),
    5.1(b), 5.1(d) and 5.1(i). Each Merging Fund and Surviving Fund
    are together referred to herein as the &#147;<U>Funds</U>&#148;
    and each Predecessor Merging Fund and Predecessor Surviving Fund
    are referred to individually as a &#147;<U>Predecessor
    Fund.</U>&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    WHEREAS, each Merging Fund and each Surviving Fund is a
    closed-end, registered investment company of the management
    type;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    WHEREAS, this Agreement is intended to be and is adopted as a
    &#147;plan of reorganization&#148; with respect to each Merger
    (as defined below) within the meaning of Section&#160;368(a) of
    the United States Internal Revenue Code of 1986, as amended (the
    &#147;<U>Code</U>&#148;), and Treasury Regulations
    <FONT style="white-space: nowrap">Sections&#160;1.368-2(g)</FONT>
    and 1.368-3(a);&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    WHEREAS, each merger will consist of the merger of a Merging
    Fund into its corresponding Surviving Fund, as set forth on
    Exhibit&#160;A, pursuant to the provisions of the Delaware
    Statutory Trust&#160;Act, 12 Del. C. Section&#160;3801, et seq.
    (the &#147;<U>DSTA</U>&#148;), and will have the consequences
    described in Section&#160;1.2 below (each such transaction, a
    &#147;<U>Merger</U>&#148; and collectively, the
    &#147;<U>Mergers</U>&#148;);&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    WHEREAS, a condition precedent to each Merger is the
    redomestication of the Predecessor Merging Fund and the
    Predecessor Surviving Fund from a Massachusetts business trust
    or Maryland corporation, as applicable, to a Delaware statutory
    trust, which will include the transfer of all of the Predecessor
    Fund&#146;s assets and assumption of all of the Predecessor
    Fund&#146;s liabilities by the applicable Fund in exchange for
    the issuance by such Fund to the Predecessor Fund of shares of
    beneficial interest of the Fund and the distribution of those
    shares to the Predecessor Fund&#146;s shareholders (each a
    &#147;<U>Redomestication</U>&#148;);
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    WHEREAS, the Boards of Trustees of each Surviving Fund and of
    each Merging Fund have determined that the Merger is in the best
    interests of the Surviving Fund and the Merging Fund,
    respectively, and the interests of the shareholders of the
    Surviving Fund and the Merging Fund will not be diluted as a
    result of the Merger;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    NOW, THEREFORE, in consideration of the premises and of the
    covenants and agreements hereinafter set forth, and intending to
    be legally bound, the parties hereto covenant and agree as
    follows:
</DIV>

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">1.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF THE MERGERS</FONT></B>
</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: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    1.1.&#160;&#160;It is the intention of the parties hereto that
    each Merger described herein shall be conducted separately from
    the others, and a party that is not a party to a Merger shall
    incur no obligations, duties or liabilities, nor make any
    representations, warranties or covenants, with respect to such
    Merger by reason of being a party to this Agreement. If any one
    or more Mergers should fail to be consummated, such failure
    shall not affect the other Mergers in any way.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    1.2.&#160;&#160;Subject to the terms and conditions herein set
    forth and on the basis of the representations and warranties
    contained herein, with respect to each Merging Fund and its
    corresponding Surviving Fund, at the Closing Time (as defined
    below), the Merging Fund shall be merged with and into the
    Surviving Fund, the separate existence of the Merging Fund as a
    Delaware Statutory Trust and registered investment company shall
    cease, and the Surviving Fund will be the surviving entity for
    all purposes, including accounting purposes and for purposes of
    presenting investment performance history.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    1.3.&#160;&#160;Upon the terms and subject to the conditions of
    this Agreement, on the Closing Date (as defined below), the
    applicable parties shall cause the Merger to be consummated by
    filing a certificate of merger (a &#147;<U>Certificate of
    Merger</U>&#148;) with the Secretary of State of the State of
    Delaware in accordance with Section&#160;3815 of the DSTA. The
    Merger shall become effective at 9:15&#160;a.m.&#160;Eastern
    Time, as shall be specified in a Certificate of Merger duly
    filed with the Secretary of the State of Delaware, or at such
    later date or time as the parties shall agree and specify in the
    Certificate of Merger (the &#147;<U>Closing Time</U>&#148;).
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    1.4.&#160;&#160;As a result of operation of the applicable
    provisions of the DSTA, the following events occur
    simultaneously at the Closing Time, except as otherwise provided
    herein:
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;all of the assets, property, goodwill, rights,
    privileges, powers and franchises of the Merging Fund,
    including, without limitation, all cash, securities, commodities
    and futures interests, claims (whether absolute or contingent,
    known or unknown, accrued or unaccrued and including, without
    limitation, any interest in pending or future legal claims in
    connection with past or present portfolio holdings, whether in
    the form of class action claims, opt-out or other direct
    litigation claims, or regulator or government-established
    investor recovery fund claims, and any and all resulting
    recoveries), dividends or interest receivable,
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    D-1
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 94%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    deferred or prepaid expenses shown as an asset on the books of
    the Merging Fund on the Closing Date, goodwill, contractual
    rights, originals or copies of all books and records of the
    Merging Fund and all intangible property that is owned by the
    Merging Fund (collectively, the &#147;<U>Merging
    Fund&#160;Assets</U>&#148;) shall vest in the Surviving Fund,
    and all of the liabilities, debts, obligations, restrictions and
    duties of the Merging Fund (whether known or unknown, absolute
    or contingent, accrued or unaccrued and including, without
    limitation, any liabilities of the Merging Fund to indemnify the
    trustees or officers of the Merging Fund or any other persons
    under the Merging Fund&#146;s Declaration of Trust or otherwise,
    and including all liabilities, debts, obligations, restrictions
    and duties of the Predecessor Fund assumed by the Merging Fund
    pursuant to the Redomestication) (collectively, the
    &#147;<U>Merging Fund&#160;Liabilities</U>&#148;) shall become
    the liabilities, debts, obligations, restrictions and duties of
    the Surviving Fund;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;Merging Fund common shares of beneficial interest (the
    &#147;<U>Merging Fund&#160;Common Shares</U>&#148;) shall be
    converted into Surviving Fund common shares of beneficial
    interest (the &#147;<U>Surviving Fund&#160;Common
    Shares</U>&#148;) and Merging Fund preferred shares of
    beneficial interest, if any (the &#147;<U>Merging
    Fund&#160;Preferred Shares</U>&#148;), shall be converted into
    Surviving Fund preferred shares of beneficial interest (the
    &#147;<U>Surviving Fund&#160;Preferred Shares</U>&#148;). Prior
    to the Closing Time or as soon as practicable thereafter, the
    Surviving Fund will open shareholder accounts on the share
    ledger records of the Surviving Fund in the names of and in the
    amounts due to the shareholders of the Merging Fund&#160;Common
    Shares and Merging Fund&#160;Preferred Shares (if any) based on
    their respective holdings in the Merging Fund as of the close of
    business on the Valuation Date, as more fully described in
    Section&#160;3 below;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (c)&#160;At the Closing Time, the agreement and declaration of
    trust and bylaws of the Surviving Fund in effect immediately
    prior to the Closing Time shall continue to be the agreement and
    declaration of trust and bylaws of the Surviving Fund, until and
    unless thereafter amended in accordance with their respective
    terms;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (d)&#160;From and after the Closing Time, the trustees and
    officers of the Surviving Fund shall continue to be the trustees
    and officers of the combined Merging Fund and Surviving Fund,
    and such trustees and officers shall serve for such terms as are
    provided in the agreement and declaration of trust and the
    bylaws of the Surviving Fund;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (e)&#160;From and after the Closing Time, the Surviving
    Fund&#146;s investment objectives, strategies, policies and
    restrictions shall continue to be the investment objectives,
    strategies, policies and restrictions of the combined Merging
    Fund and Surviving Fund.
</DIV>

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">2.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">VALUATION</FONT></B>
</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: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    2.1.&#160;&#160;Computations of value in connection with the
    Closing (as defined below) of each Merger shall be as of
    immediately after the close of regular trading on the New York
    Stock Exchange (&#147;<U>NYSE</U>&#148;), which shall reflect
    the declaration of any dividends, on the business day
    immediately preceding the Closing Date (the &#147;<U>Valuation
    Date</U>&#148;).
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    2.2.&#160;&#160;All computations of value of the Merging Fund,
    the Merging Fund&#160;Common Shares, the Merging
    Fund&#160;Preferred Shares (if any), the Merging
    Fund&#160;Assets and the Merging Fund&#160;Liabilities shall be
    made using the Merging Fund&#146;s valuation procedures
    established by the Merging Fund&#146;s Board of Trustees. All
    computations of value of the Surviving Fund, the Surviving
    Fund&#160;Common Shares, the Surviving Fund&#160;Preferred
    Shares (if any) and the Surviving Fund&#146;s assets and
    liabilities shall be made using the Surviving Fund&#146;s
    valuation procedures established by the Surviving Fund&#146;s
    Board of Trustees.
</DIV>

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">3.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">CLOSING
    AND CLOSING DATE</FONT></B>
</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: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    3.1.&#160;&#160;Each Merger shall close
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2012 or such other date as the parties may agree with respect to
    any or all Mergers (the &#147;<U>Closing Date</U>&#148;). All
    acts taking place at the closing of a Merger (the
    &#147;<U>Closing</U>&#148;) shall be deemed to take place
    simultaneously as of the Closing Time unless otherwise agreed to
    by the parties. In the event that on the Valuation Date or the
    Closing Date (a)&#160;the NYSE or another primary trading market
    for portfolio securities of the Merging Fund (each, an
    &#147;<U>Exchange</U>&#148;) shall be closed to trading or
    trading thereupon shall be restricted, or (b)&#160;trading or
    the reporting of trading on such Exchange or elsewhere shall be
    disrupted so that, in the judgment of the Board of Trustees of
    the Merging Fund or the corresponding Surviving Fund or the
    authorized officers of either of such entities, accurate
    appraisal of the value of the net assets of the Surviving Fund
    or the Merging Fund, respectively, is impracticable, the Closing
    Date shall be postponed until the first business day after the
    day when trading shall have been fully resumed and reporting
    shall have been restored.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    3.2.&#160;&#160;With respect to each Merger:
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;The Merging Fund&#146;s portfolio securities,
    investments or other assets that are represented by a
    certificate or other written instrument shall be transferred and
    delivered by the Merging Fund as of the Closing Date, or as soon
    as reasonably practicable thereafter, to the Surviving
    Fund&#146;s custodian for the account of the Surviving Fund,
    duly endorsed in proper form for transfer and in such condition
    as to constitute good delivery thereof.
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;No later than the Closing, the Merging Fund shall
    provide the Surviving Fund or its transfer agent with the names,
    addresses, dividend reinvestment elections and tax withholding
    status of the Merging Fund shareholders as of the Valuation Date
    and the information and documentation maintained by the Merging
    Fund or its agents relating to the identification and
    verification of the Merging Fund shareholders under the USA
    PATRIOT Act and other applicable anti-money laundering laws,
    rules and regulations and such other information as the
    Surviving Fund may reasonably request. The Surviving Fund and
    its transfer agent
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    D-2
</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: 94%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    shall have no obligation to inquire as to the validity,
    propriety or correctness of any such instruction, information or
    documentation, but shall, in each case, assume that such
    instruction, information or documentation is valid, proper,
    correct and complete.
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (c)&#160;The Surviving Fund shall issue and deliver to the
    Merging Fund a confirmation evidencing the Surviving
    Fund&#160;Common Shares and Surviving Fund&#160;Preferred
    Shares, if any, to be credited on the Closing Date, or provide
    other evidence satisfactory to the Merging Fund that such shares
    have been credited to the Merging Fund shareholders&#146;
    accounts on the books of the Surviving Fund.
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (d)&#160;Surviving Fund&#160;Common Shares of an aggregate net
    asset value equal to the aggregate net asset value of the
    Merging Fund&#160;Common Shares shall be issued by the Surviving
    Fund to the holders of the Merging Fund&#160;Common Shares in
    exchange for all of the Merging Fund&#160;Common Shares. The
    aggregate net asset value of such shares shall be determined as
    set forth in Section&#160;2 above.
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (e)&#160;Surviving Fund&#160;Preferred Shares of an aggregate
    liquidation preference equal to the aggregate liquidation
    preference of the Merging Fund&#160;Preferred Shares shall be
    issued by the Surviving Fund to the holders of the Merging
    Fund&#160;Preferred Shares, if any, in exchange for all of the
    Merging Fund&#160;Preferred Shares. The terms of the Surviving
    Fund&#160;Preferred Shares shall be substantially the same as
    the terms of the Merging Fund&#160;Preferred Shares.
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (f)&#160;The Surviving Fund shall not issue certificates
    representing Surviving Fund&#160;Common Shares in connection
    with the Merger. Any certificates representing ownership of
    Merging Fund&#160;Common Shares that remain outstanding at the
    Closing Time shall be deemed to be cancelled by operation of law
    and shall no longer evidence ownership of the Merging Fund or
    its shares.
</DIV>

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">4.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">REPRESENTATIONS
    AND WARRANTIES</FONT></B>
</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: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    4.1.&#160;&#160;Each Merging Fund and Predecessor Merging Fund
    represents and warrants to the corresponding Surviving Fund as
    follows:
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;The Merging Fund is duly formed as a statutory trust,
    validly existing, and in good standing under the laws of the
    State of Delaware with power under its agreement and declaration
    of trust and bylaws (&#147;<U>Governing Documents</U>&#148;), to
    own all of its Merging Fund&#160;Assets, to carry on its
    business as it is now being conducted and to enter into this
    Agreement and perform its obligations hereunder;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;The Merging Fund is registered under the Investment
    Company Act of 1940, as amended (&#147;<U>1940 Act</U>&#148;),
    as a closed-end management investment company, and such
    registration has not been revoked or rescinded and is in full
    force and effect;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (c)&#160;No consent, approval, authorization, or order of any
    court, governmental authority, the Financial Industry Regulatory
    Authority (&#147;<U>FINRA</U>&#148;) or any stock exchange on
    which shares of the Merging Fund are listed is required for the
    consummation by the Merging Fund of the transactions
    contemplated herein, except such as have been or will be
    obtained (at or prior to the Closing Time);
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (d)&#160;The Merging Fund is not obligated under any provision
    of its Governing Documents and is not a party to any contract or
    other commitment or obligation, and is not subject to any order
    or decree, which would be violated by its execution or
    performance under this Agreement, except insofar as the Funds
    have mutually agreed to amend such contract or other commitment
    or obligation to cure any potential violation as a condition
    precedent to the Merger;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (e)&#160;The Merging Fund is authorized to issue an unlimited
    number of Common Shares and an unlimited number of Preferred
    Shares and all of the issued and outstanding shares of
    beneficial interest of the Merging Fund are, and on the Closing
    Date will be, duly authorized and validly issued and
    outstanding, fully paid and non-assessable by the Merging Fund
    and no shareholder of the Merging Fund will have any preemptive
    right of subscription or purchase in respect thereof and, in
    every state where offered or sold, such offers and sales by the
    Merging Fund have been in compliance in all material respects
    with applicable registration
    <FONT style="white-space: nowrap">and/or</FONT>
    notice requirements of the Securities Act of 1933, as amended
    (the &#147;1933&#160;Act&#148;) and state and District of
    Columbia securities laws;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (f)&#160;Except as otherwise disclosed to and accepted by or on
    behalf of the Surviving Fund, the Merging Fund will on the
    Closing Date have good title to the Merging Fund&#160;Assets and
    have full right, power and authority to sell, assign, transfer
    and deliver such Merging Fund&#160;Assets free of adverse
    claims, including any liens or other encumbrances, and upon
    delivery and payment for such Merging Fund&#160;Assets, the
    Surviving Fund will acquire good title thereto, free of adverse
    claims and subject to no restrictions on the full transfer
    thereof, including, without limitation, such restrictions as
    might arise under the 1933&#160;Act, provided that the Surviving
    Fund will acquire Merging Fund&#160;Assets that are segregated
    as collateral for the Merging Fund&#146;s derivative positions,
    including, without limitation, as collateral for swap positions
    and as margin for futures positions, subject to such segregation
    and liens that apply to such Merging Fund&#160;Assets;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (g)&#160;The financial statements of the Merging Fund for the
    Merging Fund&#146;s most recently completed fiscal year have
    been audited by the independent registered public accounting
    firm appointed by the Merging Fund&#146;s Board of Trustees.
    Such statements, as well as the unaudited, semi-annual financial
    statements for the semi-annual period next succeeding the
    Merging Fund&#146;s most recently completed fiscal year, if any,
    were prepared in accordance with accounting principles generally
    accepted in the United States of America
    (&#147;<U>GAAP</U>&#148;) consistently applied, and such
    statements present fairly, in all material respects, the
    financial condition of the Merging Fund as of such date in
    accordance with GAAP;
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    D-3
</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: 94%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (h)&#160;The Merging Fund has no known liabilities of a material
    nature, contingent or otherwise, other than those shown as
    belonging to it on its statement of assets and liabilities as of
    the Merging Fund&#146;s most recently completed fiscal year or
    half-year and those incurred in the ordinary course of the
    Merging Fund&#146;s business as an investment company since such
    date;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (i)&#160;There are no material legal, administrative or other
    proceedings pending or, to the knowledge of the Merging Fund,
    threatened against the Merging Fund which assert liability or
    which may, if successfully prosecuted to their conclusion,
    result in liability on the part of the Merging Fund, other than
    as have been disclosed to the Surviving Fund;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (j)&#160;The registration statement filed by the Surviving Fund
    on
    <FONT style="white-space: nowrap">Form&#160;N-14,</FONT>
    which includes, among other things, a proxy statement of the
    Merging Fund and a prospectus of the Surviving Fund with respect
    to the transactions contemplated herein (including the statement
    of additional information incorporated by reference therein, the
    &#147;<U>Joint Proxy Statement/Prospectus</U>&#148;), and any
    supplement or amendment thereto or to the documents included or
    incorporated by reference therein (collectively, as so amended
    or supplemented, the &#147;<U>N-14 Registration
    Statement</U>&#148;), on its effective date, at the time of the
    shareholders meeting called to vote on the proposals set forth
    in the Joint Proxy Statement/Prospectus and on the Closing Date,
    insofar as it relates to the Merging Fund, (i)&#160;complied or
    will comply in all material respects with the 1933&#160;Act, the
    Securities Exchange Act of 1934, as amended (the
    &#147;1934&#160;Act&#148;), and the 1940 Act and the rules and
    regulations thereunder (ii)&#160;did not or will not contain any
    untrue statement of a material fact or omit any material fact
    required to be stated therein or necessary to make the
    statements therein not misleading; and the Joint Proxy
    Statement/Prospectus, as of its date, at the time of the
    shareholders meeting called to vote on the proposals set forth
    therein and on the Closing Date, insofar as it relates to the
    Merging Fund, (i)&#160;complied or will comply in all material
    respects with the 1933&#160;Act, the 1934&#160;Act and the 1940
    Act and the rules and regulations thereunder and (ii)&#160;did
    not or will not contain any untrue statement of a material fact
    or omit any material fact required to be stated therein or
    necessary to make the statements therein in light of the
    circumstances under which they were made, not misleading;
    provided, however, that the representations and warranties in
    this subsection shall apply only to statements in or omissions
    from the N-14 Registration Statement or the Joint Proxy
    Statement/Prospectus made in reliance upon and in conformity
    with information furnished by the Merging Fund for use in the
    N-14 Registration Statement or the Joint Proxy
    Statement/Prospectus.
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (k)&#160;On the Closing Date, all material Returns (as defined
    below) of the Merging Fund required by law to have been filed by
    such date (including any extensions) shall have been filed and
    are or will be true, correct and complete in all material
    respects, and all Taxes (as defined below) shown as due or
    claimed to be due by any government entity shall have been paid
    or provision has been made for the payment thereof. To the
    Merging Fund&#146;s knowledge, no such Return is currently under
    audit by any federal, state, local or foreign Tax authority; no
    assessment has been asserted with respect to such Returns; there
    are no levies, liens or other encumbrances on the Merging Fund
    or its assets resulting from the non-payment of any Taxes; no
    waivers of the time to assess any such Taxes are outstanding nor
    are any written requests for such waivers pending; and adequate
    provision has been made in the Merging Fund financial statements
    for all Taxes in respect of all periods ended on or before the
    date of such financial statements. As used in this Agreement,
    &#147;<U>Tax</U>&#148; or &#147;<U>Taxes</U>&#148; means any
    tax, governmental fee or other like assessment or charge of any
    kind whatsoever (including, but not limited to, withholding on
    amounts paid to or by any person), together with any interest,
    penalty, addition to tax or additional amount imposed by any
    governmental authority (domestic or foreign) responsible for the
    imposition of any such tax. &#147;<U>Return</U>&#148; means
    reports, returns, information returns, elections, agreements,
    declarations, or other documents of any nature or kind
    (including any attached schedules, supplements and additional or
    supporting material) filed or required to be filed with respect
    to Taxes, including any claim for refund, amended return or
    declaration of estimated Taxes (and including any amendments
    with respect thereto);
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (l)&#160;The Merging Fund has elected to be a &#147;regulated
    investment company&#148; under Subchapter M of the Code and is a
    fund that is treated as a separate corporation under
    Section&#160;851(g) of the Code. The Merging Fund has qualified
    for treatment as a regulated investment company for each taxable
    year since inception that has ended prior to the Closing Date
    and will have satisfied the requirements of Part&#160;I of
    Subchapter M of the Code to maintain such qualification for the
    period beginning on the first day of its current taxable year
    and ending on the Closing Date. The Merging Fund has no earnings
    or profits accumulated in any taxable year in which the
    provisions of Subchapter M of the Code did not apply to it. In
    order to (A)&#160;ensure continued qualification of the Merging
    Fund for treatment as a regulated investment company for tax
    purposes and (B)&#160;eliminate any tax liability of the Merging
    Fund arising by reason of undistributed investment company
    taxable income or net capital gain, the Merging Fund, before the
    Closing Date, will declare on or prior to the Valuation Date to
    the shareholders of the Merging Fund a dividend or dividends
    that, together with all previous such dividends, shall have the
    effect of distributing (i)&#160;all of Merging Fund&#146;s
    investment company taxable income for the taxable year ended
    prior to the Closing Date and substantially all of such
    investment company taxable income for the final taxable year
    ending on the Closing Date (in each case determined without
    regard to any deductions for dividends paid); (ii)&#160;all of
    Merging Fund&#146;s net capital gain recognized in its taxable
    year ended prior to the Closing Date and substantially all of
    any such net capital gain recognized in such final taxable year
    (in each case after reduction for any capital loss carryover);
    and (iii)&#160;at least 90&#160;percent of the excess, if any,
    of the Merging Fund&#146;s interest income excludible from gross
    income under Section&#160;103(a) of the Code over its deductions
    disallowed under Sections&#160;265 and 171(a)(2) of the Code for
    the taxable year prior to the Closing Date and at least
    90&#160;percent of such net tax-exempt income for such final
    taxable year;
</DIV>
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    <BR>
    D-4
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<DIV style="width: 94%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (m)&#160;The execution, delivery and performance of this
    Agreement will have been duly authorized prior to the Closing
    Date by all necessary action, if any, on the part of the Board
    of Trustees of the Merging Fund and, subject to the approval of
    the shareholders of the Funds and the due authorization,
    execution and delivery of this Agreement by IAI, this Agreement
    will constitute a valid and binding obligation of the Merging
    Fund enforceable in accordance with its terms, subject, as to
    enforcement, to bankruptcy, insolvency, reorganization,
    moratorium and other laws relating to or affecting
    creditors&#146; rights and to general equity principles;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (n)&#160;All of the issued and outstanding Merging
    Fund&#160;Common Shares were offered for sale and sold in
    conformity with all applicable federal and state securities laws.
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (o)&#160;The books and records of the Merging Fund are true and
    correct in all material respects and contain no material
    omissions with respect to information required to be maintained
    under the laws, rules and regulations applicable to the Merging
    Fund;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (p)&#160;The Merging Fund is not under the jurisdiction of a
    court in a Title&#160;11 or similar case within the meaning of
    Section&#160;368(a)(3)(A) of the Code;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (q)&#160;The Merging Fund has no unamortized or unpaid
    organizational fees or expenses;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (r)&#160;There are no material contracts outstanding to which
    the Merging Fund is a party that have not been disclosed in the
    N-14 Registration Statement or that will not otherwise be
    disclosed to the Surviving Fund prior to the Closing Time.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    4.2.&#160;&#160;Each Surviving Fund and Predecessor Surviving
    Fund represents and warrants to the corresponding Merging Fund
    as follows:
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;The Surviving Fund is duly formed as a statutory trust,
    validly existing, and in good standing under the laws of the
    State of Delaware, with power under its agreement and
    declaration of trust, as amended (the &#147;<U>Agreement and
    Declaration of Trust</U>&#148;), to own all of its properties
    and assets and to carry on its business as it is now being, and
    as it is contemplated to be, conducted, and to enter into this
    Agreement and perform its obligations hereunder;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;The Surviving Fund is registered under the 1940 Act as
    a closed-end management investment company, and such
    registration has not been revoked or rescinded and is in full
    force and effect;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (c)&#160;No consent, approval, authorization, or order of any
    court, governmental authority, FINRA or any stock exchange on
    which shares of the Surviving Fund are listed is required for
    the consummation by the Surviving Fund of the transactions
    contemplated herein, except such as have been or will be
    obtained (at or prior to the Closing Time);
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (d)&#160;The financial statements of the Surviving Fund for the
    Surviving Fund&#146;s most recently completed fiscal year have
    been audited by the independent registered public accounting
    firm appointed by the Surviving Fund&#146;s Board of Trustees.
    Such statements, as well as the unaudited, semi-annual financial
    statements for the semi-annual period next succeeding the
    Surviving Fund&#146;s most recently completed fiscal year, if
    any, were prepared in accordance with GAAP consistently applied,
    and such statements present fairly, in all material respects,
    the financial condition of the Surviving Fund as of such date in
    accordance with GAAP;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (e)&#160;The Surviving Fund has no known liabilities of a
    material nature, contingent or otherwise, other than those shown
    as belonging to it on its statement of assets and liabilities as
    of the Surviving Fund&#146;s most recently completed fiscal year
    or half-year and those incurred in the ordinary course of the
    Surviving Fund&#146;s business as an investment company since
    such date;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (f)&#160;There are no material legal, administrative or other
    proceedings pending or, to the knowledge of Surviving Fund,
    threatened against Surviving Fund which assert liability or
    which may, if successfully prosecuted to their conclusion,
    result in liability on the part of Surviving Fund, other than as
    have been disclosed to the Merging Fund;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (g)&#160;The N-14 Registration Statement, on its effective date,
    at the time of the shareholders meeting called to vote on the
    proposals set forth in the Joint Proxy Statement/Prospectus and
    on the Closing Date, (i)&#160;complied or will comply in all
    material respects with the 1933&#160;Act, the 1934&#160;Act and
    the 1940 Act and the rules and regulations thereunder and
    (ii)&#160;did not or will not contain any untrue statement of a
    material fact or omit any material fact required to be stated
    therein or necessary to make the statements therein not
    misleading; and the Joint Proxy Statement/Prospectus, as of its
    date, at the time of the shareholders meeting called to vote on
    the proposals set forth therein and on the Closing Date
    (i)&#160;complied or will comply in all material respects with
    the 1933&#160;Act, the 1934&#160;Act and the 1940 Act and
    regulations thereunder and (ii)&#160;did not or will not contain
    any untrue statement of a material fact or omit any material
    fact required to be stated therein or necessary to make the
    statements therein in light of the circumstances under which
    they were made, not misleading; provided, however, that the
    representations and warranties in this subsection shall not
    apply to statements in or omissions from the N-14 Registration
    Statement or the Joint Proxy Statement/Prospectus made in
    reliance upon and in conformity with information furnished by
    the Merging Fund for use in the N-14 Registration Statement or
    the Joint Proxy Statement/Prospectus;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (h)&#160;On the Closing Date, all material Returns of the
    Surviving Fund required by law to have been filed by such date
    (including any extensions) shall have been filed and are or will
    be true, correct and complete in all material respects, and all
    Taxes shown as due or claimed to be due by any government entity
    shall have been paid or provision has been made for the payment
    thereof. To the Surviving Fund&#146;s knowledge, no such Return
    is currently under audit by any federal, state, local or foreign
    Tax authority; no assessment has been asserted with respect to
    such Returns; there are no levies, liens or other encumbrances
    on the Surviving Fund or its assets resulting from the
    non-payment of any Taxes; and no waivers of the time to assess
    any such Taxes are outstanding nor are
</DIV>
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    <BR>
    D-5
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<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    any written requests for such waivers pending; and adequate
    provision has been made in the Surviving Fund financial
    statements for all Taxes in respect of all periods ended on or
    before the date of such financial statements;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (i)&#160;The Surviving Fund has elected to be a regulated
    investment company under Subchapter M of the Code and is a fund
    that is treated as a separate corporation under
    Section&#160;851(g) of the Code. The Surviving Fund has
    qualified for treatment as a regulated investment company for
    each taxable year since inception that has ended prior to the
    Closing Date and will have satisfied the requirements of
    Part&#160;I of Subchapter M of the Code to maintain such
    qualification for the period beginning on the first day of its
    current taxable year and ending on the Closing Date. The
    Surviving Fund has no earnings or profits accumulated in any
    taxable year in which the provisions of Subchapter M of the Code
    did not apply to it;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (j)&#160;All issued and outstanding Surviving Fund shares are,
    and on the Closing Date will be, duly authorized and validly
    issued and outstanding, fully paid and non-assessable by the
    Surviving Fund and, in every state where offered or sold, such
    offers and sales by the Surviving Fund have been in compliance
    in all material respects with applicable registration
    <FONT style="white-space: nowrap">and/or</FONT>
    notice requirements of the 1933&#160;Act and state and District
    of Columbia securities laws or exemptions therefrom, and there
    will be a sufficient number of such shares registered under the
    1933&#160;Act or exempt from such registration and, as may be
    necessary, with applicable state securities commissions, to
    permit the issuances contemplated by this Agreement to be
    consummated;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (k)&#160;The execution, delivery and performance of this
    Agreement will have been duly authorized prior to the Closing
    Date by all necessary action, if any, on the part of the Board
    of Trustees of the Surviving Fund and subject to the approval of
    the shareholders of the Funds and the due authorization,
    execution and delivery of this Agreement by IAI, this Agreement
    will constitute a valid and binding obligation of the Surviving
    Fund enforceable in accordance with its terms, subject, as to
    enforcement, to bankruptcy, insolvency, reorganization,
    moratorium and other laws relating to or affecting
    creditors&#146; rights and to general equity principles;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (l)&#160;The Surviving Fund&#160;Common Shares and Surviving
    Fund&#160;Preferred Shares (if any) to be issued and delivered
    to the Merging Fund, for the account of the Merging Fund
    shareholders, pursuant to the terms of this Agreement, will on
    the Closing Date have been duly authorized and, when so issued
    and delivered, will be duly and validly issued shares of the
    Surviving Fund, and will be fully paid and non-assessable by the
    Surviving Fund and no shareholder of the Surviving Fund will
    have any preemptive right of subscription or purchase in respect
    thereof;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (m)&#160;The books and records of the Surviving Fund are true
    and correct in all material respects and contain no material
    omissions with respect to information required to be maintained
    under the laws, rules and regulations applicable to the
    Surviving Fund;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (n)&#160;The Surviving Fund is not under the jurisdiction of a
    court in a Title&#160;11 or similar case within the meaning of
    Section&#160;368(a)(3)(A) of the Code;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (o)&#160;The Surviving Fund has no unamortized or unpaid
    organizational fees or expenses for which it does not expect to
    be reimbursed by Invesco or its affiliates.
</DIV>

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">5.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">COVENANTS
    OF THE SURVIVING FUND&#160;AND THE MERGING FUND</FONT></B>
</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: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    5.1.&#160;&#160;With respect to each Merger:
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;The Surviving Fund, the Merging Fund and the
    corresponding Predecessor Funds each: (i)&#160;will operate its
    business in the ordinary course and substantially in accordance
    with past practices between the date hereof and the Closing Date
    for the Merger, it being understood that such ordinary course of
    business may include the declaration and payment of customary
    dividends and distributions, and any other distribution that may
    be advisable, and (ii)&#160;shall use its reasonable best
    efforts to preserve intact its business organization and
    material assets and maintain the rights, franchises and business
    and customer relations necessary to conduct the business
    operations of the Surviving Fund, the Merging Fund or the
    corresponding Predecessor Fund, as appropriate, in the ordinary
    course in all material respects.
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;Each Fund and Predecessor Fund agrees to mail to its
    shareholders of record entitled to vote at the meeting of
    shareholders at which action is to be considered regarding this
    Agreement, in sufficient time to comply with requirements as to
    notice thereof, the Joint Proxy Statement/Prospectus applicable
    to such Fund, to call a meeting of such shareholders and to take
    all other action necessary to obtain approval of the
    transactions contemplated herein.
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (c)&#160;The Merging Fund will provide the Surviving Fund with
    (1)&#160;a statement of the respective tax basis and holding
    period of all investments to be transferred by the Merging Fund
    to the Surviving Fund, (2)&#160;a copy (which may be in
    electronic form) of the shareholder ledger accounts including,
    without limitation, the name, address and taxpayer
    identification number of each shareholder of record, the number
    of shares of beneficial interest held by each shareholder, the
    dividend reinvestment elections applicable to each shareholder,
    and the backup withholding and nonresident alien withholding
    certifications, notices or records on file with the Merging Fund
    with respect to each shareholder, for all of the shareholders of
    record of the Merging Fund as of the close of business on the
    Valuation Date, who are to become holders of the Surviving Fund
    as a result of the transfer of Merging Fund&#160;Assets,
    certified by its transfer agent or its President or
    Vice-President to the best of their knowledge and belief,
    (3)&#160;the tax books and records of the Merging Fund for
    purposes of preparing any Returns required by law to be filed
    for tax periods ending after the Closing Date, and (4)&#160;if
    reasonably requested by the Surviving Fund in writing, all FASB
    <FONT style="white-space: nowrap">ASC&#160;740-10-25</FONT>
    (formerly FIN&#160;48)&#160;work papers and
</DIV>
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    <BR>
    D-6
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<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    supporting statements pertaining to the Merging Fund. The
    foregoing information to be provided within such timeframes as
    is mutually agreed by the parties. The Merging Fund agrees to
    cooperate with the Surviving Fund in filing any Return, amended
    return or claim for refund, determining a liability for taxes or
    a right to a refund of taxes or participating in or conducting
    any audit or other proceeding in respect of taxes. The Merging
    Fund agrees to retain for a period of seven (7)&#160;years
    following the Closing Date all Returns and work papers and all
    material records or other documents relating to tax matters for
    taxable periods ending on or before the Closing Date.
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (d)&#160;Subject to the provisions of this Agreement, the
    Surviving Fund, the Merging Fund and the corresponding
    Predecessor Funds will each take, or cause to be taken, all
    action, and do or cause to be done all things, reasonably
    necessary, proper or advisable to consummate and make effective
    the transactions contemplated by this Agreement.
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (e)&#160;It is the intention of the parties that each Merger
    will qualify as a reorganization with the meaning of
    Section&#160;368(a)(1)(A) of the Code. None of the parties to a
    Merger shall take any action or cause any action to be taken
    (including, without limitation the filing of any tax Return)
    that is inconsistent with such treatment or results in the
    failure of such Merger to qualify as a reorganization within the
    meaning of Section&#160;368(a)(1)(A) of the Code.
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (f)&#160;Any reporting responsibility of the Merging Fund,
    including, but not limited to, the responsibility for filing
    regulatory reports, tax Returns relating to tax periods ending
    on or prior to the Closing Date (whether due before or after the
    Closing Date), or other documents with the SEC, any state
    securities commission, and any federal, state or local tax
    authorities or any other relevant regulatory authority, is and
    shall remain the responsibility of the Merging Fund, except as
    otherwise is mutually agreed by the parties.
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (g)&#160;The Merging Fund undertakes that if the Merger is
    consummated, it will file an application pursuant to
    Section&#160;8(f) of the 1940 Act for an order declaring that
    the Merging Fund has ceased to be a registered investment
    company.
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (h)&#160;The Surviving Fund and Predecessor Surviving Fund shall
    use their reasonable best efforts to cause the Surviving
    Fund&#160;Common Shares to be issued in the Merger to be
    approved for listing on each of the stock exchanges on which the
    corresponding Merging Fund&#160;Common Shares are listed.
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (i)&#160;If the Merging Fund has outstanding Merging
    Fund&#160;Preferred Shares, the Surviving Fund shall use its
    reasonable best efforts to obtain a rating on the Surviving
    Fund&#160;Preferred Shares from at least one nationally
    recognized statistical rating organization (&#147;NRSRO&#148;)
    and include in its governing documents terms relating to the
    Surviving Fund&#160;Preferred Shares that are either
    substantially the same as such terms included in the Governing
    Documents of the Merging Fund in respect of the Merging
    Fund&#160;Preferred Shares or substantially the same as such
    terms included in the Merging Fund&#160;Governing Documents
    except for such changes as required by any NRSRO rating the
    Surviving Fund&#160;Preferred Shares, prior to the Closing.
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (j)&#160;If the Merging Fund has outstanding Merging
    Fund&#160;Preferred Shares or the Surviving Fund has outstanding
    Surviving Fund&#160;Preferred Shares, the combined Merging Fund
    and Surviving Fund will satisfy all of its obligations set forth
    in the Surviving Fund&#146;s declaration of trust, statement of
    preferences of the Surviving Fund&#160;Preferred Shares,
    registration rights agreement relating to the Surviving
    Fund&#160;Preferred Shares and the Surviving Fund&#160;Preferred
    Shares certificate (including, without limitation, satisfaction
    of the effective leverage ratio and minimum asset coverage
    covenants set forth in its statement of preferences) immediately
    after Closing.
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (k)&#160;If the Merging Fund has outstanding Merging
    Fund&#160;Preferred Shares or the Surviving Fund has outstanding
    Surviving Fund&#160;Preferred Shares, immediately after closing
    the Surviving Fund&#160;Preferred Shares shall be rated at least
    AA-/Aa3 by each rating agency rating, at the request of the
    Surviving Fund, the Surviving Fund&#160;Preferred Shares.
</DIV>

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">6.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">CONDITIONS
    PRECEDENT TO OBLIGATIONS OF THE MERGING FUND</FONT></B>
</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: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    6.1.&#160;&#160;With respect to each Merger, the obligations of
    the Merging Fund to consummate the transactions provided for
    herein shall be subject, at the Merging Fund&#146;s election, to
    the performance by the Surviving Fund of all of the obligations
    to be performed by it hereunder on or before the Closing Time,
    and, in addition thereto, the following conditions:
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;All representations and warranties of the Surviving
    Fund and the Predecessor Surviving Fund contained in this
    Agreement shall be true and correct in all material respects as
    of the date hereof and, except as they may be affected by the
    transactions contemplated by this Agreement, as of the Closing
    Date, with the same force and effect as if made on and as of the
    Closing Date;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;The Surviving Fund shall have delivered to the Merging
    Fund on the Closing Date a certificate executed in its name by
    its President or Vice President and Treasurer, in form and
    substance reasonably satisfactory to the Merging Fund and dated
    as of the Closing Date, to the effect that the representations
    and warranties of or with respect to the Surviving Fund and the
    Predecessor Surviving Fund made in this Agreement are true and
    correct at and as of the Closing Date, except as they may be
    affected by the transactions contemplated by this Agreement;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (c)&#160;The Surviving Fund and the Predecessor Surviving Fund
    shall have performed all of the covenants and complied with all
    of the provisions required by this Agreement to be performed or
    complied with by the Surviving Fund and the Predecessor
    Surviving Fund, on or before the Closing Date;
</DIV>
<!-- XBRL Pagebreak Begin -->

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

<DIV style="width: 94%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (d)&#160;If the Merging Fund has outstanding Merging
    Fund&#160;Preferred Shares, the Surviving Fund shall have
    amended its governing documents to include terms relating to the
    Surviving Fund&#160;Preferred Shares that are either
    substantially identical to such terms included in the Governing
    Documents of the Merging Fund in respect of the Merging
    Fund&#160;Preferred Shares or substantially identical to such
    terms included in the Merging Fund&#160;Governing Documents
    except for such changes as required by any NRSRO rating the
    Surviving Fund&#160;Preferred Shares, and shall have obtained a
    rating on the Surviving Fund&#160;Preferred Shares from at least
    one NRSRO;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (e)&#160;If the Surviving Fund has outstanding Surviving
    Fund&#160;Preferred Shares, immediately prior to Closing, the
    Surviving Fund&#160;Preferred Shares shall be rated at least
    AA-/Aa3 by each rating agency rating, at the request of the
    Surviving Fund; the Surviving Fund&#160;Preferred
    Shares;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (f)&#160;If the Surviving Fund has outstanding Surviving
    Fund&#160;Preferred Shares, the Surviving Fund shall have
    satisfied all of its obligations set forth in its declaration of
    trust, statement of preferences of the Surviving
    Fund&#160;Preferred Shares, registration rights agreement
    relating to the Surviving Fund&#160;Preferred Shares and the
    Surviving Fund&#160;Preferred Shares certificate (including,
    without limitation, satisfaction of the effective leverage ratio
    and minimum asset coverage covenants set forth in its statement
    of preferences) immediately prior to Closing.
</DIV>

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">7.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">CONDITIONS
    PRECEDENT TO OBLIGATIONS OF THE SURVIVING FUND</FONT></B>
</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: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    7.1.&#160;&#160;With respect to each Merger, the obligations of
    the Surviving Fund to consummate the transactions provided for
    herein shall be subject, at the Surviving Fund&#146;s election,
    to the performance by the Merging Fund of all of the obligations
    to be performed by it hereunder on or before the Closing Date
    and, in addition thereto, the following conditions:
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;All representations and warranties of the Merging Fund
    and the Predecessor Merging Fund contained in this Agreement
    shall be true and correct in all material respects as of the
    date hereof and, except as they may be affected by the
    transactions contemplated by this Agreement, as of the Closing
    Date, with the same force and effect as if made on and as of the
    Closing Date;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;The Merging Fund shall have delivered an unaudited
    statement of assets and liabilities and an unaudited schedule of
    investments as of the Valuation Date (together the
    &#147;<U>Closing Financial Statements</U>&#148;) for the purpose
    of determining the number of Surviving Fund&#160;Common Shares
    and the number of Surviving Fund&#160;Preferred Shares, if any,
    to be issued to the Merging Fund&#146;s common shareholders and
    preferred shareholders, if any, and the Closing Financial
    Statements will fairly present the financial position of the
    Merging Fund as of the Valuation Date in conformity with GAAP
    applied on a consistent basis;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (c)&#160;The Merging Fund shall have delivered to the Surviving
    Fund on the Closing Date a certificate executed in its name by
    its President or Vice President and Treasurer, in form and
    substance reasonably satisfactory to the Surviving Fund and
    dated as of the Closing Date, to the effect that the
    representations and warranties of or with respect to the Merging
    Fund and the Predecessor Merging Fund made in this Agreement are
    true and correct at and as of the Closing Date, except as they
    may be affected by the transactions contemplated by this
    Agreement;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (d)&#160;The Merging Fund and the Predecessor Merging Fund shall
    have performed all of the covenants and complied with all of the
    provisions required by this Agreement to be performed or
    complied with by the Merging Fund and the Predecessor Merging
    Fund, on or before the Closing Date;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (e)&#160;The Merging Fund shall have declared and paid or cause
    to be paid a distribution or distributions prior to the Closing
    that, together with all previous distributions, shall have the
    effect of distributing to its shareholders (i)&#160;all of
    Merging Fund&#146;s investment company taxable income for the
    taxable year ended prior to the Closing Date and substantially
    all of such investment company taxable income for the final
    taxable year ending on the Closing Date (in each case determined
    without regard to any deductions for dividends paid);
    (ii)&#160;all of Merging Fund&#146;s net capital gain recognized
    in its taxable year ended prior to the Closing Date and
    substantially all of any such net capital gain recognized in
    such final taxable year (in each case after reduction for any
    capital loss carryover); and (iii)&#160;at least 90&#160;percent
    of the excess, if any, of the Merging Fund&#146;s interest
    income excludible from gross income under Section&#160;103(a) of
    the Code over its deductions disallowed under Sections&#160;265
    and 171(a)(2) of the Code for the taxable year prior to the
    Closing Date and at least 90&#160;percent of such net tax-exempt
    income for such final taxable year;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (f)&#160;If the Merging Fund has outstanding Merging
    Fund&#160;Preferred Shares, the Merging Fund shall have
    satisfied all of its obligations set forth in its declaration of
    trust, statement of preferences of the Merging
    Fund&#160;Preferred Shares, registration rights agreement
    relating to the Merging Fund&#160;Preferred Shares and the
    Merging Fund&#160;Preferred Shares certificate (including,
    without limitation, satisfaction of the effective leverage ratio
    and minimum asset coverage covenants set forth in its statement
    of preferences) immediately prior to Closing.
</DIV>
<!-- XBRL Pagebreak Begin -->

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

<DIV style="width: 94%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">8.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">FURTHER
    CONDITIONS PRECEDENT TO OBLIGATIONS OF THE SURVIVING
    FUND&#160;AND THE MERGING FUND</FONT></B>
</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: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    With respect to each Merger, if any of the conditions set forth
    below have not been satisfied on or before the Closing Date with
    respect to the Merging Fund or the Surviving Fund, the Merging
    Fund or the Surviving Fund, respectively, shall, at its option,
    not be required to consummate the transactions contemplated for
    such Merger by this Agreement:
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    8.1.&#160;&#160;The Agreement shall have been approved by the
    requisite vote of the holders of the outstanding Common Shares
    and Preferred Shares of each Fund, as set forth in the N-14
    Registration Statement. Notwithstanding anything herein to the
    contrary, neither the Merging Fund nor the Surviving Fund may
    waive the conditions set forth in this Section&#160;8.1;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    8.2.&#160;&#160;On the Closing Date, no action, suit or other
    proceeding shall be pending or, to the Merging Fund&#146;s or
    the Surviving Fund&#146;s knowledge, threatened before any court
    or governmental agency in which it is sought to restrain or
    prohibit, or obtain damages or other relief in connection with,
    this Agreement, the transactions contemplated herein;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    8.3.&#160;&#160;All consents of other parties and all other
    consents, orders and permits of federal, state and local
    regulatory authorities and national securities exchanges for
    purposes of listing shares of the Funds, deemed necessary by the
    Surviving Fund or the Merging Fund to permit consummation, in
    all material respects, of the transactions contemplated hereby
    shall have been obtained, except where failure to obtain any
    such consent, order or permit would not involve a risk of a
    material adverse effect on the assets or properties of the
    Surviving Fund or the Merging Fund, provided that either party
    hereto may for itself waive any of such conditions;
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    8.4.&#160;&#160;The N-14 Registration Statement shall have
    become effective under the 1933&#160;Act and no stop orders
    suspending the effectiveness thereof shall have been issued and,
    to the best knowledge of the parties hereto, no investigation or
    proceeding for that purpose shall have been instituted or be
    pending, threatened or known to be contemplated under the
    1933&#160;Act;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    8.5.&#160;&#160;The Merging Fund and the Surviving Fund shall
    have received on or before the Closing Date an opinion of
    Stradley Ronon Stevens&#160;&#038; Young, LLP (&#147;<U>Stradley
    Ronon</U>&#148;) in form and substance reasonably acceptable to
    the Merging Fund and the Surviving Fund, as to the matters set
    forth on Schedule&#160;8.5. In rendering such opinion, Stradley
    Ronon may request and rely upon representations contained in
    certificates of officers of the Merging Fund, the Surviving
    Fund, IAI and others, and the officers of the Merging Fund, the
    Surviving Fund and IAI shall use their best efforts to make
    available such truthful certificates.
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    8.6.&#160;&#160;If the Merging Fund has outstanding Merging
    Fund&#160;Preferred Shares, the Merging Fund and the Surviving
    Fund shall have received on or before the Closing Date an
    opinion of Skadden, Arps, Slate, Meagher&#160;&#038; Flom LLP
    (&#147;Skadden&#148;) in form and substance reasonably
    acceptable to the Merging Fund and the Surviving Fund, as to the
    matters set forth on Schedule&#160;8.6. In rendering such
    opinion, Skadden may request and rely upon representations
    contained in certificates of officers of the Merging Fund, the
    Surviving Fund, IAI and others, and the officers of the Merging
    Fund, the Surviving Fund and IAI shall use their best efforts to
    make available such truthful certificates.
</DIV>

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

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    8.7.&#160;&#160;The shareholders of each of the Merging Fund and
    the Surviving Fund shall have approved the Redomestication of
    such fund to a Delaware statutory trust, as described in the
    proxy materials related to such Redomestication (including the
    N-14 Registration Statement), and each such Redomestication
    shall have been consummated.
</DIV>

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">9.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">FEES AND
    EXPENSES</FONT></B>
</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: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    9.1.&#160;&#160;Each Fund will bear its expenses relating to its
    Merger provided that 1)&#160;the Fund is expected to recoup
    those costs within 24&#160;months following the Merger as a
    result of reduced total annual fund operating expenses based on
    estimates prepared by the Adviser and discussed with the Board
    and 2)&#160;the Fund&#146;s total annual fund operating expenses
    did not exceed the expense limit under the expense limitation
    arrangement in place with IAI at the time such expenses were
    discussed with the Board. The Fund will bear these expenses
    regardless of whether its Merger is consummated, subject to any
    expense limitation arrangement in place with IAI. IAI will bear
    the Merger costs of any Fund that does not meet the foregoing
    threshold.
</DIV>

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">10.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">FINAL TAX
    RETURNS AND FORMS&#160;1099 OF MERGING FUND</FONT></B>
</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: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    10.1.&#160;&#160;After the Closing Date, except as otherwise
    agreed to by the parties, the Merging Fund shall or shall cause
    its agents to prepare any federal, state or local tax Returns,
    including any Forms&#160;1099, required to be filed by the
    Merging Fund with respect to its final taxable year ending on
    the Closing Date and for any prior periods or taxable years and
    shall further cause such tax Returns and Forms&#160;1099 to be
    duly filed with the appropriate taxing authorities.
</DIV>

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">11.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">ENTIRE
    AGREEMENT; SURVIVAL OF WARRANTIES AND COVENANTS</FONT></B>
</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: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    11.1.&#160;&#160;The representations, warranties and covenants
    of the Funds and IAI contained in this Agreement or in any
    document delivered pursuant hereto or in connection herewith
    shall not survive the consummation of the transactions
    contemplated hereunder; provided that the covenants to be
    performed after the Closing shall survive the Closing. The
    representations, warranties and covenants of each Predecessor
    Fund contained in this Agreement or in any document delivered
    pursuant hereto or in connection herewith shall not survive the
    consummation of the Redomestication of such Predecessor Fund.
</DIV>
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    <BR>
    D-9
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 94%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->
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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">12.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">TERMINATION</FONT></B>
</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: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    With respect to each Merger, this Agreement may be terminated
    and the transactions contemplated hereby may be abandoned
    (i)&#160;by mutual agreement of the Merging Fund and the
    corresponding Surviving Fund, (ii)&#160;by the Merging Fund if
    any condition of the Surviving Fund&#146;s obligations set forth
    in this Agreement has not been fulfilled or waived by the
    Merging Fund, or (iii)&#160;by the Surviving Fund if any
    condition of the Merging Fund&#146;s obligations set forth in
    this Agreement has not been fulfilled or waived by the Surviving
    Fund, notwithstanding approval thereof by such Funds&#146;
    shareholders, if circumstances should develop that, in such
    parties judgment, make proceeding with this Agreement
    inadvisable.
</DIV>

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">13.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">AMENDMENTS</FONT></B>
</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: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This Agreement may be amended, modified or supplemented in such
    manner as may be mutually agreed upon in writing by the parties;
    provided, however, that following the approval of this Agreement
    by shareholders of a Merging Fund
    <FONT style="white-space: nowrap">and/or</FONT> its
    corresponding Surviving Fund, no such amendment may have the
    effect of changing the provisions for determining the number of
    Surviving Fund shares to be paid to that Merging Fund&#146;s
    shareholders under this Agreement to the detriment of such
    Merging Fund shareholders or shall otherwise materially amend
    the terms of this agreement without their further approval.
</DIV>

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">14.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">HEADINGS;
    GOVERNING LAW; COUNTERPARTS; ASSIGNMENT; LIMITATION OF
    LIABILITY</FONT></B>
</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: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    14.1.&#160;&#160;The Article and Section headings contained in
    this Agreement are for reference purposes only and shall not
    affect in any way the meaning or interpretation of this
    Agreement.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    14.2.&#160;&#160;This Agreement shall be governed by and
    construed in accordance with the laws of the State of Delaware
    and applicable federal law, without regard to its principles of
    conflicts of laws.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    14.3.&#160;&#160;This Agreement shall bind and inure with
    respect to each Merger to the benefit of the parties to the
    Merger and their respective successors and assigns, but no
    assignment or transfer hereof or of any rights or obligations
    hereunder shall be made by any such party without the written
    consent of the other parties to such Merger. Nothing herein
    expressed or implied is intended or shall be construed to confer
    upon or give any person, firm or corporation, other than the
    parties with respect to such Merger and their respective
    successors and assigns, any rights or remedies under or by
    reason of this Agreement.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    14.4.&#160;&#160;This agreement may be executed in any number of
    counterparts, each of which shall be considered an original.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    14.5.&#160;&#160;It is expressly agreed that the obligations of
    the parties hereunder shall not be binding upon any of their
    respective directors or trustees, shareholders, nominees,
    officers, agents, or employees personally, but shall bind only
    the property of the applicable Merging Fund or the applicable
    Surviving Fund as provided in the Governing Documents of the
    Merging Fund or the Agreement and Declaration of Trust of the
    Surviving Fund, respectively. The execution and delivery by such
    officers shall not be deemed to have been made by any of them
    individually or to impose any liability on any of them
    personally, but shall bind only the property of such party.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    14.6.&#160;&#160;Any notice, report, statement or demand
    required or permitted by any provisions of this Agreement shall
    be in writing and shall be given by fax or certified mail
    addressed to the Merging Fund and the Surviving Fund, each at
    1555 Peachtree Street, N.E. Atlanta, GA 30309, Attention:
    Secretary, fax
    number&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.
</DIV>
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    <BR>
    D-10
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<DIV style="width: 94%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    IN WITNESS WHEREOF, the parties hereto have caused this
    Agreement to be approved on behalf of the Surviving Fund and
    Merging Fund.
</DIV>

<DIV style="margin-top: 24pt; 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: transparent">

</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: transparent">
    <B>Invesco Advisers, Inc.</B>
</DIV>

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

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    By:&#160;</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">&#160;&#160;&#160;<FONT style="font-variant: SMALL-CAPS">&#160;</FONT></DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 3%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Name:&#160;&#160;&#160;&#160;&#160;
</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Title:
</DIV>

<DIV style="margin-top: 29pt; 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: transparent">

</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: transparent">
    <B>[CLOSED-END FUNDS]</B>
</DIV>

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

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

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    By:&#160;</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">&#160;&#160;&#160;<FONT style="font-variant: SMALL-CAPS">&#160;</FONT></DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 3%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Name:&#160;&#160;&#160;&#160;&#160;
</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Title:
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
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    <BR>
    D-11
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 94%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">EXHIBIT&#160;A</FONT></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: transparent">
    <B>CHART OF MERGERS</B>
</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: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="50%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="49%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Surviving Fund (and share classes)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Corresponding Merging Fund (and share classes)</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
</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: transparent">

</DIV>
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    <BR>
    D-12
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 94%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SCHEDULE&#160;8.5</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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">TAX
    OPINION</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: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (i)&#160;The acquisition by Surviving Fund of all of the assets
    of Merging Fund in exchange for Surviving Fund shares and the
    assumption of the liabilities of Merging Fund through a
    statutory merger will qualify as a reorganization within the
    meaning of Section&#160;368(a)(1)(A) of the Code and the
    Surviving Fund and Merging Fund will each be a &#147;party to a
    reorganization&#148; within the meaning of Section&#160;368(b)
    of the Code.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (ii)&#160;No gain or loss will be recognized by Merging Fund on
    the transfer of its assets to, and the assumption of Merging
    Fund liabilities by, Surviving Fund in exchange for Surviving
    Fund shares pursuant to Sections&#160;361(a) and 357(a) of the
    Code.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (iii)&#160;No gain or loss will be recognized by Surviving Fund
    on the receipt of the Merging Fund assets in exchange for
    Surviving Fund shares and the assumption by Surviving Fund of
    any liabilities of Merging Fund pursuant to Section&#160;1032(a)
    of the Code.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (iv)&#160;No gain or loss will be recognized by Merging Fund
    upon the distribution of Surviving Fund shares to the
    shareholders of Merging Fund pursuant to Section&#160;361(c) of
    the Code.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (v)&#160;The tax basis of the Merging Fund assets received by
    the Surviving Fund will be the same as the tax basis of such
    assets in the hands of the Merging Fund immediately prior to the
    transfer pursuant to Section&#160;362(b) of the Code.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (vi)&#160;The holding periods of the Merging Fund assets in the
    hands of the Surviving Fund will include the periods during
    which such assets were held by the Merging Fund pursuant to
    Section&#160;1223(2) of the Code.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (vii)&#160;No gain or loss will be recognized by the
    shareholders of Merging Fund on the receipt of Surviving Fund
    shares solely in exchange for Surviving Fund shares pursuant to
    Section&#160;354(a)(1) of the Code.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (viii)&#160;The aggregate tax basis in Surviving Fund shares
    received by a shareholder of the Merging Fund will be the same
    as the aggregate tax basis of Merging Fund shares surrendered in
    exchange therefor pursuant to Section&#160;358(a)(1) of the Code.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (ix)&#160;The holding period of Surviving Fund shares received
    by a shareholder of the Merging Fund will include the holding
    period of the Merging Fund shares surrendered in exchange
    therefor, provided that the shareholder held Merging Fund shares
    as a capital asset on the Closing Date pursuant to
    Section&#160;1223(1) of the Code.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (x)&#160;For purposes of Section&#160;381 of the Code, the
    Surviving Fund will succeed to and take into account, as of the
    date of the transfer as defined in
    <FONT style="white-space: nowrap">Section&#160;1.381(b)-1(b)</FONT>
    of the income tax regulations issued by the United States
    Department of the Treasury (the &#147;Income Tax
    Regulations&#148;), the items of the Merging Fund described in
    Section&#160;381(c) of the Code, subject to the conditions and
    limitations specified in Sections&#160;381, 382, 383 and 384 of
    the Code and the Income Tax Regulations thereunder.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The foregoing opinion may state that no opinion is expressed as
    to the effect of the Merger on a Merging Fund, Surviving Fund or
    any Merging Fund&#160;Shareholder with respect to any asset as
    to which unrealized gain or loss is required to be recognized
    for federal income tax purposes at the end of a taxable year (or
    on the termination or transfer thereof) under a
    <FONT style="white-space: nowrap">mark-to-market</FONT>
    system of accounting.
</DIV>
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    <BR>
    D-13
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<DIV style="width: 94%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SCHEDULE&#160;8.6</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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">PREFERRED
    SHARE OPINION</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: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The VMTP Shares issued by the Surviving Fund in the Merger in
    exchange for Merging Fund&#160;VMTP Shares will be treated as
    equity of the Surviving Fund for U.S.&#160;federal income tax
    purposes.
</DIV>
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    <BR>
    D-14
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT E</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 12pt"><B>Executive Officers of the Funds</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following information relates to the executive officers of the Funds. Each officer also
serves in the same capacity for all or a number of the other investment companies advised by the
Adviser or affiliates of the Adviser. The officers of the Funds are appointed annually by the
Trustees and serve for one year or until their respective successors are chosen and qualified. The
address of each officer is 1555 Peachtree Street, N.E., Atlanta, Georgia 30309.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Name, Year of Birth and</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">

<TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Position(s) Held with the</B> <B>Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Officer Since</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Principal Occupation(s) During Past 5 Years</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John M. Zerr &#151; 1962<BR>
Senior Vice President, Chief <BR>

Legal Officer and Secretary
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2010</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director, Senior Vice President, Secretary and General Counsel,
Invesco Management Group, Inc. (formerly known as Invesco Aim
Management Group, Inc.) and Van Kampen Exchange Corp.; Senior Vice
President, Invesco Advisers, Inc. (formerly known as Invesco
Institutional (N.A.), Inc.) (registered investment adviser); Senior
Vice President and Secretary, Invesco Distributors, Inc. (formerly
known as Invesco Aim Distributors, Inc.); Director, Vice President
and Secretary, Invesco Investment Services, Inc. (formerly known as
Invesco Aim Investment Services, Inc.) and IVZ Distributors, Inc.
(formerly known as INVESCO Distributors, Inc.); Director and Vice
President, INVESCO Funds Group, Inc.; Senior Vice President, Chief
Legal Officer and Secretary, The Invesco Funds; Manager, Invesco
PowerShares Capital Management LLC; Director, Secretary and General
Counsel, Invesco Investment Advisers LLC (formerly known as Van
Kampen Asset Management); Secretary and General Counsel, Van Kampen
Funds Inc. and Chief Legal Officer, PowerShares Exchange-Traded
Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares
India Exchange-Traded Fund Trust and PowerShares Actively Managed
Exchange-Traded Fund Trust.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD 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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Formerly: Director and Secretary, Van Kampen Advisors Inc.;
Director Vice President, Secretary and General Counsel Van Kampen
Investor Services Inc.; Director, Invesco Distributors, Inc.
(formerly known as Invesco Aim Distributors, Inc.); Director,
Senior Vice President, General Counsel and Secretary, Invesco
Advisers, Inc.; and Van Kampen Investments Inc.; Director, Vice
President and Secretary, Fund Management Company; Director, Senior
Vice President, Secretary, General Counsel and Vice President,
Invesco Aim Capital Management, Inc.; Chief Operating Officer and
General Counsel, Liberty Ridge Capital, Inc. (an investment
adviser); Vice President and Secretary, PBHG Funds (an investment
company) and PBHG Insurance Series&nbsp;Fund (an investment company);
Chief Operating Officer, General Counsel and Secretary, Old Mutual
Investment Partners (a broker-dealer); General Counsel and
Secretary, Old Mutual Fund Services (an administrator) and Old
Mutual Shareholder Services (a shareholder servicing center);
Executive Vice President, General Counsel and Secretary, Old Mutual
Capital, Inc. (an investment adviser); and Vice President and
Secretary, Old Mutual Advisors Funds (an investment company).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD 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">Sheri Morris &#151; 1964<BR>

Vice President, Treasurer
and <BR>
Principal Financial
Officer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2010</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President, Treasurer and Principal Financial Officer, The
Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly
known as Invesco Institutional (N.A.), Inc.) (registered investment
adviser); Treasurer, PowerShares Exchange-Traded Fund Trust,
PowerShares Exchange-Traded Fund Trust II, PowerShares India
Exchange-Traded Fund Trust and PowerShares Actively Managed
Exchange-Traded Fund Trust.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD 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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Formerly: Vice President, Invesco Advisers, Inc., Invesco Aim
Capital Management, Inc. and Invesco Aim Private Asset Management,
Inc.; Assistant Vice President and Assistant Treasurer, The Invesco
Funds and </TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->E-1<!-- /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">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Name, Year of Birth and</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">

<TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Position(s) Held with the</B> <B>Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Officer Since</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Principal Occupation(s) During Past 5 Years</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Assistant Vice President, Invesco Advisers, Inc., Invesco
Aim Capital Management, Inc. and Invesco Aim Private Asset
Management, Inc.</TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Karen Dunn Kelley &#151; 1960<BR>
Vice President
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2010</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Head of Invesco&#146;s World Wide
Fixed Income and Cash
Management Group; Senior Vice
President, Invesco Management
Group, Inc. (formerly known as
Invesco Aim Management Group,
Inc.) and Invesco Advisers,
Inc. (formerly known as
Invesco Institutional (N.A.),
Inc.) (registered investment
adviser); Executive Vice
President, Invesco
Distributors, Inc. (formerly
known as Invesco Aim
Distributors, Inc.); Director,
Invesco Mortgage Capital Inc.;
Vice President, The Invesco
Funds (other than AIM
Treasurer&#146;s Series&nbsp;Trust
(Invesco Treasurer&#146;s Series
Trust) and Short-Term
Investments Trust); and
President and Principal
Executive Officer, The Invesco
Funds (AIM Treasurer&#146;s Series
Trust (Invesco Treasurer&#146;s
Series&nbsp;Trust) and Short-Term
Investments Trust only).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Formerly: Senior Vice
President, Van Kampen
Investments Inc.; Vice
President, Invesco Advisers,
Inc. (formerly known as
Invesco Institutional (N.A.),
Inc.); Director of Cash
Management and Senior Vice
President, Invesco Advisers,
Inc. and Invesco Aim Capital
Management, Inc.; President
and Principal Executive
Officer, Tax-Free Investments
Trust; Director and President,
Fund Management Company; Chief
Cash Management Officer,
Director of Cash Management,
Senior Vice President, and
Managing Director, Invesco Aim
Capital Management, Inc.;
Director of Cash Management,
Senior Vice President, and
Vice President, Invesco
Advisers, Inc. and The Invesco
Funds (AIM Treasurer&#146;s Series
Trust (Invesco Treasurer&#146;s
Series&nbsp;Trust), Short-Term
Investments Trust and Tax-Free
Investments Trust only).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD 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">Yinka Akinsola &#151; 1977<BR>
Anti-Money Laundering <BR>
Compliance Officer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2011</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc.
(formerly known as Invesco Institutional (N.A.), Inc.) (registered
investment adviser); Invesco Distributors, Inc. (formerly known as
Invesco Aim Distributors, Inc.), Invesco Investment Services, Inc.
(formerly known as Invesco Aim Investment Services, Inc.), Invesco
Management Group, Inc., The Invesco Funds, Invesco Van Kampen
Closed-End Funds, Van Kampen Exchange Corp. and Van Kampen Funds
Inc.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD 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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Formerly: Regulatory Analyst III, Financial Industry Regulatory
Authority (FINRA).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD 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">Valinda Arnett-Patton &#151; 1959<BR>
Chief Compliance Officer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2011</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Compliance Officer, Invesco Van Kampen Closed-End Funds.
<BR>
<br style="font-size: 6pt">
Formerly: Compliance Director, Invesco Fixed Income, Invesco;
Deputy Compliance Officer, AIG Sun America Asset Management Corp.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->E-2<!-- /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">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT F</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 12pt"><B>Information Regarding the Trustees</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The tables below list the incumbent Trustees, their principal occupations, other directorships
held by them and their affiliations, if any, with the Adviser or its affiliates. The term &#147;Fund
Complex&#148; includes each of the investment companies advised by the Adviser as of the Record Date.
Trustees of the Funds generally serve three year terms or until their successors are duly elected
and qualified.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Term of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Office</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Portfolios in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>and</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name, Year of Birth,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Position(s)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Length of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Complex</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>and Address of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Held with</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Time</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Principal Occupation(s) During the</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Overseen by</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Other Directorships Held by</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Trustee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Funds</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Served</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Past Five Years</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Trustee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Trustee During the Past Five Years</B></TD>
</TR>

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

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Independent Trustees:</B></DIV></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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD 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">David C. Arch<SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP><br>
1945<br>
Blistex Inc.<br>
1800 Swift Drive<br>
Oak Brook, IL 60523<br>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#134;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Retired. Chairman and Chief
Executive Officer of Blistex
Inc., a consumer health care
products manufacturer.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">151</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee/Managing General Partner
of funds in the Fund Complex.
Member of the Heartland Alliance
Advisory Board, a nonprofit
organization serving human needs
based in Chicago. Board member of
the Illinois Manufacturers&#146;
Association. Member of the Board
of Visitors, Institute for the
Humanities, University of
Michigan.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD 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">Jerry D. Choate<SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP><br>
1938<br>
33971 Selva Road<br>
Suite&nbsp;130<br>
Dana Point, CA 92629
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#134;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">From 1995 to 1999, Chairman and
Chief Executive Officer of the
Allstate Corporation (&#147;Allstate&#148;)
and Allstate Insurance Company.
From 1994 to 1995, President and
Chief Executive Officer of
Allstate. Prior to 1994, various
management positions at Allstate.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">18</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee/Managing General Partner
of funds in the Fund Complex.
Director since 1998 and member of
the governance and nominating
committee, executive committee,
compensation and management
development committee and equity
award committee, of Amgen Inc., a
biotechnological company.
Director since 1999 and member of
the nominating and governance
committee and compensation and
executive committee, of Valero
Energy Corporation, a crude oil
refining and marketing company.
Previously, from 2006 to 2007,
Director and member of the
compensation committee and audit
committee, of H&#038;R Block, a tax
preparation services company.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD 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">Rodney F.<br>
Dammeyer***<SUP style="FONT-size: 85%; vertical-align: text-top">2,4</SUP><BR>

1940<br>
CAC, LLC<br>
4370 La Jolla Village Drive<br>
Suite&nbsp;685<br>
San Diego, CA 92122-1249
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#134;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of CAC, LLC, a private
company offering capital
investment and management
advisory services. Prior to
January&nbsp;2004, Director of
TeleTech Holdings, Inc. Prior to
2002, Director of Arris Group,
Inc. Prior to 2001, Managing
Partner at Equity Group Corporate
Investments. Prior to 1995, Vice
Chairman of Anixter
International. Prior to 1985,
experience includes
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">151</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee/Managing General Partner
of funds in the Fund Complex.
Director of Quidel Corporation
and Stericycle, Inc. Prior to
May&nbsp;2008, Trustee of The Scripps
Research Institute. Prior to
February&nbsp;2008, Director of
Ventana Medical Systems, Inc.
Prior to April&nbsp;2007, Director of
GATX Corporation. Prior to April
2004, Director of TheraSense,
Inc.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-1<!-- /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">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Term of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Office</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Portfolios in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>and</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name, Year of Birth,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Position(s)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Length of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Complex</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>and Address of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Held with</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Time</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Principal Occupation(s) During the</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Overseen by</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Other Directorships Held by</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Trustee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Funds</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Served</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Past Five Years</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Trustee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Trustee During the Past Five Years</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->

<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD 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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Vice
President and Chief Financial
Officer of Household
International, Inc, Executive
Vice President and Chief
Financial Officer of Northwest
Industries, Inc. and Partner of
Arthur Andersen &#038; Co.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD 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">Linda Hutton Heagy<SUP style="FONT-size: 85%; vertical-align: text-top">2,4<BR>
</SUP>1948<br>
4939 South Greenwood <br>
Chicago, IL 60615
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#134;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Retired. Prior to June&nbsp;2008,
Managing Partner of Heidrick &#038;
Struggles, the second largest
global executive search firm, and
from 2001-2004, Regional Managing
Director of U.S. operations at
Heidrick &#038; Struggles. Prior to
1997, Managing Partner of Ray &#038;
Berndtson, Inc., an executive
recruiting firm. Prior to 1995,
Executive Vice President of ABN
AMRO, N.A., a bank holding
company, with oversight for
treasury management operations
including all non-credit product
pricing. Prior to 1990,
experience includes Executive
Vice President of The Exchange
National Bank with oversight of
treasury management including
capital markets operations, Vice
President of Northern Trust
Company and a trainee at Price
Waterhouse.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">18</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee/Managing General Partner
of funds in the Fund Complex.
Prior to 2010, Trustee on the
University of Chicago Medical
Center Board, Vice Chair of the
Board of the YMCA of Metropolitan
Chicago and a member of the
Women&#146;s Board of the University
of Chicago.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD 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">R. Craig Kennedy<SUP style="FONT-size: 85%; vertical-align: text-top">3</SUP><br>
1952<br>
1744 R Street, N.W.<br>
Washington, D.C. 20009
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#134;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director and President of the
German Marshall Fund of the
United States, an independent
U.S. foundation created to deepen
understanding, promote
collaboration and stimulate
exchanges of practical experience
between Americans and Europeans.
Formerly, advisor to the Dennis
Trading Group Inc., a managed
futures and option company that
invests money for individuals and
institutions. Prior to 1992,
President and Chief Executive
Officer, Director and member of
the Investment Committee of the
Joyce Foundation, a private
foundation.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">18</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee/Managing General Partner
of funds in the Fund Complex.
Director of First Solar, Inc.
Advisory Board, True North
Ventures.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD 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">Howard J Kerr***<SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP><br>
1935<br>
14 Huron Trace <br>
Galena, IL 61036
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#134;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Retired. Previous member of the
City Council and Mayor of Lake
Forest, Illinois from 1988
through 2002. Previous business
experience from 1981 through 1996
includes President and Chief
Executive Officer of Pocklington
Corporation, Inc., an investment
holding company, President and
Chief Executive Officer of
Grabill Aerospace, and President
of Custom Technologies
Corporation. United States Naval
Officer from 1960 through 1981,
with responsibilities including
Commanding Officer of
United States Navy destroyers and
Commander of United States Navy
Destroyer Squadron Thirty-Three,
White House experience in 1973
through 1975 as military aide to
Vice Presidents Agnew and Ford
and Naval Aid to President Ford,
and Military Fellow on the
Council of Foreign Relations in
1978 through 1979.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">18</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee/Managing General Partner
of funds in the Fund Complex.
Director of the Lake Forest Bank
&#038; Trust. Director of the Marrow
Foundation.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-2<!-- /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">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Term of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Office</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Portfolios in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>and</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name, Year of Birth,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Position(s)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Length of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Complex</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>and Address of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Held with</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Time</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Principal Occupation(s) During the</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Overseen by</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Other Directorships Held by</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Trustee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Funds</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Served</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Past Five Years</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Trustee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Trustee During the Past Five Years</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->

<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD 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">Jack E. Nelson***<SUP style="FONT-size: 85%; vertical-align: text-top">3</SUP>
<br>1936<br>
423 Country Club Drive<br>
Winter Park, FL 32789
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#134;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President of Nelson Investment
Planning Services, Inc., a
financial planning company and
registered investment adviser in
the State of Florida. President
of Nelson Ivest Brokerage
Services Inc., a member of the
Financial Industry Regulatory
Authority (&#147;FINRA&#148;), Securities
Investors Protection Corp. and
the Municipal Securities
Rulemaking Board. President of
Nelson Sales and Services
Corporation, a marketing and
services company to support
affiliated companies.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">18</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee/Managing General Partner
of funds in the Fund Complex.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD 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">Hugo F. Sonnenschein<SUP style="FONT-size: 85%; vertical-align: text-top">3,4
</SUP><br>
1940<br>
1126 E. 59th Street<br>
Chicago, IL 60637
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#134;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Distinguished Service Professor
and President Emeritus of the
University of Chicago and the
Adam Smith Distinguished Service
Professor in the Department of
Economics at the University of
Chicago. Prior to July&nbsp;2000,
President of the University of
Chicago.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">151</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee/Managing General Partner
of funds in the Fund Complex.
Trustee of the University of
Rochester and a member of its
investment committee. Member of
the National Academy of Sciences,
the American Philosophical
Society and a fellow of the
American Academy of Arts and
Sciences.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD 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">Suzanne H. Woolsey,<br>
Ph.D.<SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP><br>
1941<br>
815 Cumberstone Road<br>
Harwood, MD 20776
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#134;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive Officer of
Woolsey Partners LLC. Chief
Communications Officer of the
National Academy of Sciences and
Engineering and Institute of
Medicine/National Research
Council, an independent,
federally chartered policy
institution, from 2001 to
November&nbsp;2003 and Chief Operating
Officer from 1993 to 2001.
Executive Director of the
Commission on Behavioral and
Social Sciences and Education at
the National Academy of
Sciences/National Research
Council from 1989 to 1993. Prior
to 1980, experience includes
Partner of Coopers &#038; Lybrand
(from 1980 to 1989), Associate
Director of the US Office of
Management and Budget (from 1977
to 1980) and Program Director of
the Urban Institute (from 1975 to
1977).
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">18</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee/Managing General Partner
of funds in the Fund Complex.
Independent Director and audit
committee chairperson of Changing
World Technologies, Inc., an
energy manufacturing company,
since July&nbsp;2008. Independent
Director and member of audit and
governance committees of Fluor
Corp., a global engineering,
construction and management
company, since January&nbsp;2004.
Director of Intelligent Medical
Devices, Inc., a private company
which develops symptom-based
diagnostic tools for viral
respiratory infections. Advisory
Board member of ExactCost LLC, a
private company providing
activity-based costing for
hospitals, laboratories, clinics,
and physicians, since 2008.
Chairperson of the Board of
Trustees of the Institute for
Defense Analyses, a federally
funded research and development
center, since 2000. Trustee from
1992 to 2000 and 2002 to present,
current chairperson of the
finance committee, current member
of the audit committee, strategic
growth committee and executive
committee, and former Chairperson
of the Board of Trustees (from
1997 to 1999), of the German
Marshall Fund of the United
States, a public foundation. Lead
Independent Trustee of the Rocky
Mountain Institute, a non-profit</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-3<!-- /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">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Term of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Office</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Portfolios in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>and</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name, Year of Birth,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Position(s)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Length of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Complex</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>and Address of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Held with</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Time</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Principal Occupation(s) During the</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Overseen by</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Other Directorships Held by</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Trustee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Funds</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Served</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Past Five Years</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Trustee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Trustee During the Past Five Years</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD 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="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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">energy and environmental
institute; Trustee since 2004.
Chairperson of the Board of
Trustees of the Colorado College;
Trustee since 1995. Trustee of
California Institute of
Technology. Previously,
Independent Director and member
of audit committee and governance
committee of Neurogen Corporation
from 1998 to 2006; and
Independent Director of Arbros
Communications from 2000 to 2002.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD 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"><B>Interested Trustees:</B></DIV></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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD 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">Colin D. Meadows*<SUP style="FONT-size: 85%; vertical-align: text-top">3</SUP>
<BR>
1971<BR>

1555 Peachtree Street, N.E.
Atlanta, GA 30309
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Trustee; President
and Principal
Executive Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#134;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Managing
Director and Chief
Administrative
Officer of Invesco,
Ltd. since 2006.
Chief
Administrative
Officer of Invesco
Advisers, Inc.
since 2006. Prior
to 2006, Senior
Vice President of
business
development and
mergers and
acquisitions at GE
Consumer Finance.
Prior to 2005,
Senior Vice
President of
strategic planning
and technology at
Wells Fargo Bank.
From 1996 to 2003,
associate principal
with McKinsey &#038;
Company, focusing
on the financial
services and
venture capital
industries, with
emphasis in the
banking and asset
management sectors.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">18</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD 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">Wayne W.
Whalen**<SUP style="FONT-size: 85%; vertical-align: text-top">2</SUP><BR>
1939
<BR>
155 North Wacker Drive
Chicago, IL 60606
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#134;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Of Counsel, and
prior to 2010,
partner in the law
firm of Skadden,
Arps, Slate,
Meagher &#038; Flom LLP,
legal counsel to
certain funds in
the Fund Complex.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">151</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee/Managing
General Partner of
funds in the Fund
Complex. Director
of the Abraham
Lincoln
Presidential
Library Foundation.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">1</TD>
    <TD>&nbsp;</TD>
    <TD>Designated as a Class&nbsp;I trustee.</TD>
</TR>

<TR style="font-size: 6pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">2</TD>
    <TD>&nbsp;</TD>
    <TD>Designated as a Class&nbsp;II trustee.</TD>
</TR>

<TR style="font-size: 6pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">3</TD>
    <TD>&nbsp;</TD>
    <TD>Designated as a Class&nbsp;III trustee.</TD>
</TR>

<TR style="font-size: 6pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">4</TD>
    <TD>&nbsp;</TD>
    <TD>With respect to Funds with VMTP Shares outstanding, Mr.&nbsp;Sonnenschein and Ms.&nbsp;Heagy are elected by the VMTP Shareholders.</TD>
</TR>

<TR style="font-size: 6pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Mr.&nbsp;Meadows is an interested person (within the meaning of Section&nbsp;2(a)(19) of the 1940 Act)
of the funds in the Fund Complex because he is an officer of the Adviser. The Board of
Trustees of the Funds appointed Mr.&nbsp;Meadows as Trustee of the Funds effective June&nbsp;1, 2010.</TD>
</TR>

<TR style="font-size: 6pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">**</TD>
    <TD>&nbsp;</TD>
    <TD>Mr.&nbsp;Whalen is an interested person (within the meaning of Section&nbsp;2(a)(19) of the
1940 Act) of certain funds in the Fund Complex because he and his firm currently provide legal
services as legal counsel to such funds in the Fund Complex.</TD>
</TR>

<TR style="font-size: 6pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">***</TD>
    <TD>&nbsp;</TD>
    <TD>Pursuant to the Board&#146;s Trustee retirement policy, Howard J Kerr and Jack E. Nelson are
retiring from the Board effective as of the Meeting. In addition, Rodney Dammeyer is
resigning from the Board effective as of the Meeting. Rodney Dammeyer is not standing for
reelection and his term of office as Trustee of VOQ, VTJ and the Acquiring Fund will expire at
the Meeting. Therefore, Mr.&nbsp;Dammeyer is also stepping down from the Board of VMV effective as
of the Meeting. The Board has reduced the size of the Board to eight Trustees effective as of
the Meeting.</TD>
</TR>

<TR style="font-size: 6pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">&#134;</TD>
    <TD>&nbsp;</TD>
    <TD>Each Trustee generally serves a three-year term from the date of election. Each Trustee has
served as a Trustee of each respective Fund since the year shown in the following table.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-4<!-- /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">





<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="12%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="34" style="border-bottom: 1px solid #000000"><B>Independent Trustees</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Interested Trustees</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Arch</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Choate</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Dammeyer</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Heagy</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Kennedy</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Kerr</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Nelson</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Sonnenschein</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Woolsey</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Meadows</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Whalen</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VMV</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1993</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1993</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1993</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1994</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1993</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VKQ</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1991</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1991</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1992</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1994</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1991</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VOQ</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1991</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1991</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1992</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1994</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1991</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VTJ</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1992</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1992</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1992</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1994</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1992</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Trustee Ownership of Fund Shares</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table shows each Board member&#146;s ownership of shares of the Funds and of shares
of all registered investment companies overseen by such Board member in the Fund Complex as of
December&nbsp;31, 2011.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Aggregate Dollar Range</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>of Equity Securities in</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>All Registered</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Dollar Range of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Investment Companies</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Dollar Range of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Dollar Range of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Dollar Range of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Equity Securities</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Overseen by Board</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Equity Securities</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Equity Securities</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Equity Securities</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>in the Acquiring</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Member in Family of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>in VMV</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>in VOQ</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>in VTJ</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Fund (VKQ)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Investment Companies</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Independent Trustees</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" 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">David C. Arch
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>$10,001-$50,000<br>
(1,126.39 Common
Shares)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Over $100,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Jerry D. Choate
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$10,001-$50,000<br>
(2,400 Common<BR>
Shares)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Over $100,000</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Rodney F. Dammeyer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Over $100,000<br>
(150,084.47 Common
Shares)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Over $100,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Linda Hutton Heagy
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$1-$10,000 (162.29<br>
Common Shares)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$50,001-$100,000</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">R. Craig Kennedy
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$10,001-$50,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Howard J Kerr
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$1-$10,000</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Jack E. Nelson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$1-$10,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Hugo F. Sonnenschein
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$1-$10,000 (688<br>
Common Shares)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Over $100,000</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Suzanne H. Woolsey
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$10,001-$50,000</TD>
</TR>
<TR valign="bottom"><!-- 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="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" 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" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Interested Trustees</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" 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">Colin D. Meadows
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$1-$10,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Wayne W. Whalen
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$10,001-$50,000 (1,539 Common
Shares)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Over $100,000</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-5<!-- /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">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT G</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 12pt"><B>Board Leadership Structure, Role in Risk Oversight and Committees and Meetings</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Board Leadership Structure</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board&#146;s leadership structure consists of a Chairman of the Board and two standing
committees, each described below (and ad hoc committees when necessary), with each committee
staffed by Independent Trustees and an Independent Trustee as Committee Chairman. The Chairman of
the Board is not the principal executive officer of the Funds. The Chairman of the Board is not an
&#147;interested person&#148; (as that term is defined by the 1940 Act) of the Adviser. However, the Chairman
of the Board is an &#147;interested person&#148; (as that term is defined by the 1940 Act) of the Funds for
the reasons described in the Trustee biographies in Exhibit&nbsp;F. The Board, including the independent
trustees, periodically reviews the Board&#146;s leadership structure for the Funds, including the
interested person status of the Chairman, and has concluded the leadership structure is appropriate
for the Funds. In considering the chairman position, the Board has considered and/or reviewed
(i)&nbsp;the Funds&#146; organizational documents, (ii)&nbsp;the role of a chairman (including, among other
things, setting the agenda and managing information flow, running the meeting and setting the
proper tone), (iii)&nbsp;the background, experience and skills of the Chairman (including his
independence from the Adviser), (iv)&nbsp;alternative structures (including combined principal executive
officer/chairman, selecting one of the Independent Trustees as chairman and/or appointing an
independent lead trustee), (v)&nbsp;rule proposals in recent years that would have required all fund
complexes to have an independent chairman, (vi)&nbsp;the Chairman&#146;s past and current performance, and
(vii)&nbsp;the potential conflicts of interest of the Chairman (and noted their periodic review as part
of their annual self-effectiveness survey and as part of an independent annual review by the Funds&#146;
Audit Committee of fund legal fees related to such potential conflict). In conclusion, the Board
and the Independent Trustees have expressed their continuing support of Mr.&nbsp;Whalen as Chairman.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Board Committees and Meetings</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund&#146;s Board of Trustees has two standing committees (an Audit Committee and a Governance
Committee). Each committee is comprised solely of &#147;Independent Trustees&#148;, which is defined for
purposes herein as trustees who: (1)&nbsp;are not &#147;interested persons&#148; of the Fund as defined by the
1940 Act and (2)&nbsp;are &#147;independent&#148; of the respective Fund as defined by Exchange listing standards.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Board&#146;s Audit Committee consists of Jerry D. Choate, Linda Hutton Heagy and R. Craig
Kennedy. In addition to being Independent Trustees as defined above, each of these Trustees also
meets the additional independence requirements for audit committee members as defined by Exchange
listing standards. The Audit Committee makes recommendations to the Board of Trustees concerning
the selection of each Fund&#146;s independent registered public accounting firm, reviews with such
independent registered public accounting firm the scope and results of each Fund&#146;s annual audit and
considers any comments which the independent registered public accounting firm may have regarding
each Fund&#146;s financial statements, accounting records or internal controls. Each Board of Trustees
has adopted a formal written charter for the Audit Committee which sets forth the Audit Committee&#146;s
responsibilities. The Audit Committee&#146;s charter is available at
<U>www.invesco.com/us.</U> Each member of
the Audit Committee is deemed an audit committee financial expert.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Board&#146;s Governance Committee consists of David C. Arch, Rodney Dammeyer, Howard J Kerr,
Jack E. Nelson, Hugo F. Sonnenschein and Suzanne H. Woolsey. In addition to being Independent
Trustees as defined above, each of these Trustees also meets the additional independence
requirements for nominating committee members as defined by Exchange listing standards. The
Governance Committee identifies individuals qualified to serve as Independent Trustees on the Board
and on committees of the Board, advises the Board with respect to Board composition, procedures and
committees, develops and recommends to the Board a set of corporate governance principles
applicable to the respective Fund, monitors corporate governance matters and makes recommendations
to the Board, and acts as the administrative committee with respect to Board policies and
procedures, committee policies and procedures and codes of ethics. The Governance Committee charter
for each of the Funds, which includes each Fund&#146;s nominating policies, is available at
www.invesco.com/us. The Independent Trustees of the respective Fund select and nominate nominee
Independent Trustees for the respective Fund. While the Independent Trustees of the respective Fund
expect to be able to continue to identify from their own resources an ample number of qualified
candidates for the Board of Trustees as they deem appropriate, they will consider
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->G-1<!-- /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">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">nominations from
shareholders to the Board. Nominations from shareholders should be in writing and sent to the
Independent Trustees as described herein.
</DiV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the Funds&#146; last fiscal year, the Board held seven (7)&nbsp;meetings, the Board&#146;s Audit
Committee held seven (7)&nbsp;meetings, and the Board&#146;s Governance Committee met five (5)&nbsp;times. The
Board previously had a brokerage and services committee, which met two (2)&nbsp;times during the Funds&#146;
last fiscal year. During the Funds&#146; last completed fiscal year, each of the Trustees of such Funds
during the period such Trustee served as a Trustee attended at least 75% of the meetings of the
respective Board of Trustees and all committee meetings thereof of which such Trustee was a member.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Board Role in Risk Oversight</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The management of the fund complex seeks to provide investors with disciplined investment
teams, a research-driven culture, careful long-term perspective and a legacy of experience. The
goal for each Fund is attractive long-term performance consistent with the objective and investment
policies and risks for such Fund, which in turn means, among other things, good security selection,
reasonable costs and quality shareholder services. An important sub-component of delivering this
goal is risk management &#151; understanding, monitoring and controlling the various risks in making
investment decisions at the individual security level as well as portfolio management decisions at
the overall fund level. The key participants in the risk management process of the Funds are each
Fund&#146;s portfolio managers, the Adviser&#146;s senior management, the Adviser&#146;s risk management group,
the Adviser&#146;s compliance group, the Funds&#146; chief compliance officer, and the various support
functions (i.e. the custodian, the Funds&#146; accountants (internal and external), and legal counsel).
While Funds are subject to other risks such as valuation, custodial, accounting, shareholder
servicing, etc., a Fund&#146;s primary risk is understanding, monitoring and controlling the various
risks in making portfolio management decisions consistent with the Fund&#146;s objective and policies.
The Board&#146;s role is oversight of management&#146;s risk management process. At regular quarterly
meetings, the Board reviews Fund performance and factors, including risks, affecting such
performance by Fund with the Adviser&#146;s senior management, and the Board typically meets at least
once a year with the portfolio managers of each Fund. At regular quarterly meetings, the Board
reviews reports showing monitoring done by the Adviser&#146;s risk management group, by the Adviser&#146;s
compliance group, the Funds&#146; chief compliance officer and reports from the Funds&#146; support
functions.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->G-2<!-- /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">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT H</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 12pt"><B>Remuneration of Trustees</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table below shows compensation for Trustees. The compensation of Trustees that are
affiliated persons (as defined in 1940 Act) of the Adviser is paid by the respective affiliated
entity. The Funds pay the non-affiliated Trustees an annual retainer and meeting fees for services
to such Funds. The Funds do not accrue or pay retirement or pension benefits to Trustees as of the
date of this Proxy Statement.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Compensation Table</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Aggregate</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Aggregate</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Aggregate</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Aggregate</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Portfolios in</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>from</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>from Portfolios</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Fund Complex</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>from</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>from</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>from</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>the Acquiring</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>in the</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Overseen by</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>VMV</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>VTJ</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>VOQ</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fund (VKQ)</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fund Complex</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>(2)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Trustee</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Independent Trustees</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">David C. Arch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,730</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,423</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,306</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7,074</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">412,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">151</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Jerry D. Choate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,512</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,118</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,016</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,187</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">83,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rodney F. Dammeyer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,730</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,423</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,306</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7,074</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">412,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">151</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Linda Hutton Heagy</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,730</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,423</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,306</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7,074</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">95,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">R. Craig Kennedy</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,622</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,273</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,161</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,635</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">89,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Howard J Kerr</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,730</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,423</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,306</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7,074</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">95,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Jack E. Nelson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,730</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,423</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,306</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7,074</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">95,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Hugo F. Sonnenschein</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,730</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,423</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,306</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7,074</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">412,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">151</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Suzanne H. Woolsey</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,730</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,423</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,306</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7,074</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">95,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Interested Trustees</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Colin D. Meadows</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Wayne W. Whalen</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,730</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,423</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,306</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7,074</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">399,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">151</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">

    <TD><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD>For the fiscal year ended February&nbsp;29, 2012.</TD>
</TR>

<TR style="font-size: 6pt"><TD>&nbsp;</TD></TR>

<TR valign="top">

    <TD><SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD> For the fiscal year ended December&nbsp;31, 2011.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->H-1<!-- /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">






<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT I</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 12pt"><B>Independent Auditor Information</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee of the Board of Trustees of each Fund appointed, and the Board of Trustees
ratified and approved, PricewaterhouseCoopers LLP (&#147;PwC&#148;) as the independent registered public
accounting firm of the Fund for fiscal years ending after May&nbsp;31, 2010. Prior to May&nbsp;31, 2010, each
Fund was audited by a different independent registered public accounting firm (the &#147;Prior
Auditor&#148;). The Board of Trustees selected a new independent auditor in connection with the
appointment of Invesco Advisers as investment adviser to the Fund (&#147;New Advisory Agreement&#148;).
Effective June&nbsp;1, 2010, the Prior Auditor resigned as the independent registered public accounting
firm of the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Prior Auditor&#146;s report on the financial statements of each Fund for the prior two years
did not contain an adverse opinion or a disclaimer of opinion, and was not qualified or modified as
to uncertainty, audit scope or accounting principles. During the period the Prior Auditor was
engaged, there were no disagreements with the Prior Auditor on any matter of accounting principles
or practices, financial statement disclosure, or auditing scope or procedures which, if not
resolved to the Prior Auditor&#146;s satisfaction, would have caused it to make reference to that matter
in connection with its report.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Audit and Other Fees</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Funds and &#147;Covered Entities&#148; (the Adviser, excluding sub-advisers unaffiliated with the
Adviser, and any entity controlling, controlled by or under common control with the Adviser that
provides ongoing services to the Funds), were billed the amounts listed below by PwC during each
Fund&#146;s last two fiscal years. Effective February&nbsp;28, 2011, the fiscal year end of each Fund was
changed to the last day in February.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="23%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14" style="border-bottom: 1px solid #000000"><B>Non-Audit Fees</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Audit Related</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>All Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total Non-</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fiscal Year End</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Audit Fees</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fees</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Tax Fees</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fees</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Audit Fees</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Total</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Acquiring Fund (VKQ)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">02/29/12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">36,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">5,000</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">6,100</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">47,400</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">10/31/2010 to 02/28/11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4,000</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2,300</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1,667</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,967</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,217</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VMV</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">02/29/12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5,000</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5,700</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">10/31/2010 to 02/28/11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4,000</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2,300</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1,667</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,967</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,217</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VOQ</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">02/29/12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5,000</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5,900</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,200</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">10/31/2010 to 02/28/11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4,000</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2,300</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1,667</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,967</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,217</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VTJ</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">02/29/12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5,000</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5,900</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,200</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">10/31/2010 to 02/28/11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4,000</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2,300</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1,667</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,967</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,217</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Covered Entities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">02/29/12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">10/31/2010 to 02/28/11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes fees billed for agreed upon procedures related to auction rate preferred
securities.</TD>
</TR>

<TR style="font-size: 6pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes fees billed for reviewing tax returns.</TD>
</TR>

<TR style="font-size: 6pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes fees billed for completing professional services related to benchmark analysis.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee of each Board has considered whether the provision of non-audit
services performed by PwC to such Funds and Covered Entities is compatible with maintaining PwC&#146;s
independence in performing audit services. Each Fund&#146;s Audit Committee also is required to
pre-approve services to Covered Entities to the extent that the services are determined to have a
direct impact on the operations or financial reporting of such Fund. 100% of such services were
pre-approved by the Audit Committee pursuant to the Audit Committee&#146;s pre-approval policies and
procedures. Each Board&#146;s pre-approval policies and procedures are included as part of the Board&#146;s
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->I-1<!-- /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">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Audit Committee charter, which is available at www.invesco.com/us. The members of the Audit
Committee are Jerry D. Choate, Linda Hutton Heagy and R. Craig Kennedy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee of each Fund reviewed and discussed the last audited financial statements
of each Fund with management and with PwC. In the course of its discussions, each Fund&#146;s Audit
Committee has discussed with PwC its judgment as to the quality, not just the acceptability, of
such Fund&#146;s accounting principles and such other matters as are required to be discussed with the
Audit Committee by Statement on Auditing Standards No.&nbsp;114 (The Auditor&#146;s Communication With Those
Charged With Governance). Each Fund&#146;s Audit Committee received the written disclosures and the
letter from PwC required under Public Company Accounting Oversight Board&#146;s Ethics &#038; Independence
Rule&nbsp;3526 and has discussed with PwC its independence with respect to such Fund. Each Fund knows
of no direct financial or material indirect financial interest of PwC in such Fund. Based on this
review, the Audit Committee recommended to the Board of each Fund that such Fund&#146;s audited
financial statements be included in such Fund&#146;s Annual Report to Shareholders for the most recent
fiscal year for filing with the SEC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is not expected that representatives of PwC will attend the Meeting. In the event
representatives of PwC do attend the Meeting, they will have the opportunity to make a statement if
they desire to do so and will be available to answer appropriate questions.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->I-2<!-- /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">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT J</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 12pt"><B>Outstanding Shares of the Funds</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of the Record Date, there were the following number of shares outstanding of each Fund:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Share Class</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2" style="border-bottom: 1px solid #000000"><B>Number of Shares Outstanding</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Acquiring Fund (VKQ)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Common Shares
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">39,107,729</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Acquiring Fund (VKQ)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">VMTP Shares
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">1,787</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">VMV
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Common Shares
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">2,706,661</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">VMV
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">VMTP Shares
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">149</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">VOQ
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Common Shares
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">5,816,353</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">VOQ
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">VMTP Shares
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">283</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">VTJ
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Common Shares
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">6,075,770</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">VTJ
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">VMTP Shares
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">409</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->J-1<!-- /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">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT K</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 12pt"><B>Ownership of the Funds</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Significant Holders</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Listed below are the name, address and percent ownership of each person who, as of the Record
Date, to the best knowledge of the Funds owned 5% or more of the outstanding shares of a class of a
Fund.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="1"><B>Number of Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD nowrap align="center">&nbsp;</TD>
<TD></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name and Address</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Fund</B></TD>
    <TD>&nbsp;</TD><TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Class of Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="1" nowrap align="center" style="border-bottom: 1px solid #000000"><B>Owned</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>



<TD nowrap align="center" style="border-bottom: 1px solid #000000" colspan="1"><B>Percent Owned*</B></TD>
    <TD>&nbsp;</TD>

</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Wells Fargo Bank, National Association<br></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">VMV</TD>
    <TD>&nbsp;</TD>
     <TD align="center" valign="top">VMTP</TD>
    <TD>&nbsp;</TD>
    <TD align="RIGHT" valign="top">149</TD>
<TD>**</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">100</TD>
<TD valign="top">%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Wells Fargo &#038; Company<br>
375 Park Avenue<br>
New York, New York 10152<br></DIV></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></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
<TD></TD>
</TR>
<TR valign="bottom" style="padding-top: 0em"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
<TD></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Wells Fargo Bank, National Association<br></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">VOQ</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">VMTP</TD>
    <TD>&nbsp;</TD>
    <TD align="RIGHT" valign="top">283</TD>
<TD>**</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">100</TD>
<TD valign="top">%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Wells Fargo &#038; Company<br>
375 Park Avenue<br>
New York, New York 10152<br></DIV></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></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
<TD></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
<TD></TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Wells Fargo Bank, National Association<br></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">VTJ</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">VMTP</TD>
    <TD>&nbsp;</TD>
    <TD align="RIGHT" valign="top">409</TD>
<TD>**</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">100</TD>
<TD valign="top">%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Wells Fargo &#038; Company<br>
375 Park Avenue<br>
New York, New York 10152</DIV></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></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
<TD></TD>
</TR>
<TR valign="bottom" style="padding-top: 0em"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
<TD></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Wells Fargo Bank, National Association<br></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">VKQ</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">VMTP</TD>
    <TD>&nbsp;</TD>
    <TD align="RIGHT" valign="top">1,787</TD>
<TD>**</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">100</TD>
<TD valign="top">%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Wells Fargo &#038; Company<br>
375 Park Avenue<br>
New York, New York 10152</DIV></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></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
<TD></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
<TD></TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">First Trust Portfolios L.P., First Trust<br>
Advisors L.P., The Charger Corporation<br>
120 East Liberty Drive, Suite&nbsp;400 <br>
Wheaton, Illinois 60187</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">VTJ</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Common</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">452,393</TD>
<TD></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">7.5</TD>
<TD valign="top">%</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
<TD></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">First Trust Portfolios L.P., First Trust<br>
Advisors L.P., The Charger Corporation<br>
120 East Liberty Drive, Suite&nbsp;400<br>
Wheaton, Illinois 60187</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">VKQ</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Common</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">3,039,942</TD>
<TD></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">7.8</TD>
<TD valign="top">%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
<TD></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Based on filings made by such owners with the SEC. Each Fund has no knowledge of whether
all or any portion of the shares reported or owned of record are also owned beneficially.</TD>
</TR>

<TR style="font-size: 6pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">**</TD>
    <TD>&nbsp;</TD>
    <TD>VMTP Shares are subject to a voting trust requiring that certain voting rights of the VMTP
Shares must be exercised as directed by an unaffiliated third party</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->K-1<!-- /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">






<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Exhibit&nbsp;L</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 12pt"><B>Form
of Statement of Preferences of the VMTP Shares of the Acquiring Fund</B>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->L-1<!-- /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">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>Table of Contents</B></U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="96%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Page</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">DESIGNATION</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">DEFINITIONS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">TERMS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">1. <B>Number of Authorized Shares</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(a)&nbsp;Authorized Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(b)&nbsp;Capitalization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(c)&nbsp;Capital and Surplus</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(d)&nbsp;Reduction of Capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(e)&nbsp;Capital Sufficiency</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2. <B>Dividends</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(a)&nbsp;Ranking</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(b)&nbsp;Cumulative Cash Dividends</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(c)&nbsp;Dividends Cumulative from Date of Original Issue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(d)&nbsp;Dividend Payment Dates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(e)&nbsp;Applicable Rates and Calculation of Dividends</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(f)&nbsp;Curing a Failure to Deposit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(g)&nbsp;Dividend Payments by Fund to Redemption and Paying Agent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(h)&nbsp;Redemption and Paying Agent to Hold Dividend Payments by Fund in Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(i)&nbsp;Dividends Paid to Holders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(j)&nbsp;Dividends Credited Against Earliest Accumulated but Unpaid Dividends</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(k)&nbsp;Dividends Designated as Exempt-Interest Dividends</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">3. <B>Gross-Up Payments and Notice of Allocations</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">4. <B>Voting Rights</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(a)&nbsp;One Vote Per VMTP Share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(b)&nbsp;Voting for Additional Trustees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(c)&nbsp;1940 Act Matters</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(d)&nbsp;Exclusive Right to Vote on Certain Matters</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(e)&nbsp;Rights Set Forth Herein Are Sole Rights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(f)&nbsp;No Preemptive Rights or Cumulative Voting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(g)&nbsp;Voting for Trustees Sole Remedy for Fund&#146;s Failure to Pay Dividends</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(h)&nbsp;Holders Entitled to Vote</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(i)&nbsp;Grant of Irrevocable Proxy</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">5. <B>Amendments</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">6. <B>Minimum Asset Coverage and Other Financial Requirements</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-28</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(a)&nbsp;Minimum Asset Coverage</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-28</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(b)&nbsp;Effective Leverage Ratio</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-28</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(c)&nbsp;Eligible Assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-28</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(d)&nbsp;Credit Quality</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-28</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(e)&nbsp;Liens</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-28</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">7. <B>Basic Maintenance Amount</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-28</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">8. <B>Restrictions on Dividends and Other Distributions</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" nowrap>L-29</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->L-2<!-- /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">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="94%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Page</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(a)&nbsp;Dividends on Preferred Shares Other Than VMTP Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" nowrap>L-29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(b)&nbsp;Dividends and Other Distributions With Respect to Common Shares Under the 1940 Act</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(c)&nbsp;Other Restrictions on Dividends and Other Distributions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(d)&nbsp;Sources of Dividends</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">9. <B>Rating Agency Restrictions</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">10. <B>Redemption</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(a)&nbsp;Optional Redemption</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(b)&nbsp;Term/Mandatory Redemption</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(c)&nbsp;Notice of Redemption</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(d)&nbsp;No Redemption Under Certain Circumstances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(e)&nbsp;Absence of Funds Available for Redemption</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(f)&nbsp;Redemption and Paying Agent to Hold Redemption Payments by Fund in Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(g)&nbsp;Shares for Which Deposit Securities Have Been Deposited and Notice of Redemption Has Been Given Are No Longer Outstanding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(h)&nbsp;Compliance with Applicable Law</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(i)&nbsp;Only Whole VMTP Shares May Be Redeemed</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(j)&nbsp;Modification of Redemption Procedures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-36</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(k)&nbsp;Capital Limitations on Purchases and Redemptions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-36</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">11. <B>Liquidation Rights</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-36</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(a)&nbsp;Ranking</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-36</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(b)&nbsp;Distributions Upon Liquidation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-36</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(c)&nbsp;Pro Rata Distributions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-36</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(d)&nbsp;Rights of Junior Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-36</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(e)&nbsp;Certain Events Not Constituting Liquidation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">12. <B>Transfers</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">13. <B>Miscellaneous</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(a)&nbsp;No Fractional Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(b)&nbsp;Status of VMTP Shares Redeemed, Exchanged or Otherwise Acquired by the Fund</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(c)&nbsp;Treatment of VMTP Shares as Equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(d)&nbsp;Board May Resolve Ambiguities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(e)&nbsp;Headings Not Determinative</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(f)&nbsp;Notices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(g)&nbsp;Redemption and Paying Agent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(h)&nbsp;Securities Depository</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(i)&nbsp;Voluntary Bankruptcy</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(j)&nbsp;Applicable Law Restrictions and Requirements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(k)&nbsp;Information to Holders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(l)&nbsp;Information of Beneficial Owners</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-39</TD>
    <TD>&nbsp;</TD>

</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(m)&nbsp;Tax Status of the Fund</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-40</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(n)&nbsp;Maintenance of Existence</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(o)&nbsp;Compliance with Law</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(p)&nbsp;Maintenance of Approvals: Filings, Etc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(q)&nbsp;1940 Act Registration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(r)&nbsp;Compliance with Eligible Assets Definition</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(s)&nbsp;Access to Information Relating to Compliance With Eligible Assets Definition</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(t)&nbsp;Ratings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(u)&nbsp;Purchase by Affiliates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(v)&nbsp;Audits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-41</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(w)&nbsp;Termination</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-41</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(x)&nbsp;Actions on Other Than Business Days</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-41</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(y)&nbsp;Liability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-41</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->L-3<!-- /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">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="96%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Page</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">14. <B>Global Certificate</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">L-41</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Appendix&nbsp;A: Eligible Assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">L-43</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>







<P align="center" style="font-size: 10pt"><!-- Folio -->L-4<!-- /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">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>&#091;FUND&#093;</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>STATEMENT OF PREFERENCES OF<BR>
VARIABLE RATE MUNI TERM PREFERRED SHARES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#091;FUND&#093;, a Delaware Statutory Trust (the &#147;<B>Fund</B>&#148;), hereby certifies that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIRST: Pursuant to authority expressly vested in the Board of Trustees of the Fund by Article
&#091;II&#093; of the Declaration of Trust, the Board of Trustees of the Fund approved the issuance of
&#091;<B>&#149;</B>&#093; preferred shares of beneficial interest of the Fund in one or more series as Variable
Rate Muni Term Preferred Shares (the &#147;<B>VMTP Shares</B>&#148;) on &#091;August &#091;<B>&#149;</B>&#093;, 2012&#093;.<SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP> The
VMTP Shares may be issued in one or more series, as designated and authorized by the Board of
Trustees or a duly authorized committee thereof from time to time (each series of VMTP Shares that
may be authorized and issued, a &#147;<B>Series</B>&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECOND: The preferences (including liquidation preference), voting powers, restrictions,
limitations as to dividends, qualifications, and terms and conditions of redemption, of the shares
of each Series of VMTP Shares are as follows or as set forth in an amendment to this Statement of
Preferences or otherwise in the Declaration of Trust (each such Series being referred to herein as
a &#147;<B>Series of VMTP Shares</B>&#148;):
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>DESIGNATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series&nbsp;2015/&#091;<B>&#149;</B>&#093;-&#091;Ticker&#093;: A series of &#091;<B>&#149;</B>&#093; preferred shares of
beneficial interest of the
Fund, par value $0.01 per share, liquidation preference $100,000 per share, is hereby authorized
and designated &#147; Series&nbsp;2015/&#091;<B>&#149;</B>&#093;-&#091;Ticker&#093; VMTP Shares&#148;. Each Series&nbsp;2015/&#091;<B>&#149;</B>&#093;-&#091;Ticker&#093;
VMTP Share shall be issued on a date determined by the Board of Trustees of the Fund or pursuant to
their delegated authority; have an Applicable Rate for the Initial Rate Period equal to the sum of
&#091;<B>&#149;</B>&#093;% <I>per annum plus </I>the Securities Industry and Financial Markets Association (&#147;<B>SIFMA</B>&#148;) Municipal
Swap Index, published at approximately 3:00 p.m., New York City time, on Wednesday, &#091;August &#091;<B>&#149;</B>&#093;,
2012&#093;;<SUP style="FONT-size: 85%; vertical-align: text-top">2</SUP> and have such other preferences, voting powers, restrictions, limitations as to
dividends and distributions, qualifications and terms and conditions of redemption, required by
Applicable Law and that are expressly set forth in this Statement of Preferences and the
Declaration of Trust. The Series&nbsp;2015/&#091;<B>&#149;</B>&#093;-&#091;Ticker&#093; VMTP Shares shall constitute a separate
series of preferred shares of beneficial interest of the Fund and each Series
2015/&#091;<B>&#149;</B>&#093;-&#091;Ticker&#093; VMTP Share shall be identical to each other Series&nbsp;2015/&#091;<B>&#149;</B>&#093;-&#091;Ticker&#093;
VMTP Share. Except as otherwise provided with respect to any additional Series of VMTP Shares, the
terms and conditions of this Statement of Preferences apply to each Series of VMTP Shares.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>DEFINITIONS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following terms shall have the following meanings (with terms defined in the singular
having comparable meanings when used in the plural and vice versa), unless the context otherwise
requires:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>1940 Act</B>&#148; means the Investment Company Act of 1940, as amended from time to time, and the
rules promulgated thereunder.
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Assumes the redomestication/merger closes in
August.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Assumes the redomestication/merger closes in
August.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->L-5<!-- /Folio -->
</DIV>

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






<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Additional Amount</B>&#148; has the meaning specified in Section&nbsp;2(e)(i)(B) of this Statement of
Preferences.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Affected Series</B>&#148; has the meaning set forth in Section 5(d) of this Statement of Preferences.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Agent Member</B>&#148; means a Person with an account at the Securities Depository that holds one or
more VMTP Shares through the Securities Depository, directly or indirectly, for a Beneficial Owner
and that will be authorized and instructed, directly or indirectly, by a Beneficial Owner to
disclose information to the Redemption and Paying Agent with respect to such Beneficial Owner.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Applicable Base Rate</B>&#148; means the SIFMA Municipal Swap Index.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Applicable Law</B>&#148; means Delaware State law (including, without limitation, the Delaware
statutory trusts laws), the federal law of the United States of America (including, without
limitation, the 1940 Act).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Applicable Rate</B>&#148; means the dividend rate <I>per annum </I>on any VMTP Shares for a Rate Period
determined as set forth in Section&nbsp;2(e)(i) of this Statement of Preferences or in the definition of
&#147;Maximum Rate,&#148; as applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Applicable Rate Determination</B>&#148; means each periodic operation of the process of determining
the Applicable Rate for the VMTP Shares for a Subsequent Rate Period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Basic Maintenance Amount</B>,&#148; as of any Valuation Date, shall have the meaning set forth in the
Rating Agency Guidelines.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Basic Maintenance Cure Date</B>,&#148; with respect to the failure by the Fund to satisfy the Basic
Maintenance Amount (as required by Section 7(a) of this Statement of Preferences) as of a given
Valuation Date, shall have the meaning set forth in the Rating Agency Guidelines, but in no event
shall it be longer than 10 Business Days following such Valuation Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Beneficial Owner</B>&#148; means a Person in whose name VMTP Shares are recorded as beneficial owner
of such VMTP Shares by the Securities Depository, an Agent Member or other securities intermediary
on the records of such Securities Depository, Agent Member or securities intermediary, as the case
may be, or, if applicable, such Person&#146;s subrogee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Board of Trustees</B>&#148; means the Board of Trustees of the Fund or any duly authorized committee
thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Broker-Dealer</B>&#148; means any registered broker-dealer that has indicated on its BrokerCheck
Report (available on FINRA BrokerCheck) under &#147;Firm Operations&#151;Types of Business&#148; that it is
engaged in each of the following business lines: (i) &#147;Broker or dealer retailing corporate equity
securities over-the-counter;&#148; and (ii) &#147;Underwriter or selling group participant&#148; (of any type of
securities); <I>provided </I>that, if FINRA shall discontinue the existence of BrokerCheck,
&#147;Broker-Dealer&#148; means any registered broker-dealer that engages in such business lines or
substantively equivalent business lines as indicated on whatever publicly available information
source that replaces FINRA BrokerCheck; <I>provided further </I>that if no publicly available information
source replaces FINRA BrokerCheck, &#147;Broker-Dealer&#148; shall mean any registered broker dealer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Business Day</B>&#148; means a day (a)&nbsp;other than a day on which commercial banks in The City of New
York, New York are required or authorized by law or executive order to close and (b)&nbsp;on which the
New York Stock Exchange is not closed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Closed-End Funds</B>&#148; has the meaning set forth in Section 12(a) of this Statement of
Preferences.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Closing Date</B>&#148; means May&nbsp;17, 2012.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Code</B>&#148; means the U.S. Internal Revenue Code of 1986, as amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Common Shares</B>&#148; has the meaning set forth in the Declaration of Trust.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->L-6<!-- /Folio -->
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Conditional Acceptance</B>&#148; means a conditional acceptance by the Total Holders to extend the
Term Redemption Date of the VMTP Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Cure Date</B>&#148; means the Basic Maintenance Cure Date, the Minimum Asset Coverage Cure Date or the
last day of the Effective Leverage Ratio Cure Period, as the case may be.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Custodian</B>&#148;, for purposes of this Statement of Preferences, means a bank, as defined in
Section&nbsp;2(a)(5) of the 1940 Act, that has the qualifications prescribed in paragraph 1 of Section
26(a) of the 1940 Act, or such other entity as shall be providing custodian services to the Fund as
permitted by the 1940 Act or order thereunder, and shall include, as appropriate, any similarly
qualified sub-custodian duly appointed by the Custodian.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Date of Original Issue</B>&#148; means &#091;August &#091;<B>&#149;</B>&#093;, 2012&#093;.<SUP style="FONT-size: 85%; vertical-align: text-top">3</SUP>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Declaration of Trust</B>&#148; means the Amended and Restated Agreement and Declaration of Trust of
the Fund, as amended and supplemented (including by this Statement of Preferences).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Defeased Securities</B>&#148; means a security for which cash, cash equivalents or other eligible
property has been pledged in an amount sufficient to make all required payments on such security to
and including maturity (including any accelerated maturity pursuant to a permitted redemption), in
accordance with the instrument governing the issuance of such security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Deferred Compensation Hedge Assets</B>&#148; has the meaning specified in Appendix&nbsp;A of this Statement
of Preferences.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Deposit Securities</B>&#148; means, as of any date, any United States dollar-denominated security or
other investment of a type described below that either (i)&nbsp;is a demand obligation payable to the
holder thereof on any Business Day or (ii)&nbsp;has a maturity date, mandatory redemption date or
mandatory payment date, on its face or at the option of the holder, preceding the relevant payment
date in respect of which such security or other investment has been deposited or set aside as a
Deposit Security:
</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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>cash or any cash equivalent;</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>any U.S. Government Security;</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">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any Municipal Security that has a credit rating from at least one NRSRO that is
the highest applicable rating generally ascribed by such NRSRO to Municipal Securities
with substantially similar terms as of the date of this Statement of Preferences (or
such rating&#146;s future equivalent), including (A)&nbsp;any such Municipal Security that has
been pre-refunded by the issuer thereof with the proceeds of such refunding having been
irrevocably deposited in trust or escrow for the repayment thereof and (B)&nbsp;any such
fixed or variable rate Municipal Security that qualifies as an eligible security under
Rule&nbsp;2a-7 under the 1940 Act as amended or as in effect on the Date of Original Issue;</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">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any investment in any money market fund registered under the 1940 Act that
qualifies under Rule&nbsp;2a-7, or in any similar investment vehicle described in Rule
12d1-1(b)(2) under the 1940 Act, that invests principally in Municipal Securities or
U.S. Government Securities or any combination thereof; or</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">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any letter of credit from a bank or other financial institution that has a
credit rating from at least one NRSRO that is the highest applicable rating generally
ascribed by such NRSRO to bank</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">3</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>This will be the effective date of the
redomestication/merger and in this draft assumes the redomestication/merger
closes in August.</TD>
</TR>

</TABLE>


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</DIV>

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







<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">deposits or short-term debt of similar banks or other financial institutions as of
the date of this Statement of Preferences (or such rating&#146;s future equivalent).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Derivative Contract</B>&#148; means (a)&nbsp;any and all rate swap transactions, basis swaps, credit
derivative transactions, forward rate transactions, commodity swaps, commodity options, forward
commodity contracts, forward swap transactions, equity or equity index swaps or options, bond or
bond price or bond index swaps or options or forward bond or forward bond price or forward bond
index transactions, futures contracts, repurchase transactions, interest rate options, forward
foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency
swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any
other similar transactions or any combination of any of the foregoing (including any options to
enter into any of the foregoing), whether or not any such transaction is governed by or subject to
any master agreement or cleared on an exchange or other clearing organization, and (b)&nbsp;any and all
transactions of any kind, and the related confirmations, which are subject to the terms and
conditions of, or governed by, any form of master agreement published by the International Swaps
and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any
other master agreement (any such master agreement, together with any related schedules, a &#147;<B>Master
Agreement</B>&#148;), including any obligations or liabilities under any such Master Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Derivative Termination Value</B>&#148; means, in respect of any one or more Derivative Contracts,
after taking into account the effect of any legally enforceable netting agreement relating to such
Derivative Contracts, (a)&nbsp;for any date on or after the date such Derivative Contracts have been
closed out and termination value(s) determined in accordance therewith, such termination value(s),
(b)&nbsp;for any date prior to the date referenced in clause (a), the amount(s) determined as the
mark-to-market value(s) for such Derivative Contracts, as determined based upon one or more
mid-market or other readily available quotations provided by any recognized dealer in such
Derivative Contracts (which may include a Holder or an affiliate of the Holder) or (c)&nbsp;for any date
on which Derivative Contracts are traded on an exchange, the last reported sale price.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Discounted Value,</B>&#148; as of any Valuation Date, has the meaning set forth in the Rating Agency
Guidelines.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Dividend Payment Date</B>&#148; means the date that is the first Business Day of each calendar month.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Dividend Period</B>&#148; means, with respect to the Series&nbsp;2015/&#091;<B>&#149;</B>&#093;-&#091;Ticker&#093; VMTP
Shares, in the case of the first Dividend Period, the period beginning on the Date of Original
Issue for such Series and ending on and including &#091;August&nbsp;31, 2012&#093;<SUP style="FONT-size: 85%; vertical-align: text-top">4</SUP> and for each
subsequent Dividend Period, the period beginning on and including the first calendar day of the
month following the month in which the previous Dividend Period ended and ending on and including
the last calendar day of such month.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Effective Leverage Ratio</B>&#148; means the quotient of:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;the sum of (i)&nbsp;the aggregate liquidation preference of the Fund&#146;s &#147;senior securities&#148; (as
that term is defined in the 1940 Act) that are shares of beneficial interest of the Fund, plus any
accumulated but unpaid dividends thereon, excluding, without duplication, (x)&nbsp;any such senior
securities for which the Fund has issued a notice of redemption (in accordance with the terms of
such senior securities) and either has delivered Deposit Securities or sufficient funds (in
accordance with the terms of such senior securities) to the paying agent for such senior securities
or otherwise has adequate Deposit Securities on hand and segregated on the books and records of the
Custodian for the purpose of such redemption and (y)&nbsp;the Fund&#146;s outstanding Preferred Shares to be
redeemed with the gross proceeds from the sale of VMTP Shares or other replacement securities, for
which the Fund either has delivered Deposit Securities or sufficient funds (in accordance with the
terms of such Preferred Shares) to the paying agent for such Preferred Shares or otherwise has
adequate Deposit Securities on hand and segregated on the books and records of the Custodian for
the purpose of such redemption; (ii)&nbsp;the aggregate principal amount of a Fund&#146;s &#147;senior securities
representing indebtedness&#148; (as that term is defined in the 1940 Act), plus any accrued but unpaid
interest thereon; (iii)&nbsp;the aggregate principal amount of floating rate trust certificates
corresponding to the associated residual floating rate trust certificates owned by the Fund (less the aggregate principal
amount of any such floating
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">4</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>This date is based on the assumption that the
merger/redomestication occurs in August&nbsp;2012.</TD>
</TR>

</TABLE>


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





<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> rate trust certificates owned by the Fund and corresponding to the
associated residual floating rate trust certificates owned by the Fund); and (iv)&nbsp;the aggregate
amount of the Fund&#146;s repurchase obligations under repurchase agreements;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;divided by
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;the sum of (i)&nbsp;the Market Value of the Fund&#146;s total assets (including amounts attributable
to senior securities, but excluding any assets consisting of Deposit Securities relating to senior
securities for which the Fund has issued a notice of redemption (in accordance with the terms of
such senior securities) and either has delivered Deposit Securities or sufficient funds (in
accordance with the terms of such senior securities) to the paying agent for such senior securities
or otherwise has adequate Deposit Securities on hand and segregated on the books and records of the
Custodian for the purpose of such redemption), less the sum of (A)&nbsp;the amount of the Fund&#146;s accrued
liabilities (which accrued liabilities shall include net obligations of the Fund under each
Derivative Contract in an amount equal to the Derivative Termination Value thereof payable by the
Fund to the related counterparty), other than liabilities for the aggregate principal amount of
senior securities representing indebtedness, and (B)&nbsp;the Overconcentration Amount; and (ii)&nbsp;the
aggregate principal amount of floating rate trust certificates corresponding to the associated
residual floating rate trust certificates owned by the Fund (less the aggregate principal amount of
any such floating rate trust certificates owned by the Fund and corresponding to the associated
residual floating rate trust certificates owned by the Fund).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Effective Leverage Ratio Cure Period</B>&#148; has the meaning specified in Section 6(b) of this
Statement of Preferences.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Electronic Means</B>&#148; means email transmission, facsimile transmission or other similar
electronic means of communication providing evidence of transmission (but excluding online
communications systems covered by a separate agreement) acceptable to the sending party and the
receiving party, in any case if operative as between any two parties, or, if not operative, by
telephone (promptly confirmed by any other method set forth in this definition), which, in the case
of notices to the Redemption and Paying Agent, shall be sent by such means as set forth in the
Redemption and Paying Agent Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Eligible Assets</B>&#148; means the instruments listed on Appendix&nbsp;A hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Exchange Act</B>&#148; means the U.S. Securities Exchange Act of 1934, as amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Excluded Redemption</B>&#148; means a redemption of 10% or less of the Outstanding VMTP Shares
utilizing redemption proceeds derived from the issuance of tender option bond securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Exposure Period</B>&#148; has the meaning set forth in the Moody&#146;s Guidelines.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Failure to Deposit</B>&#148; means, with respect to a series of VMTP Shares, a failure by the Fund to
pay to the Redemption and Paying Agent, not later than 12:00 noon, New York City time, (A)&nbsp;on the
Business Day immediately preceding any Dividend Payment Date for such series of VMTP Shares, in
funds available on such Dividend Payment Date in The City of New York, New York, the full amount of
any dividend to be paid on such Dividend Payment Date on any share of such Series or (B)&nbsp;on the
Business Day immediately preceding any Redemption Date for such series of VMTP Shares in funds
available on such Redemption Date in The City of New York, New York, the Redemption Price to be
paid on such Redemption Date for any share of such Series after Notice of Redemption is provided
pursuant to Section 10(c) of this Statement of Preferences; <U>provided</U>, <U>however</U>,
that, notwithstanding anything expressed or implied herein to the contrary, (i)&nbsp;the foregoing
clause (B)&nbsp;shall not apply to the Fund&#146;s failure to pay the Redemption Price in respect of VMTP
Shares when the related Notice of Redemption provides that redemption of such shares is subject to
one or more conditions precedent and any such condition precedent shall not have been satisfied at
the time or times and in the manner specified in such Notice of Redemption, and (ii)&nbsp;a Failure to
Deposit shall not be deemed to have occurred if the Fund is unable to make the payments in clause
(A)&nbsp;or clause (B)&nbsp;due to the lack of legally available funds under Applicable Law or because of any
other Applicable Law restrictions on such payments.
</DIV>

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</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Fitch</B>&#148; means Fitch Ratings, a part of the Fitch Group, which is a majority-owned subsidiary
of Fimalac, S.A, or any successor thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Fitch Eligible Assets</B>&#148; means assets of the Fund set forth in the Fitch Guidelines as eligible
for inclusion in calculating the Discounted Value of the Fund&#146;s assets in connection with Fitch
ratings of VMTP Shares at the request of the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Fitch Guidelines</B>&#148; means the guidelines applicable to Fitch&#146;s then current ratings of the VMTP
Shares provided by Fitch in connection with Fitch&#146;s ratings of the VMTP Shares at the request of
the Fund (a copy of which is available to Holders on request to the Fund), in effect on the date
hereof and as may be amended from time to time, provided, however that any such amendment will not
be effective for thirty (30)&nbsp;days from the date that Fitch provides final notice of such amendment
to the Fund or such earlier date as the Fund may elect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Fitch Provisions</B>&#148; means Sections&nbsp;7, 8(c)(B) and 9 of this Statement of Preferences with
respect to Fitch, and any other provisions hereof with respect to Fitch&#146;s ratings of VMTP Shares at
the request of the Fund, including any provisions with respect to obtaining and maintaining a
rating on VMTP Shares from Fitch. The Fund is required to comply with the Fitch Provisions only if
Fitch is then rating VMTP Shares at the request of the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Foreign Entity</B>&#148; means any non-U.S. entity that is an Operating Company whose equity
securities (or depositary receipts) are publicly traded and has a market capitalization of a U.S.
dollar equivalent of not less than U.S.$1,000,000,000 on the trade date for the proposed transfer
of VMTP Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Fund</B>&#148; has the meaning as set forth in the recitals of this Statement of Preferences.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Gross-up Payment</B>&#148; means payment to a Beneficial Owner of an amount which, when taken together
with the aggregate amount of Taxable Allocations made to such Beneficial Owner to which such
Gross-up Payment relates, would cause such Beneficial Owner&#146;s dividends in dollars (after giving
effect to regular federal income tax consequences) from the aggregate of such Taxable Allocations
and the related Gross-up Payment to be equal to the dollar amount of the dividends which would have
been received by such Beneficial Owner if the amount of such aggregate Taxable Allocations would
have been excludable from the gross income of such Beneficial Owner. Such Gross-up Payment shall
be calculated (i)&nbsp;without consideration being given to the time value of money; (ii)&nbsp;assuming that
no Beneficial Owner of VMTP Shares is subject to the federal alternative minimum tax with respect
to dividends received from the Fund; (iii)&nbsp;assuming that each Taxable Allocation and each Gross-up
Payment (except to the extent such Gross-up Payment is properly designated as an exempt-interest
dividend under Section&nbsp;852(b)(5) of the Code or successor provisions) would be taxable in the hands
of each Beneficial Owner of VMTP Shares at the maximum marginal regular federal individual income
tax rate applicable to ordinary income or net capital gains, as applicable, or the maximum marginal
regular federal corporate income tax rate applicable to ordinary income or net capital gains, as
applicable, whichever is greater, in effect at the time such Gross-up Payment is made; and (iv)
assuming that each Taxable Allocation and each Gross-up Payment would not be subject to the tax
imposed by Section&nbsp;1411 of the Code or any similar Medicare or other surtax.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Holder</B>&#148; means a Person in whose name a VMTP Share is registered in the registration books of
the Fund maintained by the Redemption and Paying Agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Increased Rate Event</B>&#148; means the occurrence of any of the following events:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;failure by the Fund to pay when due the full amount of accrued but unpaid dividends on any
Dividend Payment Date (other than a failure by the Fund to so pay due to the lack of legally
available funds under Applicable Law or because of any other Applicable Law restrictions on such
payments). This Increased Rate Event shall be considered cured on the date the Fund pays the full
amount of such accrued but unpaid dividends;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;failure by the Fund to make any redemption payment pursuant to Section&nbsp;10 of this
Statement of Preferences (other than a failure by the Fund to so pay due to the lack of legally
available funds under Applicable Law or because of any other Applicable Law restrictions on such
payments). This Increased Rate Event shall be considered cured on the date the Fund makes such
redemption payment;
</DIV>

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</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;failure by the Fund to pay when due the full amount of accrued but unpaid dividends in
respect of Gross-up Payments required to be paid pursuant to Section&nbsp;3(b), (other than a failure by
the Fund to so pay due to the lack of legally available funds under Applicable Law or because of
any other Applicable Law restrictions on such payments). This Increased Rate Event shall be
considered cured on the date the Fund pays the full amount of such accrued but unpaid dividends in
respect of Gross-up Payments required to paid pursuant to Section&nbsp;3(b);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;failure by the Fund to have cured on or before the applicable Minimum Asset Coverage Cure
Date any failure to maintain Minimum Asset Coverage as required by Section&nbsp;6(a). This Increased
Rate Event shall be considered cured on the date the Fund next achieves Minimum Asset Coverage;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;failure by the Fund on the last day of an applicable Effective Leverage Ratio Cure Period
to have an Effective Leverage Ratio of not greater than 45%. This Increased Rate Event shall be
considered cured on the date the Fund next has an Effective Leverage Ratio of not greater than 45%;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;failure by the Fund to make investments only in Eligible Assets as required by Section
6(c). This Increased Rate Event shall be considered cured on the date the Fund has disposed of any
investments made in violation of Section&nbsp;6(c);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;failure by the Fund to maintain compliance with Section&nbsp;6(d). This Increased Rate Event
shall be considered cured on the date the Fund returns to compliance with Section&nbsp;6(d);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;the creation, incurrence, or existence of any lien in violation of Section&nbsp;6(e). This
Increased Rate Event shall be considered cured on the date that such lien is released or
discharged;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;failure by the Fund on the Basic Maintenance Cure Date to satisfy the Basic Maintenance
Amount as of the Valuation Date pertaining to such Basic Maintenance Cure Date. This Increased
Rate Event shall be considered cured on the date that the Fund confirms in writing that it is in
compliance with the Basic Maintenance Amount and makes such confirmation publicly available, which
may be made by posting on a publicly available section of the Fund&#146;s website;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;the declaration, payment or setting apart for payments any dividend or other distribution
in violation of Section&nbsp;8. Such Increased Rate Event shall be considered cured (i)&nbsp;in the case of
any declaration or setting apart for payment of any dividend or other distribution, on the date
such action is effectively rescinded, set aside, reversed, revoked, or otherwise rendered null and
(ii)&nbsp;in any other case, on the first date thereafter that the Fund is not prohibited pursuant to
Section&nbsp;8 from declaring, paying or setting apart for payment a cash dividend or other cash
distribution in respect of the Common Shares;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;unless pursuant to an order of the court of competent jurisdiction, the payment or
distribution of any assets of the Fund in violation of Section 11(b) or 11(c);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;failure of the Fund to comply with Section&nbsp;13(h). This Increased Rate Event will be
considered cured on the date the Fund shall next maintain settlement of VMTP Shares in global book
entry form through the Securities Depository;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;failure of the Fund to comply with Section&nbsp;13(i). This Increased Rate Event will be
considered cured on the date such filing or application has been withdrawn, rescinded or dismissed;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;failure of the Fund to comply with Section&nbsp;13(u). This Increased Rate Event will be
considered cured on the date the Fund produces financial statements audited in accordance with the
standards of the Public Company Accounting Oversight Board (United States);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;any determination is made by the Fund or the Internal Revenue Service that the VMTP Shares
are not equity in a regulated investment company for federal income tax purposes. This Increased
Rate Event will be considered cured on the date such determination is reversed, revoked or
rescinded;
</DIV>

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</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;a Registration Rights Failure occurs. This Increased Rate Event will be considered cured
on the date such Registration Rights Failure no longer exists;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;failure by the Fund to have duly authorized any Related Document. This Increased Rate
Event shall be considered cured on the date the Fund duly authorizes each such Related Document
that was not previously duly authorized; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;failure by the Fund to provide the information required by Section 12(b) and such failure
is not cured by the fifth Business Day following written request. This Increased Rate Event shall
be considered cured on the date the Fund furnishes the information specified in the foregoing
sentence.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Initial Rate Period</B>,&#148; with respect to the VMTP Shares of any Series, means the period
commencing on and including the Date of Original Issue thereof and ending on, and including the
next succeeding Wednesday or if such day is not a Business Day, the next succeeding Business Day.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Investment Adviser</B>&#148;, for purposes of this Statement of Preferences, means Invesco Advisers,
Inc., or any successor investment advisor to the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>LIBOR Dealer</B>&#148; means Wells Fargo Bank, National Association and such other dealer or dealers
as the Fund from time to time may appoint or in lieu of any thereof, and their respective
affiliates and successors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>LIBOR Rate</B>&#148; means, on any Rate Determination Date, (i)&nbsp;the rate for deposits in U.S. dollars
for the designated Rate Period, which appears on Reuters display page LIBOR01 (&#147;<B>Page LIBOR01</B>&#148;) (or
such other page as may replace that page on that service, or such other service as may be selected
by the LIBOR Dealer or its successors that are LIBOR Dealers) as of 11:00&nbsp;a.m. London time, on the
day that is the London Business Day preceding the Rate Determination Date (the &#147;<B>LIBOR Determination
Date</B>&#148;), or (ii)&nbsp;if such rate does not appear on Page LIBOR01 or such other page as may replace such
Page LIBOR01, (A)&nbsp;the LIBOR Dealer shall determine the arithmetic mean of the offered quotations of
the Reference Banks to leading banks in the London interbank market for deposits in U.S. dollars
for the designated Rate Period in an amount determined by such LIBOR Dealer by reference to
requests for quotations as of approximately 11:00&nbsp;a.m. (London time) on such date made by such
LIBOR Dealer to the Reference Banks, (B)&nbsp;if at least two of the Reference Banks provide such
quotations, the LIBOR Rate shall equal such arithmetic mean of such quotations, (C)&nbsp;if only one or
none of the Reference Banks provide such quotations, the LIBOR Rate shall be deemed to be the
arithmetic mean of the offered quotations that leading banks in The City of New York selected by
the LIBOR Dealer (after obtaining the Fund&#146;s approval) are quoting on the relevant LIBOR
Determination Date for deposits in U.S. dollars for the designated Rate Period in an amount
determined by the LIBOR Dealer (after obtaining the Fund&#146;s approval) that is representative of a
single transaction in such market at such time by reference to the principal London offices of
leading banks in the London interbank market; <U>provided</U>, <U>however</U>, that if one of the
LIBOR Dealers does not quote a rate required to determine the LIBOR Rate, the LIBOR Rate will be
determined on the basis of the quotation or quotations furnished by any Substitute LIBOR Dealer or
Substitute LIBOR Dealers selected by the Fund to provide such rate or rates not being supplied by
the LIBOR Dealer; <U>provided</U> <U>further</U>, that if the LIBOR Dealer and Substitute LIBOR
Dealers are required but unable to determine a rate in accordance with at least one of the
procedures provided above, the LIBOR Rate shall be the LIBOR Rate as determined on the previous
Rate Determination Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Liquidation Preference</B>,&#148; means $100,000 per share.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Liquidity Account</B>&#148; has the meaning specified in Section&nbsp;10(b)(ii)(A) of this Statement of
Preferences.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Liquidity Account Initial Date</B>&#148; means the date which is six-months prior to the Term
Redemption Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Liquidity Account Investments</B>&#148; means Deposit Securities or any other security or investment
owned by the Fund that is rated not less than A-/A3 or the equivalent rating (or any such rating&#146;s
future equivalent) by each NRSRO then rating such security or investment (or if rated by only one
NRSRO, by such NRSRO) or, if no NRSRO is then rating such security, deemed to be of an equivalent
rating by the Investment Adviser on the Fund&#146;s books and records.
</DIV>

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</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Liquidity Requirement</B>&#148; has the meaning specified in Section&nbsp;10(b)(ii)(B) of this Statement of
Preferences.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>London Business Day</B>&#148; means any day on which commercial banks are generally open for business
in London.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Majority</B>&#148; means the Holders of more than 50% of the aggregate Outstanding amount of the VMTP
Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Managed Assets</B>&#148; means the Fund&#146;s total assets (including any assets attributable to money
borrowed for investment purposes) minus the sum of the Fund&#146;s accrued liabilities (other than money
borrowed for investment purposes). For the avoidance of doubt, assets attributable to money
borrowed for investment purposes includes the portion of the Fund&#146;s assets in a tender option bond
trust of which the Fund owns the residual interest (without regard to the value of the residual
interest to avoid double counting).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Market Value</B>&#148; of any asset of the Fund means the indication of value thereof determined by an
independent third-party pricing service designated pursuant to the Fund&#146;s valuation policies and
procedures approved from time to time by the Board of Trustees for use in connection with the
determination of the Fund&#146;s net asset value. The pricing service values portfolio securities at
the mean between the quoted bid and asked price or the yield equivalent when quotations are readily
available. Securities for which quotations are not readily available are valued at fair value as
determined by the pricing service using methods which include consideration of: yields or prices
of municipal bonds of comparable quality, type of issue, coupon, maturity and rating; indications
as to value from dealers; and general market conditions. The pricing service may employ electronic
data processing techniques or a matrix system, or both, to determine valuations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Maximum Rate</B>&#148; means 15% <I>per annum</I>, increased by any applicable Gross-up Payment due and
payable in accordance with Section&nbsp;3 of this Statement of Preferences.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Minimum Asset Coverage</B>&#148; means asset coverage, as defined in Section 18(h) of the 1940 Act as
in effect on the Date of Original Issue (excluding from (1)&nbsp;the denominator of such asset coverage
test (i)&nbsp;any senior securities (as defined in the 1940 Act) for which the Fund has issued a notice
of redemption and either has delivered Deposit Securities or sufficient funds (in accordance with
the terms of such senior securities) to the paying agent for such senior securities or otherwise
has adequate Deposit Securities or sufficient deposits on hand and segregated on the books and
records of the Custodian for the purpose of such redemption and (ii)&nbsp;the Fund&#146;s outstanding
Preferred Shares to be redeemed with the gross proceeds from the sale of VMTP Shares or other
replacement securities, for which the Fund either has delivered Deposit Securities or sufficient
funds (in accordance with the terms of such Preferred Shares) to the paying agent for such
Preferred Shares or otherwise has adequate Deposit Securities or sufficient deposits on hand and
segregated on the books and records of the Custodian for the purpose of such redemption and (2)
from the numerator of such asset coverage test, any Deposit Securities referred to in the previous
clause (1)(i) and (ii)) of at least 225% with respect to all outstanding senior securities of the
Fund which are shares of beneficial interest of the Fund, including all Outstanding VMTP Shares
(or, if higher, such other asset coverage as may be specified in or under the 1940 Act as in effect
from time to time as the minimum asset coverage for senior securities which are stock of a
closed-end investment company as a condition of declaring dividends on its common shares).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Minimum Asset Coverage Cure Date,</B>&#148; with respect to the failure by the Fund to maintain the
Minimum Asset Coverage (as required by Section&nbsp;6 of this Statement of Preferences), means the tenth
Business Day following such failure.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Moody&#146;s</B>&#148; means Moody&#146;s Investors Service, Inc., a Delaware corporation, or any successor
thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Moody&#146;s Discount Factor</B>&#148; means the discount factors set forth in the Moody&#146;s Guidelines for
use in calculating the Discounted Value of the Fund&#146;s assets in connection with Moody&#146;s ratings of
VMTP Shares at the request of the Fund.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Moody&#146;s Eligible Assets</B>&#148; means assets of the Fund set forth in the Moody&#146;s Guidelines as
eligible for inclusion in calculating the Discounted Value of the Fund&#146;s assets in connection with
Moody&#146;s ratings of VMTP Shares at the request of the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Moody&#146;s Guidelines</B>&#148; means the guidelines applicable to Moody&#146;s then current ratings of the
VMTP Shares, provided by Moody&#146;s in connection with Moody&#146;s ratings of the VMTP Shares at the
request of the Fund (a copy of which is available to Holders on request to the Fund), in effect on
the date hereof and as may be amended from time to time, provided, however that any such amendment
will not be effective for thirty (30)&nbsp;days from the date that Moody&#146;s provides final notice of such
amendment to the Fund or such earlier date as the Fund may elect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Moody&#146;s Provisions</B>&#148; means Sections&nbsp;7, 8(c)(B) and 9 of this Statement of Preferences with
respect to Moody&#146;s, and any other provisions hereof with respect to Moody&#146;s ratings of VMTP Shares
at the request of the Fund, including any provisions with respect to obtaining and maintaining a
rating on VMTP Shares from Moody&#146;s. The Fund is required to comply with the Moody&#146;s Provisions
only if Moody&#146;s is then rating VMTP Shares at the request of the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Municipal Securities</B>&#148; means municipal bonds, municipal securities (including, without
limitation, municipal notes and municipal commercial paper) or other instruments, the underlying
obligations or reference obligations of which, are one or more municipal bonds or municipal
securities, in any case in which the Fund may invest for purposes of satisfying its policy of
investing in municipal securities pursuant to its investment policies and procedures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Net Tax-Exempt Income</B>&#148; means the excess of the amount of interest excludable from gross
income under Section 103(a) of the Code over the amounts disallowed as deductions under Sections
265 and 171(a)(2) of the Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Notice of Redemption</B>&#148; means any notice with respect to the redemption of VMTP Shares pursuant
to Section 10(c) of this Statement of Preferences.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>NRSRO</B>&#148; means a &#147;nationally recognized statistical rating organization&#148; within the meaning of
Section&nbsp;3(a)(62) of the Exchange Act that is not an &#147;affiliated person&#148; (as defined in Section
2(a)(3) of the 1940 Act) of the Fund, including, at the date hereof, Moody&#146;s and Fitch.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Operating Company</B>&#148; means any company that (i)&nbsp;is not, and does not hold itself out as being
engaged primarily in the business of investing, reinvesting, owning, holding or trading in
securities and does not own securities having a value exceeding 50% of the value of such company&#146;s
total assets as set forth on such company&#146;s most recently publicly available financial statement;
or (ii)&nbsp;is a banking institution, insurance company or broker-dealer, incorporated or organized
under the laws of a country other than the United States, or a political subdivision of a country
other than the United States that is regulated as such by that country&#146;s or subdivision&#146;s
government or any agency thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Other Rating Agency</B>&#148; means each NRSRO, if any, other than Fitch or Moody&#146;s then providing a
rating for the VMTP Shares at the request of the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Other Rating Agency Eligible Assets</B>&#148; means assets of the Fund set forth in the Other Rating
Agency Guidelines as eligible for inclusion in calculating the Discounted Value of the Fund&#146;s
assets in connection with Other Rating Agency ratings of VMTP Shares at the request of the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Other Rating Agency Guidelines</B>&#148; means the guidelines applicable to each Other Rating Agency&#146;s
ratings of the VMTP Shares, provided by such Other Rating Agency in connection with such Other
Rating Agency&#146;s ratings of the VMTP Shares at the request of the Fund (a copy of which is available
on request to the Fund), as may be amended from time to time, provided, however that any such
amendment will not be effective except as agreed between such Other Rating Agency and the Fund or
such earlier date as the Fund may elect.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->L-14<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Other Rating Agency Provisions</B>&#148; means Sections&nbsp;7, 8(c)(B) and 9 of this Statement of
Preferences with respect to any Other Rating Agency then rating the VMTP Shares at the request of
the Fund, and any other provisions hereof with respect to such Other Rating Agency&#146;s ratings of
VMTP Shares, including any provisions with respect to obtaining and maintaining a rating on VMTP
Shares from such Other Rating Agency. The Fund is required to comply with the Other Rating Agency
Provisions of an Other Rating Agency only if such Other Rating Agency is then rating VMTP Shares at
the request of the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Outstanding</B>&#148; means, as of any date with respect to the VMTP Shares of any Series, the number
of VMTP Shares of such Series theretofore issued by the Fund except, without duplication, (i)&nbsp;any
VMTP Shares of such Series theretofore cancelled or delivered to the Redemption and Paying Agent
for cancellation or redemption by the Fund, (ii)&nbsp;any VMTP Shares of such Series with respect to
which the Fund has given a Notice of Redemption and irrevocably deposited with the Redemption and
Paying Agent sufficient Deposit Securities to redeem such VMTP Shares, pursuant to Section&nbsp;10 of
this Statement of Preferences, (iii)&nbsp;any VMTP Shares of such Series as to which the Fund shall be a
Beneficial Owner, and (iv)&nbsp;any VMTP Shares of such Series represented by any certificate in lieu of
which a new certificate has been executed and delivered by the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Overconcentration Amount</B>&#148; means as of any date of calculation of the Effective Leverage
Ratio, an amount equal to the sum of: (i)&nbsp;Market Value of assets that are rated below A-/A3 that
exceed 50% of the Market Value of the Fund&#146;s Managed Assets; (ii)&nbsp;the Market Value of assets that
are rated below investment grade that exceed 20% of the Market Value of the Fund&#146;s Managed Assets;
(iii)&nbsp;the Market Value of assets that are in a single state/territory that exceed 20% of the Market
Value of the Fund&#146;s Managed Assets; (iv)&nbsp;the Market Value of assets that are from a single issuer
that exceed 12% of the Market Value of the Fund&#146;s Managed Assets; (v)&nbsp;the Market Value of assets
that are from a single issuer and that are rated below investment grade that exceed 5% of the
Market Value of the Fund&#146;s Managed Assets; (vi)&nbsp;the Market Value of assets that constitute tobacco
obligations that exceed 10% of the Market Value of the Fund&#146;s Managed Assets; (vii)&nbsp;the Market
Value of assets that are unrated (which shall not include any assets that are unrated which are
legally defeased pre-refunded and escrowed bonds or the residuals of tender option bond trusts in
which the underlying bonds are rated) that exceed 10% of the Market Value of the Fund&#146;s Managed
Assets; and (viii)&nbsp;the Market Value of all deferred compensation plan assets, if any.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Permitted Issuer</B>&#148; shall have the meaning set forth in Appendix&nbsp;A of this Statement of
Preferences.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Person</B>&#148; means and includes an individual, a partnership, a corporation, a trust, an
unincorporated association, a joint venture or other entity or a government or any agency or
political subdivision thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Preferred Shares</B>&#148; has the meaning set forth in the Declaration of Trust, and includes the
VMTP Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Purchase Agreement</B>&#148; means the Variable Rate Muni Term Preferred Shares Purchase Agreement,
dated as of the Closing Date, between the Fund and the Purchaser, as amended, modified or
supplemented from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Purchaser</B>&#148; means the purchaser on the Closing Date as set forth in the Purchase Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>QIB</B>&#148; means a &#147;qualified institutional buyer&#148; as defined in Rule&nbsp;144A under the Securities
Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Rate Determination Date</B>&#148; means, with respect to any Series of VMTP Shares, (i)&nbsp;with respect
to the Initial Rate Period for any Series of VMTP Shares, the Business Day immediately preceding
the Date of Original Issue of such Series and (ii)&nbsp;with respect to any Subsequent Rate Period, the
last day of the immediately preceding Rate Period for such Series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Rate Period</B>,&#148; with respect to VMTP Shares, means the Initial Rate Period and any Subsequent
Rate Period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Rating Agency</B>&#148; means each of Fitch (if Fitch is then rating VMTP Shares at the request of the
Fund), Moody&#146;s (if Moody&#146;s is then rating VMTP Shares at the request of the Fund) and any Other
Rating Agency (if such Other Rating Agency is then rating VMTP Shares at the request of the Fund).
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->L-15<!-- /Folio -->
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Rating Agency Certificate</B>&#148; has the meaning specified in Section 7(b) of this Statement of
Preferences.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Rating Agency Guidelines</B>&#148; means Moody&#146;s Guidelines (if Moody&#146;s is then rating VMTP Shares at
the request of the Fund), Fitch Guidelines (if Fitch is then rating VMTP Shares at the request of
the Fund) and any Other Rating Agency Guidelines (if such Other Rating Agency is then rating VMTP
Shares at the request of the Fund).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Rating Agency Provisions</B>&#148; means the Moody&#146;s Provisions (if Moody&#146;s is then rating VMTP Shares
at the request of the Fund), the Fitch Provisions (if Fitch is then rating VMTP Shares at the
request of the Fund) and any Other Rating Agency Provisions (if such Other Rating Agency is then
rating VMTP Shares at the request of the Fund). The Fund is required to comply with the Rating
Agency Provisions of a Rating Agency only if such Rating Agency is then rating VMTP Shares at the
request of the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Ratings Spread</B>&#148; means, with respect to any Rate Period for any Series of VMTP Shares, the
percentage per annum set forth opposite the highest applicable credit rating assigned to such
Series, unless the lowest applicable credit rating is at or below A&#043;/A1, in which case it means the
percentage per annum set forth opposite the lowest applicable credit rating assigned to such
Series, by either Moody&#146;s (if Moody&#146;s is then rating the VMTP Shares at the request of the Fund),
Fitch (if Fitch is then rating the VMTP Shares at the request of the Fund) or Other Rating Agency
(if Other Rating Agency is then rating the VMTP Shares at the request of the Fund) in the table
below on the Rate Determination Date for such Rate Period:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Moody&#146;s/Fitch*</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Percentage</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Aa2/AA to Aaa/AAA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.15</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Aa3/AA-</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.25</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">A1/A&#043;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.55</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">A2/A</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.75</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">A3/A-</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.95</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Baa1/BBB&#043;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.85</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Baa2/BBB</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3.00</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Baa3/BBB-</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3.15</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-investment grade or NR</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.05</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>And/or the equivalent ratings of an Other Rating Agency then rating the VMTP
Shares at the request of the Fund.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Redemption and Paying Agent</B>&#148; means Deutsche Bank Trust Company Americas or any successor
Person, which has entered into an agreement with the Fund to act as the Fund&#146;s transfer agent,
registrar, dividend disbursing agent, paying agent, redemption price disbursing agent and
calculation agent in connection with the payment of regularly scheduled dividends with respect to
each Series of VMTP Shares, or any successor by operation of law or any successor that acquires all
or substantially all of the assets and assumes all of the liabilities of the Redemption and Paying
Agent being replaced, either directly or by operation of law, provided that such successor (i)&nbsp;has
a rating of at least A3/A- from an NRSRO and (ii)&nbsp;is a licensed banking entity with trust powers or
a trust company and has total assets of at least $50&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Redemption and Paying Agent Agreement</B>&#148; means the redemption and paying agent agreement, dated
as of May&nbsp;8, 2012, by and between the Fund and the Redemption and Paying Agent pursuant to which
Deutsche Bank
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->L-16<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Trust Company Americas, or any successor, acts as Redemption and Paying Agent, as amended,
modified or supplemented from time to time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Redemption Date</B>&#148; has the meaning specified in Section 10(c) of this Statement of Preferences.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Redemption Premium</B>&#148; means, with respect to any VMTP Share rated above A1/A&#043; and its
equivalent by all Rating Agencies then rating such VMTP Share at the request of the Fund as of the
relevant Redemption Date and subject to any redemption on such Redemption Date, other than
redemptions required to comply with Minimum Asset Coverage requirements or exceed compliance with
the Minimum Asset Coverage requirements up to 240%, an amount equal to:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;if such Redemption Date is greater than or equal to two years from the Term Redemption
Date, the product of 3% and the Liquidation Preference of the VMTP Shares subject to redemption;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;if such Redemption Date is less than two years but greater than or equal to 18&nbsp;months from
the Term Redemption Date, the product of 2% and the Liquidation Preference of the VMTP Shares
subject to redemption; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;if such Redemption Date is less than 18&nbsp;months but greater than or equal to one year from
the Term Redemption Date, the product of 1% and the Liquidation Preference of the VMTP Shares
subject to redemption.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any VMTP Share exchanged for a preferred share of an acquiring entity or successor entity in
connection with a reorganization, merger or redomestication of the Fund in another state that had
been previously approved by the Holders of VMTP Shares or that otherwise does not require the vote
or consent of the Holders of VMTP Shares shall not be subject to the Redemption Premium.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Redemption Price</B>&#148; means, with respect to any VMTP Share, the sum of (i)&nbsp;the Liquidation
Preference, (ii)&nbsp;accumulated but unpaid dividends thereon (whether or not declared) to, but not
including, the date fixed for redemption (subject to Section&nbsp;10(e)) and (iii)&nbsp;the Redemption
Premium, if any, in respect of such VMTP Share.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Reference Banks</B>&#148; means four major banks in the London interbank market selected by Wells
Fargo Bank, National Association or its affiliates or successors or such other party as the Fund
may from time to time appoint.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Registration Rights Agreement</B>&#148; means the registration rights agreement entered into between
the Fund and the Purchaser&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;dated as of the Closing Date and as amended from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Registration Rights Failure</B>&#148; means any failure by the Fund to (i)&nbsp;use its commercially
reasonable efforts to make effective a VMTP Registration Statement with the SEC in violation of the
Fund&#146;s obligations under the Registration Rights Agreement, or (ii)&nbsp;comply in any material respect
with any other material provision of the Registration Rights Agreement necessary to effect the VMTP
Registration Statement which has not been cured within 30 Business Days of the date of such
violation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Related Documents</B>&#148; means this Statement of Preferences, the Declaration of Trust, the
Purchase Agreement, the Registration Rights Agreement and the VMTP Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Rule&nbsp;2a-7</B>&#148; means Rule&nbsp;2a-7 under the 1940 Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>S&#038;P</B>&#148; means Standard &#038; Poor&#146;s Ratings Services, a Standard &#038; Poor&#146;s Financial Services LLC
business, and any successor or successors thereto
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>SEC</B>&#148; means the Securities and Exchange Commission.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Securities Act</B>&#148; means the U.S. Securities Act of 1933, as amended.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->L-17<!-- /Folio -->
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Securities Depository</B>&#148; means The Depository Trust Company, New York, New York, and any
substitute for or successor to such securities depository that shall maintain a book-entry system
with respect to the VMTP Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Series</B>&#148; has the meaning as set forth in the recitals of this Statement of Preferences.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Series of VMTP Shares</B>&#148; has the meaning as set forth in the recitals of this Statement of
Preferences.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>SIFMA</B>&#148; has the meaning as set forth in the recitals of this Statement of Preferences.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>SIFMA Municipal Swap Index</B>&#148; means the Securities Industry and Financial Markets Association
Municipal Swap Index, or such other weekly, high-grade index comprised of seven-day, tax-exempt
variable rate demand notes produced by Municipal Market Data, Inc. or its successor, or as
otherwise designated by the Securities Industry and Financial Markets Association as of 3:00 p.m.,
New York City time, on the applicable Rate Determination Date; <U>provided</U>, <U>however</U>,
that if such index is no longer produced by Municipal Market Data, Inc. or its successor, then
SIFMA Municipal Swap Index means (i)&nbsp;the S&#038;P Weekly High Grade Municipal Index produced by Standard
&#038; Poor&#146;s Financial Services LLC or its successors on the applicable Rate Determination Date or (ii)
if the S&#038;P Weekly High Grade Municipal Index is no longer produced, the one-week LIBOR Rate on the
applicable Rate Determination Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Statement of Preferences</B>&#148; means this Statement of Preferences of the VMTP Shares, as amended
from time to time in accordance with the provisions hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Subsequent Rate Period</B>,&#148; with respect to VMTP Shares, means the period from, and including,
the first day following a Rate Period of such VMTP Shares to, and including, the next succeeding
Wednesday, or if such day is not a Business Day, the next succeeding Business Day.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Substitute LIBOR Dealer</B>&#148; means any LIBOR Dealer selected by the Fund; <U>provided</U> that
none of such entities shall be an existing LIBOR Dealer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Taxable Allocation</B>&#148; means any payment or portion of a payment of a dividend that is not
designated by the Fund as an exempt-interest dividend (as defined in Section&nbsp;852(b)(5) of the
Code).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Term Redemption Amount</B>&#148; has the meaning specified in Section&nbsp;10(b)(ii)(A) of this Statement
of Preferences.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Term Redemption Date</B>&#148; means December&nbsp;1, 2015 or such later date to which it may be extended
in accordance with Section&nbsp;10(b)(i)(A) of this Statement of Preferences.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Total Holders</B>&#148; means the Holders of 100% of the aggregate Outstanding amount of the VMTP
Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>U.S. Government Securities</B>&#148; means direct obligations of the United States or of its agencies
or instrumentalities that are entitled to the full faith and credit of the United States and that,
except in the case of United States Treasury Bills, provide for the periodic payment of interest
and the full payment of principal at maturity or call for redemption.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Valuation Date</B>&#148; means each Friday that is a Business Day, or for any Friday that is not a
Business Day, the immediately preceding Business Day, and the Date of Original Issue, commencing
with the Date of Original Issue.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>VMTP Registration Statement</B>&#148; means a registration statement prepared on Form N-2 under the
Securities Act, including the related final prospectus or prospectuses, related to the VMTP Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>VMTP Shares</B>&#148; has the meaning as set forth in the recitals of this Statement of Preferences.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Voting Period</B>&#148; has the meaning specified in Section&nbsp;4(b)(i) of this Statement of Preferences.
</DIV>


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


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TERMS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1. <B>Number of Authorized Shares.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <U>Authorized Shares</U>. The initial number of authorized VMTP Shares is &#091;<B>&#149;</B>&#093;.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <U>Capitalization</U>. So long as any VMTP Shares are Outstanding, the Fund shall not,
issue (i)&nbsp;any class or series of shares ranking prior to or on a parity with VMTP Shares with
respect to the payment of dividends or the distribution of assets upon dissolution, liquidation or
winding up of the affairs, or (ii)&nbsp;any other &#147;senior security&#148; (as defined in the 1940 Act as of
the Date of Original Issue) of the Fund other than the Fund&#146;s use of tender option bonds,
when-issued and delayed delivery transactions, futures, forwards, swaps and other derivative
transactions, except as may be issued in connection with any issuance of preferred shares or other
senior securities some or all of the proceeds from which issuance are used to redeem all of the
Outstanding VMTP Shares (provided that the Fund delivers the proceeds from such issuance necessary
to redeem all of the Outstanding VMTP Shares to the Redemption and Paying Agent for investment in
Deposit Securities for the purpose of redeeming such VMTP Shares and issues a Notice of Redemption
and redeems such VMTP Shares as soon as practicable in accordance with the terms of this Statement
of Preferences).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <U>Capital and Surplus</U>. For so long as any VMTP Shares are outstanding, (i)&nbsp;for any
of the Fund&#146;s shares of beneficial interest having a par value, the portion of any consideration
received by the Fund for such shares equal to the aggregate par value of such shares shall be
deemed to be capital of the Fund, and (ii)&nbsp;for any of the Fund&#146;s shares of beneficial interest
having no par value, the portion of any consideration received by the Fund for such shares that
shall be deemed to be capital of the Fund shall equal $0.01 per share multiplied by the number of
such shares issued by the Fund, unless in either or each case the Board of Trustees by resolution
determines that a greater portion of such consideration shall be capital of the Fund. The capital
of the Fund may be increased from time to time by resolution of the Board of Trustees directing
that a portion of the net assets of the Fund in excess of the amount so determined to be capital be
transferred to the capital account. The excess, if any, at any given time, of the net assets of
the Fund over the amount determined to be capital shall be surplus. Solely for purposes of
determining the capital and surplus of the Fund in accordance with this Section&nbsp;1(c), the Fund&#146;s
net assets means the amount by which total assets of the Fund exceed its total liabilities.
Capital and surplus are not liabilities for this purpose.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <U>Reduction of Capital</U>. The Fund may reduce its capital by a resolution of the Board
of Trustees in any of the following ways:
</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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by reducing or eliminating the capital represented by shares of
beneficial interest which have been retired;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by applying to an otherwise authorized purchase or redemption
of outstanding shares of beneficial interest some or all of the capital
represented by the shares being purchased or redeemed, or any capital that has
not been allocated to any particular class of beneficial interest;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by applying to an otherwise authorized conversion or exchange
of its outstanding shares of beneficial interest some or all of the capital
represented by the shares being converted or exchanged, or some or all of any
capital that has not been allocated to any particular class or series of its
shares of beneficial interest, or both, to the extent that such capital in the
aggregate exceeds the total aggregate par value or the stated capital of any
previously unissued shares issuable upon such conversion or exchange; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by transferring to surplus (A)&nbsp;some or all of the capital not
represented by any particular class or series of its beneficial interests, (B)
some or all of the capital represented by its issued shares of beneficial
interests having a par value, which capital is in excess of the
aggregate par value of such shares, or (C)&nbsp;some of the capital represented
by issued shares of its beneficial interests without par value.</TD>
</TR>


</TABLE>
</DIV>
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</DIV>

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



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <U>Capital Sufficiency</U>. Notwithstanding the other provisions of Section (d), no reduction
of capital shall be made or effected unless the assets of the Fund remaining after such reduction
shall be sufficient to pay any debts of the Fund for which payment has not been otherwise provided.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2. <B>Dividends.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <U>Ranking</U>. The shares of any Series of VMTP Shares shall rank on a parity with each
other, with shares of any other Series of VMTP Shares and with shares of any other Series of
Preferred Shares as to the payment of dividends by the Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <U>Cumulative Cash Dividends</U>. The Holders of VMTP Shares of any Series shall be entitled
to receive, when, as and if declared by the Board of Trustees, out of funds legally available
therefor under Applicable Law and otherwise in accordance with the Declaration of Trust and
Applicable Law, cumulative cash dividends at the Applicable Rate for such VMTP Shares, determined
as set forth in Section&nbsp;2(e), and no more (except to the extent set forth in Section&nbsp;3 of this
Statement of Preferences), payable on the Dividend Payment Dates with respect to such VMTP Shares
determined pursuant to Section&nbsp;2(d). Holders of VMTP Shares shall not be entitled to any dividend,
whether payable in cash, property or shares, in excess of full cumulative dividends, as herein
provided, on VMTP Shares. No interest, or sum of money in lieu of interest, shall be payable in
respect of any dividend payment or payments on VMTP Shares which may be in arrears, and no
additional sum of money shall be payable in respect of such arrearage, except that the Fund shall
pay as a supplemental dividend out of funds legally available therefor under Applicable Law and
otherwise in accordance with Applicable Law, the Additional Amount (as defined below in Section
2(e)(i)(B)) on account of a Failure to Deposit, if any, in respect of each day during the period
commencing on the day a Failure to Deposit occurs through and including the day immediately
preceding the earlier of (i)&nbsp;the day the Failure to Deposit is cured and (ii)&nbsp;the third Business
Day next succeeding the day on which the Failure to Deposit occurred.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <U>Dividends Cumulative from Date of Original Issue</U>. Dividends on VMTP Shares of any
Series shall be declared daily and accumulate at the Applicable Rate until paid for such VMTP
Shares from the Date of Original Issue thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <U>Dividend Payment Dates</U>. The Dividend Payment Date with respect to VMTP Shares shall be
the first Business Day of each calendar month.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <U>Applicable Rates and Calculation of Dividends</U>.
</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Applicable Rates</I>. The dividend rate on VMTP Shares of any Series during the
period from and after the Date of Original Issue of such VMTP Shares to and including
the last day of the Initial Rate Period for such VMTP Shares shall be calculated by the
Redemption and Paying Agent and shall equal the rate <I>per annum </I>set forth with respect
to the shares of such Series under &#147;Designation&#148; above. For each Subsequent Rate Period
for VMTP Shares thereafter, the dividend rate on such VMTP Shares shall be calculated
by the Redemption and Paying Agent and shall be equal to the rate <I>per annum </I>that
results from the Applicable Rate Determination for such VMTP Shares on the Rate
Determination Date immediately preceding such Subsequent Rate Period which shall be the
sum of the (1)&nbsp;Applicable Base Rate and (2)&nbsp;Ratings Spread; <U>provided</U>,
<U>however</U>, that:</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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if an Applicable Rate Determination for any such Subsequent
Rate Period is not held (x)&nbsp;due to any reason not directly attributable to
fault on the part of the Fund, including, without limitation, war damage, enemy
action, terrorism, the act of any government or other competent authority,
riot, civil commotion, rebellion, storm, tempest, accident, fire, lock-out,
strike, power failure, computer failure or error, breakdown or delay in
communications or disruption of relevant markets, the dividend rate on such
VMTP</TD>
</TR>

</TABLE>
</DIV>
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<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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Shares for the first such Subsequent Rate Period will equal the sum of the
previously determined dividend rate and 2.00% and if the Applicable Rate
Determination for the next Subsequent Rate Period is not held for any
reason, the dividend rate on such VMTP Shares for such next Subsequent Rate
Period will be the Maximum Rate for such VMTP Shares and (y)&nbsp;for any other
reason other than as provided for in clause (x), the dividend rate on such
VMTP Shares for such Subsequent Rate Period will be adjusted to the Maximum
Rate for such VMTP Shares on the Rate Determination Date therefore;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if any Failure to Deposit shall have occurred with respect to
such VMTP Shares during any Dividend Period thereof, but, prior to 12:00 noon,
New York City time, on the third Business Day next succeeding the date on which
such Failure to Deposit occurred, such Failure to Deposit shall have been cured
in accordance with Section 2(f) and the Fund shall have paid to the Redemption
and Paying Agent, an additional amount out of legally available funds therefor
under Applicable Law and otherwise in accordance with Applicable Law (the
&#147;<B>Additional Amount</B>&#148;), daily supplemental dividends equal in the aggregate to
the sum of (1)&nbsp;if such Failure to Deposit consisted of the failure to timely
pay to the Redemption and Paying Agent the full amount of dividends with
respect to any Dividend Period of such VMTP Shares, an amount computed by
multiplying (x)&nbsp;the Applicable Rate for the Rate Period during which such
Failure to Deposit occurs on the Dividend Payment Date for such Dividend Period
<I>plus </I>2.00% by (y)&nbsp;a fraction, the numerator of which shall be the number of
days for which such Failure to Deposit has not been cured in accordance with
Section 2(f) (including the day such Failure to Deposit occurs and excluding
the day such Failure to Deposit is cured) and the denominator of which shall be
360, and applying the rate obtained against the aggregate Liquidation
Preference of the Outstanding shares of such Series (with the amount for each
individual day that such Failure to Deposit occurs or continues uncured being
declared as a supplemental dividend on that day) and (2)&nbsp;if such Failure to
Deposit consisted of the failure to timely pay to the Redemption and Paying
Agent the Redemption Price of the shares, if any, of such Series for which
Notice of Redemption has been provided by the Fund pursuant to Section 10(c) of
this Statement of Preferences, an amount computed by multiplying, (x)&nbsp;for the
Rate Period during which such Failure to Deposit occurs on the Redemption Date,
the Applicable Rate <I>plus </I>2.00% by (y)&nbsp;a fraction, the numerator of which shall
be the number of days for which such Failure to Deposit is not cured in
accordance with Section 2(f) (including the day such Failure to Deposit occurs
and excluding the day such Failure to Deposit is cured) and the denominator of
which shall be 360, and applying the rate obtained against the aggregate
Liquidation Preference of the Outstanding shares of such Series to be redeemed
(with the amount for each individual day that such Failure to Deposit occurs or
continues uncured being declared as a supplemental dividend on that day), and
if a Rate Determination Date occurs on the date on which such Failure to
Deposit occurred or on either of the two Business Days succeeding that date,
and the Failure to Deposit has not been cured on such Rate Determination Date
in accordance with Section&nbsp;2(f), no Applicable Rate Determination will be held
in respect of such VMTP Shares for the Subsequent Rate Period relating to such
Rate Determination Date and the dividend rate for such VMTP Shares for such
Subsequent Rate Period will be the Maximum Rate for such VMTP Shares on the
Rate Determination Date for such Subsequent Rate Period; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(C)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Upon the occurrence of an Increased Rate Event, for each day
from (and including) the day the Increased Rate Event first occurs to (and
excluding) the day the Increased Rate Event is cured, the dividend rate shall
be a rate equal to the lesser of (x)&nbsp;the sum of (I)&nbsp;the dividend rate otherwise
determined pursuant to the provisions of Section&nbsp;2(e)(i) (exclusive of this
proviso (C)) and (II)&nbsp;2.00% and (y)&nbsp;the Maximum Rate.</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each dividend rate determined in accordance with this Section&nbsp;2(e)(i) of this
Statement of Preferences shall be an &#147;Applicable Rate.&#148; The Applicable Rate shall
not be more than the Maximum Rate.</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Calculation of Dividends</I>. The amount of dividends per share payable on VMTP
Shares of a Series on any Dividend Payment Date shall be calculated by the Redemption
and Paying Agent and shall equal the sum of the dividends accumulated but not yet paid
for each Rate Period (or part thereof) in the related Dividend Period or Dividend
Periods. The amount of dividends accumulated for each such Rate Period (or part</TD>
</TR>

</TABLE>
</DIV>
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<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: #textcolor#; background: #bgcolor#">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>thereof) shall be computed by multiplying the Applicable Rate in effect for VMTP Shares
of such Series for such Rate Period (or part thereof) by a fraction, the numerator of
which shall be the number of days in such Rate Period (or part thereof) and the
denominator of which shall be the actual number of days in the year (365 or 366), and
multiplying such product by $100,000.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <U>Curing a Failure to Deposit</U>. A Failure to Deposit with respect to shares of a Series of
VMTP Shares shall have been cured (if such Failure to Deposit is not solely due to the willful
failure of the Fund to make the required payment to the Redemption and Paying Agent) with respect
to any Dividend Period of such VMTP Shares if, within the respective time periods described in
Section&nbsp;2(e)(i), the Fund shall have paid to the Redemption and Paying Agent (A)&nbsp;all accumulated
but unpaid dividends on such VMTP Shares and (B)&nbsp;without duplication, the Redemption Price for
shares, if any, of such Series for which Notice of Redemption has been provided by the Fund
pursuant to Section 10(c) of this Statement of Preferences; provided, however, that the foregoing
clause (B)&nbsp;shall not apply to the Fund&#146;s failure to pay the Redemption Price in respect of VMTP
Shares when the related Notice of Redemption provides that redemption of such shares is subject to
one or more conditions precedent and any such condition precedent shall not have been satisfied at
the time or times and in the manner specified in such Notice of Redemption.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <U>Dividend Payments by Fund to Redemption and Paying Agent</U>. In connection with each
Dividend Payment Date for VMTP Shares, the Fund shall pay to the Redemption and Paying Agent, not
later than 12:00 noon, New York City time, on the Business Day immediately preceding the Dividend
Payment Date, an aggregate amount of Deposit Securities equal to the dividends to be paid to all
Holders of VMTP Shares on such Dividend Payment Date as determined in accordance with Section
2(e)(ii) of this Statement of Preferences or as otherwise provided for. If an aggregate amount of
funds equal to the dividends to be paid to all Holders of VMTP Shares on such Dividend Payment Date
are not available in New York, New York, by 12:00 noon, New York City time, on the Business Day
immediately preceding such Dividend Payment Date, the Redemption and Paying Agent will notify the
Holders by Electronic Means of such fact prior to the close of business on such day.<U></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <U>Redemption and Paying Agent to Hold Dividend Payments by Fund in Trust</U>. All Deposit
Securities paid to the Redemption and Paying Agent for the payment of dividends shall be held in
trust for the payment of such dividends by the Redemption and Paying Agent for the benefit of the
Holders specified in Section&nbsp;2(i). The Redemption and Paying Agent shall sell or settle any
non-cash Deposit Securities after 12:00 noon, New York City time on the Business Day prior to a
Dividend Payment Date to the extent that the Redemption and Paying Agent has not by such time
received sufficient cash to pay the full amount dividends to be paid to all Holders of VMTP Shares
on such Dividend Payment Date and pay such cash to the Holders of VMTP Shares on a <I>pro rata </I>basis.
In no event shall the Redemption and Paying Agent be responsible for any losses arising in
connection with, or the sale price obtained, in connection with any such sale or settlement of
Deposit Securities. The Redemption and Paying Agent shall notify the Fund by Electronic Means of
the amount of any funds deposited with the Redemption and Paying Agent by the Fund for any reason
under the Redemption and Paying Agent Agreement, including for the payment of dividends or the
redemption of VMTP Shares, that remain with the Redemption and Paying Agent after ninety (90)&nbsp;days
from the date of such deposit and such amount shall, to the extent permitted by law, be repaid to
the Fund by the Redemption and Paying Agent upon request by Electronic Means of the Fund. The
Fund&#146;s obligation to pay dividends to Holders in accordance with the provisions of this Statement
of Preferences shall be satisfied upon payment by the Redemption and Paying Agent of such dividends
to the Securities Depository on the relevant Dividend Payment Date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <U>Dividends Paid to Holders</U>. Each dividend on VMTP Shares shall be declared daily to the
Holders thereof at the close of business on each such day and paid on each Dividend Payment Date to
the Holders thereof at the close of business on the day immediately preceding such Dividend Payment
Date. In connection with any transfer of VMTP Shares, the transferor as Beneficial Owner of VMTP
Shares shall be deemed to have agreed pursuant to the terms of the VMTP Shares to transfer to the
transferee the right to receive from the Fund any dividends declared and unpaid for each day prior
to the transferee becoming the Beneficial Owner of the VMTP Shares in exchange for
payment of the purchase price for such VMTP Shares by the transferee. In connection with any
transfer of VMTP Shares, the transferee as Beneficial Owner of VMTP Shares shall be deemed to have
agreed pursuant to the terms of the VMTP Shares to transfer to the transferor (or prior Holder) the
right to receive from the
</DIV>



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</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Fund any dividends in the nature of Gross-up Payments that relate to
dividends paid during the transferor&#146;s (or prior Holder&#146;s) holding period.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <U>Dividends Credited Against Earliest Accumulated but Unpaid Dividends</U>. Any dividend
payment made on VMTP Shares that is insufficient to cover the entire amount of dividends payable
shall first be credited against the earliest accumulated but unpaid dividends due with respect to
such VMTP Shares. Dividends in arrears for any past Dividend Period may be declared and paid at any
time, without reference to any regular Dividend Payment Date, to the Holders as their names appear
on the record books of the Fund on such date, not exceeding 15&nbsp;days preceding the payment date
thereof, as may be fixed by the Board of Trustees.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <U>Dividends Designated as Exempt-Interest Dividends</U>. Dividends on VMTP Shares shall be
designated as exempt-interest dividends up to the amount of the Net Tax-Exempt Income of the Fund,
to the extent permitted by, and for purposes of, Section&nbsp;852 of the Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">3. <B>Gross-Up Payments and Notice of Allocations</B>. Holders of VMTP Shares shall be entitled to
receive, when, as and if declared by the Board of Trustees, out of funds legally available therefor
under Applicable Law and otherwise in accordance with Applicable Law, dividends in an amount equal
to the aggregate Gross-up Payments as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Whenever the Fund intends or expects to include any net capital gains or ordinary income
taxable for regular federal income tax purposes in any dividend on VMTP Shares, the Fund shall use
its best efforts to notify the Redemption and Paying Agent in writing of the amount to be so
included (i)&nbsp;not later than 14 calendar days preceding the first Rate Determination Date on which
the Applicable Rate for such dividend is to be established, and (ii)&nbsp;for any successive Rate
Determination Date on which the Applicable Rate for such dividend is to be established, not later
than the close of business on the immediately preceding Rate Determination Date; provided, however,
that if such information is not known before the dates specified in clauses (i)&nbsp;or (ii), the Fund
shall notify the Redemption and Paying Agent of such information as soon thereafter as is
commercially feasible. Whenever such advance notice is received from the Fund, the Redemption and
Paying Agent will notify each Holder. With respect to a Rate Period for which such advance notice
was given and whose dividends are comprised partly of such ordinary income or capital gains and
partly of exempt-interest income, the different types of income will be paid in the same relative
proportions for each day during the Rate Period.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i)&nbsp;If the Fund allocates, under Subchapter M of Chapter&nbsp;1 of the Code, any net capital
gains or ordinary income taxable for regular federal income tax purposes to a dividend paid on VMTP
Shares the Fund shall to the extent practical simultaneously increase such dividend payment by an
additional amount equal to the Gross-up Payment and provide the Redemption and Paying Agent a
notice with respect to such dividend describing the Gross-up Payment for it to send to the Holders
and (ii)&nbsp;if the Fund allocates, under Subchapter M of Chapter&nbsp;1 of the Code, any net capital gains
or ordinary income taxable for regular federal income tax purposes to a dividend paid on VMTP
Shares without simultaneously increasing such dividend as described in clause (i)&nbsp;above the Fund
shall, prior to the end of the calendar year in which such dividend was paid, provide the amount of
the Gross-up Payments due all Holders to the Redemption and Paying Agent and a notice with respect
to such Gross-up Payment to transmit to the Holders that were entitled to such dividend payment
during such calendar year at such Holder&#146;s address as the same appears or last appeared on the
record books of the Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Fund shall, as soon as reasonably possible, make Gross-up Payments with respect to any
net capital gains or ordinary income determined by the Internal Revenue Service to be allocable in
a manner different from the manner used by the Fund due to a clerical or similar calculation error
made by the Fund, provided that the amount of any such net capital gains or ordinary income
reallocated to the VMTP Shares exceeds $25,000 in the aggregate and such reallocation occurs prior
to the expiration of the period of limitations of the Fund (even if such period expires prior to
the expiration of the period of limitations of any particular holder).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4. <B>Voting Rights.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <U>One Vote Per VMTP Share</U>. Except as otherwise provided in the Declaration of Trust or as
otherwise required by law, (i)&nbsp;each Holder of VMTP Shares shall be entitled to one vote for each
VMTP Share held by such Holder on each matter submitted to a vote of shareholders of the Fund, and
(ii)&nbsp;the holders of outstanding
</DIV>
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</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Preferred Shares, including each VMTP Share, and of Common Shares
shall vote together as a single class; <U>provided</U>, <U>however</U>, that the holders of
outstanding Preferred Shares, including VMTP Shares, voting together as a class, to the exclusion
of the holders of all other securities and classes of shares of beneficial interest of the Fund,
shall be entitled to elect two trustees of the Fund at all times, each Preferred Share, including
each VMTP Share, entitling the holder thereof to one vote. Subject to Section&nbsp;4(b), the holders of
outstanding Common Shares and Preferred Shares, including VMTP Shares, voting together as a single
class, shall elect the balance of the trustees.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <U>Voting for Additional Trustees</U>.
</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="3%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Voting Period</I>. During any period in which any one or more of the conditions
described in subparagraphs (A)&nbsp;or (B)&nbsp;of this Section&nbsp;4(b)(i) shall exist (such period
being referred to herein as a &#147;<B>Voting Period</B>&#148;), the number of trustees constituting the
Board of Trustees shall be automatically increased by the smallest number that, when
added to the two trustees elected exclusively by the holders of Preferred Shares,
including VMTP Shares, would constitute a majority of the Board of Trustees as so
increased by such smallest number; and the holders of Preferred Shares, including VMTP
Shares, shall be entitled, voting together as a single class on a one-vote-per-share
basis (to the exclusion of the holders of all other securities and classes of shares of
beneficial interest of the Fund), to elect such smallest number of additional trustees,
together with the two trustees that such holders are in any event entitled to elect. A
Voting Period shall commence:</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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if at the close of business on any Dividend Payment Date
accumulated dividends (whether or not earned or declared) on any outstanding
Preferred Shares, including VMTP Shares, equal to at least two full years&#146;
dividends shall be due and unpaid and sufficient cash or specified securities
shall not have been deposited with the Redemption and Paying Agent (or other
redemption and paying agent for Preferred Shares other than VMTP Shares, if
applicable) for the payment of such accumulated dividends; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if at any time holders of Preferred Shares are entitled under
the 1940 Act to elect a majority of the trustees of the Fund.</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Upon the termination of a Voting Period, the voting rights described in this Section
4(b)(i) shall cease, subject always, however, to the revesting of such voting rights
in the holders of Preferred Shares upon the further occurrence of any of the events
described in this Section&nbsp;4(b)(i).</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="3%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Notice of Special Meeting</I>. As soon as reasonably practicable after the accrual
of any right of the holders of Preferred Shares to elect additional trustees as
described in Section&nbsp;4(b)(i) of this Section&nbsp;4, the Fund may call a special meeting of
such holders, such call to be made by notice as provided in the bylaws of the Fund,
such meeting to be held not less than ten (10)&nbsp;nor more than sixty (60)&nbsp;days after the
date of mailing of such notice. If a special meeting is not called by the Fund, it may
be called by any such holder on like notice. The record date for determining the
holders entitled to notice of and to vote at such special meeting shall be not less
than ten (10)&nbsp;days nor more than sixty (60)&nbsp;prior to the date of such special meeting.
At any such special meeting and at each meeting of holders of Preferred Shares held
during a Voting Period at which trustees are to be elected, such holders, voting
together as a class (to the exclusion of the holders of all other securities and
classes of shares of beneficial interest of the Fund), shall be entitled to elect the
number of trustees prescribed in Section&nbsp;4(b)(i) on a one-vote-per-share basis.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="right">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Terms of Office of Existing Trustees</I>. The terms of office of all persons who
are trustees of the Fund at the time of a special meeting of Holders and holders of
other Preferred Shares to elect trustees shall continue, notwithstanding the election
at such meeting by the Holders and such other holders of other Preferred Shares of the
number of trustees that they are entitled to elect, and the persons so elected by the
Holders and such other holders of other Preferred Shares, together with
the two incumbent trustees elected by the Holders and such other holders of other
Preferred Shares and the remaining incumbent trustees elected by the holders of the
Common Shares and Preferred Shares, shall constitute the duly elected trustees of
the Fund.</TD>
</TR>


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


<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="4%" nowrap align="right">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Terms of Office of Certain Trustees to Terminate Upon Termination of Voting
Period</I>. Simultaneously with the termination of a Voting Period, the terms of office of
the additional trustees elected by the Holders and holders of other Preferred Shares
pursuant to Section&nbsp;4(b)(i) shall terminate, the remaining trustees shall constitute
the trustees of the Fund and the voting rights of the Holders and such other holders to
elect additional trustees pursuant to Section&nbsp;4(b)(i) shall cease, subject to the
provisions of the last sentence of Section&nbsp;4(b)(i).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <U>1940 Act Matters</U>. The affirmative vote of the holders of a &#147;majority of the outstanding
Preferred Shares,&#148; including the VMTP Shares Outstanding at the time, voting as a separate class,
shall be required to approve (A)&nbsp;any conversion of the Fund from a closed-end to an open-end
investment company, (B)&nbsp;any plan of reorganization (as such term is used in the 1940 Act) adversely
affecting such shares and (C)&nbsp;any action requiring a vote of security holders of the Fund under
Section 13(a) of the 1940 Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the foregoing, &#147;majority of the outstanding Preferred Shares&#148; means
(i)&nbsp;67% or
more of such shares present at a meeting, if the Holders of more than 50% of such shares are
present or represented by proxy, or (ii)&nbsp;more than 50% of such shares, whichever is less. In the
event a vote of Holders of VMTP Shares is required pursuant to the provisions of Section 13(a) of
the 1940 Act, the Fund shall, not later than 10 Business Days prior to the date on which such vote
is to be taken, notify Moody&#146;s (if Moody&#146;s is then rating the VMTP Shares at the request of the
Fund), Fitch (if Fitch is then rating the VMTP Shares at the request of the Fund) and Other Rating
Agency (if any Other Rating Agency is then rating the VMTP Shares at the request of the Fund) that
such vote is to be taken and the nature of the action with respect to which such vote is to be
taken.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <U>Exclusive Right to Vote on Certain Matters</U>. Notwithstanding the
foregoing, and except as otherwise required by the Declaration of Trust or
Applicable Law, (i)&nbsp;Holders of Outstanding VMTP Shares will be entitled as a Series,
to the exclusion of the holders of all other securities, including other Preferred
Shares, Common Shares and other classes of shares of beneficial interest of the
Fund, to vote on matters adversely affecting VMTP Shares that do not adversely
affect any of the rights of holders of such other securities, including other
Preferred Shares, Common Shares and other classes of shares of beneficial interest
of the Fund and (ii)&nbsp;Holders of Outstanding VMTP Shares will not be entitled to vote
on matters adversely affecting any other Preferred Shares, Common Shares and other
classes of shares of beneficial interest of the Fund that do not adversely affect
any of the rights of Holders of the VMTP Shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <U>Rights Set Forth Herein Are Sole Rights</U>. Unless otherwise required by law, the Holders
of VMTP Shares shall not have any relative rights or preferences or other special rights other than
those specifically set forth herein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <U>No Preemptive Rights or Cumulative Voting</U>. The Holders of VMTP Shares shall have no
preemptive rights or rights to cumulative voting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <U>Voting for Trustees Sole Remedy for Fund&#146;s Failure to Pay Dividends</U>. In the event that
the Fund fails to pay any dividends on the VMTP Shares, the exclusive remedy of the Holders shall
be the right to vote for trustees pursuant to the provisions of this Section&nbsp;4.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <U>Holders Entitled to Vote</U>. For purposes of determining any rights of the Holders to vote
on any matter, whether such right is created by this Statement of Preferences, by the other
provisions of the Declaration of Trust, by statute or otherwise by Applicable Law, no Holder shall
be entitled to vote any VMTP Shares and no VMTP Shares shall be deemed to be &#147;Outstanding&#148; for the
purpose of voting or determining the number of VMTP Shares required to constitute a quorum if,
prior to or concurrently with the time of determination of VMTP Shares entitled to vote or VMTP
Shares deemed Outstanding for quorum purposes, as the case may be, the requisite Notice of
Redemption with respect to such VMTP Shares shall have been provided as set forth in Section 10(c)
of this Statement of Preferences and Deposit Securities in an amount equal to the Redemption Price
for the redemption of such VMTP Shares shall have been deposited in trust with the Redemption and
Paying Agent for that purpose. VMTP Shares
held (legally or beneficially) by the Fund or any affiliate of the Fund or otherwise controlled by
the Fund shall not have any voting rights or be deemed to be Outstanding for voting or for
calculating the voting percentage required on any other matter or other purposes.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->L-25<!-- /Folio -->
</DIV>

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




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <U>Grant of Irrevocable Proxy</U>. To the fullest extent permitted by Applicable Law, each
Holder and Beneficial Owner may in its discretion grant an irrevocable proxy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">5. <B>Amendments.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Except as may be otherwise expressly provided in respect of a particular provision of this
Statement of Preferences or as otherwise required by Applicable Law, this Statement of Preferences
may be amended only upon the affirmative vote or written consent of (1)&nbsp;a majority of the Board of
Trustees and (2)&nbsp;the Holders of a majority of the Outstanding VMTP Shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Notwithstanding Section 5(a) of this Statement of Preferences, except as may be otherwise
expressly provided by Sections&nbsp;5(f), 5(g) or 5(h) of this Statement of Preferences or as otherwise
required by Applicable Law, so long as any VMTP Shares are Outstanding, (x)&nbsp;the definitions of
&#147;Eligible Assets&#148; (including Appendix&nbsp;A hereto) and &#147;Minimum Asset Coverage&#148; and (y)&nbsp;Sections&nbsp;1(b),
6(a), 6(b), 6(c), 6(d), paragraphs (A)&nbsp;through (D)&nbsp;of Section&nbsp;10(b)(ii), Section 13(h) and Section
13(i) of this Statement of Preferences may be amended only upon the affirmative vote or written
consent of (1)&nbsp;a majority of the Board of Trustees and (2)&nbsp;the Holders of 66 2/3% of the
Outstanding VMTP Shares. No amendment to paragraphs (A)&nbsp;through (D)&nbsp;of Section&nbsp;10(b)(ii) of this
Statement of Preferences shall be effective unless the Fund has received written confirmation from
each Rating Agency, as applicable, then rating the VMTP Shares at the request of the Fund, that
such amendment will not adversely affect the rating then assigned by such Rating Agency to the VMTP
Shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Notwithstanding Sections 5(a) and 5(b) of this Statement of Preferences, except as may be
otherwise expressly provided by Sections&nbsp;5(f), 5(g) or 5(h) of this Statement of Preferences or as
otherwise required by Applicable Law, the provisions of this Statement of Preferences set forth
under (x)&nbsp;the caption &#147;Designation&#148; (but only with respect to any VMTP Shares already issued and
Outstanding), (y)&nbsp;Sections&nbsp;1(a) (but only with respect to any VMTP Shares already issued and
Outstanding), 2(a), 2(b), 2(c), 2(d), 2(e)(i), 2(e)(ii), 2(k), 3(b), 8, 10(a)(i), 10(b)(i), 10(h),
11(a), 11(b) or 11(c) of this Statement of Preferences and (z)&nbsp;the definitions &#147;Additional Amount&#148;,
&#147;Applicable Base Rate&#148;, &#147;Applicable Rate&#148;, &#147;Dividend Payment Date&#148;, &#147;Dividend Period&#148;, &#147;Effective
Leverage Ratio&#148;, &#147;Failure to Deposit&#148;, &#147;Gross-up Payment&#148;, &#147;Liquidation Preference&#148;, &#147;Maximum
Rate&#148;, &#147;Outstanding&#148;, &#147;Rate Determination Date&#148;, &#147;Ratings Spread&#148;, &#147;Redemption Premium&#148;,
&#147;Redemption Price&#148;, &#147;Subsequent Rate Period&#148; or &#147;Term Redemption Date&#148; (i) (A)&nbsp;may be amended so as
to adversely affect the amount, timing, priority or taxability of any dividend, redemption or other
payment or distribution due to the Holders and (B)&nbsp;the definition of &#147;Effective Leverage Ratio&#148; or
the provisions of this Statement of Preferences specifying the calculation thereof may be amended,
in each case, only upon the affirmative vote or written consent of (1)&nbsp;a majority of the Board of
Trustees and (2)&nbsp;the Total Holders and (ii)&nbsp;except as set forth in clause (i)&nbsp;above, may otherwise
be amended upon the affirmative vote or written consent of (1)&nbsp;a majority of the Board of Trustees
and (2)&nbsp;the holders of 66 2/3% of the Outstanding VMTP Shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;If any action set forth above in Sections 5(a) to 5(c) would adversely affect the rights
of one or more Series (the &#147;<B>Affected Series</B>&#148;) of VMTP Shares in a manner different from any other
Series of VMTP Shares, except as may be otherwise expressly provided as to a particular provision
of this Statement of Preferences or as otherwise required by Applicable Law, the affirmative vote
or consent of Holders of the corresponding percentage of the Affected Series&nbsp;Outstanding (as set
forth in Section&nbsp;5(a), (b)&nbsp;or (c)), shall also be required.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Any amendment that amends a provision of this Statement of Preferences, the Declaration of
Trust or the VMTP Shares that requires the vote or consent of Holders of a percentage greater than
a Majority shall require such specified percentage to approve any such proposed amendment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;Notwithstanding paragraphs (a)&nbsp;through (e)&nbsp;above or anything expressed or implied to the
contrary in this Statement of Preferences, but subject to Applicable Law, a majority of the Board
of Trustees may, by resolution duly adopted, without shareholder approval, but with at least 20
Business Days prior written notice to the Holders, amend or supplement this Statement of
Preferences (1)&nbsp;to the extent not adverse to any Holder, to supply
any omission, or cure, correct or supplement any ambiguous, defective or inconsistent
provision hereof; provided that if Holders of at least 66 2/3% of the VMTP Shares Outstanding,
indicate in writing that they are adversely affected thereby not later than five (5)&nbsp;Business Days
prior to the effective date of any such amendment or supplement, the Fund either shall not make any
such amendment or supplement or may seek arbitration with respect
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">to such matter (at the expense of
the Fund), or (2)&nbsp;to reflect any amendments or supplements hereto which the Board of Trustees is
expressly entitled to adopt pursuant to the terms of this Statement of Preferences without
shareholder approval, including without limitation, (i)&nbsp;amendments pursuant to Section 5(g) of this
Statement of Preferences, (ii)&nbsp;amendments the Board of Trustees deem necessary to conform this
Statement of Preferences to the requirements of Applicable Law or the requirements of the Code,
(iii)&nbsp;amendments to effect or implement any plan of reorganization among the Fund and any
registered investment companies under the 1940 Act that has been approved by the requisite vote of
the Fund&#146;s shareholders or (iv)&nbsp;to designate additional Series of VMTP Shares (and terms relating
thereto) to the extent permitted by this Statement of Preferences, the VMTP Shares or the
Declaration of Trust. Any arbitration commenced pursuant to clause 1 of the immediately preceding
sentence shall be conducted in New York, New York and in accordance with the American Arbitration
Association rules.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;Notwithstanding anything expressed or implied to the contrary in this Statement of
Preferences, the Board of Trustees may, subject to this Section&nbsp;5(g), at any time, terminate the
services of a Rating Agency then providing a rating for VMTP Shares of such Series with or without
replacement, in either case, without the approval of Holders of VMTP Shares of such Series or other
shareholders of the Fund.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Notwithstanding anything herein to the contrary, the Board of Trustees, without the
approval of Holders of VMTP Shares or other shareholders of the Fund, may terminate the
services of any Rating Agency then providing a rating for a Series of VMTP Shares and
replace it with another Rating Agency, provided that the Fund provides seven (7)&nbsp;days&#146;
notice by Electronic Means to Holders of VMTP Shares of such Series prior to terminating the
services of a Rating Agency and replacing it with another Rating Agency. In the event a
Rating Agency ceases to furnish a preferred share rating or the Fund terminates a Rating
Agency with replacement in accordance with this clause (i), the Fund shall no longer be
required to comply with the Rating Agency Provisions of the Rating Agency so terminated and,
as applicable, the Fund shall be required to thereafter comply with the Rating Agency
Provisions of each Rating Agency then providing a rating for the VMTP Shares of such Series
at the request of the Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">(ii) (A)&nbsp;Notwithstanding anything herein to the contrary, the Board of Trustees,
without the approval of Holders of VMTP Shares or other shareholders of the Fund,
may terminate the services of any Rating Agency then providing a rating for a Series
of VMTP Shares without replacement, provided that (I)&nbsp;the Fund has given the
Redemption and Paying Agent, and such terminated Rating Agency and Holders of VMTP
Shares of such Series at least 45 calendar days&#146; advance written notice of such
termination of services, (II)&nbsp;the Fund is in compliance with the Rating Agency
Provisions of such terminated Rating Agency at the time the notice required in
clause (I)&nbsp;hereof is given and at the time of the termination of services, and (III)
the VMTP Shares of such Series continue to be rated by at least one NRSRO at and
after the time of the termination of services.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) On the date that the notice is given as described in the preceding clause
(A)&nbsp;and on the date that the services of the applicable Rating Agency is terminated,
the Fund shall provide the Redemption and Paying Agent and such terminated Rating
Agency with an officers&#146; certificate as to the compliance with the provisions of the
preceding clause (A), and, on such later date and thereafter, the Fund shall no
longer be required to comply with the Rating Agency Provisions of the Rating Agency
whose services were terminated.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Notwithstanding anything herein to the contrary, but subject to this Section
5(g), the Rating Agency Guidelines, as they may be amended from time to time by the
respective Rating Agency, will be reflected in a written document and may be amended by the
respective Rating Agency without the vote, consent or approval of the Fund, the Board of
Trustees or any holder of Preferred Shares, including any Series of VMTP Shares, or any
other shareholder of the Fund. The Board of Trustees, without the vote or consent of any
holder of Preferred Shares, including any Series of VMTP Shares, or any other shareholder of
the Fund, may from time to time take such actions as may be reasonably required in
connection with obtaining, maintaining or changing the rating of any Rating Agency that
is then rating the VMTP Shares at
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->L-27<!-- /Folio -->
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">the request of the Fund, and any such action will not be
deemed to affect the preferences, rights or powers of Preferred Shares, including VMTP
Shares, or the Holders thereof, provided that the Board of Trustees receives written
confirmation from such Rating Agency then rating the VMTP Shares at the request of the Fund
(with such confirmation in no event being required to be obtained from a particular Rating
Agency with respect to definitions or other provisions relevant only to and adopted in
connection with another Rating Agency&#146;s rating of any Series of VMTP Shares) that any such
action would not adversely affect the rating then assigned by such Rating Agency.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;Notwithstanding the foregoing, nothing in this Section&nbsp;5 is intended in any way to limit
the ability of the Board of Trustees to, subject to Applicable Law, amend or alter any provisions
of this Statement of Preferences at any time that there are no VMTP Shares Outstanding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6. <B>Minimum Asset Coverage and Other Financial Requirements.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Minimum Asset Coverage. The Fund shall maintain, as of the Valuation Date of each week in
which any VMTP Share is Outstanding, the Minimum Asset Coverage.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <U>Effective Leverage Ratio</U>. The Fund shall maintain an Effective Leverage Ratio of not
greater than 45% (other than solely by reason of fluctuations in the market value of its portfolio
securities). In the event that the Fund&#146;s Effective Leverage Ratio exceeds 45% (whether by reason
of fluctuations in the market value of its portfolio securities or otherwise), the Fund shall cause
the Effective Leverage Ratio to be 45% or lower within 10 Business Days (&#147;<B>Effective Leverage Ratio
Cure Period</B>&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <U>Eligible Assets</U>. The Fund shall make investments only in Eligible Assets in accordance
with the Fund&#146;s investment objectives and investment policies.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <U>Credit Quality</U>. &#091;Under normal market conditions, the Fund shall invest at least 80%
of
its total assets in Municipal Securities rated, at the time of investment, in one of the four
highest rating categories by at least one NRSRO or, if unrated, determined to be of comparable
quality by the Investment Adviser.&#093;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <U>Liens</U>. The Fund shall not create or incur or suffer to be incurred or to exist any lien
on any funds, accounts or other property held under the Declaration of Trust, except as permitted
by the Declaration of Trust or as arising by operation of law and except for (i)&nbsp;any lien of the
Custodian or any other Person with respect to the payment of fees or repayment for advances or
otherwise, (ii)&nbsp;any lien arising in connection with any overdrafts incurred by the Fund in
connection with custody accounts that it maintains, (iii)&nbsp;any lien that may be incurred in
connection with the Fund&#146;s use of tender option bonds, (iv)&nbsp;any lien arising in connection with
futures, forwards, swaps and other derivative transactions, when-issued and delayed delivery
transactions, options, caps, floors, collars, and residual floating rate obligations issued by
tender option bond trusts, including residual interest bonds or tender option bonds, (v)&nbsp;any lien
that may be incurred in connection with the Fund&#146;s proposed redemption or repurchase of all of the
Outstanding VMTP Shares (provided that the Fund delivers to the Redemption and Paying Agent
sufficient Deposit Securities for the purpose of redeeming the VMTP Shares, issues a Notice of
Redemption for the VMTP Shares and redeems such VMTP Shares in accordance with the terms of this
Statement of Preferences) as soon as practicable after the incurrence of such lien.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">7. <B>Basic Maintenance Amount.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;So long as VMTP Shares are Outstanding, the Fund shall maintain, on each Valuation Date,
and shall verify to its satisfaction that it is maintaining on such Valuation Date, (i)&nbsp;Moody&#146;s
Eligible Assets having an aggregate Discounted Value equal to or greater than the Basic Maintenance
Amount (if Moody&#146;s is then rating the VMTP Shares at the request of the Fund), (ii)&nbsp;Fitch Eligible
Assets having an aggregate Discounted Value equal to or greater than the Basic Maintenance Amount
(if Fitch is then rating the VMTP Shares at the request of the Fund), and (iii)&nbsp;Other Rating Agency
Eligible Assets having an aggregate Discounted Value equal to or greater than the Basic Maintenance
Amount (if any Other Rating Agency is then rating the VMTP Shares at the request of the Fund).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Fund shall deliver to each Rating Agency which is then rating VMTP Shares at the
request of the Fund and any other party specified in the Rating Agency Guidelines all certificates
that are set forth in the respective Rating Agency Guidelines regarding Minimum Asset Coverage, the
Basic Maintenance Amount and/or related calculations at such times and containing such information
as set forth in the respective Rating Agency
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->L-28<!-- /Folio -->
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Guidelines (each, a &#147;<B>Rating Agency Certificate</B>&#148;). A
failure by the Fund to deliver a Rating Agency Certificate with respect to the Basic Maintenance
Amount shall be deemed to be delivery of a Rating Agency Certificate indicating the Discounted
Value for all assets of the Fund is less than the Basic Maintenance Amount, as of the relevant
Valuation Date; <U>provided</U>, <U>however</U>, that the Fund shall have the ability to cure
such failure to deliver a Rating Agency Certificate within one day of receipt of notice from such
Rating Agency that the Fund failed to deliver such Rating Agency Certificate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">8. <B>Restrictions on Dividends and Other Distributions.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Dividends on Preferred Shares Other Than VMTP Shares</u>. Except as set forth in the next
sentence, no dividends shall be declared or paid or set apart for payment on the shares of any
class or series of shares of beneficial interest of the Fund ranking, as to the payment of
dividends, on a parity with VMTP Shares for any period unless full cumulative dividends have been
or contemporaneously are declared and paid on the shares of each Series of VMTP Shares through
their most recent Dividend Payment Date. When dividends are not paid in full upon the VMTP Shares
through their most recent Dividend Payment Date or upon the shares of any other class or series of
shares of beneficial interest of the Fund ranking on a parity as to the payment of dividends with
VMTP Shares through their most recent respective dividend payment dates, all dividends declared
upon VMTP Shares and any other such class or series of shares of beneficial interest of the Fund
ranking on a parity as to the payment of dividends with VMTP Shares shall be declared <I>pro rata </I>so
that the amount of dividends declared per share on VMTP Shares and such other class or series of
shares of beneficial interest of the Fund shall in all cases bear to each other the same ratio that
accumulated dividends per share on the VMTP Shares and such other class or series of beneficial
interest of the Fund bear to each other (for purposes of this sentence, the amount of dividends
declared per VMTP Share shall be based on the Applicable Rate for such VMTP Share effective during
the Dividend Periods during which dividends were not paid in full).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Dividends and Other Distributions With Respect to Common Shares Under the 1940 Act</u>. The Board
of Trustees shall not declare any dividend (except a dividend payable in Common Shares), or declare
any other distribution, upon the Common Shares, or purchase Common Shares, unless in every such
case the Preferred Shares have, at the time of any such declaration or purchase, an asset coverage
(as defined in and determined pursuant to the 1940 Act) of at least 200% (or such other asset
coverage as may in the future be specified in or under the 1940 Act as the minimum asset coverage
for senior securities which are shares or stock of a closed-end investment company as a condition
of declaring dividends on its Common Shares) after deducting the amount of such dividend,
distribution or purchase price, as the case may be.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Other Restrictions on Dividends and Other Distributions</u>. For so long as any VMTP Share is
Outstanding, and except as set forth in Section 8(a) and Section 11(c) of this Statement of
Preferences, (A)&nbsp;the Fund shall not declare, pay or set apart for payment any dividend or other
distribution (other than a dividend or distribution paid in shares of, or in options, warrants or
rights to subscribe for or purchase, Common Shares or other shares, if any, ranking junior to the
VMTP Shares as to the payment of dividends and the distribution of assets upon dissolution,
liquidation or winding up) in respect of the Common Shares or any other shares of the Fund ranking
junior to or on a parity with the VMTP Shares as to the payment of dividends or the distribution of
assets upon dissolution, liquidation or winding up, or call for redemption, redeem, purchase or
otherwise acquire for consideration any Common Shares or any other such junior shares (except by
conversion into or exchange for shares of the Fund ranking junior to the VMTP Shares as to the
payment of dividends and the distribution of assets upon dissolution, liquidation or winding up),
or any such parity shares (except by conversion into or exchange for shares of the Fund ranking
junior to or on a parity with VMTP Shares as to the payment of dividends and the distribution of
assets upon dissolution, liquidation or winding up), unless (i)&nbsp;full cumulative dividends on shares
of each Series of VMTP Shares through its most recently ended Dividend Period shall have been paid
or shall have been declared and sufficient funds for the payment thereof deposited with the
Redemption and Paying Agent and (ii)&nbsp;the Fund has redeemed the full number of VMTP Shares required
to be redeemed by any provision for mandatory redemption pertaining thereto, and (B)&nbsp;the Fund shall
not declare, pay or set apart for payment any dividend or other distribution (other than a dividend
or distribution paid in shares of, or in options, warrants or rights to subscribe for or purchase,
Common Shares or other shares, if any, ranking junior to VMTP Shares as to the payment of dividends
and the distribution of assets upon dissolution, liquidation or winding up) in respect of Common
Shares or any other shares of the Fund ranking junior to VMTP Shares as to the payment of dividends
or the distribution of assets upon dissolution, liquidation or winding up, or call for redemption,
redeem, purchase or otherwise acquire for
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->L-29<!-- /Folio -->
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">consideration any Common Shares or any other such junior
shares (except by conversion into or exchange for shares of the Fund ranking junior to VMTP Shares
as to the payment of dividends and the distribution of assets upon dissolution, liquidation or
winding up), unless immediately after such transaction the Discounted Value of Moody&#146;s Eligible
Assets (if Moody&#146;s is then rating the VMTP Shares at the request of the Fund), Fitch Eligible
Assets (if Fitch is then rating the VMTP Shares at the request of the Fund) and Other Rating Agency
Eligible Assets (if any Other Rating Agency is then rating the VMTP Shares at the request of the
Fund) would each at least equal the Basic Maintenance Amount.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Sources of Dividends. Notwithstanding anything expressed or implied herein to the contrary, the
Board of Trustees may declare and pay dividends (including any Gross-up Payments or Additional
Amounts) upon the VMTP Shares either (i)&nbsp;out of the Fund&#146;s surplus, as defined in and computed in
accordance with Sections 1(c) and 1(d) hereof; or (ii)&nbsp;in case there shall be no such surplus, out
of its net profits for the fiscal year in which the dividend is declared and/or the preceding
fiscal year. If the capital of the Fund, computed in accordance with Sections 1(c) and 1(d)
hereof, shall have been diminished by depreciation in the value of its property, or by losses, or
otherwise, to an amount less than the aggregate amount of the capital represented by issued and
outstanding shares of beneficial interest of all classes having a preference upon the distribution
of assets, the Board of Trustees shall not declare and pay out of such net profits any dividends
upon any shares of beneficial interest of any class until the deficiency in the amount of capital
represented by the issued and outstanding shares of beneficial interest of all classes having a
preference upon the distribution of assets shall have been repaired. Nothing is this Section 8(d)
shall invalidate or otherwise affect a note, debenture or other obligation of the Fund paid by it
as a dividend on its shares of beneficial interest, or any payment made thereon, if at the time
such note, debenture or obligation was delivered by the Fund, the Fund had either surplus or net
profits as provided in Sections&nbsp;8(d)(i) or (ii)&nbsp;from which the dividend could lawfully have been
paid.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">9. <B>Rating Agency Restrictions. </B>For so long as any VMTP Shares are Outstanding and any Rating Agency
is then rating the VMTP Shares at the request of the Fund, the Fund will not engage in certain
proscribed transactions set forth in the Rating Agency Guidelines, unless it has received written
confirmation from each such Rating Agency that proscribes the applicable transaction in its Rating
Agency Guidelines that any such action would not impair the rating then assigned by such Rating
Agency to a Series of VMTP Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">10. <B>Redemption.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <U>Optional Redemption</U>.
</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the provisions of Section&nbsp;10(a)(iii), (x)&nbsp;VMTP Shares of any Series
may be redeemed, at the option of the Fund, at any time, as a whole or from time to
time in part, out of funds legally available therefor under Applicable Law and
otherwise in accordance with Applicable Law, at the Redemption Price or (y)&nbsp;if (i)&nbsp;the
Board of Trustees determines it is necessary to modify this Statement of Preferences as
a result of changes in the Rating Agency Guidelines to prevent any downgrade of the
VMTP Shares by a Rating Agency then rating the VMTP Shares at the request of the Fund
and the Fund certifies in writing to the Holders that such circumstance exists, (ii)
the Holders have not approved such proposed modifications in accordance with Section&nbsp;5
of this Statement of Preferences and (iii)&nbsp;at least one year has elapsed since the
Closing Date, then the Fund shall have the right to send a Notice of Redemption and set
a Redemption Date for a redemption of all or a portion of the Outstanding VMTP Shares
within 30&nbsp;days after the occurrence of the non-approval under clause (ii)&nbsp;and upon such
occurrence, the Fund shall be entitled to redeem the VMTP Shares, out of funds legally
available therefor under Applicable Law and otherwise in accordance with Applicable Law
at the Redemption Price exclusive of the Redemption Premium; provided, however, that
(A)&nbsp;VMTP Shares may not be redeemed in part if after such partial redemption fewer than
50 VMTP Shares of such Series would remain Outstanding; and (B)&nbsp;VMTP Shares are not
redeemable by the Fund during the Initial Rate Period.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If fewer than all of the Outstanding VMTP Shares of a Series are to be redeemed
pursuant to Section&nbsp;10(a)(i), the number of VMTP Shares of such Series to be redeemed
shall be selected either <I>pro rata </I>from the Holders of VMTP Shares of such Series in
proportion to the number of VMTP Shares of such Series held by such Holders or by lot
or other fair method as determined by </TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->L-30<!-- /Folio -->
</DIV>

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


<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: #textcolor#; background: #bgcolor#">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>the Fund&#146;s Board of Trustees, in accordance with
the rules and regulations of the Securities Depository, if applicable, and Applicable
Law. The Fund&#146;s Board of Trustees will have the full power and authority to prescribe
the terms and conditions upon which VMTP Shares will be redeemed from time to time.</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">(iii)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>The Fund may not on any date send a Notice of Redemption pursuant to Section
10(c) in respect of a redemption contemplated to be effected pursuant to this Section
10(a) unless on such date (A)&nbsp;to the extent such redemption is not an Excluded
Redemption, the Fund has available Deposit Securities with maturity or tender dates not
later than the day preceding the applicable Redemption Date and having a Market Value
not less than the amount (including any applicable Redemption Premium) due to Holders
of VMTP Shares by reason of the redemption of such VMTP Shares on such Redemption Date
and (B)&nbsp;the Discounted Value of Moody&#146;s Eligible Assets (if Moody&#146;s is then rating the
VMTP Shares at the request of the Fund), the Discounted Value of Fitch Eligible Assets
(if Fitch is then rating the VMTP Shares at the request of the Fund) and the Discounted
Value of Other Rating Agency Eligible Assets (if any Other Rating Agency is then rating
the VMTP Shares at the request of the Fund) would at least equal the Basic Maintenance
Amount immediately subsequent to such redemption if such redemption were to occur on
such date. For purposes of determining in clause (B)&nbsp;of the preceding sentence whether
the Discounted Value of Moody&#146;s Eligible Assets at least equals the Basic Maintenance
Amount, the Moody&#146;s Discount Factors applicable to Moody&#146;s Eligible Assets shall be
determined by reference to the first Exposure Period longer than the Exposure Period
then applicable to the Fund, as described in the definition of Moody&#146;s Discount Factor
herein.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left:4%">(b)&nbsp;<u>Term/Mandatory Redemption</u>.
</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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" align="left">(i)&nbsp;</TD>
    <TD nowrap width="3%">(A)&nbsp;</TD>
    <TD> <I>Term Redemption</I>. The Fund shall redeem, out of funds legally available
therefor and otherwise in accordance with Applicable Law, all Outstanding VMTP Shares
on the Term Redemption Date at the Redemption Price; <U>provided</U>, <U>however</U>,
the Fund shall have the right, exercisable not more than 180&nbsp;days nor less than 90&nbsp;days
prior to the Liquidity Account Initial Date, to request that the Total Holders extend
the term of the Term Redemption Date for an additional 364&nbsp;day period, which request
may conditioned upon terms and conditions that are different from the terms and
conditions herein. Each Holder shall, no later than 30&nbsp;days after receiving such
request, notify the Fund and the Redemption and Paying Agent of its acceptance or
rejection of such request, which acceptance by any such Holder may be a Conditional
Acceptance conditioned upon terms and conditions which are different from the terms and
conditions herein or the terms and conditions proposed by the Fund in making an
extension request. If any Holder fails to notify the Fund and the Redemption and
Paying Agent of their acceptance or rejection of the Fund&#146;s request for extension
within such 30-day period, such failure to respond shall constitute a rejection of such
request. If the Total Holders provide a Conditional Acceptance, then the Fund shall
have 30&nbsp;days thereafter to notify the Total Holders and the Redemption and Paying Agent
of its acceptance or rejection of the terms and conditions specified in the Total
Holders&#146; Conditional Acceptance. The Fund&#146;s failure to notify the Total Holders and
the Redemption and Paying Agent within the 30-day period will be deemed a rejection of
the terms and conditions specified in the Total Holders&#146; Conditional Acceptance. Each
Holder may grant or deny any request for extension of the Term Redemption Date in its
sole and absolute discretion.</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="3%">(B)&nbsp;</TD>
    <TD> <I>Basic Maintenance Amount, Minimum Asset Coverage and Effective
Leverage Ratio Mandatory Redemption. </I>The Fund also shall redeem, out of funds
legally available therefor under Applicable Law and otherwise in accordance
with Applicable Law, at the Redemption Price, certain of the VMTP Shares, if
the Fund fails to have either Moody&#146;s
Eligible Assets (if Moody&#146;s is then rating the VMTP Shares at the request of
the Fund) with a Discounted Value, Fitch Eligible Assets (if Fitch is then
rating the VMTP Shares at the request of the Fund) with a Discounted Value,
or Other Rating Agency Eligible Assets (if any Other Rating Agency is then
rating the VMTP Shares at the request of the </TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->L-31<!-- /Folio -->
</DIV>

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


<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: #textcolor#; background: #bgcolor#">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD nowrap width="3%">&nbsp;&nbsp;&nbsp;</TD>
    <TD>Fund) with a Discounted Value
greater than or equal to the Basic Maintenance Amount, fails to maintain the
Minimum Asset Coverage in accordance with this Statement of Preferences or
fails to maintain the Effective Leverage Ratio in accordance with Section
6(b) of this Statement of Preferences, and such failure is not cured on or
before the applicable Cure Date. If a redemption pursuant to this Section
10(b)(i)(B) is to occur, the Fund shall cause a Notice of Redemption to be
sent to Holders in accordance with Section 10(c) and cause to be deposited
Deposit Securities or other sufficient funds, out of funds legally available
therefor under Applicable Law and otherwise in accordance with Applicable
Law, in trust with the Redemption and Paying Agent or other applicable
paying agent, in each case in accordance with the terms of the VMTP Shares
to be redeemed. The number of VMTP Shares to be redeemed shall be equal to
the lesser of (A)&nbsp;the sum of (x)&nbsp;the minimum number of VMTP Shares, together
with all other Preferred Shares subject to redemption, the redemption of
which, if deemed to have occurred immediately prior to the opening of
business on the applicable Cure Date, would result in the Fund&#146;s having each
of Moody&#146;s Eligible Assets (if Moody&#146;s is then rating the VMTP Shares at the
request of the Fund) with a Discounted Value, Fitch Eligible Assets (if
Fitch is then rating the VMTP Shares at the request of the Fund) with a
Discounted Value and Other Rating Agency Eligible Assets (if any Other
Rating Agency is then rating the VMTP Shares at the request of the Fund)
with a Discounted Value greater than or equal to the Basic Maintenance
Amount, maintaining the Minimum Asset Coverage or satisfying the Effective
Leverage Ratio, as the case may be, as of the applicable Cure Date and (y)
the number of additional VMTP Shares of the Fund may elect to simultaneously
redeem (<U>provided</U>, <U>however</U>, that if there is no such minimum
number of VMTP Shares and other Preferred Shares the redemption of which
would have such result, all Preferred Shares then outstanding shall be
redeemed), and (B)&nbsp;the maximum number of VMTP Shares, together with all
other Preferred Shares subject to redemption, that can be redeemed out of
funds legally available therefor under Applicable Law and otherwise in
accordance with the Declaration of Trust and Applicable Law. In determining
the VMTP Shares required to be redeemed in accordance with the foregoing,
the Fund shall allocate the number required to be redeemed to satisfy the
Basic Maintenance Amount, the Minimum Asset Coverage or the Effective
Leverage Ratio, as the case may be, <I>pro rata</I>, by lot or other fair method as
determined by the Fund&#146;s Board of Trustees, in accordance with the rules and
regulations of the Securities Depository, if applicable, and Applicable Law,
among VMTP Shares and other Preferred Shares (and, then, <I>pro rata</I>, by lot or
other fair method as determined by the Fund&#146;s Board of Trustees, in
accordance with the rules and regulations of the Securities Depository, if
applicable, and Applicable Law, among each Series of VMTP Shares) subject to
redemption. The Fund shall effect such redemption on the date fixed by the
Fund therefor, which date shall not be earlier than 10 Business Days nor
later than 60&nbsp;days after the applicable Cure Date, except that if the Fund
does not have funds legally available under Applicable Law for the
redemption of all of the required number of VMTP Shares and other Preferred
Shares which are subject to redemption or the Fund otherwise is unable as a
result of Applicable Law to effect such redemption on or prior to 60&nbsp;days
after the applicable Cure Date, the Fund shall redeem those VMTP Shares and
other Preferred Shares which it was unable to redeem on the earliest
practicable date on which it is able to effect such redemption. If fewer
than all of the Outstanding VMTP Shares are to be redeemed pursuant to this
Section&nbsp;10(b), the number of VMTP Shares to be redeemed shall be redeemed
<I>pro rata</I>, by lot or other fair method as determined by the Fund&#146;s Board of
Trustees, in accordance with the rules and regulations of the Securities
Depository, if applicable, and Applicable Law, from the Holders of the VMTP
Shares in proportion to the number of VMTP Shares held by such Holders.</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: #textcolor#; background: #bgcolor#">
   <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)&nbsp;</TD>
    <TD width="3%">(A)&nbsp;</TD>
    <TD>On or prior to the Liquidity Account Initial Date with respect to any
Series of VMTP Shares, the Fund shall cause the Custodian to segregate, by means of
appropriate identification on its books and records or otherwise in accordance with the
Custodian&#146;s normal procedures, from the other assets of the Fund (a &#147;<B>Liquidity
Account</B>&#148;) Liquidity</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->L-32<!-- /Folio -->
</DIV>

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


<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: #textcolor#; background: #bgcolor#">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>Account Investments with a Market Value equal to at least 110% of
the Term Redemption Amount with respect to such Series. The &#147;<B>Term Redemption Amount</B>&#148;
for any Series of VMTP Shares shall be equal to the Redemption Price to be paid on the
Term Redemption Date for such Series, based on the number of shares of such Series then
Outstanding, assuming for this purpose that the Applicable Rate for such Series in
effect at the time of the creation of the Liquidity Account for such Series will be the
6-month LIBOR Rate as in effect at such time of creation until the Term Redemption Date
for such Series. If, on any date after the Liquidity Account Initial Date, the
aggregate Market Value of the Liquidity Account Investments included in the Liquidity
Account for a Series of VMTP Shares as of the close of business on any Business Day is
less than 110% of the Term Redemption Amount with respect to such Series, then the Fund
shall cause the Custodian and the Investment Adviser to segregate additional or
substitute assets of the Fund as Liquidity Account Investments, so that the aggregate
Market Value of the Liquidity Account Investments included in the Liquidity Account for
such Series is at least equal to 110% of the Term Redemption Amount with respect to
such Series not later than the close of business on the next succeeding Business Day.
With respect to assets of the Fund segregated as Liquidity Account Investments, the
Investment Adviser, on behalf of the Fund, shall be entitled to instruct the Custodian
on any date to release any Liquidity Account Investments from such segregation and to
substitute therefor other Liquidity Account Investments, so long as (x)&nbsp;the assets of
the Fund segregated as Liquidity Account Investments at the close of business on such
date have a Market Value equal to at least 110% of the Term Redemption Amount with
respect to such Series and (y)&nbsp;the assets of the Fund designated and segregated as
Deposit Securities at the close of business on such date have a Market Value equal to
at least the Liquidity Requirement (if any) determined in accordance with paragraph (B)
below with respect to such Series for such date. The Fund shall cause the Custodian
not to permit any lien, security interest or encumbrance to be created or permitted to
exist on or in respect of any Liquidity Account Investments included in the Liquidity
Account for any Series of VMTP Shares, other than liens, security interests or
encumbrances arising by operation of law and any lien of the Custodian with respect to
the payment of its fees or repayment for its advances. Notwithstanding anything
expressed or implied herein to the contrary, the assets of the Liquidity Account shall
continue to be assets of the Fund subject to the interests of all creditors and
shareholders of the Fund.</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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="3%">(B)&nbsp;</TD>
    <TD>The Market Value of the Deposit Securities held in the
Liquidity Account for a Series of VMTP Shares, from and after the
15<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day of the calendar month (or if such day is not a Business
Day, the next succeeding Business Day) that is the number of months preceding
the month of the Term Redemption Date for such Series specified in the table
set forth below, shall not be less than the percentage of the Term Redemption
Amount for such Series set forth below opposite such number of months (the
&#147;<B>Liquidity Requirement</B>&#148;), but in all cases subject to the cure provisions of
paragraph (C)&nbsp;below:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="37%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="37%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center">Number of Months</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Value of Deposit Securities</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Preceding</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">as Percentage of Term Redemption Amount</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">20</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">40</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">60</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">80</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">100</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<!-- End Table Body -->
</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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="3%">(C)&nbsp;</TD>
    <TD>If the aggregate Market Value of the Deposit Securities
included in the Liquidity Account for a Series of VMTP Shares as of the close
of business on any Business Day is less than the Liquidity Requirement in
respect of such Series for such Business Day, then the Fund</TD>
</TR>

</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->L-33<!-- /Folio -->
</DIV>



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


<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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>shall cause the segregation of additional or substitute Deposit
Securities in respect of the Liquidity Account for such Series, so that the
aggregate Market Value of the Deposit Securities included in the Liquidity
Account for such Series is at least equal to the Liquidity Requirement for
such Series not later than the close of business on the next succeeding
Business Day. With respect to Deposit Securities included in the Liquidity
Account, the Investment Adviser, on behalf of the Fund, shall be entitled to
instruct the Custodian on any date to release any Deposit Securities from
the Liquidity Account and to substitute therefor other Deposit Securities,
so long as the aggregate Market Value of the Deposit Securities included in
the Liquidity Account for such Series is at least equal to the Liquidity
Requirement for such Series not later than the close of business on the next
succeeding Business Day.</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="3%">(D)&nbsp;</TD>
    <TD>The Deposit Securities included in the Liquidity Account for a
Series of VMTP Shares may be liquidated by the Fund, in its discretion, and the
proceeds applied towards payment of the Term Redemption Amount for such Series.
Upon the deposit by the Fund on the Term Redemption Date with the Redemption
and Paying Agent of the proceeds from the liquidation of the Deposit Securities
having an initial combined Market Value sufficient to effect the redemption of
the VMTP Shares of a Series on the Term Redemption Date for such Series, the
requirement of the Fund to maintain a Liquidity Account for such Series as
contemplated by this Section&nbsp;10(b)(ii) shall lapse and be of no further force
and effect.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<U>Notice of Redemption</U>. If the Fund shall determine or be required to redeem, in whole
or in part, VMTP Shares pursuant to Section 10(a) or Section&nbsp;10(b)(i), the Fund will send a notice
of redemption (the &#147;<B>Notice of Redemption</B>&#148;), by Electronic Means (or by first class mail, postage
prepaid, in the case where the VMTP Shares are in physical form) to Holders thereof, or request the
Redemption and Paying Agent, on behalf of the Fund to promptly do so by Electronic Means (or by
first class mail, postage prepaid, in the case where the VMTP Shares are in physical form) so long
as the Notice of Redemption is furnished by the Fund to the Redemption and Paying Agent in
electronic format at least five (5)&nbsp;Business Days prior to the date a Notice of Redemption is
required to be delivered to the Holders, unless a shorter period of time shall be acceptable to the
Redemption and Paying Agent. A Notice of Redemption shall be sent to Holders not less than ten (10)
days prior to the date fixed for redemption in such Notice of Redemption (the &#147;<B>Redemption Date</B>&#148;),
subject to the rules and regulations of the Securities Depository, if applicable. Each such Notice
of Redemption shall state: (i)&nbsp;the Redemption Date; (ii)&nbsp;the number of VMTP Shares to be redeemed
and the Series thereof; (iii)&nbsp;the CUSIP number for VMTP Shares of such Series; (iv)&nbsp;the Redemption
Price; (v)&nbsp;the place or places where the certificate(s), if any, for such shares (properly endorsed
or assigned for transfer, if the Board of Trustees requires and the Notice of Redemption states)
are to be surrendered for payment of the Redemption Price; (vi)&nbsp;that dividends on the VMTP Shares
to be redeemed will cease to accumulate from and after such Redemption Date; and (vii)&nbsp;the
provisions of this Statement of Preferences under which such redemption is made. If fewer than all
VMTP Shares held by any Holder are to be redeemed, the Notice of Redemption delivered to such
Holder shall also specify the number of VMTP Shares to be redeemed from such Holder. The Fund may
provide in any Notice of Redemption relating to (i)&nbsp;an optional redemption contemplated to be
effected pursuant to Section 10(a) of this Statement of Preferences or (ii)&nbsp;any redemption of VMTP
Shares not required to be redeemed pursuant to Section&nbsp;10(b)(i) of this Statement of Preferences in
accordance with the terms stated herein that such redemption is subject to one or more conditions
precedent not otherwise expressly stated herein and that the Fund shall not be required to effect
such redemption unless each such condition has been satisfied at the time or times and in the
manner specified in such Notice of Redemption. No defect in the Notice of Redemption or delivery
thereof shall affect the validity of redemption proceedings, except as required by Applicable Law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;<U>No Redemption Under Certain Circumstances</U>. Notwithstanding the provisions of Sections
10(a) or 10(b), if any dividends on VMTP Shares of a Series (whether or not earned or declared) are
in arrears, no VMTP Shares of such Series shall be redeemed unless all Outstanding VMTP Shares of
such Series are simultaneously redeemed, and the Fund shall not otherwise purchase or acquire any
VMTP Shares of such Series; <U>provided</U>, <U>however</U>, that the foregoing shall not prevent
the purchase or acquisition of Outstanding VMTP Shares of such Series pursuant to the successful
completion of an otherwise lawful purchase or exchange offer made on the same terms to Holders of
all Outstanding VMTP Shares of such Series.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->L-34<!-- /Folio -->
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;<U>Absence of Funds Available for Redemption</U>. To the extent that any redemption for which
Notice of Redemption has been provided is not made by reason of the absence of legally available
funds therefor in accordance with the Declaration of Trust and Applicable Law, such redemption
shall be made as soon as practicable to the extent such funds become available. Failure to redeem
VMTP Shares shall be deemed to exist at any time after the date specified for redemption in a
Notice of Redemption when the Fund shall have failed, for any reason whatsoever, to deposit in
trust with the Redemption and Paying Agent the Redemption Price with respect to any shares for
which such Notice of Redemption has been sent; <U>provided</U>, <U>however</U>, that the
foregoing shall not apply in the case of the Fund&#146;s failure to deposit in trust with the Redemption
and Paying Agent the Redemption Price with respect to any shares where (1)&nbsp;the Notice of Redemption
relating to such redemption provided that such redemption was subject to one or more conditions
precedent and (2)&nbsp;any such condition precedent shall not have been satisfied at the time or times
and in the manner specified in such Notice of Redemption. Notwithstanding the fact that the Fund
may not have redeemed VMTP Shares for which a Notice of Redemption has been provided, dividends may
be declared and paid on VMTP Shares and shall include those VMTP Shares for which a Notice of
Redemption has been provided.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;<U>Redemption and Paying Agent to Hold Redemption Payments by Fund in Trust</U>. All moneys
paid to the Redemption and Paying Agent for payment of the Redemption Price of VMTP Shares called
for redemption shall be held in trust by the Redemption and Paying Agent for the benefit of Holders
of shares so to be redeemed. The Fund&#146;s obligation to pay the Redemption Price of VMTP Shares
called for redemption in accordance with this Statement of Preferences shall be satisfied upon
payment of such Redemption Price by the Redemption and Paying Agent to the Securities Depository on
the relevant Redemption Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;<U>Shares for Which Deposit Securities Have Been Deposited and Notice of Redemption Has Been
Given Are No Longer Outstanding</U>. Provided a Notice of Redemption has been provided pursuant to
Section&nbsp;10(c), the Fund shall irrevocably (except to the extent set forth below in this Section
10(g)) deposit with the Redemption and Paying Agent, no later than 12:00 noon, New York City time,
on a Business Day not less than ten (10)&nbsp;Business Days preceding the Redemption Date specified in
such notice, Deposit Securities in an aggregate amount equal to the Redemption Price to be paid on
the Redemption Date in respect of any VMTP Shares that are subject to such Notice of Redemption.
Provided a Notice of Redemption has been provided pursuant to Section&nbsp;10(c), upon the deposit with
the Redemption and Paying Agent of Deposit Securities in an amount sufficient to redeem the VMTP
Shares that are the subject of such notice, dividends on such VMTP Shares shall cease to accumulate
as of the Redemption Date and such VMTP Shares shall no longer be deemed to be Outstanding for any
purpose, and all rights of the Holders of the VMTP Shares so called for redemption shall cease and
terminate, except the right of such Holders to receive the Redemption Price, but without any
interest or other additional amount, except as provided in Section&nbsp;2(e)(i) and in Section&nbsp;3 of this
Statement of Preferences. Upon surrender in accordance with the Notice of Redemption of the
certificates for any VMTP Shares so redeemed (properly endorsed or assigned for transfer, if the
Board of Trustees shall so require and the Notice of Redemption shall so state), the Redemption
Price shall be paid by the Redemption and Paying Agent to the Holders of VMTP Shares subject to
redemption. In the case that fewer than all of the shares represented by any such certificate are
redeemed, a new certificate shall be issued, representing the unredeemed shares, without cost to
the Holder thereof. The Fund shall be entitled to receive from the Redemption and Paying Agent,
promptly after the date fixed for redemption, any cash or other Deposit Securities deposited with
the Redemption and Paying Agent in excess of (i)&nbsp;the aggregate Redemption Price of the VMTP Shares
called for redemption on such date and (ii)&nbsp;all other amounts to which Holders of VMTP Shares
called for redemption may be entitled pursuant to this Statement of Preferences. Any funds so
deposited that are unclaimed at the end of 90&nbsp;days from such Redemption Date shall, to the extent
permitted by law, be repaid to the Fund, after which time the Holders of VMTP Shares so called for
redemption may look only to the Fund for payment of the Redemption Price and all other amounts to
which they may be entitled pursuant to this Statement of Preferences. The Fund shall be entitled
to receive, from time to time after the date fixed for redemption, any interest on the funds so
deposited.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;<U>Compliance with Applicable Law</U>. In effecting any redemption pursuant to this Section
10, the Fund shall use its best efforts to comply with all applicable conditions precedent to
effecting such redemption under any Applicable Law, and shall effect no redemption except in
accordance with Applicable Law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;<U>Only Whole VMTP Shares May Be Redeemed</U>. In the case of any redemption pursuant to this
Section&nbsp;10, only whole VMTP Shares shall be redeemed.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->L-35<!-- /Folio -->
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;<U>Modification of Redemption Procedures</U>. Notwithstanding the foregoing provisions of
this Section&nbsp;10 and Section&nbsp;5 hereof, the Fund may, in its sole discretion, modify the
administrative procedures set forth above with respect to notification of redemption for the VMTP
Shares, provided that such modification does not materially and adversely affect the Holders of the
VMTP Shares or cause the Fund to violate any law, rule or regulation, or shall in any way alter the
obligations of the Redemption and Paying Agent without the Redemption and Paying Agent&#146;s prior
written consent. Furthermore, if in the sole discretion of the Board of Trustees, after
consultation with counsel, modification of the foregoing redemption provisions (x)&nbsp;are permissible
under the rules and regulations or interpretations of the SEC and under other Applicable Law and
(y)&nbsp;would not cause a material risk as to the treatment of the VMTP Shares as equity for U.S.
federal income tax purposes, the Board of Trustees, without shareholder approval, by resolution may
modify such redemption procedures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;<U>Capital Limitations on Purchases and Redemptions</U>. Notwithstanding anything expressed
or implied to the contrary herein, for so long as any VMTP Shares are outstanding, the Fund shall
not purchase or redeem its own shares of beneficial interest, including without limitation the VMTP
Shares, for cash or other property when its capital is impaired or when such purchase or redemption
would cause any impairment of its capital, except that it may purchase or redeem out of capital any
of its own shares of beneficial interest, including without limitation the VMTP Shares, which are
entitled upon any distribution of its assets, whether by dividend or in liquidation, to a
preference over another class or series of its shares of beneficial interest, or, if no shares
entitled to such a preference are outstanding, any of its own shares of beneficial interest, if
such shares will be retired upon their acquisition and the capital of the Fund reduced in
accordance with Section 1(d) hereof. Nothing in this Section 10(k) shall invalidate or otherwise
affect a note, debenture or other obligation of the Fund given by it as consideration for its
acquisition by purchase, redemption or exchange of its shares of beneficial interest if at the time
such note, debenture or obligation was delivered by the Fund its capital was not then impaired or
did not thereby become impaired. The Fund shall not redeem any of its shares of beneficial
interest, unless their redemption is authorized by the Board of Trustees, and then only in
accordance with the Declaration of Trust.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">11. <B>Liquidation Rights.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<U>Ranking</U>. The VMTP Shares shall rank on a parity with each other, with shares of any
other Series of VMTP Shares and with shares of any other series of Preferred Shares as to the
distribution of assets upon dissolution, liquidation or winding up of the affairs of the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<U>Distributions Upon Liquidation</U>. Upon the dissolution, liquidation or winding up of the
affairs of the Fund, whether voluntary or involuntary, the Holders of VMTP Shares then Outstanding
shall be entitled to receive and to be paid out of the assets of the Fund legally available for
distribution to its shareholders under the Declaration of Trust and Applicable Law and otherwise in
accordance with the Declaration of Trust and Applicable Law, before any payment or distribution
shall be made on the Common Shares or on any other class of shares of the Fund ranking junior to
the VMTP Shares upon dissolution, liquidation or winding up, an amount equal to the Liquidation
Preference with respect to such shares <I>plus </I>an amount equal to all dividends thereon (whether or
not declared) accumulated but unpaid to (but not including) the date of final distribution in same
day funds, together with any payments required to be made pursuant to Section&nbsp;3 of this Statement
of Preferences in connection with the liquidation of the Fund. After the payment to the Holders of
the VMTP Shares of the full preferential amounts provided for in this Section&nbsp;11(b), the Holders of
VMTP Shares as such shall have no right or claim to any of the remaining assets of the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<U>Pro Rata Distributions</U>. In the event the assets of the Fund available for distribution
to the Holders of VMTP Shares upon any dissolution, liquidation or winding up of the affairs of the
Fund, whether voluntary or involuntary, shall be insufficient to pay in full all amounts to which
such Holders are entitled pursuant to Section&nbsp;11(b), no such distribution shall be made on account
of any shares of any other class or series of Preferred Shares ranking on a parity with the VMTP
Shares with respect to the distribution of assets upon such dissolution, liquidation or winding up
unless proportionate distributive amounts shall be paid on account of the VMTP Shares, ratably, in
proportion to the full distributable amounts for which holders of all such parity shares are
respectively entitled upon such dissolution, liquidation or winding up.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;<U>Rights of Junior Shares</U>. Subject to the rights of the holders of shares of any series
or class or classes of shares ranking on a parity with the VMTP Shares with respect to the
distribution of assets upon
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->L-36<!-- /Folio -->
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">dissolution, liquidation or winding up of the affairs of the Fund, after payment shall have been made in full to
the Holders of the VMTP Shares as provided in Section&nbsp;11(b), but not prior thereto, any other
series or class or classes of shares ranking junior to the VMTP Shares with respect to the
distribution of assets upon dissolution, liquidation or winding up of the affairs of the Fund
shall, subject to the respective terms and provisions (if any) applying thereto, be entitled to
receive any and all assets remaining to be paid or distributed, and the Holders of the VMTP Shares
shall not be entitled to share therein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;<U>Certain Events Not Constituting Liquidation</U>. Neither the sale of all or substantially
all the property or business of the Fund, nor the merger, consolidation or reorganization of the
Fund into or with any business or statutory trust, corporation or other entity nor the merger,
consolidation or reorganization of any business or statutory trust, corporation or other entity
into or with the Fund shall be a dissolution, liquidation or winding up, whether voluntary or
involuntary, for the purposes of this Section&nbsp;11.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">12. <B>Transfers.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Unless otherwise approved in writing by the Fund, a Beneficial Owner or Holder may sell,
transfer or otherwise dispose of VMTP Shares only in whole shares and only to persons it reasonably
believes are either (i)&nbsp;QIBs that are registered closed-end management investment companies the
shares of which are traded on a national securities exchange (&#147;<B>Closed-End Funds</B>&#148;), banks (and their
direct or indirect wholly-owned subsidiaries), insurance companies, Broker-Dealers, Foreign
Entities (and their direct or indirect wholly-owned subsidiaries), companies that are included in
the S&#038;P 500 Index (and their direct or indirect wholly-owned subsidiaries) or registered open-end
management investment companies or (ii)&nbsp;tender option bond trusts in which all Beneficial Owners
are QIBs that are Closed-End Funds, banks (and their direct or indirect wholly-owned subsidiaries),
insurance companies, Broker-Dealers, Foreign Entities (and their direct or indirect wholly-owned
subsidiaries), companies that are included in the S&#038;P 500 Index (and their direct or indirect
wholly-owned subsidiaries) or registered open-end management investment companies, in each case,
pursuant to Rule&nbsp;144A of the Securities Act or another available exemption from registration under
the Securities Act, in a manner not involving any public offering within the meaning of Section
4(2) of the Securities Act. Any transfer in violation of the foregoing restrictions shall be void
ab initio and any transferee of VMTP Shares transferred in violation of the foregoing restrictions
shall be deemed to agree to hold all payments it received on any such improperly transferred VMTP
Shares in trust for the benefit of the transferor of such VMTP Shares. The foregoing restrictions
on transfer shall not apply to any VMTP Shares registered under the Securities Act pursuant to the
Registration Rights Agreement or any subsequent transfer of such VMTP Shares thereafter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;If at any time the Fund is not furnishing information to the SEC pursuant to Section&nbsp;13 or
15(d) of the Exchange Act, in order to preserve the exemption for resales and transfers under Rule
144A of the Securities Act, the Fund shall furnish, or cause to be furnished, to Holders of VMTP
Shares and prospective purchasers of VMTP Shares, upon request, information with respect to the
Fund satisfying the requirements of subsection (d)(4) of Rule&nbsp;144A of the Securities Act.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">13. <B>Miscellaneous</B>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <U>No Fractional Shares</U>. No fractional VMTP Shares shall be issued.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<U>Status of VMTP Shares Redeemed, Exchanged or Otherwise Acquired by the Fund</U>. VMTP
Shares which are redeemed, exchanged or otherwise acquired by the Fund shall return to the status
of authorized and unissued Preferred Shares without designation as to series. Any VMTP Shares
which are provisionally delivered by the Fund to or for the account of an agent of the Fund or to
or for the account of a purchaser of the VMTP Shares, but for which final payment is not received
by the Fund as agreed, shall return to the status of authorized and unissued VMTP Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<U>Treatment of VMTP Shares as Equity</U>. The Fund shall, and each Holder and Beneficial
Owner, by virtue of acquiring VMTP Shares, is deemed to have agreed to, treat the VMTP Shares as
equity in the Fund for U.S. federal, state, local income and other tax purposes.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->L-37<!-- /Folio -->
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;<U>Board May Resolve Ambiguities</U>. Subject to Section&nbsp;5 of this Statement of Preferences
and to the extent permitted by Applicable Law, the Board of Trustees may interpret and give effect
to the provisions of this Statement of Preferences in good faith so as to resolve any inconsistency
or ambiguity or to remedy any formal defect. Notwithstanding anything expressed or implied to the
contrary in this Statement of Preferences, but subject to Section&nbsp;5, the Board of Trustees may
amend this Statement of Preferences with respect to any Series of VMTP Shares prior to the issuance
of VMTP Shares of such Series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;<U>Headings Not Determinative</U>. The headings contained in this Statement of Preferences
are for convenience of reference only and shall not affect the meaning or interpretation of this
Statement of Preferences.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;<U>Notices</U>. All notices or communications, unless otherwise specified in the By-laws of
the Fund or this Statement of Preferences, shall be sufficiently given if in writing and delivered
in person, by Electronic Means or mailed by first-class mail, postage prepaid.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;<U>Redemption and Paying Agent</U>. The Fund shall use its commercially reasonable efforts to
engage at all times a Redemption and Paying Agent to perform the duties specified in this Statement
of Preferences; provided that the Redemption and Paying Agent Agreement shall not allow the
Redemption and Paying Agent&#146;s termination or resignation to become effective unless and until such
time as a successor has been appointed and assumed the role of Redemption and Paying Agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;<U>Securities Depository</U>. The Fund shall maintain settlement of VMTP Shares in
global book entry form through the Securities Depository.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;<U>Voluntary Bankruptcy</U>. The Fund shall not file a voluntary application for
relief under federal bankruptcy law or any similar application under state law for so long as the
Fund is solvent and does not reasonably foresee becoming insolvent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;<U>Applicable Law Restrictions and Requirements</U>. Notwithstanding anything
expressed or implied to the contrary in this Statement of Preferences, all dividends, redemptions
and other payments by the Fund on or in respect of the VMTP Shares shall be paid only out of funds
legally available therefor under Applicable Law and otherwise in accordance with Applicable Law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;<U>Information to Holders</U>. Without limitation of other provisions of this
Statement of Preferences, the Fund shall deliver, or cause to be delivered by the Redemption and
Paying Agent at the expense of the Fund, to each Holder:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as promptly as practicable after the preparation and filing thereof with the
Securities and Exchange Commission, each annual and semi-annual report prepared with respect
to the Fund, which delivery may be made by means of the electronic availability of any such
document on a public website;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) notice of any change (including being put on Credit Watch or Watchlist),
suspension or termination in or of the ratings on the VMTP Shares by any NRSRO then rating
the VMTP Shares at the request of the Fund as promptly as practicable upon the occurrence
thereof, to the extent such information is publicly available;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) notice of any failure to pay in full when due any dividend required to be paid by
Section&nbsp;2 of this Statement of Preferences that remains uncured for more than three Business
Days as soon as reasonably practicable, but in no event later than one Business Day after
expiration of the grace period;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) notice of insufficient deposit to provide for a properly noticed redemption or
liquidation as soon as reasonably practicable, but in no event, later than two Business Days
after discovery of insufficient deposits, to the extent such information is publicly
available;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) notice of any failure to comply with (A)&nbsp;a provision of the Rating Agency
Guidelines when failure continues for more than five consecutive Business Days or (B)&nbsp;the
Minimum Asset Coverage
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->L-38
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</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">that continues for more than five consecutive Business Days as soon as reasonably
practicable after discovery of such failure, but in no event, later than one Business Day
after the later of (x)&nbsp;the expiration of the grace period or (y)&nbsp;the earlier of (1)&nbsp;the
discovery of such failure and (2)&nbsp;information confirming such failure becomes publicly
available;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) notice of any change to any investment adviser or sub-adviser of the Fund within
two Business Days after a resignation or a notice of removal has been received from or sent
to any investment adviser or sub-adviser; provided, however, that this clause shall not
apply to personnel changes of the investment adviser or sub-adviser, to the extent such
information is publicly available or not involving any portfolio manager listed in the
public disclosure of the Fund;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) notice of any proxy solicitation as soon as reasonably practicable, but in no
event, later than five Business Days after mailing thereof by the Fund&#146;s proxy agent;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) notice one Business Day after the occurrence thereof of (A)&nbsp;the failure of the
Fund to pay the amount due on any senior securities or other debt at the time outstanding,
and any period of grace or cure with respect thereto shall have expired; (B)&nbsp;the failure of
the Fund to pay, or admitting in writing its inability to pay, its debts generally as they
become due; or (C)&nbsp;the failure of the Fund to pay accumulated dividends on any additional
preferred shares of beneficial interest of the Fund ranking <U>pari</U> <U>passu</U> with
the VMTP Shares, and any period of grace or cure with respect thereto shall have expired, in
each case, to the extent such information is publicly available;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) notice of the occurrence of any Increased Rate Event and any subsequent cure
thereof as soon as reasonably practicable, but in no event, later than five days after
knowledge of senior management of the Fund thereof; provided that the Fund shall not be
required to disclose the reason for such Increased Rate Event unless such information is
otherwise publicly available;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) notice of any action, suit, proceeding or investigation formally commenced or
threatened in writing against the Fund or the Investment Adviser in any court or before any
governmental authority concerning this Statement of Preferences, the Declaration of Trust,
the VMTP Shares or any Related Document, as promptly as practicable, but in no event, later
than 10 Business Days after knowledge of senior management of the Fund thereof, in each
case, to the extent such information is publicly available;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) notice not later than three Business Days after each Valuation Date if such
Valuation Date occurs on or prior to December&nbsp;31, 2012, and notice one Business Day after
each Valuation Date if such Valuation Date occurs after December&nbsp;31, 2012, of the Fund&#146;s
Effective Leverage Ratio, Minimum Asset Coverage and balances in the Liquidity Account, in
each case, as of the close of business on such Valuation Date which shall include detailed
information about the Market Value of the Fund&#146;s portfolio holdings and delivery will be
made by means of posting on a publicly available section of the Fund&#146;s website;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) a report of portfolio holdings of the Fund as of the end of each month delivered
no later than 15&nbsp;days after the end of each month; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) when available, publicly available financial statements of the Fund&#146;s most
recent fiscal year-end and the auditors&#146; report with respect thereto, which shall present
fairly, in all material respects, the financial position of the Fund at such date and for
such period, in conformity with accounting principles generally accepted in the United
States of America.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund shall require the Investment Adviser to inform the Fund as soon as reasonably
practicable after the Investment Adviser&#146;s knowledge or discovery of the occurrence of any of the
items set forth in Sections&nbsp;13(k)(ix) and 13(k)(x) of this Statement of Preferences.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;<U>Information
to Beneficial Owners.</U> Without limitation of other provisions of this Statement of Preferences, the Fund shall
deliver, or cause to be delivered by the Redemption and Paying Agent, to
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->L-39<!-- /Folio -->
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> each Beneficial
Owner that has entered into a confidentiality agreement with the Fund meeting the
requirements of Regulation&nbsp;FD and other Applicable Law as agreed to by the fund and the
Beneficial Owner in their commercially reasonable discretion in the event the Fund is not
in compliance with Section 6(a) or 6(b) of this Certificate of Designation as of the 10th
Business Day of a month, a report of portfolio holdings of the Fund as of the 10th
Business Day of such month by no later than the last Business Day of such month.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;<U>Tax Status of the Fund</U>. The Fund will maintain its qualification as a
&#147;regulated investment company&#148; within the meaning of Section 851(a) of the Code and to qualify the
dividends made with respect to the VMTP Shares as tax-exempt dividends to the extent designated by
the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;<U>Maintenance of Existence</U>. At any time the VMTP Shares are outstanding, the Fund
shall maintain its existence as a business trust or statutory trust under the laws of the state in
which it is organized or formed, with requisite power to issue the VMTP Shares and to perform its
obligations under this Statement of Preferences and each other Related Document to which it is a
party.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;<U>Compliance with Law</U>. At any time the VMTP Shares are outstanding, the Fund
shall comply with all laws, ordinances, orders, rules and regulations that are applicable to it if
the failure to comply could reasonably be expected to have a material adverse effect on the Fund&#146;s
ability to comply with its obligations under this Statement of Preferences, any of the VMTP Shares,
and the other Related Documents to which it is a party.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;<U>Maintenance of Approvals: Filings, Etc</U>. At any time the VMTP Shares are
outstanding, the Fund shall at all times maintain in effect, renew and comply with all the terms
and conditions of all consents, filings, licenses, approvals and authorizations as are required
under any Applicable Law for its performance of its obligations under this Statement of Preferences
and the other Related Documents to which it is a party, except those as to which the failure to do
so could not reasonably be expected to have a material adverse effect on the Fund&#146;s ability to
comply with its obligations under this Statement of Preferences, the VMTP Shares, and the other
Related Documents to which it is a party.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;<U>1940 Act Registration</U>. At any time the VMTP Shares are outstanding, the Fund
shall maintain its registration as a closed-end management investment company under the 1940 Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;<U>Compliance with Eligible Assets Definition</U>. At any time the VMTP Shares are
outstanding, the Fund shall maintain policies and procedures that it believes are reasonably
designed to ensure compliance with Section 6(c) of this Statement of Preferences.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;<U>Access to Information Relating to Compliance With Eligible Assets Definition</U>.
The Fund shall, upon request, provide a Beneficial Owner and such of its internal and external
auditors and inspectors as a Beneficial Owner may from time to time designate, with reasonable
access to publicly available information and records of the Fund relevant to the Fund&#146;s compliance
with Section 6(c) of this Statement of Preferences, but only for the purposes of internal and
external audit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;<U>Ratings</U>. The VMTP Shares shall have a long-term credit rating of at least
&#147;Aa1&#148; from Moody&#146;s and a long-term credit rating of &#147;AAA&#148; from Fitch on the Closing Date and the
Fund shall use its commercially reasonable efforts to maintain a long-term credit rating at or
above &#147;A1&#148; from Moody&#146;s under the Moody&#146;s Guidelines (if Moody&#146;s is then rating the VMTP Shares at
the request of the Fund), a long-term credit rating at or above &#147;A&#043;&#148; from Fitch under the Fitch
Guidelines (if Fitch is then rating the VMTP Shares at the request of the Fund) and a long-term
credit rating at or above the equivalent of &#147;A&#043;/A1&#148; from Other Rating Agency under the Other Rating
Agency Guidelines (if Other Rating Agency is then rating the VMTP Shares at the request of the
Fund).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)&nbsp;<U>Purchase by Affiliates</U>. The Fund shall not, nor shall it permit, or cause to
be permitted, the Investment Adviser, or any account or entity over which the Fund or the
Investment Adviser exercises discretionary authority or
control or any of their respective affiliates (other than by the Fund, in the case of a redemption
permitted by this Statement of Preferences, in connection with which the VMTP Shares subject to
such redemption are to be cancelled by the Fund upon such redemption), to purchase in the aggregate
more than 25% of the Outstanding VMTP Shares without the prior written consent of a Majority of the
Holders of the VMTP Shares Outstanding, and
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->L-40<!-- /Folio -->
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">any such purchases shall be void <I>ab initio</I>.
For the avoidance of doubt, any purchase of VMTP Shares pursuant to a right of first refusal
granted by a Beneficial Owner shall be deemed to have obtained such prior written consent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;<U>Audits</U>. The audits of the Fund&#146;s financial statements shall be conducted in
accordance with the standards of the Public Company Accounting Oversight Board (United States).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)&nbsp;<U>Termination</U>. In the event that no VMTP Shares of a Series are Outstanding,
all rights and preferences of the VMTP Shares of such Series established and designated hereunder
shall cease and terminate, and all obligations of the Fund under this Statement of Preferences with
respect to such Series shall terminate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;<U>Actions on Other Than Business Days</U>. Unless otherwise provided herein, if the
date for making any payment, performing any act or exercising any right, in each case as provided
for in this Statement of Preferences, is not a Business Day, such payment shall be made, act
performed or right exercised on the next succeeding Business Day, with the same force and effect as
if made or done on the nominal date provided therefor, and, with respect to any payment so made, no
dividends, interest or other amount shall accrue for the period between such nominal date and the
date of payment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)&nbsp;<U>Liability</U>. Notwithstanding Section&nbsp;8.5 of the Declaration of Trust, no VMTP
Share, nor any owner of any VMTP Share, shall be subject to, or in any way liable to the Fund
under, Section&nbsp;8.5 of the Declaration of Trust in its capacity as an owner of VMTP Shares, and for
the avoidance of doubt the Fund shall not set off or retain any distributions owed to the owners of
VMTP Shares or be entitled to any indemnification under Section&nbsp;8.5 of the Declaration of Trust.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">14. <B>Global Certificate</B>
 At any time prior to the commencement of a Voting Period, (i)&nbsp;all of the VMTP Shares
Outstanding from time to time shall be represented by one or more global certificates registered in
the name of the Securities Depository or its nominee and countersigned by the Redemption and Paying
Agent and (ii)&nbsp;no registration of transfer of VMTP Shares shall be made on the books of the Fund to
any Person other than the Securities Depository or its nominee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing restriction on registration of transfer shall be conspicuously noted on the face
or back of the certificates of VMTP Shares in such a manner as to comply with the requirements of
Section&nbsp;8-204 of the Uniform Commercial Code as in effect in the State of Delaware, or any
successor provisions.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->L-41<!-- /Folio -->
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, &#091;FUND&#093; has caused these presents to be signed as of &#091;August &#091;<B>&#149;</b> &#093;,
2012&#093; in its name and on its behalf by its &#091;<B>&#149;</B>&#093; and attested by its &#091;<B>&#149;</B>&#093;. Said officers of the Fund
have executed this Statement as officers and not individually, and the obligations and rights set
forth in this Statement are not binding upon any such officers, or the trustees or shareholders of
the Fund, individually, but are binding only upon the assets and property of the Fund.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<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" colspan="3">&#091;FUND&#093;</TD>
</TR>
<TR valign="bottom"><!-- 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="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">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <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="left" valign="top" style="border-top: 1px 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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:</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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ATTEST:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- 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>
</TR>
<TR valign="bottom"><!-- 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>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name:
</DIV></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">Title:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->L-42<!-- /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">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Appendix&nbsp;A</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ELIGIBLE ASSETS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On the Date of Original Issue and at all times thereafter that the VMTP Shares are Outstanding:
</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="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Eligible Assets&#148; are defined to consist only of assets that conform to the following
requirements as of the time of investment:</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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Debt obligations. The following debt obligations which are not in payment
default at the time of investment:</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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">i.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Debt obligations issued by a State, the District of Columbia or
political subdivision thereof, including, but not limited to, limited
obligation bonds, revenue bonds, and obligations that satisfy the requirements
of Section&nbsp;142(b)(1) of the Code issued by or on behalf of one or more States,
or any public agency or authority of any State, or political subdivision of a
State.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">ii.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Debt obligations issued by a U.S. Territory or political
subdivision thereof, including limited obligation bonds, revenue bonds, and
obligations that satisfy the requirements of section 142(b)(1) of the Code
issued by or on behalf of one or more U.S. Territories, or any public agency or
authority of any U.S. Territory, or political subdivision of a U.S. Territory,
which are rated in one of the four highest rating categories (&#147;investment
grade&#148;) by two or more NRSROs, or by one NRSRO if rated by only one NRSRO, or
by one NRSRO, in the case of debt obligations that are Defeased Securities, or
are determined by the Investment Adviser in good faith application of its
internal credit rating standards to be the credit equivalent of investment
grade.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">iii.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Debt obligations of the United States.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">iv.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Debt obligations issued, insured, or guaranteed by a department
or an agency of the U.S. Government, if the obligation, insurance, or guarantee
commits the full faith and credit of the United States for the repayment of the
obligation.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">v.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Debt obligations of the Washington Metropolitan Area Transit
Authority guaranteed by the Secretary of Transportation under Section&nbsp;9 of the
National Capital Transportation Act of 1969.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">vi.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Debt obligations of the Federal Home Loan Banks.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">vii.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Debt obligations, participations or other instruments of or
issued by the Federal National Mortgage Association or the Government National
Mortgage Association.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">viii.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Debt obligations which are or ever have been sold by the
Federal Home Loan Mortgage Corporation pursuant to sections 305 or 306 of the
Federal Home Loan Mortgage Corporation Act.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">ix.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Debt obligations of any agency named in 12 U.S.C. &#167; 24
(Seventh) as eligible to issue obligations that a national bank may underwrite,
deal in, purchase and sell for the bank&#146;s own account, including qualified
Canadian government obligations.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">x.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Debt obligations of issuers other than those specified in (i)
through (ix)&nbsp;above that are rated in one of the three highest rating categories
by two or more NRSROs, or by one NRSRO if the security has been rated by only
one NRSRO and that are &#147;marketable.&#148; For these purposes, an obligation is
&#147;marketable&#148; if:</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->L-43<!-- /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">


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



</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="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it is registered under the Securities Act;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it is offered and sold pursuant to Securities
and Exchange Commission Rule&nbsp;144A; 17 CFR 230.144A; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it can be sold with reasonable promptness at a
price that corresponds reasonably to its fair value.</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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">xi.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Certificates or other securities evidencing ownership interests
in a municipal bond trust structure (generally referred to as a tender option
bond structure) that invests in (a)&nbsp;debt obligations of the types described in
(i)&nbsp;or (ii)&nbsp;above or (b)&nbsp;depository receipts reflecting ownership interests in
accounts holding debt obligations of the types described in (i)&nbsp;or (ii)&nbsp;above
which with respect to both &#147;a&#148; and &#147;b&#148; are rated, or credit enhanced by a third
party that is rated, in one of the three highest rating categories by two or
more NRSROs, or by one NRSRO if such debt obligations or depository receipts or
third party credit enhancement providers have been rated by only one NRSRO.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">An asset shall not fail to qualify as an Eligible Asset solely by virtue of the fact that:
</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="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it provides for repayment of principal and
interest in any form including fixed and floating rate, zero interest,
capital appreciation, discount, leases, and payment in kind; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it is for long-term or short-term financing
purposes.</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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">B.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Derivatives</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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">i.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Interest rate derivatives;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">ii.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Swaps, futures, forwards, structured notes, options and
swaptions related to Eligible Assets or on an index related to Eligible Assets;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">iii.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Credit default swaps; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">iv.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Common shares issued by open-end investment companies
registered under the 1940 Act, swaps, futures, forwards, structured notes,
options, swaptions, or other derivatives contracts that are designed solely to
hedge the Fund&#146;s obligations under its deferred compensation plan, provided,
that any such swap, future, forward, structured note, option, swaption, or
other derivatives contract is not itself an equity security or a derivative
based on a commodity, and may only be settled in cash (any asset under this
clause iv, a &#147;<B>Deferred Compensation Hedge Asset</B>&#148;); provided that the Deferred
Compensation Hedge Assets so acquired do not constitute more than 0.05% of the
Fund&#146;s Managed Assets as of the time of investment.</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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">C.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Other Assets</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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">i.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Securities issued by other investment companies registered
under the 1940 Act (open- or closed-end funds and exchange-traded funds (<I>i.e.</I>,
ETFs)) that invest exclusively in Eligible Assets, provided that such
investments in the aggregate do not constitute more than 5% of the Fund&#146;s
Managed Assets as of the time of investment; provided further, that
notwithstanding the foregoing requirements of this clause (i), the Fund shall
be permitted, subject to Applicable Law, to invest in securities issued by a
money-market fund that (a)&nbsp;is registered under the 1940 Act, (b)&nbsp;is affiliated
with the Investment Adviser and (c)&nbsp;invests exclusively in debt obligations
that are Eligible Assets so long as</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->L-44<!-- /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">


<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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the money-market fund&#146;s holdings in any one issuer do not exceed 5% of the
money-market fund&#146;s total assets.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">ii.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cash.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">iii.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Repurchase agreements on assets described in A above.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">iv.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Taxable fixed-income securities issued by an issuer described
in Section&nbsp;1(A) (a &#147;<B>Permitted Issuer</B>&#148;) that are not in default at the time of
acquisition, acquired for the purpose of influencing control over such
Permitted Issuer or creditor group of municipal bonds of such Permitted Issuer
(a)&nbsp;the Fund already owns and (b)&nbsp;which have deteriorated or are expected
shortly to deteriorate, with the expectation that such investment should enable
the Fund to better maximize the value of its existing investment in such
issuer, provided that the taxable fixed-income securities of such issuer so
acquired do not constitute more than 0.5% of the Fund&#146;s Managed Assets as of
the time of investment.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">v.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any assets received by the Fund from a Permitted Issuer as the
result of a default by the Permitted Issuer of its obligations under the asset
or the bankruptcy or restructuring of the Permitted Issuer; <U>provided</U>
any assets received as a result of a default by the Permitted Issuer shall be
disposed of within five years of receipt thereof if such assets would not
otherwise qualify as Eligible Assets but for this Section&nbsp;1(C)(v).</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="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At any time that VMTP Shares are outstanding, for any investment company the securities of
which are held by the Fund, the Fund will provide or make available the following information
to the Holders within 10&nbsp;days after the public quarterly release of such information:</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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">i.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the identity of the investment company and the CUSIP Number, the number of
shares owned, as of the end of the prior quarter, and the percentage of the investment
company&#146;s equity represented by the Fund&#146;s investment, as of the end of the prior
quarter;</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">ii.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a representation that each such investment company invests solely in
&#147;Eligible Assets,&#148; which representation may be based upon the affirmative
representation of the underlying investment company&#146;s investment adviser; and</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">iii.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the information contained in the most recently released financial statements
of each such underlying investment company relating to the portfolio holdings of each
such investment company.</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->L-45<!-- /Folio -->
</DIV>

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


<DIV style="font-family: 'Helvetica',Arial,sans-serif">





<DIV align="center" style="font-size: 14pt; margin-top: 18pt"><B> EVERY SHAREHOLDER&#146;S VOTE IS IMPORTANT!<BR>
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</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="70%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
</TR>

<TR></TR>
<!-- End Table Head -->
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<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left" style="font-size: 14pt"><B>EASY VOTING OPTIONS:</B></TD>
</TR>
<TR><TD>&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"><IMG src="h86669dh8666901.gif" alt="(LOGO)">
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap valign="top" style="font-size: 9pt"><B>VOTE ON THE INTERNET</B><BR>
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</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom"><!-- 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="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"><IMG src="h86669dh8666902.gif" alt="(LOGO)">
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="font-size: 9pt"><B>VOTE BY TELEPHONE</B><BR>
Call 1-800-337-3503<BR>
Follow the recorded instructions<BR>
available 24 hours</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom"><!-- 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="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"><IMG src="h86669dh8666903.gif" alt="(LOGO)">
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="font-size: 9pt"><B>VOTE BY MAIL</B><br>
Vote, sign and date your <br>
Proxy Card and return it in<br> the postage-paid envelope</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 60pt; margin-bottom: 20pt">Please detach at perforation before mailing.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="83%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="h86669dh8666904.gif" alt="(INVESCO LOGO)">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>INVESCO VAN KAMPEN MUNICIPAL
TRUST (the &#147;Fund&#148;)<br>
PROXY SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES (the &#147;Board&#148;)<br>
PROXY FOR THE JOINT ANNUAL MEETING OF SHAREHOLDERS TO BE HELD JULY 17, 2012
</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 9pt; margin-top: 12pt"><B>
PREFERRED SHARES
</B>
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt"><div style="text-align: justify">
The undersigned holder of Preferred Shares of the Fund hereby
appoints Colin D. Meadows, John M. Zerr, Sheri S. Morris, Peter A. Davidson, and Stephen R. Rimes, and any
one of them separately, proxies with full power of substitution in each, and hereby authorizes them to represent
and to vote, as designated on the reverse of this proxy card, at the Joint Annual Meeting
of Shareholders on July&nbsp;17, 2012, at 2:00 p.m., Eastern Time, and at any adjournment or postponement thereof, all
of the Preferred Shares of the Fund which the undersigned would be entitled to vote if personally present. <B>IF
THIS PROXY IS SIGNED AND RETURNED WITH NO CHOICE INDICATED, THE SHARES WILL BE VOTED &#147;FOR&#148; THE APPROVAL OF
 EACH PROPOSAL, &#147;FOR ALL&#148; OF THE NOMINEES, AND IN THE DISCRETION OF THE PROXIES UPON SUCH OTHER BUSINESS AS MAY
PROPERLY COME BEFORE THE MEETING.
</B></div>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="55%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left" style="font-size: 9pt"><B>VOTE VIA THE INTERNET: www.proxy-direct.com <br>
VOTE VIA THE TELEPHONE: 1-800-337-3503</B></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" style="border: 1px solid black; background: #DDDDDD">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top" style="border: 1px solid black">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left" style="font-size: 8pt"><div style="text-align: justify">
<B>NOTE</B>: <B>PLEASE SIGN EXACTLY AS YOUR NAME APPEARS ON THIS PROXY CARD.</B> When signing as executor,
administrator, attorney, trustee or guardian or as custodian for a minor, please give full title as such.
If a corporation, limited liability company, or partnership, please sign in full entity name and
indicate the signer&#146;s position with the entity.
</div></TD>
</TR>
<TR valign="bottom"><!-- 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="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 colspan="5" valign="top" align="left" style="border-top: 1px solid black; font-size: 8pt">Signature</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="right" style="font-size: 8pt">2012</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid black; font-size: 8pt">Date</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PLEASE
VOTE VIA INTERNET OR TELEPHONE OR MARK, SIGN, DATE AND RETURN THIS PROXY PROMPTLY USING THE ENCLOSED ENVELOPE.
</B>
</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: 'Helvetica',Arial,sans-serif">




<DIV align="center" style="font-size: 14pt; margin-top: 18pt"><B>
EVERY SHAREHOLDER&#146;S VOTE IS IMPORTANT<br>
VOTE THIS PROXY CARD TODAY!
</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 40pt"><B>
Important Notice Regarding the Availability of Proxy Materials for the Joint Annual<br>
Meeting of Shareholders to Be Held on July&nbsp;17, 2012.<br>
The Proxy Statement for this meeting is available at:
 &#091;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#093;</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 95pt">Please detach at perforation before mailing.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 30pt"><B>
This proxy is solicited on behalf of the Board. The Board recommends voting &#147;FOR&#148; each proposal and &#147;FOR ALL&#148; of the nominees.
</B>
</DIV>


<Div align="left" style="font-size: 9pt; margin-top: 6pt"><B>TO
VOTE, MARK A BOX BELOW IN BLUE OR BLACK INK. Example: &#9632;</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt; border: 1px solid black" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->

<!-- End Table Head -->
<!-- Begin Table Body -->
<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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top">FOR
</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top">AGAINST
</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top">ABSTAIN</TD>
</TR>
<TR valign="bottom" style="font-size:1px">
    <TD colspan="7" style="border-bottom:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000; border-left:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000; border-left:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000">&nbsp;</TD>

    <TD style="border-bottom:1px solid #000000; border-left: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000">&nbsp;</TD>


</TR>


<TR valign="bottom">
    <TD colspan="7" valign="top" align="left">
Proposal 1: Approval of an Agreement and Plan of Redomestication that provides for the reorganization of the Fund as a Delaware statutory trust.
</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size:1px">
    <TD colspan="7" style="border-bottom:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000; border-left:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000; border-left:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000">&nbsp;</TD>

    <TD style="border-bottom:1px solid #000000; border-left: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000">&nbsp;</TD>


</TR>

<TR valign="bottom">
    <TD colspan="7" valign="top" align="left">Proposal 2(b)(i): Approval of an Agreement and Plan of Merger that provides for Invesco Van Kampen Massachusetts Value Municipal Income Trust to merge with and into the Fund.

</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size:1px">
    <TD colspan="7" style="border-bottom:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000; border-left:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000; border-left:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000">&nbsp;</TD>

    <TD style="border-bottom:1px solid #000000; border-left: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000">&nbsp;</TD>


</TR>


<TR valign="bottom">
    <TD colspan="7" valign="top" align="left">Proposal 2(b)(ii): Approval of an Agreement and Plan of Merger that provides for Invesco Van Kampen Ohio Quality Municipal Trust to merge with and into the Fund.

</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size:1px">
    <TD colspan="7" style="border-bottom:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000; border-left:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000; border-left:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000">&nbsp;</TD>

    <TD style="border-bottom:1px solid #000000; border-left: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000">&nbsp;</TD>


</TR>



<TR valign="bottom">
    <TD colspan="7" valign="top" align="left">Proposal 2(b)(iii): Approval of an Agreement and Plan of Merger that provides for Invesco Van Kampen Trust for Investment Grade New Jersey Municipals to merge with and into the Fund.

</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size:1px">
    <TD colspan="7" style="border-bottom:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000; border-left:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000; border-left:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000">&nbsp;</TD>

    <TD style="border-bottom:1px solid #000000; border-left: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px 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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top">FOR
</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top">WITHHOLD
</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top"></TD>
</TR>
<TR valign="bottom" style="font-size:1px">
    <TD colspan="7" style="border-bottom:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000; border-left:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000; border-left:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000">&nbsp;</TD>

    <TD style="border-bottom:1px solid #000000; border-left: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000">&nbsp;</TD>


</TR>






<TR valign="bottom">
    <TD colspan="7" valign="top" align="left">Proposal 3(b): Election of the Trustee &#150; The Board recommends a vote <U>FOR</U>   the nominee listed:
</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="7" valign="top" align="left"></TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-left:1px solid #000000">&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">01. Wayne W. Whalen
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-left:1px solid #000000">&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">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;<br><br></TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>



<TR valign="bottom" style="font-size:1px">
    <TD colspan="7" style="border-bottom:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000; border-left:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000; border-left:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000">&nbsp;</TD>

    <TD style="border-bottom:1px solid #000000; border-left: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px 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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top">FOR
</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top">WITHHOLD
</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top"></TD>
</TR>
<TR valign="bottom" style="font-size:1px">
    <TD colspan="7" style="border-bottom:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000; border-left:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000; border-left:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000">&nbsp;</TD>

    <TD style="border-bottom:1px solid #000000; border-left: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000">&nbsp;</TD>


</TR>







<TR valign="bottom">
    <TD colspan="7" valign="top" align="left">Proposal 3(c): Election of the Trustee &#150; The Board recommends a vote <U>FOR</U> the nominee listed:
</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="7" valign="top" align="left"></TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-left:1px solid #000000">&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">01. Linda Hutton Heagy
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-left:1px solid #000000">&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">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;<br><br></TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 9pt; margin-top: 18pt"><B>PROXIES ARE AUTHORIZED TO VOTE, IN THEIR DISCRETION, UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING AND IN ACCORDANCE WITH THE VOTING STANDARDS SET FORTH IN THE PROXY STATEMENT WITH RESPECT TO ANY ADJOURNMENT OR POSTPONEMENT OF THE MEETING.
</B>
</DIV>


<DIV align="Center" style="font-size: 9pt; margin-top: 12pt"><B>PLEASE SIGN AND DATE ON THE REVERSE SIDE</B>
</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: 'Helvetica',Arial,sans-serif">


<DIV align="center" style="font-size: 14pt; margin-top: 18pt"><B>EVERY SHAREHOLDER&#146;S VOTE IS IMPORTANT!<BR>
VOTE THIS PROXY CARD TODAY!
</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="70%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD colspan="3" valign="top" align="left"><font style="font-size:14pt"><B>EASY
VOTING OPTIONS:</B></font></TD>
</TR>
<TR valign="bottom"><!-- 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>
</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"><IMG src="h86669dh8666901.gif" alt="(LOGO)">
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" NOWRAP><B>VOTE ON THE INTERNET</B><BR>
Log on to:<BR>
<u><B>www.proxy-direct.com</B></u><BR>
Follow the on-screen instructions<BR>
available 24 hours</TD>
</TR>
<TR valign="bottom"><!-- 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>
</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"><IMG src="h86669dh8666902.gif" alt="(LOGO)">
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>VOTE BY TELEPHONE</B><BR>
Call 1-800-337-3503<BR>
Follow the recorded instructions<BR>
available 24 hours</TD>
</TR>
<TR valign="bottom"><!-- 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>
</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"><IMG src="h86669dh8666903.gif" alt="(LOGO)">
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>VOTE BY MAIL</B><BR>
Vote, sign and date your<BR>
Proxy Card and return it in the<BR>
postage-paid envelope</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 70pt">Please detach at perforation before mailing.
</DIV>



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="83%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="h86669dh8666904.gif" alt="(INVESCO LOGO)">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>INVESCO VAN KAMPEN MASSACHUSETTS VALUE MUNICIPAL INCOME TRUST (the &#147;Fund&#148;)<BR>
PROXY SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES (the &#147;Board&#148;)<BR>
PROXY FOR THE JOINT ANNUAL MEETING OF SHAREHOLDERS TO BE HELD JULY 17, 2012</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 9pt; margin-top: 12pt"><B>PREFERRED SHARES</B>
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt"><div style="text-align: justify">The undersigned holder of
Preferred Shares of the Fund hereby appoints Colin D. Meadows, John M. Zerr, Sheri S. Morris, Peter A. Davidson, and
Stephen R. Rimes, and any one of them separately, proxies with full power of substitution in each, and hereby authorizes
them to represent and to vote, as designated on the reverse of this proxy card, at the Joint Annual Meeting of
Shareholders on July 17, 2012, at 2:00 p.m., Eastern Time, and at any adjournment or postponement thereof, all of the
Preferred Shares of the Fund which the undersigned would be entitled
to vote if personally present. <B>IF THIS PROXY IS SIGNED AND RETURNED WITH NO CHOICE INDICATED, THE SHARES WILL BE VOTED &#148;FOR&#148; THE APPROVAL OF EACH PROPOSAL, &#147;FOR ALL&#148;
OF THE NOMINEES, AND IN THE DISCRETION OF THE PROXIES UPON SUCH OTHER
BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING.</B></div>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="55%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD colspan="5" valign="top" align="left" style="font-size: 9pt"><B>VOTE VIA THE INTERNET: www.proxy-direct.com<br>
VOTE VIA THE TELEPHONE: 1-800-337-3503</B></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" style="border: 1px solid black; background: #DDDDDD">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top" style="border: 1px solid black">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left" style="font-size: 8pt"><div style="text-align: justify"><B>NOTE</B>: <B>PLEASE SIGN EXACTLY AS YOUR NAME APPEARS ON THIS PROXY CARD</B>.
When signing as executor, administrator, attorney, trustee or guardian or as custodian for a minor,
please give full title as such. If a corporation, limited liability company, or partnership, please
sign in full entity name and indicate the signer&#146;s position with the entity.</div></TD>
</TR>
<TR valign="bottom"><!-- 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="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 colspan="5" valign="top" align="left" style="border-top: 1px solid black; font-size: 8pt">Signature</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="right" style="font-size: 8pt">2012</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid black; font-size: 8pt">Date</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PLEASE VOTE VIA INTERNET OR TELEPHONE OR MARK, SIGN, DATE AND RETURN THIS PROXY PROMPTLY USING<BR>
THE ENCLOSED ENVELOPE.</B>
</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: 'Helvetica',Arial,sans-serif">




<DIV align="center" style="font-size: 14pt; margin-top: 18pt"><B>EVERY SHAREHOLDER&#146;S VOTE IS IMPORTANT<BR>
VOTE THIS PROXY CARD TODAY!</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 40pt"><B>Important Notice Regarding the Availability of Proxy Materials for the Joint Annual<BR>
Meeting of Shareholders to Be Held on July 17, 2012.<BR>
The Proxy Statement for this meeting is available at: &#091;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#093;</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 95pt">Please detach at perforation before mailing.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 30pt"><B>This proxy is solicited on behalf of the Board. The Board recommends voting &#147;FOR&#148; each proposal and &#147;FOR ALL&#148; of the nominees.</B>
</DIV>


<DIV align="left" style="font-size: 9pt; margin-top: 6pt"><B>TO VOTE, MARK A BOX BELOW IN BLUE OR BLACK INK. Example: &#9632;</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size: 1px">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR style="font-size: 10pt" valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;&nbsp;&nbsp;&nbsp;FOR&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">AGAINST</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">ABSTAIN</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Proposal 1: Approval of an Agreement and Plan of Redomestication that provides for the reorganization of the Fund as a Delaware statutory trust.
</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Proposal 2(a): Approval of an Agreement and Plan of Merger that provides for the Fund to merge with and into Invesco Van Kampen Municipal Trust.
</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">FOR<BR>
ALL
</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">WITHHOLD<BR>
ALL
</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>FOR ALL<BR>
EXCEPT</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 3pt"><!-- Blank Space -->
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Proposal 3(a):  Election of Trustees &#150; The Board recommends a vote <U>FOR ALL</U> of the nominees listed:
</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 6pt"><!-- Blank Space -->
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
01.  David C. Arch&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03.  Suzanne H. Woolsey<BR>
</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">02.  Jerry D. Choate
</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 6pt"><!-- Blank Space -->
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><div style="font-size: 9pt"><U><B>INSTRUCTIONS:</B></U> To withhold authority to vote for any individual nominee(s), mark the
box &#147;FOR ALL EXCEPT&#148;
and write each nominee&#146;s number on the line provided below.</div></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top">
<div style="border-top: 1px solid #000000; width:90%"> </div></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 9pt; margin-top: 18pt"><B>PROXIES ARE AUTHORIZED TO VOTE, IN THEIR DISCRETION, UPON SUCH OTHER BUSINESS AS MAY
PROPERLY COME BEFORE THE MEETING AND IN ACCORDANCE WITH THE VOTING STANDARDS SET FORTH IN THE
PROXY STATEMENT WITH RESPECT TO ANY ADJOURNMENT OR POSTPONEMENT OF THE MEETING.</B>
</DIV>


<DIV align="center" style="font-size: 9pt; margin-top: 18pt"><B>PLEASE SIGN AND DATE ON THE REVERSE SIDE</B>
</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: 'Helvetica',Arial,sans-serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&nbsp;
</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 18pt"><B>EVERY SHAREHOLDER&#146;S VOTE IS IMPORTANT!<BR>
VOTE THIS PROXY CARD TODAY!</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="60%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left" style="font-size: 14pt"><B>EASY VOTING OPTIONS:</B></TD>
</TR>
<TR><TD>&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"><IMG src="h86669dh8666901.gif" alt="(LOGO)">
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="font-size: 9pt"><B>VOTE ON THE INTERNET</B><BR>
Log on to:<br>
<U><B>www.proxy-direct.com</B></U><br>
Follow the on-screen instructions<br>
available 24 hours
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom"><!-- 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="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"><IMG src="h86669dh8666902.gif" alt="(LOGO)">
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="font-size: 9pt"><B>VOTE BY TELEPHONE</B><BR>
Call 1-800-337-3503<BR>
Follow the recorded instructions<BR>
available 24 hours</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom"><!-- 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="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"><IMG src="h86669dh8666903.gif" alt="(LOGO)">
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="font-size: 9pt"><B>VOTE BY MAIL</B><br>
Vote, sign and date your <br>
Proxy Card and return it in the <br>
postage-paid envelope</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 60pt; margin-bottom: 20pt">Please detach at perforation before mailing.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="83%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="h86669dh8666904.gif" alt="(INVESCO LOGO)">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>INVESCO VAN KAMPEN OHIO QUALITY MUNICIPAL TRUST (the &#147;Fund&#148;)<BR>
PROXY SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES (the &#147;Board&#148;)<BR>
PROXY FOR THE JOINT ANNUAL MEETING OF SHAREHOLDERS TO BE HELD JULY 17, 2012</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 9pt; margin-top: 12pt"><B>PREFERRED SHARES</B>
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt"><div style="text-align: justify">The undersigned holder of
Preferred Shares of the Fund hereby appoints Colin D. Meadows, John M. Zerr, Sheri S. Morris, Peter A. Davidson, and
Stephen R. Rimes, and any one of them separately, proxies with full power of substitution in each, and hereby authorizes
them to represent and to vote, as designated on the reverse of this proxy card, at the Joint Annual Meeting of Shareholders
on July 17, 2012, at 2:00 p.m., Eastern Time, and at any adjournment or postponement thereof, all of the Preferred Shares
of the Fund which the undersigned would be entitled to vote if personally present.
<B>IF THIS PROXY IS SIGNED AND RETURNED WITH NO CHOICE INDICATED, THE SHARES WILL BE VOTED &#147;FOR&#148; THE
APPROVAL OF EACH PROPOSAL, &#147;FOR ALL&#148; OF THE NOMINEES, AND IN THE DISCRETION OF THE PROXIES UPON SUCH OTHER
BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING.</B></div>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="60%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left" style="font-size: 9pt"><B>VOTE VIA THE INTERNET: www.proxy-direct.com <br>
VOTE VIA THE TELEPHONE: 1-800-337-3503</B></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" style="border: 1px solid black; background: #dddddd">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top" style="border: 1px solid black">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left" style="font-size: 8pt"><div style="text-align: justify"><B>NOTE</B>: <B>PLEASE SIGN EXACTLY AS YOUR NAME APPEARS ON THIS PROXY CARD</B>. When signing as executor,
administrator, attorney, trustee or guardian or as custodian for a minor, please give full title
as such. If a corporation, limited liability company, or partnership, please sign in full entity
name and indicate the signer&#146;s position with the entity.</div></TD>
</TR>
<TR valign="bottom"><!-- 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="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 colspan="5" valign="top" align="left" style="border-top: 1px solid black; font-size: 8pt">Signature</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="right" style="font-size: 8pt">2012</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid black; font-size: 8pt">Date</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PLEASE VOTE VIA INTERNET OR TELEPHONE OR MARK, SIGN, DATE AND RETURN THIS PROXY PROMPTLY USING<BR>
THE ENCLOSED ENVELOPE.</B>
</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: 'Helvetica',Arial,sans-serif">




<DIV align="center" style="font-size: 14pt; margin-top: 18pt"><B>EVERY SHAREHOLDER&#146;S VOTE IS IMPORTANT<BR>
VOTE THIS PROXY CARD TODAY!</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 40pt"><B>Important Notice Regarding the Availability of Proxy Materials for the Joint Annual<BR>
Meeting of Shareholders to Be Held on July&nbsp;17, 2012.<BR>
The Proxy Statement for this meeting is available at: &#091;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#093;</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 95pt">Please detach at perforation before mailing.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 30pt"><B>This proxy is solicited on behalf of the Board. The Board recommends voting &#147;FOR&#148; each proposal and &#147;FOR ALL&#148; of the nominees.</B>
</DIV>


<DIV align="left" style="font-size: 9pt; margin-top: 6pt"><B>TO
VOTE, MARK A BOX BELOW IN BLUE OR BLACK INK. Example: </B><FONT face="Wingdings">&#110;</FONT>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt; border: 1px solid black" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->

<!-- End Table Head -->
<!-- Begin Table Body -->
<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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;FOR&nbsp;
</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;AGAINST&nbsp;
</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;ABSTAIN&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size:1px">
    <TD colspan="7" style="border-bottom:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000; border-left:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000; border-left:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000">&nbsp;</TD>

    <TD style="border-bottom:1px solid #000000; border-left: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000">&nbsp;</TD>


</TR>


<TR valign="bottom">

<TD colspan="7" valign="top" align="left"><div style="margin-left: 2pt">Proposal 1: Approval of an Agreement and Plan of Redomestication that provides for the
reorganization of the Fund as a Delaware statutory trust.</div></TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size:1px">
    <TD colspan="7" style="border-bottom:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000; border-left:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000; border-left:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000">&nbsp;</TD>

    <TD style="border-bottom:1px solid #000000; border-left: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000">&nbsp;</TD>


</TR>

<TR valign="bottom">
    <TD colspan="7" valign="top" align="left"><div style="margin-left: 2pt">Proposal 2(a): Approval
of an Agreement and Plan of Merger that provides for the Fund to
merge with and into Invesco Van Kampen Municipal Trust.</div></TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size:1px">
    <TD colspan="7" style="border-bottom:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000; border-left:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000; border-left:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000">&nbsp;</TD>

    <TD style="border-bottom:1px solid #000000; border-left: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px 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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top">FOR
</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;WITHHOLD&nbsp;

</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;<BR>
</TD>
</TR>

<TR valign="bottom" style="font-size:1px">
    <TD colspan="7" style="border-bottom:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000; border-left:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000; border-left:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000">&nbsp;</TD>

    <TD style="border-bottom:1px solid #000000; border-left: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000">&nbsp;</TD>


</TR>


<TR valign="bottom">
    <TD colspan="7" valign="top" align="left"><div style="margin-left: 2pt">Proposal 3(b):
Election of the Trustee &#150; The Board recommends a vote <u>FOR</U> the nominee listed:
<br><br></div></TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-left:1px solid #000000">&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">01. Wayne W. Whalen <BR><BR>

</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size:1px">
    <TD colspan="7" style="border-bottom:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000; border-left:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000; border-left:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000">&nbsp;</TD>

    <TD style="border-bottom:1px solid #000000; border-left: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px 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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top">FOR
</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top">WITHHOLD

</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;<BR>
</TD>
</TR>

<TR valign="bottom" style="font-size:1px">
    <TD colspan="7" style="border-bottom:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000; border-left:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000; border-left:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000">&nbsp;</TD>

    <TD style="border-bottom:1px solid #000000; border-left: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000">&nbsp;</TD>


</TR>


<TR valign="bottom">
    <TD colspan="7" valign="top" align="left"><div style="margin-left: 2pt">Proposal 3(c):
Election of the Trustee &#150; The Board recommends a vote <u>FOR</U> the nominee listed:
<br><br></div></TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-left:1px solid #000000">&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">01. Linda Hutton Heagy<BR><BR>

</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 9pt; margin-top: 18pt"><B>PROXIES
ARE AUTHORIZED TO VOTE, IN THEIR DISCRETION, UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME
BEFORE THE MEETING AND IN ACCORDANCE WITH THE VOTING STANDARDS SET
FORTH IN THE PROXY STATEMENT
WITH RESPECT TO ANY ADJOURNMENT OR POSTPONEMENT OF THE MEETING.</B>
</DIV>


<DIV align="Center" style="font-size: 9pt; margin-top: 12pt"><B>PLEASE SIGN AND DATE ON THE REVERSE SIDE</B>
</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: 'Helvetica',Arial,sans-serif">



<DIV align="center" style="font-size: 14pt; margin-top: 18pt"><B>EVERY
SHAREHOLDER&#146;S VOTE IS IMPORTANT!<br>
VOTE THIS PROXY CARD TODAY!</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="70%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><font style="font-size:14pt"><B>EASY
VOTING OPTIONS:</B></font></TD>
</TR>
<TR valign="bottom"><!-- 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>
</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"><IMG src="h86669dh8666901.gif" alt="(LOGO)">
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" NOWRAP><B>VOTE ON THE INTERNET</B><BR>
Log on to:<BR>
<u><B>www.proxy-direct.com</B></u><BR>
Follow the on-screen instructions<BR>
available 24 hours</TD>
</TR>
<TR valign="bottom"><!-- 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>
</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"><IMG src="h86669dh8666902.gif" alt="(LOGO)">
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>VOTE BY TELEPHONE</B><BR>
Call 1-800-337-3503<BR>
Follow the recorded instructions<BR>
available 24 hours</TD>
</TR>
<TR valign="bottom"><!-- 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>
</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"><IMG src="h86669dh8666903.gif" alt="(LOGO)">
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>VOTE BY MAIL</B><BR>
Vote, sign and date your<BR>
Proxy Card and return it in the<BR>
postage-paid envelope</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 60pt; margin-bottom: 20pt">Please detach at perforation before mailing.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="83%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="h86669dh8666904.gif" alt="(INVESCO LOGO)">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>INVESCO VAN KAMPEN TRUST FOR INVESTMENT GRADE NEW JERSEY MUNICIPALS (the &#147;Fund&#148;)<br>
PROXY SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES (the &#147;Board&#148;)<br>
PROXY FOR THE JOINT ANNUAL MEETING OF SHAREHOLDERS TO BE HELD JULY 17, 2012</B>
</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 9pt; margin-top: 12pt"><B>PREFERRED SHARES</B>
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt"><div style="text-align: justify">The undersigned holder of Preferred Shares of the Fund hereby
appoints Colin D. Meadows, John M. Zerr, Sheri S. Morris, Peter A. Davidson, and Stephen R. Rimes, and any one of them separately, proxies with full power of
substitution in each, and hereby authorizes them to represent and to vote, as designated on the reverse of this proxy card, at the Joint Annual Meeting of Shareholders on
July&nbsp;17, 2012, at 2:00 p.m., Eastern Time, and at any adjournment or postponement thereof, all of the Preferred Shares of the Fund which the undersigned would be entitled
to vote if personally present. <B>IF THIS PROXY IS SIGNED AND RETURNED WITH NO CHOICE INDICATED, THE SHARES WILL BE VOTED &#147;FOR&#148; THE APPROVAL OF EACH PROPOSAL, &#147;FOR
ALL&#148; OF THE NOMINEES, AND IN THE DISCRETION OF THE PROXIES UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING.</B>

</div>
</DIV>

<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="60%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>VOTE VIA THE INTERNET:</B>
<B>www.proxy-direct.com</B><br>
<B>VOTE VIA THE TELEPHONE: 1-800-337-3503</B></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" style="background: #dddddd"><DIV style="border: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><DIV style="border: 1px solid #000000">&nbsp;</DIV>
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><div align="justify"><font style="font-size: 8pt"><B>NOTE</B>: <B>PLEASE SIGN EXACTLY AS YOUR NAME APPEARS ON THIS PROXY CARD</B>.
When signing as executor, administrator, attorney, trustee
or guardian or as custodian for a minor, please give full title as such. If a corporation, limited liability
company, or partnership, please sign in full entity name and indicate the signer&#146;s position with the entity.</font></div></TD>
</TR>
<tr style="font-size:24pt"><td>&nbsp;</td></tr>

<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left" style="border-top: 1px 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"><font style="font-size: 8pt">Signature</font></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- 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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><font style="font-size: 8pt">2012</font></TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left" style="border-top: 1px 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"><font style="font-size: 8pt">Date</font></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PLEASE VOTE VIA INTERNET OR TELEPHONE OR MARK, SIGN, DATE AND RETURN THIS PROXY PROMPTLY USING<br>
THE ENCLOSED ENVELOPE.</B>


</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: 'Helvetica',Arial,sans-serif">




<DIV align="center" style="font-size: 14pt; margin-top: 18pt"><B>EVERY
SHAREHOLDER&#146;S VOTE IS IMPORTANT<br>
VOTE THIS PROXY CARD TODAY!</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 40pt"><B>Important Notice Regarding the Availability of Proxy Materials for the Joint Annual<br>
Meeting of Shareholders to Be Held on July&nbsp;17, 2012.<br>
The Proxy Statement for this meeting is available at: &#091;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#093;</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 95pt">Please detach at perforation before mailing.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 30pt"><B>This proxy is solicited on behalf of the Board. The Board recommends voting &#147;FOR&#148; each proposal and &#147;FOR ALL&#148; of the nominees.</B>


</DIV>


<DIV align="left" style="font-size: 9pt; margin-top: 6pt"><B>TO VOTE, MARK A BOX BELOW IN BLUE OR BLACK INK. Example:</B>&nbsp;&nbsp;&nbsp;&#9632;

</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt; border: 1px solid black" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->

<TR valign="bottom" style="font-size: 1px">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;&nbsp;FOR&nbsp;&nbsp;</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top">AGAINST</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;ABSTAIN&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size:1px">
    <TD colspan="7" style="border-bottom:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000; border-left:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000; border-left:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000">&nbsp;</TD>

    <TD style="border-bottom:1px solid #000000; border-left: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000">&nbsp;</TD>


</TR>


<TR valign="bottom">
    <TD colspan="7" valign="top" align="left">Proposal 1: Approval of an Agreement and Plan of Redomestication that provides for the reorganization of the Fund as a Delaware statutory trust.

</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size:1px">
    <TD colspan="7" style="border-bottom:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000; border-left:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000; border-left:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000">&nbsp;</TD>

    <TD style="border-bottom:1px solid #000000; border-left: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000">&nbsp;</TD>


</TR>

<TR valign="bottom">
    <TD colspan="7" valign="top" align="left">Proposal 2(a): Approval of an Agreement and Plan of Merger that provides for the Fund to merge with and into Invesco Van Kampen Municipal Trust.

</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size:1px">
    <TD colspan="7" style="border-bottom:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000; border-left:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000; border-left:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000">&nbsp;</TD>

    <TD style="border-bottom:1px solid #000000; border-left: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px 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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top">FOR
</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;WITHHOLD&nbsp;</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size:1px">
    <TD colspan="7" style="border-bottom:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000; border-left:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000; border-left:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000">&nbsp;</TD>

    <TD style="border-bottom:1px solid #000000; border-left: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000">&nbsp;</TD>


</TR>


<TR valign="bottom">
    <TD colspan="7" valign="top" align="left">Proposal 3(b): Election of the Trustee &#151; The Board recommends a vote <u>FOR</u> the nominee listed:

<br></TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-left:1px solid #000000">&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" colspan="2"><BR style="font-size: 6pt">01. Wayne W. Whalen<BR>
<BR><BR style="font-size: 6pt">
</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size:1px">
    <TD colspan="7" style="border-bottom:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000; border-left:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000; border-left:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000">&nbsp;</TD>

    <TD style="border-bottom:1px solid #000000; border-left: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px 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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top">FOR
</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top">WITHHOLD
</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size:1px">
    <TD colspan="7" style="border-bottom:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000; border-left:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000; border-left:1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000">&nbsp;</TD>

    <TD style="border-bottom:1px solid #000000; border-left: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000">&nbsp;</TD>


</TR>


<TR valign="bottom">
    <TD colspan="7" valign="top" align="left">Proposal 3(c): Election of the Trustee &#151; The Board recommends a vote <u>FOR</u> the nominee listed:
<br></TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-left:1px solid #000000">&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" colspan="2"><BR style="font-size: 6pt">01. Linda Hutton Heagy<BR>
<BR>
</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-left:1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 9pt; margin-top: 18pt"><B>PROXIES ARE AUTHORIZED TO VOTE, IN THEIR DISCRETION, UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING AND
IN ACCORDANCE WITH THE VOTING STANDARDS SET FORTH IN THE PROXY STATEMENT WITH RESPECT TO ANY ADJOURNMENT OR POSTPONEMENT OF THE MEETING.</B>


</DIV>


<DIV align="Center" style="font-size: 9pt; margin-top: 12pt"><B>PLEASE SIGN AND DATE ON THE REVERSE SIDE</B>
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<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
